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Mintyn Digital Bank Congratulates Stanley Amuchie for Appointment as ED at Fidelity Bank

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The innovator has joined Fidelity Bank Plc; he is one of the finest bankers in Nigeria. Join me to congratulate an amazing business leader, Stanley Amuchie, who has been appointed  an Executive Director, Chief Operations and Information Officer of Fidelity Bank. He has done remarkable things including serving as  the Group Chief Financial Officer of Zenith Bank Plc.

He made first class from the University of Benin. But his biggest work (from my angle) is this, from Fidelity Bank  press release: “Between April 2019 and February 2021, Stanley was Chief Technical Consultant at Mint Financial Technologies Limited (now Mintyn Bank, a digital bank). “

Yes, he worked with us to make Mintyn igital Bank one of the nation’s fastest growing neobanks. You see us everywhere – Premiership games,  etc.  Tekedia Capital is an investor in Mintyn which has built a business model where your money can go further with it. Yes, you have N2,000 to buy rice. In Mintyn, you can find others to buy in groups and instead of getting 100 cups, you can go home with 200 cups through bulk purchase.

Mintyn wishes Stanley a great future. We thank him for the leadership he provided to help Mintyn stay in a position to thrive. At Mintyn, we’re minting great future and more opportunities.

A Message from the Students And Custodians of the Future

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The Academic Staff Union of Universities (ASUU) has struck. But Nigerian students will not just wait as strikes eat into their futures. Yes, the  National Association of Nigerian Students has ordered the blockage of all major roads in all states across the Federation and the Federal Capital Territory, Abuja, if things do not change in a week.

The NANS President said, “Nigerian students can’t continue to pay for sins we never committed, as we are paying for our education, we strongly believe we deserve the best, at the end of every industrial action, ASUU members are paid their salaries, likewise Government officials in charge of education supervision get their pays.

“It is only Nigerian students that get nothing but a waste of everything, the house rent is non – refundable, the age count is irreversible. The extension of stay on campus didn’t only affect our academic journey but destabilise our life plans, as many misses NYSC mobilisation due to age limit, many lost job opportunities arising from age factors while many became exposed to risks and crimes following the avoidable idleness mode the strike action imposed on Nigerian students.

“To act against these numerous consequences of industrial action on Nigerian students’ academic journey, I am pleased to direct the immediate commencement of planning and mass mobilisation of Nigerian students and comrades across the 36 state of the Federation and FCT in line with congress decision.

“The line of actions is as follows:

“Blockage of all major Federal Roads in all the 36 states of the Federation to be led and coordinated by NANS JCC and Zonal Executive including National officials of NANS in the state.

“Federal Capital Territory to be blocked by National Secretariat in collaboration with FCT axis of NANS.

“These became sacrosanct once ASUU and FG fail to reach compromise and get our campuses reopened on or before 28th February, 2022.

“In a clear term, Monday 28th February 2022 is hereby declared as National Action Day Against ASUU Incessant Strike Action tagged ‘#ENDASUUSTRIKEPERMANENTLYNOW’.”

Flutterwave 3.0 Playbook on Aggregation-Integration and One Oasis Strategies

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There is a new business model that will rule the 21st century, anchored on the unbounded and unconstrained distribution channel of the internet, delivering near-zero marginal costs with territorial conquering scalable advantages. More than 80% of leading digital technology companies have deployed it.

In this piece, I present the elemental relationship with a video, on Aggregation-Integration Construct, explaining at a deeper level what is going on. The digital empires of the future will be anchored on this Construct.

Looking at the integration part, I make a case that only the integration of customer relationship at scale within platforms can enable new basis of competition. And when new basis of competition is created, the outcome is typically disruptive at scale. The video is below.

Case Study #1: Flutterwave is winning the fintech space with aggregation and integration. They are signing global deals and using APIs to bring a fintech unification in the continent. Following the announcement of a $250M Series D funding last week, Flutterwave, unveiled a significant re-brand and identity at Flutterwave 3.0, a virtual event held on Friday, 18th February 2022. During the Flutterwave 3.0 event, the brand launched a series of products, including; a Fintech as a Service solution, Capital, Grow,  Checkout and  Card issuing as well as additional improvements to existing products. Friday’s event sees Flutterwave affirm its commitment to exploring more areas of growth for businesses, startups and individuals.

  • A Fintech as a Service (FaaS) solution which helps startups of all sizes quickly become Fintech companies using Flutterwave’s pre-built API and solutions.

  • Capital, a technology platform for businesses & consumers to access Buy Now Pay Later (BNPL) & Merchant lending from regulated and certified credit providers.

  • Grow, a B2B product that helps entrepreneurs easily incorporate their businesses globally.

  • Checkout, a new checkout experience that is 5x faster, reducing drop-off by 60%.

  • Card issuing, technology platform to enable businesses to issue both Mastercard virtual and physical debit/prepaid cards to their customers in partnership with Mastercard. These solutions remain subject to regulatory approval.

It plans to become the fintech operating system of Africa.

Case Study 2: From everything, one thing is evident, Flutterwave is using its one oasis (the paytech API) and is capturing value via a multiple play strategy. Yes, this goes beyond a double play strategy.

When you combine One Oasis and Aggregation-Integration Construct, great things happen. Yet, the moments remain as even Flutterwave has not captured much value.

If you use Flutterwave total $16 billion in five years, on average, it is doing $3.2 billion per year. That $3.2 billion covers 34 countries. If we assume that it is doing 50% in Nigeria, the implication is that every year, Flutterwave processes less than $2 billion worth of transactions in Nigeria. (Note: this is average)

So, if you have $301 billion (which might have grown to $320 billion) and the largest firm is doing $2 billion, what does that tell you? Nothing has happened. We can have ten Flutterwaves! Keep building people and Tekedia Capital will be here to support.

Creating A Purpose Driven Workplace Impacts Employees Engagement

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When employees have a sense of purpose at work, they feel passionate, innovative, and committed. According to research, a sense of belonging is essential for success for both the employees and the company. When the vision and purpose of a company are not clearly defined, there is usually a feeling of apathy to work among employees. Most mistakes employers make is that they do not carry along or enlighten their employees on the purpose and vision of the company. They feel it is inconsequential, as long as employees carry out the work required of them.

What they fail to note is that it can be detrimental to the growth of the organization because employees do not feel as though they are actively contributing to the growth of the organization and are usually unwilling to put their best foot forward. One thing employers should know is that employees expect their jobs to bring a significant sense of purpose to their lives. Employers need to help meet this need or be prepared to lose talent to purpose-driven companies. I have a friend who had to quit her job because the company wasn’t purpose-driven. She was often idle, rather than being engaged. She knew if she continued in such an environment it will retard her career growth. She didn’t hesitate to resign.

This leads me to say that when employees feel that their purpose is aligned with the organization’s purpose, the benefits expand to include stronger employee engagement, increased loyalty, and a greater willingness to recommend the company to others. According to a survey by the New York Times, employees who derive meaning from work are three times more likely to stay. This means in a purpose-oriented workplace, retention will increase. The only kind of people who stay in an organization that is not purpose-driven is usually those who are mediocre and complacent. They do not care if the work ethic in the workplace is taking a toll on their career growth, as long as they receive their paycheck at the end of the month, they are good.

While researching this topic, I stumbled upon an important piece that I found very insightful. According to Harvard Business Review, it recommends that employees should often be asked certain five questions to help them identify their sense of purpose.

  1. What are you good at?
  2. What do you enjoy?
  3. What feels most useful?
  4. What creates a sense of forwarding momentum?
  5. How do you relate to others?

It is believed that these questions above-mentioned will connect employees with their sense of purpose, as well as it relates to their workplace. Companies must cultivate the habit of showcasing the work culture to employees. They should carry them along on New projects, Company set goals, etc . That way employees will feel connected to the company and also get to see if the organization’s values align with theirs. Managers must understand that only their input, no matter how great it might seem, will not be enough to propel the company forward. A company is only as strong as its employees’ dedication to the company.

Employees need to have a sense of purpose in the workplace because it often leads to improved productivity. They need to understand their role in an organization and also know how their contributions lead to the growth of the company. This way, they feel energetic and enthusiastic to always show up at work. Being purpose-driven not only makes the big picture and path forward clearer but also helps engage and motivate the workforce around common ideals.

Final Thoughts

A sense of purpose drives employees’ actions and also impacts how they feel in the workplace. The more employees have a sense of meaning in their workplace, the more it positively impacts their attitude and work performance.

ASUU and Nigerian Government: when two elephants fight…

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The labour cum political war between the Academic Staff Union of Universities (ASUU)  and the Federal Government of Nigeria is beginning to seem like it is never going to end and when two big wigs like this fight, the grasses suffer; the grasses here are the innocent Nigerian students in public universities who are forced to stay longer than expected in their university years due to the incessant strikes of the universities staffs union.

Every year that goes by, ASUU threatens to go on an indefinite strike and in most cases, they actually embark on the indefinite strike, because some promises that the federal government made to them are yet to be fulfilled or some contracts entered between the federal government of Nigeria and the labour union is yet to be fully executed.

Whether these acts of the federal government visa viz that of Asuu is politically motivated, that we cannot say;  it is left for those at the helm of power to throw more light on what is causing the dog and cat fight between the government of Nigeria and the labour union or is it a spiritual problem?

ASUU cannot keep going on strike every year at the detriment of the Nigerian university students and scholars; prolonging the number of years a student ought to be in school and further extending the decadence the Nigerian institutions are already suffering. The federal government on her part should carry out the promises made to Asuu, if they cannot execute or fulfill the all promises they made to the union on the negotiation table, they should at least fulfill some promises to some reasonable extent.

If education is  really the bedrock of the Nigerian  nation, then the Nigerian government, if they have the foresight and proactiveness, should not play around with the educational set up of the nation unless they want the  nation to be educationally underdeveloped.

Can we say that ASUU is greedy or is the government of Nigeria tricky? This is the question Nigerians have also been asking themselves and the answer to this question lies the answer to the every year strike that ASUU embarks on. It is  left for the federal government and the ASUU to come to a common ground and end this back and forth once and for all because when fights like these go on for long, the common man and the economy will always bear the brunt.

The justification for ASUU strikes over the years is the non-implementation of signed agreements between the federal government through the ministry of labor and the labour union. So ASUU asking the government to execute the contract they both entered and embarking on strikes over that reason does not make the labour union greedy rather, their reasons are justified, so it is the federal government that could be said to be tricky in this instance; if they are not tricky then there must be a political undertone which is yet to be fully explained to the people of Nigeria on why the government is yet to meet with the demands of ASUU over the years now.

Enough of the strikes!