Nigerian entrepreneur Omotade Odunowo is one of the leading lights in Nigeria’s burgeoning Fintech space. Fets Limited, the company she founded in 2011, is a Central Bank of Nigeria (CBN) licensed mobile money operator that provides convenient, reliable and affordable online and mobile payment services. Fets’ flagship product, Fetswallet, allows users to send and receive money, pay for goods and services, airtime top-up and bills payment amongst other services through any mobile phone.
Tade holds a B.Sc. in Computer Science from the University of Ilorin and Masters Degree in Information Systems with focus on Information Security from Pace University, New York. A self-starter, Tade has over 19 years’ experience covering information security, information privacy and data protection, risk management, technical security consulting and security operations.
Prior to her appointment as the Chief Risk Officer upon joining FETS in the year 2012, Tade functioned in various capacities with Fortune 500 companies in the Financial Services Industry as well as in one of Africa’s leading Bank, focusing on information protection, risk management and privacy projects.
As the current Chief Executive Officer, Tade provides the overall strategic leadership, direction and guidance for the growth, expansion and diversification of FETS. A natural born leader, she coordinates a team of professionals in accomplishing the mission of the organization.
Tade possesses the Certified Information Systems Security Professional (CISSP) certification, as well as the Certified Information Privacy Professional (CIPP) certification.
Mobile money has grown rapidly in Nigeria. What is the appeal for Nigerians?
There is an alarmingly high number of unbanked Nigerians (as high as 80 million by some estimates) particularly in the more remote, rural areas. This is down to a number of reasons, including widespread distrust in traditional banking coupled with a lack of awareness and financial literacy amongst the population.
The problem is exacerbated by the very high costs of operating (and subsequent lack of) traditional bank branches. Mobile money platforms offer a gateway into the financial system for those without a traditional bank account, and have proven to be an attractive alternative.
This has come at a time when the government and the Central Bank of Nigeria have released various initiatives to encourage a cashless economy in line with their goal of being amongst the top 20 economies by the year 2020. Greater financial inclusion and security for consumers and reduced revenue leakage for corporates are amongst the aims of these initiatives. This has acted as a catalyst for the growth of mobile money services.
Amidst this boom of Nigerian mobile money operators, fetswallet is one of the most popular. To what do you attribute this success?
Things have certainly moved quickly! Fetswallet now has over 2 million customers that access the platform for various transactions such as: payment of bills, money transfers, airtime top up etc. We were founded in 2011 and by 2015 had processed transactions valued at 80bn naira. By 2016 we had grown the figure by 20%, which is projected to almost double by the end of 2017.