Inlaks Introduces Innovation Lab to Boost Fintechs

By December 27, 2018 Investment News

One of the leading system integrator in sub-Saharan Africa, Inlaks, has introduced its innovation lab “thehatch” at the just concluded Africa Fintech festival in Lagos.

The Inlaks innovation hub was established to identify, nurture and scale innovative technology driven ideas that have the potential to transform the financial service sector in Nigeria and Africa.

The launch began with a start-up fair in collaboration with the Africa Fintech Festival where several growing companies were present to pitch their innovative ideas and services to stakeholders and representatives of the Africa Fintech Festival body.

The MD/CEO, Africa Operations at, Inlaks, Mr. Femi Adeoti, highlighted critical benefits of the innovation lab to the fintechs to include fostering relationships between them and several Inlaks clients and partners as well as providing a stepping stone into the marketplace.

The innovation lab will also build and scale Fintech solutions through collaboration with the technological industry, private sector, government, investors, academia and the digital workforce.
“Most of the start-ups do not have the experience and capability to reach the quality of customers available to Inlaks.

“It is our goal to hand-hold these start-ups and take them to whenever we go so they can interface with some of our global clients and partners, and thereby take advantage of the opportunities that are possible,” Adeoti said.

He further emphasised the evolution of Inlaks termed “Inlaks 2.0”, designed to bring innovative solutions to the industry, and provide young technology entrepreneurs to grow and expand their horizon. He said Inlaks would build the hub to encourage start-up entrepreneurs to be creative and serve as solution providers to major challenges facing the society.

Director, Business Development at Soft Alliance, Feyi Agagu, one of the judges at the start-up pitch, described some of the ideas presented at the fair as “amazing,” adding that all the start-ups present were focused on digital payment solutions.

He emphasised how the ideas pitched could be applied outside the shore of Nigeria by focusing on trust to enable the target customers to disburse payment.
“Instead of looking for ways of doing traditional business, people are finding informal means of gaining access to capital or how to settle trust issues that will break the traditional bureaucracy in various informal sectors that enable speedy transactions,” Agagu said.

Source: ThisDay