Deremi Atanda, Managing Director of frontline African fintech firm, Remita Payment Services Limited (RPSL), has emphasized the importance of cultivating a sound corporate culture as a fundamental component of business growth and success.
Atanda was speaking on the topic ‘Best Practice Approaches to Building a Winning Organizational Culture’ at the Financial Institutions Training Centre (FITC) Technovation Conference 2022, held in Lagos recently.
“Organizational culture is the practical and pervasive implementation of norms, practices, ideals and values within an organization.
“A winning culture is one that must deliver overall success to you as you have defined for your business,” said Atanda, who was announced as Remita Managing Director in January.
With the vision to be the preferred payment option for individuals, businesses and governments in Africa, Remita, a subsidiary of 30-year-old SystemSpecs group, is a pioneer in the Nigerian fintech space. Remita currently processes over N21 trillion (US$46 billion) annually and serves as the Payment technology infrastructure for Nigeria’s Treasury Single Account (TSA) and major merchants and businesses.
“And as a 30-year-old business, it is humbling that we have some customers who have been with us from day one who have followed through the different iterations of our business.”
According to the fintech business leader, winning cultures are best measured through the daily activities of the front-line workers. Whilst the prevalence of a winning organizational culture can lead to innovation, safety, compliance and high performance, a broken organizational culture is evidenced by declining customer engagement, inability to attract and retain top talent, and difficulty in driving organic growth.
“A dysfunctional culture eats the customer base as they lose trust in the brand promise or no longer share it with friends. It also eats away at talent as employees fail to see the purpose of their daily work,” said Atanda. “To operate a winning work culture, you need to determine what you believe in, communicate its importance, and remind your employees to adhere to them in an engaging manner.”
Atanda highlighted the major components of a great corporate culture which include communication, teamwork, trust, knowledge sharing and mutual support.
Furthermore, he explained that organizations seeking to engender a winning corporate culture must build shared values and keep expectations clear, ground culture in mutual trust, and strive for transparency and open communication.
According to the Remita lead, “employees are increasingly craving connection and communication; therefore, leadership must be completely transparent, promote honest communication, and encourage dialogue.”
Other criteria for building a winning organizational culture include empowering autonomy, appreciating, supporting and motivating staff, appreciating, supporting and motivating staff, standardizing processes, and encouraging continuous improvement.
Add your voice
People reading currently
Kenya, Nigeria named as targeted countries for climate-blended finance deals
Nigeria and Kenya have been identified as the most frequently targeted countries for climate-blended finance flows in the past three...
FuturizeU supports development of innovative healthcare products in Africa
Futurize and AstraZeneca are investing in social entrepreneurs who are developing innovative products that are addressing healthcare equity and early...
Saudi Fund for Development advocates Climate Change Mitigation, Social Infrastructure Investments in Africa
The Saudi Fund for Development (SFD) has advocated for the preservation of heritage projects in Africa through initiatives such...
Catalyst Fund Raises First Round of $40 million investment in African Climate Startups
The Catalyst Fund has achieved the initial close of its $40 million fund for investing in climate startups in Africa....
Paystack CEO, Shola Akinlade, buys majority stake in Aarhus Fremad
A Danish football club, Aarhus Fremad announced on Tuesday that it has sold 55 percent of its shares to the...
MRI is increasing survival rate of women with breast cancer- PPC
PPC Limited, Nigeria’s leading engineering and infrastructure development company with footprints across Nigeria’s healthcare landscape, says that the advancement of...
Appeal court upholds Senator Ademola Adeleke’s win in Osun
The Court of Appeal Abuja has overturned the ruling of the Osun State Governorship tribunal and has declared Senator Ademola Adeleke...
Lawmaker demands revamp of bank e-payment platforms
The members of the House of Representatives have demanded that the Central Bank of Nigeria (CBN) direct banks to revamp...
We’ve disbursed N20bn to alleviate cash crunch, CBN tells NLC
The Central Bank of Nigeria (CBN) met with the leadership of the Nigeria Labour Congress (NLC) in Abuja on Thursday,...
Apply for Amazon Accelerator programme for fintech founders
Application closes April 27, 2023 Today, Amazon Web Services’ Startup Loft Accelerator team announced the inaugural launch of its AWS...