Bunmi Akinyemiju is a name that is connected with technological innovation and transformative leadership in Africa. Bunmi has over 25 years of experience in the global tech business and has built a reputation for leveraging technology to tackle some of Africa’s most pressing challenges. After significant success in the U.S., where he led ventures like Enliven Software and Nuwave Technology, Bunmi Akinyemiju returned to Nigeria with a mission: to leverage technology to solve foundational issues across Africa. As the Co-founder and CEO of Venture Garden Group (VGG), an investment holding company that has incubated over 20 high-growth tech ventures. Furthermore, it raised $20 million in 2015 to bolster its impact. Bunmi Akinyemiju has become a driving force in Africa’s tech revolution.
In Silicon Valley, the focus is often on creating the next big thing. In Africa, it’s about solving foundational issues.
In this interview, Bunmi Akinyemiju shares his journey from the U.S. to Africa, the challenges of scaling tech startups in a unique African business environment, and how VGG’s tech campus, Vibranium Valley, is fostering innovation across the continent. Also, the critical role of innovation in financial services, cross-border payments, and education.
Africa Needs Solutions, Not Hype – Bunmi Akinyemiju on Building Tech for Real Impact
FAB: After achieving significant success in the United States with companies like Enliven Software LLC and Nuwave Technology, what motivated you to return to Nigeria and focus on leveraging technology for emerging economies?
Bunmi Akinyemiju: Returning to Nigeria was deeply personal. After building Enliven Software and Nuwave Technology, I realised the most meaningful impact I could make would be back home. Nigeria had the energy, the potential, and the challenges that needed solving. When you look around and see inefficiencies in critical sectors like aviation, education, and finance, you realise technology can be the transformative force that changes everything. The U.S. showed me what was possible, but Nigeria showed me what was necessary.
I remember when Demola and I first started automating education results in Ondo State. We didn’t have all the resources, but we had the mindset, “Let’s get this done.” That’s the same drive that brought me back—knowing that Africa had the talent and the hunger but needed the infrastructure and systems to unlock its full potential. Every problem felt like an opportunity waiting to be solved.
In Silicon Valley, the focus was often on creating the next big thing. But in Nigeria, it’s about solving foundational issues. How do you streamline payments for businesses? How do you automate public systems so they’re more transparent? These were problems that we knew could be tackled with technology, but it required a deep understanding of the local context. We had to take the experience we gained abroad and adapt it for the realities of Nigeria.
Returning wasn’t just about replicating success. It was about building the future. The future where African companies can not only stand shoulder-to-shoulder with global giants but actually lead in innovation. That’s what drove me home, and it’s what keeps me inspired every day at Venture Garden Group.
Bunmi Akinyemiju: Scaling in Africa, I always say, is not for the faint-hearted. One of our first realisations was the infrastructure gap—it hit us hard in the aviation sector when we were trying to automate processes. We assumed we’d have reliable data networks, electricity, and a stable environment. But we learnt very quickly that Africa operates differently. We had to get creative. When the infrastructure isn’t there, you have to build systems that can operate under challenging conditions, and that required a lot of trial and error.
Another major hurdle was the regulatory environment. It’s no secret that navigating government bureaucracy in Africa requires a certain finesse. You can have the best solution in the world, but if you don’t have strong stakeholder relationships, it’s not going anywhere. Early on, Demola and I learnt that securing a contract was just half the battle. The real challenge was keeping things moving, especially when there was a change in leadership or policy. That’s why we put so much emphasis on building long-term relationships and keeping the channels of communication open with government and industry leaders.
Then there’s the talent gap. We have incredible talent in Nigeria, but finding people with the right technical skills, particularly in newer fields like AI and data science, was tough. That’s why we launched Vibranium Valley—to create a space where local talent could flourish and learn from the best in the business. I remember the early days when we were training developers in Isheri, Lagos. These were some of the brightest minds, but they lacked access to world-class resources. Vibranium Valley has allowed us to build talent pipelines, creating a foundation for sustainable growth.
Lastly, access to capital was always a challenge. Local investors were hesitant, so we bootstrapped early on and relied on personal relationships to get things moving. It wasn’t until 2015, when we secured that $20 million investment from Convergence Partners that things shifted. But even that came after years of proving ourselves in tough markets. Africa is full of opportunity, but you need grit and resilience to navigate the uncertainties. Never miss a beat in African stories, follow FAB L’Style Magazine.
Bunmi Akinyemiju’s Blueprint for Africa’s Tech Revolution
FAB: You’ve established Vibranium Valley, a tech campus designed to foster innovation and collaboration. How do you envision this space contributing to the tech ecosystem in Africa, and what are some success stories that have emerged from it?
Bunmi Akinyemiju: Vibranium Valley is more than a tech hub—it’s a belief in Africa’s potential. When we created it, the vision was to provide more than just infrastructure; we wanted to create an ecosystem where startups could thrive, learn, and grow. It’s designed to bring the best minds together—developers, entrepreneurs, investors—everyone in one place with one goal: solving Africa’s biggest challenges through innovation.
One success story that stands out is Advancly. We incubated them to solve a significant problem—access to financing for small and medium enterprises. In Africa, so many businesses struggle to get loans or even simple lines of credit. Advancly tackled this head-on, building the financial infrastructure that allows SMEs to access alternative lending. It’s not just about giving out loans; it’s about creating a system where businesses can thrive sustainably. Now they’ve scaled across multiple countries, creating real economic impact.
Another startup that shows the power of collaboration is eFTD, which began as a logistics platform and has evolved into something bigger—an e-bike and charging station network. eFTD approached Vibranium Valley to explore how we can collaborate to transform e-commerce leveraging green technology. We’re talking about a company that’s pioneering sustainable, green transportation in Africa. They’re not just solving last-mile delivery issues; they’re building a future where clean energy powers our logistics infrastructure.
The fact that they were able to leverage our resources and mentorship at Vibranium Valley to scale so quickly is something I’m incredibly proud of. Looking forward, we envision Vibranium Valley as Africa’s answer to Silicon Valley. But our focus is different—it’s about solving local problems first. We’ve already seen global players showing interest in partnering with African startups, and this space will only grow. By focusing on sectors like fintech, healthtech, and sustainability, we’re positioning Africa’s tech companies to not only compete globally but to lead.
FAB: As someone at the forefront of digital transformation strategies in financial services across Africa, what do you believe are the most critical areas for innovation in this sector, especially in emerging markets?
Bunmi Akinyemiju: Innovation in financial services starts with financial inclusion—this is the heartbeat of everything. In Africa, we still have millions of people unbanked or underbanked. Traditional financial institutions haven’t been able to bridge this gap, which presents a huge opportunity for tech-driven solutions. Mobile payments and digital wallets are already making strides, but we need to go deeper. The focus now should be on making these solutions scalable and accessible to the people who need them most, especially in rural areas.
Another crucial area is data-driven financial services. A lot of African financial institutions are still running on outdated infrastructure. They’re missing out on the benefits that come from leveraging data—whether it’s using AI to assess credit risk or building smarter, more personalised financial products. At VGG, we’ve been developing payment solutions that harness the power of data to help businesses make better financial decisions. The goal is to create a seamless system where data works for both the institutions and the customer.
We also can’t talk about innovation without mentioning regulatory technology (RegTech). Emerging markets like Africa face unique regulatory challenges. Startups often struggle to navigate the changing landscape, especially when governments introduce new policies or leadership. One way we’ve been able to scale our solutions is by building strong relationships with regulators and developing flexible systems that comply with regulations while still pushing boundaries. Regulatory innovation is crucial to unlocking the next phase of growth in the sector.
Finally, cross-border payments are a game-changer. Africa is a highly fragmented continent, with over 50 countries and multiple currencies, making cross-border transactions expensive and inefficient. This is where technologies like blockchain and decentralised finance (DeFi) come in, simplifying the process and lowering costs. If we can crack this problem, the benefits to African businesses will be monumental, fostering trade and increasing access to international markets. At VGG, we’re already working on blockchain-based solutions that address this very issue, and I see it as one of the most exciting areas of innovation for the future.
FAB: What do you see as the biggest challenges and opportunities in digitising financial services on the continent?
Bunmi Akinyemiju: The biggest challenge is trust. Many Africans are still hesitant to fully embrace digital financial services, largely due to a lack of trust in the security and reliability of these platforms. This trust gap isn’t just about protecting money—it’s about showing people that digital platforms can consistently deliver safe, reliable, and transparent services. That’s why robust cybersecurity measures and resilient infrastructure are non-negotiable. Without building trust, adoption will remain limited, no matter how innovative the technology.
Another key challenge is infrastructure, particularly internet access. While urban areas are rapidly digitising, rural regions remain underserved, which creates a gap in adoption. Reliable internet is essential for the smooth functioning of digital financial services, and we need greater collaboration between governments and the private sector to expand broadband coverage. It’s not enough to build a digital solution; you have to ensure the infrastructure is there to support it. The digital revolution can’t be confined to cities.
Now, in terms of opportunities, the potential is enormous. Africa’s youthful, tech-savvy population is a significant advantage. These young people are early adopters of technology, and they’re driving the shift toward digital financial services. Mobile payments have already transformed markets like Kenya with M-Pesa, but that’s just the beginning. We’re starting to see breakthroughs in areas like blockchain for remittances and AI-powered financial products, all designed to bring more people into the formal financial ecosystem.
Cross-border payments present another massive opportunity. Africa’s fragmented financial systems make it difficult for businesses to scale across borders. This is where technologies like blockchain can make a significant difference. By simplifying cross-border transactions and reducing costs, blockchain could open the door to more intra-African trade. For businesses and consumers alike, the companies that crack the cross-border challenge will unlock immense value for the entire continent.
FAB: GreenHouse Capital, under your leadership, has invested in industry leaders like Flutterwave and Helium Health. What qualities do you look for in startups when deciding to invest, and what advice would you give to aspiring entrepreneurs in the tech space?
Bunmi Akinyemiju: At GreenHouse Capital, we’re not just looking for good ideas—we’re looking for founders who are obsessed with solving real problems. Take Flutterwave, for instance. They weren’t just building another payment platform; they were addressing the massive issue of cross-border payments in Africa, a challenge that no one had effectively solved. That’s what we look for—founders who see a gap in the market and are determined to fill it, no matter the obstacles.
We also prioritise resilience. Africa’s business environment can be challenging—there’s no getting around that. We want to invest in founders who can weather storms and pivot when necessary. MAX Africa, for example, initially started in ride-hailing but pivoted to electric mobility when regulations changed. Their ability to adapt, stay focused on their mission, and still find growth opportunities is what makes them stand out. We’re always asking: How well can this startup handle the unexpected?
Scalability is another key criterion. We need to see a pathway for growth beyond the local market. Startups that can scale regionally and globally while still addressing local challenges are more likely to succeed. Helium Health has done an incredible job of this—they started with a focus on digitising medical records in Nigeria but have since expanded their reach to several African countries. The ability to solve a local problem with the potential for global impact is something we always look for.
My advice to entrepreneurs? Focus on resilience over hype. Don’t chase unicorn status for the sake of it. Build a solid, sustainable business that solves a real problem, and the funding will follow. Investors want to see that you’re building for the long term. Be patient, be strategic, and most importantly, deliver impact. If you can show that your business makes a difference and can scale, the opportunities are endless.
The Future of African Innovation, According to Bunmi Akinyemiju
FAB: Your work also touches education. What do you see as the future of education in Africa, and how can technology help bridge the education gap?
Bunmi Akinyemiju: The future of education in Africa lies in digitisation and accessibility. We’re at a point where relying solely on brick-and-mortar schools won’t meet the needs of our fast-growing youth population. Technology can bridge this gap by providing e-learning platforms, mobile tools, and virtual classrooms that make education not just accessible but also scalable. We need solutions that work in both urban and rural areas, ensuring no one is left behind. This is where technology shines—offering flexibility, affordability, and reach.
Mobile-first education is an untapped goldmine in Africa’s educational future, and it’s where I see the most significant potential for unlocking adaptability, accessibility, and scale. When you think about it, the mobile phone has become Africa’s most democratised tool. Almost everyone has a phone, but not everyone has access to a computer or stable internet for traditional e-learning setups. The real opportunity here lies in leveraging this widespread accessibility to turn mobile phones into classrooms on-the-go.
Platforms like uLesson have already demonstrated how this can work by providing high-quality, localised content directly to students’ phones. But the potential goes far beyond that. At VGG, we have been investing heavily in EduTech and platforms like VigiLearn to address the deeper structural issues that are holding back education in Africa—things like the ability of institutions to reach those who require education access.
EduTech and VigiLearn focus on building localised, contextually relevant digital content. The key here is not just digitising existing materials but creating a system where educational resources are tailored to African students’ realities. For example, many current educational platforms still rely heavily on Western models, which don’t always resonate with African students or address the challenges they face. By localising content and ensuring that it’s accessible via mobile platforms, we can ensure that students are learning in a way that’s relevant to their lives and environments.
Affordability is another critical factor. Traditional education models are expensive, and not everyone can afford the infrastructure that comes with a formal education—textbooks, uniforms, transportation, and so on. Digital learning platforms eliminate many of these barriers, allowing students to learn from anywhere at a fraction of the cost. By making education mobile-first, we can reduce the cost of learning, making it more affordable for families across the continent.
Scale is the true promise of mobile education. One of the biggest hurdles in traditional education is building physical schools and hiring enough teachers. With platforms like VigiLearn, we can reach millions of students simultaneously, regardless of where they are located. Scaling digital education allows us to close the gap between urban and rural learning experiences, ensuring that students from every part of the continent have the same opportunities to learn and grow.
However, technology alone isn’t enough. We must also focus on localising content. Too often, African students are learning from materials that don’t fully reflect their realities. We need content that speaks to the African context, addressing local challenges and opportunities. That’s why we’re not just digitising education at VGG—we’re making sure that the learning content is relevant, practical, and deeply rooted in the African experience.
Lastly, teacher training is essential. Technology will never replace teachers, but it can enhance their capabilities. We need to ensure that educators are equipped with the skills to use these digital tools effectively. The combination of well-trained teachers and cutting-edge technology will be critical in closing Africa’s education gap. This is a long game, but the potential is immense if we play it right.
We’re aiming to disrupt not just how learning is delivered but how students interact with education on a daily basis. With the right investment in platforms like VigiLearn and EduTech, we’re looking at an African education landscape that is scalable, accessible, and, above all, affordable.
FAB: Let’s touch a bit about your work with the Digital Economic Policy Commission (DEPC) under the Nigerian Economic Summit Group (NESG). Can you discuss some of the most impactful digital policies that have emerged from this collaboration?
Bunmi Akinyemiju: One of the most significant outcomes from our work with DEPC is the Nigerian Startup Act. This was a policy born out of deep collaboration between the tech ecosystem and the government. The act provides a framework for startups to operate, scale, and thrive.
in Nigeria by simplifying regulations and offering tax incentives. I remember sitting in meetings with key stakeholders, hammering out the details because we knew this act could be a game-changer. It’s designed to give startups the confidence to innovate without worrying about unpredictable shifts in regulatory landscapes.
Another impactful policy we worked on was around digital identity. For many Nigerians, not having a formal identity can be a barrier to accessing financial services, voting, or even basic government services. By creating a unified digital identity system, we’re bringing millions of people into the formal economy. This isn’t just a convenience; it’s a massive leap toward financial inclusion. With a digital identity, it becomes easier to open bank accounts, access loans, and even participate in the electoral process. It’s about making sure everyone has the opportunity to thrive in a digital economy.
We’ve also worked on policies around cybersecurity and data protection, which are becoming increasingly critical as more Nigerians move online. People need to trust that their data is secure, and businesses need to operate in an environment where they can innovate without fear of constant cyber threats. These policies are designed to create a safer digital environment for everyone—businesses, consumers, and the government. Ultimately, our work at DEPC is about enabling innovation. By creating a regulatory environment that supports tech entrepreneurship, we’re laying the foundation for a digital economy that can compete globally. The Nigerian Startup Act and other policies are just the beginning. There’s still much work to be done, but we’re already seeing the impact, and that’s incredibly encouraging.
FAB: With your extensive experience in guiding governments on leveraging technology for economic growth and security, what do you believe are the key steps African governments should take to create an enabling environment for tech innovation?
Bunmi Akinyemiju: First and foremost, African governments need to digitise their own operations. You can’t expect to foster innovation in the private sector if the public sector is still operating in a paper-based, outdated system. When governments digitise their services—whether it’s tax collection, healthcare, or even the justice system—it creates a ripple effect across the economy. Digitising public services increases transparency, reduces corruption, and improves overall efficiency, which in turn creates a more fertile ground for tech startups to innovate.
Next, governments need to focus on broadband infrastructure. In many parts of Africa, particularly rural areas, reliable internet access is still a luxury. If we’re serious about building a digital economy, internet access must become as ubiquitous as electricity. This requires public-private partnerships and significant investment, but it’s the foundation of any successful digital transformation. We need to stop seeing the internet as a “nice-to-have” and start treating it as critical infrastructure.
Regulatory clarity is another crucial step. Startups thrive when they know the rules are clear and consistent. Too often, we’ve seen regulations shift mid-game, causing chaos for businesses. Governments need to work closely with the tech ecosystem to ensure that policies are designed to encourage, not stifle, innovation. This means creating startup-friendly policies, offering tax incentives, and reducing the bureaucratic hurdles for registering and scaling businesses. The Nigerian Startup Act is a great example of what’s possible when the public and private sectors collaborate.
Lastly, cybersecurity and data protection must be top priorities. As more Africans move online and adopt digital financial services, they need to know that their data is secure. A strong focus on building cybersecurity frameworks will not only protect businesses and consumers but will also foster trust in the digital systems we’re building. Governments must take the lead in ensuring that there’s a clear legal framework for data protection and that businesses are held accountable for breaches. Without this, any digital economy will be built on shaky ground.
FAB: You are now a stakeholder in the African Creative Market initiative. Meanwhile, you’ve been a keynote speaker at major events like the Africa Fintech Summit and Global Tech Africa Conference. From your perspective, how has the conversation around tech and entrepreneurship in Africa evolved over the years?
Bunmi Akinyemiju: The conversation has shifted from potential to execution. Ten years ago, everyone was talking about Africa as “the next frontier” for tech innovation. But now, we’re moving past the stage of just talking and starting to see tangible results. Companies like Flutterwave, Paystack, and Helium Health have proven that African startups can not only build scalable solutions but also compete on a global stage. Today, the focus is on execution—how do we build the systems and infrastructure that allow more startups to follow in their footsteps?
There’s also been a significant shift towards collaboration. Ten years ago, the ecosystem was fragmented. Startups were working in silos, and there wasn’t much interaction between the private sector, governments, and investors. Now, we’re seeing more public-private partnerships, more accelerators, and more hubs like Vibranium Valley, where innovation is happening at the intersection of multiple industries. The African Creative Market initiative is a great example of how we’re building bridges between the tech, creative, and business worlds, fostering collaboration that drives innovation.
Another noticeable change is the increasing focus on investment. Early-stage funding was once incredibly hard to come by in Africa. But today, international investors are paying close attention. The narrative has shifted from “Is Africa ready for tech?” to “How can we get in?” Venture capital firms like GreenHouse Capital are leading the charge, helping startups move from idea to scale. But the real challenge now is ensuring startups have access to follow-on funding so they can scale beyond just local markets. Lastly, the conversation has expanded to include social impact. Today’s entrepreneurs aren’t just building companies for profit—they’re building solutions that address Africa’s most pressing challenges, whether it’s healthcare, education, or financial inclusion.
This focus on impact-driven innovation is attracting a new wave of investors who are looking to back businesses that deliver both financial returns and measurable social impact. It’s a thrilling time to be part of this ecosystem, and I’m excited to see where the next decade takes us.
FAB: You’ve recently been appointed to the Board of United Way Greater Nigeria. How does this role align with your broader mission, and what initiatives are you most excited to pursue through this platform?
Bunmi Akinyemiju: This role with United Way Greater Nigeria is deeply aligned with my core mission: to use technology as a catalyst for societal transformation. At VGG, we’ve always been focused on building solutions that address critical challenges in education, health, and financial inclusion. United Way’s emphasis on those same areas—education, health, and financial stability—creates a natural synergy between what we do in the tech sector and the grassroots impact that United Way is making across communities.
One initiative I’m particularly excited about is expanding digital literacy programs across Nigeria. We’ve already seen, through platforms like VigiLearn, how impactful technology can be in unlocking access to quality education. Imagine what we can achieve by bringing these tools into underserved communities and teaching young Nigerians not just how to use tech but how to create with it. This is more than just learning basic skills—this is about equipping future generations with the tools to thrive in a tech-driven world.
Another focus area is healthcare access. Through United Way’s network, we can leverage some of the healthtech solutions we’re developing at VGG to improve outcomes for low-income families. One of the key lessons I’ve learnt in tech is that when you pair innovation with purpose, the impact is exponential. The idea here is to use telemedicine and mobile health platforms to reach people who might otherwise be disconnected from essential services.
And then there’s the potential for scaling social impact through collaboration. At United Way, we’re working with local communities, governments, and the private sector to develop sustainable solutions. This mirrors our approach at VGG, where we believe in creating long-term systems that foster growth. I’m excited about how we can bring that same collaborative, tech-driven mindset to United Way, ensuring that we’re not only addressing immediate needs but also building a lasting infrastructure for change.
FAB: Any upcoming projects or collaborations?
Bunmi Akinyemiju: 2024 is looking like a breakthrough year for us. One of the big projects on the horizon is the continued expansion of Vibranium Valley. We’ve always envisioned it as more than just a tech campus—it’s becoming a pan-African hub for innovation, where startups from across the continent can collaborate with global tech players. We’re focused on bringing together Africa’s brightest minds and connecting them with the resources, mentorship, and capital they need to scale their businesses. It’s not just about the tech—it’s about building a culture of innovation across the continent.
We’re also doubling down on blockchain technology. I think blockchain has the potential to revolutionise sectors like healthcare, agriculture, and finance. We’re already working on blockchain-based solutions for cross-border payments, which is a massive pain point for businesses across Africa. Simplifying these transactions could change the way African businesses operate, opening up more opportunities for trade and growth. The beauty of blockchain is that it cuts through the inefficiencies that have long hampered businesses on the continent.
Another area that excites me is our focus on sustainability and clean energy. Africa is at a critical point when it comes to energy access, and we see an opportunity to leverage technology to drive the adoption of renewable energy solutions. Whether it’s through IoT or smart grids, we’re exploring how tech can make clean energy more accessible and reliable for African communities.
And yes, we’ve got some major partnerships lined up. I can’t reveal too much just yet, but I can tell you that 2024 will see VGG expanding its global footprint, especially through partnerships with global tech giants. The goal is to position African startups not just as players on the global stage but as leaders in innovation. We’re laying the foundation for something really transformative, and I’m excited to see where it leads.
