In the evolving landscape of global commerce, small and medium-sized enterprises (SMEs) remain the bedrock of economic growth. But for many of these businesses, outdated payment systems silently erode their potential. Enter Fajimokun Moses Kolawole, Nigeria’s renowned digital payment strategist, whose groundbreaking work is reshaping the future of SME transactions across continents.
A Vision Rooted in Innovation and Experience
With over 16 years of experience in digital finance, Kolawole currently serves as the Vice President of Offline Distribution at Moniepoint Inc., where his forward-thinking frameworks are saving SMEs billions monthly. From his early work designing bespoke Point of Sale (POS) solutions at First City Monument Bank to launching the Universal Security Architecture (USA)—a global model for secure digital transactions—his influence is making waves far beyond Nigeria.
“SMEs are the lifeblood of our communities, but outdated payment systems are silently bleeding them dry,” Kolawole remarked, underscoring the urgency of his mission.
Groundbreaking Research and Tangible Results
Analyzing data from over 213,000 merchants across four continents, Kolawole’s research revealed that SMEs lose an average of 8.3% of their digital revenue annually—mainly due to inefficiencies and fraud. One Nigerian business, for instance, suffered ₦50 million in settlement shortfalls within four months. Another couldn’t account for ₦20 million monthly.
Using Kolawole’s Customized Transaction Verification system, these businesses recovered control, reducing their financial losses by 98% in just six months.
Key Challenges Faced by SMEs
Kolawole’s insights into the recurring struggles of small businesses worldwide include:
- Revenue leakages from manual cash handling
- Inefficient reconciliation processes
- Limited reach due to lack of digital options
- Security vulnerabilities
- Inventory mismanagement
He stressed the importance of integrated till systems, citing that SMEs lose an additional 4.2% of annual revenue due to weak inventory-payment integration.
“Integrated till systems should not be a luxury—they are a necessity,” he said.
A Digital Future for Every Business
Beyond just replacing cash with cards or QR codes, Kolawole advocates for digital tools that empower SMEs—tools that offer real-time data, improved security, and operational efficiency. His vision includes:
- Affordable digital solutions
- Enhanced internet infrastructure
- Supportive government policies
- Collaborative efforts from banks, tech companies, and regulators
And crucially, he emphasizes financial literacy: “Giving SMEs the tools isn’t enough—they must understand how to use them to grow smarter, not just faster.”
Empowering Africa’s Entrepreneurs
Kolawole’s dedication is more than just academic—it’s transformational. By blending research with real-world impact, he’s empowering entrepreneurs, securing business revenues, and making digital adoption not just accessible, but sustainable.
“We’re not just modernizing transactions—we’re securing futures,” Kolawole said.
As Africa’s digital economy continues to expand, experts like Fajimokun Moses Kolawole are proving that one visionary’s work can inspire a continental shift—from the chaos of cash to the clarity of digital prosperity.
