Ex–Silicon Valley Engineer: The Brutal Truth About African Fintech They Don’t Want You To Know
Tayo Oviosu, founder & CEO of Paga, one of Africa’s most successful mobile money companies processing over $20 billion in transactions, joins The Afropolitan Podcast for a rare, unfiltered conversation on fintech, leadership, diaspora identity, and building in Nigeria through crisis, chaos, and conviction.
From leaving a stable career in the US to pioneering digital payments in a pre-fintech Nigeria, Tayo shares the untold story behind Paga’s early struggles, near-death moments, and the strategy that turned it into one of Africa’s biggest financial infrastructure companies.
More than entrepreneurship, this episode explores the psychology of resilience, navigating naira devaluation, regulation, global perceptions of Africa, and the emotional weight of building for 200 million people when systems are broken.
He opens up about:
✦ What Silicon Valley still gets wrong about Africa
✦ The hidden cost of building in Nigeria, power, security, FX, people
✦ Why diaspora identity is an advantage, not a conflict
✦ Lessons from raising capital before “African tech” was a thing
✦ Why fintech in Africa isn’t a product, it’s infrastructure
✦ What the next decade of African money will look like
✦ Why founders burn out and how to stay sane in unstable markets
If you’re a founder, operator, investor, or future builder across Africa and the diaspora, this is a masterclass in vision, endurance, and building systems that outlive you.
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Twitter – https://x.com/tayoov
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TIMESTAMPS
00:00 Intro
02:18 Leaving the US: The Moment Tayo Realized He Had to Build for Nigeria
05:02 Nigeria’s Cash Chaos: The Origin Story Behind Paga
08:44 How to Raise Money When No One Believed in African Startups
12:33 Regulators, Rejections and Early Paga Near-Failures
16:11 Why Payments in Africa Requires Infrastructure Not Just an App
19:52 How Diaspora Identity Became Tayo’s Hidden Advantage
24:31 Surviving Nigeria’s Naira Crisis, FX, Inflation and Founder Psychology
28:46 Hiring in Nigeria Talent, Trust, Burnout and High-Performance Teams
33:12 The Harsh Reality of Building a Business in Nigeria
36:48 Why Paga Succeeded When So Many African Fintechs Failed
41:20 Africa’s Money Future, Digital Wallets and Financial Inclusion
45:55 How Founders Stay Sane While Building in Dysfunction
50:22 Competing With Banks, Telcos and Big Tech in Emerging Markets
55:03 Government, Regulation and Playing the Long Game
01:00:44 The Chaos Years, Power, Security and Founder Sacrifice
01:05:39 What Silicon Valley Still Misunderstands About Africa
Raising Global Capital Today vs Ten Years Ago
01:15:58 Africa’s Fintech Wave Is Just Beginning
01:20:36 What Founders Need to Win, Discipline, Clarity and Survival Tactics
01:25:18 Should Diaspora Africans Move Back, Tayo’s Unfiltered Advice
01:29:43 What Tayo Would Tell His 25-Year-Old Self
01:34:02 The Next Decade of African Innovation
01:38:27 Final Reflections and Closing Thoughts
South Africa