Fintech and digital payment platforms are emerging as critical tools in transforming the rental economy as Africa’s real estate sector continues to modernize.
Many property-related transactions still rely on manual or cash-based systems, often leading to trust issues between tenants and property owners.
To address this challenge, platforms are now leveraging fintech solutions to introduce accountability and transparency into the payment process. Instead of allowing funds to go directly to property hosts upon booking, these systems hold payments in escrow until services are delivered.
This approach ensures that hosts fulfil their obligations before receiving payment, protecting tenants from substandard or undelivered services.
In this interview with Naijaonpoint, Olayinka Olamilehin, Founder and CEO of Virety, a platform that integrates verified property listings with geospatial intelligence, speaks to how technology is now playing a major role in the property market.
Aside from the payment system, Olamilehin says technology is also helping to achieve precision in decision-making and save logistical costs and time.
Naijaonpoint: Despite growth in digital housing platforms across Africa, trust and transparency remain major barriers. From your perspective, what structural issues are preventing the creation of a unified, verifiable property marketplace across African cities?
Olayinka Olamilehin: Trust and transparency are derived when solid proof is presented. Most listing platforms currently have only doctored proof from still images that are limited in coverage and do not reveal spatial or actual representation of the spaces for lease or rent, because still images can be edited to suit the taste of a house seeker during online searches.
The future of a verifiable property marketplace must include the use of virtual reality technology to rebuild trust, which is why, with 360 virtual tours, you can see better and decide smarter.
Naijaonpoint: In many African cities, real estate prices are rising faster than income levels. How do you see technology—especially digital verification and online booking systems—helping to make rentals more affordable?
Olayinka Olamilehin: The current painful reality about the rising cost of housing is the low-quality delivery that exists, given the amount that is paid in exchange for housing services. Affordability is first about value. The question is, are people getting value for what they pay?
So with advanced technology, maximum value can be earned from every penny invested in searching for spaces because the immersive nature of the technology helps to achieve precision in decision-making, save logistical costs and time. The cost of searching is reduced to zero. Accessibility speaks to convenience, to consideration for those with limited mobility and geographical distance.
Naijaonpoint: Many property-related payments in Africa still depend on manual or cash-based systems. What role do you think fintech and digital payments should play in improving the rental economy, and how close are we to achieving seamless, trusted cross-border property transactions on the continent?
Olayinka Olamilehin: We have employed the use of fintech companies in payment, basically. And so we get to have like, okay, there’s a problem in the industry currently. And the problem is that oftentimes when people make a payment and they don’t get the service the payment was made for, they get discouraged. So there is no feedback system.
There is no system where the hosts are held accountable. So with fintech, when people make a payment, we can withhold that payment till services have been given by the hosts to the guests.
And we can now make payments to the hosts after the guests have enjoyed the services. And if there are complaints about the service, they can report to us. And in reporting, we can, because we are the ones with the help of fintech, the fintech service that we have employed, we can withhold some of the funds and put in some measures to correct whatever wrong services that have been given initially.
And we can now make payments to the hosts after the guests have enjoyed the services. And if there are complaints about the service, they can report to us. And in reporting, we can, because we are the ones with the help of fintech, the fintech service that we have employed, we can withhold some of the funds and put in some measures to correct whatever wrong services that have been given initially.
So in some cases, we might need to ban the host from our platform. We might need to suspend the host from our platform. We might need to even refund the host for their service, of the money that they paid for the service.
So the fintech companies are actually able to achieve that. Otherwise, payments would have just gone directly, and the host would not be able to be accountable for whatever they do to the guests. Because as soon as the guests book and make payments, there won’t be any other control anymore, because the payment has gone. But with the fintech now, we are able to hold the host accountable for their treatment of the guests.
Naijaonpoint: As platforms like Virety gather location, property, and user verification data, what level of data protection and regulatory oversight do you think is necessary to build public confidence in Africa’s online housing market?
Olayinka Olamilehin: Privacy regulation is a very sensitive topic to address because it varies from country to country and continent to continent. However, at Virety, we have several systems in place to ensure user privacy, such as government-licensed service providers, and we only collect data that is necessary for the platform with user consent.
Naijaonpoint: Given recent developments such as the Dangote Refinery’s influence on industrial zones, the AfCFTA’s impact on mobility, and Nigeria’s evolving mortgage landscape, what does the next five years look like for Africa’s real estate and rental ecosystem—and where does Virety fit into that picture?
Olayinka Olamilehin: Statistically, the real estate market in Africa is expected to reach a value of $17.64 trillion by 2025 and is projected to reach $22 trillion by 2029, showing a 6% growth rate due to rapid urbanisation.
Within this market, the residential real estate segment dominates over 75% of that. Therefore, the residential market would demand more precision due to high demand and buying power. Our mission is to help people make smarter choices and gain satisfaction through the use of virtual technology, thereby elevating their choices and providing concrete value.
Naijaonpoint: Successive Nigerian governments have announced affordable housing and urban renewal initiatives, yet implementation remains slow. What do you think is missing in the policy-to-execution pipeline, and how can the private sector bridge that gap sustainably?
Olayinka Olamilehin: It is a point of fact that the government is responsible for providing access to affordable housing for the middle and lower-income earners. Therefore, the leadership should take accountability in ensuring the speedy delivery of affordable housing for the people. The slower the delivery, the more complicated the problem becomes due to bottlenecks created by population increase.
For the private sector, there has been too much focus on high-profile real estate development and little concern for serving the largest economic class of society. Therefore, the private sector should engage partnerships and corporations that breed strong investments that can help speed up housing needs for the middle or low-income earners.
Naijaonpoint: Real estate investment in Africa still depends heavily on foreign capital. What structural reforms or financing models could help unlock more domestic participation in property development and rentals?
Olayinka Olamilehin: Growing investors’ confidence, coupled with improvement in technology, has provided enough avenues to allow the common man to invest in real estate. The problem is trust.
We already have a system that is working, but the question is, can we trust the system? Proper regulatory and licensing measures can be introduced to build trust and avoid scams.
Naijaonpoint: Many properties across Nigeria struggle with unreliable power and poor infrastructure, which directly affects rental value and occupancy. From your experience, how much does infrastructure quality influence the digital housing market, and how can tech platforms respond to these physical constraints?
Olayinka Olamilehin: Infrastructure is the bedrock of a profitable real estate economy. However, it has no direct effect on the digital housing market. What is required is that the digital housing market provide transparency and accurate depictions of what is on the ground.
The advantage the digital housing market has is access to data, which can be used to help the government better understand the industry’s needs, providing a roadmap for infrastructural development.
Naijaonpoint: With the Naira’s volatility and tightening FX liquidity, landlords and service providers are increasingly demanding dollar-based or crypto-linked payments. Do you see a future where digital or stablecoin-based payment systems become mainstream in the African property market?
Olayinka Olamilehin: The world is becoming increasingly digital; therefore, payment systems will become digitally focused and less cash-based as the years go by. The industry is already witnessing growth in the adoption of digital currency as a payment method. So in the years to come, it won’t be a surprise to see a widespread adoption of digital currency like crypto.
Maybe not mainstream, but a valid option for a lot of property owners who are early adopters and within the younger demography.
Naijaonpoint: Looking ahead, Africa’s urban population is projected to double by 2050, what role will digital housing platforms, geospatial data, and immersive technology play in shaping inclusive urban housing systems for the next generation?
Olayinka Olamilehin: Africa’s cities are expanding faster than our housing systems can keep up. The real crisis isn’t just supply—it’s trust and access. Millions of people still search for homes through guesswork, risking fraud, misinformation, and costly site visits. This is where digital housing platforms, geospatial data, and immersive technology will shape Africa’s urban future.