Post-colonial Africa still faces many challenges, many are financially related. Because of high poverty levels and the remoteness of many villages the access to credit for many countries is challenging. Many believe that the situation is complicated and more needs to be done to allow Africans access to credit. Without this ability Africa cannot move ahead and prosper.

Businessman Olugbenga Agboola of Nigeria strongly believes in growing the access to credit across the continent. He understands that the advancing of Africa’s economy is dependent on having more Africans have the ability to access credit for themselves and their families.

Agboola is the founder and Chief executive Officer of Flutterwave. Flutterwave is mostly based in Nigeria. In Nigeria the most common form of payment for purchases is cash. In fact, many Nigerians do not have bank accounts. People do use debit cards with PIN and chip technology and the country was an early adopter of these technologies.

Olugbenga Agboola believes that the move to the use of credit should not be a difficult process. Every year, more Nigerians are moving to use the technology that Flutterwave offers. They use the company’s technology to both receive and make payments as well as sending money to friends and family. They also use it to start their own businesses. Know more about Olugbenga Agboola on Techcabal

In the opinion of Olugbenga Agboola access to fast credit will increase the speed of transactions for Nigerians. Without access to credit and using only cash the speed of transactions slows considerably, with credit everything moves through the system much quicker.

On the Flutterwave platform customers can make transactions and use other services all on one space but it is primarily a transaction-based service. With the data Flutterwave collects prospective lenders are able to see data that helps them calculate the risk of each loan to see if they want to make the loan.

In Africa the concept of building a credit history is almost non-existent. In more developed countries like the United States, Canada, and throughout most of Europe people begin this process very early and by doing so they have the ability to show their credit trustworthiness.

In Nigeria much of the retail business is done with small roadside merchants. With the ability to build credit worthiness, these merchants can borrow the funds needed to expand their inventory and make more money to build better lives. By being able to access credit on their smartphones merchants can buy more often for less and offer lower prices to customers and still make a nice profit.

Olugbenga Agboola and Flutterwave have the vision to make these changes possible and it can all be done more quickly than most would think. Nigeria has the financial infrastructure needed already in place.