Drawing from Flutterwave‘s expansion into international markets, Mayokun Owolabi, who oversees Global Expansions and Payment Partnerships at Flutterwave, emphasized the critical need for developers to gain an in-depth understanding of their target demographics in each new region. In a conversation with Alex Onukwue, Nigeria Correspondent for Semafor, Owolabi highlighted that African consumers consistently value three main features in digital platforms: intuitive usability, affordability, and rapid transaction processing.
Owolabi elaborated that innovation thrives when it incorporates elements familiar to users. “Our strategy starts with a deep dive into the cultural and economic nuances unique to each market. We’ve observed that consumers tend to stick with payment options they trust, so even when rolling out new technologies, we tailor them to fit seamlessly within existing user behaviors,” she explained.
Take, for example, MTN‘s introduction of its mobile money service, Momo, in Ghana back in 2009. It swiftly established itself as the market leader over the years. When Flutterwave planned its entry into Ghana, the company carefully studied Momo’s fee structure and deliberately positioned itself with more attractive pricing to win over customers. “By offering lower charges, we aimed to show Ghanaians that viable alternatives were available,” Owolabi remarked. Furthermore, Flutterwave expanded transaction limits, allowing users to conduct a broader array of financial operations on their platform.
Owolabi also stressed that entrepreneurs should look beyond mere market share when assessing competitors. Developing a successful product demands a keen understanding of authentic consumer demands, the local payment ecosystem, and fostering trust through reliable, straightforward user experiences.