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Fintech Association Of Nigeria Launches “The Start-Up Marketplace” To Provide For Fintech Start-Ups

By
Ojukwu Emmanuel
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0

With the wave of innovation happening lately, Nigeria has observed lately a rapid emergence of Fintech start-ups and tech giants. Although the sector has experienced a massive boom, there are still some challenges that these start-ups are often faced with. Just recently playing its part to address challenges posed by start-ups and investors in Nigeria’s Fintech ecosystem, the Fintech Association of Nigeria (Fintech NGR) launched ‘The Start-Up Marketplace’.

This newly launched innovative platform was designed to provide Startups playing in the Fintech ecosystem with access to free and heavily discounted services in funding, legal, infrastructure, cybersecurity, data privacy, business development, and a variety of other areas to accelerate their growth. Despite Nigeria being one of the biggest and most predominant African Fintech hubs, and the country being home to two Fintech Unicorns, Opay and Interswitch. There seems to be no relenting for Fintech start-ups at the moment, as they continue to break new grounds.

This initiative launched by FintechNGR has indeed encouraged start-ups not to rest on their oars. The Fintech ecosystem is one sector in the country that is doing exceptionally well and putting the country’s name on a global stage in a positive light. The fact that FintechNGR is not carried away with the remarkable achievements of some Fintech companies by still going ahead to address its challenges is indeed laudable. They are hell-bent on blocking any loophole that will pose a challenge to Start-Ups in the country.

Citing the whooping $4.65bn in disclosed funding received by African start-ups, as shown from statistics, with over $1.37bn of that amount coming to Nigeria and Fintechs in the country taking up a huge 73%. The president of Fintech NGR Mr. Ade Bajomo has opined that there are indeed many opportunities to leverage and achieve unparalleled transformation in the Fintech landscape”. To FintechNGR, they strongly believe that Nigeria has only scratched the surface of the Fintech ecosystem, as there is still more to be achieved.

In a recent meeting held by the Fintech Association of Nigeria, which was themed Fintech outlook 2022. In a bid to ensure that Fintech start-ups leapfrog and maximize impact this year and beyond. They had to Pinpoint some challenges that have often affected the Fintech ecosystem;

  • Cybersecurity: They pointed out that this issue keeps occurring at an alarming rate, as well as its attention cost. They disclosed that companies need to move from just defense readiness to agile resilience in the light of the speed transformation the Fintech landscape and technology are seeing globally.
  • Savings And Investments: They stated that there is a strong share of millennials who do not seem interested in maintaining the status quo of traditional investment methods like pensions and states interest rates.

They also highlighted some major drivers for the growth in the Fintech space and beyond, some of which include; Open Banking, Contactless Payments, data aggregation, and embedded finance.

Once challenges posed by Startups are properly addressed, one can only imagine the extraordinary remarkable achievements to come out from the Fintech space in Nigeria. It can only get better. The role of the fintech Association of Nigeria in the Fintech ecosystem deserves due credit, as they have accelerated the growth of most Fintech companies in the country. They have actively been at the forefront, connecting stakeholders, accelerating Fintech growth and impact, also promoting and advocating for a conducive environment for Fintech companies to thrive and the adoption of emerging technologies.

Welcome Farm365 To Lagos; Digitization of Farm Produce Continues

By
Ndubuisi Ekekwe
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0

Let me congratulate Abdulaziz Kabir and his team as they begin operations in Lagos. From his LinkedIn post: “It’s official; we are in Lagos. When your customers call, you answer without hesitation. This picture is about Farm365 first order in Lagos made by one of the largest restaurants with the highest number of outlets across the country. We are glad to serve, and it continues that way.”

Our Fund is very happy to have supported this business from Kano, to Abuja, to Lagos. Next destination: Enugu, as the digitization of farm produce continues in Nigeria.  Well done Bello Isyaku, Muhammad Zubairu Ahmad, Fareed Muhammad, Abdallah and Najib Yalli.

They’re opening their pre-seed; reach out to Kabir if interested.

See Tekedia Capital’s Next Startup Deal Flow

By
Ndubuisi Ekekwe
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4

We now have more than 60 of them in the portfolio; great startups from around the world. Many are category-kings in their domains. In two weeks, I will open the next deal flow as the next investment cycle of Tekedia Capital Syndicate begins. If you are not co-investing with me, you are missing many things.

Yes, the empires of the future are being created – and I invite you to join us here. Register today and go into an excursion of building empires with us.

Tekedia Capital invests in technology-anchored early stage startups and companies. Our opportunity antenna and grassroot connections with innovators enable us to see patterns as they develop.  We invite you to partner with us as we nurture and build category-king companies in Africa and beyond, and in the process advance citizens, communities and nations. At Tekedia Capital, we fund the foundations of the NEXT African economy.

Customers are always right: The Air Peace and Emir of Kano saga

By
Stanley Alieke
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0

Prince Isa Bayero, cousin of the Emir of Kano, Alhaji Aminu Ado Bayero, has given Air Peace airline a 3 days ultimatum to offer an apology to the Emir of Kano and by extension the Kano Emirate for disrespecting the Emir by causing a delay to his flight.

Isa Bayero had earlier written a petition to the Nigerian Civil Aviation Authority (NCAA), praying the aviation authority to sanction Air Peace for being disrespectful to the Emir and his royal entourage.

Air Peace in their defense stated that they never disrespected the revered Emir and had no intention of doing that and that they only acted in good faith by not delaying the flight just to wait for the emir and his people and to save the emir’s majestic name from ridicule from other customers already on board.

In the words of Prince Isa Bayero who doubles as a cousin to the emir and the emir’s chief protocol office while issuing the 3 days ultimatum: 

“I wrote to the DG NCAA, to complain but if someone claimed my statement is inciting, well, they are entitled to their opinion. But come to think of it, inciting who? Kano people not to fly Air Peace anymore because the airline insulted their emir and refused to apologise? That I have no regret if anybody claims or interprets my complaint that way”. 

He said the airline delayed their Banjul to Lagos flight for over an hour and should as a compensation at least delay the Lagos to Kano flight for 30 mins for the emir and his entourage to be able to catch up with Lagos to Kano flight but the airline couldn’t wait for them.

***********************

Come to think of it, Air Peace delays, reschedules and sometimes outrightly cancels flights with no just cause, no remorse and apology to the customers or sometimes no explanation and when they do explain,  their reasons are always flimsy and does not  justify the action. 

If you are a constant flyer of the Nigerian airlines then you can fully appreciate the anger and the reason for the outburst of Prince Isa Bayero. Flights are delayed for hours for no just cause, remorse or apologies from the airline. Air Peace is the number one champion in delaying flights. Who knows how many times they have previously delayed the flight of the emir before this incident which made the prince feel the Emir is entitled for at least 30 mins for the emir for just once for the emir to catch up.

Flights are always delayed for incessant and unnecessary reasons, so delaying the flight for at least 30 mins for the revered first class emir and his entourage to catch up won’t cause any harm. 

Enough of the tribalistic twist, being a king  or a traditional ruler; one of the honors and privileges attached to it is that protocols are suspended for your sake; governmental protocols and societal protocols are bent for you, it’s an honor to your royal office and that’s how the African society have accepted it to be.

If a mere flight cannot be delayed for a king (after wasting the emir’s one hour in the prior flight which is the reason the emir is needing 30 mins to catch up) then Air Peace really owes the king apologies. I’m quite sure that if it’s a state Governor or a federal officer holder that demanded the delay, Air Peace will definitely delay the flight for the fear of governmental sanctions but since the king has no government power to sanction the airline they feel they could just zoom off.

Again, Air Peace is a business and in business, customers are always right so if Air Peace is really towing this line of media trial with the emir’s aide then Air Peace’s business principle really need to be questioned and this will only end badly for the airline as they will definitely lose customers and flyers for not just disrespecting the emir but also engaging in this kind of bad publicity.

The least the airline can do is to step down from their ego, treat the airline as a business with the business principle that customers’ are always right and tender an apology to the emir as a highly respected customer as the  emir’s aide is demanding.

Locally Made Drinks, Palmwine, To Be Served At Anambra State Government Functions – Prof. Charles Soludo

By
Ojukwu Emmanuel
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2

Governor-elect of Anambra state Prof. Charles Soludo who during his electoral campaigns stated his vision of supporting Nigerian/Anambra-made products. Just recently, he reiterated his plans to promote local brands (drinks). He further disclosed that as a policy to promote local brands, he will serve only locally made drinks and palm wine at the government house and government functions.

According to a report, Nigeria spends up to $50million on imported champagne every year. In 2020, it was disclosed that Nigeria’s imports of Beverages, spirits, and vinegar was $317.26 million. Such an exorbitant amount shouldn’t be spent when the country is richly blessed with natural palm wine, coupled with professional palm wine tappers who are rarely patronized.

With Soludo’s plan to ensure that palm wine is served at government functions, with the help of biotech, he can harness the sector and create opportunities for teeming youths. The palm wine business will receive a boost and thousands of millionaires will be made out of this innovative mindset. With better branding and packaging, I strongly believe that palm wine will be a great match for foreign drinks. It has the potential to generate millions of dollars every year if done properly and supported with the necessary marketing efforts.

The palm wine drink, if properly packaged, has the possibility of going beyond local consumption to exportation to other foreign countries. If only we can look inwardly to know that there is an impressive range of African drinks with strong potential to become major global brands. The need to patronize made-in-Nigeria goods can not be overemphasized, as it is one major way to economic growth and development. The economy of any nation grows rapidly when locally made goods are promoted, first by its people, then through export.

Indeed Soludo’s plans and commitment to patronize made in Anambra products will massively improve the economy of the state as well as ultimately improve the input-output matrix of the Anambra agro value chain. Instead of having to import different clothing brands, drinks, shoes, cars, etc wasting billions of naira on things that could be locally produced in the state. This initiative by Prof. Soludo will build and improve what the state already has by increasing the income and revenue of the state rather than spending it elsewhere.

This plan, if properly executed, will give the rise to many entrepreneurs in the state. There will also be an increase in the creation of jobs which will reduce the rate of unemployed people. Indeed “Soludo solution” as fondly called by the people of Anambra state is indeed ready to walk the talk. Professor Soludo continues to exude the exuberance of an intellectual reformist, with his impeccable ideas that are believed to transform Anambra into an industrial hub.

Soludo also stated during his campaign promise to revive the local clothing in Igboland popularly known as Akwete clothing which is produced by Akwete women in Abia state. He further disclosed that the demand for Akwete clothes has gone up in Anambra state because of his decision to always wear the fabric.

It is however disheartening to know that Nigeria as a whole has been growing other countries’ economies through our over-dependence on imported goods, especially those that have local substitutes. The truth is Nigeria can easily experience a breakthrough in the quest for local development and a stable, strong, and advanced economy if Nigerians would patronize made in Nigeria goods.

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