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Home Blog Page 5621

The Tecno’s Glocal Playbook

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In cities like Lagos, Nairobi and Addis Ababa, busy streets are awash with the bright blue shopfronts of Transsion’s flagship brand, TECNO. The company might still be a new brand globally, however, the company took a different path to success from other top Chinese smartphone makers or international mobile brands. TECNO built its business in Africa and is focused on its growth in global emerging markets. And it has no plans to change tact now.

For TECNO, future growth is set to come from building its business outside Africa by tapping into other developing regions like the Middle East, East Europe, and Southeast Asia, but with Africa still a key focus.

A recent Counterpoint research reveals that TECNO was responsible for 18% of the total smartphone shipments in Africa in 2020. The research firm attributes TECNO’s rise to a strong second half of the year and its affordable smartphone portfolio. The brand has made a dent to some of the bigger smartphone names, making TECNO a challenger brand to watch out for.

Glocal approach

TECNO’s ethos is rooted in a business strategy called “glocalisation,” the creation of products that will sell universally but can be customised to specific markets or regions. This strategy signifies TECNO’s growth from an Africa-focused brand to a newcomer in the mid-to-high-end smartphone segment in global emerging markets.

In Ethiopia for example, Tecno became the first major phone brand in the country to offer a keyboard in Amharic, the country’s native script. This unlocked an entirely new customer base. Swahili and Hausa keyboards have also been added since then.

“This has helped TECNO grow into one of the most admired smartphone brands in Africa, as well as an expert in providing industrial-leading technology and innovative devices designed for global users in emerging markets,” explains Stephen Ha, General Manager at TECNO.

Today, TECNO’s product line is greatly enriched by its quad core smartphone product lines and a diverse AIoT products, providing consumers with high-quality middle and high-end smart devices.

“We offer a very competitive price, enabling our customers to always stay connected to the world and enjoy a fashionable way of life. Unlike many international brands, TECNO focus on users in emerging markets and creatively combines global technology with the actual needs of local consumers, bringing them cutting-edge technology with localised innovation and differentiated features. This kind of innovation is in our DNA,” adds Ha.

In 2021, TECNO plans to leap further forward with the hope of stabilising its foothold on more emerging markets. “To further expand our brand popularity, we aim to play a more significant role in the mid-to-high end market segment. We will do this by actively combining international-level partnerships to create our global brand image, while also utilising diverse and innovative branding activities to serve a growing number of young consumers.”

Joining the premium smartphone space

TECNO’s brand mission is to become the most admired tech brand in the global emerging markets by continually making breakthroughs in product innovation.

With PHANTOM X, TECNO intends to redefine the premium flagship phone trend and evolve it to new dimensions that exemplifies premium design, industry flagship camera technology, and seamless customer experience punctuated by a differentiated service.  “We are confident that we have figured out a right strategy in terms of many aspects like elegant design language, camera technology, and total user experience,” says Ha.

But PHANTOM X is just the beginning. As TECNO continues to play a more significant role in the mid-to-high end market segment, it will cultivate its market position by bringing with it premium smart devices and services-based offering and lead with a customer-oriented innovation mindset.

“The mid-to-high-end smartphone market has become more mature today, and market demand has spread rapidly to global emerging markets. We are eager to push the competition into new boundaries to make flagship technology and innovation available to consumers in global emerging markets sooner,” adds Ha.

TECNO plays a crucial role post-pandemic

The COVID-19 pandemic has brought unprecedented challenges both for industry and society, however, TECNO knows that every challenge brings with it an opportunity. “During the period, we kept the communication lines with our global partners. We stood alongside our consumers to help them overcome challenges. We’ve always been the brand that pushes past limitations,” says Ha.

TECNO gave back to communities. They implemented fast-response measures to support local communities in time of outburst events such as COVID19. “Last year, we rolled out a range of initiatives to provide prevention measures, materials and educational and economical support that aims to help local communities to maintain their safety and wellbeing for everyday life.”

TECNO partnered with governments in countries such as Nigeria, Thailand, Myanmar, and India, to provide medical support to local communities. Prior to the pandemic, they partnered with UNHCR to support its global education project, Educate A Child, to help improve the educational conditions of refugee children and enable them to get more opportunities for education.

But more than taking its social responsibility to heart, TECNO is all about knowing what the customer needs, and this philosophy is at the very center of everything they do. “We are at the forefront of meeting neglected market demand by developing elegantly designed smart tech devices and services for our consumers across more than 70 global emerging markets. We want to provide consumers with a comprehensive range of high-quality products and services at competitive prices, from smartphones, tablets, smart wearables to AIoT devices,” says Ha.

As TECNO readies itself to take on the world by storm, the brand recognises the role that it plays in society.

“We are investing more around digitalisation to drive positive impact on business ecosystem, consumers as well as social development. For example, we held the first global AR launch event  for the CAMON 16 series in 2020; we witnessed the rise of short-video social trend and launched the very first documentary looking at the “rise of selfie”  calling out for the public to employ devices in a positive way. We are also investing more in e-commerce to bring better convenience to consumers,” concludes Ha.

One can clearly see why TECNO is on the up and up.

It is no surprise therefore that in 2020 it has outpaced its competitors in Africa and was named one of the top ten “most admired brands in Africa”, a recognition bestowed upon it by its industry peers and consumers.

McPherson University Champions Innovation Hour Scheduled At Tekedia Institute

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McPherson University Champions,  welcome again to Tekedia Institute. Very excited to host all of you here. Please the Zoom link is now in the Board. I hope to meet all on Saturday to discuss innovation, business growth and the wealth in nations. It is always transformational – and I am confident that you will see a hopeful, promising and abundant future, out of your capabilities and the promises of tomorrow. 

Yes, the future is full of abundance, and innovation will fix frictions which are challenges nations, communities and firms are facing. Those who have the capabilities to fix those challenges win the trophies. Yes, they become champions across domains in academic, business, political and other human endeavors. Everyone is invited on that mission because we are agents to make the world a better place.

Saturday, Aug 21, 2021 at 5pm WAT.

Tekedia CollegeBoost >> co-learning with university students and innovators of tomorrow

Let’s Master The Physics of Business At Tekedia Mini-MBA

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Does your business operate on Speed or Velocity? At Tekedia Mini-MBA, we educate on the physics of business systems. It is possible you are operating on speed. We will help you have Velocity which is a playbook with a Clear Direction. Let’s co-learn on how to unlock the opportunities in your firm.

Registration for the 6th edition of Tekedia Mini-MBA (Sept 13 – Dec 6, 2021) opens. Tekedia Mini-MBA, from Tekedia Institute, is an innovation management 12-week program, optimized for business execution and growth, with digital operational overlay. It runs 100% online. The theme is Innovation, Growth & Digital Execution – Techniques for Building Category-King Companies. All contents are self-paced, recorded and archived which means participants do not have to be at any scheduled time to consume contents. Our programs are designed for ALL sectors, from fintech to construction, healthcare to manufacturing, agriculture to real estate, etc.

Join our school here https://www.tekedia.com/mmba6/ . Class begins with The Innovation and Growth of Firms on Sept 13.

Mastering ESG-Anchored Global Fundraising by Dr. Tiwalade Adeniyi – Tekedia Live, Aug 19

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He is a very brilliant young man. He graduated from the prestigious University of Lagos with First Class in Botany. He loves the environment and has worked to see how we protect, sustain and keep life going here.  In PwC, he was an Assistant Manager on Sustainability and Climate Change, becoming one of the early experts in Africa in that domain. Today, he leads sustainability in Coronation Group, one of Africa’s leading financial services platforms.

Dr. Tiwalade Adeniyi, a PhD graduate of the University of Lagos, and  Tekedia Institute Faculty will teach fundraising on the tenets of ESG (environmental, social, and governance ) tomorrow. Zoom link in the Board.

Thur, Aug 19, 7pm WAT | Mastering ESG-Anchored Global Fundraising – Dr. Tiwalade Adeniyi, Sustainability Lead, Coronation Group

Tekedia Mini-MBA >> learn from the best. Registration continues for the next edition which begins next month here.

Nigeria’s Court Freezes Bank Accounts of Chaka, Bamboo, RiseVest, Trove, etc on CBN Request

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A federal court in Abuja has frozen the accounts of 6 online investment firms. The companies are Bamboo Systems Technology Limited, Rise Vest Technologies Limited, Bamboo Systems Technology Limited OPNS, Chaka Technologies Limited, CTL/Business Expenses, and Trove Technologies Limited. The Central Bank of Nigeria (CBN) has requested for the freeze to enable it conduct forex related investigations on the companies: “The CBN now accuses the companies of engaging in “illicit forex transactions”. The freeze will remain till Feb 2022. These firms help Nigerians buy foreign stocks, bonds and other financial securities.

The Central Bank of Nigeria (CBN) has secured a court order to freeze the accounts of some fintech companies for 180 days. The Federal High Court in Abuja granted the prayer of the apex bank to put the financial activities of the investment firms on hold pending the conclusion of its investigation into their alleged forex misconduct.

The companies include Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Bamboo Systems Technology Limited OPNS, Chaka Technologies Limited, CTL/Business Expenses, and Trove Technologies Limited.

The court document reveals that the financial regulator is investigating ‘illegal foreign exchange transactions’ by the affected companies, which is weakening the naira.

If you look at it, the apex bank thinks they could be weighing on the value of Naira against dollars since technically they are importing “foreign financial products” into Nigeria thereby re-adjusting Nigeria’s balance of payments.

This does not look good at all for the startups.

The Companies React

Bamboo: “We’re aware of the recent reports about us. Our legal and government relations teams are looking into it but we thought it was important to let you know that your money remains safe with Bamboo and will always be readily accessible.”

 Risevest: “About the latest news about us and our FX dealings, you can be sure that your investments and funds are safely managed, that funding and withdrawals will continue to be processed as normal, and that our U.S operations remain intact. We will work with regulators, as we always have to ensure that all issues raised are properly addressed. However, this does not affect our users or their investments, which are managed by regulated third-parties in all jurisdictions in which we operate.”

Comment on LinkedIn Feed

Comment 1: CBN has not gone beyond its boundaries. AML/CFT act, CBN act, etc give room for their intervention and regulation. It might be seen in some quarters as being unhealthy for foreign investments but there are many foreign investments coming into Nigeria daily that are not affected. The companies should show that they are legitimate and do not mean to throw spanners into Nigeria’s balance of payment.

My Response:CBN has not gone beyond its boundaries” – that is the problem with Nigeria. I do not actually agree with you on this. Nigeria is a country where people do crazy things to show they have the power. CBN can do all the investigations it wants to do without freezing these firms for 6 months. So, what if they conclude and nothing bad happened? Would they compensate for the reputational damage to the startups? We cannot give excuses when the government is using its incompetence to harm innocent companies and people. 

We like to BAN, SUSPEND, BAN. Tesla would have been suspended if it was trading in Nigeria with Elon Musk leading it. But even in Elon’s way, America continues to find how to work with him because America respects what he does. 

Watch out – these 6 firms will relocate to Estonia, Dubai and Ireland and continue to operate, denying Nigeria the tax receipts. It takes one thing: peer to peer reconciliations.

Comment #2: With respect, there are two things you’re missing, Sir.

One; No one is disputing that the CBN has that power, especially because it was a court, not even the CBN that froze the accounts. That point is moot. The question Prof Ndubuisi Ekekwe is posing is not whether they have the power – it is whether they ought to have used that power the way they did, which is why the post highlighted the potential damage that could be done to the startups over the 6-month period, and the lack of restitution if they are eventually found to be innocent.

Two, your assessment that the people in CBN are only oriented toward control and compliance, and not business development, is a massive problem. They must be BOTH. The purpose of the CBN is not merely to act as police – it must also act as facilitators to stimulate the economy and there are myriad different approaches they could have taken to resolve this in a way that doesn’t damage the statups involved and by extension, investor confidence in the ecosystem.

They can only regulate and enforce compliance as long as there is a viable economy to do that in.

CBN Freezes Some Fintech Firms’ Accounts, Raising Concerns About The Future of Nigerian Startups