In a country where millions still rely on informal cash systems and unregulated cooperatives to manage their money, Fintelle is pioneering a new path to financial empowerment. Founded by Chinelo Menkiti and Adegoke Olusegun , an experienced financial strategist and Emory University MBA graduate, the fintech firm is tackling one of Nigeria’s most persistent economic challenges: helping the unbanked transition into safe, digital, and transparent financial ecosystems.
The Scale of the Challenge
According to the Central Bank of Nigeria, over 38 million Nigerian adults remain unbanked, with women and low-income earners representing the majority of that number. The problem isn’t just about access to technology — it’s about trust. For many market traders, artisans, and micro-entrepreneurs, the idea of digital finance feels abstract and risky. Traditional banks often require documentation, proof of income, and minimum balances that exclude informal workers.
Recognizing this gap, Fintelle has built a platform that operates where traditional systems have failed — within communities. By partnering with local cooperatives and merchant networks, the company enables users to open and fund digital savings accounts using their phones and trusted neighborhood agents.
“Financial inclusion begins with trust,” says Menkiti. “We realized that people are not rejecting technology — they’re rejecting systems that don’t recognize their realities. Fintelle brings digital access to where people already feel safe.”
Community-Driven Design
What sets Fintelle apart is its “community-first” design philosophy. The platform doesn’t assume digital literacy or require complex onboarding steps. Users can create a savings account through USSD codes or a simple app interface, with support from nearby agents who provide face-to-face assistance.
This hybrid approach allows users to bridge cash and digital economies. Deposits can be made through agents, while digital withdrawals, savings automation, and micro-credit access occur online. Within months of launch, the company onboarded over 20,000 users across Lagos and Port Harcourt — 60% of whom had never previously owned a digital account.
The Fintelle Difference
Fintelle’s model combines behavioral science with accessible technology. Its proprietary “SaveSmart” algorithm recommends personalized saving goals based on user income patterns, helping customers allocate funds toward essentials like rent, education, or emergencies.
For low-income workers who earn daily or weekly wages, this flexibility is transformative. They can save as little as ₦200 per day without penalty, and funds are safely stored and insured through Fintelle’s regulated banking partners.
“Our system is designed to reward consistency, not wealth,” explains Menkiti. “The goal is to help people develop financial discipline and confidence, even if they’re starting small.”
Economic and Social Ripple Effects
The impact extends beyond individual users. Market associations and cooperatives report increased savings rates among their members, as digital tracking replaces manual ledger books. Small merchants who serve as agents also earn commissions from transactions, injecting new income streams into community economies.
“Every Fintelle agent is not just a financial intermediary — they’re a local ambassador for inclusion,” says Menkiti. “They’re the bridge between technology and trust.”
Fintelle’s entry has also caught the attention of development partners and policymakers who view fintech innovation as central to Nigeria’s economic growth. By encouraging digital savings and reducing dependency on cash, the company is indirectly supporting monetary stability, transparency, and anti-fraud efforts.
Challenges and Future Growth
Still, scaling inclusion at this level isn’t without challenges. Nigeria’s patchy internet coverage and inconsistent power supply can limit app access in remote areas. To address this, Fintelle developed offline functionality that allows transactions through USSD, ensuring users without smartphones can still participate.
The company is also investing in financial literacy workshops, helping users understand concepts like compound interest, credit scores, and fraud prevention. “Financial inclusion is meaningless without financial education,” Menkiti emphasizes.
Vision Beyond Borders
Looking ahead, Fintelle plans to expand across West Africa, replicating its cooperative-based model in Ghana and Côte d’Ivoire. Its long-term goal is to integrate savings, payments, and micro-credit into a single regional ecosystem that supports mobility for individuals and small businesses.
Menkiti envisions a future where fintech isn’t a luxury reserved for urban elites but a universal utility — as accessible as clean water or electricity.
“Inclusion is not charity; it’s smart economics,” she says. “When everyday people have tools to manage money better, entire communities become more resilient. That’s what Fintelle stands for.”
