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Fintechs should develop products that address the exact needs of their customers (By Mike Cook)

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2 years ago

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Fintechs

One of the most important ways a fintech can listen to its customers is to gauge how they engage with its products

CAPE TOWN, South Africa, April 16, 2024/APO Group/ — 

By Mike Cook, Mukuru Head of Wallet and VAS; Lorraine Nyawo, Mukuru Head of Product Domain: Financial Services (www.Mukuru.com)​.

All around the world businesses are pulling out the stops to achieve growth in what can best be described as challenging economic conditions. Africa is no exception. The continent has long been recognised for its immense potential, and as such businesses across sectors are investing heavily into the continent. Advancements in technology make serving the unbanked and underserved populations in Africa more viable than ever before. However, that does not mean growth comes easily. It is a hyper competitive and complex environment where genuinely understanding your customer is key to growth.

Even with this textbook understanding, there is a strong urge to take the “build it and they will come” approach because we can get caught up in our own technology and view problems from our frame of reference while ignoring the customer. This is typified in the African market where we see multiple shiny apps being dropped across markets with massive investments behind them only to be followed by a scaling down of operations as customer uptake and usage have not met expectations.

Instead, leading fintechs that show consistent growth have a deep understanding of their customers’ needs and then constantly listen to their customers. Having a deep understanding of customer needs results in innovative solutions. But that is only half of what you need. Listening to customers as you build those solutions is what guarantees market adoption and success. It also allows you to discover further unmet needs. Without listening you fall into the trap of building it and hoping customers will come.

The point here is that you need to listen to customers that are already talking to you. Yes, A fintech can listen directly to its customers in the form of focus groups or formal surveys where customers can engage and tell it directly and clearly what they don’t like, what they do, and what they want. But in a fast-paced environment it is not always possible to engage in traditional research to uncover what your customers are saying. More importantly, businesses need to develop the capacity to use existing touch points where customers are already talking to them to gather the insights needed for successful product development.

Social media is a massively useful tool for this. If a business is using its social media only as a marketing or customer service tool it is missing the boat. By mining the comments coming through social media channels, including positive and negative feedback, businesses have a treasure trove of data on their customers’ voice.

Internal support tickets are another avenue. Whether customers are emailing, submitting comments through various platforms or calling into a contact centre, they are telling you about their problems. Often, this information starts and stops with frontline staff. Fintechs, or any businesses, need to have the right processes to gather that information effectively and feed it up to the product development team.

If a business is using its social media only as a marketing or customer service tool it is missing the boat

Of course, it is great when customers explicitly tell you what they want or need through these channels but regardless of what they say, every interaction can implicitly give you direction. For example, if customers continue to complain about something, they may not be telling you what to do or what to change, but they are telling you that your current solution is not working. An effective business must address those problems because that’s how to genuinely serve customers.

Of course, listening is only worth anything if you do something about it. The amount of data and insights being mined can become overwhelming and so businesses need a quick way of scoring opportunities. It is impossible to have all possible information to calculate the most accurate return on investment. Rather, the business needs a quick, effectively designed scoring system or process that can help decision-makers weigh up revenue opportunities and customer service opportunities.

The team needs to balance these opportunities based on the business’s long-term strategy and on what the most pressing need is for customers. This is important because in a highly competitive world, customer retention is golden. Beyond this, an effective scoring system keeps the development roadmap full.

Beyond scoring, prioritising opportunities is also influenced by where a business is in its development cycle, which development teams have immediate capacity, and which of the top opportunities can fit into the development roadmap immediately. Certainly, from an innovative fintech’s perspective, the goal should be to get a Minimum Viable Product (MVP) out of the gates as quickly as possible as opposed to chasing the Rolls Royce solution at the outset. This is critical if the fintech wishes to be agile and relevant as opposed to producing one shiny, state-of-the-art product a year with no real knowledge of how customers will react to it.

One of the most important ways a fintech can listen to its customers is to gauge how they engage with its products. By using agile methods and principles, and building iteratively — from getting an MVP into testing and then exposed to the market, all the way through phase two and three development — a successful fintech is able to use its tight feedback loops to continually listen to customers. This way the product’s development is influenced by the needs of the customer all through its development, meaning the product is effectively serving needs and not just being pushed into the market.

A customer may not understand or use a product the way it was designed — this is incredibly useful information during development phases. Mukuru develops with a finger on the pulse of feedback loops because developing products for the unbanked is not the same as developing products out of Silicon Valley: Solutions don’t yet exist and they need to be built from scratch.

Of course, not all resources can go into new features and a portion of development should go into maintenance and support for live products — after all, the brand promise must be kept. It’s a balancing act that each company must manage.

This is how fintechs such as Mukuru evolve into next-generation digital financial services providers. The brand promise is pinned on growing diverse products on the same platform, using the same payment rails and methods that customers have used and grown to trust.

This is, at its core, financial inclusion because it takes the unbanked and underserved on a journey from remittances, to wallets, to the ability to purchase online goods and services, to credit, funeral cover and more. None of this is possible without developing products based on the exact needs of your customer base.

Distributed by APO Group on behalf of Mukuru.

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West African Development Bank (BOAD) and PROPARCO Launch a Landmark €200 Million Cross-Financing Operation to Boost the Private Sector in the West African Economic and Monetary Union (WAEMU) Region

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May 15, 2026

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This structure directly addresses current challenges related to reforming the global financial architecture by introducing an innovative and catalytic financial instrument

Together with BOAD, we are reaching a major milestone in our commitment to boosting financing for African economies, particularly within the WAEMU region

NAIROBI, Kenya, May 14, 2026/APO Group/ –On the sidelines of the Africa Forward summit, the West African Development Bank (BOAD) (www.BOAD.org) and PROPARCO, a subsidiary of the AFD Group, announced the signing of an unprecedented €200 million financing agreement (equivalent to approximately CFAF 131 billion). Structured by Galite as a cross-currency transaction between the euro (EUR) and the CFA franc (XOF), this operation is a global first in both its nature and ambition.

 

This structure directly addresses current challenges related to reforming the global financial architecture by introducing an innovative and catalytic financial instrument. It enables:

More efficient allocation of resources through expanded access to the XOF market, helping diversify financing options for local businesses;

Greater stability through support for the WAEMU region’s foreign exchange reserves, ensuring stronger macroeconomic resilience;

Direct impact through the financing of transformative private-sector projects, a key driver of job creation in the region.

Françoise Lombard, Chief Executive Officer of PROPARCO, stated:

“Together with BOAD, we are reaching a major milestone in our commitment to boosting financing for African economies, particularly within the WAEMU region. This initiative is fully aligned with the momentum to reform the development finance architecture by providing a tangible solution to increase the mobilization of local-currency resources in support of the private sector and local economies.

I am delighted by this partnership, which embodies a truly win-win approach and reflects our shared determination to act with ambition and pragmatism to sustainably support the development of the private sector across WAEMU economies, particularly our clients in the region, to whom we will be able to offer more loans denominated in CFA francs.”

Serge Ekué, President of BOAD, stated:

“The partnership between BOAD and PROPARCO reflects the quality and depth of our strategic cooperation.

Through this initiative, BOAD is reaffirming its role as a mobilizer of resources by attracting additional investment for the benefit of the region. Expanding the range of available financing tools is essential to sustainably support the transformation of WAEMU economies.

This transaction marks an important milestone in our collective ability to channel greater financing toward projects delivering strong economic and social impact across Africa.”

 

Distributed by APO Group on behalf of Banque Ouest Africaine de Développement (BOAD).

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Governor of the Central Bank of Egypt and President of Afreximbank Hold a Press Briefing on Egypt’s Ongoing Preparations to Host the 33rd Afreximbank Annual Meetings in Alamein

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May 15, 2026

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The briefing underscored the strong strategic partnership between Egypt and Afreximbank, while highlighting the Bank’s support for key sectors, including financial services, trade, industrial infrastructure, manufacturing, oil and gas, telecommunications, power, and construction

CAIRO, Egypt, May 14, 2026/APO Group/ —

H.E. Mr. Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), and Dr George Elombi, President and Chairman of the Board of Directors of Afreximbank (www.Afreximbank.com), held a joint press briefing at the CBE’s headquarters on 13 May 2026 to address preparations for 33rd Afreximbank Annual Meetings (AAM2026). The AAM2026 will be held under the patronage of H.E. President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, in Alamein city from 21 to 24 June 2026.

Attended by over 100 local and international media representatives, both in person and virtually, the briefing provided updates on preparations for AAM2026, expected participation, and Egypt’s role as host country for one of Africa’s leading annual gatherings focused on advancing the continent’s economic transformation.

 

In his remarks, H.E. Mr. Hassan Abdalla, Governor of the Central Bank of Egypt, reaffirmed Egypt’s commitment to the successful hosting of the AAM2026 and emphasised the country’s readiness to host the event as well as its long-standing partnership with Afreximbank to support Africa’s economic development, trade and investment.

 

Mr Abdalla said: “Egypt is honoured to host the 33rd Afreximbank Annual Meetings in Alamein, reflecting our continued commitment to supporting Africa’s economic integration, trade expansion, and sustainable development.”

He also noted that these Meetings represent a high-level platform for dialogue and the exchange of views on the future of African economic and financial cooperation.

He added: “The Meetings extend beyond conventional discussions to advance key continental priorities, including trade finance, regional integration, and the pressing need to reform the global financial architecture to better reflect the development needs of emerging economies.”

Dr. George Elombi, President and Chairman of the Board of Directors of Afreximbank, expressed his appreciation to H.E. Mr. Hassan Abdalla for his strong support and commitment to hosting AAM2026 in Alamein and for the efforts by all relevant institutions in coordinating these meetings in Egypt.

 

“Egypt and Afreximbank share a common vision to accelerate Africa’s economic development, industrialisation, and widespread economic prosperity across the continent.

 

“AAM2026 will provide a valuable opportunity to strengthen partnerships, unlock investment opportunities, and advance discussions on intra-African trade, Africa’s financial sovereignty, and its economic resilience in an increasingly complex global environment”.

Egypt and Afreximbank share a common vision to accelerate Africa’s economic development, industrialisation, and widespread economic prosperity across the continent

 

Dr Elombi added that “Through our Annual Meetings, Afreximbank aims to identify priority projects and actionable programmes that will accelerate the transformation of Africa’s trade infrastructure. Africa’s pace of growth will be driven by industrialisation and intra-African trade, and achieving this will require significant improvements in processing, logistics, and importantly, policy support from governments.”

 

The briefing underscored the strong strategic partnership between Egypt and Afreximbank, while highlighting the Bank’s support for key sectors, including financial services, trade, industrial infrastructure, manufacturing, oil and gas, telecommunications, power, and construction.

 

Additionally, the press briefing outlined the significant opportunities associated with Egypt hosting AAM2026, including enhancing the country’s position as a regional financial and business hub, supporting the Meetings, Incentives, Conferences and Exhibitions (MICE) sector, creating new opportunities for Egyptian businesses, investors and the broader private sector, as well as providing a major boost to tourism in Alamein.

 

Dr Elombi said that the Bank has provided approximately US$9.5 billion in financing to Egypt over the past three years. He also referenced the groundbreaking of the Afreximbank African Trade Centre (AATC) in New Administrative Capital in December 2025, noting that the landmark US$250 million development will strengthen Egypt’s role as a regional hub for trade facilitation, payments, logistics, and SME development.

 

Dr Elombi further outlined plans for the proposed pan-African Gold Bank, an initiative designed to formalise Africa’s gold value chains, strengthen central bank reserves, and reduce the continent’s dependence on offshore refining and external trading centres.

 

Over the years, Afreximbank’s Annual Meetings have become one of the leading platforms for shaping dialogue on Africa’s economic future and advancing intra-Africa trade. The 33rd Afreximbank Annual Meetings are expected to bring together Heads of State, government ministers, central bank governors, business leaders, academics, entrepreneurs, private sector investors, and development partners. They will deliberate on the key issues shaping Africa’s economic future and trade agenda, while advancing practical solutions for the continent.

 

The AAM2026 programme will offer policy discussions, plenary sessions, business and investment forums, deal-signing ceremonies, major announcements, networking events, bilateral meetings, and forums on intra-African trade and the African Continental Free Trade Area (AfCFTA). It will also feature presentations on trade finance, industrialisation, energy, infrastructure, and digital transformation.

Distributed by APO Group on behalf of Afreximbank.

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DHL Express Sub-Saharan Africa (SSA) celebrates its 53rd Transported Asset Protection Association’s (TAPA) Facility Security Requirements (FSR) certification

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May 15, 2026

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DHL Express SSA is the most TAPA certified company in the Region and was the first company in the TAPA EMEA Region to attain multi-site certification for a Region

LAGOS, Nigeria, May 14, 2026/APO Group/ —
  • Increases TAPA certifications across the Region, total of 53 sites across Sub-Saharan Africa
  • DHL Express the most TAPA-certified company in SSA
  • Lekki contributes to DHL Express surpassing the 500 facility milestone in TAPA certifications worldwide
  • Part of global €250 million investment in world-class security infrastructure by DHL Express

 

DHL Express (www.DHL.com) has announced that its Service Center in Lekki (Nigeria) has officially been certified according to the Transported Asset Protection Association’s (TAPA) Facility Security Requirements (FSR). This certification contributes to the over 500 TAPA certified sites globally and increase the certifications across Sub-Saharan Africa to 53 sites across 19 countries as part of a multi-site certification.

 

As the world’s most TAPA-certified logistics provider, DHL Express continues to set the benchmark for world-class supply chain security. The certification of 53 facilities in SSA strengthens a network that has already exceeded 500 TAPA-certified facilities globally, supported by a worldwide EUR250 million investment in advanced, industry-leading security technologies and processes. DHL Express SSA is the most TAPA certified company in the Region and was the first company in the TAPA EMEA Region to attain multi-site certification for a Region.

 

Anthony Beckley, VP Network Operations and Aviation at DHL Express SSA said: “Security is a cornerstone of DHL’s operations and a critical enabler of trade across Sub‑Saharan Africa. By continuously strengthening security standards at our facilities across the region, we help protect our customers’ shipments while building confidence in the supply chains that connect Africa to the world. As African businesses expand their reach into global markets, they rely on trusted, resilient, and world‑class logistics partners. We are proud to support this growth through industry‑leading security practices, underscored by our achievement of 500 TAPA certifications worldwide.”

Security is a cornerstone of DHL’s operations and a critical enabler of trade across Sub‑Saharan Africa

 

TAPA (Transported Asset Protection Association) certification is a comprehensive process of membership, verification, and auditing designed to ensure the security of customer shipments throughout the supply chain. It is based on rigorous standards such as FSR (Facility Security Requirements) and TSR (Transport Security Requirements), which can be achieved through independent audits or, for Level 3 (basic), via self-certification by a registered Authorised Auditor (AA), followed by submission of documentation to TAPA for validation and issuance of a certificate typically valid for three years. The Security Requirements established by the Association are recognised worldwide as industry benchmarks, making TAPA certification an essential mark of excellence for customers seeking the highest levels of reliability and protection.

 

This achievement not only affirms DHL Express as the global leader in secure logistics but also highlights Nigeria’s strategic contribution to the company’s security excellence in SSA.

 

Adrian Whelan, SVP and Head of Global Security at DHL Express, commented: “The TAPA certification of Lekki and the 53 sites TAPA certified across the SSA Region highlights DHL Express’ commitment to providing our customers in Africa with world-class security infrastructure. Customers want to ship their valuable goods through a secure and resilient supply chain, and DHL Express provides the most secure and resilient supply chain, not only in SSA but globally”.

 

The TAPA FSR certification is a central element of the broader security strategy of DHL Express. As global supply chains become increasingly complex, certified operations ensure consistent protection, risk mitigation, and resilience across the entire DHL network.

 

The achievement of the TAPA FSR certification was formally celebrated on May 13 during an event hosted at the DHL Express Lekki facility in Lagos, Nigeria. The event brought together private and public sector partners who share the aim of building resilient, transparent, and high-standard logistics ecosystems across SSA.

Distributed by APO Group on behalf of DHL Express.

 

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