Article Summary
- Balogun identified ease of doing business as one major threat to fintechs and other businesses in Nigeria.
- He wants the incoming administration under Bola Tinubu to come up with the right policies to address the issue.
- He believes the future of fintech business in Nigeria is bright despite the challenges in the operating environment.
The Managing Director of Fewchore Finance Company Limited, Adesunkanmi Balogun, has said that one major threat facing fintechs and other businesses in Nigeria is the challenge of ease of doing business. According to him, this is one critical issue the incoming administration of Bola Tinubu must address.
Speaking with Nairametrics, Balogun expressed confidence that the future of fintech in Nigeria remains very bright. He, however, noted that the government would need to address the issue of ease of doing business in order to encourage more fintech companies and startups.
High cost of doing business
Emphasising the need to stimulate business activities in Nigeria through the right policies, Balogun said:
- “The government has to do its best to improve the ease of doing business in Nigeria. The new government coming in will have to come up with the right policies to reduce the current high cost of doing business in the country. When this is done, Nigerians can borrow at a cheaper rate, and people will be able to make money from their businesses.”
Bright future for fintechs
On the future of fintechs in Nigeria, he said Fewchore and other fintech companies have been coming up with innovative products to make customers experiences seamless, all of which are geared towards improving the financial service space and reaching out to the unbanked in society.
- “Fintech is about being where you are and reaching out to several people through apps. The future is very bright, and we are happy that we are one of the players in the industry. A lot of innovative products will be coming from Fewchore and other fintechs for the purpose of improving the financial service space and being able to reach out to the unbanked in Nigeria,” he said.
According to him, the financial industry constantly evolves, hence, the need to stay agile and innovative, as success depends on the ability to anticipate customers’ evolving needs and offer them innovative services and solutions to cater to their ever-changing requirements.
Commenting on the giant stride made by Fewchore in just a few years of its existence, he added that the company has shown resilience despite challenges such as COVID-19 by continuing to serve clients through dedication and excellence. He added that the company grew its balance sheet from N100 million to over N10 billion while also contributing to different sectors of the economy.
