It is not breaking surprise that Iniabasi Akpan, the managing director of a well-known fintech company in Nigeria known as Opay, has decided to step down, shocking his clients to the core.
However fintech companies have been very useful in Nigeria when you compare the cost of interbanks transactions. Government owned banks will charge you depending on the type of transaction you initiate whereas fintech companies such as Opay, Kuda, Palmpay will charge you less for initiating a transfer across to local banks.
In this article, I'll discuss the fundamental idea of fintech firm managers quitting their jobs.
The challenge of running an institution of finance is enormous, however resignations can occur for a variety of reasons such as; regulatory difficulties, intense pressure, moral dilemmas, or strategic conflicts can all be pressing factors. Experts may decide to leave these difficult professions for various reasons, including personal ones, career achievements, and lifestyle issues.
A brief introduction to the Life of a Fintech Manager
Managers of finance have several different tasks to complete. They are responsible for managing the company's planning for success, financial planning, and accounting activities to ensure its long-term viability. They make crucial judgments based on the analysis of accounting information in order to achieve the highest earnings, control risks, and improve investing. Financial managers also keep an eye on financial indicators, company advancements, and marketplace patterns to adjust to changing circumstances. They communicate with all parties involved, deliver annual statements, and follow all regulations.
They must demonstrate outstanding management skills, problem-solving skills, and the capacity to maneuver complex financial environments while confronting constant pressure and tight time constraints.
Reasons for the Stepdown
Financial leaders may decide to leave their positions for a variety of underlying reasons, and this choice frequently represents a combination of multiple causes.
Productivity of the firm: If the financial management lacks the ability to produce the necessary financial outcomes or consistently encounters difficulties that make it difficult for them to function well, it will lead to resignation of manager and downfall of the firm.
Absence of work Advancement: People may search for chances somewhere if their work path has grown boring or there aren't few possibilities for progress having considered in the nearest future there will likely be no progress of the firm might lead to management resignation.
Increased Pressure: A manager in finance may look for a change as a result of heavy workload, prolonged working hours, and stress, Having seen though this obstacles, it might lower motivational level for the managerial position.
Competition: The choice to leave may be made whenever there have been major differences with the business's board of directors or executive leadership about its fiscal strategies.
Regulations: For certain managers, their duties may become more tedious and unappealing as rules and requirements for compliance become more onerous.
Response of Customers to Resignation
The next step that consumers take in response to a financial manager leaving the firm will rely on the magnitude and nature of the business, their connection with other finance director, and the business's outreach plan.
**Following are some typical actions clients might take:
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Examine Partnerships: Customers ought to assess any contracts they might possess with the firm if they do so in order to comprehend whether stepping down may affect their use of the company's services.
Message the business: Customers can contact the company's customer care or support channels for clarification if they have urgent issues or queries.
Stay Up to Date: Investors should keep an eye out for formal corporate publications to learn more about the reasons behind resignations and any potential leadership changes.
Individuals may wish to evaluate the firm's monetary health and sustainability after a resignation to make ensure it stays on track with its responsibilities
Clients may occasionally think about looking into options if they have reservations concerning the business's stability or its future prospects.
To keep customers' trust and assurance in the firm, it is crucial for the organization to manage the change seamlessly and offer clear information as regards the situation.
In conclusion, I have the following questions to ask because I have a share in Opay.
Does this means other financial institutions such as Kuda, Moniepoint, Faimoney and Pampay may likely follow suit?
For citizens who may have experienced this in their country of residence, what may be the future outcome of the Fintech system known as Opay?