The Evolution of Nigerian Fintech: Scale, Scars, and Strategy | Olu Akanmu

Why does Nigeria have 120 million people with digital identities but only 70 million with bank accounts? Despite a decade of growth, the "last mile" of financial inclusion remains a stubborn red ocean.Samora Kariuki sits down with Olu Akanmu, a rare leader who has navigated the "commercial battlefield" at the highest levels of telcos, Tier-1 banks, and scale-up fintechs (OPay). From his work with EFInA to his current role in academia at Lagos Business School, Olu brings a balanced perspective on why Nigeria’s fintech journey looks so different from the rest of the continent.This episode is a masterclass in the structural realities of the Nigerian market. Olu deconstructs the "Banking Lobby" that slowed mobile money, the friction between competing national identity systems (BVN vs. NIN), and why the next phase of fintech must move from simple payments to deep credit integration. He also provides a candid critique of "generic" late-stage fintech strategies and the internal politics that kill bank-led innovation.In This Episode, You Will Hear:The Banking Lobby vs. Telcos: A behind-the-scenes look at why mobile money struggled to launch in Nigeria and how fintechs filled the gap.The Prosperity Paradox: Why financial inclusion cannot scale in Northern Nigeria without solving for economic inclusion first.Digital Public Infrastructure (DPI): The missed opportunity of siloed identity and payment systems (BVN vs. NIN).Open Banking & the Credit Gap: Why payments grew 30% but credit only 4%, and how Open Banking can bridge that divide.Late-Stage Consolidation: Why "regulatory arbitrage" is ending and how fintechs must find "uncontested markets" to survive.The "Frigate Elephant" Problem: Why bank-led fintech subsidiaries often fail due to traditional banking mindsets.The "Peak Mobile Money" Myth: Why declining agent revenues are actually a sign of a maturing digital ecosystem."Strategy begins with looking at your unique capabilities... You cannot come in as a late entrant offering a generic proposition and expect to scale in a contested market."Connect with Us:Samora Kariuki (Host): https://www.linkedin.com/in/samorakariuki/Olu Akanmu (Guest): https://www.linkedin.com/in/olu-akanmu-88280a/Frontier Fintech: frontierfintech.substack.com