Ruth Olojede, CEO of Flick, is moving to address Africa’s payment inefficiencies through open banking solutions aimed at improving reliability and access.
Ruth Olojede, co-founder and CEO of Flick, is making significant strides in the Nigerian fintech sector. Her Lagos-based fintech startup focuses on developing open banking and payments infrastructure throughout Africa, driven by her entrepreneurial success and a deep sense of purpose.
Ruth Olojede’s inspiration for co-founding Flick with Dipo Gbadebo arose from a profound understanding of Africa’s ongoing payment challenges. On the continent, nearly two out of every five payments are unsuccessful or delayed, leading to billions in lost revenue and hindering economic development. These systemic obstacles deeply frustrated Olojede, who, as both a finance professional and entrepreneur, witnessed firsthand the inadequacy of traditional banking systems for everyday users and businesses seeking dependable, seamless payment solutions.
Leveraging her finance background and product leadership experience, Ruth Olojede and her co-founder envisioned “the PayPal for Africa.” Their goal was to create a platform, Flick, that uses open banking to consolidate multiple bank accounts, offering a single, fast, and reliable channel for transactions.
The brand
Flick describes itself as a platform that allows users to link multiple bank accounts and manage payments from a single application. Its technology is designed to support account-to-account transfers, faster settlement, and easier financial management. Through its open API framework, the company also aims to enable developers and businesses to integrate payment services without needing to negotiate separately with individual banks.
The startup was accepted into the ARM Labs Lagos Techstars Accelerator programme in 2022. This provided it with crucial seed funding and mentorship, which significantly aided their product development. In its inaugural year, Flick successfully integrated with 25 banks and fintech companies, processing millions of dollars in transactions.
Beyond these impressive figures, Flick’s true impact lies in its commitment to financial empowerment. The platform offers users comprehensive access to their financial data, enabling them to monitor spending, analyze revenues, and even obtain credit ratings and loans from partner institutions. These tools are instrumental in boosting the financial literacy and viability of individuals and businesses that previously struggled with opaque or inaccessible financial systems.
Looking ahead, Flick has ambitious plans for expansion beyond Nigeria. The founders aim to reach over five million users within the next five years, driven by the belief that open banking can significantly reduce transaction failures and broaden financial inclusion across the African region.
As Ruth Olojede stated to Technext, “We see Flick as being used by over five million users as a payment platform. We see ourselves extending beyond Nigeria, to like nine other countries.”
Flick’s emergence marks a pivotal moment in Africa’s fintech narrative. The co-founder’s journey, in particular, serves as an inspiration for many, especially African women entrepreneurs. She continues to lead the company in building a legacy of meaningful financial transformation for the continent.
