It’s
been exactly 12 months since I joined Flutterwave, Africa’s leading payment technology
company whose mission is to take more businesses in Africa to the world,
and equally, bring more of the world to Africa. I have always been deeply passionate
about our continent and its prospects, particularly fintech and digital
payments, and how this has continued to transform Africa at an unprecedented
pace.
I was
absolutely blown away by what the Founder & CEO Olugbenga Agboola “GB", and now my incredible Flutterwave
teammates or what we refer to as “Wavers” were building across
Africa. What was even more exciting was that Flutterwave has been built by
Africans for Africa and the world at large. I thought I would share a few
lessons during this journey thus far.
Look, I knew I was going to be
working with some of the brightest, most passionate, and intelligent “Wavers” in
tech and fintech in Africa. I’ve had over 20 years of solid work experience and
a great education. Surely that would allow me to make an impact? Some of the
most remarkable and rewarding wins came from shared knowledge and
experiences.
We all win together. To be
successful in a startup, it takes the contributions of each team member. Like
in Formula 1, success is 100% about a team functioning as a single unit and
working towards a common goal. The importance of teamwork cannot be emphasized
enough.
Never Stop Learning
The Thirsty Scholar in Manchester
UK has long been recognized as one the best pubs for live entertainment,
hosting everything from band and poetry nights to comedy nights. I’ve always
been drawn to this pub's exceptional and catchy name, one befitting the
importance of learning. I am a perpetual life-long student. This past
year, everyday challenges were thrown at us, some of which I had never
encountered before and there was certainly not playbook to reference. With
Flutterwave now active in over 28 countries, COVID-19, scaling rapidly,
regulatory changes, new product rollouts, and so much more, it’s been vital to
constantly acquire new knowledge, connect with my broader network, and mentors
who might even have opposing views to my own. This has allowed us to
flourish despite unprecedented times. As Albert Einstein said “Life is like
riding a bicycle. To keep your balance you must keep moving.” We must keep
learning.
Competition?
Really?
How often are you asked, “So who’s
your competition?” I am not naïve. I think competition is healthy in any
marketplace; however, today Flutterwave supports over 800,000 customers across
Africa and the world, and partners with over 450+ banks globally. The market in
Africa is simply too large, untapped, and ripe with
opportunities. Besides, there is still urgent work to accomplish. There were
548 million registered mobile money accounts in 2020 across Africa which
represents 45 percent, according to the Global System for Mobile
Communications Association (GSMA).
This means there is still 55 percent who are
financially excluded. To grow at this pace we have in only five years has
required different lenses, new business models, and a fundamental shift in how
competition is viewed. There is a saying that “Supporting another's success
won't ever dampen yours.” We especially want to see many more African startups
and businesses leverage our payment infrastructure to scale theirs.
Job Titles
Don’t Matter, The Customer Does
I can count the number of times
where I had a customer interaction in which the job title mattered. In a
recent Harvard
Business Review article entitled “It’s Time to
Rethink Job Descriptions for the Digital Era,” by Tyrone
Smith, the author also notes that traditional business
titles have become outdated in many workplace contexts. Yes indeed, I agree job
titles draw unnecessary boundaries and these days workplaces require more
flexibility than a typical title might evoke or describe. At the end of the
day, doing what it takes to ensure we are customer-focused is what’s allowed
the business to scale.
Product Led
Growth (PLG) will enable even faster and more efficient growth in 2022
When I started working at
Flutterwave, I had no idea what was meant by Product Led Growth and what all
the commotion was about this buzzword. OpenView defines
Product-led growth (PLG) as a “business methodology in which user acquisition,
expansion, conversion, and retention are all driven primarily by the product
itself. It creates company-wide alignment across teams—from engineering to
sales and marketing—around the product as the largest source of sustainable,
scalable business growth.” All Wavers use our products such as Barter and Send.
We are constantly trying to remove friction in the user journey and this comes
from constant user feedback and keeping the customer’s pain-points top of mind.
This has resulted in significant traction for products and services we have
rolled out over the past five years.
So what’s in store for the next 12
months at Flutterwave? Are there any challenges we can solve together? More African
innovation, more excitement, more customers, more African PLG, and more
learning!
#africa #fintech #startups
#reflections #africarising #theafricawewant
Munya Chiura is a growth hacker
who is extremely passionate about fintech, payments, innovation, and tech in
Africa.
