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Two Vital Factors To Win In Paid Online Ventures

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To win in the online space where supply is unbounded and unconstrained, the most important factors are product Differentiation and product Quality. In anything you are doing, you must provide an element of quality. That quality is a binary – it is either good or bad for you, bounded by cost. Differentiation brings what is unique about your offering. It is important to understand that in the online space, category-kings emerge through network effects. Simply, to find value, you must find your space!

Pick a great mission, be great on it and separate from everyone, glory will come. As I explained in this Harvard Business Review article, it is through this high quality and evidently differentiated product that you can thrive in the digital world dominated by Google, Facebook and other ICT utilities.

Just think about it, if you are looking for something online, you will see many options once you search on Google. Because of that abundance, you want to narrow to the specific one which meets your niche needs. Any product which can do that at high quality makes the cut. This becomes exceedingly necessary when you plan to put a paywall in that online venture. It is very possible that anything you are offering has a free version somewhere. The implication is that your capacity to meet specific niche needs, at high quality, is what people are paying for. It is hopeless pursuing a paid product vision online without a strategy of creating a differentiated product at high quality.

Win the prize – go niche at high quality, and stay the course!

Growth of Digital Payment By Volume, Global and Nigeria

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NIBSS ( Nigeria Inter-Bank Settlement System Plc) has good data which helps us to make sense of digital payment growth (not just online). In Nigeria, we have 3 main card types: Verve, Visa and Mastercard. Most times, you need the card to do ATM, online payment, etc. So, most of the payment channels are connected to cards with one of the three logos.

This plot gives you the average in the world (excluding China). Yes, Visa and Mastercard are both growing at an average of 11% yearly. Alipay which is much younger than Visa and Mastercard does far better; Visa was founded in 1958, Mastercard in 1966, and Alipay in 2004. Alipay which mainly serves China processed $18 trillion worth of transactions in 2019; Visa and Mastercard combined for $16 trillion.

For Nigeria, including Verve, it is very safe to write that digital payment is growing at least 4x the Visa and Mastercard global average, bringing it to at least 40%. This is possible as Nigeria is still at the infancy phase of our payment digitization process.

This represents a 59 per cent increase in the volume of transactions on the three platforms, compared with 117.84 million recorded in 2019.

Further analysis showed that the value of the PoS transactions grew by 70 per cent from N217.46bn in March 2019 to N368.86bn in March this year.

The volume of the PoS deals also increased by 75 per cent to 52.25 million in March compared with 29.82 million transactions recorded in the corresponding period in 2019.

The banking industry data indicated that NIP deals had a 28 per cent improvement in terms of the value of transaction when compared to the same period in 2019, when NIP deals amounted to N8.58tn.

The volume of NIP deals also increased by 54 per cent to 135.3 million in March 2020, compared with 87.94 million transactions recorded in the corresponding month in 2019.

Source 

If you look at the Alipay leapfrogging, Nigeria and Africa could be a better frog. You must digitize your operations because no matter what is happening today, tomorrow belongs to digital!

The Nigerian Customers – Today and the Near Future [Video]

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I received many questions from our community after the announcement of the $200 million acquisition of Paystack by Stripe. Many wanted to know if they should fold their physical businesses and focus online. Like I noted, what happened in Paystack is not typical, on how 60,000 customers (most there are extremely small web companies) could translate to a $200 million value. Yet, it is key to note that in all Paystack and Stripe official press releases, they did not mention  any “$200 million”.

The amount was a creation of a tech blog and it could indeed be that Paystack was not acquired near that amount. I am bringing that up to help people to calibrate [you are doing well; keep pushing]. Yes, it is very possible that Paystack was bought for $80 million or $250 million. The fact is this; no outsider knows the amount! (If you have seen any official tag of that amount, share with me.)

That said, digital is a promise but offline remains the huge opportunity of today across most sectors in Nigeria. You need to have a plan for offline even as you plan to win in the digital world of tomorrow. Our governments are still offline. Most of our richer citizens have nothing to do with putting their debit cards online. In short, by Nigerian law, an online job advertisement is not enough to meet the legal standards in government recruitment. That explains why Jobberman, a digital recruiter, has to advertise jobs in the print newspapers!

Refer to this old video I made: continue to deepen capabilities in the opportunity of today even as you shift into the one of tomorrow. That strategy will save you resources in a market of 200 million with only 30 million having capacity to spend.

The Precious 30 Million Nigerians

Tekedia Mini-MBA has “made me more visible in my place of work”

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Tekedia Institute is serving our world with the best cost-to-value management program out there. We are working harder daily to make sure the next editions are better.  On Nov 15, our new technologies would be ready. Tekedia Mini-MBA focuses on innovation, business growth and execution with digital operational overlay.

A testimonial from our member:

“The studies so far with the Institute have made me more visible in my place of work, from management review role to Audit activity.”

Tekedia offers 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. Registration for the next edition is ongoing.

Towards Dignifying the Nigeria Police Force

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IGP Nigeria

When the evergreen adage, “You don’t throw the baby out with the bathwater”, was donated to us by the wise ones, they knew the challenges faced by mankind. They have been around long enough to understand about the bad eggs messing up the good ones if they were not detected on time. Hence, in everything we do in life, we need to bear that proverb in mind so we don’t make mistakes we will come back to regret.

Of course, judging by the title of this article, one could tell its content. A lot of people don’t want to hear anyone talking about police reformation these days; all they care about now is, “sack them”, “end them”, “disband them”, “prosecute them”, “shut them down”, and what have you. Someone even said he preferred being attacked by armed robbers than by men of Nigerian Police Force, especially those from SARS units, because robbers will just collect money and go while police will collect money, laptop, phone, ATM card, money in the bank and so on. But of course, he is a very young man, who obviously has not had his door broken down late at night by arm robbers, who hit men in the house on the head with gun butts and rape the women there. But that is not the issue right now. The major thing now is that Nigerian policemen need to be dignified and professionalised. But the first factor is what this article is all about.

Yesterday, while discussing the Nigerian Police with my sister, I learnt so much from her. She pointed out that the problem with Nigerian policemen is their mindsets – they look down on their profession. Truth is that in Nigeria, every policeman is branded as corrupt. People look down on police officers. People laugh at those that say they want to join the police. People consider that job as a last resort, not because it is risky or that it pays poorly, but because it is considered as unworthy: something made for the lower class.

But of course, our policemen are not helping matters. They stand on the road to collect money from motorists. They demand for money when people come to report issues. They beg for money at every opportunity they get. And they look tattered. Our policemen lack dignity.

There was a time I heard that the uniforms of our police officers will be changed to colours and styles that look more dignifying. I don’t know what happened but most of our men still look like roadside mechanics and village market truck pushers. I am not trying to undermine them, I am only stating what is obvious. Our men don’t look dignified and that is actually affecting them. You don’t see men of the Road Safety, VIO or even Civil Defence looking the way our police officers do.

Believe me, most Nigerians don’t respect our policemen because of their physical appearance. The military men, irrespective of anything, always look smart and trim. I have never seen any soldiers wearing torn, discoloured or faded uniforms. I have never seen any of them with unkempt hairs, protruded tummy, slouched postures, and what have you. Our police officers are everything our military men are not when it comes to physical appearance. And the thing here is that when we look down on these officers and disrespect them, they turn mean and become brutal. Well, that’s my philosophy anyway.

So, here are my suggestions:

  • Better Salary for the Police:

I don’t know how much they are paid but they always look “hungry”. I am not advocating for a better salary so that they will stop collecting bribes, begging for money and harassing motorists, but because I think they deserve to look like they could take care of themselves. At least, when they look “filled”, they can obtain respect from many people. Apart from that, people with good backgrounds will want to join the police force if our police officers look better.

  • Change of Uniform

The black and black police uniform, well, needs to be changed. The weather isn’t good for it. Those men stay under the sun most of the time and so it fades their uniform. Most of the black and black uniforms I see have turned orange, brown, grey and even whitish-black. Furthermore, there is a need to enforce these men to change their torn and old uniforms. They should start looking at the military and the paramilitary personnel and emulate them. They need to remember that people will address them based on how they dressed, and not really by the baton or guns they held.

  • Physical Fitness

I know this is not my business but all those police officers with pot bellies and stoop shoulders need to do something about their physique. They should do their possible best to look like those that can pursue thieves if it comes to that. But then, most of our policemen can’t even lift their arms or cross their legs not to talk of going after thieves.

Please, this article is not meant to castigate or insult our police officers; the things noted here are facts they might not know about. A little overhauling of the system is all that might be needed to make these brave officers love their job and try to maintain the dignity that comes with it. I come in peace.