Remita Payment Services Limited (RPSL), a financial technology (fintech) pioneer, has affirmed its continued support for budding entrepreneurs as vital enablers for advancing Africa’s development and guaranteeing a sustainable business ecosystem. This commitment was underscored by ‘Deremi Atanda, Managing Director of RPSL during his participation at the Africa Startup Festival, which took place at Victoria Island, Lagos, recently.
The Africa Startup Festival is an annual gathering of entrepreneurs, investors, and industry experts to collaboratively explore the nuanced challenges, solutions, and inherent opportunities within the African business environment.
At a panel session titled “Building Fintech Solutions: A Reality Check,” ‘Deremi Atanda joined fellow panellists, including Peace Obule, CEO, DebtRecuva; Ike Eze, Managing Partner, Beta Ventures; and David Adeleke, Africa Editor, Rest of the World. Together, they exchanged insights on how entrepreneurs can navigate the complexities of their journey to success within their respective sectors.
“Launching a startup demands precision that goes beyond innovation; it necessitates a deliberate understanding of the business landscape and regulatory intricacies. Entrepreneurs must intimately acquaint themselves with industry regulations and market dynamics before starting their journey. This intentional groundwork not only ensures compliance but strategically positions startups for sustained success in the dynamic realm of business, providing a roadmap to navigate challenges and capitalise on opportunities with precision.” ‘Deremi stated.
Emphasising the importance of resilience amidst the challenges inherent in the entrepreneurial landscape, Peace Obule, highlighted that expanding a business goes beyond merely attracting investors, although that remains crucial. According to him, business owners must exhibit persistent tenacity, enabling them to transform accompanying obstacles into opportunities. Ike Eze further noted that, for entrepreneurs to create market value, they must possess distinctive knowledge that sets them apart from competitors within the market.
The event also hosted notable participants such as Will Stevens, Consul General, US Consulate in Lagos; Ized Uanikhehi, Founder and CEO, Zedi Africa; Napa Onwusah, AWS Startup Leader; Oyin Solebo, Managing Director, Techstars; Tage Kene Okafor, Lagos Reporter, TechCrunch; and Gbenga Omolokun, Managing Director, VDF Bank.
During his speech at the event, Will Stevens alluded to a recent trend indicating that more than 80% of Nigerian startups opt for incorporation in the United States, potentially influenced by factors like access to a strong investment ecosystem and global market exposure. Nevertheless, demographic projections indicate that the working-age population in Africa is expected to surpass one billion by 2050, constituting a considerable labour force in need of employment. This substantial demographic shift presents both opportunities and challenges for economic development, emphasising the necessity for strategic planning to tap into the potential of this expanding workforce.
Over the years, RPSL has remained dedicated to assisting startups, with the overarching goal of fostering growth and sustainability within the African tech ecosystem. Building on this commitment, Deremi revealed Remita’s strategic vision to establish a Startups Academy. This forward-thinking initiative comprises four key components, offering solutions, partnerships, consulting services, and capital to support the growth of startups. He explained that this forms a crucial part of the organisation’s strategy for the midterm plan of the startup academy.
Furthermore, he added that the vision is to empower aspiring entrepreneurs with a comprehensive and intentional curriculum, providing practical skills essential for success in the dynamic business landscape. Through this initiative, Remita is not only simplifying financial processes but also actively cultivating an enabling ecosystem for startups to flourish and drive Africa’s prosperity.