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5 Years At Xpress Payments: 5 Lessons On Pain, Growth, And Success in The Fintech Industry

Five years of life as a human being is no mean feat. It is ridden by challenges, pains, tears, lessons, and growth. You should try to imagine what it is like; raising a child from birth till the moment that child is five years old. You must consider the pains of childbirth and multiple hospital visits. You must also not forget the sleepless nights and worried days the parents must have endured throughout that period. Not to forget the cost of feeding and the child's formal education. All of these physical, financial, emotional costs and sacrifices would have been involved in raising that child right until the age of five. These realities and even more, are likewise applicable to managing an organization. Xpress Payment Solutions is like this child who was born five years ago.




What is the process like for a five-year-old fintech business founded and based in Nigeria? Here are five lessons we have learnt on this journey in the past five years of operations, and we daresay these lessons apply to human living as well.


1. Challenges Are Normal, And In Fact, Expected


There's no life journey without challenges, so also is there no organization that has not experienced challenges in its journey. No finance startup in Nigeria and Africa at large is devoid of the peculiar challenges that confront the industry. For us at Xpress Payments, we have dealt with fluctuating government policies, lack of recognition and awareness, and human resource problems. For a new company in the fintech space, many partners and investors in the industry were initially sceptical of our offerings and pedigree, as they rightly should have been. We had to work extra hard to prove ourselves. Talent management in Nigeria, especially in the IT industry also proved to be a major obstacle we had to overcome.


As what we do is very technology-based, it was important for us to find the right hands to drive our vision forward. Some of these challenges we faced often caused a setback in the company's progress, but one lesson we have learnt in these five years is to always expect challenges. Challenges will come. What is most important is finding innovative ways to rise above such challenges, which we have been able to do so far.


2. Every Child Needs Support

The importance of the support of parents, relatives, and friends in the journey of life cannot be underestimated. For us at Xpress Payments, we must confess that we have enjoyed the gracious support of our partners over the past five years. We have partnered with the Nigerian Interbank Settlement System(NIBSS), major Nigerian banks, telecommunication agencies amongst others. This move was necessary for us to combat the level of scepticism we initially faced. It has also helped to drive company adoption as well.

3. Routes May Change

There's a popular saying that goes "The Only Constant Thing In Life Is Change". This rings very true for us as a fintech company in Nigeria. Over the years, we have had to modify some of our goals, plans, and systems in line with the realities on the ground. One of our biggest products, Agency Banking, has faced multiple modifications all in a bid to enhance its delivery. It is important for you as a person, and as a company to not be too set in your ways at the expense of growth. Change comes in different ways, sometimes even unexpected ones. What is important is that the vision remains sure and that you work towards it, irrespective of what path you take. Our vision to be the preferred choice for e-payments in Africa has not changed, but we have had to innovate and grow through processes to ensure that we reach that ultimate goal.

Change comes in different ways, sometimes even unexpected ones. What is important is that the vision remains sure and that you work towards it, irrespective of what path you take.

4. Growth Is A Painful Process

Every growing child looks forward to their adolescent years and so have we at Xpress Payment Solutions. This has however come at a great cost. Growth is painful and tough but is a necessary process. Our desire to become a critical force in the fintech industry has taken us through many twists and turns. Our three core pillars of innovation through technology, infrastructural development, and operational excellence have been our guiding light. Simpler and smarter financial solutions backed up by innovative technology has been our watchword. Growth may be painful, but that pain is necessary to reach your desired life and business goals.


5. Success Validates Hard Work

In these past five years of operation, we have been thoroughly grounded in innovation, service, and hard work. We have grown through challenges and to crown it all, we have reaped success. Our five years of existence from birth till now have been characterised by tremendous growth in both agent acquisition and transaction volumes and value. We currently process 5 billion Naira weekly in transactions, and our agent network is grossing 16,000 nationwide. Success for us in these past five years has been living proof of our smart financial solutions. In 2019, we were the fastest-growing company driving financial inclusion.


We were also the point-of-sale (POS) hardware vendor of the year. In 2020, we won the award for Africa’s most innovative e-payment brand of the year. We were also the payment terminal service provider of the year. 2021 gifted us the keenly-contested Next Bull’s Award for commitment to economic development and financial inclusion growth. These awards and wins have been a testament to our dedication and hard work and it is indeed evident that hard work pays.


A five-year-old child would not always remain a child. Someday, they would grow into adolescence, adulthood, and eventually old age. We at Xpress Payment Solutions look forward to this process as well and we are certain that the lessons we have learnt so far, would see us through the years to come.


A five-year-old child would not always remain a child. Someday, they would grow into adolescence, adulthood, and eventually old age. We at Xpress Payment Solutions look forward to this process as well and we are certain that the lessons we have learnt so far, would see us through the years to come.





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