Nigerian fintechs must re-examine strategies – Ekekwe
By Felicia Nwosu
Ndubuisi Ekekwe, Lead Faculty and Chairman, Tekedia Institute, has reacted to MTN Nigeria’s report which stated that fintech subscribers rose by 87.3% to 11.5 million since the launch of Payment Service Banks, (PSB) on 19 May 2022, where its mobile money wallet, MoMo, recorded 4.2 million wallets in less than two months of its launch.
This was stated in the tech giant’s first half year financial result for 2022.
Reacting on his social media platform, Ekekwe recommended and advised other fintech firms to re-examine their strategies as a paradigm shift to accelerate optimization, efficiency and value delivery through a proactive response toward meeting the increasingly changing conditions that exist in the uncertain and dynamic markets and competitive environments.
The Tekedia Institute Faculty professor observed that with these numbers, MTN Nigeria has become the largest and biggest fintech company by customer base in Nigeria, while adding that the Mobile Money (MoMO) latest data makes it the fastest growing financial institution with no bank license in the history of Africa, with 4.2million customers in two months, he noted.
“As I have written in Harvard where I noted that startups must see companies like Facebook and Google as utilities (here, ICT utilities) which must be built into, and not out-of, since you really have no chance to frontally confront them, MTN Nigeria is assuming a new positioning that all fintechs in the nation must re-examine their strategies, on how they fit into the age of MTN. The competition is asymmetric and truly unbounded when you see the numbers MTN has been producing.
“I have called this company “osisi na ami ego” [a tree that produces money as the fruits]. So, just like we work to fit into the world of Google, hiring and paying search experts to make it easier for Google to use our contents for free, so that we can extract small opportunities online, you need to think of how to fit into the world MTN Nigeria has defined right now in Nigeria. Nigeria is now an MTN nation and it runs this era; even the big banks are not safe.”
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