Adetolani Balogun: How Kudi is revolutionising the Fintech Landscape in Africa

In this interview with Sunday Ehigiator, the Head of Finance, Kudi, Adetolani Balogun, speaks on how Kudi, a leading African fintech company, is reshaping the fintech landscape in Africa, and by extension, Nigeria

As a young person occupying a top management position in the fintech space, other young people may want to know how this journey began.

From my days at the university, I have always had a keen interest in providing efficient ways to solve financial problems. So, coming into the fintech space was an intentional thing. I was passionate about solving, analysing, and managing financial problems efficiently and effectively. I actively sought roles that allowed me to contribute to the evolving fintech landscape.

Along the way, I embraced challenges, continuously improved my skills, and never hesitated to take on responsibilities aligned with my career goals. Networking, staying informed about industry trends, and demonstrating a commitment to innovation were key factors that opened doors for me.

Why financial services; did you have someone, like a mentor, who you looked up to in the financial services space?

Financial services appealed to me due to its dynamic nature and the transformative potential of technology within the sector. My mentor, Gulbet Kiros, has been a guiding force. His extensive experience in finance, strategic planning, and business expansion has been a beacon for me.

Gulbet’s tenacity in driving growth, identifying market opportunities, and fostering partnerships has inspired my approach to navigating the intricate intersections of finance and technology. His mentorship has significantly influenced my journey in the financial services space.

As Head of Finance for Kudi, and closing in on some deals to secure capital for your company, what would you say is the biggest hurdle to accessing capital as a fintech?

We all know how challenging it is to grow a business in this part of the world. Capital funding is essential for the effective running of any fintech. There are many challenges, but the one I find to be the biggest hurdle to accessing capital in the fintech sector often revolves around building trust and demonstrating a robust understanding of risk management.

Investors are naturally cautious regarding fintech due to the rapidly changing regulatory environment and the inherent complexities of financial technologies. Therefore, addressing regulatory concerns, showcasing a solid compliance framework, and illustrating how the company mitigates risks are crucial.

Additionally, investors seek a clear and compelling value proposition, a sustainable business model, and a team capable of navigating the challenges unique to the fintech space. Successfully overcoming these hurdles requires a combination of transparency, industry expertise, and a strategic vision for the company’s growth.

As your company is looking to spread their reach in Nigeria and with your recent interest in ESG investing, how do you think this curve will help deepen Kudi’s market penetration?

There is a growing global consciousness about the need for sustainability, which will become even more vocal soon. Environmental, Social, and Governance (ESG) investing aligns with this growing global emphasis on sustainability and ethical business practices.

At Kudi, integrating ESG principles can enhance market penetration by showcasing our commitment to responsible and impactful financial solutions. This strategic alignment not only appeals to socially conscious consumers but also fosters trust among stakeholders.

As we expand in Nigeria, the emphasis on ESG investing positions Kudi as a forward-thinking and socially responsible fintech, contributing to broader financial inclusion goals and gaining a competitive edge in the market.

While cyber-attacks continue to besiege technology-driven businesses around the world, how do you think fintech players can stay on top of their game?

Thank you for that question. Staying ahead of cyber threats in the fintech space requires a multifaceted approach. First and foremost, investing in robust cybersecurity measures and adopting the latest technologies for threat detection and prevention is imperative.

Additionally, fostering a culture of cybersecurity awareness among employees is crucial, ensuring everyone plays a role in maintaining a secure environment. Key strategies include collaborating with industry experts, participating in information-sharing forums, and staying abreast of evolving cyber threats.

At Kudi, we prioritise a proactive and collaborative approach, constantly evolving our defences to safeguard user data and maintain the trust of our growing customer base.

Collaboration with peers and colleagues can help industry players leverage emerging threats in the market. How has collaboration helped your company?

Collaboration is at the core of Kudi’s operations. It has been instrumental in actively engaging with peers and industry colleagues, gaining valuable insights into emerging threats, industry trends, and best practices.

This collaborative approach allows us to proactively address challenges, share knowledge, and collectively strengthen the overall security posture of the fintech ecosystem. Collaborative efforts have enhanced our ability to navigate challenges and fostered a sense of community, promoting a culture of continuous improvement and resilience at Kudi.

Seeing that Africa is a developing continent with over 60 per cent of its economy powered by small and medium-scale enterprises, how can government(s) fintech regulations help to drive this critical sector for greater economic prosperity on the continent?

Well, you see, in Africa, the role of government fintech regulations is nothing short of a game changer. It’s like this invisible force that can shape the destiny of businesses, especially in tech businesses.

It’s not just about surviving for SMEs; it’s about thriving and spreading their wings with access to the right financial tools. And then there’s the trust factor. When regulations are crystal clear and well-defined, it’s like a beacon for investors.

You can feel this wave of stability that attracts capital, allowing fintech companies, particularly those focusing on SMEs, to flourish. But, of course, we can’t ignore risks. It’s about creating a safe space for fintech operations through regulations that focus on cybersecurity, data protection, and fraud prevention.

SMEs and their customers need that assurance to embrace digital financial services fully. Collaboration plays a significant role, too. A regulatory framework that actively supports collaboration between traditional financial institutions and fintech firms brings together the best of both worlds, resulting in tailored solutions that cater to the unique needs of SMEs, all powered by a collaborative spirit.

Regulations that act as the green light for experimentation create a playground for innovation within the fintech sector. This is how you get solutions specifically designed for the diverse needs of SMEs across different industries. Lastly, it’s all about balance.

Regulations that prevent monopolies and encourage fair competition create a level playing field. SMEs get a real shot at competing effectively, and that’s how you drive economic growth.

So, these supportive fintech regulations are not just rules on paper; they’re the invisible force shaping economic prosperity, paving the way for SMEs to access finance, spark innovation, and stand tall in the ever-evolving digital economy.

With the various trends and technology developments in the fintech industry, how is Kudi looking to integrate these into its service offerings?

Technological trends and development are welcome ideas, and at Kudi, we are always on the pulse of the fintech industry, constantly embracing trends and technological advancements to enhance our service offerings.

Being a Nigerian bank agent network, our focus is on making digital banking services not just accessible but transformative for people. Kudi’s strategy is all about collaboration. We’re partnering with commercial banks and fintechs to launch new products.

Think savings, loans, and insurance tailored for small businesses and individuals. It’s about expanding the horizon of financial possibilities and making comprehensive services available to everyone we touch.

Are there future projections to expand beyond Nigeria and Africa?

Absolutely! The future for Kudi extends far beyond the borders of Nigeria and Africa. We envision a global footprint.

Our strategic roadmap includes plans for expansion into emerging markets, leveraging partnerships and collaborations to ensure that the convenience and empowerment provided by Kudi’s services reach a broader, international audience.

As we continue to innovate and grow, we aim to become a global leader in the fintech space, contributing to financial inclusion and empowerment on a truly global scale.

What advice would you give to a young person in their 20s to make their mark, just like you have?

I’d share the following insights. First, discover what truly drives you. Identify and connect your passions with a purpose; this alignment will fuel your determination and resilience, guiding you through challenges.

Secondly, embrace a mindset of continuous learning. In sectors like tech and fintech, staying curious and adapting to new trends is crucial for success. Building meaningful connections is another critical aspect; networking with peers, mentors, and industry professionals opens doors to opportunities, diverse perspectives, and valuable insights.

Collaborating with others can amplify your impact. Don’t shy away from taking calculated risks. Stepping out of your comfort zone often leads to personal and professional growth. Be bold in pursuing opportunities that align with your goals. Remember, failure is not the end but a stepping stone towards success.

Learn from setbacks, adapt, and use those experiences to refine your approach and strategies. Setting clear goals is essential. Define your short-term and long-term objectives to provide direction and purpose.

Break down large goals into smaller, achievable steps to track your progress. Seek mentorship from those who have walked a similar path or succeeded in your desired field. Their guidance can provide valuable insights, help you navigate challenges, and accelerate growth. Maintain integrity in all your endeavours.

Trust is invaluable in building relationships, both personally and professionally. Stay true to your values, and let them guide your decision-making. Cultivate adaptability and resilience.

The journey to success is often filled with twists and turns, and being adaptable and resilient enables you to navigate uncertainties with grace and determination.

Lastly, as you progress, remember to give back to your community or those starting their journey. Supporting others fosters a sense of fulfilment and contributes to a positive and collaborative ecosystem.