The founder of Kredi, a US-based and Nigerian-operating “One-Stop Shop” digital bank, Afolabi Abimbola has revealed that Nigeria’s security problems, data compliance, funding and finance are major challenges bedeviling the growth of fintech services in Nigeria.

Speaking during a recent interview with a journalist on Tuesday 29, November, Abimbola said that though his startup, KREDI which was found in 2021 to eliminate the challenges of using multiple applications by consumers has grown within its few years of establishment but like other startups, the problem of cybersecurity still remain a major challenge.

“KREDI as a one stop shop has been allowing users to manage all their financial lives. As a B2C company we have figured out a B2B/B2B2C wedge that allows us to acquire customers.” He said

“But a major problem I will like to narrow down is in the front burner for many fintech around the world today and that is the issue of cyber security”

Abimbola who has over 17 years of experience prior to founding KREDI said his experience and impacts in the industry will help him navigate through the adventure.

According to him, he began his career in Globacom as a Sales Executive where he was able to generate over 50000 leads with an 85% conversion rate within his 4 years.

“I began my career in one of Nigerias foremost telecommunications company, GLOBACOM. I was able to generate over 50000 leads with an 85% conversion rate within my 4 years in Globacom.”

When asked about his further exploits in the industry, Abimbola said he was one of pioneering fathers of Funds and Electronic Transfer Solutions, a licensed mobile that enhance lives with simple payment technologies.

“During my course of work as a Business Development Manager with Fets, I was able to grow agent numbers from 0 to over 2000 processing over Two Million Dollars ($2,000,000) worth of transactions daily”.

Abimbola added that he also worked at Credit Plus and Opay and he was responsible for formulating strategies for the firm’s expansion and product offerings.

“I was involved in the business development aspect, user experience as well as technology. My major contribution was initiating and introducing digitization of the bank which include agency”

He said while his next developmental move is to expand to the UK, a move which he said will help many Nigerians and other Africans living in UK to have a stress free financial affairs, it will also help grow UK’s financial sector and revenue

“My next major priority now is to settle in the UK, build a better sustainable business structure, recruit a formidable team, engage more with potential investors, regulators and strategic partners” he said

“KREDI has a long term plan which includes but is not limited to spreading out to other African countries and the world at large. The various financial product offerings will lead to increased employment in the UK. Government revenue will increase” he added.