Tolulope Davids’ entrepreneurial journey began not in a boardroom but in the heart of Africa’s banking halls, where he witnessed firsthand the continent’s dependence on foreign technology.
As an Oracle Core Banking Application implementation expert, he saw millions spent on foreign consultants at daily rates that could employ at least 80 skilled Nigerian youths capable of delivering greater value if only given the chance.
“It didn’t make sense to me,” Tolulope said in an interview with BusinessDay. “If someone like me, a local resource, could be trusted to implement Oracle’s solutions, then why couldn’t we build our own?”
That question became the turning point. Driven by this conviction, and supported by a close friend who shared the same vision, Tolulope left a high-paying career to start InstiQ Professional Services, a homegrown platform committed to digitally transforming Africa’s businesses.
Their mission was bold yet simple: to create indigenous enterprise software solutions that could rival, and eventually replace, the foreign platforms that had dominated Africa’s financial sector for decades.
InstiQ’s bold play in Africa’s fintech landscape
Founded on the belief that “the future of Africa’s fintech infrastructure will not be imported,” InstiQ quickly set itself apart. Its flagship product, Transaction Made Easy (TME), reduces teller transaction times from three minutes to 30 seconds, a game-changer for banks plagued by long queues and slow customer service.
Convincing banks to adopt local solutions was not easy. The biggest barrier, Tolulope explains, was trust. “Many financial institutions doubted the capability of locally developed software. But when we delivered speed, cost efficiency, and round-the-clock local support, trust followed.”
Today, InstiQ operates in twenty (20) African countries, offering products translated into English, French, and Portuguese. He said its adaptability across diverse banking cultures and regulatory environments has made it one of the continent’s fastest-growing tech providers.
Tolulope is not on this journey alone, as his co-founder, Kehinde Durojaiye, who doubles as the company’s chief technology officer, and his Executive Management Team (Cyril Ibeleme and Bode Bankole) work hand in hand with him.
Competing with global giants—on Africa’s terms
In a market still dominated by foreign banking platforms, InstiQ’s value proposition is clear. Its solutions are up to ten times cheaper than global competitors, are fully customisable to local contexts, and come with on-the-ground support.
“We don’t just sell software; we provide speed, affordability, and proximity,” Tolulope says.
This approach has seen InstiQ products, such as Q-Switch, Online Tax Payment Application, and the Single Middleware Platform, among others, power operations in some of Africa’s largest banks. By reducing reliance on expensive foreign upgrades and delays, InstiQ has given its clients a competitive edge.
Tolulope sees the continent’s biggest opportunities in AI-driven innovation and financial inclusion. But he also warns of threats: underdeveloped cloud infrastructure, inconsistent government regulation, and gaps in investment.
“Africa often finds itself playing catch-up with global advancements,” he says. “Without proactive management, evolving regulations and infrastructure challenges could slow us down.”
Building talent through culture
Behind InstiQ’s growth is a dedicated team guided by a unique workplace philosophy—‘STRIVE.’ For Tolulope, this acronym represents Service, Trust, Relationships, Integrity, Value, and Excellence.
“The secret to attracting and retaining top talent is our culture of STRIVE,” Tolulope notes. “Anyone who experiences these values will naturally thrive and stay with us.”
This culture, combined with a commitment to integrity, has safeguarded InstiQ’s operations. In over a decade, the company has not recorded a single case of fraud, an achievement Tolulope attributes to carefully selecting and empowering the right people.
A Marketplace Minister
More than a tech entrepreneur, Tolulope describes himself as a minister in the marketplace, using enterprise software to create opportunities, empower youth, and transform how African businesses operate.
For Tolulope, InstiQ’s story is still unfolding. “Having expanded into 20 African countries, the company now focuses on deepening adoption and building long-term client value.”
Looking ahead, He envisions InstiQ launching an app store for banks, where clients can build, customise, and monetise their own solutions within InstiQ’s ecosystem, effectively turning financial institutions into co-creators of digital banking infrastructure.
Tolulope remains anchored by purpose. “We started InstiQ because we believed Africa could trust itself to build world-class solutions. That conviction hasn’t changed; it’s only grown stronger.”
