Nigeria’s economy is bustling with a multitude of informal businesses. Despite their potential, these enterprises often need more access to proper financial infrastructure. Digitization presents a transformative solution, enabling these businesses to scale and thrive in a competitive market.
Fintava is empowering businesses through Digitisation:
Enter Fintava, a fintech startup revolutionizing how businesses digitize their operations. Unlike other companies offering digital solutions, Fintava simplifies the process more than ever. Samuel Ojerinde, Fintava’s COO, explains, “We noticed that the solution is not just building a product that helps businesses with digitizing, but also walking them through that digitization process.”
During our conversation, Ojerinde elaborated on the unique challenges faced by Nigerian businesses. “Many business owners are not tech-savvy,” he noted. “They need more than just tools; they need guidance and support to effectively integrate these tools into their operations. That’s where Fintava stands out.”
App-as-a-Service expanding Horizons:
In addition to its banking-as-a-service (BaaS) offerings, Fintava introduces app-as-a-service, enabling companies to build platforms alongside receiving BaaS services. CEO Tobi Arowolo shares, “We can pull this off by building a system that provides these services at scale, speed, and almost no cost.”
Arowolo further explained how this innovative approach helps businesses streamline their processes. “Our app-as-a-service model allows businesses to focus on their core operations while we handle the technical complexities. This means faster deployment times, reduced costs, and a seamless user experience.”
Experienced Founders Driving Innovation:
Fintava’s founders bring a combined 20 years of experience in tech product development and investment banking. This expertise is evident in the robust solutions Fintava offers. CTO Isaiah Tokunbo, alongside Arowolo and Ojerinde, has infused the company with innovative products like a payment gateway, card services, and loan options.
When asked about the team’s background, Tokunbo highlighted their diverse experiences. “Our backgrounds in both technology and finance have given us a unique perspective on how to solve the problems faced by businesses in Nigeria. We understand the intricacies of both worlds and have used this knowledge to build products that truly meet the needs of our clients.”
Transforming Business Operations:
Businesses across Nigeria can leverage Fintava’s services to access adequate financial infrastructure. Not every business can afford to build and license their own financial products from scratch. Using Fintava’s BaaS can save them significant costs and provide ready-to-use solutions tailored to their needs.
Ojerinde shared some success stories, illustrating the impact of Fintava’s services. “We’ve seen small businesses grow exponentially after integrating our solutions. One of our clients, a small retail business, saw a 150% increase in transactions within six months of using our platform. Stories like these validate our mission and drive us to continue innovating.”
The Road Ahead
With 6,000 users and $18 million in total transaction value, Fintava is already making waves in the Nigerian market. The company’s mission is to help businesses in Nigeria scale efficiently and affordably. As they see an Africa-wide expansion, Fintava is poised to transform the continent’s business landscape through innovative digital solutions.
Arowolo concluded our interview with a glimpse into the future. “We envision a future where every business, regardless of size or location, has access to the financial tools they need to succeed. We’re excited about the possibilities and committed to driving positive change in the African business ecosystem.”
