Co-founded by Fara Ashiru and David Peterside in 2019, Okra initially began as an API provider that allows the real-time exchange of financial information between customers, fintech applications, and banks. However, as is the current trend among open banking startups, Okra has also begun providing payment APIs to businesses in diverse sectors such as finance, e-commerce, and insurance, among others. Okra is also a payment checkout option on GooglePay.

The company has focused on the Nigerian market for four years, but it is currently working to expand to South Africa and Kenya.

Okra is governed by a board of directors and executively led by Ashiru, who was previously a software developer before the startup was founded, and wears two hats—chief executive officer and chief technical officer. She explained to TechCabal that she currently holds both roles because as an infrastructure provider, “Okra’s business vision and the technology are closely intertwined, and often blurred into each other.” However, she looks forward to having someone else join the team and take on the CEO reins in the near future. 

Ashiru’s co-founder, Peterside left his office as chief operating officer in 2022. Now every executive team lead directly reports to Ashiru. The leads include Bodunrin Akinola (head of people), Gbenga Oyedele (senior financial analyst),  Abiodun Oni (business development lead), Dayo Fasan (customer success lead), and Habib Akinpelu (senior legal counsel).

This TechCabal org chart details the leadership at the startup.

According to Roam, the partnership also increases the transition to electric motorcycles from traditional motorcycles. Motorcycle riders, popularly known as boda boda riders, are expected to increase their daily earnings by 30%. 

Roam told TechCabal that it is the largest provider of electric motorcycles putting out the largest volumes in Nairobi targeting boda boda riders and B2B providers. For riders participating in the deal, Mogo will offer financing at a rate of KES 25,000 deposit, and a daily repayment of KES 682 for 24 months. The package includes a motorcycle, battery, charger, and two helmets and vests.

“At Roam, our mission is clear, we want to provide the best and most affordable electric motorcycle to the market and Mogo is a great partner in accelerating that mission,” said Mikael Gånge, Co-Founder and Chief Commercial Officer of Roam.

Kenya boasts of about 3 million boda-boda riders according to James Macharia, the minister of transport. The United Nations also estimates that about 5 million Kenyans get their income from riding motorcycles. However, the Kenyan government is keen on converting most of the fuel-based motorcycles to electric.

President William Ruto had on September 1, 2023, launched a national e-mobility programme which has three-wheeled tuk-tuks, or auto rickshaws the focal point of a transition to green transportation. Kenya’s National Transport and Safety Authority (NTSA) plans to convert 2-3 million boda bodas to being electric by 2030.  

Raul Leitis, business development project manager at Mogo said the deal with Roam will go beyond Kenya to the rest of the continent and electric motorcycles will surpass fuel motorcycles in no distant time. 

“We see that the electric motorcycle market is ever expanding and with Roam’s innovative products that enable customers to not only charge at home but also at the Roam Hubs, we believe the electric motorcycle market will eventually become larger than the petrol one,” Leitis said. 

Babatunde Akin Moses, Mayowa Adeosun, and Onyinye Okonji co-founded the startup in 2019. Governed by a board, three co-founders lead the Sycamore team who refer to one another as Sytizens—a play on Sycamore and citizen.

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The CEO is informed by three key executives: Daniel Anyaegbu (CTO), Kingsley Makinde (head of product), and Adebayo Adenaike (head of investment). Adeosun, the COO, manages a team including Mercy Dada (head of risk), Segun Afuwape (head of collections), Elizabeth Oyelae (head of finance), and Chukwuemeka Ikpa (head of internal control). Meanwhile, the CCO, Okonji, leads Mojisola Fagbohunlu (head of marketing), Francis Agim (head of sales), Adewunmi Awofadeju (head of customer experience), and Atiti Timi (Head of HR).

This TechCabal org chart details Sycamore’s leadership structure.

If you would like to showcase the leadership structure of your startup in this way, contact the author of this article: ngozi@bigcabal.com.

Since its launch in 2020, Bamboo has announced $19.4 million in VC investment from investors like Greycroft, Tiger Global, Motley Fool Ventures, Saison Capital, Chrysalis Capital, and Y-Combinator’s Michael Seibel.

The co-founders are Richmond Bassey and Yanmo Omorogbe.  Bassey steers the ship as CEO, focusing on the long-term vision and strategic direction of the company. Richmond Bassey CEO. His direct reports aside from Omorogbe,  chief operating officer (COO),  include George Imoedemhe, head of product & engineering, and  Dubai-based Oleg Medvedev who is head of design.  Meanwhile, Omorogbe, chief operating officer (COO), is in charge of the company’s day-to-day operations.

All team leads: Damilola Akinyemi (head of finance), Ebi Wanapere (head of platform), Jennnifer Abah (head of customer experience), Misan Omagbitse (head of people), and Oluwakemi Idowu (head of legal) report directly to her.

This TechCabal Org Chart details Bamboo’s leadership.

If you would like to showcase the leadership structure of your startup in this way, contact the author of this article: ngozi@bigcabal.com.

In 2010, a report by the National Financial Inclusion Strategy (NFIS) revealed that out of 39.2 million financially excluded individuals in Nigeria, 54.4% were women. This alarming statistic prompted the rise of fintechs aiming to bridge this gap, among which Herconomy emerged as a “female-focused” fintech startup.

Herconomy’s roots trace back to the “AGS Tribe”, a community launched following the acceptance of Accessing Grants for Startups, a book authored by Ife. The book contained information on how to access grants, fellowships and scholarships. According to Ife, more people asked about new opportunities which led to the need to form a community for easier means of communication and sharing opportunities.

The community’s growth led to the development of an app for hosting savings challenges, marking the company’s pivot to financial services when integrating a savings API proved challenging. “I am a solo founder but I’ll say our community started Herconomy,” Ife said.

With an overall size of 23 staff members, the company operates a hierarchical structure, with Genevive Obi as the Chief Operating Officer (COO) and Dolapo Sanusi Ola as the Chief Financial Officer (CFO). Both report directly to Ife Durosinmi-Etti, founder and CEO. Genevive, who has experience in business operations, partnership growth and relationship management, shapes the company’s strategy. She manages performance and oversees annual operations planning. Dolapo, also a co-founder of Nest Agribusiness and Technologies, oversees Herconomy’s financial operations. 

The structure includes middle management, with Gbemisola Araba serving as the People Operations Manager. Gbemisola served as a Human Resources officer at Herconomy between 2020 and 2021. Anu Oyeleye, who has previous experience as a product management consultant at Begine Fusion and as a product marketing analyst at Access Bank, is the Product Manager at Herconomy. Both report to Genevive(COO) and Dolapo (CFO).

“We also have supervisors reporting to their managers, and at the operational level, staff who report directly to the supervisors,” Ife explained.

Driven by the belief that the community’s input is instrumental in shaping its path, Herconomy lives by the mantra “the community calls the shots,” as affirmed by Ife.

This TechCabal org chart details the leadership structure of Herconomy.

If you would like to showcase the leadership structure of your startup in this way, contact the author of this article: towobola@bigcabal.com.

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Jude Dike and Temitope Ekundayo founded the investment platform in 2021. Chigozirim Ugochukwu, a risk and compliance expert, joined the co-founding team in January 2023. Before joining the team, she informally advised the company at a time when a viral article questioned the legal compliance of the crowdfunding the startup facilitates. She is currently the chief operating officer (COO) of the startup, and she reports directly to Dike, the chief executive officer (CEO). Ekundayo is head of growth and also reports to the CEO. 

The startup claims to have about 15 staff including the cofounders. There are no team leads by title. However, some team members are often counted on to make strategic decisions for the company.  

This TechCabal org chart details the leadership structure of GetEquity.

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If you would like to showcase the leadership structure of your startup in this way, contact the author of this article: ngozi@bigcabal.com.

Strategy sets the course for startups, but without team alignment and pragmatic action, a business will fail. After ten years of building capacity for thousands of entrepreneurs in Africa, Asia, and Europe, the one thing I know to be true is that smart-thinking founders who favour pragmatic action and team alignment over everything else win.

Starting, running, and growing a successful business is not an easy feat. Founders navigate the first year facing the dreaded statistic of a 70% potential failure rate. If a startup is lucky enough to make it through the first year, the chance of not making it drops to 35% by year three.

The cruel truth as to why so many emerging businesses die? Poor execution, bad execution, and focusing on the wrong thing to execute rank high among the reasons. But there’s a lot that founders can do about this. 

Execution is a competitive differentiator

In a volatile, uncertain, unpredictable world, strategies too often live on a server somewhere. Having an idea is the easier and less valuable part of the business. Marshalling the resources and humans needed to execute the business strategy is a completely different story. This is the hardest thing to do in business, which is why founders who have teams that nimbly execute well on strategy harness a major competitive differentiator. 

Clearly defining the roles and responsibilities in a fast-moving, growing business is masterful. Ensuring that the metrics, targets and rewards are in place to empower this is important. Great communication is the lubrication that turns strategy into united action. Not every company excels at communication, people management, and culture. Which is why execution is hard.

Founders set the tone

Outsourcing execution is disastrous – about as disastrous as trying to get someone else to realise your dreams or to live your life for you. And when it comes to execution, founders are the leaders who set the tone and create the culture that supports this.

Founders and CEOs shape the flow on a Monday morning for how the rest of the week will pan out. Leaders set the tone with a new client when we sign the deal. And we set the tone with our team when the chips are down. Accepting how much we as founders set the tone for the present and future, is how we change this.

Rituals and rhythms

What helps good communication and activates action in teams are the rituals and rhythms of good leadership, communication, and project management. In business, feedback is the breakfast of champions and regular rituals that champion and measure execution are a massive difference maker. Companies that make the time to properly execute project management and enable an adult culture where teams take accountability, innovate, and own things go a long way to building businesses.

I asked Mamela Luthuli, a leader in the technology industry—the best trailblazers I know when it comes to leadership and execution—what her secret to execution is. This go-getter recently won the IT Personality of the Year Award from the Institute of Information Technology Professionals South Africa for her achievements. 

Luthuli told me, “Execution is when the rubber hits the road. The best way to execute is to keep it simple and actionable. It is also important to be an example to your team because they will follow suit by becoming doers.”

“Execution works hand in hand with strategy — the real trick is to ensure that everyone buys into the strategy and is aligned about what needs to get done in the business,” she adds. “Execution needs great leadership with effective communication. Leaders must communicate the purpose and vision of a company convincingly and consistently. This isn’t a once-off but is a process. It is something you do repeatedly to get buy-in from your team. To drive great execution, communicate clearly and create a culture of getting things done on time and done well.”

Execution is a people thing; it is about culture and relationships. When founders get this consistently right it becomes a compounding force that truly scales sustainable businesses.

Catherine Young is the founder of Thinkroom Consulting and Managing Partner of Grindstone; and Grindstone Ventures. As the founder of Thinkroom, Young is involved in entrepreneurial ecosystem development across Africa and has grown businesses in Southeast Asia and the UK. An SME ecosystem influencer in Africa, Young works with clients in the space of entrepreneurship development across the continent.

Fatokun has extensive experience as a board member and board chair, having served on more than five boards in the last decade. He is the chair of United Capital’s audit and governance board. 

During his time at CBN, he led initiatives such as the Cashless Nigeria Initiative, the Bank Verification Number (BVN) project, and the Treasury Single Account (TSA) for the Federal Government. He also led efforts to automate foreign currency payments for the Central Bank’s internal and external customers.

The fintech has also appointed Tosin Faniro-Dada, a partner at Breega, an early-stage VC fund in Europe and Africa, as an independent non-executive director.

“As a company, we’ve gone through different organisational changes in our growth journey, but one thing remains steadfast – our commitment to maintaining the highest regulatory and operational standards,” said Olugbenga Agboola, the CEO and Founder of Flutterwave.

Their appointments come three months after Flutterwave appointed five new executives across its risk, compliance, and expansion departments. Two weeks ago, Flutterwave also added a new board member, Nigerian architect Olajumoke Adenowo, as part of its efforts to drive its international expansion strategy. 

“The company plays a vital role in the fintech ecosystem across Africa. I’m looking forward to supporting the company’s goal of being a model fintech company that advances payment innovations while upholding the highest regulatory and compliance standards,” Fatokun said in a statement.

The merger, subject to regulatory approval, will allow Interswitch to create accounts and hold customer deposits, making it the first time the fintech would offer non-payment services. This follows the fintech’s acquisition of a mobile virtual telecoms licence.

“The PSB use case for these companies (payment companies) is the same: to keep some float of their transaction volumes in-house and consolidate on their already established strengths,” an industry insider told TechCabal. 

“A PSB is the sensible consolidation for them (Interswitch) even if it means they bank themselves,” he added. 

Interswitch declined to comment on any part of this story.

With the PSB licence, Interswitch, which brought in $42 million in revenue for its 2023 fiscal year that ended March 31, will be able to receive foreign currencies for its customers and directly offer agency banking services.

Nevertheless, Interswitch has to offer innovative services to convince Nigerians, famous for user inertia, to use its remittance or agency banking services. Interswitch’s tenured presence in Nigeria, where it derives 94% of its revenue, would be useful.

The CBN introduced regulations for payment service banks in 2018 with a remit to increase financial inclusion in rural. Those license holders are to offer 25% of physical activity in “rural areas with a high unbanked population.”

Interswitch, which derives most of its revenue from offering services to its banking customers, will have to invest in a nationwide physical network of agents. 

Mobile money operators are also limited from participating in the revenue-driving segments of other banks, as they cannot directly give out loans, hold foreign currency deposits or participate in foreign exchange transactions except for receiving remittances. These restrictions severely affect the attractiveness of PSBs in Nigeria.

“It’s been a cocktail of highs, lows, victories and failures, hitting milestones, losing milestones, all wrapped up in a story of resilience with the ultimate satisfaction of solving payment problems for our customers,” Abifarin wrote in a LinkedIn post on Tuesday. 

Her resignation comes after other high-profile employees like Oneal Bhambani, the former chief financial officer, and Ted Oladele, a former vice president of design and innovation, left the company in recent months. Jimmy Ku, the company’s head of growth for the United States, also left the company in February. 

Abifarin joined Flutterwave after 15 years at KPMG Nigeria, where she was an associate director. With almost two decades of experience, she built Flutterwave’s operations, including internal processes, as it attained unicorn status and helped steady the ship through a series of allegations against its leadership in 2022.

“Since our inception, Bode has been the heartbeat of our operations, infusing her passion and dedication into every aspect at Flutterwave,” Gbenga Agboola, Flutterwave’s CEO, said in a LinkedIn post. She will “continue to nurture new businesses” and “focus on building, teaching and education,” after leaving Flutterwave. 

Abifarin’s exit comes as the payment giant touts itself as an IPO candidate with a rumoured listing that has been in the works since 2022.

Although the recent exit of high-profile employees raises questions about these stock listing plans, the startup has made progress on other fronts. After a tumultuous fraud allegation by Kenyan authorities, Flutterwave has been cleared of financial impropriety in the East African country, which threatened to dent its reputation. The startup also hired five new executives across its risk, compliance, and expansion departments one month after Bhambani left the company. 

Two weeks ago, Flutterwave also added a new board member, Nigerian architect Olajumoke Adenowo, as part of its efforts to drive its international expansion strategy. The startup is also reassessing its product strategy. Last year, it relaunched its international remittances product, Send App, and launched other offerings to help local businesses swap international currencies. Last week, the company shut down the struggling Barter, a virtual card and international payments service it launched in 2017, as it trimmed its focus on the more successful Send App, which has fueled growth.