Innovation 5 mins 30 Aug 2020

Ayotunde Oseleye

Financial Technology Space: Why InstiQ Is A Force To Reckon With – CEO Tolulope Davids

Our MD/CEO, Tolu Davids, was featured on special entrepreneurship report of Parrot News, one of the largest online newspaper in South-West Nigeria. He spoke extensively on how InstiQ - A financial software development company is changing the narrative in African Tech Ecosystem.

In the interview, he said, InstiQ is a foremost indigenous financial technology provider out to revolutionise the African technological space with its numerous products has reaffirmed its readiness to continue to stay ahead of competition. The company’s products are specially modeled to give banks and other financial institutions the required speed and efficiency needed to carry out their financial activities on a daily basis. InstiQ does this by digitally transforming their processes to suit the current demand in the Fintech and banking sectors.

While speaking to our MD/CEO, Mr Tolulope Davids, PMParrot gathered that the company’s first product named TME (Transaction Made Easy) has been a significant product from the company which most banks have been using as a solution in their Core Banking Services and has helped the financial institutions to fully integrate their systems in most African countries. He further submitted that most African financial institutions formally buy this software solutions from abroad but since the inception of InstiQ in 2015, they have started looking inwards and have been able to see that reliance on foreign companies like Oracle and others is not the way out. Mr Tolulope Davids went further to list the achievements of  TME in the process of Core Banking activities, adding that the CBA today is being used in 20 African countries to process 10 billion volume of transactions daily. He said, “It processes 10 billion transactions per day and it’s been the solution  used for CORE Banking services across over 700 branches of two big banks across Africa, specifically, the United Bank for Africa and Access Bank plc”.

When asked how easy it was to get clients in the very competitive fintech sector in Africa, our CEO explained that  the fintech market space in Africa alone is about 8.7 billion which makes everybody to compete for its own little bite admitting to the fact that the market is huge but despite the very large market, InstiQ relies on rendering of good products  and services to its clients and building good relationship with its clients. He said InstiQ is also giving the platform of support that is not dependent on people to perfectly carry out their financial functions without the fear of getting delayed if a resource staff of a financial company leaves. He also spoke about InstiQ company’s ability to give its clients best services at all times which creates more referrals for the company as a magic that has worked and attracted more clients to the company.

InstiQ is also focusing on some other areas like the Education sector, Logistics and Goods delivery, Health and has also created an application for online tax payment, Internet banking, Document Flow, mentor-ship and Community Social Responsibility, CSR, for the needy in the society. According to Mr Tolulope Davids, “the Education App is named My Youngstar, the app helps to monitor activities of Children in schools. In major African cities, we found out that most children hide their school works and assignments from their parents and their movement from home to school can be captured by this app”. Lastly, Mr. Tolulope Davids mentioned another app with features of Uber, created for logistics company that move goods from one location to the other in many African cities. Our MD/CEO said, “the app is called MY DELIVERY app and all the pricing matrix between the logistics company and its clients will be captured by this fantastic app.”

The brilliant Nigerians behind the management of InstiQ are Mr. Bode Bankole who is the Executive Director (Sales), Mr. Cyril Ebeleme, Executive Director (Consulting), Mr. Kehinde Durojaiye is the CTO and Mr. Tolulope Davids is the Chief Executive Officer (CEO).

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