Oscar Ede is a seasoned banker, financial expert, and manager with over 16 years of professional journey spanning financial institutions like EcoBank, Heritage Bank, UBA, and Page Financials, I’ve honed my craft in banking, sales, marketing, strategic development, financial analysis, and mentoring. My passion lies in identifying pivotal actions to cut costs, amplify quality, bolster margins, and drive revenue growth.
Currently, as the Chief Operating Officer and Co-founder at Capival Investment, a leading financial institution based in Nigeria leveraging technology to drive financial inclusion, Ede is steering a paradigm shift in the industry. At Capival, Ede is not just redefining the financial landscape; but fostering a culture of innovation and empowerment.
His role extends beyond operational leadership; it encapsulates a commitment to spearheading technological advancements that democratize financial access while empowering diverse segments of society. Known as ‘Prof’ in professional circles, Ede led teams, pioneered innovative departments, and consistently driven business improvements. His journey showcases a relentless pursuit of excellence in the financial sector, driving growth, fostering exceptional team performance, and spearheading innovative solutions to meet and extend set objectives.
In this interview with Lehlé Baldé, he shares some key milestones 16-year career in banking and finance sector and leadership lessons he has learned throughout his career, amongst others.
Can you share some key milestones in your 16-year career in banking and finance.
Definitely, I began my career generating substantial revenue streams through strategic initiatives in commercial banking, from Ecobank to Enterprise Bank then United Bank of Africa. I led a significant turnaround of underperforming branches leaning onto profitability. I later transitioned successfully into retail finance with Page Financials, demonstrating versatility. In Page Financials, I enhanced the risk asset size by over 500 percent monthly, aiding in firm stability. Then I co-founded Capival Investment, growing its balance sheet size by 1000 percent in four years, alongside my consulting and training roles for various institutions. I hope this gives a peek into my career thus far.
How have you adapted to the evolving financial landscape, and what skills have been essential to your success?
Adapting to the ever-changing financial landscape has been an exciting journey for me. The most crucial skills that have played a part in my success are consistent learning, a strong analytical aptitude, and proficiency in financial software and data analysis tools. An understanding of risk mitigation strategies has also been key. By being flexible to changes, which are frequent in the finance field due to various factors, and keeping up to date with emerging technologies, I’ve managed to navigate financial complexities. Finally, networking has opened up myriad opportunities for me in this evolving financial scene.
What leadership lessons have you learned throughout your career, and how do you approach mentoring and developing your team?
Throughout my years, even before I became COO, I’ve come to value empathy, adaptability, and leading by example as key attributes in leadership. I strive to understand every team member, adapt to new ideas and situations, and I demonstrate the work ethics I expect. That’s basically my style, slave leadership. Empowerment is also essential as it instils a sense of value and commitment. When it comes to mentoring, my focus lies on setting clear goals, providing frequent feedback, creating personalized development plans, fostering collaboration, and celebrating all achievements. My aim is to cultivate a supportive and thriving team environment.
What are your thoughts on the current state of the banking and finance industry in Nigeria, and how do you see it evolving in the next 5-10 years?
The banking and finance industry in Nigeria is currently seeing significant shifts. It has been greatly impacted by technology, regulation changes, and evolving customer needs. Fintech has been particularly disruptive, introducing widely utilized services like mobile banking and online payments. This isn’t just benefiting those with banks, but also reaching the unbanked and underbanked populace.
Looking ahead, 5, 10 years, I predict increased collaboration between traditional banks and fintech firms, all in the bid to enhance services and customer experiences. Cybersecurity will undoubtedly become more central to operations, and areas like AI and data analytics will likely flourish. Clearer regulations concerning cryptocurrencies would also boost their adoption. More importantly, the focus should remain on achieving broader financial inclusion.
How do you think financial institutions can better serve the needs of small businesses and entrepreneurs in Nigeria?
Financial institutions in Nigeria can better serve the needs of small businesses and entrepreneurs by developing loan products that are tailored to their unique needs. They can also offer financial literacy programs to enhance their understanding of financial management principles. Collaborating with tech platforms can help improve service delivery, while providing advisory services and mentorship can support their growth. In addition, financial institutions could facilitate networking opportunities for these business owners to collaborate and support each other. Also, they should introduce feedback mechanisms to continuously improve their services and increase their presence in rural areas to reach more businesses. These actions will support the growth and innovation of small businesses in Nigeria.
What role do you believe technology will play in shaping the future of banking and finance, and how are you staying ahead of the curve?
I am an ardent believer that technology will revolutionize the future of banking and finance, especially here in Nigeria.
For instance, the landscape is rapidly transitioning towards digital and mobile banking, opening up banking services to people in remote and underserved areas through the concept of agent banking. This unprecedented expansion wouldn’t be possible without advancements in tech.
Technology has also ignited a Fintech revolution, completely transforming how financial transactions are carried out. Through the introduction of mobile wallets and peer-to-peer lending platforms, financial services have become more accessible and affordable for the average Nigerian.
Perhaps, the most exciting trend I am observing is the emergence of Blockchain Technology and Cryptocurrencies. These groundbreaking technologies decentralize transactions and could likely play a significant role in banking and finance soon.
I also see Artificial Intelligence’s potential in driving personalized services by helping banks analyse customer data to offer tailored products and services.
Awaiting further is the rise of open banking, which will give third-party providers access to banking data (with the customer’s consent). This integration will further stimulate innovation, providing customers with an extensive range of service options.
To stay ahead of the curve in this rapid evolution, I believe in embracing innovation. Collaboration with Fintech companies, focusing on customer-tailored solutions, investing in training and community engagement are some of the strategies I’ve seen work.
In summary, by leveraging technological advancements, Nigeria’s financial institutions can significantly augment growth, enhance service delivery, and foster financial inclusion in places it was previously not possible.
Can you walk us through your approach to strategic development and planning, and how you stay focused on key objectives?
Absolutely! My approach to strategic development and planning is a structured one. The first step is to clarify our vision and mission, which sets the framework for all strategic initiatives. Then an environmental analysis, which encompasses a SWOT analysis and market research, that helps us understand internal capabilities and external factors.
I set strategic objectives based on the process and devise action plans accordingly. These plans include detailed roadmaps and resources allocation. To ensure these strategies are effective, cross-functional collaboration and change management practices are employed during implementation.
Monitoring and evaluation are regularly carried out and adaptations are made where needed. Communication and engagement are key throughout this entire process.
Maintaining focus on key objectives is done through regular check-ins, performance dashboards, alignment sessions and fostering a culture of ongoing learning. Following these tactics helps to effectively navigate complexities, capitalize on opportunities, and stay focused on the key objectives.
How do you encourage innovation and creativity within your team, and what initiatives have you implemented to drive growth and improvement?
To encourage innovation and creativity within my team, I have focused on fostering a collaborative environment with team workshops and promoting cross-functional teamwork. Open communication is also crucial, so everyone feels comfortable sharing new ideas. I’ve ensured the Capival team has access to the necessary resources and training, and also introduced recognition programs to incentivize innovation. In addition, I’ve emphasized taking risks when appropriate and have made it a point to establish clear goals and a joint vision. All of these initiatives have been aimed at promoting a growth mindset within the team.
What partnerships or collaborations have been instrumental in driving success in your career, and how do you approach building and maintaining these relationships?
In my career, key partnerships have been alliances with regulatory authorities and collaborations with third-party partners like Remita, NIBSS, and Interswitch. These relationships have brought significant impacts on achieving corporate goals. Also, the support from board directors has been invaluable. Client relationships have also been crucial, and I spend time understanding their needs to build unmatched trust and loyalty. Consistency and regular communication is how I nurture these relationships.
Thank you for asking such a thought-provoking question.
What advice would you give to young professionals just starting out in the banking and finance industry?
Definitely focus on getting a strong foundation in finance, accounting, and economics. Stay informed about industry trends and regulations. Engage in networking and find yourself a mentor. Develop both your technical skills and soft skills.
Adaptability is key in this ever-evolving industry. Gain practical experience through internships or entry-level roles and clearly define your career goals. Always maintain professionalism and integrity. Remember, progress takes time and learning should never stop. Lastly, don’t neglect your well-being, work-life balance is essential. These are essentially the building blocks for a successful career in banking and finance.
How do you prioritize your own professional development, and what resources or networks have been most valuable to you?
I give high priority to my professional development, primarily through setting clear, achievable goals and devising an organized learning plan. I believe in regularly tracking my progress and seeking performance feedback, which helps me identify and improve upon my areas of weakness.
Key resources that have proven extremely valuable in my professional journey include networking events, professional associations, educational alumni groups, and mentorship programs. These networks have not only broadened my awareness of the industry but also allowed me to learn from the experiences of seasoned professionals in the field.
What do you believe are the most important qualities or characteristics for success in the banking and finance industry?
In my opinion, important qualities for success in the banking and finance industry include strong analytical skills, attention to detail, effective communication tactics, ethical judgment, integrity, and problem-solving abilities. These skills are essential in making sound financial decisions and ensuring a just work environment.
Can you elaborate on how Capival Investment is leveraging technology to drive financial inclusion in Nigeria?
Oh yes, Capival Investment is harnessing the power of technology to promote financial inclusion in Nigeria quite significantly. We’ve developed digital platforms to offer online banking, investment, and financial advice services to cater to a wider range of customers.
We have also initiated micro-lending services, enabling us to provide smaller, more manageable loans to individuals and SMEs that traditionally would not meet regular banking prerequisites. These services play a crucial role in supporting and powering SMEs and emerging entrepreneurs.
Further, we leverage data analytics to better understand our customers’ needs and behaviours, leading to the creation of specialized and custom-made financial products and services. A prime example of this is our lol QASA product, specially developed to make housing rentals in Lagos more accessible through manageable monthly payments.
In addition, our collaborations with fintech companies and telecommunication providers have enabled us to expand our reach and enhance our service delivery. This network of partnerships has led to innovative solutions like broadly accessible mobile wallets and efficient payment systems.
By leveraging these various forms of technology, Capival Investment is not only widening its customer base but also significantly promoting financial inclusion in Nigeria, thus fostering economic growth and empowerment.
What specific innovations or solutions are you most excited about in terms of democratizing financial access?
As someone deeply immersed in the world of finance, there are quite a few innovations that excite me when it comes to democratizing financial access. Firstly, I am enthused by the continued growth and integration of mobile banking. This technology enables anyone with a smart device to conduct most of their banking activities virtually—a major game changer for those without easy access to physical banks.
Secondly, I’m fascinated by the rise of digital wallets. They’re not just making transactions easier but are also extending banking services to individuals who might otherwise be excluded from traditional banking systems.
Another exciting innovation is the emergence of decentralized finance, or “DeFi” as it’s often referred. This approach potentially could overhaul how we perceive and engage with financial transactions and investments, making them more transparent and accessible to the average person.
Finally, I’ve been closely following the advancements within the realm of cryptocurrency. These digital currencies present new opportunities for individuals to manage and grow their wealth independently of traditional financial institutions.
Collectively, these innovations are making significant strides in making financial services more reachable and inclusive for everyone. It’s an exciting time to be part of this revolution.
How do you see the financial landscape evolving in the next 5-10 years, and what role do you envision Capival playing in that evolution?
In the next 5-10 years, the financial landscape will undoubtedly be shaped by factors including the growth of digitalization, fintech, regulatory changes, sustainability and ESG investing, among others. As Capival, we envisage ourselves playing a pivotal role during this transformative period. We plan to incorporate advanced technologies like AI and blockchain into our operations, focus heavily on data analytics, and maintain strict regulatory compliance to ensure a safe environment for our clients. Besides, we intend to offer more personalized financial solutions and expand our global reach, particularly into emerging markets. By aligning with these trends, Capival aims to be at the forefront of this evolution, representing a dynamic and progressive icon in the financial service industry.
As COO and Co-founder, what leadership principles or philosophies guide your approach to managing and motivating your team?
My leadership is anchored in trust, open communication, continuous learning, and recognition. By empowering my team and appreciating their efforts, we foster a culture of accountability and motivation. I underscore the importance of diversity, innovation, and a strong work-life balance. Leading by example, I aim to instil a strong work ethic within the team. We maintain a customer-centric approach, keeping our focus on delivering value and understanding our customer’s needs. This, I believe, not only motivates the team but drives our success.
How do you prioritise diversity, equity, and inclusion within the organisation, and what initiatives have you implemented to promote these values?
In our organization, I have implemented diverse hiring practices and promoted Employee Resource Groups. We use open-door policies and feedback mechanisms to ensure effective inclusion. We celebrate our diversity, honouring cultural events and diverse backgrounds. We also engage with our local community, supporting diversity and inclusion initiatives. All these steps ensure our team members feel valued, contributing to a rich organizational culture.
How do you balance short-term goals with long-term vision and strategy in your decision-making?
Balancing short-term goals with long-term vision involves aligning daily tasks with overall objectives. I always prioritize tasks, maintain flexibility in plans, regularly review progress, allocate resources appropriately and keep a clear line of communication with stakeholders. Clear metrics and regular feedback loops ensure we’re on track. These strategies enable me to maintain a long-term mindset while dealing with everyday challenges and opportunities.
What advice would you give to aspiring leaders or entrepreneurs looking to make a meaningful impact in the financial industry?
Great question. In my experience, striving to make a meaningful impact in the financial industry requires a thorough understanding of the financial landscape. Understand the trends, the key players and how things work. This understanding can guide your decision-making and strategy.
Innovation is crucial in today’s fast-paced world. Aim to deliver unique solutions that address gaps in the market or enhance existing services. This distinction will set you apart.
However, do not underestimate the power of a strong network. Building meaningful relationships within the industry can improve your knowledge base, provide key insights, and open doors to opportunities that you may not find on your own.
Ethical practices should always be at the core of your operations. The financial industry requires a high level of trust from consumers. Upholding high ethical standards will boost your credibility and reputation.
It’s also important to know your audience. Understand their needs, their expectations, and how your services can provide value to them. This understanding will help you create products or services that are highly beneficial to them.
Embrace diversity and inclusion not just in your workforce but also in your customer base. This approach creates a melting pot of ideas and perspectives that can birth innovative ideas.
Continuous learning is vital. Regardless of your current level of knowledge and experience, there is always something new to learn in the financial industry. Invest in constant learning to stay abreast of new trends, ideas, and technologies.
Furthermore, data is the new gold. Leverage data analytics to guide your decisions, gain insights and improve efficiency.
Lastly, resilience cannot be overemphasized. Challenges are inevitable, staying on the course despite these obstacles will set you on the path to success.
Contributing positively to society by giving back adds a fulfilling dimension to your journey.
These, in my opinion, are the main ingredients for a fulfilling and successful venture in the finance industry.
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