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The Fast Company Impact Council is an invitation-only membership community of leaders, experts, executives, and entrepreneurs who share their insights with our audience. Members pay annual dues for access to peer learning, thought leadership opportunities, events and more. For anyone following the headlines about African fintechs over the last few years, it must have felt like a wild ridefrom buzzing highs to plunging lows, and everything in between. But beneath these surface narratives, a more interesting story is emerging. This will be the year the focus on African fintech shifts from valuations to delivering value, and the process is already underway. Sustainable practices take center stage Fintech funding in Africa dropped by 37% from 2022 to 2023. The downward trend persisted in 2024, with funding in the first half of 2024 falling from $864 million to $419 million, a 51% decrease versus the same period in 2023. This funding downturn has forced fintechs to reassess their models, moving away from growth-at-all-costs towards sustainable business practices that emphasize real-world solutions and long-term viability. Now, fintech companies must focus on building resilient, profitable businesses that can thrive without relying on constant infusions of venture funding. Take Nigeria’s emerging direct debit solutions worth over $13 billion in 2023, according to the Central Bank of Nigeria. This isn’t a speculative bet on one of the many technology trends. Instead, these are practical innovations that help businesses in the country stabilize cash flow and simplify recurring payments for consumers. The focus on solving real problems rather than securing the next investment round signals a maturing ecosystemone that prioritizes longevity over hype. Technology that matters The shift isnt happening in a vacuum. African consumers are more selective than evertheyre not just mobile-first but mobile-native. They expect frictionless digital experiences comparable to global platforms, but with local relevance. This is forcing fintechs to focus on what truly works. Artificial intelligence plays a role in this transformation, but not in the way many predicted. Fintechs are using AI to enhance fraud detection, automate compliance, and personalize financial servicespractical applications that build trust and drive adoption. Similarly, blockchain is proving valuable beyond speculation. Instead of chasing volatile cryptocurrencies, fintechs are leveraging blockchain to improve cross-border payments, cutting costs, and speeding up remittances. With Africa receiving over $100 billion in annual remittances, these innovations have a direct, meaningful impact. When traditional transfer fees eat into crucial remittances, blockchain’s ability to reduce costs and increase speed isn’t just a technical achievement, it’s a tangible improvement in people’s lives. The new success metrics The combination of consumer-driven demand and practical innovation is reshaping how success is measured in African fintech. The next wave of investment won’t be driven by hype or viral success stories. Instead, investors are looking for sustainable growth and profitability over inflated valuations. They are looking for products that address fundamental pain points rather than trend-driven solutions as well as operational efficiency and strong regulatory compliance. As we enter a new cycle where reality replaces hype, 2025 will mark a turning point for African fintech. The most successful companies wont be those chasing the biggest headlines but those solving simple, essential problems exceptionally well. This isnt the end but merely the beginning of a more mature, impactful, and enduring era. The revolution may be quieter than expected, but its impact will be deeper than ever imagined. Olugbenga GB Agboola is founder and CEO of Flutterwave.
Category:
E-Commerce
The Fast Company Impact Council is an invitation-only membership community of leaders, experts, executives, and entrepreneurs who share their insights with our audience. Members pay annual dues for access to peer learning, thought leadership opportunities, events and more. Im not one to jump on every shiny new tool just because its trending. Some tech tools, gadgets, and software have transformed my life for the better (like the Meta Quest), and some ventures did not fare so well (I will ignore Apple Watchs reminders to stand until the end of time). But AI? Its different. AI isnt in the same league as the other tech you know and love. This is not just another tool, its a shift in how we think, create, and operate. At Quantious, weve dedicated the past few years to learning everything there is to know about AI, and weve embraced it not as a crutch, but as a catalyst. As a longtime agency owner, I know the importance of finding ways for my team to work smarter, faster, and more creatively. So, heres why I encourage my employees to use AI every day. 1. AI allows us to be better creatives We keep up with the newswe know some are saying that AI will kill creativity and make us dumber. At Quantious, we prefer to give our employees ownership to explore firsthand how AI tools can fuel fresh ways of thinking and offer new angles. Our designers leverage AI while prototyping, our copywriters lean on it to work through creative blocks, and our strategists use it to analyze massive amounts of data effortlessly. Through experimentation and education on responsible AI practices, were seeing that AI isnt replacing our creative instincts, its sharpening them. Were breaking through limits, unlocking ideas we never considered, and pushing creative boundaries in our work like never before. 2. AI keeps us at the top of our game AI is only going to get more advanced, more complex, and more intelligent. By weaving AI into our daily processes now in ethical and responsible ways, were future-proofing our team and staying ahead of the curve. AI literacy will soon be table stakes for business leaders and employees looking to stay at the top of their game. Were already bridging the gap between awareness and applied proficiency, a goal organizations must embrace to remain competitive. Most importantly, were cultivating a workplace culture that thrives on change instead of fearing change. We prioritize ongoing training, fostering a culture where our teams feel empowered to experiment with AI, and excited to discuss tips, tricks, and findings. This isnt just a valuable mindset to haveits our edge. That said, our team knows better than to fully rely on AI tools. Weve asked ChatGPT to pull trending news articles, to which it created fake URLs to nonexistent stories. Were not just using AI, were understanding its quirks, its limitations, and how its evolved over time. 3. AI supports remote (and hybrid) work Quantious is fully remote, with employees worldwide, so staying aligned and organized is crucial to our success. We now generate advanced spreadsheet formulas in minutes to streamline our workflows, saving our teams countless hours. We get AI-generated meeting note summaries after internal meetings, a simple yet effective way to document our company procedures and keep everyone in the loop. AI has made our remote work more productive, seamless, well-documented, and so much more. Weve crossed a thresholdAI has redefined teamwork, and theres no going back There are endless AI tools that can help you do everything from managing tasks to improving your public speaking skills. Without taking the time to learn about these tools, youll never know what youre missing out on. At the end of the day, AI is just another tool. How we use it is what counts most. Encouraging my team to explore AI is not about replacing talent or even working smarter, not harder (though Im not against the latter). Its about cultivating a positive workplace culture alongside a team full of curious, adaptable, and continuous learners. My team and I refuse to sit on the sidelines while the industry evolves. Instead, were here to shape how it grows. Lisa Larson-Kelley is founder and CEO of Quantious.
Category:
E-Commerce
Workers without college degrees have, for some time, faced declining opportunities in the workforce. However, new data signals that this may be changing, a sign that hiring managers are less focused on educational attainment and more focused on skills than they were in years past. Thats according to new research from Opportunity@Work, a nonprofit focused on increasing career opportunities for workers who lack college degrees but are skilled through alternative routes,” aka “STARs.” The research, which analyzed trends in so-called paper ceilings, finds that between the years of 2000 and 2020, 70% of newly created jobs often required a college degree. However, over the past five years, STARs, or people who have attained a skillset without earning a college degree (for instance, via an apprenticeship or another route), started to regain up to 10% of those jobs, the research found. In other words, while workers without degrees continue to see their share of good-paying jobs decline, the downward trend has at least slowed, which the report attributes to shifting habits in hiring. This report shows what is possible when awareness and behavior change together: job postings are measurably more open to STARs than in the early 2000s, said Byron Auguste, CEO of Opportunity@Work, in a statement. If we want our country to grow togethernot apartamid transformative technological and economic changethe starting point is to value all skills. And if we value all skills, STARs will rise.” New ways of thinking as college costs soar This may be good news for job-seekers who don’t have college degrees or aren’t especially keen on earning one, perhaps due to upfront costs. The average cost of a four-year degree has more than doubled since 2000 and grows around 4% per year. Meanwhile, additional research has shown an uptick in skills-based hiring and a decline in degree requirements. Between 2014 and 2023, there was a near-fourfold increase in the number of roles from which degree requirements were dropped, according to researchers from Harvard Business School and the Burning Glass Institute. For the last 20 years, many employers’ practices appear to assume that having no college degree means you don’t have skills,” said Dr. Erica L. Groshen, senior economic advisor at Cornell U-ILR, a former Bureau of Labor Statistics commissioner, and chair of the STARs Insights Advisory Panel, in a statement. “Today, Opportunity@Work provides further evidence to refute that narrative.”
Category:
E-Commerce
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