Collins Obafemi sits atop as the Chief Executive Officer at Woven Finance, a fledgling business concern with a strong desire to become one of the top-tier fintech companies operating within the nation’s banking and finance ecosystem. In this interview with Ibrahim Apekhade Yusuf, the topflight executive shares interesting insights on Nigeria’s evolving financial sector vis-à-vis demand for efficient, secure, and innovative financial solutions by tech-savvy and discerning customers. Excerpts:
How can fintech companies like yours drive financial inclusion in Nigeria, particularly for small businesses?
At Woven Finance financial inclusion is a cornerstone of our mission. Nigeria has a significant number of unbanked or underbanked individuals, and small and medium-sized enterprises (SMEs) often struggle with access to financial services. We believe that by providing easy-to-use payment solutions, we can help close this gap. Our Virtual Accounts and Direct Debit services, for example, offer SMEs a cost-effective way to manage transactions, while our POS and QR Code payment systems give small merchants, even in rural areas, access to digital payment infrastructure. By making our solutions widely accessible, we are empowering businesses that traditionally might not have had the resources to adopt sophisticated financial tools. This, in turn, promotes economic growth and broadens the scope of financial inclusion in Nigeria.
What specific innovations set you apart in the nation’s fintech landscape?
Woven Finance is a pioneer in introducing Virtual Accounts, a game-changer in simplifying payments. Our platform integrates intuitive user experiences, cutting-edge security, and streamlined payment processes. These innovations ensure we remain at the forefront of Nigeria’s fintech sector. Customer-centricity has been our core strategy. We focus on understanding and meeting the unique needs of our users across industries. Partnering with key sectors like education, healthcare, and logistics, while leveraging technology to offer seamless solutions, has also been pivotal to our growth. We also try to improve our interface with our stakeholders. Our enhanced user interface ensures simplicity and ease of navigation. The streamlined payment processes save time, while the advanced security measures provide peace of mind by protecting users’ financial data. These upgrades make managing finances seamless, secure, and efficient. Scalability is a core aspect of our design. We’ve built Woven Finance to grow seamlessly with the demands of our users, whether they’re SMEs or large-scale enterprises. Our platform is cloud-based, meaning it can handle increased transaction volumes without compromising speed or reliability. Additionally, we are expanding our network to support cross-border payments and partnerships across West Africa, allowing Nigerian businesses to connect with and reach new markets. Our goal is to ensure that Woven Finance becomes not just a local solution but a regional powerhouse that enables financial connectivity and growth across Africa.
How has pioneering Virtual Accounts in 2020 shaped Nigeria’s fintech ecosystem and enhanced your brand proposition?
Virtual Accounts have transformed how payments are made in Nigeria, offering businesses a faster and more reliable way to manage transactions. Woven Finance’s innovation has become an industry standard, driving efficiency and convenience across the financial ecosystem. Our integrated suite of services that goes beyond traditional payment processing sets us apart and offers us more propositions and enhances our brand equity. Our platform is designed to provide businesses with a one-stop solution for managing payments, liquidity, merchant services, and even e-commerce integration. This comprehensive approach sets us apart, as most providers focus on isolated services. Our payment gateway supports various payment channels, and we prioritise real-time data and analytics that help businesses make informed decisions. This platform is highly customisable, scalable, and built to comply with Central Bank of Nigeria (CBN) regulations, making it secure and reliable.
What challenges have you encountered in scaling Woven Finance, and how have you overcome them?
Scaling comes with challenges like adapting to regulatory changes, managing rapid customer growth, and staying ahead in a competitive market. We’ve navigated these through strategic partnerships, robust compliance mechanisms, and continuous investment in technology and talent. One of the biggest challenges is regulatory uncertainty. While the Central Bank of Nigeria has been supportive of fintech innovation, the regulatory framework is still evolving. Navigating these changes can be challenging, especially for new entrants in the market. Another challenge is cybersecurity – ensuring that consumers’ financial data is protected as digital payments increase. Woven is well-positioned to address these challenges. We have a dedicated team that keeps a close eye on regulatory developments to ensure compliance at all levels.
Woven Finance offers an integrated suite of services that goes beyond traditional payment processing. Our platform is designed to provide businesses with a one-stop solution for managing payments, liquidity, merchant services, and even e-commerce integration. This comprehensive approach sets us apart, as most providers focus on isolated services. Our payment gateway supports various payment channels, and we prioritise real-time data and analytics that help businesses make informed decisions. This platform is highly customisable, scalable, and built to comply with Central Bank of Nigeria (CBN) regulations, making it secure and reliable.
The firm recently underwent a brand reactivation so to speak. What does this signify for the company and its stakeholders?
The brand refresh is a reflection of our journey and a renewed commitment to our mission. It symbolises growth, adaptability, and a forward-thinking approach to serving our customers. For our stakeholders, it represents a promise of continued innovation and excellence in delivering financial solutions that empower lives and businesses. The expo clearly defines us in terms of creativity and authenticity. We bring style to financial matters. The Woven Lifestyle Expo is integral to our broader market strategy. We see it as more than just an event; it’s a platform for us to showcase the versatility of our payment infrastructure. By bringing together about 60 merchants from sectors like fashion, travel, food, art, and tourism, we are demonstrating how businesses from various industries can seamlessly integrate into our payment ecosystem. It’s also an opportunity for consumers to experience the convenience and security of using Woven in real time. Our goal is twofold: first, to onboard merchants and give them the tools they need to manage their payment processes efficiently, and second, to engage consumers, showing them how easy it is to transact in a digital economy using Woven’s infrastructure.
What is the company’s long-term vision and goals for contributing to Nigeria’s financial transformation?
Our vision is to be a catalyst for digital transformation in Nigeria’s financial sector. As businesses increasingly adopt digital solutions, Woven Finance aims to provide the infrastructure that supports sustainable growth, financial transparency, and operational efficiency. We want to continue evolving our platform to incorporate the latest in financial technology, while staying aligned with regulatory standards and market demands. Ultimately, our long-term goal is to empower businesses and government agencies with the tools they need to thrive in an increasingly digital and interconnected economy. We are committed to shaping a financially inclusive future for Nigeria.