With the Flutterwave cross-border expansion as a case study, Mayokun Owolabi, Head of Global Expansions and Payments Partnerships at Flutterwave, highlighted the need for builders to understand consumers in the market they are building for, especially, when they are building across markets. In her panel session with Alex Onukwue, Nigeria Correspondent, Semafor, Owolabi said that African customers tend to want three things out of their digital products: convenience, affordability, and speed.

According to Owolabi, it is important to build around what is familiar to customers even when innovating. “What we do is, we first of all understand the local nuances of the country, and over time, observe that people will pay with what is familiar to them. So even if we come in with something brand new, we try to tailor it to what they already know,” she said.

In 2009, Momo by MTN, a mobile money service entered the Ghanaian market and dominated over the next decade. When Flutterwave wanted to enter the Ghanaian market, they recognised that they had to be strategic. Flutterwave considered Momo’s pricing, and leveraged lower pricing as a competitive edge. “We decided [to] come in with lower pricing,” Owolabi said, to show the Ghanaian market that there were alternatives. The fintech also came in with higher payment limits expanding what users could do with their service.  

Owolabi emphasised the need for founders to understand their competition beyond the market. A successful product strategy will need a clear focus on solving real consumer problems, understanding local market infrastructure, prioritising trust, reliability, and user experience.