Rolayo Akhigbe, Senior Vice President at First City Monument Bank(FCMB), oversees Transaction Services, Partnerships, and Alliances. A graduate of the University of Hull with a B.Sc. in Economics and an MBA, Rolayo began her career at Citibank in the UK. Through Citibank’s African Managers Program, she returned to Nigeria, marking the start of her 25-year journey in banking and finance.
Inspiration and Career Journey
Interestingly, Rolayo didn’t initially plan a career in banking. With a background in economics and a passion for numbers, her foray into banking was serendipitous. She joined Citibank’s Graduate Management Program, and the experience honed her skills in stakeholder development, adaptability, and tenacity—qualities that became pivotal in her career progression.
Challenges and Opportunities in Digital Solutions for Africa
Rolayo believes the future of digital solutions for SMEs and corporates in Nigeria is promising. Nigeria’s youthful population, with over 60% under 25 years, is a critical asset driving innovation. However, she highlights the importance of creating solutions tailored for the Nigerian market. Many imported technologies fail because they don’t address local needs.
For instance, the Nigerian fintech sector, valued at over $10 billion in 2023, thrives because its solutions address specific challenges like financial inclusion and payment infrastructure. Rolayo emphasizes that leveraging the curiosity and entrepreneurial spirit of Africa’s youth can unlock the continent’s digital potential.
Supporting Technology Startups in Africa
Banks and financial institutions, Rolayo suggests, should reimagine themselves as platforms for growth. While funding is often seen as the primary need for startups, Rolayo argues that many require capacity building, mentorship, and access to customers and localized technology.
According to a 2022 report, 80% of African startups fail within five years, often due to poor business management. Rolayo advocates for mentorship programs and network-building initiatives that can prepare startups for funding. For instance, banks can provide expert guidance in areas like bookkeeping and financial planning, helping businesses become funding-ready.
Key Trends Among Female Entrepreneurs in Africa
Female founders in Africa receive only 2% of total funds allocated to startups on the continent, despite accounting for nearly 50% of entrepreneurs. Rolayo attributes this gap partly to fewer women applying for funding. She urges female entrepreneurs to step forward confidently and take advantage of available opportunities.
Programs like Rising Tide Africa aim to address this disparity by supporting women-led businesses through mentorship and networking. In 2022, female entrepreneurs in Africa raised $834 million, a small fraction compared to the $5.4 billion raised by startups overall.
Essential Steps to Make Female-Owned Businesses Investment-Ready
Rolayo highlights three critical steps:
- Mentorship – Women need mentors to refine their business pitches and strategies.
- Networking – Access to networks is crucial for partnerships and market opportunities.
- Education – Skills like bookkeeping and financial literacy are essential for sustainability.
These steps not only prepare women for funding but also help sustain their businesses long-term.
The Power of Financial Empowerment for Women
“Women are catalysts for change,” Rolayo asserts. Research supports her perspective: women reinvest 90% of their income into their families and communities, compared to 40% for men. Empowering women economically creates ripple effects, benefiting entire societies.
In Nigeria, for instance, increasing women’s access to financial services could boost GDP by $229 billion by 2025, according to McKinsey. This underscores the transformative impact of empowering women through financial inclusion.
Conclusion
Rolayo Akhigbe’s insights reveal the untapped potential of women entrepreneurs in Africa. By addressing challenges like mentorship, networking, and education, and tailoring solutions to local markets, the continent can unlock exponential growth. Women, as catalysts for change, hold the key to Africa’s economic transformation. As Rolayo aptly puts it, empowering one woman sets off a chain reaction that uplifts entire communities.
