Fehintolu Olaogun is the CEO & Co-founder of CredPal-a consumer credit platform that gives buyers the power of choice in how and when to pay, while at the same time assisting merchants in acquiring more customers to increase their sales.
Fehintolu is an entrepreneur with over 13 years of experience in results-driven leadership and a history of creating best-in-class business solutions.
He co-founded Exolve Technologies, where he then served as CEO. Prior to this, he had founded Tutor NG and later on, one of the co-founders of CredPal in 2018.
Fehintolu holds an M.Sc in information technology from the University of Lagos and a B.Sc. in Electronics/Electrical Engineering from Obafemi Awolowo University.
Dratech International celebrates Fehintolu Olaogun as one of the giants in the industry who, with her influence, has reshaped and strengthened the sector of Fintech.
This article goes in-depth into the achievements of Fehintolu Olaogun and her strong influence in the fintech space across Africa.
You might also like – Andrew Takyi-Appiah: Enabling international remittances as Founder of Zeepay
Fehintolu Olaogun`s Background
Fehintolu Olaogun is one of Africa’s most influential voices in the fintech ecosystem, having founded CredPal-the pioneering platform that is on a mission to revolutionize consumer credit access in Nigeria and beyond.
Having worked for many years in the strong fusion of technology and finance, Olaogun knew the predicaments faced by consumers and merchants alike in accessing credit.
His innovative leadership was committed to financial inclusion, and he has continued to strive to empower the underserved with flexible financing options.
What makes him special is the vision for mainstreaming consumer credit through technological innovation, enabling millions to improve their purchasing power and quality of life.
Shaping the Future of Consumer Credit in Africa
CredPal was founded in 2018 to be one of the fastest growing Buy now, pay later startups in Africa.
The business delivers a flexible payment option that allows African consumers to buy from merchants online and in-store while spreading payment over time.
This Buy now, pay later product help consumers purchase items that supplement or improve their lifestyle rather than offer them cash loans which really may not even be used for the purpose that it was borrowed.
This is a big deal because they are letting people know that financial buoyancy isn’t necessarily a determinant of credit access.
As a result, CredPal users enjoy more flexible purchase experiences, and these merchants are also empowered with the right tools to reach more customers achieve increased sales and business growth.
CredPal has revolutionized the African business by providing consumer credit access in a market where credit options were limited.
CredPal addresses the issue of limited financial flexibility, enabling consumers to “buy now, pay later” for essential products and services.
This not only empowers consumers but also helps businesses grow by expanding their customer base and driving sales.
Overcoming Challenges in Accessing Credit
With access and ease, the challenges vary from poor physical proximity to lending institutions to consumers with insufficient credit profiles.
But they’ve been able to level the playing field throug mobile apps, merchant partnerships with CredPal agents in stores, and referral programs.
It was on the premise that we wanted to mainstream consumer credit in Africa because of how cash-driven our economy was and improve the consumer spending lifestyle, which was more of pay as you earn.
Their flagship product, Buy Now, Pay Later, has transformed the lifestyle of over half of our users.
The ability to extend your finances beyond what you earn to purchase items that’ll improve your life is something that excites us.
Different barriers limit consumers, and three of them that we’re combatting at CredPal are access, depth, and ease.
Trends and Predictions
CredPal has over 85,000 active customers and over 4,000 onboarded merchants and has now raise debt financing and a bridge round totaling US$15 million to scale further.
Existing backers including Greenhouse Capital have participated in the bridge round, while new investors include Uncovered Fund, LongCommerce, First Circle Capital, and Adii Pienaar, co-founder and former CEO of WooCommerce.
CredPal will utilise the new funds to extend partnerships with merchants leveraging its recently deployed CredPal Pay, an omnichannel merchant suite that allows businesses of all sizes and categories to seamlessly BNPL.
CredPal Pay serves as a point-of-sale infrastructure that enables BNPL through various means – a credit payment link, checkout plugin, QR codes, and a transaction management system. This suite is redefining the point-of-sale experience for online and offline merchants as well as consumers.
Additionally, the funds will support the company’s expansion across Africa, starting with Kenya, Egypt, Ghana, and Cameroon.
The announcement also coincides with a new partnership with Airtel Nigeria to foster digital inclusion by allowing low and middle-income earners across Nigeria to access BNPL services to own smartphones and broadband modems.
A Visionary Leader in Fintech
Fehintolu Olaogun’s leadership and strategic vision have been instrumental in shaping the fintech landscape in Africa.
As the CEO and co-founder of CredPal, he has pioneered consumer credit solutions, making it easier for individuals to access credit in a market where such opportunities were scarce.
Olaogun’s forward-thinking approach is evident in CredPal’s “buy now, pay later” model, which empowers consumers while boosting business sales and customer acquisition.
His strategic focus extends beyond just providing credit; it includes creating a seamless and secure financial ecosystem that fosters trust between consumers and businesses.
Olaogun emphasizes technological innovation, customer-centric solutions, and partnerships to ensure CredPal’s scalability across Africa.
His leadership is characterized by a commitment to financial inclusion, ensuring that underserved populations can participate in the financial system.
Under his guidance, CredPal is not only expanding access to credit but also setting a new standard for fintech innovation in Africa.
You might also like – Francis Obirikorang: Transforming Africa’s Agricultural Sector as Co-founder of AgroCenta
Strategies for Expansion Across Africa
As much as debit cards and cash are still prevalent, there’s been an increase in lending companies offering different credit products.
This tells that the credit penetration is accelerating, which can only be because the demand exists.
From the trends in more recent users, younger African consumers are better educated about credit use and embrace all the forward-thinking ways of accessing credit.
This means that in the nearest future, Africa will be a continent where people understand the intrinsic value of credit to their lifestyle, the economic value, and most importantly, the other financial opportunities that it opens up for them.
By leveraging technology and merchant partnerships we’ll be able to completely use just purchasing power and shopping habits to drive consumer credit without going through all the stages we currently do to be able to offer credit to a consumer.
FAQs
What is CredPal?
CredPal is a consumer credit platform co-founded by Fehintolu Olaogun that allows individuals to “buy now, pay later,” making credit accessible in Africa’s underserved markets.
How does CredPal benefit businesses?
CredPal helps businesses increase sales by offering flexible payment options, allowing them to reach a wider customer base.
What is Fehintolu Olaogun’s role in CredPal?
Fehintolu Olaogun is the CEO and co-founder, leading the company’s strategic vision and fostering financial inclusion through innovative credit solutions.
How does CredPal promote financial inclusion?
By providing accessible consumer credit, CredPal enables more individuals, including underserved populations, to participate in the financial ecosystem.
Conclusion
Fehintolu Olaogun’s leadership at CredPal has played a pivotal role in reshaping Africa’s fintech landscape.
Through CredPal’s innovative “buy now, pay later” model, he has empowered both consumers and businesses by providing accessible credit solutions.
This approach promotes financial inclusion, allowing individuals to improve their purchasing power while enabling businesses to grow their customer base.
Olaogun’s strategic vision has not only addressed the gap in credit access but also paved the way for a more inclusive and dynamic financial ecosystem in Africa.
His work at CredPal continues to drive growth, innovation, and economic opportunities across the continent.
