CBN Understands How Money Moves in an Economy, Should Regulate Fintech  -Co-founder, Paystack, Shola Akinade

Co-founder, Paystack, Shola Akinade






As financial technology has become the buzzword in the financial and banking industry today, the concern over who should regulate the sub-sector has continued to raise dust from financial technology experts in the country.

Among those who shared the belief that the fintech space should be regulated by the Central Bank of Nigeria [CBN] is the co-founder of Paystack, Shola Akinlade.

Akinade in an interview with financialtechnologyafrica.com said that the CBN should control the fintech space because of the financial activities that are involved in the financial transactions.

According to Akinlade the “CBN has been doing brilliant jobs when it comes to keeping this industry. The CBN understands how money works and how it ties to the part of the economy”.

He described Paystack as a payment company that helps merchants to collect payments from their customers.

“If merchants want to get on board very fast in less than 30 minutes, we have ways they can get paid in a jiffy. Consumers pay in different ways so we have aggregated everything together so that people can pay and we give merchants all the tools to grow their businesses”, he said.

Akinlade viewed technology as a tool that offers business opportunities and expansion, describing technology as what can be used to track transactions, and clients’ business activities.

“If you don’t pay attention to customers that pays you more, how then do you pay attention to such customer?

“When banks open up their data, companies like Paystack will help merchants understand this data, show them potential customers, help communicate to the customers, and a major advantages that will help the industry”, he said.

He affirmed the qualities of services Paystack renders to the merchants as what has been built into the company’s system.

“If you log on to Twitter account now, you will see many thank you notes based on effective services Paystack have rendered to the merchants.

“It looks as if we are doing our customers favours but it is not. We are only rendering good services. We are only providing simple platform for people to pay. Merchants love and appreciate it and consumers also enjoy the services”, he said.

Shola Akinlade and Ezra Olubi founded Paystack to create disruption in the online payments industry. The duo graduated from Babcock University 10 years ago and has worked on Precurio, collaborative software for businesses in emerging markets, which was downloaded over 150,000 times. It is available in six languages.