Clowd9’s CEO Champions African Fintech Startups with Innovative Solutions
Clowd9‘s co-founder and CEO, Suresh Vaghjiani, has voiced strong support for African fintech startups during a recent commerce mission in Lagos. He highlighted a remarkable 90% reduction in card infrastructure costs, aimed at fostering local innovation and empowering startups.
Commitment to Affordable Payment Solutions
Speaking at the Mission of Commerce focused on fintech and sustainability, Vaghjiani emphasized Clowd9’s dedication to providing evolutionary and native payment solutions. These innovations aim to circumvent the expensive and limiting traditional systems dominated by major players like Visa and MasterCard.
Solving Real Problems in Nigeria’s Fintech Landscape
Vaghjiani noted, “What I see with Nigerian fintechs is a genuine desire to address real issues.” He criticized the high costs associated with conventional card networks and pointed out that Clowd9’s platform offers services at under 10% of the typical industry costs, making fintech more accessible.
Bridging Global Success to African Startups
Clowd9, responsible for powering leading fintechs such as Revolut, Monzo, and Starling, aims to replicate its European success within Africa. The company is focused on providing Nigerian startups with an adaptive infrastructure that supports local growth and paves the way for global scalability.
Addressing Cross-Border Transaction Challenges
During his address, Vaghjiani tackled ongoing challenges in cross-border transactions, particularly issues related to interoperability and regulatory frameworks. He underscored that Clowd9’s unified platform allows for seamless technical integration across regions, thereby simplifying the cross-border transaction dilemma.
Overcoming Regulatory Barriers
Despite technological advances, Vaghjiani acknowledged that regulatory hurdles remain significant, especially for Nigerian firms perceived as high-risk. “This perception can be damaging,” he remarked, noting that compliant Nigerian companies often face scrutiny internationally. However, he is optimistic about changing narratives, thanks to companies like Moniepoint and Ripple, which are proving the contrary.
A Growing Fintech Hub in Lagos
Vaghjiani was part of a British commercial delegation in Lagos, underscoring the city’s ascending role as a global fintech epicenter. Olatunbosun Alake, Lagos State Commissioner for Innovation, Science, and Technology, welcomed the delegation and praised substantial state investments in digital infrastructure while calling for deeper collaboration between British investors and Nigerian startups.
Building the Lagos-London Innovation Corridor
“We need to go beyond surface commitments,” Alake urged, emphasizing a collaborative approach to foster a robust Lagos-London innovation corridor. He believes that merging London’s expertise with Nigerian creativity can redefine the future of global technology, creating a transformative impact.