Data science engineer, innovator, and visionary, Somtobe Olisah is driving data and fintech innovation in emerging markets. Serving as chief operations officer and lead data scientist of the payment platform OnUs Financial Services Ltd., he is at the forefront of championing economic empowerment and financial inclusion in Africa.
Data is the nexus of all tech innovations because it helps innovators learn and track growth patterns. Working with data has the power to reveal hidden patterns and insights that can alter real-world problems. Interpreting and turning large data insights into actionable strategies allows businesses and other organisations to make informed decisions for growth.
At the heart of driving innovation through data and AI in Africa is Somtobe Olisah who has a proven track record of solving global financial problems. According to Olisah, data can drive progress and innovation. When combined with machine learning algorithms, data becomes a powerful engine for AI, allowing systems to adapt and make intelligent decisions.
“In my career, I’ve seen firsthand how data-driven machine learning models can create economic opportunities and enhance financial inclusion, particularly in underserved markets. This potential for data to fuel both innovation and positive change fuels my passion—it’s not just numbers; it’s a transformative tool for creating a better future.”.
Somtobe Olisah’s career beginnings
After obtaining an undergraduate degree, Somtobe Olisah’s love for data led him to earn a master’s degree in Geoengineering and Mining from TU Bergakademie Freiberg. This was followed by a second master’s degree in Computer Science from Austin Peay State University, focusing on data science and machine learning applications. This was when he first experienced the power of data to drive innovation and laid the foundation for his career driving fintech innovation.
After school, he worked as an intern at Goldman Sachs, the global investment bank. Working at Sachs challenged him to collaborate with peers and create actionable strategies for business decision-making and risk management. This experience gave him hands-on experience in financial data analysis and machine learning. He also contributed to projects that improved operational efficiency within the global financial markets.
He also gained early skills in fintech operations and started building a reputation for problem-solving. It gave him essential learnings that would go on to influence his later career as a founder.
Revolutionising digital payments at OnUs Financial Services Ltd.
In 2022, Somtobe Olisah put his learnings to use embarking on his most challenging career goal. He co-founded OnUs Financial Services Ltd., a payment platform empowering African businesses to receive payment from anywhere. Taking a data-driven approach with this fintech company, Olisah is changing the digital payments landscape in Africa.
In recent years, financial inclusion in Africa has increased thanks to rising internet penetration and innovative fintech companies. These fintech companies make formal financial inclusion possible for people in the most remote areas. Payments mainly drive the African financial markets, with the digital payment market projected to reach $195 billion in 2024.
Despite the existing solutions, transacting across African markets is still a challenge. The payment systems are fragmented and siloed, complicating payments and settlements, and making them tedious and unsafe. OnUs Financial Services provides a secure web payment platform that helps businesses in Africa accept and process payments from their clients and customers. By offering access to this technology, Olisah, through OnUs, furthers access to formal financial inclusion.
Olisah also developed and deployed a real-time fraud detection system at OnUs Financial Services Ltd. through the PayOnUs platform. This system was designed to address rising fraud incidents and security concerns that have plagued digital transactions in Nigeria and other parts of Africa, where cash has historically dominated the payments landscape.
As Chief Operations Officer and lead data scientist, Olisah had the unique opportunity to use data-driven solutions and machine learning to enhance transaction security at OnUs. He spearheaded the design and implementation of the real-time fraud detection system that uses advanced machine learning models, including random forest and neural networks, to analyse transactional patterns, detect anomalies, and predict potential fraud with high accuracy.
“This solution has been transformative for PayOnUs and its users. Within a short span, we reduced fraud-related incidents significantly, enabling PayOnUs to process secure transactions worth over ₦35 billion with minimal security breaches. This achievement not only enhanced the credibility of PayOnUs as Nigeria’s most trusted payment platform but also built confidence among businesses and consumers in the reliability of digital payment systems in Nigeria,” Olisah says.
The success of this solution has attracted significant partnerships with companies like ITEX, Kora, and Billpoint Technology. The company has also found success in its approach to business with widespread adoption of its platforms and processed over ₦35 billion in transactions within a short period of operating.
Running this secure digital payment platform demonstrates Olisah’s commitment to harnessing data and AI to create practical, scalable solutions that make a tangible impact on businesses and society.
Somtobe Olisah’s goal for the future
Somtobe Olisah currently balances running OnUs Financial Services and working as a data engineer at the world-renowned auto insurance company, GEICO. At GEICO, he harnesses his data and analytical skills to develop and maintain data ingestion pipelines to improve operational efficiency and data security for the company’s sales department. This critical role he plays exemplifies his ability to apply data points to stimulate growth. Following the guiding principle of “Progress through precision,” he believes that every small improvement, backed by accurate data, leads to greater overall progress.
In the future, Olisah hopes to see the African payment landscape transformed by data-driven and AI-powered solutions that address financial exclusion and drive economic growth. In rural areas with higher unbanked/underbanked populations, data can be leveraged to create tailored financial products for these communities. This will empower underserved populations and fuel local economies.
On a broader scale, the wealth of available financial data can power AI-driven innovations in fraud detection, trend forecasting, and payment optimisation, allowing African fintechs to offer globally competitive services.
“My vision is for Africa’s payment systems to lead in inclusivity, innovation, and resilience, setting new standards for how data and AI can transform economies worldwide,” Olisah says.
