Adedeji Olowe

Why time to first utility is critical for African SaaS

If your SaaS product does not deliver value instantly, your users will leave faster than a bad date. That is not an exaggeration, it is a fact backed by numbers: 55% of users spend less than 15 seconds on a new website before deciding if they will stay or leave. Now imagine how little patience they have for a slow, complicated software onboarding process.

When you buy something, you expect it to work as soon as possible. If you take a painkiller, you expect relief fast. Nobody wants to wait forever to get value from something they just paid for. Software is no different. People want to get value from it immediately. That “immediately” part? That’s what time to first utility (TTFU) is all about.

What is time to first utility (TTFU)?

Time to First Utility (TTFU) is the time it takes from when a user discovers your software to when they experience their first real moment of value, also known as the “aha” moment. The shorter this time is, the more likely users are to stay. The longer it takes, the more likely they are to leave. It is one of the most critical factors in user retention, especially in SaaS, where first impressions can make or break adoption.

Customers don’t give a damn about your “standards”

When a user first interacts with software, they are making a quick decision. Does this work for me or not? If they hit a roadblock before even getting a taste of what the software can do, they will leave. It does not matter how great the software is if the first experience is a mess.

This is where many African SaaS companies are getting it wrong. We build fantastic products, but we also put up barriers that slow users down. Regulation, KYC requirements, licensing restrictions. All these things are important, but they should not be the first thing a user experiences.

You think users care about why your onboarding is complex? No one is sitting around thinking, “Oh wow, this company must have valid reasons for making sign up so difficult.” They just leave. People expect to try your software immediately. That’s why products like remove.bg kill it. You upload an image, and boom, background removed. No drama. No fucking around. Just instant gratification. That’s what we need to replicate in African SaaS.

At Lendsqr, we know this struggle well. Lending is a regulated business. You cannot just let people in without verifying them. But at the same time, we realized that if we make people jump through too many hoops before they even see what the software can do, they will never come back.

Too bad that many have run away, but I’m getting y’all back!

African founders are getting TTFU wrong

One thing is clear: Africa’s SaaS market is on the right trajectory, and it is projected to hit $10 billion, with startups springing up across Lagos, Nairobi, Cape Town, and Cairo. The talent is there, the demand is growing, and the innovation is undeniable. Yet, we have a serious problem, too many hoops before users get to experience value.

And here’s the hard truth: users don’t care. They’re not going to sit around and wait. They’re not going to fight through layers of friction just to see if your software is worth it. They’ll leave.

In Africa, where internet costs are high and digital trust is still fragile, users are even less patient. If they struggle to access your product in the first few minutes, they’re more likely to churn permanently.

And it’s not because the software is bad. In fact, a lot of African SaaS products are brilliant. The issue is the barriers we throw in front of users before they can even experience the value. Too much KYC upfront is a major culprit. Yes, regulations matter, but if a user has to submit their ID, utility bill, and a small goat (okay, maybe not that far) before they can even try your software, they’ll bounce.

Onboarding is another headache. If it takes days for someone to get access or approval, they’re already gone. Then there’s the problem of integrations. Too many SaaS products exist in isolation, forcing users to manually transfer data between platforms, which is frustrating and inefficient. And let’s not forget pricing. If users have to email support just to figure out how much they need to pay, they’ll move on to something simpler. Every extra step is a chance for them to leave, and they do.

The solution is simple: reduce friction, deliver value faster, and make it ridiculously easy for users to get started.

My experience with TTFU at Lendsqr

I’ll be the first to admit that we’ve made this mistake at Lendsqr, and it cost us. When we first started, we assumed that anyone who wanted to use our platform would be willing to go through the necessary regulatory steps first. After all, lending is a regulated business, right? You need a license, you need KYC, you need a payment provider, you need this, you need that.

But here’s the thing, when people first discover a product, they don’t care about any of that. They just want to see it work. And instead of giving them that quick win, we were hitting them with roadblocks: Sign up? Great. Now, go get a payment provider. Want to test out the system? Sorry, you need a lending license. Oh, you’re from Zambia? Oops, no SMS provider for your country.

It was a disaster. We spent time, resources, and money bringing people in, only to have them leave disappointed. We were failing on a fundamental level. We had to rethink everything. And here’s what we did:

First, we ditched SMS authentication in favor of WhatsApp. SMS requires setting up providers for each country. WhatsApp works everywhere. Problem solved.

Second, we stopped blocking users from signing up just because there was no payment provider in their country. If there is no payment provider, fine. Let them proceed and figure it out later. At least they get to see how the platform works.

Third, we started pre-integrating with key providers upfront in our priority markets. This means when lenders from those countries sign up, they don’t immediately hit a wall.

We also relegated some requirements to come in later. For example, Nigerian lenders no longer have to provide their bank account and BVN upfront. That only matters when money actually needs to move. Why make them do it before they even see what the platform can do?

And to simplify setup, we built a golden path. Instead of overwhelming users with a million settings, we set smart defaults so they can issue their first loan without configuring every little detail.

The result? Less friction, faster time to first utility, and a much better chance of turning new signups into active lenders.

The one minute rule we must all follow

If you’re building a SaaS product in Africa, you need to ask yourself one question: how fast can a user see value? If the answer is anything more than a minute, you have work to do. Because if you don’t fix it, your users will find a competitor who has.

Sometimes, that competitor is them “doing nothing” or some low key manual process. Who cares who the competitor is if the customers dump your ass? Either way, you lose.

At Lendsqr, we’re making sure that users can get their first taste of value in under a minute. We’re not all the way there yet, but we know that if we don’t nail this, we don’t stand a chance. And neither do you.

So, if you’re building SaaS in Africa, do yourself a favor, cut the friction, make it work instantly, and watch your business take off.

Why the rush into remittances won’t end well

You don’t need to go too far before you bump into the next remittance company. Practically every street corner of dear Africa is littered with them.

Every other startup is pivoting, slapping “cross-border payments” on their pitch decks, and making grand promises about disrupting how money moves into Africa. Doesn’t that remind you of the great fintechs of payments and crypto?

And honestly, I get it. The numbers are mouthwatering. Africa received over $100 billion in remittances in 2023, with Nigeria alone accounting for over $20 billion. For context, that is more than the annual budgets of most African countries. It is real money, moving in real volumes, and fintechs want in.

But here’s the uncomfortable truth: most of the fintechs will fail.

Remittances are a brutal business. If you think running a lending or payments startup is hard, try dealing with cross-border transfers, where margins are so razor-thin you could use them to shave every morning. And the customers? Don’t even get me started with them: they are obsessed with getting the lowest possible fees and extremely disloyal. Don’t mind that the cost of customer acquisition is ridiculous.

All the customers are hoes! Regulators treat you like a ticking time bomb, and compliance mistakes can sink you overnight. Established players like Western Union, MoneyGram, and banks have been doing this for decades and will not give up market share easily. And if that was not bad enough, crypto and stablecoins could eventually make most remittance companies obsolete.

Yet, every month, a new fintech pops up claiming to “fix” remittances. Most of them will burn through investor money like Xmas crackers before realizing they were never in the game to begin with.

If history has taught us anything, it’s that hype alone doesn’t keep the lights on. So, let’s talk about why this “boom” is not as promising as it seems and why only a handful of players will survive.

The market isn’t as big (or growing as fast) as you think

One of the biggest misconceptions driving the rush into remittances is the assumption that the market will keep growing indefinitely. People throw around the $100 billion remittance TAM (total addressable market) like it is an endless pot of money waiting to be scooped up.

But that is not how this works.

First, Western nations, AKA the primary sources of remittance inflows are tightening immigration policies. Canada is cutting its immigration targets, the UK keeps tightening its visa rules, and the US is ramping up on deportation. With fewer migrants entering these economies, the number of Africans sending money home won’t explode the way many fintechs hope. After all, fewer migrants mean fewer people sending money home, and fintechs banking on a forever-growing market will hit a wall sooner rather than later.

Second, the diaspora population is not infinitely expanding. Unlike domestic African markets that grow naturally with population increases, remittance markets are largely fixed. There are only so many Ethiopians, Kenyans, Nigerians, or Ghanaians living abroad, and that number does not dramatically change year over year. This means that fintechs are fighting for a largely static customer base.

And then there is the economic factor. Many Western economies are struggling, and immigrants are feeling the pinch. Inflation, job cuts, and rising living costs mean people simply have less money to send home. If people struggle to afford rent, they are definitely not increasing how much they send home.

Competition is a bloodbath eroding margins

Even if the market were growing, the competition is cutthroat. Every major financial institution already has a remittance product. Banks, telecom operators, global payment networks, and dedicated money transfer operators all want the same customers.

The US-Nigeria, UK-Ghana, and UAE-Kenya corridors are flooded with everyone from legacy giants like Western Union and MoneyGram to fintechs like Chipper Cash, Flutterwave, NALA, and Sendwave.

And let’s not pretend remittance customers are loyal. They chase the lowest fees, that’s it. Your fancy UI and sleek onboarding do not matter if another app offers a 50-cent discount. The moment a competitor offers a slightly better deal, they are gone. Retaining customers in this space is a nightmare, and the cost of acquiring new ones keeps climbing.

Price wars are already a race to the bottom, and most startups will realize too late that they cannot survive long-term with razor-thin margins.

Meanwhile, customer acquisition is a nightmare. Facebook and Google ads are not cheap, and the only way to keep costs down is through word-of-mouth. But that only happens if your product is truly cheaper, faster, and more reliable than the competition. Spoiler alert. Most are not. Even referrals, the so-called holy grail of organic growth, can be a money pit. Heard of how one fintech burned over $5 million handing out $50 per referral? The dungeons are deep, and most startups don’t have the war chest to survive the fall.

Compliance will break you before you scale

If you think regulators are tough on payments, wait until you try moving money across borders. Fintech bros love talking about disruption until regulators show up. Remittances are heavily regulated, and for good reason. Fraud, money laundering, and terrorism financing are huge risks, and governments are not playing around. Nigeria’s CBN recently went after fintechs for KYC lapses. Kenya and South Africa are tightening AML rules. Western regulators have no patience for companies that don’t take Anti-Money Laundering (AML) seriously.

Regulatory compliance is not optional, and it is not cheap. The second you start scaling, you will need licenses across multiple regions, partnerships with banks, iron-clad AML processes, and round-the-clock compliance teams. Screw this up, and you will get fined or, worse, shut down overnight.

And it is not just about following the rules, it is about affording to follow them. Compliance is expensive. Maintaining licenses, meeting reporting requirements, and implementing fraud prevention measures all cost money. Many fintechs underestimate just how much regulatory overhead will eat into their margins.

Lack of differentiation will lead to market saturation

Most remittance startups are offering the same thing: a mobile app, fast transfers, and low fees. But here is the problem; every competitor is promising the same thing.

Speed and price are no longer points of differentiation. Everyone is scrambling to provide instant transfers, and fees are already being cut to the absolute minimum. The only way to differentiate is by true innovation, and honestly, not many startups possess it.

If your only selling point is being cheaper or faster, you are already in trouble. Because when a bigger player, such as Stripe, Visa, or a deep-pocketed startup with VC backing, decides to undercut your rates, your entire business model crumbles.

The only way to build something sustainable is to go beyond remittances. The smart fintechs are bundling services like bill payments, lending, savings, and cross-border commerce. If your customer only opens your app when they need to send money, you are always one step away from losing them. Because at the end of the day, there are only so many bills to be paid. Sad, but true.

The real giants have not even started playing

Here is what should keep every remittance startup awake at night. The actual heavyweights have not fully entered the space yet.

Startups might get some initial traction, but in the long run, the big players will win. Global financial giants have the resources, regulatory expertise, and customer trust that startups simply cannot match.

Stripe’s acquisition of Bridge is a clear signal that serious competition is coming. Once a player like Stripe or PayPal decides to aggressively enter remittances, smaller fintechs will have little chance of competing. Apple and Google could flip the entire industry if they ever integrate remittances into Apple Pay or Google Pay.

And let’s not even get started on stablecoins and blockchain-based remittances. If USDC or another stablecoin achieves mainstream adoption in Africa, the fees everyone is fighting over today will disappear. Remittance startups that do not have a long-term plan beyond “send money cheaper” are playing a very dangerous game.

So, who will actually survive?

Most of today’s remittance startups will not be around in five years. But a few will figure it out. The ones that survive will be those who run an insanely efficient operation with no fluff, no excessive marketing burn, and just brutal cost discipline. Nail compliance from Day 1 because fixing KYC and AML issues after regulators show up is how you get shut down; Offer more than just remittances such as lending, savings, and business payments to deepen customer engagement; Find underserved corridors because while everyone is fighting over US-Nigeria, there are massive opportunities in intra-Africa remittances and less-explored regions.

Building a profitable remittance business is not impossible, but it is way harder than most fintechs think. If you are jumping in because you see a $100 billion market and assume there is easy money to be made, you are already behind.

The companies that survive will not be the loudest or the most hyped. They will be the ones with real discipline, regulatory muscle, and a strategy that extends beyond “let’s move money faster.”

Virtual accounts could be the next big thing in African payments

Let’s be real: innovation in Africa doesn’t get the recognition it deserves. The world tends to assume we’re just playing catch-up, but sometimes, we take an existing idea and run with it so effectively that we make it ours. Case in point: virtual accounts.

Now, virtual accounts aren’t a Nigerian invention. They’ve been around for years, quietly solving payment problems in other parts of the world. But Nigeria? We’ve taken this product and turned it into a payment powerhouse. Today, virtual accounts aren’t just another payment method here; they’re the payment method. Cards, POS terminals, even mobile wallets? All trailing behind.

If you’re reading this from a country like the US, Canada, or somewhere in Europe, you probably don’t get why virtual accounts are such a big deal. That’s because your payments ecosystem actually works. You’ve got working credit cards, smooth PayPal transactions, and Apple Pay that actually pays. Good for you.

But here in Africa and other parts of the world, where payment systems were stuck in the 2000s until recently, virtual accounts are a lifesaver.

So, what are virtual accounts, and why are they so important for Africa? I’ll explain, but first, let’s briefly discuss what problems virtual accounts solve.

The problem that a virtual account solves

For those unfamiliar, a virtual account is essentially a unique bank account number tied to a specific transaction or customer. It allows you to make payments via direct transfer — no cards, cash, or complicated hoops to jump through.

Why does this matter? Because in markets like Nigeria, payments via card or POS terminals are unreliable at best and a nightmare at worst. Imagine running a small business, and a customer wants to pay online. The card they’re using hasn’t been activated for online transactions. Or they don’t get the OTP on time. Or their card is expired, damaged, or lost. The transaction fails, and you’re left hanging.

Virtual accounts, however, eliminate drama by letting customers pay directly from their bank accounts — no cards, no delays, and no nonsense. It’s no surprise that businesses and individuals in Nigeria quickly embraced this method.

What started as a convenient alternative has now become the dominant payment channel.

Why Nigeria became Africa’s poster child for virtual accounts

The funny thing about Nigeria’s success with virtual accounts is that it wasn’t inevitable. In fact, it’s a story of two unlikely players — Moniepoint (then TeamApt) and Providus Bank — taking a huge gamble on a product that didn’t seem necessary at first.

Back in 2019, Moniepoint had just been issued its switching license by the Central Bank of Nigeria, and Providus was still finding its feet as a regional commercial bank. The payments landscape was crowded with established players like Paystack, Flutterwave, and Interswitch. Virtual accounts weren’t on anyone’s radar. Yet, these two took a chance, and the results were transformative.

At the time, everyone was focused on card payments. But the reality was bleak. Out of 100 bank account holders, typically, only about 60 have cards. Many of those cards were inactive or damaged. OTPs and online activation processes were another layer of inconvenience. Virtual accounts provided a simple alternative: direct transfers.

Within a year, virtual accounts were everywhere, powering everything from e-commerce to utility payments. Today, they’ve cemented their place as the backbone of Nigeria’s payment ecosystem.

So, why hasn’t the rest of Africa caught on? And should they care

This is the question that keeps me up at night. Virtual accounts have proven themselves in Nigeria, so why aren’t they taking off across the rest of the continent?

Of the 54 countries in Africa, 26 currently support faster payments, making them compatible with virtual account technology. This foundation is significant, but adoption hasn’t taken off continent-wide. Why?

Part of the answer lies in how payments work in other African countries. Take East Africa, for example. Mobile money reigns supreme. Payments systems like M-Pesa have made it so easy to transfer money to anyone and anything that banks have taken a back seat.

But here’s the catch: mobile money isn’t always the best solution. It’s great for peer-to-peer transfers and small transactions but struggles with larger payments or complex business needs. That’s where virtual accounts could come in, offering a bridge between mobile money and traditional banking systems.

Another factor is infrastructure. Virtual accounts rely on robust interbank transfer systems, and while 19 African countries, as of January 2025, have these systems in place, the remaining 28 lag behind. For these regions, faster payments are a prerequisite for virtual accounts to thrive.

Why fintechs should bet on virtual accounts

Let’s call it like it is: African fintechs need a new growth path, and virtual accounts might just be the answer. The card market? It’s tapped out. Not everyone has cards; even if they do, the infrastructure to support them is shaky. Failed transactions, delayed authorizations — it’s a mess.

And don’t get me started on International Money Transfer Operators (IMTOs). Once the golden child of fintech, the sector is now overcrowded. Margins are shrinking, competition is fierce, and any founder banking entirely on IMTOs is running on borrowed time.

But here’s where virtual accounts come in. Unlike some shiny new fintech trends, virtual accounts aren’t just theory. They’ve been stress-tested in Nigeria, and not only did they survive, they thrived. They’ve become the backbone of payments, handling everything from e-commerce transactions to utility bills with ease.

Of course, nothing worth doing comes without its hurdles. Virtual accounts rely on fast and reliable interbank transfers; a luxury not every African country has right now. Then there’s the regulatory elephant in the room. Some regulators might hesitate, not because virtual accounts are flawed, but because entrenched players like Mobile Money Operators (MMOs) will fight tooth and nail to keep their dominance.

However, these challenges aren’t insurmountable. Fintechs that lean into virtual accounts are positioning themselves for growth in a market hungry for innovation. If we’ve learned anything from Nigeria, it’s that virtual accounts don’t just work; they win. The rest of Africa is the next frontier, and anyone not paying attention is missing the plot.

A uniquely African solution

What I love about virtual accounts is how they’ve adapted to Africa’s realities. They’re not just a repackaged Silicon Valley solution. They’re built on the backbone of our banking systems, solving problems specific to our markets.

And let’s not forget the cost factor. For businesses, virtual accounts are often cheaper than card systems or mobile money. That’s a big deal in a continent where every naira, shilling, or rand counts.

During the Nigerian End SARS protests, which shockingly was 5 years ago, the power of virtual accounts was evident. As financial restrictions tightened, many turned to virtual accounts for transactions, further cementing their role in Nigeria’s payments ecosystem.

If you ask me, virtual accounts are just getting started. Nigeria has shown what’s possible, but the real potential lies in taking this product across Africa and even beyond.

Imagine virtual accounts in countries where cross-border trade is booming but payment systems are lagging behind. Or in regions where mobile money has hit its limits, and large corporations like Safaricom, Naspers, and Dangote Industries, among others, need a more reliable alternative. The possibilities are endless.

Virtual accounts aren’t just a Nigerian success story; they’re a blueprint for how Africa can lead in payments innovation. Imagine their potential in countries where cross-border trade is booming but payment systems are lagging. Or in regions where mobile money is showing its age and businesses need a more reliable alternative.

The epidemics of ignorance

Ignorance and mediocrity are spreading like a virus combo, especially among professionals who think they’re good enough. If you’re coasting, you’re not growing. Stay hungry, embrace criticism, and dodge that mediocrity trap else the end isn’t that pretty!

Let’s talk about something that’s been bothering me for a while now. An epidemic that’s quietly spreading, affecting everyone in its path. And no, I’m not talking about the HMPV virus. I’m talking about the epidemic of ignorance. It’s a plague that runs rampant in young people, old people, and even business. And the worst part? Most people don’t even realize they’ve caught it.

It’s everywhere in Africa; most of us are walking around with half-baked knowledge and yet somehow thinking we’re doing just fine. The problem is this: we don’t know what good is.

You might think you’re on the right track, but here’s the hard truth: most people are too busy coasting along, thinking they’re good, without realizing how badly they are off the track. And if you’re serious about being the best in your field, this is something you need to fix.

Learning is a feedback loop, get comfortable with it

I’ll be honest, when you first start out, you know nothing. And that’s okay. When a baby learns to walk, they fall. A lot. But they get up and try again. They learn through feedback, through mistakes. This is the foundation of growth, and it’s something every professional needs to embrace. But then, once babies start walking, and then running, you badly wish for the days they were organically crippled.

Sometimes, when I think of how ignorant I was as recently as when I worked at the Trium / Coronation Group, I cringe. I wonder why Aigboje didn’t fling me off then. One thing though, he never missed an opportunity to show me that I didn’t know shit. 🤣

So, feedback isn’t just about receiving praise for a job well done. It’s about constructive criticism that pushes you to get better. But here’s the thing: if you’re not getting feedback, you’re probably not growing. And if you’re the one giving it, you better make sure it’s honest, not just a pat on the back to avoid conflict.

The problem comes when you think you’re past the learning stage, when you start believing you’ve made it. That’s when feedback becomes harder to take, and when growth starts to stagnate. You have to stay consistently hungry.

The dangerous whisper of “good enough”

The worst thing you can do to yourself is buy into the lie that “good enough” is okay. Even though I don’t believe in any god, I’m damn sure the devil does whisper to some people. “You’ve done the work, you’ve hit your targets, why push harder?” Because here’s the truth: good enough is a trap. It’s comfortable, it’s safe, but it’s not where the magic happens.

What most people don’t realize is that “good enough” is a silent killer. The people who settle for good enough end up stuck in a cycle. They might not fail, but they certainly don’t thrive. They don’t take risks. They don’t learn. They don’t grow. They’re in the comfort zone, and that’s where they’ll stay until someone else eats their lunch.

The best in the game aren’t the ones who do “good enough.” They’re the ones who push, even when they don’t have to.

The “not knowing you don’t know” problem

This is where things get really tricky. It’s one thing to know what you don’t know — that’s the starting point of improvement. It’s another to be so blissfully ignorant that you don’t even realize you’re missing the mark. This is the “not knowing you don’t know” phase, and it’s the most dangerous one.

If you’re operating under the illusion that everything is fine, that your skills are sharp, and that you’ve figured it all out, you’re not learning. You’re just coasting. And I’ll tell you this: that’s where mediocrity starts to take root.

That’s why it’s so crucial to regularly evaluate your work. You can’t assume everything’s fine just because it’s working — you need to be aware of the gaps, the areas where you could improve, and the things you might be missing. Because if you don’t, trust me, someone else will.

Too many people fall into the delusion of being the absolute best, so they don’t bother to get better. And that cycle? It’s vicious. It’s a damn hamster wheel that keeps spinning, trapping people in the same place for years while they wonder why they’re still stuck.

Kirindin vs. Karanda: a tale of two mindsets

Let’s make it clearer with a story. Fictional, but very real in how they reflect the people I’ve worked with.

Karanda’s story: Karanda is a developer. Smart guy, top of his class, even. He’s been coding for years and does what he needs to get the job done. But there’s one problem: his code isn’t the best it could be. It works, but it’s clunky, inefficient, and if you really look under the surface, it’s a mess. When he’s called out, he argues: “It works, doesn’t it?” Feedback bounces off him like water off a raincoat. He doesn’t read, doesn’t learn, and doesn’t grow. A few years later, Karanda is stuck in the same role, wondering why his career hasn’t taken off as well as it should.

Kirindin’s story: Kirindin, on the other hand, started with less experience. But she’s different. Kirindin listens. She’s the first to ask for feedback, and she knows how to take it without getting defensive. Over time, she improves her skills—she learns, adapts, and gets better with each project. Kirindin doesn’t settle for “good enough.” She constantly pushes herself because she’s obsessed with improving, and five years later, she’s leading a team, while Karanda is still arguing about why his buggy code “should work fine.”

The harsh reality: ignorance isn’t bliss

At Lendsqr, I’ve seen this epidemic firsthand. Tons of developers, designers, and other professionals have crossed my path. Smart people, no doubt. But the lack of self-awareness? Astounding. I’ve reviewed assessments where the gap between what was asked and what was delivered was staggering. When you point it out, instead of introspection, you get excuses or worse defensiveness.

It’s not that they’re bad people or even bad at their jobs. It’s that they don’t know what “good” is. And because they don’t know, they’re not striving to reach it.

When you don’t know what “good” looks like, you settle for mediocrity. You might think you’re doing fine, but in reality, you’re stagnating. And when you’re stagnating, someone else is out there improving, learning, and making strides. And that’s the person who gets ahead.

So, who’s to blame? The individual? Or all of us

Is it entirely their fault? Maybe not. Leaders (myself included) need to do a better job of defining what “good” looks like. Clear benchmarks, practical examples, and consistent feedback are essential. Without them, people end up chasing vague notions of success or even settling for mediocrity.

In fact, I think the leaders are the most to blame? Why? It’s natural to look up to leaders and role models. And when we can’t define what good means or put our feet down for quality to be met, we silently lead many souls astray.

Nevertheless, at the end of the day, personal growth is just that: personal. The hunger to improve has to come from within. If you’re not reading, learning, and challenging yourself, you’re stagnating. And in most industries, stagnation is just a fancy word for falling behind.

Ignorance is a bigger problem than you think, break the cycle or be broken by it

Let’s zoom out for a second. Why does this even matter?

Ignorance isn’t just a personal issue; it’s a collective one. Teams suffer when mediocrity is allowed to fester. Progress stalls, opportunities slip through the cracks, and everyone ends up working harder to compensate for those who aren’t pulling their weight.

Worse still, it’s contagious. A team member who constantly gets away with subpar work sends a message: “This is acceptable.” And once that standard is normalized, it’s a race to the bottom.

The worst part? Clients and customers can smell mediocrity a mile away. When they lose confidence in your ability to deliver, it’s game over.

The epidemic of ignorance isn’t inevitable. It’s curable, but only if you’re willing to confront it head-on.

Ask yourself: Do I know what “good” looks like in my field? Am I actively seeking feedback, or just coasting on past successes? When was the last time I truly learned something new? If your answers make you uncomfortable, good. That’s the first step to getting better. As for me, I’ll keep fighting this epidemic one conversation, one critique, and one post at a time.

10 predictions for digital payments in 2025

Congratulations on making it out of 2024, as it was quite an interesting year in which we didn’t know if battling the devil was easier than battling the economy. But as long as there’s life, there’s hope, which is why humans like me never stop the useless endeavor of predicting the future.

Take everything you read here with a pinch of salt; most won’t come to pass. But then, what if?

After all, to err is human and to predict, is human!

Let’s dive into them.

#1 CBN will lose the cash war again

Like a fighter who wouldn’t just lay flat on the ground; the Central Bank of Nigeria continues to fight agents and cash with many rules and tweaks. But as someone who knows that cash has many tricks up its sleeve, it will give the CBN another sucker punch.

Why would CBN even lose what seems to be an easy fight?

Because it’s fighting the wrong battle. The CBN is fighting the symptoms instead of the root cause – people need cash to make payments and as long as digital payments have quality and security issues that the CBN isn’t addressing holistically, agents will run rings around the CBN every single time. If the POS is limited to N100,000 per day for transactions, expect agents to migrate to mobile apps for the same thing. Who will catch them?

#2 CBN will (finally) win the fraud war

2024 was the year that, at least, looking back from today, fraud has grown up in Nigeria. Nobody seems to be able to tame it because frankly, there has been zero consequences for gatekeepers.

While I don’t think we should be blaming the victims, the banks and large fintechs’ apathy to quality KYC and CDD is a big reason for this mess. For a while, people used to ask “what have these fintechs got on the CBN guys?”. The thing was a proper kayefi.

Well, that was so until the CBN rolled out the big sticks against Opay and others. Guess what, Opay and Moniepoint are moving from careless to having some of the best KYC processes in town.

With that in place, expect CBN to take the discipline to the entire classroom and rampant fraud could be a thing of the past. Let the church shout hallelujah!

#3 Moniepoint as a commercial bank won’t happen in 2025

2 years ago, I predicted that Moniepoint would become a commercial bank and in 2024, tons of outlets ran the stories of this happening in 2025.

Maybe this is the year they get to do it? Maybe not.

It made sense 2 years ago but with increasing regulatory demands, CBN’s crazy CRR regime I don’t think will happen this year. Knowing that becoming a commercial bank isn’t like buying an MFB by the roadside; it would take a while to meet CBN’s stringent requirements and for mostly first timers, it’s going to be one hell of a ride.

#4 Virtual accounts get regulated

Virtual accounts have been the best invention out of African banking in the last 7 years. The Nigerian banks nailed it. But our fraudsters nailed it even better 😲.

Virtual accounts are the payments invention in 10 years.

As virtual accounts become the trillion-naira juggernauts, it is impossible to outlaw but with it being the best toolkit for fraudsters due to poor KYC, CBN will finally bring out an official regulation to delineate what you can use virtual accounts for and minimum KYC requirements to be added to it. Don’t be scared; the regulation wouldn’t kill this baby!

#5 Agent networks will evolve beyond payments and fraud

Agents are the most beloved hated groups in Nigeria today and it’s not difficult to see why. They help you with quick cash and also shaft you in the process. They are the destination for most of the fraud that happens in the banking ecosystem but yet, they keep all of us sane.

As the CBN and other stakeholders continue to tweak the policies to fight fraud, networks such as Moniepoint, Opay, and MTN, constantly tired of being vilified, would start evolving what you can do at an agent’s point of service beyond cash. What about getting a personal loan? Or taking delivery? Or verifying your NIN and BVN? Or this? Or that? This would work as long as the agent can make a fat margin!

#6 Open banking will go live (I’m always wrong, maybe one more time?)

Ogun Lakaye told me that if I predict this one more time, he will push the CBN to make open banking commence. This time around, I have a strong feeling that open banking will finally go live. I mean I rubbed the genie bottle, and it felt really warm. How could I be wrong?

#7 Virtual accounts go to Africa

Tons of Nigeria fintechs have made forays into Africa – LemFi, Flutterwave, Paystack*, the list goes on. Most have gone on to rule with money remittances and a few like Paystack have had a decent success with payments with cards.

But if you stepped back and asked, why wouldn’t the best thing in Nigeria be exported to these countries?

As the margins continue to dry up and the need to grow continues to put pressure; expect Nigerian fintechs, or startup founders from other African countries who have made more than enough trips to Nigeria, to launch virtual accounts.

#8 Someone cracks contactless payment

Contactless payments are next to godliness; just tap and go (to heaven, I guess). I honestly believe that if done well, it can 3x payments in Nigeria and other countries easily.

For contactless to work, it must be super-fast, work offline, and not ruin the banks or fintechs.

This has been the Golgotha where all the nice ideas are dying. However, I expect some of these smart African fintechs to break through this year. After all, where will the next growth potential come from?

#9 Nigerian startups start leveraging global opportunities

The Nigerian economy has been shattered to pieces although there some flashes of light are appearing at the end of the tunnel. Hopefully not from barreling trains.

As the economy bites, I expect some Nigerian startups to stop trying to survive but switch into using the cheaper cost of service delivery into a competitive advantage. And those who care about quality would succeed.

#10 Remittance fintechs stroll into hot soup

The margins on typical fintech services are now so thin my barber considers it super dangerous using it to shave me.

So, what are they doing?

Practically every fintech is either in remittances or planning to do so in 2025. Most of them will fail.

Until they discover that the remittance business has more minefields than the border of Ukraine and Russia. This means many of them will not be vigilant enough when bad actors use them to ferry fraud and terrorism money with regulators from the US all the way to Abuja fining most of them; sacking some of them; and a few might even get jailed.

I mean, how many remittance businesses can Africa support?

Wondering what happened the previous years and the predictions? Read about my takes for 2018, 2019, 2020, 2021, 2022, 2023, and 2024.