“Ignore! What do you mean we should ignore, after all my sweat and hard work”
Ogechi is seen talking to her friend on the phone who is trying to condolence her. Ogechi is a petty trader who sells garri along the road that leads to the main city of Agbo, Offa in Kogi state. She had saved for months from her small business. It wasn’t much but it was everything to her.
One morning, she woke up to multiple debit alerts, someone had wiped her account clean. She had gone to the bank and complain, which the bank manager promised to investigate, weeks had passed and nothing seems to come back. Ogechi cried, not just because of the money, but because of the betrayal. She had trusted the banking system. The same system that now gave her silence in return.
Then immediately I thought about the Fintech of which I asked is it just about apps and algorithms? Or let’s say it’s trust and trust is currency.
Fintech is a short form of Financial Technology.
They are mobile or web applications that help people manage money using technology, instead of going to the bank or using cash all the time. Let’s call them money tools on phone that help to
- Save money
- Send or receive money
- Borrow or invest money
- Pay for things without holding cash often.
Common ones are:
- OPAY used to buy airtime/data, pay bills or send and receive money using your phone without going through all the bank process.
- Flutterwave is Africa-wide helps you to collect payments from customers online no matter their location.
- PiggyVest helps you to save money little by little and also helps you lock your savings so you are not tempted to spend it.
They are more of it but let’s work with this and know why fintech apps matter:
- In many parts of Africa, people do not have easy access to banks. Fintech apps are solving this problem by putting financial services right in people’s hands, using smartphones and the internet.
- They are faster, often cheaper and can be used anywhere, even in the villages, as long as you have a phone and a network.
Fintech industry are growing and evolving and we can see that they are more than just fancy apps and digital wallets. It’s something deeper and human.
Every financial solution will spark up a question that echoes in every petty traders, small business owners and even struggling student…. “Who Can I Trust With My Money” ???
TRUST
Honestly speaking almost all African financial system has trust issues.
For decades now many people have been surviving without banks, not because they didn’t want to save or go with the trend of bankers but because they had no faith in the process, they don’t trust the system.
Fintech apps are raising and rising like a breath of fresh air.
- Fast transfers.
- Low fees.
- Better user experience and finally I will say financial services will be in the hands of the people.
But even with that, one thing remains uncertain TRUST. It’s easy to build an app yet hard to build a trustable believe system around it.
The Data Dilemma.
Whenever we click “AGREE” on every form filled, every transaction made, every contact we shared we are handing over pieces of valuable information of ourselves. Our habits. Our choices and vulnerabilities to the public.
We give this Fintech companies are sensible data that can either protect us or expose us.
Monday is a 25 years young man who’s still joggling life and out of desperation one day downloaded a loan app at least he has been hearing about it and he decided that day to give it a try as he needed just $30 to buy malaria drugs and food for himself. Of cause he plan to pay back month ending if he receive his monthly payment from the site minimal job his doing which he eventually did, he paid back in full with interest.
Yet weeks later, he found his contact list messaged, his photo sent to random people, all because of a “late reminder” glitch.
Again, the issue wasn’t the loan. It was the abuse of data. It was the violation of dignity.
Fintech companies must remember that behind the information shared are dignity of people, great visions and dreams of people that should be protected. The Next Evolution must understand we are at a turning and shaping point that will truly transform lives not just to make noise.
This things must be set rightly:
- Transparent Trust : We need platforms that are clear, honest, and responsive. Customers should know where their data goes, how their money moves, and who to call when something goes wrong.
In today’s digital world, trust is no longer a luxury it’s a necessity. At the heart of every meaningful relationship, whether with clients, customers or communities, lies transparent trust. This means being open, honest, and consistent in our actions and communications but trust doesn’t end with words it’s should be reinforced by how we handle sensitive information and make everyone believe the system.
- Ethical Use of Data : Data should not be weaponized. It should be protected like gold. We need systems that don’t just collect, but respect what was shared. The ethical use of data is a critical part of this trust. It means respecting privacy, securing personal information, and using data only in ways that serve and empower the user, not exploit them. When people know their data is safe and used with integrity, they lean in with confidence.
- Emotional Connection :Fintech needs to feel human. We need more than apps we need empathy. Interfaces that speak our language. By showing genuine empathy, telling authentic stories, and understanding the real needs of our audience, we create bonds that last beyond transactions, we create real loyal and great connection of people.
Thankfully, some African fintech startups are getting it right.
- Always gives full visibility into every naira spent on their app, let they be no more surprises.
- Always allows users to delete all personal data with a single button when no longer needed and consent should be reversible.
- Build trust by educating users about their financial rights before offering them loans.
The Future Is Personal, future of fintech in Africa won’t be defined by who builds the flashiest app or who raises the most money.
It will be defined by:
- Who makes Ogechi feel safe.
- Who honors Monday’s dignity.
- Who treats data as a gift and not a weapon.
- Who understands that fintech is not just financial, It’s emotional.
At the end of the day trust is not downloaded, it’s earned.
And as we step into the next evolution of fintech in Africa, I hope we choose to build not just for profit but for people.
✓ If you are building in the fintech space, ask yourself today are you building trust or just technology ?
✓ If you are a user, don’t just download an app. Demand transparency, respect and dignity.
✓ And if this message stirred something in you, share it.
Let’s spark the conversation • demand better • build fintech that Africa can believe in.
