Earlier this year, Woven Finance, a Nigerian fintech, faced shutdown rumors. These followed an email mistakenly sent to customers. The email contained internal information about risk assessments and strategy, which many interpreted as a shutdown notice. However, they quickly clarified that it was an error, and the company is not closing. Despite the confusion, Woven Finance has continued to expand.
Addressing Customer Concerns
Frank Ugwulali, Head of Products and Partnerships explained that the email was intended for internal use. The company took swift action to correct the misunderstanding and personally reached out to concerned customers. Ugwulali emphasized that the company has increased its customer base since the incident. They now aim to become one of the top five payment companies in Nigeria within three years.
Key Offerings from Woven Finance
They offer a wide range of payment gateway services. It supports card payments, bank transfers, and virtual accounts. These virtual accounts, once a pioneering feature of the company, remain a standout offering. The fintech also provides actionable insights to businesses, helping them optimize performance. Woven Finance prides itself on the speed of its payouts, whether they are single or bulk payments.
Woven Finance’s Brand Refresh to Stay Competitive
Woven Finance is launching a brand refresh to enhance its market presence. A lifestyle expo will introduce new services, including QR code payments and payment links for remote transactions. This refresh aims to keep them in the spotlight, especially in a highly competitive market.
Competing in Nigeria’s Payment Space
Nigeria’s payment sector has seen rapid growth. Major players like Flutterwave and Paystack dominate the space. Still, Woven Finance sees room for growth. In Africa, 90% of transactions remain cash-based, according to a McKinsey report from 2022. They plan to tap into this potential by helping businesses digitize payments.
They continue to grow and innovate despite challenges. Its brand refresh, coupled with new initiatives like the lifestyle expo, showcases its commitment to staying competitive in Nigeria’s fintech sector.