• Thursday, July 25, 2024
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Nigeria’s fintech chiefs address scaling challenges at customer acquisition event


Workforce Outsourcing, a division of Workforce Group, in partnership with the FinTech Association of Nigeria hosted a groundbreaking Customer Acquisition Conference on Thursday, 20th July, 2023.

The conference convened an impressive assembly of thought leaders from Nigeria’s top-tier FinTech companies and senior business executives to dissect and deliberate on the challenges and opportunities regarding customer acquisition strategies in a post-pandemic world.

The landmark event held at a distinguished venue, The Zone, Gbagada in Lagos, featured a rich variety of insight laden and engaging activities such as the keynote address, expert led panel discussions, education session, networking opportunities, and an immersive breakout session just to mention a few.

Dr. Babatunde Obrimah, the Chief Operating Officer of the FinTech Association of Nigeria, kicked off the event with an insightful keynote address on “The Macro Economy, Industry Overview & Context-Specific Challenges and Opportunities Confronting Tech Industry.” Dr. Obrimah shed light on the broader economic and industry-specific factors influencing the FinTech sector in Nigeria.

The first-panel session of the conference featured an impressive lineup of CEOs from the leading FinTech companies in Nigeria. These visionary leaders took center stage to share their experiences and insights into tackling the “customer acquisition and experience dilemma” in a rapidly changing marketplace.

During the session, the CEOs delved into the challenges they faced when scaling their customer acquisition strategies. The discussions revolved around adapting to new technologies, optimising marketing efforts, and ensuring seamless customer experiences in a fiercely competitive market.

Panelists shared their success stories and learning experiences, offering valuable takeaways for both established players and budding startups in the industry. Henry Obiekea, MD, FairMoney in his response to the question on his top dilemma as a CEO in the industry said, switching customers’ perception from being a loan app company to a full mobile banking service provider has been quite challenging, and there’s a need to keep educating customers.

Mr. Chika Nwosu, CEO, PalmPay, disclosed that one of the major challenges in the industry is the ability to earn the trust of our customers. He added, we must be deliberate about building confidence amongst our users that we are here to stay, we aren’t going anywhere.

Oritsetinmeyin Igbene, the CEO, Liberty Assured emphasised that Fintech must remain adaptable to respond promptly to market trends and evolving customer demands as this will enable them capitalise on opportunities and mitigate risks effectively.

Oladipo Alabede, CEO, Clane in his response said, “In today’s world, data is the kingmaker. Understanding your customers’ behaviour patterns and preferences through data analytics can give you a competitive edge in acquiring and retaining customers.

Daniella Ajala, Co-Founder, Spleet also buttressed the importance of breaking down the dense population into a well segmented audience in order to provide a customised product that meets the need of the underserved market. The insightful discussions in this session were a true testament to the dynamism and resilience of Nigerian FinTech companies in their pursuit of excellence in customer experience.

The second panel session adopted a forward-looking approach, bringing together senior business executives to explore the theme of “Future-Proofing Customer Acquisition: Redefining Customer Acquisition in a Digital-First Era.” The discussion centred around embracing technological advancements, creating personalised customer journeys, and staying ahead of the curve in an increasingly digital world.

The panelists and all delegates also explored the growing importance of artificial intelligence and machine learning in reshaping customer acquisition strategies. The session sparked engaging conversations about harnessing emerging technologies and outsourcing to streamline processes, improve security, and enhance customer trust.

This panel session included highly recognisable industry professionals like Emmanuel Obinne, Head of Growth and Partnership of BPC Banking Technologies, Olugbenga Paseda, Head of Product of VFD Group Plc, Ugo Iwuchukwu, Head of Marketing and Partnership, Bamboo, Abiodun Animashaun, Country Manager, Chipper Cash, Olutimi Ayeni, Head, Business Development, Fetswallet, and was moderated by the conference host, Nneka Eneli, the Director, Workforce Outsourcing.

Underscoring the importance of regulation to the healthy development of the sector, the conference had senior level representatives from the Central Bank of Nigeria (CBN) and Federal Competition and Consumer Protection Commission (FCCPC).

A standout highlight of the conference was the illuminating session titled “Customer Acquisition: A Proven Model That Works,” delivered by the CEO of Workforce Group, Foluso Aribisala. During this session, Foluso emphasised the importance of mapping the customer journey to gain a comprehensive understanding of the customer’s interaction with the brand at every touchpoint.

He stressed that by identifying the friction points and opportunities along this journey, businesses can design bespoke acquisition strategies that truly resonate with prospective customer segments.

Apart from the enriching panel discussions and education session, the Conference provided a platform for networking and collaboration among industry professionals where attendees had the chance to interact with fellow peers, share ideas, and foster partnerships that can lead to innovative breakthroughs in the FinTech space.

The conference concluded on a high note, earning resounding praise from all participants who left the conference inspired and equipped with actionable insights to revolutionise their approaches to customer acquisition and experience management.

The customer acquisition conference is one of the leading industry-focused events organised annually by the Workforce Group. Be sure to keep an eye out for their upcoming conferences centred on the Public Sector and Energy industries. These events are set to be equally insightful and engaging, offering valuable opportunities for learning and networking.