Interswitch advocates for a strategic emphasis on Business Unit Economics to garner international attention for investments and businesses, aiming to capitalize on Nigeria’s vibrant business environment. Speaking on the theme ‘Doing Business in Nigeria: The Opportunities, Challenges, and Realities,’ Mitchell Elegbe, Founder and CEO of Interswitch Group, delved into the company’s business trajectory since 2002, amidst nascent infrastructural elements such as power and telecoms.

Elegbe acknowledged Nigeria’s challenging business landscape but highlighted compelling opportunities that arise amidst adversity. He emphasized the importance of adaptability, innovation, understanding consumer behavior, and agile responses to evolving business environments. Elegbe underscored the necessity for Nigerian businesses, particularly fintech firms, to diverge from typical Silicon Valley models and prioritize sustainable success tailored to the local market.

Operating within Nigeria’s Tropical Savanna, Elegbe stressed the importance of designing products/services to meet local needs, ensuring proof of concept, focusing on unit economics, and scaling for profitability. He emphasized that unit economics play a pivotal role in assessing business sustainability and profitability, providing insights into value generation and associated costs.

The conference featured additional insights from industry experts such as Olu Delano, Executive Director for Personal and Private Banking at Stanbic IBTC Bank, and Binta Max-Gbinije, Chief Executive of BMG Seven Limited. The agenda covered essential themes including market entry strategies, regulatory compliance, risk management, investment incentives, innovation, and sustainability.

Beyond informative sessions, the Doing Business in Nigeria Conference 2024 facilitated networking opportunities and a business pitch session aimed at emerging entrepreneurs, fostering collaboration and growth within Nigeria’s dynamic business landscape.

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