Tag: investments

WITEXPO holds summit for tech innovation, investments

World Innovation and Technology Expo (WITEXPO) to hold World Innovation and Technology Expo & Investment Summit 2023 themed “Accelerating Sustainable Growth through the Synergy of Technology Innovation and Investment,” from 10th August to 12 August, 2023.

WITEXPO is an initiative meant to serve as a springboard for innovations; to inform businesses to use and keep ahead of current technology; and to offer leading innovators the opportunity to present their work to a worldwide network of collaborators, investors, and clientele. WITEXPO was created with the goal of serving all of these purposes.

WITEXPO23 is set to feature the following:

Keynote speeches, to be given by well-known industry executives in the fields of science, technology, finance, and investing.

Discussions on various topics presented by professionals in the field An exhibition showing the most innovative technologies.

Abstracts and Presentations of Research Papers Pitch sessions with potential investors for tech startups.

Discussions regarding new partnerships at a roundtable for investors.

Training workshops focusing on the use of systemics, informatics, and cybernetics in real-world settings

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Remarks from the Chairman of WITEXPO23

Prof. Dr. E. G. Rajan B.Sc., D.M.I.T., M.E., PhD, FIE, the of Chairman, Pentagram Group of Companies and also the Chairman, World Innovation & Tech Expo said, “I am honored to welcome you to World Innovation and Technology Expo and Investment Summit 2023, WITEXPO23. This grand event is jointly hosted by Anakosmos Hub in Ghana and Pentagram Technologies in India.”

He proceeded to list the areas of focus, “WITEXPO23 features a wide array of topics for presentation and discussions. The areas to be covered include System Architectures, ASIC Design, FPGA / CPLD Designs, Consumer Electronics, Control Systems, Numerical & Logical, Systems, Embedded Systems, Processors and EDA tools, Non-Conventional Energy Resources, Lasers and Optical Systems, Parallel Architectures, Programmable DSPs and Applications, Systems on Chip Design, Soft Instruments, Test and Verification Tools / Development, Transaction Automation, VLSI Architectures, MEMS, Nano Technology, Molecular Electronic Devices, Systems Modeling and Simulation, Array processors, Space Surveillance Systems, Medical Instruments, Electronic Warfare Systems, Electronic Intelligence Systems, Molecular Electronics, Modern Communication Systems, Gene Processors, Image Acquisition Systems, Virtual Reality Systems, Wearable Computers, Network Components and Systems, Small Scientific Satellites, Space Systems , Space Radiation Effects on Integrated Biological Systems, Algorithms, Heuristic Algorithms, Genetic Algorithms, Evolutionary Algorithms, Theory of Computer Science, Factory automation, Military / Aerospace Applications, Electronic Intelligence in Combat Space, Guided / Autonomous Weapon Control, Multi sensor Fusion, Artificial Intelligence & Applications, Knowledge-Based Systems, Neural Networks and Fuzzy Control, Cellular Automata and Applications, Transport Systems Control, Machine Learning, Human Computer Interfaces, Human interaction in complex systems, Visual System Cybernetics, Machine Vision, Cybernetics of Living Matter, Symbolic Computing, Molecular Computing, Quantum Computing, Electronic Counter / Support Measures, Robotics and Machine Vision, Pattern Recognition and Analysis, Real Time Operating System, Satellite Imaging, Astronomy and Space Science, Stafford Beer’s Cybernetics, Biomedical Engineering Applications, Signal and Image Processing, Multimedia & Virtual Reality, Computer Network, Protocols and Security, Radar / Sonar Signal Processing, Optical Character Recognition, Speech / Audio Signal Processing, Data Communication Methodology, Management and Information Technology, Telemetry, Space Surveillance Techniques, Health Care Informatics, Image Compression Techniques, Coding and Cryptography, Digital Watermarking Methods, CDMA / Mobile Communication Techniques, Celestial Informatics, Mathematical Theories, Vedic Sciences, Machine Translation of Languages, Knowledge-based Drug Discovery, Micro Array Image Analysis.”

The WITEXPO23 Chairman was also pleased to share that in the coming days, renowned professors and industrialists will take the stage to deliver their invited keynote addresses, during which they will share their incomparable insights and years of experience with the audience.

The WITEXPO summit will have attractive Virtual exhibitions in addition to seminars, workshops, and presentations of research paper he assured. These stunning Virtual exhibitions will allow businesses from all over the world to promote their innovative goods and services, thereby establishing a dynamic marketplace of ideas and opportunities.

It will be a once-in-a-lifetime opportunity for investors and finance industry professionals to investigate potential organisations for the goal of making investments, thereby forging relationships and collaborations that have the potential to mould the future of technology- and innovation-driven businesses.

Knowledge, innovation, and collaboration will all come together at this year’s WITEXPO23. It provides a venue for meaningful debate and exchange of ideas, and it symbolises the coming together of different cultures, ideas, and goals.

“I invite each and every one of you to mark your calendars for this monumental event. Let us come together, united in our pursuit of technological advancement, sustainable growth, and strategic investments. WITEXPO23 promises to be an unforgettable experience, where ideas flourish, networks thrive, and the future unfolds,” he concluded.

Read also: Access Bank launches Womenpreneur Pitch-a-Tonne Season 5

Remark from the Vice Chairman of WITEXPO23

Mr Emmanuel Atsu who is the Chairman and CEO of Anakosmos Group and also the Vice Chairman of WITEXPO23 said, “I extend a warm welcome to each and every one of you as we gather here at WITEXPO23 to explore the remarkable synergy between technology, innovation, and investments and their pivotal role in driving sustainable growth.”

“In this era of unprecedented advancements, we cannot overlook the profound impact that technology and innovation have on shaping our world. From artificial intelligence to renewable energy solutions, we are witnessing a convergence of cutting-edge innovations that are transforming industries at an astounding pace. These advancements hold the key to addressing the significant challenges our world faces, from climate change to social inequality and extreme poverty.”

He also mentioned that it is essential to recognise that technological advancement and innovative thinking cannot, on their own, ensure a sustainable future. It is necessary to have a holistic approach that includes strategic investments in order to realise the full potential of these things. The engine that propels sustainable development is investments, which play an essential role. The members of the WITEXPO team are aware of the significance of allocating financial resources to businesses and projects that make use of cutting-edge technology and innovation in order to produce long-term benefits, such as the creation of wealth, the advancement of social equity, and the mitigation of poverty.

It is possible to establish an ecosystem that enables entrepreneurs, promotes ground-breaking research, and pushes the development of transformative solutions if one cultivates a culture of investment that embraces technology and innovation. This may be done by developing a culture that embraces technology and innovation.

He continued, “Throughout WITEXPO23, we will delve into practical applications of systemics, informatics, and cybernetics – disciplines that provide invaluable insights into enhancing industry growth. We will explore the transformative potential of digitalization, automation, and data-driven decision-making.”

“As leaders and visionaries, it is our duty to harness the power of technology and investments to create a positive impact. Let us remember that technology and sustainable growth are not mere buzzwords but guiding principles that can reshape the trajectory of our planet. Together, let us embrace the opportunities before us, armed with the conviction that through the convergence of technology, sustainable growth, and strategic investments, we can build a future that is brighter, more inclusive, and more sustainable for all.”

He ended his speech by saying, “Thank you, and let us embark on this remarkable journey together, committed to the principles that unite us.”

You can participate in WITEXPO23 as a partner, exhibitor, speaker or volunteer. Don’t miss out on being a part of this technological revolution. Hurry, get registered and secure your spot. For more information, visit: www.worldinotechexpo.com.

July 13, 2023
Nigeria remains leader in venture Innovation, Investments

Niyi Gbodimowo, a member of the Computer Professionals of Nigeria, has stated that because of the Covid-19 pandemic and its demographic, Nigeria has remained a leader in venture innovation and investment in Africa’s economy.

Mr Gbodimowo made these insights recently when speaking with the media on the country’s Information and Communications Technology sector.

He emphasised the pandemic’s impact, which provided the opportunity for many young Nigerians to investigate technical advancements that have become critical to the nation’s economy.

Mr Gbodimowo also stated that the Information and Communications Technology sector’s contribution to the Nigerian economy would continue to grow in the future, owing to the country’s youthful demography.

He expressed optimism that Nigeria will continue to be a major player, particularly in the technology sector, as it has emerged as one of the top global destinations for venture capital. He also noted that numerous industries, even traditional ones, are investigating how to capitalise on the benefits of Information and Communications Technology.

Read also: NEDC to use ICT To build capacity for job creation

ICT improved Nigeria’s investment and talent

According to Mr Gbodimowo, the Nigerian youth’s active participation in the technology sector has propelled the country to become a hub of innovation. He cited examples of companies that have experienced rapid growth, becoming multimillion and multibillion-dollar entities. He also noted that the sector’s compensation, development opportunities, technical capacity, and financial rewards have attracted more talent and investment.

Mr. Gbodimowo emphasized that Nigerians are achieving remarkable feats in the technology sector and require an enabling environment to excel further. He noted that the country’s secondary schools and tertiary institutions have laid a strong STEM foundation for young Nigerians, enabling them to make significant contributions to the sector.

Nigeria and Artificial Intelligence

Regarding the impact of 5G technology on Nigeria, Mr Gbodimowo predicted that the changes in the next few years would transform the world, making it almost unrecognizable in five years, especially in the field of Artificial Intelligence.

Mr. Gbodimowo also highlighted Nigeria’s unique advantages that position it to lead the technology sector in Africa with adequate support.

Mr. Gbodimowo outlined that the necessary support involves establishing the National Centre for AI and Robotics within the National Information Technology Development Agency (NITDA), with the primary objective of promoting AI research and innovation in Nigeria. He emphasised the importance of creating awareness about this support system in Nigeria to enable people to leverage it effectively.

Nigerian digital bank Alat invites entries for ‘Re-imagine’ project to boost ICT talents

Nigeria’s incoming govt must evaluate previous efforts in ICT

Regarding how the incoming administration of President-Elect Bola Tinubu can fulfil his promise of creating jobs and employment opportunities for Nigerians by leveraging the technology sector, Mr Gbodimowo suggested that the first step would be to evaluate previous efforts in this regard.

He highlighted the significant technological innovations that have occurred in the Information and Communications subsector over the last eight years, resulting in a contribution of over 18 percent to Nigeria’s economy. Mr Gbodimowo expressed optimism that this trend would continue, especially with the Ministry of Communications Technology and Digital Economy taking the lead and agencies like NITDA making their contributions.

Mr. Gbodimowo pointed out that the significant impact of agencies like NIMC and NCC within the technology sector, which has captured the identity of almost 100 million Nigerians, is a game changer. He emphasised that this development represents a significant milestone for the country as Nigerians now have a clear identity.

He advised the incoming administration of President-Elect Bola Tinubu to build on the foundation laid by the Muhammadu Buhari administration in the ICT sector over the last 8 years. Furthermore, he urged the administration to ensure that the policy around the recently signed Start-Up Act is precise enough to promote development, economic empowerment, and national sustainability.

May 5, 2023
Young African Catalysts to open up investments opportunities

After one year of operation, the Young African Catalysts (YAC) venture ecosystem has progressed from the private pilot stage to public beta testing.

Their technology-enabled ecosystem and venture fund use data and networks to democratise access to the African venture ecosystem.
In doing so, they enable young people in Africa to improve their skills, find work, and explore investment opportunities.

YAC was founded by Luke Morsert, Head of Investments at the Pan-African fund Future Africa, and Karl Nchite, former investor and Impact Lead at Dutch impact fund Goodwell Investments, as a mechanism to encourage collaboration among outstanding young Africans in the entrepreneurial ecosystem. Karl Nchite is the Impact Lead at Goodwell Investments right now. Future Africa’s Head of Investments is Luke Morsert.

Read also: EBANX Africa announces new Director for Africa development

How Young African Catalysts has been operating

In a little more than a year, its invite-only venture capital network grew to include the foremost investors under the age of 35 from the 50 premier venture capital funds throughout Africa. In addition, its members share over 250 startup funding agreements with one another.

As a result of their spectacular rise, the company’s founders have been invited to talk on the topic of African venture capital at business schools all over the world, including Oxford, Harvard, and Columbia, as well as the Global Impact Investing Network. In addition, the two have been instrumental in the funding of over a dozen new businesses in nations ranging from Egypt to Mozambique.

“Given the nascent nature of the venture ecosystem in Africa, established, older stakeholders tend to hold a competitive advantage,” says Luke Mostert, one of the co-founders of the company. “At Young African Catalysts, we are looking to empower first-time operators, first-time founders, and first-time venture capitalists with the infrastructure to ignite their journeys.”

Young African Catalysts’ Exit

Aspiring YAC Fellowships are geared toward young professionals who are wanting to break into venture capital or startup operator responsibilities, respectively. After a pilot period of 15 months, YAC currently aims to disrupt the constrained and exclusive recruiting environment that exists inside the venture ecosystem.

Their initial class will focus on the venture capital industry, and the tailored curriculum will be delivered over the course of eight weeks by alumni of the Young African Catalysts programme. Lectures on topics such as pitch deck analysis, financial modelling, valuations, and founder etiquette will be part of the Aspiring YAC Fellowship.

These lectures will take place every other week. Fellows will, in a manner that is unprecedented, work on real-world investments directly from both the venture scouting wing of YAC and the YAC Venture Fund. This will provide them with the opportunity to get practical experience as they continue on their educational path.

After completion of the training, some Aspiring YAC Fellows will be given the opportunity to participate in a three-month internship with one of our partner venture capital firms, during which time both parties will retain the option to pursue full-time employment.

Karl Nchite, co-founder and CEO of the company said, “YAC provides a first-of-its-kind experience that we believe can benefit emerging talent interested in the African ecosystem. Through our vocational fellowships, aspiring fellows have the opportunity to learn from leading African venture capitalists and work collaboratively with African startup founders currently raising capital.”

“This is unique in the fellowship landscape as it allows aspiring talent to learn directly from the professionals that they aspire to emulate. In essence, we’re building the ‘On Deck’ of Africa, but better, and doing so for Africans and by Africans,” he added.

Nigeria-Ghana IT collaboration will build stronger IT ecosystem in Africa – NITDA

About Young African Catalysts Fund I

The Young African Catalysts Fund I is scheduled to begin operations in the second half of the year. It will make use of the community and data that are part of the YAC ecosystem in order to invest between $25,000 and $100,000 in enterprises that promote the creation of employment opportunities and infrastructure for the subsequent generation of Africans. This includes new businesses that focus on the cultivation of talent, the digital economy, and environmentally friendly solutions.

Up until this point, Young African Catalysts, Inc. has relied only on its own resources for funding, while the YAC Fund I is currently open to financial contributions.

Visit their website if you want to learn more about YAC or if you want to apply for the Aspiring YAC VC Fellowship.

April 21, 2023
5 Investment Apps for Nigerians

Nigerians are looking for good investment apps, platforms and portfolios to secure their hard-earned money in a macroeconomic climate that is witnessing its worst trend in ten years, according to important economic data and indices.

According to the CBN, Nigeria’s annual inflation rate hit 21.91% in February 2023, exceeding market predictions of 21.85%. The purchasing power parity in Nigeria makes the exchange and poverty rates depressing.

Nigerians are diversifying their capital in order to generate future profits that are unaffected by the economy’s depreciation as a result of rising costs.

People are becoming increasingly concerned about their riches and future earnings.

Read also: How You Can Own Shares in Apple, Amazon, Facebook The Trove Finance Way

As a result of the increased need for investment platforms, dependable and efficient platforms have emerged and are now a vital part of most Nigerians’ everyday lives. A plethora of investing platforms, including Bamboo, Piggy Vest, Cowrywise, and others, have evolved throughout the years.

1. Pillow

Pillow Fund is a financial services organization founded by Pillow Fund in Africa with the sole purpose of providing Africans with a trustworthy means of saving and growing their wealth.

The company has established a market presence in Nigeria, the largest economy in Africa, with a variety of products and services that enable customers to earn interest on their deposited assets while actively addressing the rising cost of living.

Pillow was launched in February 2022 by Pillow Fund to expedite and simplify saving and investing by enabling users to save in dollar-based digital assets. The investment platform provides customers with the opportunity to earn up to 14% interest on their funds.

Pillow facilitates home-based investments in USD-backed securities. It is one of the few investment applications that pay consumers daily interest. In addition to USD-backed cryptocurrencies, users can invest in Bitcoin, Ethereum, and other prominent cryptocurrencies. As interest grows in crypto investments, users can withdraw whenever they like.

The application has over 75,000 users in more than 60 countries. It supports Bitcoin, Ethereum, Solana, Polygon, Axie Infinity, USDC and USDT, which are USD-backed stablecoins. It has over 100,000 downloads on the Google Play Store and a rating of 4.4/5 stars since its release.

Nigerians like the app’s simplicity. It’s been called a “lifeline” in tough financial times by some users. Pillow also works with Nigerian and African financial gurus and consultants to provide financial education.

2. Accrue

Accrue is a digital investment platform that employs dollar cost averaging to assist consumers in investing and growing their wealth to reach their financial goals and objectives, with as little as $1 and the opportunity to earn daily interest (up to 6% annually).

Accrue aspires to democratise stocks and crypto. It aims to reduce barriers and expand access to cryptocurrencies’ benefits for common people. The app has 4.0 ratings on Google Play. Accrue automates investing in top equities and cryptocurrencies with little risk and high success. This programme allows cryptocurrency investments to increase wealth.

Customers also have the option of monitoring stock prices, their overall investment portfolio’s success, and the status of their wish lists, which they can use to add desired products.

To create a free account, all you need is your email address and a secure password. By choosing the “Start investing” tab, you can start an investment strategy. The homepage has a tab where you can enter your account information and BVN to verify your account. This will help you prove your identity, stop online fraud, and prove you are the account owner.

3. Keble

Real estate is regarded as one of the best investments due to its low risk and favourable returns, but many young Africans lack the resources to buy or develop landed properties, a way to access the global real estate market, or the patience to wait for their investments to mature and start paying off.

Keble steps in at this point. Africans may invest in global real estate with little capital through Keble.

Keble lets customers seamlessly participate in worldwide real estate opportunities for $10. Simply sign up and browse a list of properties to invest in and their holding periods. You then buy a fraction of any property you invest in and receive predictable returns. The asset’s appreciation value is its stable return.

Keble makes real estate investing easy with $10 investments. Keble’s low entrance barrier allows everyone, especially Africans, to invest in real estate.

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4. Farm crowdy

Farmcrowdy is the most reputable online platform for agricultural crowdfunding in Nigeria, bringing together farmers and sponsors (investors) interested in the sector.

The worldwide Agtech company’s business concept focuses on resolving inefficiencies in the agricultural value chain by connecting stakeholders with simple access to aggregate farm produce, inputs, and processed food.

Investors on Farmcrowdy receive bi-weekly updates for farm cycles that last six months or less and monthly updates for farm cycles exceeding six months. These updates comprise pictures, written reports, and videos showing the progress at different stages of the farm cycle.

Available on the web, the returns on investment on the platform range from a 6–25% flat rate. Its product listing includes maize, poultry farm products, cassava, soybeans, and rice. The range of costs for these products ranges from $90,000 to $284,000, and their life cycles range from 6 to 12 months.

A profit-sharing mechanism is also used by Farmcrowdy, with 20% going to Farmcrowdy and 40% going to the farmer, farm sponsor, and farm. All of the current farm projects available on this investing app are insured. so that the sponsor’s capital may be reimbursed in the event of unanticipated events.

5. Microvest

Launched in 2021, the Microvest savings and investment mobile app increases financial growth for its users by encouraging saving habits and resolving the difficulties Nigerians face when trying to save money for capital projects.

The iOS App Store and Google Play Store-hosted Microvest app is a savings platform that enables individuals to save and invest money while receiving rewards on their investments. It offers a variety of savings solutions, allowing consumers to select their desired savings objectives.

MISAFE is a flexible savings feature that enables customers to fund their wallets and build a plan. It allows withdrawals at any time and enables customers to transfer money to any bank account.

The MITARGET is somewhat predetermined in that it encourages people to save for a certain objective while rewarding their dedication. Users have access to the funds on the specified date. Withdrawals made prior to the specified deadline would incur a charge.

In addition to appreciating consumers’ continuing savings, the organisation offers competitive and excellent benefits through interest. According to the organisation, it is essential to invest one’s savings.

March 30, 2023
Y Combinator fires 20% staff to promote late-stage investments

Y Combinator has decided to reduce the number of checks that it issues to late-stage firms, according to a statement that was made public on Monday, March 13, 2023.

As a result of this cutback, 17 team members, which represents around 20% of the accelerator’s workforce, have lost their jobs. The accelerator stated that the failure of Silicon Valley Bank was not a factor and that they had been strategizing about the transition “long before” the collapse; more than thirty percent of Y Combinator’s businesses have ties to SVB.

Read also: Meta to lay off 10,000 workers after laying off 11,000 in 2022

The CEO of Y Combinator’s Address

Garry Tan, the CEO of Y Combinator, wrote in the memo that the accelerator, which focuses mostly on early-stage investing, discovered that late-stage investing was a “distraction from our core mission.” He made this statement because Y Combinator is primarily concerned with early-stage investing.

Tan said in the message that there shouldn’t be any apparent effect on the companies that we’ve financed or on the way that we connect with alumni, “there shouldn’t be any noticeable effect on the companies we’ve funded or on the way we interact with alumni, but if any companies or alumni have questions, I’m here and the YC group partners are here — as always, to help you make something people want.”

Tan has been active online over the past four days while SVB has been taken over by regulators following a historic bank run that appears to have been provoked by Twitter. SVB was previously the bank for more than half of the venture-backed businesses in the United States.

Silicon Valley Bank’s collapse causes concern for African tech companies

Further Charge Made

According to a screenshot obtained from within the company early on, Tan advised young companies that were part of the Y Combinator that “anytime you hear problems of solvency at a bank, and it can be deemed credible, you should take it seriously and prioritize the interests of your startup by not exposing yourself to more than $250,000 of exposure this year.”

Twenty-four hours after he made the statement, Tan took to Twitter to remark that “this is an extinction level event for startups and will set startups and innovation back by 10 years or more. BIG TECH will not care about this. They have cash elsewhere. All little startups, tomorrow’s Google and Facebook, will be extinguished if we don’t find a fix.”

In addition to this, he drafted a petition that is currently supported by over 5,000 CEOs and founders of tech companies and asked the government to intervene and assist the entrepreneurial community.

Although Y Combinator refuses to acknowledge that today’s layoffs and exit from the growth stage are connected to the ongoing banking crisis, it is difficult not to see the news in the context of a tech reckoning, given the current economic climate.

The illustrious accelerator will be holding its semiannual Demo Day in just a few short weeks, and we will soon find out how Y Combinator, which recently shifted its focus to early stage, is navigating the challenging road ahead.

March 17, 2023
Sycamore, Nigerian fintech simplify loans, investments

In the African fintech space, digital lending has been one of the fast-growing sectors, which comes with a lot of challenges, from finding lenders to recovery issues and others. To change the narrative, Sycamore, a p2p platform, was established to connect lenders to borrowers by letting people access good investments and loans.

Speaking in an interview with Techpression, Babatunde Akin-Moses, the Sycamore founder/CEO, revealed that this is one of the problems they are currently solving with a product called Loan Friends. Basically, it enables people to lend and borrow money from their friends with a very high assurance of getting their money back. He explained that “a lot of people, you know, lend money to their friends, and it’s trouble to get it back, so Loan Friends is making that easy.”

Read also: Lulalend secures $35 million to serve SA business with loans

How does Sycamore come about?

The idea started in Lagos business school, where him and his friends were initially talking about the problems over lunch, the fact that it was so hard for the small business to get access to finance quickly. “And at the time, we didn’t think of it as a business. We were just talking about the problem, and then we inquired and did a case study and read about some companies and how a problem was being solved in China using technology.”

This research gave them the idea that they could also replicate the same in Nigeria. The next thing they could think of was how they were going to get the funding to give out credit. However, in their research, they stumbled upon a peer-to-peer lending model. “Essentially, we could provide a platform for lenders and borrowers where we can serve as an intermediary platform and that’s what we became with a very huge focus on technology from the start.”

Speaking further, Babatunde explained that the name “Sycamore” was inspired by the Bible, from the story of Zacchaeus, a short guy who had to climb a Sycamore tree to see Jesus in a crowded place. “So that became like a metaphor of a running cry of an upliftment. So we want to uplift people financially, just the way the Sycamore uplifted Zacchaeus in the bible.” he added.

Sycamore plans and progress so far

According to the founder, in March, the startup will be four years old, and they hope to increase their presence in more states in Nigeria as they are looking to go to other African or possibly even European countries by 2024. “At the moment, we are only in like 10 states in Nigeria, and in 2024 we want to go beyond Nigeria like some African countries, Canada and the UK because we are targeting countries where a lot of Nigerians are based.”

Transactions over their platform last year were over 10 million dollars, and they are looking to triple that amount this year.

The fintech space in Nigeria is really growing. However, there is a need to develop global stability and solutions.

Challenges faced as a digital lender

Like every other entrepreneur, they have several challenges, from getting capital to starting and even building the platform. Another challenge initially was having access to good people to join and believe in their future because it’s really hard for talented people with low budgets, as most people would want to work for a big company.

Moreover, the general issue of any credit space is dealing with borrowers, “thou it has improved, but a better credit culture is still needed, which involves recovering money using a lot of technology.” In terms of recovering funds back from people, he affirmed that one of the strategies that have helped them is doing things the right way and being patient. Their experienced team also make use of best industrial practices by not being in a hurry to get their funds back.

There is a system that is being worked on in the finance sector called “Open Banking”, basically it’s about the banks writing their APIs with common standards. “It’s going to be very easy for the banking system to communicate. It’s going to be very easy for people to build products that can do amazing stuff. So, for example, when the banks have common API standards, life will be a lot easier for lenders because if you don’t have money in Bank A, It will be easy to debit bank B as long as your BVN is the same.” It’s going to make lending and saving a lot easier. Making this work requires government support.

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Other issues from the Fintech space

Furthermore, on the government’s part, easy security would mean that startups can do business in more states freely when everywhere is safe, and then fintech can cover more states. Another is infrastructure, the sector spends a lot of money on power, transport and the like.

Also, on Cross-border collaboration with respect to the new African Free Trade Zone. Free trade legislation and agreement are good development in African countries, but there is a question of implementation. The system that is being worked on is called PAPSS Pan-African Payments Settlement Scheme. It will be easy to transact within African countries.

Political will and willingness to cooperate among the African countries to a common standard are the challenges that are needed to address.

Regarding regulation, he added that it is good as CBN tries to regulate the financial industries. However, he believes that the CBN shouldn’t be doing much business but should support the industry players’ products, and there should be more collaboration. If he was the CBN governor, his approach to things should be “more experimentation, less business, less banning, more studies, more empowerment, more embracing of ideas.”

What to know about Babatunde Akin-Moses, Sycamore CEO

As an economics graduate, he started his career in consulting at Shell as a Contracts NYSC staff, and later he went to KPMG and PwC, before he later went for his MBA at Lagos business school.

Aside from being a writer, he is a Nigerian that is very passionate about Nigerian and Africa. He also likes to promote those ideas and encourage young people to do their best.

February 24, 2023