Vision, Strong Leadership: The Success Journey of Adewale Akinrinde in Banking Innovation

Frank Kintum

After over a decade of steering groundbreaking financial inclusivity innovations in Nigeria, it was time for Adewale Akinrinde, who had earned a bachelor of Science degree in Mathematics from the University of Ibadan, Nigeria, to move to the United Kingdom where he continued his academic pursuit of excellence to earn a certificate in International Retail Banking from the Retail Banking Institute, London. He later moved on to the United States of America, where he obtained a Master’s Degree in Business Administration at the Quantic School of Business and Technology, Washington DC in 2021 and the following year, he bagged another Master’s in Product Management at Maryland Institute College of Arts, Baltimore, Maryland. This rare combination of skill upscaling in quantitative analysis, strategic thinking, and creative design helped to shape and sharpen a unique leadership style that blends technology and empathy, products and people.

Adewale Akinrinde’s name has become synonymous with groundbreaking progress in financial inclusion, particularly for underserved populations in Africa. A mathematician by training, and a strategic thinker by instinct, his journey from the University of Ibadan to the global stage is a compelling story of leadership, empathy, and innovation reshaping the banking landscape.

Armed with a B.Sc. in Mathematics from Nigeria’s premier university, Akinrinde charted a global path of continuous learning—earning a Certificate in International Retail Banking in London, an MBA from the Quantic School of Business and Technology in Washington, D.C., and a Master’s in Product Management from the Maryland Institute College of Art in Baltimore. This rare fusion of analytical, strategic, and design-thinking skills shaped his signature leadership style: bold, human-centered, and impact-driven.

But it was in 2012, at 36 years that Akinrinde made his indelible mark on the Nigerian banking industry. Appointed as Project Manager and Strategy Head for the Underbanked Special Project at Diamond Bank (now Access Bank Group), he did more than manage a project—he catalyzed a movement.

Under his leadership, BETA Savings was conceived and launched—a revolutionary banking product designed to integrate Nigeria’s most financially excluded—informal sector operators, particularly low-income women and petty traders. This segment had long been overlooked by traditional banking models. But Akinrinde’s vision was clear: banking should serve everyone, not just the privileged few.

At the heart of BETA Savings was Akinrinde’s innovative thinking. He mobilized technology, agent networks, and human-centered design to reach people where they lived and worked—through a trusted model known as “BETA Friends.” These agents, equipped with mobile devices, onboarded customers remotely, enabling account creation, deposits, and withdrawals right in their markets. A debit card, access to ATMs and POS, and a low-cost digital core banking system completed the inclusive offering.

The results were nothing short of transformative. Over one million new customers onboarded within a year, more than 2,000 women employed as new agents, and $170 million mobilized in deposits. Beyond numbers, BETA Savings redefined what financial inclusion could look like. Under Akinrinde’s leadership, the banking became not just about service provision but a pathway to economic empowerment of millions of people.

His leadership style—collaborative, mentorship-driven, and insight-rich—created ripples far beyond his immediate team. He built strategic alliances, attracting over $1 million in grants and securing partnerships with international institutions like EFInA and Women’s World Banking. These alliances weren’t just financial; they were validations of his vision on a global scale.

Implementing BETA Savings was no easy feat. Akinrinde confronted Nigeria’s complex socio-cultural terrain—over 250 ethnic groups, linguistic diversity, and widespread low literacy. Yet, his resilience and empathy helped him shape messages that resonated across communities. Through custom-built facilitation manuals, real-life case storytelling, and culturally relevant communication, his team earned trust where banks had never ventured before.

For Akinrinde, product development was never about technology alone—it was about impact. He built a system that empowered people to save consistently, access credit, and plan for the future. He inspired a generation of banking professionals to look beyond transactions and focus on transformation.

“My vision is to lead a financial services firm truly dedicated to lifting up the wealth of low- and lower-income individuals globally,” he declared at an industry event in 2013. This mission still fuels his work today in fintech, social enterprise, and global product innovation.

His contributions to the financial sector have earned his accolades and recommendation nationally and internationally. Jennifer McDonald, Senior Vice-President, Investments Cycle Momentum, Canada, once described Akinrinde as an asset to the financial technology industry, with groundbreaking contributions that have directly advanced financial inclusion and the accessibility of digital financial services in developing countries in Africa with application to the United States.

She said: “I followed the career of Adewale Akinrinde, especially the groundbreaking BETA project which he implemented in the financial sector of Nigeria while I played an independent supervisory role as the Saving Manager and Director of Product Development and Strategic Advisory at Women’s World Banking. Over the course of his career, Adewale Akinrinde has demonstrated an ability to address complex issues of financial accessibility, playing a significant role in innovation in delivery of financial services to lower income populations, making him an invaluable contributor to the financial technology field.”.

His fascination with finance was not just academic. Even as a young man, he saw the power of financial systems to transform lives. “I believe finance, when combined with technology, is one of the most powerful tools for lifting people out of poverty,” he often says. This belief became a lifelong mission.

His vision to lead a financial services firm truly dedicated to lifting up the wealth of low- and lower-income individuals globally, continues to drive his work in fintech, product design, and social enterprise. For Adewale Akinrinde, success is not just measured in numbers, but in lives impacted. His belief is simple yet profound: “Whatever is important, you will find time for it.” He teaches that we are all leaders—if only we learn to lead our lives first, then others will follow. He maintains that his legacy remains “a financial system that leaves no one behind.”

Apart from product innovation, Adewale Akinrinde is widely respected by his peers for his leadership style—an empowering blend of strategic foresight, mentorship, and collaborative vision. He has cultivated a culture that values curiosity, cross-functional collaboration, and agility.

Akinrinde’s legacy stands above creating successful and innovative banking products—it is a mindset shift within the industry. He proved that when banking is centered on empathy, inclusiveness, and local understanding of the needs and challenges of ecosystem, it transcends beyond gaining customers to changing lives.

His dedication to financial inclusion has been a consistent theme in his career, with the creation of programs and tools that have revolutionized how marginalized populations access banking services.

His work with BETA Savings set a benchmark for sustainable financial inclusion in emerging markets, blending digital innovation with human connection. Today, as he continues to influence financial ecosystems worldwide, Adewale Akinrinde stands as a powerful example of what visionary leadership and innovation mindset can deliver.

Kintum is Editor, Transport Day Media