Exclusive: Olu Akanmu’s Exit from Opay Unveils Clash of Visions within Chinese-Owned Fintech

…Former Co-CEO’s surprise departure reveals tensions between financial goals and brand perception

On July 31, 2023, Opay, the Chinese-owned fintech, witnessed a significant shake-up as Olu Akanmu, former co-CEO, stepped down after nearly two years, leaving industry insiders astonished amid the company’s remarkable growth.

A source with insights into Opay’s internal dynamics disclosed that Akanmu’s exit was fueled by a clash of visions with the company’s leadership. According to the insider, there was a distinct emphasis on numbers by the Chinese investors, overshadowing concerns about the brand’s perception.

Opay’s co-CEO structure, featuring Akanmu and Steven, reportedly saw Steven taking a leading role in shaping the fintech’s policies. Akanmu, leveraging his retail banking background at FCMB, aimed to boost Opay’s merchant business, including POS, agency banking, and wallets. However, internal sources revealed that Steven held greater influence over Opay’s overall direction.

Despite Opay’s exponential growth under Akanmu, several of his proposed initiatives, including a payment gateway and a “payme” account for one-time payments, were allegedly shelved. Moreover, his focus on social responsibility initiatives clashed with the investors’ relentless pursuit of numerical success. Akanmu’s departure sheds light on the inherent tensions between financial objectives and brand perception within fintech companies.

During Akanmu’s tenure, Opay witnessed substantial growth, boasting over 30 million users, 500,000 agents, and 100,000 merchants. The fintech, initially offering a super app model, transitioned to a sole focus on financial services in 2020, proving to be a formidable alternative to traditional banks during Nigeria’s currency redesign challenges.

Navigating Fresh Leadership and Regulatory Challenges

In the aftermath of Akanmu’s departure, Daudu Gotring, a former director at the Central Bank of Nigeria (CBN), assumed the role of CEO. This strategic move indicated Opay’s commitment to addressing heightened regulatory scrutiny surrounding its Know Your Customer (KYC) measures.

Opay faced increased regulatory scrutiny over its KYC processes, with allegations of unauthorized account openings. Neobanks, including Opay, simplified user registration to attract the unbanked, often compromising strict identity verification for basic account types. This lax KYC approach has raised concerns about fraud, leading to actions such as Fidelity Bank blocking transfers to Opay and other neobanks.