Since Facebook announced the “privacy pivot”, to deepen user privacy by mining and monetizing lesser of user data, it is evident that its trajectory will go through payments and ecommerce. As that happens, fintechs will meet a super-competitor in the space especially in the developing world. Everyone is already aware that WhatsApp will be monetized via payment – WhatsApp on payment will be amazingly appealing to merchants and users even as fintech and financial institutions may experience dislocations. Also, as this pivot happens, local logistics companies may benefit: Facebook will need them to thrive in any ecommerce operation since logistics involves physical domains.

Facebook Inc.’s latest shift toward private messaging, payments and e-commerce echoes the footsteps of WeChat, China’s social networking super app that many Chinese find indispensable.

After Facebook Chief Executive Mark Zuckerberg said in a blog post that the social media powerhouse that encourages public sharing sees its future in encrypted messaging, payments and other services, the similarities were striking to many Chinese.

Using the smiling curve, most banks may become dumb terminals for WhatsApp payment if they remain at the center. They must learn to find ways to compete by moving to the edges of the curve. Today, Facebook is transitioning into a post-invasive-data-mining business, and that means payments and marketplace ecommerce must compensate for the revenue losses in advertising. Local businesses will benefit but regional and national payments may struggle in most markets.

When Geopoll noted that Facebook has become the second largest ecommerce platform in Africa, after Jumia, many were surprised. But in reality, it should not be that hard to see: Facebook is a planet and any ecommerce company can only get a subset of that planet. In other words, most ecommerce players are only going to lure a small segment of the Facebook users to its platform. And that would require a lot of work. So, if Facebook makes it easier for people to buy and sell, it would dominate the category without a lot of efforts.

That explains why the news that WhatsApp has added payment in its services in India should concern many fintech players (and banks) in Nigeria.  India is always a test ecosystem for the developing market. Once perfected, in India, I expect WhatsApp to launch the product in other places including Africa.

The Challenge before Fintechs as Nigerian Banks Evolve

Map your future by mastering the differences between the boundless time and the limited seconds in a clock.

Question on LinkedIn: Any chance I get a little further explanation on this one, Prof? Thanks.

My Response: Greetings -. Time appears boundless but seconds in clocks are not. You have deadlines to turn in projects, prepare for exams etc even though time seems to be boundless. If you do not manage the clock which tracks the boundless time, you will have challenges.

The deal is this: we tend to think we have unlimited time. Sure, but in reality we do not have unlimited seconds (lol). The day you register a course in a school, there is an exam date. Largely, that unlimited time has been bounded by the clock that tracks it. Most will pass exams they failed if they have an extra week. Simply, they lost seconds that captured a week time in their studies. They got trapped in the illusion of unlimited time, forgetting the limited seconds. This link offers more clarity.

Master The Victory of Time

Just made it back into U.S. – the beautiful America where a village boy with no uncle or anyone has found favor simply based on grace, decency, and hardwork. And checking, I got a surprise: a Silicon Valley company we have been working for upgraded me to a Board Member with equity award.

This firm makes Biomorphic AI microprocessors – a special type of microprocessors which emulate human biology to make better microprocessors which can do AI processing better. The idea is that by mimicking the event-driven asynchronous parallelism inherent in the central nervous system of man, we can engineer the spiking communication in neurons-synapses to replace the digital protocols of today’s computing.

Neuromorphic Engineering Methods – Morphing Biology on Silicon

This was my PhD specialty; in the industry I added a flavor with ultra low power front-end designs of inertial sensors where power budgets are in nano-Amps [do not get me going!].

Also, this firm also doubled our compensation. Simply, we serve as technical mentors to the young people in VC-funded startups. It was in CMU that I signed the first deal on this practice in 2012 when a big VC hired me to help a startup. Since then, clients have abounded.

I am taking family to TGI Fridays to celebrate.

My team will send the access link for the Tekedia Business Innovation Webinar which is scheduled Friday/Saturday this week. Please be checking your registered emails if you have registered for the webinar. You can still register if you have not – details below (N5,000 or $15 with bonus access to Tekedia exclusive section with my books, frameworks, etc). We have 647 innovaors registered.

I will host a business webinar and Questions/Answers. Everyone is invited. It will be a great one; plan to attend. My desire is that you take action because nothing happens until you take action. The program is largely free – so you have no reason not to attend. Also, we have it on Friday and Saturday to ensure you have choices as you plan your week. Click below and register.

Dates: Friday March 22 2019 (repeat, Saturday March 23, 2019)

Venue: Online.

Time: 10am – 12noon (Webinar); 2.00pm-4.00pm (Questions/Answers). All time Lagos (Nigeria) time

Speaker: Prof Ndubuisi Ekekwe, Chairman, Fasmicro Group

Webinar Theme: Winning in Nigeria (and Africa)

• Use Paypal and pay $15 here
• Pay into any of the Nigerian bank accounts (N5,000) listed here.