Adebayo Adedeji is the Group Chief Executive Officer of Wakanow, the renowned travel company that has revolutionised the industry. In this interview, he gives insight into the transformative journey of the company, his strategic approach, and the role of innovation in shaping the future of travel. Nosa Alekhuogie presents the excerpts:
Do you have a background in the travel industry?
No, I do not. My background is in finance. I started my career at EcoBank, then decided to pursue further education in Detroit. After that, I worked at Texas Instruments before moving on to Walmart, where I held positions in core finance and retail functions. Most of my time was dedicated to retail finance. From Walmart, I transitioned to Petsmart in Arizona and then to Amazon. Eventually, I joined Wakanow.
I have always had an entrepreneurial spirit. So, when the opportunity to come to Nigeria arose, it was an easy decision for me to leave the United States and return home to build a business. I had previously worked for some of the best companies in the world, including the largest brick-and-mortar retailer, the largest pet retail company, and the largest e-commerce company. Taking over a struggling company like Wakanow was a challenge, as it was facing issues such as unpaid salaries, financial setbacks, and a lack of profitability. However, we were able to turn the company around.
Now, we have achieved almost three years of profitability, with consistent growth of 147 per cent year-on-year. We have made remarkable progress in the business and have restored Wakanow to its position as the number-one company in the industry. Currently, I am focused on expanding our operations across West Africa and undertaking exciting ventures worldwide. We have plans to enter the US market, and we are already established in the United Kingdom and the United Arab Emirates, with a strong presence across West Africa.
Can you share what you did differently and what you think sets Wakanow apart from competitors?
Being customer-focused and having the ability to innovate on behalf of our customers is what sets us apart. Unlike anyone else in the market, we leverage technology extensively to deliver more value to our customers.
It is critical to share the history of Wakanow and tell the story well. The company was founded by two individuals who did an amazing job in terms of its vision. As with any evolving company, there comes a time when it needs to transition from a founder-led business to a professionally led one, and that is the phase Wakanow was going through. While professional help was necessary, it also required an entrepreneurial spirit. That is where I came in. Although I may not have had the most experience in the travel industry, I took a different approach by empowering our people. I believe that when you take care of your employees, they will take care of the customers.
Empowering our employees to provide excellent customer service has been one of my top priorities. We started conducting town halls, where I stand in front of the room every month, making commitments and ensuring they are fulfilled. For example, I made a commitment that salaries would never be late, and in my four and a half years with the company, we have always paid salaries on time, without exception. We even pay salaries on the 25th of each month. I also promised that if we achieved a certain revenue threshold, we would bring back the staff bus, and we did. Furthermore, I stated that if we reached another revenue milestone, we would provide free food in the office. Today, we have a cafeteria that offers breakfast, lunch, and dinner for free to our employees. We have also consistently paid a 13th and 14th month salary, and sometimes even a fifteenth month, due to the commitment and dedication of our employees to delivering excellence. Their trust in me as a leader, knowing I will fulfill my promises if they meet expectations, has enabled us to position the company successfully.
Now, let us talk about the customer. I believe that if a company takes care of its customers, the customers will take care of the company in return. We strive to be 99.9% accurate in delivering our services. I am known for being accessible and responsive. If a customer emails me or messages me on my number, I make it a priority to respond promptly. At Wakanow, no one can be bigger than the customer because it is the customer who pays us. This customer-centric approach has allowed us to reclaim the number-one position in the industry.
Regardless of one’s position within the organization, no one can overlook the importance of the customer. By focusing on delivering excellent customer service, we aim to get it right most of the time, if not all the time. We understand that the magic happens when we exceed customer expectations. The customer is our boss, and we will continue to prioritise their satisfaction.
How do you incorporate technology and digital advancement into Wakanow’s operations to enhance customers’ experience?
Sometimes, when we think of technology, we assume it is a complicated or massive undertaking. However, at Wakanow, we embrace technology in a simple yet powerful way. For instance, we utilise WhatsApp as a means for customers to reach out to us. The ease of being able to message us and receive a response is amazing. Although response times may vary depending on the time of day, we strive to ensure every customer query is addressed. This accessibility and responsiveness are part of our technological approach because we understand that our ability to innovate relies on our customers’ needs.
In addition to current technologies, we also anticipate future advancements. We stay prepared for the future while focusing on taking care of our customers in the present. As a retail business, it is crucial to make our services easily accessible to customers. That is why our website, stores, and customer service channels are available 24/7. We aim to provide multiple avenues for communication, including phone calls, website purchases, and chats through platforms like WhatsApp, Instagram, and Twitter. This accessibility is what we consider true customer access.
Another essential aspect is the ease of payment. We strive to stay ahead of technology by ensuring we offer every payment method that our customers prefer. In Ghana, for example, Mobile Money is widely used, and we have become leaders in Mobile Money collections through innovative solutions. We are even exploring the introduction of cryptocurrency payments where permitted. By the end of this year, the Wakanow group will have implemented 20-25 different payment methods. This diverse range of options ensures convenience for our customers and sets us apart as a technologically advanced company.
To drive our technological advancements, we have a dedicated team of twenty individuals who are continuously innovating and considering future market trends. Their focus is on improving our services for customers in each market we operate in.
At Wakanow, we understand that technology does not have to be complex. By utilising existing platforms and anticipating future advancements, we strive to make travel services easily accessible, provide diverse payment options, and stay at the forefront of technological innovation.
How has Wakanow been able to thrive seamlessly despite the challenges of internet connectivity in Nigeria?
Internet connectivity is gradually becoming more stable, thanks to advancements like ipNX. In our office, we have three cyber optics providers, which we can combine to achieve an impressive 95 per cent uptime rate. Additionally, we have established a remote location that can cater to demand if, by any chance, we encounter internet connectivity issues. These backup locations in Ghana and Dubai allow us to continue our operations smoothly. We have found that this multi-location approach works well for us.
To ensure uninterrupted availability to our customers, we have also expanded our communication channels beyond the internet. We understand that internet reliability can be a challenge, so we have introduced alternative channels, such as chat platforms and other non-internet-driven options. This enables us to remain accessible to our customers even when internet connectivity is unreliable.
Furthermore, we have travel centres where people can visit and conduct business with us. We recognise that sometimes relying solely on the internet is not ideal, and having physical locations allows us to serve customers in person. We strive to open new channels that operate independently of the internet, ensuring that we can deliver consistent service to our customers.
How do you manage challenges such as economic downturns, natural disasters, or global events that impact the travel industry?
We leverage technology again. We call it schedule change in our world and whenever there is a schedule change, we stay on top of schedule changes in the travel industry. We understand the importance of timely communication with our customers in such situations. Whenever there is a schedule change, whether it is due to a global event or any other reason, we immediately establish a task force to address the issue and ensure our customers are informed.
For instance, when Dubai suddenly closed its borders to travellers, we swiftly set up a task force and created a dedicated email address to handle customer concerns and inquiries. As a customer-centric business, our priority is to take care of our customers and address their needs. Because we are a client-driven business, the first thing we think about is taking care of the customer and we engage with the airlines to find the best possible solutions. We proactively keep our customers informed by releasing statements and updates regarding any developments that may impact their travel plans. While airlines often provide weather advisories more promptly, we collaborate closely with them to minimise the impact on our customers and ensure their well-being.
By leveraging technology and establishing effective communication channels, we strive to stay at the forefront of potential disruptions, promptly address customer concerns, and work closely with airlines to mitigate any inconvenience caused.
How do you handle financial risks, such as currency fluctuations or regulations in the industry? How do you navigate through these?
This brings me back to one of the key factors that define our business: financial discipline. Financial discipline entails understanding the market, positioning ourselves effectively, and ensuring that our liquidity remains unaffected. In the realm of finance, this is often referred to as controllership. By maintaining robust controllership practices within our business, we can easily plan and manage when faced with unforeseen challenges. It is important to note that 95-97 per cent of the money we collect belongs to the airline or hotel. As a travel agency, we are entrusted with collecting funds on behalf of our partners. Recognising this responsibility, we exercise the discipline to segregate and allocate 97 per cent of those funds each day. This ensures that we never put our business at risk, as we are only utilising the funds that rightfully belong to us. This practice, known as controllership, forms the foundation of our financial management.
Due to our adherence to controllership principles, we are able to respond swiftly to changes in rates. We can identify and adjust to these changes promptly rather than experiencing a delayed impact of several days. Additionally, in the markets where we operate, we primarily conduct transactions in local currency. Foreign currency transactions only come into play when we need to pay third-party entities such as hotels located outside the country. However, when it comes to airline tickets, we operate exclusively in local currency. Our deep understanding of the travel industry and ecosystem, coupled with our commitment to strong controllership, is further strengthened by our competent finance team, comprehensive training team, and diligent internal audit team. Together, they ensure that we meticulously separate the essential from the non-essential, consuming only what rightfully belongs to us.
What are your thoughts on the future of the travel industry, and how do you plan to position your agency for success in the coming years?
I think that we cannot talk about travel without mentioning the globe and the world. As Nigerians, we must begin to think about it, as the world is becoming a global village. One significant aspect that is transforming travel is the emergence of GenerativeAI. It is changing the way we think and interact. However, before delving into technology, we still face the challenge of connectivity in Africa. Interconnectivity within Africa remains an issue, but many people are tirelessly working to solve this problem and improve connectivity across the African continent.
Addressing the connectivity issue will enable us to increase travel. When it becomes easier to take flights to Angola, Zimbabwe, Botswana, Senegal, Ivory Coast, Dakar, or The Gambia, we will witness a significant boost in travel. For example, imagine being in Dakar and wanting to contact Wakanow but facing poor internet connectivity. However, knowing that you can still communicate with them through WhatsApp, TikTok, or even if Facebook is banned but knowing there are alternative platforms can provide a seamless customer experience. The future of travel lies in offering a 360-degree customer experience across various channels, whether it is WhatsApp, email, phone calls, or website interactions. When he can say hello to you on WhatsApp and say goodnight to you on Instagram is the future of travel.
In this integrated future, customers can purchase tickets not just within Africa but also from international origins like Berlin to London’s Heathrow Airport or from Heathrow to destinations like DFW or Washington. A concept known as NDC (New Distribution Capability) is revolutionising the travel industry. NDC allows for direct integration with airlines, providing access to global-level inventory. This means that even Nigerian players can compete on an international scale and expand their reach, generating significant revenue from customers worldwide. It’s a future where the travel industry becomes a global village, enabling seamless services and global business opportunities.
This is why the travel industry is so exciting—it has the potential to enhance our economy through direct linear growth. It generates employment, increases tourism numbers, and boosts both inbound and outbound traffic. These are the goals we aspire to achieve. When asked about the national carrier on Arise TV recently, I emphasised that it is not solely about having a national carrier. We should encourage more airlines to enter the market, increase capacity, foster competition, and make Nigeria a hub where people can connect to their flights. Just like in Atlanta or Amsterdam, where thousands of people connect, transact, dine, and shop, we can transform Lagos airport into a bustling hub. This vision represents the future—a world where Africa serves as the gateway to various destinations.
Can you discuss any financial partnerships or collaborations the company has established to support its growth or enhance its financial stability over the years?
For us, our collaborations with Flutterwave and Paystack have been invaluable. Additionally, we have established partnerships with Ecobank and FCMB, and we are currently working on various initiatives with Stanbic IBTC. These collaborations with banks have been instrumental in our operations. Furthermore, we have an upcoming collaboration about to go live with Lotus Bank, as well as another one with Fidelity Bank. It is important to note that we maintain friendly relationships with all banks and financial institutions, as our primary focus is to serve our customers and ensure their financial inclusion. Our collaborations within the financial industry are extensive, spanning across various banks in Nigeria and even beyond, covering all the markets in which we operate.
What is Wakanow Pay Small Small (PSS) product all about?
Our Pay Small Small product is now managed by our fintech arm, Kalabash54.com and this is how it works; let us say you want to go to London in August, but you do not have the full amount to book the ticket today. With Pay Small Small, you can pay 10 per cent of the ticket price to secure the fare. Kalabash54.comwill cover the remaining 90 per cent of the ticket value, but the actual ticket will not be issued yet. This gives you the opportunity to make payments gradually from now until August for the ticket you selected because the ticket will be issued in your name.
We have observed that customers find it convenient to pay 10 per cent upfront and then gradually settle the balance. This approach allows them to get the best fare and offers a more friendly payment structure. Pay Small Small enables customers to plan their travel without the need to pay the full amount upfront, making the process easier and more manageable. The Pay Small Small option is available for any product we sell, including visa fees, packages, and hotels. Kalabash54.com operates as a subsidiary of the Wakanow group, specialising in this payment solution.
