Nigeria’s financial technology space is evolving at a rapid pace, with more consumers and businesses adopting digital payment solutions to meet the need of their customers. Collins Obafemi, CEO, Woven Finance in this interview brings to the front burner trends in the market, challenges in the industry, and what his firm is doing to gain higher market share. Modestus Anaesoronye brings the report.
Woven Finance is reintroducing itself to the Nigerian fintech landscape with a brand refresh and lifestyle expo. Can you tell us why this is the right time for this move?
Nigeria’s financial technology space is evolving at a rapid pace, with more consumers and businesses adopting digital payment solutions. At Woven Finance, we have spent the past few years refining our offerings, ensuring our payment infrastructure meets the needs of a modern economy. The fintech market is crowded, but we believe now is the perfect time to reintroduce Woven because our solutions address critical pain points in payment processing: speed, security, and accessibility. We want to position ourselves as a key player in driving seamless payment solutions for businesses of all sizes in Nigeria.
Can you highlight the unique payment solutions Woven offers and how they stand out in such a competitive market?
Woven Finance offers a variety of payment solutions tailored to both businesses and consumers. We provide Virtual Accounts, which allow businesses to streamline their payment collection processes with ease. We also offer POS Payments, QR Codes, Card Payments, Payment Links, and Online Payment Integration. One of our standout features is the seamless Scan-to-Pay option, which enables fast, contactless transactions. What sets us apart is our emphasis on flexibility—our infrastructure can integrate into virtually any business model, whether it is a brick-and-mortar store, an e-commerce platform, or a service provider. This diversity makes Woven an ideal partner for businesses looking to optimise payment collection and simplify transactions.
The fintech space is seeing rapid growth, especially in Nigeria. What do you think are the key drivers behind this, and how does Woven plan to leverage these trends?
The growth of Nigeria’s fintech sector can be attributed to several factors. Firstly, the Central Bank of Nigeria has been proactive in promoting cashless policies, which have accelerated the adoption of digital payments. Secondly, Nigeria has a young, tech-savvy population that is increasingly comfortable using digital platforms for everything from shopping to banking. Finally, the rising penetration of smartphones and internet access has opened the door for digital finance to thrive.
At Woven Finance, we’re leveraging these trends by ensuring our payment solutions are mobile-first, user-friendly, and secure. Our Payment links feature, for instance, allows businesses to send payment requests to customers through mobile devices, streamlining the transaction process. We are also expanding our partnerships to include more sectors, such as lifestyle, fashion, and tourism, which are areas where digital payments are becoming increasingly essential.
How important is the Woven Lifestyle Expo to your broader market strategy, and what do you hope to achieve with this event?
The Woven Lifestyle Expo is integral to our broader market strategy. We see it as more than just an event; it is a platform for us to showcase the versatility of our payment infrastructure. By bringing together 60 to 100 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 is also an opportunity for consumers to experience the convenience and security of using Woven in real time.
Our goal is twofold: first, to on-board 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.
How does Woven plan to drive financial inclusion in Nigeria, particularly for small and medium-sized businesses?
Financial inclusion is a cornerstone of our mission at Woven Finance. 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.
Given your extensive experience in finance and banking, how do you see the future of digital payments in Nigeria evolving?
I have spent over 20 years in the finance and banking sector, and I can confidently say that digital payments are the future, not just in Nigeria but globally. We are already seeing a shift from cash-based transactions to digital payments across various sectors, driven by convenience, security, and technological advancements. In Nigeria, this shift is going to accelerate as more people gain access to mobile phones and internet services. The adoption of contactless payments, digital wallets, and even blockchain technology will continue to grow, creating opportunities for innovation in how businesses and consumers interact financially.
At Woven Finance, we are staying ahead of these trends by continuously innovating our products to ensure they are secure, scalable, and adaptable to future market needs. Our focus will remain on creating solutions that make transactions as seamless and efficient as possible, whether it is for a large corporation or a small vendor in a remote part of the country.
What challenges do you foresee for the fintech industry in Nigeria, and how are you positioned to address them?
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. Additionally, we have invested heavily in cybersecurity to ensure that our platform is not only efficient but also secure. Our systems use advanced encryption and fraud detection tools to safeguard transactions and protect user data.
Finally, what should we expect from Woven Finance in the next one to two years?
In the next one to two year, Woven Finance will focus on scaling our operations, expanding our merchant base, and deepening our presence in key sectors like retail, travel, and lifestyle. We are also looking at expanding our partnerships with more financial institutions to create a wider network of service offerings. Beyond Nigeria, there are plans for regional expansion into other African markets where we see similar opportunities for growth in digital payments.
Ultimately, our goal is to become the go-to fintech solution for businesses and consumers across the continent, known for innovation, security, and ease of use. We are excited about the future and what it holds for Woven Finance, and we are confident that we will continue to be at the forefront of Nigeria’s fintech revolution.
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