Necessity, they say, is the mother of invention. Before Oluwaseun Sokeye’s Periculum Technologies kick-started operations, several small businesses lacked the appropriate technology to analyse market data effectively, leading to suboptimal decision-making.
Sokeye, the country manager for Nigeria at Periculum Technologies said the firm started in 2021 with a startup capital of $75,000; to democratise access to advanced analytics and ensure that even the smallest businesses could benefit from cutting-edge technology.
“Periculum Technologies is an AI company providing innovative solutions for individuals and organisations in underserved markets.
“We use advanced AI and machine learning techniques to reveal hidden insights from data, helping businesses make smarter decisions and improve performance,” he said.
The fintech expert explained that the firm’s unified data solutions enhance decision-making and business outcomes.
“We offer solutions in credit scoring, customer onboarding, fraud detection, and financial data analysis, empowering businesses to improve their performance and stability,” he added.
The company which started with capital from personal savings, family and friends support has grown to having a team of 34 dedicated employees.
“The capital was raised through personal savings, and support from family and friends who believed in our vision.
“Currently, we have a team of 34 dedicated employees. Our team comprises data scientists, software engineers, product managers, business development and customer support specialists who work together to deliver exceptional value to our clients,” he said.
Sokeye was inspired by witnessing the significant challenges SMEs and financial institutions in Africa face. Despite having access to data, the lack of appropriate technology hindered their ability to analyse it effectively, leading to suboptimal decision-making.
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“We saw an opportunity to create a solution that provides these insights and helps businesses leverage them to achieve sustainable growth. The goal was to democratise access to advanced analytics and ensure that even the smallest businesses could benefit from cutting-edge technology,” he explained.
The company has recorded significant growth since its inception, expanding its product offerings, increasing its client base, and establishing a strong African ecosystem presence.
“We now serve over 150 businesses across five different countries, helping them to improve their financial performance and decision-making processes. Our team has grown, and we have secured additional funding to further scale our operations,” he said.
Moreover, the company has outlined more expansion plans which include scaling its operations to more African countries and enhancing the firm’s product offerings to include more advanced financial solutions.
“We are also exploring partnerships with financial institutions and other fintech companies to broaden our impact. Furthermore, we aim to integrate more advanced technologies like blockchain to enhance the security and efficiency of our platform,” Sokeye added.
Though the fintech industry in Nigeria is booming, with immense opportunities for innovation and growth, one of the major challenges faced by the firm according to Sokeye, has been navigating the regulatory landscape in different countries.
Sokeye pointed out that each market has its own set of regulations, which can be complex and time-consuming to comply with. Besides, he said that building trust with potential clients who are often wary of new technologies has been a hurdle to the firm.
To navigate these regulatory challenges, he said the company has built strong relationships with regulatory bodies and stayed informed about changes in the regulatory environment.
But for the clients, he said that the company focuses on delivering consistent value and demonstrating the tangible benefits of our solutions.
In the face of lots of startups in the fintech space amplifying the voice of business, he said what stands Periculum out among its peers is its deep commitment to understanding the unique needs of African businesses and the focus on delivering tailored solutions that address these needs.
“Our advanced AI and machine learning algorithms are designed to provide actionable insights, not just raw data. Additionally, our user-friendly platform ensures that businesses of all sizes can easily access and utilise these insights without needing extensive technical expertise,” he noted.
To combat accelerating inflation, he said the company is focused on optimising its operational efficiencies and leveraging technology to reduce costs.
“We have also diversified our revenue streams by expanding our product offerings and entering new markets. Additionally, we maintain a flexible pricing model that allows us to adjust to economic fluctuations without compromising on the quality of our services,” he said.
Sokeye describes Nigeria as a fertile ground for fintech solutions considering the penetration surge of mobile technology and the government’s push for financial inclusion.
“Opportunities lie in areas such as digital payments, credit scoring, and financial management tools, especially those that cater to the underserved segments of the population,” he stated.
As of January 2024, Nigeria registered 205 million mobile connections. The Alliance of Affordable Internet estimates that 44.4 percent of Nigerians have access to smartphones.
The techpreneur counseled upcoming entrepreneurs to remain resilient and adaptable.
“The journey of building a business is filled with challenges, but staying focused on your vision and being willing to pivot when necessary can lead to success. Additionally, surround yourself with a strong team and seek mentorship from experienced professionals,” he said.
