A Strategy for Growing a Fintech Startup (5)

The factors discussed below are stretches of what has been discussed in the effort to answer the five questions earlier highlighted as pertaining what’s needed to grow a FinTech in Nigeria; these factors are selected as the major factors:

Beating the Entry Barriers: there are factors that can sabotage any company’s growth even as early as it’s entering its market, these factors are common to any reason that have killed any company ever, and they include: lack of the needed resources, difficulties in gaining believe and trust, legalizations and licences to mention but a few. If a FinTech is stuck with any of these factors, there is no way it’s able to grow. If a FinTech needs a certain kind of human resources, even if they do not have the sufficient resources to afford it, they must find a way to get the human resources anyway—either as volunteering on IOU or on exchange of human resources with business friend of other businesses having such resources and needing another which they have but not necessarily using. The stories the FinTech we tells about itself and the stories their customers tell are the ways to have their population believing and trusting them; they function to grow only when they are believed and trusted. Every paper work is important, they cannot let a certain need of a legality or license sabotage their chances of growing; they must get all their papers done and ready for use anytime.

Bridging Every Gap Within: a FinTech aiming at growth must be consistent and religious about bridging every gap in their setting; they are as strong as their weakest unit, so every unit must work to perfect every other unit, not only to complement it. The growth of a FinTech is stunted if a unit lags or is not growing. This means to avoid not growing and to keep growing organically, they must adopt the strategy of reshuffling members of units; no unit is special than the other to make it amass all the high-performing members of the startup, every unit is important, so every unit must have the chance to have any member no matter how “more sensitive’ or “less sensitive” it is. Letting the best hands be in the “more sensitive” units is how other units get weaker, and their weaknesses define the strength of the whole company. The chances of growth and for organic growth are sustained when every unit are at their best at all times.