Africa’s fintech industry is undergoing rapid transformation, driven by a growing demand for seamless digital financial solutions, an increasingly tech-savvy population, and the urgent need for more inclusive financial services. As digital lending and embedded finance gain traction across the continent, both legacy financial institutions and emerging fintech startups are racing to meet evolving customer expectations.
At the Africa Tech Summit, we had the opportunity to speak with Nifemi Oluboyede, Chief Product Officer at Credit Direct Ltd., one of Nigeria’s pioneering financial institutions. For nearly two decades, Credit Direct has provided accessible credit to formally employed individuals, but now, the company is positioning itself as a fintech-driven institution, expanding beyond loans to offer investment products, digital wallets, and Buy Now, Pay Later (BNPL) solutions.’
In a highly competitive space, legacy institutions often struggle with agility and adaptability, but Oluboyede makes a compelling case for how Credit Direct is blending its experience with cutting-edge innovation to remain ahead. From embracing AI for customer engagement to entering new financial verticals, he shared how the company is evolving and what lies ahead in its journey.
“We’ve been around for 17 years, but you’d be surprised how many people still don’t know about us.”
Despite being one of the earliest credit providers in Nigeria, Credit Direct is still relatively unknown outside certain financial circles. While fintech startups are often in the spotlight for their disruptive models, established financial players like Credit Direct have built strong foundations and are now seeking greater visibility.
“This year, we’re stepping out of that shadow to showcase what we do—not just in Nigeria, but across Africa and beyond. Expansion is definitely on the horizon,” Oluboyede explained.
With African fintech companies rapidly expanding their services beyond their home markets, Credit Direct is making strategic moves to ensure its relevance in a new era of digital finance.
The Evolution of Credit Direct: From Salary-Backed Loans to BNPL & Investment Products
For years, Credit Direct’s business model was centered around salary-backed loans, primarily targeting formally employed individuals who needed quick access to credit. However, with financial inclusion efforts expanding and consumer behavior shifting, the company has broadened its services.
“More recently, we’ve entered the ‘Buy Now, Pay Later’ space,” Oluboyede shared. “At the start of this year, we also launched an investment product where users can earn up to 21% annual returns on their deposits.”
The company is also gearing up to launch a mobile app that will integrate its lending, investments, and digital wallet features. This app, developed in collaboration with its parent company, FCMB, will streamline customer access to financial services while offering an improved digital experience.
“We’re more fintech-driven than some startups.”
While startups are known for their agility and ability to innovate rapidly, many traditional institutions struggle with outdated systems and slow adaptation to market trends. However, Oluboyede believes that Credit Direct has found a way to merge its deep industry experience with modern fintech capabilities.
“There’s been a major shift in customer expectations. While we’re a legacy institution, I’d argue we’re more fintech-driven than some newer startups. We’re leveraging cutting-edge technologies, adopting agile methodologies, and striking a balance between our experience and modern innovations. It’s the best of both worlds,” he explained.
This shift enables Credit Direct to offer a strong blend of reliability and innovation—ensuring customer trust while also competing with digital-first lenders.
The Future of AI in Product Management & Financial Services
Artificial intelligence is rapidly transforming the financial services landscape, from automating loan approvals to enhancing customer interactions. Oluboyede sees AI as an essential tool for improving efficiency and delivering better user experiences.
“AI is here to simplify lives and improve experiences. The possibilities are massive. My advice is simple—don’t fear AI, explore it,” he emphasized.
At Credit Direct, AI is already playing a role in improving customer service.
“The quality of what you get from AI tools depends on the quality of data you feed them. We’ve built our own chatbot to improve customer service. It’s tailored to our business, allowing customers to interact with it and resolve issues in real time,” Oluboyede added.
Beyond chatbots, AI is expected to play a significant role in fraud detection, credit risk assessment, and predictive analytics, further strengthening Credit Direct’s ability to serve a broader range of customers.
Looking Ahead: What’s Next for Credit Direct?
With Africa’s fintech ecosystem growing at an unprecedented pace, Credit Direct is positioning itself for sustained growth and expansion. The company is focused on scaling its operations beyond Nigeria, launching innovative financial products, and leveraging AI to enhance its service offerings.
“We’re stepping out to showcase what we do—not just in Nigeria, but across Africa and beyond,” Oluboyede reaffirmed.
As the demand for financial services continues to evolve, Credit Direct is proving that legacy institutions can adapt and thrive in a digital-first economy. The future of African fintech isn’t just about new startups—it’s also about established players leveraging technology to redefine their industries.
Stay tuned for more exclusive interviews from the Africa Tech Summit, where we bring you insights from industry leaders shaping the continent’s tech and business landscape.
