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Only 12.1% Of The Nigerian Population Enjoys Meaningful Internet Services

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According to an in-depth research by the alliance for affordable Internet (A4I), it disclosed that only 12.1 percent of the Nigerian population currently enjoys Internet services. Explaining further, it explains that 81 percent meaningful connectivity gap exists in Nigeria and claims that in the rural region, 0.6 percent enjoy meaningful Internet service, while urban region, 16.4 percent enjoy meaningful Internet connectivity.

This is coming as broadband penetration in Nigeria hits 42.3 percent, while users increased to 80.7 million in March. The Nigerian community commission (NCC) statistics, which revealed this, also informed that Internet users via the narrowband rose to 145.8 million within the same period.

With a focus on nine countries, such as Kenya, South Africa, Nigeria, Mozambique,  Columbia, Ghana, India, Rwanda, Kenya, the broadband body informed that across these nine countries surveyed, rural areas lagged behind their urban counterparts in terms of Internet, which having a meaningful access to the Internet, Urban areas have levels that are three times greater than that of the rural areas.

It also carried out a survey on the number of PC owners in Nigeria, which disclosed that only 68.7 percent of the entire population own a PC. These statistics aforementioned, indeed shows that Nigeria has a long way to go in terms of meaningful Internet connectivity.

With 81% of Nigerians lacking meaningful Internet access, this is almost the entire population, and it will no doubt stifle economic growth. It is a major concern that requires urgent attention from the government.

Lack of meaningful Internet connectivity, apart from the fact that it hampers the country’s economic growth, will also affect job creation and inhibit the country’s move to keep up with global trends of innovation and creativity.

According to the world bank, it states that broadband Internet connectivity is a strong catalyst for economic growth, with every 10 percent increase in connectivity enabling a 1.38 percent growth in a country’s GDP. Also, Nigeria’s average Internet download speed is abysmally poor, which according to OOkla speed test global index, it reports that the country’s Internet speed as at 2021 stands at around 10.02 megabytes per second, which is way below the global average per second.

Despite the fact that the country recorded progress in the information technology sector, it was not enough to compete with the rest of the world. Looking at how the future has evolved where Internet connectivity now goes beyond connecting devices and people, to the creation of different  technological tools, it is a wake up call for the Nigerian government to speed up the implementation of the National broadband policies, so as to explore the potential of its massive Internet users to revolutionize the nation’s socio-economic status and as well compete with the rest of the world.

However, in all of this, with the recent news of Elon Musk Starlink Fast Internet provider coming to Nigeria, I am very ecstatic because it has a lot of benefits for the Nigerian internet service connectivity, which will no doubt improving the internet speed in the country that will also enable small businesses to thrive thereby improving the country’s economy.

Star link, which is a high speed Internet access delivered via low earth orbital satellites, will no doubt solve the country’s problem of Internet access and speed, most especially in the rural areas in the country. With the arrival of starlink, what this means is that a child in ‘Ovim’ Abia state, can also enjoy faster Internet services like those in urban areas.

Starlink Fast broadband Internet access will no doubt scale up all sectors in the country which will also see a fall in the price of data, making it affordable to a large number of Nigerians who cannot afford data.

Welcome FUTO Students and Alumni To Tekedia Mini-MBA

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Good People, join me to welcome selected students and alumni of Federal University of Technology Owerri (FUTO) to Tekedia Mini-MBA which begins June 6. The global leadership of FUTO Alumni Association led by Engr Ndubuisi Chijioke is funding the selected learners.

Through this partnership, FUTO Alumni Association continues its enviable record of supporting students and alumni of our great university. It built the first alumni tech hub, just for grads of FUTO. Today in Lagos, everyone graduated from FUTO (we know, but do not worry, it is one university system in Nigeria). Visit FUTO Alumni Innovation Hub and experience what can happen when you have leadership.

As a FUTO graduate, I want to say Thank you to my seniors and juniors for selecting Tekedia Institute.

The academic festival begins on June 6. We’re the largest business school for entrepreneurial capitalism in Africa. Welcome GREAT FUTOITES. You’re the BEST.

South Africa-based International Call App, Talk360, Raises $4m to Expand Operation

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Talk360, a South African startup has closed a $4 million seed funding round led by HAVAIC, a venture capital and advisory firm based in Cape Town, South Africa. Other investors include Gaston Aussems (ex-Mollie), Robert Kraal (ex-Adyen), Gabriel de Montessuss (President WorldPay International) and Marnix van der Ploeg (ex-Booking.com and EQT).

Talk360 offers an international calling app that allows reliable and affordable phone calls to any offline landline or mobile phone in the world. It is a simple app that helps people call their friends, reach out to their family, and speak with their loved ones over the phone. Only the initiator of the call needs a smartphone, the calling app and internet to make calls.

But besides this, the company is on a mission to solve a huge friction in African markets. Talk360 is working to create a new payment platform that will integrate all available payment options across Africa. This will trim the number of service providers that companies operating in Africa will onboard to cater for the unique preferences emanating from the continent’s diversity.

According to Talk360, the product will open up businesses to the largest pool of localized payment options in Africa. The company plans to use the newly raised fund to expand its call business across the African continent.

With existing partnerships with agents like PesaPoint in Kenya and Flash in South Africa, Talk360 enables users to purchase airtime vouchers from a network of over 750,000 physical points of sale. South Africa, Zimbabwe and Bangladesh are among its biggest markets. Talk360 co-founder and managing director for Africa Dean Hiine told TechCrunch he anticipates great growth for its payment platform, which he says will also make it easy for international merchants to sell to users in Africa too. He added that the startup decided to build its own payment platform informed by the need to make payment and checkout easy for its users in Africa.

According to Hiine, the plan is to integrate different payment systems. He says his new platform will bring all the “scattered payment methods” across Africa on a common platform, which he believes will positively impact Talk360’s bottom line, and that of other merchants that will use its platform.

“In our calling business we identified some unique problems around digital payment in Africa. The payment methods are scattered and payment processes are lengthy…And we could see that this problem had a serious impact on our bottom line in terms of conversion rate we were seeing in Africa…It is a problem we experienced and we are trying to solve for other merchants with a presence in the continent too by making the process fast and easy,” said Hiine.

“We are building the platform to actually increase our conversion rate by giving the user experience one single checkout, and to some level, offer predictive analysis– to tell the preferred methods of payment for that region and offer them as top options for the user,” said Hiine.

Since it was co-founded in 2016 by Hiine, Hans Osnabrugge, and Jorne Schamp, Talk360 has grown to be in use in 170 countries, connecting 2 million people in 2021. The current model, which was born from the need to compete with internet calls powered by social media platforms such as WhatsApp, has seen Talk360 pitching its tent in many markets across the globe. This means, setting up a hub in markets in East and South Africa.

The app was previously designed to help people on foreign trips beat roaming.

Nigeria’s Diasporas Are Super-Amazing; Great Force for Good

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The love of a nation. Most received discounted college education which provided the ladder for their ascensions. Today, most are at the zeniths of their games, outside the nation. And they are not forgetting the homeland. I have experienced the power of Nigerian diasporas. They are a force – for good.

Any political leader who understands them, and can give them comfort through honour, decency and values, can unlock enormous resources to transform Nigeria.

The whole construct of brain drain is real. Yet, we have to also consider brain gain. Collectively, the real issue is having someone in Abuja or the state capitals that can harness the wealth of these men and women.

Nigeria has everything it needs to rise to the mountaintop. It has got an extremely affluent diaspora tribe. With our great home team, a national redesign can happen. I have seen patterns: more than 50% of tech startups in Nigeria receive their first funding via diasporas or diaspora-affiliated systems. Another 20% come from those in the oil & gas sector; pray that sector remains strong because the oil people #move. Trust my data as we run a really sizable investing company, Tekedia Capital; diasporas can fix any state with a plan!

Your business idea is good but is it bankable?

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The world is filled with transformative business ideas, but the only ones we will ever get to see are those that become business ideas. Most people have some noble and fantastic ideas about how something can be done better, faster, or with great ease. But maybe not all of them will ever act on their ideas. And even for those that do, they will have to find a means to fund it.

In seeking funding or investors, you may hear a comment that sounds something like the title above, maybe not as direct though. You may pitch to a potential investor or group of investors, only to be told that while it is a good idea, it is not worth investing in? Or it is not worth their while. Either way, it means you have been told that your idea is not bankable.

Bankable, creditworthy, and worth investing funds into, they all mean the same in this context. If an investor tells you that your idea is good but not bankable, it could simply mean that the idea is not worthy of his money. Many transformative business ideas may not see the light of day unless the owner is able to show that the idea is creditworthy.

What does it mean for your idea to be bankable? What does it mean to be creditworthy? How can you show potential investors that your business idea has a future? How can you prove to them that investing in you and your business would not amount to investing in a sinking ship? It is very unlikely that an investor will fund your business just out of sentiments. There has to be something to show the investor that there would be some returns.

First is to make sure you have done a feasibility study and you have a business plan. Beyond having the idea, you should be able to prove that it can bring in some money and will be sustainable. For all you know, the business idea may be fantastic only in your thoughts and dreams. Do a feasibility study and test your theory. Show that truly there is a market need for the idea, and people are willing to pay for it and keep paying for it. This is the first step to making your business idea bankable.

Commit your own resources to get started. In my entrepreneurship posts, I have mentioned before that you should be able to commit some of your resources to get started. Your funds, time, energy, and talent should be the starting point for the business. “If you cannot commit your own resources, why should I commit mine?” This is the unspoken question that goes through the mind of potential investors.

In getting started with your own resources, you will be able to prove that there is an existing market for your product or service. Importantly, you should be able to use this to get clear financial records and show a positive cash flow in the business. When you get started with your resources and you notice that you are still spending more than the revenue, make necessary adjustments till you have shown that the business can at least break even, and potentially become profitable.

Value offer! Value offer! Value offer! You must be able to spell out the value offer for investors and partners. If your business has no value offer, look for one. Investing in your business should not be made to appear as though they are simply funding your hobby for some financial returns. There should be some other sort of value they will be getting from it. All of these combine to make your business idea look bankable or creditworthy.

As a bonus tip, always accept and utilize the feedback you get from a pitch. Even if there is no financial investment in your business, you could get advice that would completely alter the cause of your business and change it for good.