Artificial Intelligence is set to fundamentally reshape the core operations of financial technology in Africa, particularly in revolutionising risk assessment, detecting fraud, and managing personalised liquidity in real-time. This bold prediction comes from Omolade Samuel Oke, the founder and CEO of Internopay Technologies Inc., a fintech firm facilitating international payments and procurement.
Building a Liquidity Moat in a Crowded Market
In an exclusive interview, Oke addressed the challenge of standing out in a saturated fintech ecosystem. He revealed that Internopay's sustainable advantage lies not merely in processing payments but in providing "liquidity as a service." The company's core strength is its ability to intelligently hold and deploy local currency liquidity across more than 100 corridors, ensuring settlement finality and optimal rates around the clock.
"We avoid commoditisation by embedding our infrastructure," Oke explained. The firm powers other fintechs, banks, and global platforms, acting as their essential compliance and liquidity engine. This depth and reliability, he argues, cannot be replicated by simply adding software to unstable foundations.
From Operator to Investor: A Shift in Perspective
As a venture capitalist himself, Oke's experience building Internopay has radically altered his investment thesis. He now prioritises founders who demonstrate a gritty understanding of regulatory complexities and possess an obsession with the fundamental "physics" of their business model—how cash truly flows and the real cost of acquiring trust.
"My thesis shifted from 'what can be disrupted' to 'what can be built that is fundamentally new and necessary,'" he stated. This leads him to invest in builders of foundational layers rather than just front-end applications.
Navigating Complex Realities: The China Corridor Challenge
Oke provided a candid look into the immense challenges of cross-border operations, citing the establishment of an Africa-to-China procurement corridor as their most complex implementation. The venture faced stringent Chinese capital controls, diverse African regulatory regimes requiring country-by-country licensing, and severe currency volatility.
He recounted a traumatic instance where the Naira's plunge from 1100 to 1600 against the dollar led to a loss of over 500 million Naira for the company. "Experiences like this made us evolve from holding liquidity for some time to handling conversions in real-time, no matter the volume involved," Oke revealed.
On compliance, he emphasised a rigorous, multi-layered approach combining automated tools with manual reviews to scrutinise payments end-to-end, aiming to prevent illicit financial flows. "If Internopay ever considers a new CEO, Compliance head will be my most preferred candidate," he remarked.
The Future: AI, CBDCs, and a Message to African Entrepreneurs
Looking ahead, Oke believes the convergence of Artificial Intelligence and Central Bank Digital Currencies (CBDCs) will most fundamentally reshape African cross-border payments over the next decade. While blockchain faces scalability issues, AI will dynamically power real-time risk and liquidity management. Interoperable CBDCs could provide the public infrastructure for instant, low-cost settlement between nations.
Reflecting on his accolades, including the Royal African Leadership Awards 2024 from the Ooni of Ife and recognition by the UK House of Lords, Oke said they reinforce his responsibility to drive tangible community advancement.
His message to young African entrepreneurs is clear: "Solve the problem you know intimately." He urges them to look at local frictions—the logistics puzzle in Kigali or the payment headache in Kano—as billion-dollar opportunities. "The most groundbreaking solutions won’t come from copying Silicon Valley, but from deeply understanding the friction in our own country and continent," Oke concluded.
Omolade Samuel Oke founded Internopay Technologies Inc. in Vancouver, Canada, on December 6, 2021, later expanding into Africa with Peak Capitals in Nigeria on July 27, 2022.
