Kofo Akinkugbe (OON): The Tech Queen Behind Africa’s First Smartcard Powerhouse
Kofo Akinkugbe stands as a formidable force in Africa’s financial technology and digital security landscape.
Kofo Akinkugbe stands as a formidable force in Africa’s financial technology and digital security landscape. As the founder and CEO of SecureID, she has broken barriers in the traditionally male-dominated industry of smartcard manufacturing, leading a company that serves financial institutions, telecoms, and governments across Africa. Her entrepreneurial journey is a testament to resilience, innovation, and a steadfast commitment to excellence.
From her rise in the banking sector to her transition into entrepreneurship, and her impact on fintech and digital security, Akinkugbe’s story exemplifies the power of vision and determination.She testifies of this in her own words, saying “Having that disruptive mindset and mentality and constantly asking yourself, ‘How can I improve on what I’m doing?’ is a good thing. That mindset has helped me grow.”
Her story is that of a strong family background and challenging but disruptive career transformation weaved with invaluable lessons for young entrepreneurs, particularly women in business.
Early Life and Educational Foundation: A Legacy of Excellence
Kofo Akinkugbe was born in 1964 into a disciplined, loving, and inclusive family that laid the foundation for her future success. As the fourth child among many siblings, she grew up in a home where hardwork, discipline, and faith were instilled early. Her father was hands-on in their upbringing, emphasizing excellence in education, particularly in mathematics. “Being the best was very important to him, and I remember that he would teach us math at weekends because it was important to him that we were all good at math,” she recalled. Tragically, her father passed away early, but her mother successfully continued to raise the children with the same values.
She attended Corona School and Methodist Girls High School before proceeding to the University of Lagos, where she emerged as a prize-winning mathematics student. Despite her initial struggles with the subject, she later embraced it fully and graduated at the top of her class.
She furthered her education with an MBA from the University of Strathclyde in Scotland through a Chevening Scholarship, and later honed her leadership skills at institutions such as Harvard Business School, INSEAD, and the London Business School. Her strong family and educational foundation reflects all through in her career journey, and she testifies of this, saying “Our dad put something in us since we were young: whatever you do, do it extremely well. For him, it was all about hard work and giving your best.” Her academic background shaped her logical, analytical thinking and problem-solving abilities, which would prove vital in her career trajectory.
Thriving in Banking: The Stepping Stone to Entrepreneurship
After completing her education, Kofo joined the Nigerian banking sector, beginning at International Merchant Bank (IMB) and later working at Chartered Bank as a pioneer staff member. She spent twelve years in the industry, developing strong financial, risk management, and leadership skills. Though she initially envisioned rising to an executive position, motherhood prompted her to reconsider her career path.
When she started raising a young family, she found herself at a crossroads. “I felt I needed more time to focus on raising my young girls,” she explained. This realization led her to leave the banking industry in pursuit of a career that would provide flexibility and entrepreneurial fulfillment—unaware that it would demand even more from her. While at home, an idea about biometric technology emerged from discussions she had, leading to the establishment of Interface Technologies in 1998.
The Birth of Interface Technologies and the Leap into Manufacturing
Kofo’s first company, Interface Technologies, specialized in security management and biometric technologies, offering solutions such as access controls and CCTVs. She started from home with just one staff member, but her commitment to excellence and strategic vision led to rapid expansion.”By the time I did one job, it came back with so many referrals that before I knew it, I ended up moving out of the house and employing about 40 people,” she said.
In 1998, she founded Interface Technologies, a security management and biometrics solutions company. The business, initially run from her home, quickly expanded due to her pursuit of excellence. “By the time I did one job, it came back with so many referrals that before I knew it, I ended up moving out of the house and employing about 40 people.”
While working on a project to transition Nigeria from a cash-dominated economy to an electronic payment system, she noticed a significant gap: Nigeria’s payment cards were all imported and based on outdated technology. “Why can’t we use smart cards with the current technology, and why can’t we produce the cards locally?” she asked. This insight led to the birth of SecureID in 2005. Seeing what others did not see, she recalls: “I saw the market not as it was but as it could be.”
SecureID: Revolutionizing Smartcard Manufacturing in Africa
As of 2023, SecureID is Africa’s first and only Visa-certified smartcard manufacturing plant in Lagos State, Nigeria, providing secure identity and digital payment solutions. Certified by Visa, MasterCard, and Verve, it produces:
Financial Cards – SecureID personalizes debit and credit cards for banks across Africa.
Telecom SIM Cards – Supplying major telecom operators in Nigeria and 21 African countries.
Public Sector High-Security Documents – High-security identity documents including driver’s licenses, national ID cards, and passports.
Akinkugbe explains the transformative impact of SecureID:
“Establishing a manufacturing company in our domestic market that can give a card in 24 hours was a major difference. That, for me, was adding value, and I knew it was the right thing to do.”
With a production capacity of 200 million smartcards annually, SecureID has redefined Nigeria’s manufacturing capabilities, reducing dependence on imports and boosting local content development.
Expanding Frontiers: Innovation and Disruption in Digital Payments
Recognizing the need to stay ahead in the rapidly evolving fintech space, Kofo expanded SecureID’s services through subsidiaries:
SID Digital – Providing digital payment solutions.
Transport Payment Solutions (TPS) – Offering automated fare collection for transportation systems.
As a disruptive innovator herself, Kofo acknowledges the constant need to disrupt existing models before competitors do:
“If there were better ways to do things we were currently doing, and if there were, what would they be? I would rather disrupt myself than have external companies disrupt us.”
This pays her company, and one of her disruptive ideas isSecureID’s notable projects includes the Nigerian Railway Corporation’s Digital Ticketing and Fare Collection System, streamlining operations and increasing government revenue. “With digital ticketing, we have not only increased government revenue but also made operations seamless,” she noted.
Breaking Barriers for Women in Business and Technology
As one of the few women in smartcard manufacturing and fintech, Akinkugbe challenges gender stereotypes. “Women should have the audacity not only to dream and execute but also to scale up,…Don’t just be an MSME; be that large corporation or that conglomerate operating in the global market.” she asserts.
She emphasizes that overcoming fear is crucial for women in business: “The first thing women must deal with is the fear within. They must build confidence to say, ‘I can do it.’”
Her advice to entrepreneurs: “Never be afraid. The audacity to dream, the ability to execute, and the humility to put it all at God’s feet have been my guiding principles.”
Her 10 Entrepreneurial Wisdoms for the Next Generation
Akinkugbe’s journey offers valuable lessons:
Dare to Dream Big – “The audacity to dream, the ability and tenacity to execute, and the humility to put it all at God’s feet.”
Embrace Disruption and Innovation – “We must continually assess what we do and consider whether there are better ways to do it.”
Overcome Fear and Self-Doubt – “Women must scale their businesses and see the global market as theirs.”
Legacy Over Short-Term Gains – “My mindset was more long-term than short-term. It wasn’t about how much money I wanted to make but about the legacy I could leave behind.”
Pursue Excellence Relentlessly: “Our dad put something in us since we were young: whatever you do, do it extremely well.”
Be Open to Change and Innovation: “Having that disruptive mindset and mentality and constantly asking yourself, ‘How can I improve on what I’m doing?’ is a good thing.”
View Challenges as Opportunities: “I saw the market at that point in time not as it was but as it could be.”
Overcome Gender Barriers with Confidence: “I never thought I had entrepreneurial skills in me, but one thing I knew I had in me was that I wasn’t afraid of being different.”
Scale Beyond Small Enterprises: “Women limit themselves to a particular growth level. The message that I like to give to women is to scale their businesses.”
Build for Longevity and Impact: “My mindset was more long-term than short-term. It wasn’t about how much money I wanted to make but about how long this company could last.”
Her final message to young Nigerian entrepreneurs:
“We need to create an environment that would drive creativity. Do not be afraid to test new things. We must be creative, ensuring we are a step ahead of the competition. Keep innovating! Encourage staff to be innovative, and do things innovatively. There are so many opportunities out there. We live in a digital world, and we must respond to the dynamic changes that are going on around us.”
Conclusion: A Legacy of Excellence and Innovation
Kofo Akinkugbe’s journey from a prize-winning mathematician to a tech entrepreneur and industrialist exemplifies the power of resilience, foresight, and innovation. As she continues to shape Africa’s fintech and manufacturing landscape, her impact serves as an inspiration for future generations.
Her story reaffirms that with the right mindset, vision, and commitment to excellence, there are no limits to what one can achieve.
dawncommission.org