Our target is financial inclusion for women, underserved communities – OTEC CEO

Fatima Yerima Askira, a University of Maiduguri graduate, last month launched Otech Microfinance Bank to provide financial services to underserved Nigerian women and small businesses. In this interview, Fatima Yerima Askira, MD/CEO, OTECH shares the rationale behind the microfinance bank   What inspired your decision to go into the financial services sector? For me, it […]

Fatima Yerima Askira, a University of Maiduguri graduate, last month launched Otech Microfinance Bank to provide financial services to underserved Nigerian women and small businesses. In this interview, Fatima Yerima Askira, MD/CEO, OTECH shares the rationale behind the microfinance bank

 

What inspired your decision to go into the financial services sector?

For me, it started with an interest in understanding how finance works. I also wanted to explore how we can improve financial services through innovation and bring a fresh perspective to what women can achieve in the technology space. More importantly, I wanted to contribute to simplifying Nigeria’s transition to a cashless economy.

 

Since you mentioned the cashless policy, the Central Bank recently stated that about N5.1 trillion remains outside the banking system. Do you think Nigeria is achieving success in that area?

While that figure is significant, I believe we have made considerable progress. If you compare today’s financial landscape with where we were a few years ago, the difference is remarkable. Personally, I can hardly remember the last time I handled physical cash for transactions.

That said, there is still a major gap to bridge. We have a large unbanked population, persistent network challenges, limited access to mobile devices in some communities, and financial literacy issues. We need to simplify financial services so that everyone, regardless of educational background, can comfortably use online banking, mobile banking, and other digital financial services.

 

Do you think commercial banks are doing better today?

Conventional banks still have significant work to do. Many systems remain outdated while society has evolved rapidly. Today’s generation expects speed, convenience, and technology-driven solutions.

Banks are trying their best based on existing structures, but there are better ways of delivering services. That’s why newer institutions like ours are emerging—to identify those gaps and provide better alternatives.

 

Your approach clearly depends heavily on technology. Given Nigeria’s internet connectivity challenges, especially in rural communities, do you think the country is ready for a fully digital banking?

Readiness is relative. I believe OTEC Microfinance Bank is ready, though I cannot speak for everyone else.

Innovation exists to solve these challenges. We have talented professionals working to address issues like unreliable networks and limited connectivity.

However, solving these problems requires partnerships—with telecom operators, device manufacturers, commercial banks, and government. Infrastructure development is critical, particularly for underserved communities.

This industry has enormous potential, and collaboration will benefit everyone far more than competition. Rather than operating in silos, we should work together to improve the financial ecosystem for all Nigerians.

 

Looking at existing fintech companies and banks, what do you believe needs to change, and what innovation is OTEC bringing?

There is no one-size-fits-all solution. Different institutions succeed with different strategies.

I don’t believe it’s about saying others are doing things wrongly. They’re implementing approaches that work for them.

Our focus is on delivering greater simplicity, trust, accessibility, and customer-centered innovation. That’s what differentiates us.

 

You mentioned that your bank has a particular focus on women and underserved communities. Tell us about your target audience?

In reality, everyone is a potential customer because everyone conducts financial transactions.

However, from a strategic standpoint, women are one of our primary priorities. Women operate many micro-businesses, dominate local markets, and contribute significantly to economic activity. Supporting them aligns naturally with our mission.

We’re also focused on young people who value speed, simplicity, and seamless digital experiences. They don’t want lengthy bureaucratic processes.

Another key group is the underbanked and vulnerable populations in underserved communities. We want to simplify financial services and make them accessible through solutions people can easily understand and trust.

Ultimately, our vision is holistic, but these groups represent our starting point.

 

Every industry comes with challenges and opportunities. What are the major ones you anticipate?

Financial service is a highly regulated industry. Compliance, due diligence, and keeping up with evolving regulations require constant attention. That alone presents a significant challenge.

At the same time, being a new institution creates opportunities. While we don’t yet have the resources of established industry leaders, we also have the flexibility to innovate, remain focused, attract investors, and grow strategically.

Of course, convincing investors to support a new institution is another challenge, but it is also an opportunity for those who want to join early.

Technology presents another ongoing challenge. The industry evolves rapidly, especially with emerging technologies like artificial intelligence. We need highly skilled teams that remain ahead of market trends and continue innovating.

Challenges will always exist, but they also create opportunities for growth.

 

 

 

As a woman from Northern Nigeria, you’ve broken significant barriers. How have you managed to succeed despite cultural and societal limitations?

 

 

 

My background in development work prepared me for leadership. Building and managing organizations over the years has given me valuable experience.

 

 

 

As a Northern Nigerian woman, I recognize that cultural and religious expectations exist. I deeply respect both culture and religion, and I always strive to balance my work within those values.

 

 

 

Over the years, I’ve had opportunities to engage with traditional and community leaders to explain why women’s participation matters—not because we are competing with anyone, but because women deserve the opportunity to contribute.

 

 

 

Finally, today’s younger generation face many distractions, especially through social media. What advice would you give them?

 

 

 

We live in a world full of distractions, so intentionality is essential. Know who you are. Know where you’re going. Prioritize what truly matters.

 

 

 

Social media can be a powerful tool, but it can also become a major distraction. You don’t need controversy or indecency to succeed. Success comes from having a clear plan and staying committed to it.

 

 

 

Identify your aspirations, choose your role models carefully, and understand that not everyone is meant to be your role model. Learn from people whose journeys genuinely align with your own.

 

 

 

Build meaningful networks because relationships open doors to opportunities you might never access alone.

 

 

 

Continue learning. Take online courses, watch educational podcasts, read widely, and invest in personal development. Today’s generation has unprecedented access to knowledge.