Revolutionizing Global Payments: An Exclusive Interview With Joseph Bitrus, Co-founder Of Benepay

In an increasingly global and digitized economy, the financial technology sector, or fintech, is reshaping how we conduct business. Joseph Bitrus, the Co-founder and Product Manager of Benepay, a global payment solutions provider based in the UK, is at the forefront of this revolution. In an exclusive interview with Naija News, Bitrus reveals his journey from the world of education into fintech, discusses the challenges and inspirations in his role at Benepay, and shares insights into the future of the fintech industry. Get ready to delve into an engaging conversation that provides a unique perspective into the rapidly evolving world of digital payments.

Can we meet you?

My name is Joseph Bitrus, and I am excited to share my journey with your readers. I am the Co-founder and product manager of Benepay, a UK revolutionary global payment solutions provider. Our platform offers simplified payment options for businesses, banks, and fintech companies, all powered by a single API that leverages the potential of data. I joined Benepay in November 2020. Before joining Benepay.io, I had the privilege of serving as the executive director of Michael and Cecilia Foundation, which owns Michael and Cecilia Ibru University and a group of other schools. During my tenure, I was pivotal in driving the growth and expansion of the foundation’s portfolios across Nigeria and the UK. One of my key accomplishments was spearheading the transformation and bridging of the digital divide for all the subsidiaries under the foundation’s umbrella and the development of an e-learning platform application handed over actively. At the foundation, I had the opportunity to lead a significant growth charge, focusing on technology building blocks and setting the grounds for adoption. Through effective governance structures, we propelled the institution towards a future driven by technology solutions and forward-thinking strategies that brought revenues across all three institutions. 

Throughout my career, my passion is to build significant skills in digital tech to drive progress across every area of business, life and for problems encountered to have solutions. With a deep understanding of the fintech industry and a relentless commitment to solving critical issues, I am dedicated to creating transformative experiences for businesses and individuals alike. Building MYCAMPUSX e-learning platform gave me a lot of experience with how your customers view product and applications in enhancing direct personal experience. I am thrilled to be part of the fintech revolution, and I look forward to contributing to the growth and development of the industry, both locally and globally.

Before I get to your current position, can you share a little more about your work in education since you touched on it working with Michael and Cecilia Ibru University?

My journey in education has been deeply rooted in my personal experiences and the transformative power it holds. As the first person in my family to attend university, I witnessed the profound impact it had on not just my life but also the lives of my siblings. This realisation led me to believe that charity begins at home as my journey inspired my entire family to pursue higher education. Seeing them seize the opportunities offered by education was a gratifying experience.

In 2016, when I was appointed to the Governing Board of Michael and Cecilia Ibru University, the challenges ahead were immense. At the time, the university had limited achievements to showcase apart from the reputation of its founders. Our task was to transform it into a distinguished institution of learning. Recognising the importance of education in breaking negative stereotypes and creating opportunities, the North lag with many children not in school. The plight of millions of children in the North, often labelled as “almajiris” or beggars due to lack of access to education, is a piece of public knowledge.  I have donated computers to schools that could not afford a single computer working in partnership with some UK Universities or charities. Through these efforts, I aimed to ignite their aspirations and demonstrate that they too can achieve positive outcomes in their lives. I used to walk long distances 3 miles to school, 3 miles back, amidst accidents and injuries which I endured to the end attaining my education goal- that alone should inspire people to aspire for the education of opportunities. In the UK I mentor students at Universities or schools, I do my best to show that there’s nothing impossible to achieve when inspired. There’s a lot I have done in education but the discussion is not for today; maybe another time. 

Great. So you are the Co-founder of Benepay, what inspires you to work here?

Benepay.io is a groundbreaking global payment solutions provider that aims to simplify and streamline financial transactions for businesses, banks, and fintech companies. Our innovative platform offers a single API that enables seamless payments, leveraging the power of data to deliver efficient and secure transactions. We have pipelines of businesses such as some banks, insurance companies and SMEs which we feel so excited about. 

What inspires me about Benepay is our commitment to revolutionising the way we conduct financial transactions. Providing a comprehensive and user-friendly payment system empowers businesses to thrive in an increasingly digital world. The ability to offer real-time collections and settlements and our dedication to data-driven decision-making sets them apart in the fintech industry.

Furthermore, Benepay’s vision aligns with my own passion for utilising digital technology to drive positive change. They recognize the transformative potential of fintech solutions and are actively working to bridge gaps, enhance efficiency, and create innovative financial experiences.

In summary, Benepay.io is an inspiring fintech company that is reshaping the payments landscape. The commitment to simplicity, security, and data-driven solutions revolutionises how businesses conduct financial transactions. I am truly inspired by our vision and dedication to transforming the industry.

What markets does Benepay.io operate from and why?

Benepay.io operates in 180 countries, offering payment and collection services to both business-to-business (B2B) and business-to-consumer (B2C) segments. Our extensive global presence allows us to cater to a wide range of clients, including banks, insurance companies, and vital small and medium-sized enterprises (SMEs).

The decision to operate in 180 countries is driven by the need to meet the diverse and growing demands of businesses and consumers worldwide. By providing a seamless payment application, Benepay.io enables businesses to transact with our customers across different regions efficiently, overcoming the barriers of time zones, currencies, and regulatory frameworks.

Additionally, operating in multiple markets allows Benepay.io to tap into the global economy and facilitate cross-border transactions. With businesses and individuals increasingly engaging in international trade and commerce, Benepay.io’s presence in various countries enables them to support these transactions and foster economic growth.

By serving clients in 180 countries, Benepay.io demonstrates our commitment to providing comprehensive and reliable payment solutions on a global scale. Our reach benefits our clients and contributes to the overall advancement of digital payments and financial inclusion worldwide.

What are you finding differently that other competitors in the industry have not identified?

At Benepay, we approach competition differently than other industry players. Inspired by Peter Thiel’s words, “competition is for losers,” we believe that internal competition and building a product our customers love is more important than solely focusing on what others are doing. While we pay attention to industry trends and movements, our primary focus is delivering exceptional value to our customers.

One aspect that sets us apart is our data-driven approach. By leveraging data, we gain valuable insights into customer preferences and behaviours, allowing us to tailor our solutions to their specific needs. This puts us ahead of many existing providers who may be lagging behind in utilising data effectively.

Some may argue that the timing might not be right for such an approach, but we believe that there’s no better time than now to embrace data-driven solutions. We deeply understand our customers’ desired direction, and we prioritise their needs above all the noise and distractions in the industry.

As long as we continue to prioritise customer satisfaction and deliver value, we have a strong value proposition backed by the evidence of current adoption. By staying focused on our customers and their success, we are confident in our ability to stand out in the market and maintain a competitive edge. Peter Thiel’s philosophy reminds us that true success lies in creating something exceptional and valuable, rather than simply trying to outdo our competitors.

What is your current role as Co-founder at Benepay in terms of what you do?

As a Co-founder at Benepay, my role encompasses a wide range of responsibilities. While I am involved in various aspects of the company’s operations, my primary focus lies beyond the product itself. As part of a team of four founders, all of us must ensure that our customers’ concerns and feedback are addressed promptly and effectively.

Specifically, my role revolves around driving the product roadmap and shaping its development. I actively engage with our users and clients to understand their needs and continuously improve their experience. To achieve this, I conduct usability testing, often utilising design sprints, to gather insights and validate new features.

Additionally, a key aspect of my role is to contribute to our revenue growth. Working closely with the energetic CEO, Mr. Sid, and our fabulous engineering team in India and Singapore, I collaborate to align our efforts and prioritise excellent product development. Given our stage of development, all founders contribute extensively across various areas of the business. We adopt a conservative approach, mindful of resource availability and cost optimization. This allows us to work efficiently and ensure the sustainability and success of Benepay. 

Which partners does Benepay work with in Nigeria?

 Nigeria presents a fascinating landscape for the payment industry, and we have been closely observing the developments in this market with great interest. Collaboration with key stakeholders has been instrumental in understanding the intricacies of the Nigerian fintech space. It’s worth mentioning that some of my colleagues from the Oxford University fintech course are based in Lagos and possess extensive knowledge of the Nigerian market, including their involvement in shaping aspects of payment regulations.

Regarding our specific plans, I am excited to share that we are actively exploring opportunities in the Nigerian market. However, at this stage, there is nothing concrete to report. We are engaged in ongoing discussions with potential clients, and once these discussions reach a significant milestone, we will hold a press conference to announce our progress.

Nigeria’s dynamic payment ecosystem holds immense potential, and we believe that our innovative solutions can contribute to its growth and development. We are committed to engaging with the Nigerian market and forging valuable partnerships that align with our vision. Stay tuned for further updates as we navigate this exciting journey in Nigeria’s fintech landscape. However, our top priority at this stage is the UK market where our base holds.