Everyone in Nigeria knows Esusu, that age-old system where a group of people pool money together and take turns receiving the full sum. It’s more than just savings; it’s a community lifeline. For generations, Esusu has helped people cover emergencies, invest in small businesses, or simply make ends meet. Modern fintech platforms in Nigeria have adapted this idea, turning it into digital savings accounts and credit-building tools.
For Wemimo Abbey, the lessons of Esusu weren’t abstract. Growing up in the slums of Lagos, he saw firsthand how financial exclusion could shape lives. His mother, desperate for a loan, had to borrow at an eye-watering 400% interest rate. He understood early that access to credit wasn’t just about money, it was about dignity, opportunity, and stability.
It was this blend of culture, struggle, and ambition that would eventually inspire Abbey to co-found a billion-dollar fintech in New York.
Learning to Build Bridges Early
Wemimo Abbey grew up in the crowded, bustling neighborhoods of Lagos. Life was not easy. Access to basic resources was limited, and financial struggles were part of daily life. His mother worked tirelessly to provide for the family, often making tough sacrifices to ensure her children could go to school. Watching her navigate these challenges left a lasting mark on Abbey. He learned early that financial hardship could limit opportunity, but that determination and smart choices could open doors.
School became more than a place to learn; it was a path toward possibility. Abbey embraced education with focus and discipline, knowing it could bridge the gap between his circumstances and his ambitions. He excelled academically and earned a scholarship to the University of Minnesota, graduating magna cum laude with a degree in Business Management. He later pursued a Master of Public Administration at NYU Wagner, further strengthening his understanding of policy, finance, and community impact.
These experiences shaped Abbey’s belief that knowledge is a tool for change. They taught him that even in difficult environments, education can create opportunity, empower action, and lay the foundation for innovation.
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From Corporate World to Creation
After completing his studies, Wemimo Abbey entered the corporate world with a clear focus on building expertise. He joined PwC, working in mergers and acquisitions, where he contributed to deals valued at over $50 billion. This role exposed him to high-level financial strategy and the inner workings of global markets. Abbey also gained experience with Accenture and Goldman Sachs, learning how large organizations operate, make decisions, and create impact at scale.
Even as he built his corporate career, Abbey remained committed to solving practical problems. He co-founded Clean Water for Everyone, a nonprofit that delivered affordable clean water to over 250,000 people across six countries. Around the same time, he started a data analytics company, which was later acquired in 2014. These ventures gave him firsthand experience with entrepreneurship, operations, and scaling solutions.
The combination of corporate insight and entrepreneurial experimentation set the stage for Abbey to tackle a bigger challenge: creating Esusu, a platform addressing financial inclusion and credit building.
Solving a Real Problem With Esusu
Wemimo Abbey and his co-founder Samir saw a gap in the financial system that many people experience but few talk about. Renters often pay on time, yet those payments do not help them build credit. Abbey remembered watching his mother struggle to get a loan, forced to borrow from a lender charging 400 percent interest. That experience highlighted a simple truth: access to credit is not just about money, it is about fairness and opportunity.
Esusu was born to bridge that gap. The platform reports rent payments to credit bureaus, helping renters build their credit history while also providing property management analytics and rental assistance. Abbey and Samir designed the system to be accessible, reliable, and scalable, so it could serve both landlords and tenants.
Since its launch, Esusu has grown rapidly. More than 20,000 properties now use the platform, and around 1.8 million renters have recorded payments through the system. The direct-to-consumer MyEsusu product allows users to monitor their credit scores and manage their finances directly. In early 2022, the company raised $130 million in Series B funding at a $1 billion valuation.
By turning a personal experience into a practical solution, Abbey built a platform that addresses financial inclusion for millions, from investors to everyday renters.
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Philosophy & Approach – Community, Collaboration, Impact
For Wemimo Abbey, success is never a solo journey. He often says, “If you want to go fast, go alone. If you want to go far, go together.” This philosophy shapes how he builds teams, partnerships, and solutions. Abbey believes that systemic problems require systemic solutions, and the best answers often come from collaboration.
At Esusu, mentorship and teamwork are central. Abbey encourages his team to share ideas, challenge assumptions, and approach problems with both empathy and rigor. This approach has helped the company navigate complex challenges, scale rapidly, and maintain focus on its mission.
Beyond business metrics, Abbey emphasizes social impact. He wants Esusu to create measurable value for communities, empowering renters, landlords, and investors alike. His approach shows that profitability and purpose can go hand in hand.By centering community and collaboration, Abbey not only drives Esusu’s growth but also lays the foundation for giving back, inspiring the next generation of entrepreneurs to solve real-world problems.
Achievements & Recognition
Wemimo Abbey’s work has earned global acknowledgment. In 2020, he made the Forbes 30 Under 30 list, and TIME included him in its 2023 TIME100 NEXT list. He also won the EY Entrepreneur of the Year award nationally and was recognized by Goldman Sachs as one of the “100 Most Intriguing Entrepreneurs” in 2021 and 2022.
Abbey’s influence extends beyond fintech. He serves on the SEC Small Business Capital Formation Advisory Committee and the Fannie Mae Affordable Housing Advisory Council. He is also a Commissioner and Executive Member on the Board of the Smithsonian National Portrait Gallery and co-chairs the Los Angeles County Museum (LACMA) Director Circle. Across finance, culture, and civic engagement, Abbey demonstrates that leadership can bridge sectors while driving meaningful change.
Lessons from Abbey’s Journey
Abbey’s path from the slums of Lagos to leading a billion-dollar fintech illustrates the power of resilience, education, and innovative thinking. His personal experiences with financial exclusion inspired a solution that now empowers millions to build credit and financial stability.
For young Africans and the diaspora, his story shows that systemic problems can become opportunities when paired with knowledge, collaboration, and determination. Abbey emphasizes that education, community, and thoughtful innovation are tools for both personal and societal growth.
Abbey’s journey reminds us that the challenges we inherit can become the opportunities we build for others.
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