Chidinma’s journey into the world of fintech is a story woven with passion, innovation, and a relentless belief in the transformative power of technology. Her adventure began while working on a digital fintech application associated with one of Africa’s leading commercial banks, a project aimed at providing short-term lending solutions. Through this experience, she witnessed how technology could effectively bridge financial gaps for low-income individuals, who often found themselves on the fringes of the traditional banking system.
- Advertisement -
“By simplifying access,” she recalls, “we managed to increase disbursements by an incredible 50%. But it was even more gratifying to see how we empowered those previously locked out of the financial system.” Picture a single mother finally able to cover emergency expenses or a student who could fund their education without relying on exorbitant loans. These are the real-life impacts of inclusive fintech that Chidinma champions. This hands-on experience cemented her belief that inclusive financial technology can create authentic and lasting change in people’s lives.
Q: You focused on youth saving at MyPennyTree. What was special about your approach?
Chidinma noted a vital realization during her tenure at MyPennyTree: functionality alone was insufficient for fostering behavioral change. “We needed to make it engaging,” she explains with conviction. Thus, the team introduced elements such as group savings and gamified challenges, tailored specifically for students and young workers. The concept of “squads,” in which peers hold one another accountable, breathed fresh life into the platform.
This innovative approach transformed user engagement, resulting in a remarkable 30% increase in retention rates and an impressive 40% rise in platform savings within just a year. “It was all about intertwining financial education with a sense of community,” she emphasizes, demonstrating that technology is not merely a tool but a catalyst for nurturing positive financial habits.
Q: In what ways does your Nigerian background affect your philosophy on products?
Chidinma’s experiences in Nigeria profoundly shape her approach to product development. “The dynamic nature of Nigeria teaches you survival planning,” she shares. Her professional journey included tailoring investment analytics for high-net-worth clients, but she learned that the principles of success transcended wealth brackets. “Products must respect local context,” she asserts.
Whether simplifying remittance flows at TransferXO or implementing alternative credit scoring models at LedgeFi for the unbanked, she understands that success hinges on grasping local nuances—factors as subtle as trust dynamics or the reasons behind failed transactions. “It’s about seeing the world through the eyes of those we aim to serve,” she adds, reminding us of the importance of empathy in product design.
Q: You’re now building MyRateCard in the UK. Why focus on freelancers?
Chidinma’s passion for democratizing opportunities shines brightly in her current venture, MyRateCard. “While scaling fintech products in Nigeria, I noticed that freelance talent, particularly among Africans, faced significant challenges regarding price transparency in the global market,” she explains. MyRateCard aims to be a beacon for professionals, offering a platform where they can showcase standardized rates based on their skills, thus facilitating fair negotiations.
“Although still in its early stages, our vision is clear: to democratize opportunity and champion inclusive design,” she states, embodying the spirit of innovation that seeks to uplift entire ecosystems.
Q: So what is your message to young Nigerian/African product builders?
Chidinma has invaluable advice for aspiring product builders: “Start by identifying the problems, not jumping straight to solutions,” she emphasizes. At MyPennyTree, user interviews with over 30 participants revealed that visualizing their financial goals significantly enhanced engagement before even redesigning the onboarding process. “Learn to embrace limitations,” she urges, reminding us that markets with infrastructural challenges, like Nigeria, can spark creativity rather than stifle it.
And finally, she imparts: “Create bridges; my work now spans from Lagos to Manchester, proving that diverse perspectives fuel innovation.” In her view, collaboration across borders is essential for progress.
Q: What are your final thoughts about the future of fintech in Africa?
Chidinma’s vision for African fintech is both optimistic and ambitious. “Africa is not just adapting to technology; we are defining it,” she asserts, echoing the sentiments of many fintech leaders. With over 25 million unbanked adults in Nigeria alone, she sees not obstacles, but opportunities. “This is a chance to leapfrog over outdated systems,” she believes confidently.
As she looks forward to the next decade, she sees a wave of scalable, empathetic solutions on the horizon, whether they be AI-driven microloans or community-focused savings instruments. “And I am ready to build, one product at a time,” she concludes, illustrating her unwavering commitment to driving meaningful change in the fintech landscape.
Edited By Ali Musa
Axadle Times International – Monitoring.
