Hydrogen, CcHUB Harp on Fintech Adaptability for Economic Growth

Emma Okonji

Hydrogen, a card payment solution company and CcHUB, a technology incubation company have stressed the need for startups in the Fintech sector to adopt a sustainable business model that will help them scale up their businesses while addressing specific challenges.

Speaking at a panel session organised by Hydrogen, and hosted at CcHUB in Lagos recently, where different startups are developing solutions for the Fintech industry, the panelists who are experts in Fintech solutions, addressed the potential risks and opportunities for startups and advised on the need for startups to develop business models that could scale across different economic climes.    

Moderated by the Digital Marketing Manager, Hydrogen, Miracle Ezechi, the panel session addressed dominant issues about the theme: ‘Adapting Fintech Business Models to Economic Climes: Flexibility, Agility and Customer-centricity’.  

Group Director, Digital Transformation, ARM HOLDCO, Mr. Ina Alogwu, who spoke as a panelist at the session, stressed the need for startups to develop sustainable products and solutions that will help them remain competitive in an environment that is faced with harsh economic realities.

“Startup businesses are bound to fail, but startups should not be discouraged, but rather develop the culture that will encourage them to accept failure and learn from their mistakes. Again, startups should not be too rigid with their solutions, and should be ready to accept changes that will drive innovation,” Alogwu said.

Chief Technology Officer, Hydrogen, Mr. Emeka Awagu, who also spoke as a panelist, addressed the issue of customer-centricity, which according to him, is key to Fintech growth. He advised startups to listen to customer demands and understand their needs, in order to develop the right solutions that will address customer needs.

“Innovation is key for startup growth. Understanding customers’ needs and change in behaviour will help the startup to innovate better. Startups must be flexible and agile to develop solutions with high interoperability and processing speed, and they must be ready to learn from startups that have failed,” Awagu said.    

Addressing the issue of funding, amid dwindling financial inflow for startups, Alogwu advised startups to cut down on cost and find local alternative to sell their solutions and products.