Sir: The African migration fintech scene is a vibrant space, full of potential yet riddled with unique challenges. Operating a fintech here isn’t just about rolling out the latest tech; it’s about navigating a complex web of regulations, limited infrastructure, and diverse cultural landscapes, and ensuring every team member is aligned with our mission.

One of the biggest hurdles is building a strong foundation that can handle the realities of African markets. Unreliable internet, inconsistent power, and varying digital skills mean we can’t rely solely on online solutions. Instead, a mix of online and offline approaches works best.

This includes having backup systems, partnering with local internet providers, and creating apps that work well even with slow connections. Understanding and navigating the regulatory landscape is crucial.

Each African country has its own set of rules, demanding a deep understanding of local compliance. Building strong relationships with regulators and engaging in open communication are essential. A dedicated team that stays updated on regulatory changes and works closely with local authorities is vital.

Africa’s diverse cultures and languages also play a significant role. Building trust requires a nuanced approach that respects local customs. Localised content, culturally relevant marketing, and multilingual support are key. This involves thorough market research, community engagement, and collaborations with local influencers. We must also consider varying levels of financial literacy, and tailoring communication to ensure services are easily understood.

A solid and reliable payment system is essential. This means partnering with local banks, mobile money operators, and payment gateways. It is also crucial to integrate with existing payment systems and offer diverse payment options. Mobile money is widely used, so systems must accommodate these transactions.

Crucially, the success of these operations hinges on our team’s performance. This is where Employee KPIs (Key Performance Indicators) come into play. We’ve found that clearly defined KPIs, directly tied to our operational goals, are essential for driving efficiency and ensuring alignment.

For example, customer support KPIs like response time and resolution rate directly impact user satisfaction and retention. Engineering KPIs like system uptime and code deployment frequency ensure platform stability. Compliance KPIs like audit scores and regulatory reporting timeliness prevent costly penalties. These KPIs aren’t just numbers; they directly reflect how our team’s efforts translate into operational excellence.

A talented and motivated team is the backbone of operational success. Investing in local talent, fostering innovation, and promoting collaboration are essential. Training and open communication are key to empowering employees to take ownership and contribute to the company’s success. We also ensure that KPIs are used as a tool for development, not punishment. Regular feedback and performance reviews help employees understand how their work contributes to the mission.

Strategic partnerships are also vital. Collaborating with local businesses, NGOs, and government agencies leverages their expertise and expands their reach. This involves identifying organisations with shared values, building strong relationships, and developing mutually beneficial partnerships.

Finally, a commitment to continuous improvement is crucial. An agile approach, constant iteration based on user feedback and data, and quick implementation of changes are essential. Prioritising data security and using industry best practices ensures system integrity.

Operating a fintech company in Africa is challenging, but the potential for impact is immense. When we bridge tech innovation with real-world infrastructure and a highly engaged team driven by clear KPIs, we can create a fintech ecosystem that empowers individuals, drives economic growth, and fosters financial inclusion across the continent. Building a future where financial services are accessible to all, regardless of location or background, remains the ultimate goal.

Abayomi Oluyede, deputy operations lead at Vesti, Nigeria, wrote from Lagos.