Nigeria's Banking Problem Is Not What You Think It Is - Olu Akanmu

40 million people have a government ID and no bank account. Olu Akanmu's fix: lock the regulators, the banks and the fintechs in one room and give them 3 months to go and find them.

During the cashless crunch, a bank that needed more server capacity had to write a board paper, get approval, source dollars, import the server, clear it through customs and install it. 3 to 4 months. OPay could look at capacity at 9pm, see 70%, and add 40% by morning. Traders in Balogun started telling customers to get OPay so they could be paid.

Olu was President and Co-CEO of OPay Nigeria from 2021 to 2023. Before that he was the third Nigerian hired for MTN's commercial launch, ran retail banking at Bank PHB and FCMB, and was CMO at Airtel. He started out as a pharmacist at Glaxo. Today he's academic director of the Lagos Business School Tech-Leap Initiative.

In this episode we get into the POS machine that costs 5% of a bank branch, why MTN sent its South African team home one month after launch, Airtel's 3G towers in places with no smartphones, the ₦10 million he'd put in a dollar bond at 30, and why digital payments grew from 22% to 56% while access to credit went from 2% to 6%.

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