Abioye Oyetunji, the Chief Executive Officer (CEO) of FXKudi, has been recognized in the prestigious 2024 Forbes Africa 30 Under 30 list. His innovative approach to remittance services and commitment to digitizing Africa’s informal money transfer sector have earned him this distinguished accolade.
Born and raised in Nigeria, Oyetunji graduated with first-class honors in Information Technology from Kwame Nkrumah University of Technology in Accra, Ghana. His passion for finding solutions to emerging problems led him to address the challenges faced by foreign students struggling to pay school fees due to currency conversion issues between the Naira and Cedi.
In 2015, Oyetunji initiated a manual remittance service at the Accra Institute of Technology, which quickly gained popularity and grew from a modest start-up with 2,000 Ghana Cedis to a recognized service provider on campus. Recognizing the potential for growth and improvement in the remittance industry, he founded FXKudi, a fintech company aiming to digitize cross-border money transfers across Africa.
Under Oyetunji’s leadership, FXKudi has undergone significant transformations, transitioning from manual remittance methods to a digitized platform. This shift has streamlined services, making them more accessible and reliable for clients. Despite financial constraints, Oyetunji’s strategic partnerships and innovative approach to team building have propelled FXKudi’s growth, achieving a revenue margin of over 10,000 dollars in its first month.
FXKudi’s mission extends beyond business profitability. With a focus on the informal sector, which accounts for 60% of money transfers across Africa, the company aims to democratize remittance services by offering zero-fee transfers. This commitment aligns with the Sustainable Development Goal of promoting family remittances and fostering financial inclusion.
Despite facing challenges in business leadership, team collaboration, and regulatory compliance, Oyetunji’s perseverance and strategic planning have enabled FXKudi to thrive. The company now boasts a team of 15 direct staff, 1,000 agents, and has acquired 16,000 users over the years.
In recognition of his entrepreneurial spirit and impact on financial inclusion, Oyetunji was awarded “AFRICA YOUNG HERO OF THE YEAR” in December 2021. He currently serves as an advisor to several startups across Africa, further solidifying his role as a visionary leader in the fintech industry.
Looking ahead, Oyetunji envisions FXKudi expanding its presence to twenty-five African countries within the next five years, creating direct employment opportunities for over 10,000 people and indirect jobs for 500,000 others. The company’s commitment to promoting financial inclusion has also been acknowledged by VISA, naming FXKudi as one of the top 50 fintech companies championing financial inclusion in Africa.
The Forbes 30 Under 30 Africa Class of 2024 celebrates a diverse group of young leaders who are shaping the continent’s future and making a global impact. Abioye Oyetunji’s inclusion in this prestigious list is a testament to his vision, innovation, and dedication to transforming Africa’s financial landscape.
