This week went great – I became a shareholder and board member of an amazing fintech which is unifying payment in the worlds of bytes (digital) and atoms (offline). You will learn about this company next week. It is one of the fastest growing fintech companies in Africa today. Extremely brilliant young people with a simple mission: attack that 98% of $301 billion.
According to research done by The Fletcher School and Mastercard Center for Inclusive Growth, of the $301 billion of funds flows from consumers to businesses in Nigeria, 98 percent is still based on cash.
Yet, most firms are focusing too much on “clicks” neglecting “bricks”. If 98% of your revenue is coming from bricks today, you cannot neglect the physical. Do not listen to them when they say that today is mobile and online. Sure, the future promises mobile and online, but we have to survive today.
Do not be intimidated with the alarms on online disruption: the glory on the clicks is a promise. But “bricks” is on our hands. You are investing too much for clicks and your management is focusing largely exclusively on clicks. No one cares about the bricks. Unfortunately, the “bricks” customers are noticing. They are not happy in your stores.
Our goal is total unification, and we have a hybrid fintech: attacking that 98% for glory---
1. Advance your career with Tekedia Mini-MBA (Sept 13 – Dec 6, 2021): 140 global faculty, online, self-paced, $140 (or N50,000 naira). Click and register here.
2. Click to join Tekedia Capital Syndicate and own a piece of Africa’s finest startups with a minimum of $10,000 investment.