Aku Microfinance Bank (Aku MFB) is a pioneering financial institution in Nigeria, committed to promoting financial inclusion, primarily targeting the underserved informal sector. As the inaugural Product Manager, I was responsible for shaping and activating the Product division, developing Aku MFB's initial Product Strategy, and establishing efficient team processes.

My role involves managing strategic product initiatives, leading cross-functional teams, and launching innovative products to augment financial inclusion and customer engagement. I aim to bridge the divide between banked and unbanked demographics, aligning with our core mission. Despite challenges, the role is rewarding, particularly when observing the tangible impact of our work. I oversee the entire product lifecycle, focusing on valuable opportunities, devising suitable strategies, ensuring product adoption, and ultimately, creating a product that caters to our users' financial needs

Challenges and solutions

• Bridging the Banking Gap for the Unbanked: A significant challenge was extending banking services to the unbanked population. Given the complexity and uniqueness of their financial needs, coupled with their lack of familiarity with traditional banking systems, this was a complex problem to solve.
  
  Solution: Our response to this challenge was the creation of the unique QR credit card, designed specifically with the unbanked in mind. This product proved to be a game-changer, enabling us to bring banking to the doorsteps of the previously unbanked and underbanked populace. This innovative approach not only provided them with a simplified, yet secure, method of transacting but also fostered a sense of financial inclusivity, which was previously lacking.
• Illiteracy: Another significant hurdle was the illiteracy prevalent in our target demographic. This often resulted in apprehension and resistance towards adopting new financial tools and services.
  
  Solution: To overcome this, we invested heavily in consumer education. We conducted community-based financial literacy workshops and leveraged local languages for more effective communication. Additionally, we made sure our products and services were intuitive, user-friendly, and required minimal literacy skills, thus making them more accessible.
• Lack of Proper Identity Database: The absence of a reliable identity database was another obstacle, especially when it came to KYC (Know Your Customer) regulations and ensuring the security of transactions.
  
  Solution: We implemented a robust and compliant KYC process that leveraged alternative data sources, local knowledge, and on-ground verification checks. This method was effective in ensuring compliance while not unduly restricting access to our services.
• Limited Access to Advanced Technology: Many of our customers lacked access to advanced technology such as smartphones, which are usually required for digital banking.
  
  Solution: We countered this through our agency banking model. By collaborating with local merchants and agents, we ensured that our customers could access a variety of financial services without requiring sophisticated technology. Furthermore, our QR credit card was designed to work efficiently without the need for high-end tech devices, ensuring our services remained accessible to all.

Achievements

During my tenure at Aku MFB, I've had the privilege to drive and witness numerous key milestones and significant accomplishments, a testament to the collaborative and dedicated efforts of our team.

• Launching New Product Lines: We successfully launched a range of targeted product lines to cater to diverse customer segments. These included Personal, Agency, Traders, and Business Banking. Each product was meticulously designed to meet the unique financial needs of these groups, embodying our commitment to financial inclusion.
• Expanding Customer Base: We made concerted efforts to extend our services beyond our immediate geolocation, and the results were remarkable. Our strategic business trips across Nigeria have significantly broadened our customer base. We managed to reach and engage a myriad of customers across various demographics, thus pushing the boundaries of financial services.
• Flagship QR Credit Card Launch: One of my standout achievements was leading the successful launch of Aku MFB's unique QR credit card, specifically designed for the unbanked populace. Our aim was to ease their transition into formal banking and improve their financial situations, and this product was a game-changer. It garnered overwhelming user reception and, more importantly, it made a real difference in our customers' lives, proving to be a major step towards achieving our mission of financial inclusion.
• Team Building and Leadership: Recognizing the importance of a talented and motivated team, I actively recruited, trained, and managed a multi-disciplinary team. This not only increased our company's productivity but also created a work culture that inspires innovation and teamwork. The journey so far has been incredibly rewarding, and I am driven by the knowledge that our work at Aku MFB is having a positive impact on individual lives and the broader economy. The future holds exciting possibilities as we continue to innovate and strive towards our mission of financial inclusion.