Michael Akintayo: Pioneering Nigeria’s Fintech Revolution with AI-Driven Solutions

Michael Akintayo, a dynamic leader in Nigeria’s fintech sector, has served as Sales Solution Manager at Fintava Technologies since 2021, where he drove remarkable growth in embedded finance solutions. With a knack for strategic partnerships and AI-driven innovations, Michael transformed sales strategies and set new benchmarks for performance.
Akintayo’s tenure at Fintava Technologies showcases the power of strategic leadership and innovation in fintech. His ability to exceed targets, leverage AI, and drive operational excellence has left a lasting mark on Nigeria’s financial landscape. As he looks to the future, Michael’s vision for inclusive, tech-driven finance promises to inspire the next generation of African innovators.
In this exclusive interview with MARY NNAH, he shares his journey, the challenges of scaling fintech solutions, how artificial intelligence is being used in fintech, the AI solution he developed and his vision for the future of financial inclusion in Africa.

Congratulations on being recognised as one’s of Nigeria’s top tech professionals. Let’s start with your time at Fintava Technologies. You led sales for embedded finance. What made that role so transformative for you?

Thank you. It’s an honour. Fintava was a game-changer for me. Leading the sales strategy for embedded finance wasn’t just about hitting targets; it was about building trust in a solution that was still relatively new in the market. I had to bridge education, innovation, and execution all at once.
What made it truly transformative was the impact we achieved: we grew sales by 45% year-on-year and built strategic partnerships that deepened our market presence by over 30%. I also had the chance to lead with autonomy, which helped me stretch beyond conventional sales roles.

What inspired you to join Fintava Technologies and focus on embedded finance?

I’ve always been passionate about using technology to make financial services more accessible. At Fintava, I saw an opportunity to bridge the gap for underserved businesses and individuals in Nigeria, where only 45% of adults have access to formal financial services, according to the Central Bank of Nigeria.

Embedded finance, which is integrating financial tools into non-financial platforms, was a game-changer. I joined in 2021 to lead the sales strategy, focusing on solutions that could empower small businesses and drive financial inclusion.

It was said that you consistently exceeded revenue targets at Fintava. How did you achieve that?

It was about combining data-driven decisions with strong partnerships. I led a team that analysed market trends and customer needs to craft targeted sales strategies. By Q2 2023, we exceeded revenue targets by 35%, averaging 20% above target quarterly.

Strategic partnerships were key. We increased market penetration by 30% by collaborating with e-commerce platforms and microfinance institutions. These partnerships allowed us to embed our finance solutions seamlessly, driving 45% year-on-year sales growth.

Beyond sales, you also led the development of AI-driven credit tools. Can you tell us about the AI-enabled credit profiling tool you developed?

Absolutely. One of our biggest challenges was loan approval accuracy and default management. One of our biggest challenges was loan approval inefficiencies. Traditional credit scoring often excluded small businesses with limited credit history. I spearheaded the development of an AI-powered credit profiling tool that analysed alternative data, like transaction histories and cash flow patterns.
Launched in 2022, it improved loan approvals by 35% and reduced default rates by 20%. The tool was a game-changer for clients, especially SMEs, and it strengthened our value proposition in the market. The AI-powered credit scoring system positions us competitively in the digital lending space.

That is impressive. AI is making waves across industries, and fintech is no exception. How is AI reshaping marketing within the fintech sector?

AI is fundamentally transforming how fintech companies engage with customers. It’s enabling hyper-personalised marketing at scale, which was unimaginable a decade ago. By analysing vast datasets, transaction histories, browsing behaviours, and even social media interactions, AI can predict customer needs with remarkable accuracy.
For instance, AI-powered tools like predictive analytics allow fintech firms to tailor marketing campaigns, offering personalised product recommendations, such as specific investment options or loan products, at the right moment. This not only improves customer engagement but also drives conversion rates.

Are there challenges fintech companies face when integrating AI into their strategies?

Definitely. One major challenge is data quality. AI models are only as good as the data they’re trained on. In fintech, where data comes from diverse sources like transactions, credit scores, and even unstructured data like customer reviews, ensuring high-quality, clean data is critical. Poor data can lead to inaccurate predictions or biased recommendations, which can erode trust.
Another challenge is regulatory compliance. Fintech firms must navigate strict regulations, like those from the SEC or the European Banking Authority, to ensure AI-driven activities don’t violate privacy laws or mislead customers.

You mentioned trust. How do fintech companies balance leveraging AI for marketing while maintaining customer trust, especially with concerns about data privacy?

Trust is paramount in fintech, where customers are sharing sensitive financial information. Transparency is key. Companies need to communicate how AI uses their data and provide opt-out options. For example, AI-driven fraud detection, which is a big part of fintech marketing, analyses transactional patterns to flag suspicious activity. Firms can market this as a value-add, showing customers that AI is protecting them. But they must also invest in secure AI systems that comply with regulations like GDPR or CCPA. Partnering with experts who understand both AI and fintech regulations, like those at Neontri, can help ensure compliance while maximising AI’s potential.

You also worked on customer retention and onboarding. That’s often overlooked in growth discussions. Why was it important to you?

Customer retention is where real growth lives. Retention is critical in fintech, where trust is everything, as I mentioned earlier. Before I joined the team, customers were churning after about six months, so I collaborated with the product team to design a strategy that personalised user experiences. By leveraging data analytics and customer feedback, we tailored solutions like flexible repayment plans and loyalty incentives. This extended the average customer lifetime from six months to a projected five years, significantly boosting long-term revenue potential.

That’s quite impressive. How did you improve operational payment performance for clients?

Every client had unique needs, so I focused on customised integration strategies. For example, we worked with e-commerce platforms to embed payment and lending solutions directly into their systems. This reduced transaction friction and improved their operational efficiency by 40%. It wasn’t just about selling a product; it was about understanding their pain points and building solutions that fit seamlessly into their workflows.

You reduced onboarding time for sales associates. How did you manage that?

Training new sales associates was taking too long, which slowed our growth. I designed a streamlined training program that combined hands-on workshops, e-learning modules, and real-world simulations. By focusing on practical skills and product knowledge, we cut onboarding time by 40%. This meant our team could hit the ground running, improving overall sales performance and client satisfaction.

What challenges did you face in Nigeria’s fintech space, and how did you overcome them?

Nigeria’s fintech ecosystem is vibrant but challenging. Regulatory hurdles, like compliance with CBN’s evolving policies, can delay product launches. Internet penetration, at about 50% according to NITDA’s 2023 report, also limits digital adoption. We overcame these by staying agile, constantly adapting to regulations and building offline-capable solutions. Our partnerships with local telcos also helped us reach customers in low-connectivity areas.

Looking back, what moment are you most proud of at Fintava?

Winning “Best Intrapreneur of the Year” in 2022 meant a lot. It validated the risks I took proposing new tools, driving change, and challenging old sales playbooks. That award was a validation of my approach, thinking like an entrepreneur within a corporate structure. It recognised my ability to drive innovation, like the AI credit scoring system, while aligning with Fintava’s goals. It also motivated me to keep pushing boundaries, whether through new tools or smarter strategies, to create a lasting impact.
But honestly, the proudest moments were watching junior team members step into leadership roles because we created space for growth together. That’s the legacy I care about.

Looking ahead, what trends do you see shaping the future of AI in fintech marketing?

We’re moving toward agentic AI systems that don’t just analyse data but act autonomously to optimise marketing strategies. Imagine an AI that not only identifies a customer segment but also designs and launches a tailored campaign in real time, adjusting based on live feedback. We’re also seeing a shift toward multimodal AI, which integrates text, images, and even video to create immersive marketing experiences. For example, AI could generate a personalised video explaining a financial product, increasing engagement. Finally, ethical AI will be critical. Over 100 AI experts recently signed a letter urging responsible development to avoid unintended consequences, and fintech marketers will need to prioritise this to maintain trust.

What’s your vision for the future of fintech in Africa?

Africa’s fintech market is projected to reach $65 billion by 2030, but we’re still scratching the surface. I envision a future where embedded finance is ubiquitous; every small business, from Lagos to Kigali, should have access to seamless payment, lending, and savings tools. This requires better digital infrastructure, stronger cybersecurity, and policies that encourage innovation. We also need to prioritise financial literacy to drive adoption.

What advice do you have for fintech startups aiming to scale?

Focus on solving real problems and building scalable, adaptable solutions. Our AI tools, for instance, were designed to work across markets with minimal tweaks. Also, invest in data analytics; it’s the backbone of personalisation and growth. Finally, don’t underestimate partnerships. Collaborating with platforms like payment gateways or telcos can expand your reach and credibility, especially in new markets.

How can African governments better support founders in the technology space?

The government needs to stop talking and start doing. Firstly, they need to start fixing infrastructure: reliable electricity and affordable internet. Then they must back local innovation through policy, funding, and trust. A national KYC identity system, for example, would make onboarding users for platforms much easier. Also, we need more tech parks, tax incentives, and research grants outside cities like Lagos and Nairobi. The talent is there in the country; the government must provide an enabling environment for the talent to shine and maximise opportunities.

What’s next for you professionally?

I’m exploring an opportunity currently and partnering to launch my fintech venture, focusing on AI-driven financial inclusion for rural areas across Africa. The success of our credit profiling tool at Fintava showed me the potential of alternative data in underserved markets. Also, I’m also passionate about mentoring young professionals. So, I will be advocating for policies that support innovations and young professionals. My goal is to build solutions that empower millions across Africa and beyond.