As Favex Technology celebrates its anniversary, we had the opportunity to speak with its founder, Stephen Oyeleye, about the company’s journey, innovations, and vision for the future. In this insightful conversation, he shares his entrepreneurial journey, the challenges faced, and his advice for aspiring business owners.
Q: How has your company’s mission evolved since its inception?
Ans: Since we started Favex Technology, our mission has evolved from just creating a crypto trading platform to building a trusted and accessible ecosystem for digital finance. Initially, we focused mainly on buying and selling crypto, but as we grew, we saw the need to offer more financial solutions that make everyday transactions easier.
Now, we’re slowly evolving into a fintech platform, expanding our services to include bill payments, airtime, and data purchases, with even more fintech-related features coming soon. Our goal is no longer just about crypto—it’s about simplifying digital finance, increasing financial inclusion, and creating a platform people can rely on for all their financial needs. We’re working toward becoming one of Africa’s leading crypto and fintech companies, making digital transactions seamless for millions.
Q: Can we know you? Tell us about your early life.
Ans: My name is Stephen Oyeleye. From a young age, I had a deep passion for technology, especially gadgets and mobile phones—they always fascinated me. As I grew older, this interest led me to web development, where I built and launched my own website, which turned out to be a success. This experience eventually introduced me to the world of cryptocurrency trading, where I began buying and selling crypto, further expanding my journey in the tech space.
Q: What inspired you to become an entrepreneur and what inspired your current business venture?
Ans: I’ve always wanted to be the best version of myself while helping others grow. From the start, my goal was to create systems that make life easier for people through technology. Fortunately, I realized I was already doing it—I just took it a step further by digitalizing the process.
A friend of mine actually inspired me. He helped me see that there was a better way to serve my customers beyond the traditional methods we were using. He suggested that building a mobile app would be a game-changer. That conversation really sparked something in me. I started researching ways to improve customer service, and with my background in web development, my curiosity grew even more. Looking back, that discussion was the turning point that led me to create FavexApp.
Q: What are your biggest successes or proudest moments as an entrepreneur?
Ans: Building the right team and seeing how far we’ve come has been one of the most rewarding experiences. I’ve always believed that the quality of a team determines the success of an organization, which is why my motto has always been “Quality over Quantity.”
Being able to find and bring together top talent is a big win for me. As for success, I see it as an ongoing journey, and I’m still on that path, constantly learning and growing.
Q: What are the core values and principles that guide your business?
Ans: Discipline, transparency, accountability, and team bonding.
Q: How do you envision the future of your organization and industry?
Ans: We see Favex Technology growing into one of the biggest crypto and fintech platforms in Africa, with millions of users relying on our services. We’re not just building a business—we’re creating a trusted and accessible ecosystem where people can trade, make payments, and manage their finances with ease.
As for the industry, I believe crypto will continue to evolve and become a major part of everyday transactions. Over time, more people will embrace digital finance, and we want to be at the forefront of that shift—making crypto trading safer, easier, and more widely accepted.
Q: What innovation or new initiatives are you planning to announce or celebrate on this anniversary?
Ans: As Favex Technology marks this anniversary, we’re excited to celebrate how far we’ve come and announce some game-changing innovations that will take our platform to the next level. One of the biggest highlights is the upcoming launch of Favex 2.0—a more advanced, secure, and user-friendly version of our app, designed to enhance the overall trading and transaction experience.
Along with this, we’re expanding beyond crypto and slowly evolving into a full fintech platform, introducing new features like bill payments, airtime and data purchases, airtime-to-cash services, virtual cards, and other fintech solutions to make everyday transactions easier for our users.
We’re also doubling down on user engagement and brand awareness, continuing our campus tour across seven universities in five regions in Nigeria to introduce more people to Favex. This anniversary is a reminder of how far we’ve come, but more importantly, it’s a launchpad for what’s ahead—we’re just getting started!
Q: What has been the impact of your company on the industry or community over the years?
Ans: Favex Technology may still be growing, but we’ve already made a significant impact on both the crypto industry and our community. In the industry, we’ve helped simplify and digitalize crypto trading in Nigeria, making it more accessible, fast, and user-friendly.
By offering a secure and reliable platform, we’ve built trust among users, especially in a market where skepticism around crypto is still high. Our focus on education and awareness has also played a role in helping more people understand and embrace digital finance.
Beyond the industry, we’re making a difference in the community by creating opportunities for young people, from onboarding content creators to partnering with students during our campus tours. These initiatives are helping to introduce more people to crypto and digital finance, giving them tools to earn, trade, and transact with ease.
Q: What advice would you give to new entrepreneurs or companies just starting out, based on your journey?
Ans: For new entrepreneurs or startups just starting out, my biggest advice is: stay patient, stay adaptable, and stay focused on your vision.
- Start with solving a real problem – The most successful businesses are built on solutions, not just ideas. Make sure your product or service truly addresses a need in the market.
- Be ready to face challenges – Rejections, setbacks, and market uncertainties are part of the journey. Instead of seeing them as failures, use them as learning experiences to improve and grow.
- Put your customers first – Your users will shape the success of your business. Listen to their feedback, adapt, and continuously improve to give them the best experience possible.
- Build the right team – Success isn’t just about having a great idea—it’s about having the right people to bring it to life. Surround yourself with passionate, skilled individuals who believe in your vision.
- Embrace innovation and change – Markets evolve, and so should your business. Be open to new ideas, new technologies, and new strategies to stay ahead of the competition.
- Stay consistent and don’t rush success – Growth takes time. Focus on small wins, steady progress, and long-term sustainability rather than overnight success.
At Favex Technology, our journey has been filled with challenges and learning curves, but what keeps us going is our commitment to innovation, resilience, and always putting our users first. If you keep pushing forward with the same mindset, your business will grow and thrive.
Q: Any final thoughts for aspiring entrepreneurs?
Ans: My biggest advice is to focus on progress, not perfection. Challenges will come, but if you stay consistent, adapt quickly, and prioritize your users, success will follow.
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