Across Africa, small and medium-sized enterprises face a persistent challenge: traditional banks often fail to meet their needs. High fees, slow processes, and generic solutions leave entrepreneurs, freelancers, and startups struggling to manage finances efficiently. Recognizing this gap, Impact Airelobhegbe, Co-founder and COO of Lenco, set out to reimagine business banking for the continent.
From Events to Enterprise Banking
Before Lenco, Airelobhegbe co-founded OgaVenue, a platform for booking event spaces online. While building that business, he noticed a common frustration: even thriving entrepreneurs lacked access to effective financial tools. Tracking expenses, managing payroll, obtaining credit — these fundamental tasks were unnecessarily difficult.
This experience became the blueprint for Lenco, a neobank purpose-built for African businesses. “Entrepreneurs were working harder than ever but still struggling to manage their finances,” Airelobhegbe says. “We wanted to give them tools that make their daily operations simpler, so they can focus on growth.”
Tailored Solutions for Real Challenges
Unlike conventional banks, Lenco offers multi-user business accounts, corporate cards, cross-border payment solutions, and integrated features for invoicing, payroll, and expense management. Every feature is designed to accommodate the fast-paced, unpredictable realities of running a business in Africa.
Lenco’s expansion into Zambia exemplifies its local-first approach. By partnering with BroadPay Zambia Limited, a licensed Payment System Business under the Bank of Zambia, Lenco ensures compliance while delivering solutions that meet the specific needs of Zambian entrepreneurs.
Impact in Action
For Airelobhegbe, success isn’t measured by funding rounds or valuation, but by real-world usage. He points to examples such as:
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A wedding planner paying decorators directly through Lenco.
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Retail shops managing staff salaries seamlessly.
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Startups tracking financial runway without juggling multiple tools.
These stories highlight Lenco’s mission: simplifying financial operations so African businesses can thrive.
Backing and Future Vision
Institutional investors, including Y Combinator, Techstars, and the Pioneer Fund, have recognized Lenco’s potential. Yet for Airelobhegbe, the true validation comes from the businesses that rely on the platform daily.
Looking ahead, Lenco aims to become the go-to financial partner for African entrepreneurs, providing tools that support scalable growth, operational efficiency, and confidence. As African businesses continue to expand, Lenco is positioned to be a foundational pillar of the continent’s entrepreneurial ecosystem.
