In the early 2010s, Uber disrupted global transportation by commoditizing an entirely invisible transaction. Driven by a rigid Silicon Valley philosophy, the platform demanded that users maintain an active credit card on file.

This completely divorced the physical act of transport from the cognitive friction of payment. You push a button, a car arrives, and you get out. It was frictionless, seamless, and magical.

But when Uber exported this uncompromising card-only architecture to emerging markets like India and subsequently Africa, the magic broke.

Uber’s frictionless dream crashed into the heavy reality of low credit card penetration and a deep, systemic lack of institutional trust.

To survive, a trillion-dollar tech giant had to humble its global playbook, break its own design rules, and introduce the ultimate friction. They had to introduce physical cash.

They were not alone. Netflix is a platform engineered for 4K Smart TVs and infinite broadband. But when they looked at Africa, they realized they couldn’t just translate their app into local languages. To penetrate the market, they had to fundamentally re-architect their video encoding using AV1 codecs and launch mobile-only plans to combat severe data scarcity.

I constantly see startups making this exact mistake today. When you blindly export Silicon Valley’s obsession with frictionless UI to Lagos or Nairobi, you don’t get a seamless user journey. You build a “Digital Norman Door.” You end up with a product that looks beautiful in an air-conditioned boardroom but completely fails the user in the real world.

In the Global South, falling into this aesthetic-usability trap is fatal. To build products that actually scale here, product architects must stop building for the user they want and start engineering for the human they have.

To do that, we must kill the marketing persona.

The True Barriers of the African Market

Most startups begin their product development by drafting a marketing persona. It usually reads something like this:

“Meet Sarah. She is a 24-year-old professional in Lagos who loves artisanal coffee and wants a faster, more delightful way to send money.”

Sarah is a fantastic tool for an advertising agency. However, she is completely useless to a software product development team.

Knowing Sarah’s hobbies does not help a developer design a secure API, optimize a localized escrow system, or decide whether to build on USSD or React Native.

To build resilient financial infrastructure in Africa, we must utilize Constraint-Based Personas. Instead of defining a user by their desires, we need to define them exclusively by their limitations. We must map out what they cannot do, the hardware they are forced to use, and the trust deficits they navigate daily.

When you look at the hard macroeconomic data of Nigeria, the baseline constraints become very clear.

First, we have the hardware constraint. According to 2023 mobile operating system data from StatCounter, Android controls over 85 percent of the Nigerian mobile market. However, market intelligence reports from the International Data Corporation (IDC) indicate that the average mass-market device is severely limited. These phones typically run on just 2GB to 4GB of RAM and have 32GB to 64GB of internal storage. Users are in a constant state of digital triage, regularly deleting apps just to make space.

Second, we have to account for the data constraint. Internet is not a utility in this market; it is a strictly metered commodity. Based on pricing data tracked by the Nigerian Communications Commission (NCC) and the Alliance for Affordable Internet, the average cost of 1 Gigabyte of data in 2023 was roughly 287 Naira. Against the national minimum wage of 30,000 Naira at the time, 1 Gigabyte of data consumed nearly 1 percent of a user’s monthly income.

Finally, there is the institutional trust constraint. The 2023 EFInA Access to Financial Services in Nigeria survey highlights that while formal financial inclusion hovers around 64 percent, a critical 10 percent of the adult population relies exclusively on informal, offline financial services. These individuals use traditional Ajo or Esusu collectors because they prefer physical human accountability over digital clouds.

When you map these verified constraints, the true architectural challenge reveals itself.

Paga and the Offline Reality

Long before the current era of digital banking, Paga recognized the absolute necessity of constraint-based design.

The friction in the market was obvious. The Nigerian economy was heavily cash-driven, making the act of carrying physical cash dangerous and inefficient. Yet, as EFInA data historically showed, the vast majority of the population was entirely unbanked and disconnected from the internet.

If Paga had designed for “Sarah,” they would have built a heavy, data-intensive mobile app. Instead, they built a constraint persona: a consumer who needs to transfer funds safely but does not possess a smartphone, has zero access to mobile data, and lacks formal digital identification.

This led to a very specific design question: How might we facilitate secure electronic money transfers for users without smartphones, internet, or even modern USSD banking rails?

To answer this, Paga built their foundational MVP architecture around an ingenious SMS-to-Voice flow and a physical agent network. A user could simply send a text message to initiate a transfer. Because SMS is unencrypted and insecure, Paga’s system would instantly trigger an automated voice call back to the user, prompting them to securely enter their PIN on their phone’s keypad to authorize the transaction.

There was no graphical user interface, no 10-megabyte download, and no internet requirement. For those who couldn’t even manage an SMS, Paga deployed human agents across neighborhoods to act as physical cash-in and cash-out nodes. Paga stripped away the aesthetic entirely to solve the core mathematical constraint of the environment. They didn’t build a beautiful app; they built a financial lifeline.

PiggyVest and the Cognitive Constraint

When we move beyond physical hardware limitations, we encounter the psychological barriers of the user. In the financial sector, one of the most difficult constraints to design for is human discipline.

In late 2015, a conversation went viral on Nigerian Twitter. A woman revealed she had saved 365,000 Naira over the course of a year simply by putting 1,000 Naira every single day into a physical wooden savings box, locally known as a ‘kolo’.

This viral moment exposed a massive friction point in the market. The founders of PiggyVest recognized that traditional bank accounts were fundamentally designed for immediate transactions, not sustained saving. Young earners faced severe “spending urgency,” meaning their salaries were spent almost as soon as they hit their accounts. People desperately wanted to adopt a disciplined saving culture, but they were relying on an insecure, physical method because the digital alternatives failed to understand their psychology.

Furthermore, this demographic was operating in a low-trust environment. The market was highly skeptical of digital financial tools, especially following the recent collapse of rampant Ponzi schemes like MMM in Nigeria.

If the founders had designed for a traditional marketing persona, they would have built a standard, flexible digital wallet with a beautiful interface. Instead, they built a constraint persona: a young earner battling daily micro-expenses, who wants to save small amounts but fundamentally lacks the discipline to not spend their own money, and who is highly suspicious of digital platforms.

The resulting “How Might We” question was brilliant. How might we digitize the strict discipline of a physical wooden box, protecting a user’s money from their own spending urges while proving the system is not a scam?

Within two weeks of that viral tweet, the team built the Minimum Viable Product for Piggybank.ng. The platform digitized the wooden box concept by automating daily, weekly, or monthly savings directly into a digital wallet.

But the true genius was in how they designed the constraint. To distinguish themselves from standard bank accounts and promote true saving, they implemented a deliberate friction point. Users could only access their funds for free once every quarter. They essentially digitized the physical friction of “breaking the box.”

To solve the institutional trust constraint, they did not rely on expensive marketing billboards. They relied on raw, organic community proof. When their early users successfully withdrew their locked savings on December 31, 2016, those users took to social media to share their positive experiences. That user-generated validation proved the system worked, instantly bridging the trust gap and fueling their exponential growth the following year.

Moniepoint and the Institutional Trust Constraint

Perhaps the most difficult barrier to cross in the Global South is the lack of institutional trust.

Before founding Moniepoint, Tosin Eniolorunda and his team at TeamApt were building backend software solutions for traditional commercial banks. During this time, they noticed a glaring disconnect. The traditional banking industry was entirely obsessed with building sleek online products for urban, digitally connected areas. Meanwhile, a massive, underserved population across the country was being completely neglected.

This offline demographic faced terrible friction. Transaction failure rates were high, interoperability was poor, and physical ATMs were largely inaccessible. More importantly, a significant portion of this population lacked basic digital literacy.

If you build a state-of-the-art mobile banking app for a market trader who does not understand how to navigate nested menus, you have built a Digital Norman Door. When an unbanked individual loses money in a digital transaction, they do not want to call a toll-free customer support hotline. They want to speak to a human being.

Recognizing this, the team pivoted their business model entirely. They stopped trying to force a digital-only experience and asked a new architectural question. How might we deliver reliable banking infrastructure to offline communities by leveraging pre-existing local relationships rather than demanding digital literacy?

Their solution was the agency banking model. Instead of expecting users to trust a faceless app, Moniepoint placed human agents directly within the communities.

These agents were onboarded by people the community already knew and trusted. The human agent became a physical branch. If a transaction failed or an issue arose, the customer had a familiar, physical point of contact to hold accountable.

Moniepoint also had to engineer around severe hardware constraints at the agent level. Point-of-Sale (POS) devices in the market were highly fragmented and ran on poorly written code. To solve this, the engineering team developed a unified virtual machine environment that allowed their software to be written once and run seamlessly across various hardware manufacturers.

They did not demand that the Nigerian masses adapt to complex software. They adapted their software to operate through trusted human proxies.

Chowdeck and the Vendor Infrastructure Constraint

The constraints of the Global South do not only apply to the end consumer. Often, the most severe friction lies with the merchants and the physical infrastructure required to serve them.

Before Chowdeck entered the market, the primary friction was that existing food delivery services were tailored to a niche, international-style market.

These platforms focused heavily on items like pizza and burgers, which the average Nigerian did not eat on a daily basis. The real, mass-market demand was for local staple foods like Amala and Pounded Yam, but the existing infrastructure simply was not designed to handle the logistical complexities of transporting these local dishes. Furthermore, accepting food delivery in Nigeria often meant accepting a waiting period of two to three hours.

The constraint persona for their merchant side was a local food vendor, or ‘buka’ owner, operating in a highly informal commercial environment. Many of these early vendors did not have the digital literacy or high-end hardware required to manage a complex restaurant-facing tablet application.

The architectural question became clear. How might we integrate local, offline food vendors into a rapid delivery network without forcing them to adopt complex new software?

Because the founders were former software engineers at Paystack, they had the technical capacity to build anything. In fact, they built the very first version of their customer-facing mobile app in just three weeks to capture demand. However, they made a brilliant constraint-based design choice for the backend.

Instead of over-engineering a complex merchant portal that local vendors would struggle to use, they intentionally kept the backend operations heavily manual at the start. When an order came through the customer app, the Chowdeck team coordinated with roadside vendors and riders using direct, everyday communication channels like SMS, WhatsApp, and regular phone calls.

This manual approach allowed them to physically deconstruct the logistics. They mapped the bottlenecks, rider reliability, and vendor preparation times in the real world before they ever tried to automate it with code.

They stripped away the assumption that vendors needed state-of-the-art hardware, choosing instead to meet the merchant exactly where their technological capacity ended. To secure the vendors’ trust, Chowdeck broke industry norms by paying merchants as quickly as possible, ensuring these small businesses had the daily liquidity they needed to survive.

The Blueprint for the Next Billion Users

As a product architect, I constantly see teams fall into the trap of trying to design their way out of foundational infrastructure problems using pretty interfaces. We obsess over pixel-perfect layouts, seamless animations, and the “happy path” of a user journey. But in emerging markets, consumer behavior does not passively adapt to the requirements of Western software. Rather, software must forcefully deconstruct and rebuild itself to survive the physical, financial, and regulatory constraints of the market.

The history of global business expansion is replete with case studies of rigid corporate playbooks collapsing under the weight of localized socio-economic realities. When you look at the trajectory of Paga, PiggyVest, Moniepoint, and Chowdeck, a unified blueprint emerges.

None of these companies succeeded by building frictionless, data-heavy applications for an imaginary, upper-middle-class marketing persona.

They succeeded by looking brutally at the hard metrics of their environment. They accepted that mass-market devices operate on 2GB to 4GB of RAM. They respected the fact that a single gigabyte of data consumes nearly 1 percent of a minimum wage earner’s monthly income. They understood that a massive segment of the population relies exclusively on offline, informal trust networks.

You cannot achieve true scale in the Global South by building a Digital Norman Door. A beautiful application that requires a 4G connection and a modern smartphone in a market dominated by cracked screens and expensive data is a failure of product design.

If you want to build solutions that actually change lives, you have to stop designing for the user you want. Kill the marketing persona, and start architecting for the constraints of the human you have.

About the Author

Faheed Alli-Balogun is a Senior Product Designer, Architect, and active contributor to Africa’s digital ecosystem. With a background spanning product leadership at Chimoney (Techstars ’23) to advising early-stage fintechs, Faheed specializes in open payments infrastructure and the mechanics of trust in digital platforms. As a guest lecturer at institutions like Covenant University and Alabama A&M University (AAMU), he champions “Designing for Agency”, a philosophy dedicated to building resilient, constraint-aware financial products that prioritize the human over the system. He also actively mentors early-stage builders through Dreamax. 

Piggyvest declared this when it hosted its “10 Anniversary Gala” in Lagos, which it used to unveil its vision of becoming, “the financial operating system of the Nigerian household.”

The gala featured co-founders, investors, regulatory partners, ecosystem leaders, customers, current and past staff of Piggyvest.

How it all started

Ms. Odunayo Eweniyi, the co-founder and chief operations officer of Piggyvest, traced the company’s origin to a December 2015 tweet by a woman who had saved N1,000 every day for a year in a wooden box and shared the results on Twitter.

On his part, Mr. Joshua Chibueze, the co-founder and chief marketing officer, Piggyvest, presented, “The Behavioural Portrait,” that walked through key data points on how money has moved through Piggyvest over the past decade.

Chibueze revealed that the platform now processes over N61,000 in savings every second, up from N49,000 the previous year, and highlighted that users save toward goals ranging from rent and vacations to business investments and gadgets.

Ayo Akinola, CEO of PocketApp, spoke on the role of regulatory partners in Piggyvest’s journey in a presentation titled, “Trust is Built Together,” which recognised the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation (NDIC), and the Securities and Exchange Commission (SEC) as partners whose oversight had shaped the platform’s growth.

Akinola said:

“Some of our toughest moments came from being held to higher standards. Moments that slowed us down, moments that forced us to rethink. But those moments made us better. They made us stronger, they made us worthy of the trust people place in us today.”

Eshalomi was accompanied by Ceri Smith, Director-General for Investment at the UK Department for Business and Trade (DBT), and Ben Ainsley, His Majesty’s Deputy Trade Commissioner to Africa.

Together, they held high-level meetings with government officials and private sector leaders to advance collaboration and promote inclusive economic growth.

A highlight of the visit was the ETIP Business Dialogue, co-hosted with the British Deputy High Commissioner in Lagos, Mr. Jonny Baxter, and Nigeria’s Federal Ministry of Industry, Trade and Investment (FMITI). The forum convened UK and Nigerian business leaders to address non-tariff barriers and recommend policy actions to improve the investment climate.

During a press briefing, the Envoy spotlighted British International Investment (BII) and its $7.5 million investment in Babban Gona, a leading Nigerian agricultural enterprise. She emphasized that the funding will boost food security, create jobs, and enhance economic resilience in Nigeria’s agricultural sector.

The delegation also held bilateral talks with Nigeria’s Minister of Industry, Trade and Investment, as well as senior executives from LemFi, Interswitch, and Zenith Bank, exploring ways to deepen financial sector ties and expand IPO opportunities on the London Stock Exchange.

Eshalomi described Nigeria as a “powerhouse of innovation and enterprise,” reaffirming the UK’s role as a strategic partner in the country’s growth story. She stressed that the partnership is aimed at scaling Nigerian businesses globally and delivering inclusive impact across priority sectors.

Supporting Nigeria’s vibrant tech ecosystem, the Trade Envoy participated in a Tech Roundtable, connecting Nigerian founders with the UK’s Global Entrepreneurs Programme (GEP). The visit culminated at GITEX Nigeria 2025, where Eshalomi moderated a fintech panel featuring Kuda Bank and PiggyVest, two Nigerian champions scaling globally with UK support.

For startups operating in the B2B space, the challenge is even more nuanced. Unlike B2C companies, where scale is often driven by volume, B2B fintechs must build relationships, establish trust, and demonstrate tangible value to decision-makers.

Here, I’ll walk you through proven tactics to scale a B2B fintech smartly and sustainably, drawing from relatable examples to illustrate success:

1.  Define and refine – who’s your ideal customer?

The first step to success is understanding exactly who your product(s) serves. A scattergun

approach—targeting “all SMEs” or “every enterprise”—can waste resources and dilute your message.

Consider Moniepoint, a Nigerian fintech providing business banking solutions to SMEs. Moniepoint succeeded by focusing on underserved, cash-driven small businesses. They tailored their solutions to address challenges like cash flow, payments, and access to credit, rather than trying to cater to all business types.

Actionable Tip: Use your data to define an ICP. Segment businesses by industry, turnover, size, and pain points. For instance, are you targeting fast-moving consumer goods (FMCG) distributors

struggling with supplier payments or tech startups needing flexible credit lines? Let the answers shape your outreach and messaging.

2.  Content is still king- how are you building trust?

In Nigeria’s trust-deficit environment, content is your currency. Nigerian business decision-makers are meticulous; they need proof that your solution works before they commit.

Example: Flutterwave has consistently used content marketing to position itself as a thought leader.

Through blog posts, case studies, and webinars, they’ve tackled pressing issues like cross-border payments and regulatory compliance. This not only educates potential clients but also positions Flutterwave as a partner in solving real problems.

Actionable Tip:

• Case Studies: Highlight success stories like how your solution helped a Lagos-based retailer scale its supply chain or improved collections for an SME.
• Whitepapers: Publish reports addressing common pain points, g., “Solving Cash Flow Issues for Nigerian Agro-processors.”
• Webinars: Partner with industry experts to discuss relevant topics such as “Accessing Credit for Growth in a Post-Cashless Economy.”

3.  Leads, leads, leads – have you mastered LinkedIn?

LinkedIn is underutilized in Nigeria but holds massive potential for B2B fintech startups. However, random connection requests won’t cut it—you need to tailor your messaging.

Example: PiggyVest for Business, a savings and investment platform for SMEs, has successfully used LinkedIn to connect with finance managers and SME owners. They employ targeted ads

highlighting their ROI potential and send personalized InMail messages to prospects, addressing their unique pain points.

Actionable Tip: Use this three-step framework for LinkedIn outreach:

1. Reference a prospect’s recent achievement (e.g., “Congratulations on your new product launch!”).
2. Highlight an industry challenge they might relate
3. Share how your fintech can help, ending with an invitation to

4.  Beyond the handshake – why you must embed partnerships?

Strategic partnerships can give your fintech a credibility boost and access to a larger customer base. Collaborating with established players ensures you’re leveraging existing trust and infrastructure.

Example: Vendorcredit’s partnership with Konga is a prime illustration. By embedding credit

solutions within Konga’s merchant platform, Vendorcredit reached thousands of SMEs who needed financing to fulfill orders. This partnership not only expanded their reach but also made their product integral to the merchants’ operations.

Actionable Tip: Identify ecosystems where your fintech’s solution fits seamlessly. If you’re in lending, consider partnering with e-commerce platforms or inventory management systems to provide embedded credit.

5.  Power for power – how to target high-value clients?

Enterprise clients require a more tailored approach. ABM involves creating campaigns specific to individual accounts, focusing on their unique needs and challenges.

Example: Remita, an e-payment solution provider, used ABM to target universities for their fee

collection system. By crafting pitches that showcased how Remita could simplify student payment processes and improve audit trails, they secured contracts with major Nigerian universities.

Actionable Tip: Develop custom campaigns for your biggest prospects. For example, create a bespoke presentation for a leading FMCG distributor showing how your product can reduce operational inefficiencies.

6.  Just like a cold – you want to optimize your product(s) for viral growth!

Building virality into your product accelerates growth. For fintech, this often means leveraging your existing users to bring in new ones.

Example: Opay’s agent banking model is a textbook case. By empowering agents with competitive commissions and tools, they turned them into advocates, driving widespread adoption in rural and urban areas. This organic network effect scaled their agent network to tens of thousands in record time.

Actionable Tip: Create referral programs that incentivize existing clients to bring in others. For example, offer discounts or bonuses for each successful referral from one SME to another.

7.  Living and breathing – you should measure and iterate relentlessly!

Marketing is never static—continuous improvement is key. The best fintechs use data to fine-tune campaigns, ensuring they stay relevant and effective.

Example: After launching its Pay with Bank feature, Paystack closely monitored adoption rates and customer feedback. They noticed friction in onboarding and swiftly adjusted their user flows, leading to improved conversion rates and client satisfaction.

Actionable Tip: Track key metrics such as:

• Lead Generation: What channels drive the most qualified leads?
• Engagement: Are your webinars or newsletters generating clicks and responses?
• Conversion Rates: Which campaigns yield the highest ROI?

The Nigerian fintech space is competitive, but with the right B2B Fintech marketing strategies, scaling sustainably is achievable. Remember, the ultimate goal isn’t just to win clients—it’s to build relationships that foster long-term trust and growth.

Meet the Writer:

Chidera Amuta is a seasoned Growth Marketing Manager with over 8 years of experience in driving business growth and enhancing brand visibility. With 4 years dedicated to performance marketing, she has successfully executed strategies across diverse industries, including fintech, FMCG, pharmaceuticals, SaaS, and banking. Her expertise spans digital marketing, content creation, data analytics, and brand development, complemented by a strategic focus on lead generation and campaign optimization.

As a skilled team leader, Chidera excels at managing cross-functional teams and fostering collaboration to deliver impactful results. Her track record includes achieving significant ROI on campaigns, increasing customer acquisition, and launching innovative products that secure market share.

Chidera’s career highlights her ability to create measurable value through data-driven insights, creativity, and a deep commitment to customer engagement.

She holds CIM certifications in Digital Marketing Techniques, Applied Marketing, and Planning Campaigns, along with a certificate in Integrated Brand Experience from Orange Academy.

Founded in 2021 by Ife Johnson and Justin Ziegler, Juicyway enables individuals and businesses to send, receive, and process payments globally.

The platform supports fiat currencies like the Nigerian Naira (NGN), US Dollar (USD), and Canadian Dollar (CAD), as well as cryptocurrency transactions.

As the creators of Nigeria’s largest price discovery engine, Naira Rates, Juicyway facilitates remittances and provides access to FX through various payment channels. It offers multicurrency accounts and access to a liquidity pool for local and international payments at competitive rates.

Licensed in Nigeria, Canada, the USA, and the UK, Juicyway has processed $1.3 billion across 25,000 transactions, and 4,000 customers, Juicyway has proven its value and efficiency.

Trusted by prominent brands like Bolt, IHS, Piggyvest, Mocoh SA, Bamboo, and Afriex, the company also partners with Access Bank for remittance services.

With remittance fees in Africa averaging 13% on $200 transfers in Q4 2023, there is a clear need for cost-effective solutions.

Juicyway addresses this need by leveraging stablecoin technology to enable fast, affordable global money transfers with 24/7 execution and settlement.

Through its web and mobile apps and APIs, Juicyway simplifies money movement while ensuring market-driven pricing.

By displaying real-time rates based on what other users are willing to pay, the platform creates a liquid ecosystem, lowers remittance costs, and empowers users to trade confidently, allowing greater financial inclusion.

Speaking on the round, Ife Johnson, co-founder and CEO of Juicyway says,

“Africa contributes less than 1% to the $5 trillion global currency market, partly because there’s no liquidity for intra-African currency pairs. The old systems weren’t built to support this. Over the next three years, we want to be the platform where Nigerians and eventually the whole of Africa, and those doing business on the continent can easily convert African currencies to local ones and back. Our ultimate goal is to unlock liquidity for African currency pairs that currently have none. Stablecoin technology and our network model make this vision achievable by enabling fast and efficient money movement. Without it, we’d still be in pursuit of this goal, but it would be far harder to achieve.”

Dedicated to building a technology-first platform, operating at both the source and destination of remittances, some of Juicyway’s payment platform features include:

• Cross-border payments
• Funds repatriation
• Treasury management
• Payment processing
• Spend management

Commenting on the fundraise, Justin Ziegler, co-founder and COO of Juicyway stated,

“Juicyway’s goal is to build uninterrupted, cost-effective cross-border infrastructure that enables Africa to participate in the global economy on equal footing. Our growth in a short period of time reflects the underlying demand for better global payments. We’re proud to offer a solution that eliminates the need for businesses and individuals to juggle multiple platforms to manage their financial needs. This investment represents a milestone for our company, and we are grateful for the trust and commitment from our investors”.

The funding will drive Juicyway’s growth by supporting team expansion, technological advancements, and entry into new markets. The round includes the addition of Joshua Wasserman, a compliance and regulatory expert with experience at the U.S. Federal Deposit Insurance Corporation (FDIC) and a key leader in building compliance for Cash App.

Juicyway also welcomes Idris Ibrahim, CRO of Juicyway, Ridwan Otun, formerly with Bamboo and Smart Pension, and Ukeoma Chukundah, ex-Klarna and Deimos, as key members of its engineering team.

Hisham Halbouny, co-Founder and managing partner at P1 Ventures who is leading the round said:

“We couldn’t be more excited to partner with Ife, Justin and Idris as they tackle one of the most critical challenges in finance. By leveraging innovative stablecoin technology, they’re leapfrogging outdated infrastructure to create a seamless, efficient, and inclusive cross-border payment system that reshapes how Africans connect with the global economy. At P1 Ventures, we seek audacious and exceptional founders like them—visionaries who aim to redefine industries and empower emerging markets. We couldn’t be more excited to support their journey!

Dr. Dotun Olowoporoku, managing partner at Ventures Platform:

“Juicyway’s innovative and forward-thinking approach to cross-border payments strategically positions it as a transformative force in Africa’s rapidly evolving financial landscape. By leveraging cutting-edge technology and deep market knowledge, Ife, Justin and the team exemplify our investment thesis of democratizing prosperity in Africa through innovation. This is achieved through significantly reduced transaction costs, enhanced accessibility to crucial financial services, and seamless cross-border transfer of value on the continent.”

In 2023, Africa received an estimated $90.2 billion in remittances, accounting for 5.2% of GDP and nearly double the amount of overseas aid. These funds are a vital lifeline for millions of families and businesses.

Juicyway is dedicated to making money transfers easier, faster, and more affordable.

However, a growing number of professionals are choosing to stay and invest in local entrepreneurship ventures. They gain experience globally, then come back to build locally.

This change could be said to have been influenced by personal ambition, economic opportunity, and a deep desire to positively impact local communities. 

But why are more Nigerians embracing entrepreneurship over migration, and how is this choice impacting the country’s economic industry?

The Lure of Migration and Its Challenges

Historically, skilled Nigerians migrated to escape limitations in career progression, infrastructure, and standard of living. 

While the allure of developed nations is strong, many discover that living abroad is not without its challenges. Migrants often face cultural adjustment, high living costs, and complex legal systems. 

The struggle to integrate into new environments has caused many to reconsider their decisions, sometimes leading to disillusionment.

Net Migration to UK Fell 10% in 2023 [GRAPH]

The Rise of Local Entrepreneurship

In contrast, local entrepreneurship is becoming a more attractive option for skilled Nigerians, driven by multiple factors:

1. Economic Opportunities: Despite Nigeria’s challenges, its local markets continue to grow, offering lucrative business opportunities. Entrepreneurs are increasingly identifying and capitalizing on untapped niches that address local needs.
2. Social Impact: A strong desire to contribute to Nigeria’s development is another driver. Entrepreneurs see themselves as agents of change, creating jobs and enabling community development in ways that migration cannot achieve.
3. Innovation and Technology: Technological advancements have helped local entrepreneurs to compete on a global scale. The rise of digital platforms and tools has made it easier for businesses to start and grow without needing to leave Nigeria.

Several Nigerian entrepreneurs are examples of this change

Iyinoluwa Aboyeji, co-founder of Andela and Flutterwave

Take Iyinoluwa Aboyeji, the co-founder of Andela and Flutterwave. Aboyeji chose to stay in Nigeria, where he has built platforms empowering African talent and businesses. 

His work with Andela, which focuses on training software developers, and Flutterwave, a payment solutions company, has greatly impacted the African tech space, with his current venture, Future Africa, which funds mission-driven innovators across the continent. 

Aboyeji believed in Nigeria’s ability to solve its own challenges and he remained focused on directly contributing to building the infrastructure and ecosystem necessary for sustainable growth.

Funke Opeke, CEO, MainOne

Similarly, Funke Opeke, who returned from the US to found MainOne, has helped in improving West Africa’s internet infrastructure. 

MainOne is a leading provider of telecom services and network solutions in the region, and under Opeke’s leadership, it has bridged huge gaps in digital access. 

After a successful career in the United States, Opeke returned to Nigeria driven by a desire to address the country’s urgent need for better internet infrastructure. Her vision for reducing the digital divide continues to drive her entrepreneurship goal and focus.

Olugbenga Agboola, co-founder of Flutterwave

Olugbenga Agboola, co-founder of Flutterwave, has simplified payments for businesses across Africa, helping them grow and operate efficiently. 

Flutterwave has become an essential pillar of the African fintech sector. Agboola remains in Africa because of his zeal to create solutions targeting the challenges faced by African businesses. With this, he ensures that Flutterwave continues to meet the dynamic needs of its users.

Temie Giwa-Tubosun, founder of LifeBank

Temie Giwa-Tubosun, founder of LifeBank, uses technology to connect hospitals with essential medical supplies, effectively saving lives. 

Her inspiration for LifeBank came from her personal experiences with the healthcare system in Nigeria, and her mission is to improve healthcare delivery in her home country. Giwa-Tubosun is deeply determined to use her platform to address healthcare challenges in Nigeria.

Shola Akinlade, co-founder of Paystack

Shola Akinlade, co-founder of Paystack, has simplified payments for businesses across Africa, allowing them to scale and thrive. 

Paystack’s acquisition by Stripe accentuated its global impact. Akinlade believes in the prospects of African businesses to compete globally. He has helped in building the infrastructure that supports the growth of businesses.

Odunayo Eweniyi, co-founder of PiggyVest

Odunayo Eweniyi, co-founder of PiggyVest, has made a huge impact in promoting financial inclusion and literacy in Nigeria. 

PiggyVest helps Nigerians to save and invest money, enabling them to adequately control their finances. Eweniyi’s decision to stay in Nigeria is driven by her vision to build people with the right mindset and her belief that local entrepreneurship can drive economic development.

Tayo Oviosu, founder of Paga

Tayo Oviosu, founder of Paga, has made financial services accessible to millions of Nigerians through mobile payments. Paga has become indispensable in the Nigerian fintech sector, bolstering how people handle financial transactions. 

Oviosu’s decision to stay in Nigeria allows him to remain close to his customers and better understand their needs, ensuring that Paga continues to deliver solutions that make financial services accessible to all.

The Patriots Who Build with Blistered Hands: Any Hope in Sight?

There is no gainsaying that the success of businesses in Nigeria has a profound impact on the economy and society. They contribute around 60% to the GDP, which equals approximately $295 billion annually, and are responsible for over 80% of jobs, whilst employing more than 52 million Nigerians (National Bureau of Statistics, 2024).

The  Foreign Direct Investment (FDI) reached $3.8 billion in 2023, with significant investments in telecommunications, oil, and renewable energy (UNCTAD, 2024).

Thus business activities continue to drive infrastructure improvements and urbanization, while the fintech sector has further transformed financial transactions, with digital payments reaching $670 billion in 2023 (Central Bank of Nigeria, 2024). 

Despite substantial CSR investments and economic contributions, challenges such as regional disparities and environmental issues remain prevalent (Nigerian Business Coalition for Sustainable Development, 2024; Environmental Rights Action, 2024).

An alarming statistics from the Nigeria Medical Association (NMA) indicate that over 1,000 doctors leave Nigeria annually for better working conditions and opportunities abroad, with popular destinations including the UK, the US, Canada, and Australia. 

Moreover, the media has been awash with reports of a massive exodus of engineers, technology experts, academics, researchers, and other professionals seeking opportunities in countries with thriving tech and engineering sectors. Despite this, there are still many who believe their contributions could help realize the Nigeria of our dreams.

It is important to state from the outset that the decision to stay in Nigeria or leave the country may be based on personal, professional, economic, social, and political reasons. This choice should not be judged as either good or bad. 

This is because, over the past two years, the Nigerian diaspora has made significant contributions to the economy, primarily through remittances, investments, and the transfer of skills and knowledge.

According to the World Bank and the Central Bank of Nigeria (CBN), remittances from Nigerians living abroad were estimated at around $20 billion in 2022. This substantial increase underscores the growing importance of remittances to Nigeria’s economy. 

For 2024, remittances are projected to be between $22 billion and $24 billion, reflecting a continued rise driven by the growing number of Nigerians abroad and advancements in financial technology.

For entrepreneurs who choose to stay, and build businesses over emigration,  they might have benefited largely from hindsight, insight, and strategic analysis. In Nigeria,  key entrepreneurial opportunities lie in technology and fintech, which attract significant investment and create jobs. 

The same can also be said of  Agriculture which is contributing 25% to GDP and supporting millions, presents other opportunities. 

In Nigeria also, Renewable energy, with projected investments of $2 billion by 2025, aims to address energy deficits and generate jobs. The healthcare sector, valued at over $5 billion, can reduce import dependency and improve health. 

E-commerce and retail can drive consumer spending and modernization, while education and edtech can enhance learning and create employment.

Additionally, Nigeria’s real estate offers opportunities for urban development, and tourism and hospitality support local businesses. The fashion industry generates significant revenue, and entertainment contributes not less than $7 billion annually. 

Each sector drives economic growth and job creation. Drawing parallels with H.W. Brands’ classic “The Men Who Built America,” which explores the lives and legacies of key industrialists like Andrew Carnegie, John D. Rockefeller, J.P. Morgan, Cornelius Vanderbilt, and Henry Ford, who transformed America through their innovations and philanthropy, it is clear that entrepreneurship, despite challenges, has the potential for significant impact.

However, when considering the chains of challenges faced by entrepreneurs in Nigeria, the question arises: is their patriotism worth it? While it can not be jettisoned that entrepreneurs play an important role in building the economy, the prevailing socio-economic and political climate in Nigeria can be said to be harsh, discouraging, and potentially stifling business success. 

According to Mr. Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of Economy, over 800 companies folded due to market instability, unfulfilled promises, breaches of contracts, foreign exchange market issues, and general economic instability. 

We opined that many of these challenges are avoidable with people-centred policies and well-thought-out actions, reflecting failures in leadership and governance.

Adding to these challenges are escalating interest rates, security issues, and unplanned subsidy removal, which leave entrepreneurs at a disadvantage. Alhaji Dangote’s refinery dubbed the “6th Wonder of the World,” serves as a reference point for the potential impact of well-managed projects.

In light of the questions posed by one of Jesus Christ’s apostles, “We have left everything to follow you! What then will there be for us?” It is essential to ask what the future holds for entrepreneurs who choose to build businesses amid challenging conditions. 

For us, we are of the opinion that the government needs to enhance entrepreneurship in Nigeria by improving access to funding, addressing the fact that only 8% of startups receive venture capital, and improving infrastructure, as Nigeria’s electricity meets only 45% of demand and internet penetration is at 50%. 

Furthermore, simplifying the business registration process, which currently averages 19 days, and providing tax incentives can also alleviate challenges.

With over 40% youth unemployment, supporting skill development is essential. Expanding market access, given that only 1% of SMEs export, and encouraging innovation with R&D investments (currently 0.5% of GDP) are vital. 

Also of importance is the promotion of public-private partnerships and celebration of entrepreneurship, which can further strengthen the ecosystem, potentially increasing its contribution to GDP, which was approximately 20% in 2022.   

EFInA is a financial sector development organisation committed to promoting financial inclusion in Nigeria, with the vision of becoming the leader in facilitating an all-inclusive, growth-promoting financial system.

New Board Member, Kola Aina has been instrumental in advancing financial inclusion across Nigeria and Africa.

His venture capital firm’s investments in fintech companies, such as PiggyVest, have provided financial services to over 5 million underserved individuals, contributing to a 13.5% increase in financial inclusion in Nigeria.

In addition to financial inclusion, Aina and his team at Ventures Platform foster entrepreneurship, create jobs, optimise supply chains, and empower founders to develop market-creating innovations that address Africa’s complex challenges while accelerating digital transformation across the continent’s startup ecosystem.

Commenting on Aina’s pivotal role in the enhancement of financial innovation and access in the Nigeria tech ecosystem, Dr. Agnes Olatokunbo Martins, former Director at the Central Bank of Nigeria, and Chairman of the Board, said that Aina’s venture capital firm – Ventures Platform strategically invests in fintech innovations that can deepen financial inclusion across the continent and his appointment to the board is pleasant and strategically beneficial decision that the African financial sector will forever be grateful for.

“We are delighted to welcome Kola Aina to the EFInA Board. Kola has been a pivotal figure in the African tech ecosystem, funding financial innovations that align with our mission to promote income growth for the bottom 40% of the population and foster social and economic inclusion, as outlined in SDG 10 on Reducing Inequalities. Kola’s experience in entrepreneurship, mentorship, and backing fintech giants that have significantly improved financial inclusion will be invaluable as we strive to create a more inclusive financial sector,” Dr Martins said.

On his appointment, Aina said,

“I am thrilled to join the EFInA board. EFInA is a critical market enabler that has been a key driver of financial inclusion and a champion of the unbanked. The organisation’s reports and research have been credible sources of information for key stakeholders of the economy, and I’m proud to be part of a gathering of intellectuals that are committed to steering the nation’s approach to financial inclusion in the right direction. I look forward to working closely with my fellow board members and contributing to the achievement of our goal in Nigeria and across Africa. I remain committed to our collective ambition of promoting an inclusive financial sector that serves the excluded and underserved in Africa.”

A significant portion of Aina’s venture fund (37.5%) is currently dedicated to fintech companies, aiming to increase access to financial services, credit, and digital banking solutions for underserved populations. Through these investments, Aina and his team at Ventures Platform are bridging the financial inclusion gap and reducing inequalities.

Portfolio companies like PiggyVest, Moni, Traction App, and Shekel Mobility, currently backed by Ventures Platform, serve over 4.5 million users, providing increased access to savings accounts, capital, credit histories, and financial management tools primarily for underserved, unbanked, and underbanked individuals and entrepreneurs across Africa.

Kola Aina joins other distinguished EFInA board members, including Dr. Agnes Olatokunbo Martins, former Director at the Central Bank of Nigeria; Olu Akanmu, former President and Co-CEO of OPay-Nigeria; Professor Janice Olawoye, Professor of Rural Sociology, University of Ibadan; and Saude Amina Atoyebi, former Deputy Chief of Staff (Administration) in Kaduna State Government.

EFInA continues to collaborate with experts across the public and private sectors to promote financial inclusion in Nigeria.

The organisation is funded by the Bill & Melinda Gates Foundation.

Between 2010 and 2018, 61 per cent of startups in Nigeria failed, according to Business Day. The odds are stacked from funding constraints and regulatory friction to infrastructure challenges.

But Oluwole Adebiyi is one of the few who not only survived but thrived, managing to launch, scale, and exit two startups in just under three years across fintech and e-commerce.

The First Act: Fusion and the Rise of BuyFood

Adebiyi’s entrepreneurial journey took shape in 2021 with the launch of Fusion, the parent company behind BuyFood, an online ordering platform designed for food businesses. Nigeria’s food tech scene has seen rapid growth, driven by shifting consumer behaviour and rising demand for convenience.

In this fast-evolving space, BuyFood stood out. Under Adebiyi’s leadership, Fusion processed over ₦1.5 billion in transactions, delivering seamless digital experiences and streamlining order workflows across the food service industry.

The momentum caught the attention of PiggyVest, one of Nigeria’s fintech heavyweights, which acquired Fusion. Rather than exiting completely, Adebiyi joined PiggyVest as Head of Product, where he led the rollout of Patronize’s bank transfer confirmation feature and continued to evolve the BuyFood platform. His execution reinforced his reputation as a sharp, product-focused founder.

Second Act: the bold mission to build a “Square for Africa”

Fresh from the PiggyVest acquisition, Adebiyi launched Grocel, a business banking and bookkeeping startup targeting Nigeria’s underserved SMEs.

His ambition was nothing less than building a financial infrastructure for small businesses in Africa—what he called a “Square for Africa.”

The market potential is massive: Africa is home to roughly 125 million Small and Medium-sized Enterprise (SMEs), which account for 90% of all private sector businesses, generate around 80% of jobs, and contribute up to 40% of GDP in many countries Despite their importance, up to five out of seven new SMEs collapse within a year, and 90% fail within five years, highlighting the extreme challenges these businesses face.

Against this backdrop of infrastructure gaps, regulatory hurdles, and chronic funding shortages, Grocel processed over ₦2.5 billion in transactions, offering clear and accessible financial services tailored to SMEs’ needs.

In November 2023, Moniepoint Group acquired Grocel, marking Adebiyi’s second exit and affirming his ability to build scalable, acquisition‑ready fintech infrastructure in the toughest conditions. When speaking with Oluwole Adebiyi, one theme was clear—his drive has never been about hype.

“At every stage, whether it was Fusion, PiggyVest, or Grocel, I wasn’t chasing shiny ideas. I was solving real problems for real businesses,” he says. “When you build for SMEs, you’re not just building for one company. You are building for families, communities, and entire economies. That’s what keeps me going.

Lessons from the Fast Lane: What Founders Can Learn from Oluwole Adebiyi

Oluwole Adebiyi did not just build and exit two startups. He built systems, teams, and momentum in markets that often consume founders quickly. For anyone building in Africa or other emerging economies, his playbook delivers a few sharp lessons.

The first is simple but hard to execute: build for real pain, not vanity metrics. Adebiyi focused on tangible problems faced by food vendors, small retailers, and everyday business owners. His approach to product was rooted in empathy and direct feedback, not hype.

Second, he scaled with structure. Operational excellence is not optional when infrastructure is broken and margins are thin. Whether it was streamlining order flows at BuyFood or simplifying SME finance at Grocel, he built processes that worked even under pressure.

Third, and maybe most important, is his ability to lead through chaos. Resilience is a founder’s real superpower.

Adebiyi ran high-growth teams, navigated two acquisitions, and stayed mission-focused throughout. That kind of steady leadership is rare, and it is what turned good products into companies worth acquiring.

For founders building in complex markets, Adebiyi’s journey is not just inspiring. It is instructive.

Two prominent players in this space, PiggyVest and Cowrywise, have gained significant traction, especially in Nigeria. The key features, benefits, and differences between PiggyVest and Cowrywise, helping you make an informed decision about which platform suits your financial goals best are reviewed here. 

PiggyVest, formerly known as Piggybank.ng, is a robust savings and investment platform designed to help individuals cultivate a saving culture effortlessly. With PiggyVest, users can automate their savings, setting aside a specific amount daily, weekly, or monthly. 

The platform offers a range of saving options, including Target Savings, SafeLock, and PiggyFlex, allowing users to save for specific goals, lock funds to curb impulsive spending, and earn competitive interest rates respectively.

One of the standout features of PiggyVest is its versatility. Users can save towards various goals, including vacations, emergency funds, or even investments, making it an all-in-one solution for financial planning.

Cowrywise, on the other hand, is a goal-oriented wealth management platform that enables users to save and invest their money wisely. The platform offers various investment plans, including Halal investment options, making it appealing to a diverse user base. 

Cowrywise provides a range of investment instruments, from mutual funds to government bonds, allowing users to create a diversified investment portfolio easily.

Cowrywise emphasizes financial education and offers tools to help users understand their risk tolerance and make informed investment decisions. The platform’s user-friendly interface and transparency in fees make it an attractive choice for those looking to venture into the world of investments.

Why 71% of African Tech Investors will Avoid Follow-on Funding – Wimbart’s Report

Comparing PiggyVest and Cowrywise

1. Ease of Use:

PiggyVest, known for its intuitive interface and user-friendly experience, simplifies the savings process, making it accessible to individuals at all financial literacy levels.

Similarly user-friendly, Cowrywise offers a seamless experience for both saving and investing. The platform’s goal-oriented approach helps users stay focused on their financial objectives.

2. Investment Options:

While PiggyVest primarily focuses on savings, it does offer an investment feature called “Investify,” allowing users to invest in pre-vetted opportunities with attractive returns.

Cowrywise offers a broader range of investment options, including mutual funds, bonds, and other asset classes. This diversity allows users to create a well-rounded investment portfolio.

3. Security:

Both platforms prioritize user security, employing encryption and secure protocols to safeguard users’ financial information and transactions.

4. Fees and Charges:

PiggVest charges nominal fees for certain transactions and services. Users should carefully review the fee structure to understand the cost implications of using the platform.

Cowrywise is transparent about its fees, and users can easily access information regarding charges for various services. Being aware of the fees is necessary for users looking to maximize their savings and investments.

5. Customer Support:

PiggVest offers customer support through various channels, including email and social media. While their response time is generally good, some users have reported occasional delays in getting their queries resolved.

Cowrywise is known for its responsive customer support. The platform provides timely assistance to users, addressing their concerns and queries promptly, enhancing the overall user experience.

Both PiggyVest and Cowrywise stand out as reliable options for individuals seeking to save and invest wisely. Your choice between the two ultimately depends on your financial goals and preferences. 

PiggyVest excels in simplicity and goal-specific savings, while Cowrywise offers a more diverse range of investment options, making it an ideal choice for those interested in wealth creation through investments.

Regardless of your choice, both platforms are contributing significantly to empowering individuals to take charge of their financial futures, one digital transaction at a time.

====

The information and communication technology (ICT) sector in Nigeria has seen significant growth and development in recent years.

The National Bureau of Statistics (NBS) revealed that the sector contributed 18.44 per cent to the nation’s GDP in the second quarter of 2022. Experts argue that the country’s youth-dominated 210 million-strong population is driving demand for ICT products and services.

The government has made significant efforts to promote the development of the ICT sector and increase access to ICT infrastructure and services.

This has included initiatives such as the National Broadband Plan, which aims to increase broadband penetration in the country, and the National eGovernment Master Plan, which aims to increase the use of ICT in government operations and services.

Of course, there are several challenges that the Nigerian ICT sector faces, including a lack of reliable and affordable electricity, multiple taxations, regulatory bottlenecks, limited access to ICT infrastructure in rural areas, and a dearth of skilled ICT professionals.

Despite these challenges, the sector has continued to grow with the potential to play a significant role in the country’s economic development.

Looking ahead into 2023 here are potential trends that may shape the development of ICT in the new year.

1. Increased adoption of cloud computing:

As businesses in Nigeria look to reduce costs and improve efficiency, many will turn to cloud computing solutions to store and process data. There are a growing number of important players in this space including Rack Centre, Cloudflex Computing Services Limited, and Layer3Cloud among others.

2. Growth of the e-commerce industry:

Nigeria’s large and rapidly growing population and the adoption of mobile devices and internet access has made e-commerce more accessible. With improvements in electronic payment and logistics sectors, the growth trend is likely to continue into the coming years. Konga, Jumia and Jiji continue to show what is possible in this space.

3. Expansion of mobile broadband:

The proliferation of mobile broadband is expected to continue in Nigeria, driven by the increasing demand for data services and the roll-out of 4G and 5G networks.

The Nigeria Communications Commission (NCC) in 2021 granted 5G licenses to MTN Nigeria and Mafab Communications with Airtel joining the party this December. MTN is known to have rolled out services in certain cities. 2023 holds promises of more roll-outs and improved access to 5G services in general.

4. Rise of fintech:

The fintech industry in Nigeria has seen significant growth in recent years, and this trend is likely to continue as more people turn to digital financial services.

Reports suggest that there are over 200 Fintech firms in Nigeria rapidly helping to bridge the financial inclusion gap.

The fintech ecosystem covers businesses focused on mobile payments, digital banking, merchant solutions and personal finance among others. Interswitch, Flutterwave, Paystack, PiggyVest, Paga, and E-tranzact are some of the biggest players in this space.

5. Increasing use of artificial intelligence (AI):

The use of AI in various sectors, including healthcare, education, and agriculture, is expected to increase in Nigeria as the country looks to leverage technology to solve problems and improve services. The early players here include Lare Ayoola’s IoT Africa Networks Limited, Kobo360 and Data Scientists Network.

6. Growth of the outsourcing industry:

Nigeria’s highly educated workforce and lower labour costs make it an attractive destination for outsourcing. This trend is likely to continue as companies look to outsource certain business functions to save costs, improve productivity and boost profitability. Renda, Philip Outsourcing, and Workforce Group are leading players in this space.

7. Increased adoption of digital skills:

As the ICT sector continues to grow, there will be greater demand for individuals with digital skills. This trend is likely to drive the development of training programs and initiatives to help people acquire the necessary skills. Governments at different levels are making tremendous efforts in this space.

The National Information Technology Development Agency (NITDA) through its subsidiary, the National Center for Artificial Intelligence & Robotics (NCAIR) is training one million developers with a focus on Python for Machine Learning and Data Science.

The Lagos State Government has also commenced the Second Phase of the Eko Digital programme which aims to empower one million youths in the State with cybersecurity skills. Numerous other initiatives are ongoing in the private sector space.

ICT will remain a significant proportion of the economy in the foreseeable future. Human capacity development and infrastructure deployment will however dominate the ICT space in 2023.

Happy New Year in Advance!