The panel, moderated by Olumatoyin Abioye, fintech product lead, featured Musty Mustapha, co-founder and managing director of Kuda MFB, and Rosemary Aimankhu, chief commercial officer of MoMo PSB.

“Every decision you make in a business has its implications, and it has its cost,” Mustapha said. 

“When you operate with the mindset of growing at all costs, regardless of whether you are really adding value to people’s lives, you are only solving for today and neglecting what could happen in the future.” 

He stressed that African users are digitally aware but operate in low-trust environments, meaning fintechs must design products that build value, not rely on incentives for user acquisition.

Aimankhu reiterated this point, noting the need to understand the context of users. “When we have the context of who those billion users are, we can actually create the value that is speaking about. It’s very, very important,” she said. 

She added that operational weaknesses are usually the first to fail as companies scale, highlighting the importance of preparing systems for growth from the outset.

Mustapha explained that the early months of a fintech’s life often leave operations underdeveloped because priorities focus on product and software development. 

“Anything or any area of a business you are not giving 100% attention to is the area that will cause problems as you scale,” he said. 

He recommended building flexibility into growth strategies and adjusting priorities over time, from customer acquisition to compliance, and eventually revenue.

On the question of trust, Aimankhu said reliability is indispensable. “You are available when I want, I can close my eyes and say, when I make this transfer, the person at the other end is going to get it. If the person does not get it, I begin to doubt,” she said. 

Mustapha added that infrastructure beyond fintechs’ control, like roads, electricity, and identity systems, is a limiting factor, and businesses must plan with redundancy to mitigate these constraints.

The panel also explored which fintech models will dominate mass adoption. Aimankhu predicted embedded finance would prevail for low-end smartphone users, noting the importance of affordable, reliable services for everyday payments. 

Mustapha highlighted the competitive advantage of combining fintech agility, telco distribution, and strong balance sheets from traditional banks.

The challenges startups avoid acknowledging has always been an issue to be addressed, and Mustapha stressed that assumptions about average users are common. 

“A lot of us still continue to have this conception of what an average user is. What they want is just that you create political trust,” he said. 

Aimankhu further added that leveraging local community networks is essential to gaining customer trust.

The discussion ended on balancing tough decisions between staff and customers. While Aimankhu said, “The customer is the reason why we’re here. You can reorganise internally to reposition that staff, but never prioritise your staff over your customer.” 

Mustapha, on the other hand, noted that a business should avoid ever having to make such a choice, maintaining both staff and customer support to keep operations stable.

Reaching the next billion users in Africa is not simply about rapid growth, but creating value, building trust, and preparing operationally for unpredictable scale.

Nonetheless, we’re told this is the next great frontier for digital innovation. Data usage is surging; there are over 150 million active SIMs, internet penetration stands at 45.4%, with 107 million Nigerians online, and smartphones more accessible than ever.

But there’s a disconnect: 39.4% of Nigerians still don’t have electricity. In rural areas, three out of four people are poor, and smartphone ownership drops to 26%.

So, who are we building for? And why are we so comfortable ignoring those we’ve left behind?

The Illusion of Scale

There’s a dangerous myth in our space, that if you just give people internet, you’ve solved development. Tech founders repeat it, investors reinforce it, and policies are built around it. But the truth is, many of the people we claim to be building for can’t afford the very solutions we’re scaling.

It’s easy to design for urban customers with smartphones and stable power. That’s where the numbers are clean. But those are not the people most in need. In rural communities, where poverty is deepest, there’s no broadband, no power, and sometimes no roads. Scaling tech without solving these underlying issues is lazy.

Capital Misalignment

Most of the money flowing into Africa’s tech sector doesn’t come from here. It comes from foreign funds chasing growth metrics. But these investors are not interested in slow, complex problems like hunger, education, or electricity. They want user growth, low acquisition costs, and recurring revenue.

That pressure distorts priorities. A fintech startup is more likely to build another payment app for salaried professionals than create tools for market women in Aba or farmers in Zamfara. Why? Because investors aren’t patient, and the people most affected by poverty don’t fit the growth model.

Some founders are just waiting to hit the right metrics to raise their next round, not to fix anything fundamental. That’s not innovation, it’s extraction.

Innovation Can’t Breathe Without Infrastructure

Let’s not complicate it. You can’t build digital products that require constant access to power when 40% of the population lives in the dark. You can’t build online learning tools when millions of children don’t even have chairs to sit on in school.

We usually act as if tech can leap over these problems, that it’s somehow immune to bad roads, poor electricity, and broken policy. But we’re wrong. Tech built on broken systems will break with them.

The numbers speak loudly; urban smartphone penetration is 59%; rural is just 26%. Electricity access is patchy, and in some states, entirely unreliable. How do you scale when the pipeline itself is fractured?

Rethinking What to Build

There are exceptions; founders working to solve real problems from the ground up. People building solar-powered solutions for last-mile clinics. Platforms that work offline. Logistics networks reaching places telcos haven’t bothered with.

These are not the loudest startups, but they’re the most needed. We need more of them. Not another super app, not another crypto platform, not another same-day delivery service for people with iPhones.

It’s time we stop copying what worked in California and start asking: what works in Kano? What do people in Ekiti actually need?

Who’s Responsible?

Everyone involved has a role to play: founders, investors, policymakers. Founders must be honest about their markets. If you’re not solving anything meaningful, at least stop pretending that you are. Investors need to stop funding startups with shallow solutions wrapped in fancy decks. Governments should stop outsourcing their failures to the private sector and actually invest in infrastructure.

If we keep ignoring these responsibilities, we will keep scaling noise, not impact.

Internet growth is not development, SIM cards don’t build schools, and data usage does not guarantee a better life.

Yes, tech is scaling fast; monthly data consumption hit 1 million terabytes in January 2025, nearly double from two years ago. But what is the point of that scale if the majority of people still live in hunger and darkness?

If we truly want to build for the next billion, we need to first address the poverty, hunger, and systemic neglect that define the lives of the first. We don’t need more platforms, we need power, schools and clean water.

Until then, “the next billion” will remain a fantasy that benefits everyone except the people it claims to serve.