Why Nigerian fintech Duplo is turning to banks to distribute its software

As I walked through the bustling streets of Lagos, the air thick with the hum of innovation, I couldn't help but think of the quiet revolution taking place in Nigeria's fintech sector. It's a revolution that's not about flashy headlines or grand announcements, but about the subtle yet profound changes that are reshaping the way businesses operate in Africa's largest economy. And at the heart of this revolution is Duplo, a Nigerian startup that's been making waves with its financial operations software for businesses.

Duplo's chief executive officer, Yele Oyekola, has been at the forefront of this revolution, guiding the startup through its journey from inception to its current status as a leading player in the fintech space. And now, with its partnership with Wema Bank, one of Nigeria's oldest lenders, Duplo is poised to reach even more businesses across the country. The partnership, which sees Duplo's software being distributed through ALAT Business, Wema Bank's business banking platform, marks a significant milestone for the startup. It's a model that Oyekola says Duplo plans to replicate with other banks, a move that reflects the emerging trend of banks and payment networks partnering with fintech startups to offer their business customers software they want, without building it themselves.

This trend, which has been gaining momentum over the past three years, is evidence of the changing needs of businesses in Africa. As Oyekola puts it, "A lot of the banks are actually in a shift now where their customers are requesting, or even going to fintech platforms like Duplo and others, to get more than the banks can provide." This shift is driven by the increasing demand for sophisticated financial management tools that can help businesses streamline their operations, manage their finances more effectively, and stay ahead of the competition. And it's here that fintech startups like Duplo come in, offering software solutions that can help businesses meet these demands without the need for banks to build everything from scratch.

The partnership between Duplo and Wema Bank is just the beginning of a new era in Nigerian fintech. As Oyekola sees it, this is a chance for banks and fintech startups to work together to create innovative solutions that meet the needs of businesses across the country. And with Duplo's software being distributed through ALAT Business, existing customers will receive three months of complimentary access, a move that will help them experience the benefits of the software firsthand. A notable step that reflects the startup's commitment to making its software accessible to as many businesses as possible.

The partnership between Duplo and Wema Bank marks a new model for fintech partnerships in Nigeria. It's a model that's based on collaboration, innovation, and a deep understanding of the needs of businesses in Africa. And as the fintech sector continues to evolve, it's likely that we'll see more partnerships like this one emerge, as banks and fintech startups work together to create solutions that meet the changing needs of businesses across the continent.

• Duplo is a Nigerian fintech startup that builds financial operations software for businesses.
• The startup has partnered with Wema Bank to distribute its software through ALAT Business, Wema Bank's business banking platform.
• Existing ALAT Business customers will receive three months of complimentary access to Duplo's software.
• Duplo plans to replicate this model with other banks.

As I reflect on the partnership between Duplo and Wema Bank, I'm struck by the potential of this collaboration to transform the way businesses operate in Nigeria. It's a partnership that's based on a deep understanding of the needs of businesses in Africa, and a commitment to creating innovative solutions that meet those needs. And as the fintech sector continues to evolve, it's likely that we'll see more partnerships like this one emerge, as banks and fintech startups work together to create a brighter future for businesses across the continent.