Why Nigeria’s SMEs do not need more loans but fair credit – Oluwapelumi

Akinwande Oluwapelumi, is co-director at GOPOD Finance Solutions Limited, the parent company of Relpay, where he leads operations, financial strategy and product execution for a next-generation fintech focused on fair and accessible digital finance. He also serves as Financial Controller at T9 Hotel Limited. With over a decade of experience spanning Big Four consulting, commercial banking and hospitality, Oluwapelumi specialises in financial analysis, credit management, tax planning and operational optimisation. A Fellow of the Institute of Credit Administration of Nigeria and an FMVA charterholder, he holds an MBA in Finance and is currently pursuing a DBA at Ajayi Crowther University. In this interview with KENNETH ATHEKAME, he spoke on ethical fintech innovation, SME financing and GOPOD’s growth ambitions. Excerpts:

How did your experience across consulting, banking and advisory shape your understanding of Nigeria’s SME financing gaps?

Having spent over a decade across banking, advisory and consulting, I gained a practical, end-to-end understanding of how SMEs struggle to access sustainable financing in Nigeria. Despite various government and institutional interventions, access to funding remains constrained by high interest rates, rigid collateral requirements and a limited understanding of SME risk profiles.

From the banking side, SMEs are often perceived as high-risk. From consulting and advisory, I saw many viable businesses excluded due to weak financial records, poor structuring or products that simply do not reflect how SMEs operate. These experiences clarified that the gap is not just funding, but appropriate, affordable and well-structured financing aligned with SME realities.

What problem was GOPOD Finance Solutions created to solve within Nigeria’s fintech and SME ecosystem?

GOPOD Finance Solutions was established to bridge the financing gap for individuals and SMEs, particularly the gap created by high-interest, short-tenor and, in many cases, exploitative lending practices. Our objective is to provide accessible funding at mild and sustainable interest rates, enabling borrowers to grow rather than struggle under debt pressure.

Beyond pricing, we are addressing borrower dignity and data protection. Unlike many loan platforms that resort to harassment or data abuse after minor defaults, GOPOD is built on integrity, structured recovery and respect for customer privacy.

How does GOPOD, through Relpay, differ from other digital lenders and mobile money platforms?Our differentiation rests on three pillars: affordable access to credit, product specificity and ethical operations. We design products that reflect real economic activities. For instance, our Go-Keke product is tailored to finance tricycle operators at affordable rates, supporting income generation rather than consumption lending.

We prioritise responsible lending, transparent terms and respectful recovery processes. The goal is long-term financial inclusion, not short-term profit at the expense of borrowers.

Why do you believe affordable credit and dignified repayment are critical for SME growth in Nigeria?

Affordable credit naturally leads to dignified repayment. When loans are reasonably priced and properly structured, SMEs can deploy funds strictly for business purposes, generate returns and repay without distress. Loans are tools for growth, not for extravagant living.

Under fair conditions, access to credit improves cash flow, supports expansion and strengthens credit history. This creates a virtuous cycle in which businesses grow, repay responsibly and qualify for larger funding over time.

How does GOPOD manage credit risk while keeping interest rates low and accessible?

We operate a multi-layered risk management framework that includes structured repayment mechanisms such as standing orders and automated deductions, the use of guarantors and alternative credit assessment models, transaction and cash-flow monitoring rather than sole reliance on collateral, as well as borrower education and loan-purpose verification.

By combining technology, structured controls and human judgment, we reduce default risk without transferring excessive costs to borrowers through high interest rates.

What role does financial education play in improving SME sustainability and loan performance?

Financial education is critical. Access to funding alone is insufficient; borrowers must understand why they are taking a loan, how to deploy it and how to plan repayments. Informed borrowers make better decisions.

When SMEs understand cash-flow management, cost control and repayment planning, loan performance improves significantly. This sustains businesses and strengthens the overall credit ecosystem.

How supportive is Nigeria’s current regulatory environment for ethical fintech innovation?

Nigeria’s regulatory environment is increasingly supportive of ethical fintech innovation. Institutions such as the Central Bank of Nigeria have introduced frameworks that promote financial inclusion, consumer protection and innovation, while strengthening oversight.

Although compliance can be demanding, it filters out unethical operators and protects consumers. For ethical fintechs like GOPOD, regulation provides credibility, structure and a foundation for long-term trust.

What impact has GOPOD made so far on individuals and SMEs?

We have made meaningful impact by providing timely funding for urgent needs such as rent and business continuity, while also supporting SMEs with working capital. We have seen businesses stabilise operations, improve cash flow and return to growth.

Watching businesses recover and individuals regain financial confidence reinforces our mission to contribute to Nigeria’s economic transformation.

What are your growth priorities for GOPOD over the next few years?

Our priorities are scale, sustainability and impact. By 2030, we aim to have disbursed over ₦10 billion to individuals and SMEs. Beyond disbursement, we plan to expand products for underserved sectors, strengthen digital infrastructure and risk analytics, build strategic partnerships and create employment opportunities.

Our focus is to build a responsible financial institution with long-term relevance.

What advice would you give to Nigerian entrepreneurs navigating today’s tough business environment?

Don’t panic prepare. Study the business environment, understand your sector and plan strategically before taking the leap. Entrepreneurship in Nigeria requires resilience, adaptability and financial discipline.

When entrepreneurs understand their market, manage costs effectively and access funding responsibly, their chances of success improve even in a challenging economy.

Athekame Kenneth is a politics, economy, and finance reporter whose work is anchored in sharp investigative storytelling. He brings analytical depth to every piece, drawing on a strong academic foundation that includes a degree in Economics, an MBA in International Trade, and a minor in Petroleum Economics from Lagos State University, Ojo. His reporting blends rigorous research with a keen eye for hidden truths, delivering stories that illuminate power, policy, and the forces shaping everyday lives.

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