Tunde Kehinde is a visionary Nigerian entrepreneur and co-founder of Lidya, a leading digital finance platform empowering small and medium-sized enterprises (SMEs) across Africa. With a background in both the corporate world
and tech startups, Tunde is no stranger to the challenges African businesses face. His drive to uplift Africa’s economy through accessible financing has set him apart as one of the continent’s leading figures in fintech.
After returning to Nigeria from the U.S., Tunde quickly recognized a significant gap: small businesses struggled to access loans and financial support crucial to growth. This inspired him to co-found Lidya, a digital platform that leverages data science to offer fast, flexible loans to underserved businesses. His dedication to reshaping finance in Africa has not only fueled Lidya’s rapid success but also helped countless African entrepreneurs bring their own dreams to life.
(FM): Tunde, thank you for sitting down with us! Let’s start at the beginning. What inspired you to become an entrepreneur?
Tunde Kehinde (TK): Thank you, it’s great to be here! My journey into entrepreneurship really began with a desire to solve problems that I saw every day around me. While I was working in the US and then in Lagos, I realized that small and medium-sized businesses across Africa faced significant challenges accessing finance. This was the driving force behind my decision to co-found Lidya.
FM: Lidya has transformed the financial landscape for small businesses. Could you tell us more about what motivated you to start it?
TK: Absolutely. When I returned to Nigeria, I saw firsthand how difficult it was for SMEs to get loans. Traditional banking processes were slow and often excluded smaller businesses from financial services. Many entrepreneurs in Africa are incredibly resourceful, but their growth is limited by a lack of access to working capital. We started Lidya to address that gap by providing fast, digital loans to businesses that need them most.
FM: Lidya’s growth has been phenomenal. What do you think sets it apart in the African fintech space?
TK: I believe our technology-first approach has been crucial. Lidya uses data science to evaluate risk in ways traditional banks often overlook. By analyzing thousands of data points, we can assess a company’s creditworthiness far more accurately, which allows us to disburse loans quickly. Our goal is to be faster, more inclusive, and more adaptable than traditional financial services.
FM: Building a company in a developing market isn’t easy. What challenges did you face, especially early on?
TK: The first hurdle was gaining trust. When you’re dealing with people’s finances, trust is everything. Many small business owners were hesitant to apply for loans digitally. We had to show them the value we could bring. Infrastructure was another challenge – reliable internet, seamless mobile access, these things are taken for granted in other parts of the world, but here they can be unpredictable. Our team had to be incredibly agile to make things work despite these obstacles.
FM: It’s no small feat to have achieved what you have. What would you say are the key elements to being a successful entrepreneur in Africa?
TK: Persistence is number one. You’ll encounter roadblocks daily, and it’s your ability to keep going that will set you apart. Secondly, understanding the local market is critical. Africa is incredibly diverse – what works in Nigeria might not work in Kenya or Ghana. Third, having a mission beyond profit is essential. For us at Lidya, it’s about helping businesses grow and creating jobs. When your goals are tied to social impact, people respond to that.
FM: As an African entrepreneur, how do you see the future of digital finance on the continent?
TK: There’s so much potential. With over 50% of the population still unbanked, the opportunity to innovate and provide solutions is enormous. I believe we’ll see digital finance grow to support not only businesses but entire economies. By bridging the financial gap, digital platforms like ours can create more resilient economies and bring financial power to more people across Africa.
FM: That’s inspiring! Lastly, what’s next for Lidya and for you as an entrepreneur?
TK: At Lidya, we’re focused on expanding our footprint beyond Nigeria to other emerging markets where access to finance is limited. We’re also exploring new ways to use AI to improve our credit risk models. Personally, I’m passionate about mentoring young African entrepreneurs. There’s a wealth of talent here, and I want to help them scale their ideas into impactful businesses.
FM: Tunde, thank you for sharing your insights with us. We’re excited to see how Lidya continues to make waves in the fintech industry!
TK: Thank you, it was a pleasure. I’m excited to see what the future holds for entrepreneurship in Africa and beyond.
