Using Flutterwave’s international growth as an example, Mayokun Owolabi, who leads Global Expansions and Payments Partnerships at Flutterwave, stressed the critical importance for developers to deeply grasp the preferences and behaviors of consumers in the regions they target, particularly when operating across diverse markets. During a discussion with Alex Onukwue, Nigeria Correspondent for Semafor, Owolabi pointed out that African users typically prioritize three key attributes in digital services: ease of use, cost-effectiveness, and rapid transaction speeds.
Owolabi explained that successful innovation must be grounded in familiarity. “Our approach begins with a thorough understanding of the country’s unique characteristics. We’ve found that people tend to stick with payment methods they recognize. So, even when introducing new solutions, we adapt them to align with what users already trust,” she noted.
When MTN launched its mobile money platform, Momo, in Ghana back in 2009, it quickly became the dominant player over the following decade. Flutterwave, aiming to enter the Ghanaian market, recognized the need for a well-thought-out strategy. They analyzed Momo’s pricing structure and chose to offer more competitive rates to attract users. “We intentionally introduced lower fees to demonstrate to Ghanaians that alternative options exist,” Owolabi shared. Additionally, Flutterwave increased transaction limits, enabling customers to perform a wider range of financial activities through their platform.
Owolabi also highlighted that entrepreneurs must look beyond just market presence when evaluating competitors. Crafting a winning product requires a sharp focus on addressing genuine consumer challenges, a deep understanding of local infrastructure, and a commitment to building trust, ensuring reliability, and delivering an exceptional user experience.
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