The Nation Newspaper

Tag: FinTech

  • Fintech Telex’s Top 10 Nigerian Lawyers Making Impacts in California

    Fintech Telex’s Top 10 Nigerian Lawyers Making Impacts in California

    Fintech Telex has published the top 10 Nigerian lawyers on the fast track in California, the United States.

    The American news publication writes that it is common knowledge that the pillars of justice are upheld by the tireless efforts of legal champions, acting as guardians of fairness and protecting the interests of deserving individuals and institutions. It, therefore, shined a spotlight on the exceptional contributions of the best Nigerian attorneys in California -individuals who have not only excelled in their legal craft but have also left an enduring impact on the communities they serve, playing a diverse role in digital transformation.

    Beyond the courtroom, these legal maestros play a vital role in sculpting a landscape where rights are protected and the rule of law is upheld. This recognition is not merely a showcase of legal prowess; it’s a celebration of the profound influence these Nigerian attorneys exert in shaping the ethical fabric of the global community in the USA.

    What sets this list of recognition aglow is its diverse array of legal virtuosos, each specializing in a unique niche. From the masterminds of appellate law to the financial wizards navigating complex transactions and the legal architects of civil rights and general practice – this roster represents a kaleidoscope of legal brilliance, each shining in its distinct sphere.

    Meet the Nigerian legal juggernaut in California, US

    1. David Ndudim (Immigration Law) Sacramento, CA

    Hailed from Nigeria, Ndudim’s career reflects integrity, empathy, and an unyielding dedication to immigrant rights. His journey from advocate to the esteemed position of judge at the Sacramento County Superior Court of California showcases a profound understanding of the law’s impact on lives and a deep-seated desire for fairness.
    Ndudim stands as a paragon of legal brilliance, reshaping the narrative of compassion and equity within the realm of immigration law.

    2. Kenneth Chike Odiwe (Civil rights Law) Oakland, CA

    Odiwe is a revered civil rights lawyer whose legal journey is characterized by fairness and equity advocacy. Since his call to the bar, he has committed himself to crafting a path where justice thrives and fundamental rights are fervently protected.

    As one of the top black lawyers in California, Odiwe’s stellar achievements speak volumes.

    A recipient of numerous accolades, including the prestigious CALI Award for Academic Excellence in Advanced Torts, Odiwe’s commitment to excellence is unmistakable. His inclusion in the California Super Lawyers Rising Stars list in both 2022 and 2023, further underscores his exceptional legal acumen. More so, his licensure to practice in the esteemed Supreme Court of the US amplifies his influence and expertise in upholding the pillars of justice at the highest echelons.

    3. Anthony Obehi Egbase (Restructuring & bankruptcy) Los Angeles, CA

    Egbase, admitted to the bar in 1996, heads AOE and Associates Law Inc., specializing in banking, bankruptcy, and international law.

    The attorney’s forte is legal representation across class action litigation and asset recovery. He has recorded numerous successes as an attorney since he debuted his law career nearly 30 years ago. Part of his wins include securing $350 million (late General Sani Abacha Loot) for Nigeria.

    Egbase’s prominence in Los Angeles attracts influential political figures, including former President Barack Obama, and former First Lady Michelle Obama, who invited him to the White House to seek his counsel for peace stability in Nigeria. Similarly, former US Secretary of State, John Kerry engaged Egbase in evaluating waivers for Nigeria’s procurement of essential military arsenal from the US.

    Egbase’s legal journey not only encompasses law but extends into impactful international relations.

    4. Adebukola Adesola Mabadeje (Real estate & Finance Law) San Francisco, CA

    Mabadeje isn’t just a banking and finance attorney, she’s a magician behind the scenes making legal intricacies look so easy.

    With finance knowledge as deep-rooted as that of a banker, and economist, Mabadeje, who has been licensed for 10 years now, navigates the twists and turns of financial laws like a seasoned maestro. Her finesse in safeguarding financial interests, coupled with her knowledge of real estate isn’t just impressive, it is downright awe-inspiring.

    Mabadeje boasts an impressive track record and a substantial client portfolio in different types of financing for real estate transactions for purposes such as acquisition, development, and construction, whether in commercial real estate financing or community development financing.

    Beyond her legal expertise, Mabadeje is a proactive member of Buchalter’s Diversity, Equity and Inclusion Committee.

    5. Ikedi O. Onyemaobim (Employment law) Los Angeles, CA

    Onyemaobim is a stellar employment lawyer, who’s a go-to legal juggernaut for all things work-related.

    Before joining Jackson Lewis, an American law firm, the Nigerian-heritage attorney enjoyed a colorful career, particularly in handling employment law litigation like a maestro. He’s your litigation prevention whisperer, advising employers, and their staffers on dodging legal minefields.

    From discrimination claims to labor disputes, he’s the shield for stakeholders in the labor industry, armed with litigation prowess and a knack for keeping workplaces lawsuit-free.

    6. Doreen A. Emenike (Immigration) Monrovia, CA

    Emenike is an esteemed industrious immigration lawyer, whose career spans over 28 years. She has become a household name in California, especially in Black communities, helping people navigate the complexities of immigration law with unparalleled expertise. Her journey of almost three decades echoes a symphony of legal victories, compassionate advocacy, and a dedication to serving those in need.

    7. Nneka Colleen Egbujiobi (General practice) San Francisco, CA

    Egbujiobi, a visionary general practice lawyer, is a passionate Pan-Africanist. Her fervent dedication to the continent’s prosperity resonates through her advocacy and dynamic initiatives.

    As the pioneering force behind Hello Africa, a transformative dating app, she merges innovation with her love for Africa. Egbujiobi’s multifaceted approach fosters connections while celebrating African heritage. Through her legal prowess and entrepreneurial zeal, she heralds a new era, infusing hope and empowerment, celebrating Africa’s vibrant spirit, and igniting paths toward a brighter, interconnected future.

    Read Also: Idigbe: how young lawyers can succeed

    8. Christian Ighegha Oronsaye (General litigation) Chatsworth, CA

    Oronsaye is one of the few lawyers in California with multifaceted expertise. His practice areas encapsulates an unparalleled breadth and legal prowess.

    This attorney’s eloquence in the courtroom, combined with his relentless determination of making his clients happy echoes the resonating chords of legal excellence.

    Called to bar in 2015, Oronsaye’s indelible mark in the legal services industry elevates him to the echelons of luminaries, a paragon of erudition, and equally earned him encomiums for preserving the sanctity of law.

    9. Gerald Oseghale Egbase (Real estate) Calabasas, CA

    Called to the bar in 2001, Egbase wields a profound understanding of existing real estate legal frameworks in California to safeguard the interests of the industry stakeholders. His expertise extends to litigation, advocating for homeowners, and ensuring that their rights and interests are protected.

    Beyond legal representation, Egbase provides invaluable consultancy services for those venturing into property transactions, offering astute guidance to buyers and sellers. His mastery of laws governing the real estate sector in California is instrumental in fostering a secure environment for real estate transactions.

    Egbase is also known for providing balanced litigation in real estate and business transactional advocacy services to numerous consumers, including corporate entities and sovereign states.

    10. Peter Chiedu Nwosu (Personal injury) Beverly Hills, CA

    Nwosu is an exceptional litigation virtuoso. Called to bar in 2009, he has over the years demonstrated legal finesse, such that he has cemented his place among California’s elite legal minds.

    As an esteemed member of California’s legal pantheon, his inclusion in this list of California’s most accomplished lawyers raised the bar for legal excellence in the state. As a litigation attorney, his pristine career, devoid of blemish, mirrors a steadfast commitment to justice and ethical practice

  • Fintech firm expands cross-border payment to global markets

    Fintech firm expands cross-border payment to global markets

    Grey, a cross-border Fintech company has taken steps to expand its operations to the global payment community.

    To achieve the goal, the firm has embarked on a significant global brand rebranding initiative, revealing a fresh logo and website design. This strategic move aligns with its dynamic plans to expand its footprint in the global market.

    The rebranding initiative follows closely on the heels of Grey celebrating a milestone achievement of surpassing 500,000 users.

    The company’s rapid growth and expanding user base have spurred this bold step towards rebranding, symbolising success and underlining its dedication to remaining at the forefront of global fintech innovation. Furthermore, the previous logo was not usable in some foreign markets due to trademark conflicts with another company.

    The company’s transformation was unveiled on its social media platforms and is expected to help it leverage the fresh identity to reach a broader audience and solidify its international presence.

    Read Also: Agric revolution will help Nigeria surmount insecurity, poverty – Shettima

    The updated brand assets visually represent Grey’s commitment to innovation, excellence, and global connectivity.

    The CEO and founder of Grey, Idee Obong, said: “As we chart our course toward serving a global audience, we recognised the need for trademarks and related processes. We identified similarities with existing marks during this evaluation, prompting a deliberate rebrand. The new logo and website signify our forward trajectory, emphasizing global connectivity and our commitment to creating a more interconnected world. Our focus remains on being people-centric and cultivating a lasting community.”

    Grey’s brand evolution is occurring at a crucial juncture for the fintech industry, which is positioned for significant opportunities despite recent economic uncertainties. The fintech sector has faced challenges in the past year; notwithstanding, Grey has rapidly scaled, adeptly responding to the heightened demand for its services.

    The company has also established key partnerships across both B2B and B2C sectors across Africa over the past months, solidifying its reputation as a trusted and reliable cross-border payments company.

  • ‘Non-interest finance, fintech collaboration to deepen financial inclusion’

    ‘Non-interest finance, fintech collaboration to deepen financial inclusion’

    The adoption of digital technologies by non-interest finance operators would deepen financial inclusion and expand access to financial services across the country.

    Experts who spoke at a breakfast session in Lagos said there was need for collaboration between Islamic finance and fintech companies in order to provide alternative financial access across the nooks and crannies of the country.

    The theme of the session was: Expanding Financial Inclusion in Nigeria- Role of Islamic Finance and Fintech. It was organised by TrustArthur, a non-interest asset management firm, in collaboration with Lotus Capital Limited.

    Chief Executive Officer, TrustArthur, Dr. Basheer Oshodi, asaid there was significant shift of foreign direct investments (FDIs) from conventional banks and fund managers to fintech companies, thus the emerging importance of fintechs in the financial landscape.

    According to him, the era of digital technology has led to emergence of several companies, such as Airbnb, which is creating value in real estate and properties by adopting emerging technologies.

    “In the last two years, most foreign direct investments into Nigeria have been fintech-related. It is easier for fintech companies and crowdfunding platforms to get FDIs than commercial banks and fund managers,”  Oshodi said.

    He noted that non-interest banks and investment companies like TrustArthur could explore partnerships with fintech companies by either acquiring significant equity in their companies or acquire them fully to expand financial services.

    General Manager, Enhancing Financial Innovation and Access (Efina), Mrs. Oluwatomi Eromosele said Islamic Finance has the potency to bridge the gap in financial access to the unbanked population.

    According to her, the key components of trust and ethics in Islamic finance appeal to a large segment of the population.

    She stressed the need to leverage fintech companies to offer Shariah-compliant micro-finance services that cater to small businesses and people in rural and under-served areas across the country.

    Read Also: Agric revolution will help Nigeria surmount insecurity, poverty – Shettima

    Eromosele called for the digitisation of informal activities in the ecosystem, with unique products that are accessible to the unbanked population, like the fintech-enabled Zakat distribution for humanitarian efforts.

    She noted that in order to guarantee that all facets of the population, particularly the unbanked and underbanked, have access to financial services, there must be increasing emphasis on financial inclusion in Nigeria.

    According to her, with the current situation, the advancement of financial inclusion in Nigeria depends heavily on Islamic finance and fintech.

    “By synergising Islamic finance principles with fintech innovations, Nigeria can make significant strides in expanding financial inclusion, catering to diverse segments of society and contributing to overall economic development,” Eromosele said.

    The breakfast session featured two panel sessions that discussed “Bridging the Gap in Financial Inclusion: An Islamic Finance Approach” and “Navigating Fintech/Crowdfunding for Portfolio Development in non-interest Finance, which were scintillating and intellectually engaging.

  • Lifecycle Management for Customer Retention

    Lifecycle Management for Customer Retention

    By Onuorah John Chidozie

    Onuorah John Chidozie, a Performance and Growth Performance argues on the imperative of lifecycle management for customer retention in today’s Nigerian market place

    Customer retention has become one of the most critical aspects of running a successful business, particularly in sectors where competition is fierce, like fintech, Web3, fashion, food tech, and even emerging fields such as laundry tech. It’s far more cost-effective to keep an existing customer than to acquire a new one. According to studies by Optimove, the cost of acquiring a new customer can be five times higher than the cost of retaining one. This alone is enough reason for tech entrepreneurs and developers in Nigeria to start paying closer attention to lifecycle management. But the truth is, customer retention is not just about saving money—it’s about creating long-term value for both the customer and the business.

    The concept of lifecycle management, especially as it applies to customer retention, is straightforward in theory but requires thoughtful execution to get it right. It’s about managing a customer’s experience with your brand from the moment they first interact with it to the point where they become loyal, repeat customers. The tricky part is understanding each stage of the lifecycle and optimizing how you interact with customers at every step.

    There are countries that have excelled at lifecycle management for customer retention. South Korea’s food delivery services. Companies like Coupang Eats and Baemin have seen success because they carefully manage customer lifecycles from discovery to loyalty. They focus on personalizing customer experiences based on usage patterns, offering loyalty rewards, and continuously improving their services. Customers are 60% more likely to reorder from the same service due to the personalized attention they received after their first order. For Nigerian businesses, adopting such a customer-centric approach could yield significant results, especially in fast-growing sectors like food tech or fintech, where competition is constantly increasing. 

    The customer lifecycle starts with awareness. This is when the potential customer first hears about your product or service, and the initial marketing efforts play a crucial role. If you’re launching a new fintech app in Nigeria, you’d focus on campaigns that speak directly to a targeted audience, maybe through digital ads or influencer partnerships. The point here is to spark interest. But interest alone isn’t enough; you need to move quickly to the next phase. 

    Once you have a customer’s attention, the next step is engagement. This is where they start interacting with your product. Let’s say you’re running a Web3 platform; maybe they’ve signed up for your newsletter or attended a webinar. At this stage, communication is key. You need to make sure that the customer’s journey is smooth and that their initial experiences with your brand are positive. This is where some startups drop the ball. They put too much focus on acquisition and not enough on making sure the early interactions are frictionless. If the onboarding process for your app is too complicated or if the product is too hard to understand, customers are likely to abandon it and move on to the next available option.

    Nigeria’s mobile penetration is incredibly high, with over 76 million people using smartphones, and this presents both an opportunity and a challenge. While it’s easier to reach potential customers, it’s also easy for them to switch to competitors if the user experience isn’t intuitive. A fintech app with a complicated registration process might lose customers before they even start using it. Developers and marketers need to focus on making this stage as seamless as possible by offering clear instructions, helpful tutorials, and even customer support when needed. 

    After engagement, the customer moves to the conversion stage. This is the moment where they go from just being interested to actually becoming a paying customer. The focus here should be on removing barriers to purchase. A laundry tech company operating in Lagos might offer first-time customer discounts to encourage trial. The goal is to get the customer to commit. But again, the process should be simple. Offering too many pricing tiers or complicated subscription models can turn off potential customers. Think about what food delivery services like Jumia Food have done—clear pricing and simple steps to order, all in one app. Simplicity here drives the conversion rate up. 

    Once a customer has made a purchase, the focus shifts to the retention phase. This is where many businesses fail. They think that once a customer has paid for something, the job is done. But customer retention is far more complex. It’s about nurturing the relationship to keep the customer engaged and loyal to the brand. Brands that fail to follow up with their customers after the first sale often see lower repeat purchase rates. Contrast that with fashion retailers in the UK, where some studies show that brands using personalized emails and exclusive offers saw a 35% increase in repeat customers in 2021. 

    For Nigerian entrepreneurs and developers, this could mean offering loyalty rewards, exclusive discounts, or early access to new products or features. But it also means consistently delivering on your product or service promises. It’s not enough to bring in customers if your product doesn’t continue to meet their expectations. Fintech platforms must ensure that their app continues to offer value through regular updates and improved functionality, making customers feel like they are getting more than they paid for. 

    The final stage of the customer lifecycle is loyalty and advocacy. This is when customers become not just repeat buyers but advocates for your brand. They tell their friends, share your product on social media, and become part of your community. It’s the most valuable stage of the lifecycle because loyal customers are far more likely to spend more and stay longer as repeat customers spend 67% more than new customers. And for Nigerian businesses, especially in industries like food tech or Web3, loyal customers are the ones who help build long-term sustainability. 

    One way to build loyalty is by continuing to provide value through consistent communication. A food tech company might send out personalized recipe recommendations based on the customer’s previous orders. Or a fintech company could offer financial tips based on user spending habits. Regular, relevant communication keeps customers engaged and reminds them why they chose your product in the first place.

    Businesses in Nigeria, especially in tech-driven sectors, are operating in a highly competitive environment. Customers have plenty of options, and the challenge is not just to acquire them but to retain them. Lifecycle management is the process that ensures a business doesn’t lose sight of the customer after the first interaction. It helps marketers and developers create more meaningful connections with their customers, which leads to long-term growth and success. The strategies employed by companies in countries like South Korea and the UK offer valuable lessons in how lifecycle management can boost retention. By focusing on each stage of the lifecycle, from awareness to loyalty, Nigerian businesses can build stronger customer relationships and drive repeat business, ensuring they stay ahead of the competition.

  • ‘Non-interest finance, fintech collaboration to deepen financial inclusion’

    ‘Non-interest finance, fintech collaboration to deepen financial inclusion’

    The adoption of digital technologies by non-interest finance operators would deepen financial inclusion and expand access to financial services across the country.

    Experts who spoke at a breakfast session in Lagos said there was need for collaboration between Islamic finance and fintech companies in order to provide alternative financial access across the nooks and crannies of the country.

    The theme of the session was: Expanding Financial Inclusion in Nigeria- Role of Islamic Finance and Fintech. It was organised by TrustArthur, a non-interest asset management firm, in collaboration with Lotus Capital Limited.

    Chief Executive Officer, TrustArthur, Dr. Basheer Oshodi, asaid there was significant shift of foreign direct investments (FDIs) from conventional banks and fund managers to fintech companies, thus the emerging importance of fintechs in the financial landscape.

    According to him, the era of digital technology has led to emergence of several companies, such as Airbnb, which is creating value in real estate and properties by adopting emerging technologies.

    “In the last two years, most foreign direct investments into Nigeria have been fintech-related. It is easier for fintech companies and crowdfunding platforms to get FDIs than commercial banks and fund managers,”  Oshodi said.

    He noted that non-interest banks and investment companies like TrustArthur could explore partnerships with fintech companies by either acquiring significant equity in their companies or acquire them fully to expand financial services.

    General Manager, Enhancing Financial Innovation and Access (Efina), Mrs. Oluwatomi Eromosele said Islamic Finance has the potency to bridge the gap in financial access to the unbanked population.

    According to her, the key components of trust and ethics in Islamic finance appeal to a large segment of the population.

    She stressed the need to leverage fintech companies to offer Shariah-compliant micro-finance services that cater to small businesses and people in rural and under-served areas across the country.

    Eromosele called for the digitisation of informal activities in the ecosystem, with unique products that are accessible to the unbanked population, like the fintech-enabled Zakat distribution for humanitarian efforts.

    Read Also: Fintech company unveils app

    She noted that in order to guarantee that all facets of the population, particularly the unbanked and underbanked, have access to financial services, there must be increasing emphasis on financial inclusion in Nigeria.

    According to her, with the current situation, the advancement of financial inclusion in Nigeria depends heavily on Islamic finance and fintech.

    “By synergising Islamic finance principles with fintech innovations, Nigeria can make significant strides in expanding financial inclusion, catering to diverse segments of society and contributing to overall economic development,” Eromosele said.

    The breakfast session featured two panel sessions that discussed “Bridging the Gap in Financial Inclusion: An Islamic Finance Approach” and “Navigating Fintech/Crowdfunding for Portfolio Development in non-interest Finance, which were scintillating and intellectually engaging.

  • Fintech firm expands cross-border payment to global markets

    Fintech firm expands cross-border payment to global markets

    Grey, a cross-border Fintech company has taken steps to expand its operations to the global payment community.

    To achieve the goal, the firm has embarked on a significant global brand rebranding initiative, revealing a fresh logo and website design. This strategic move aligns with its dynamic plans to expand its footprint in the global market.

    The rebranding initiative follows closely on the heels of Grey celebrating a milestone achievement of surpassing 500,000 users.

    The company’s rapid growth and expanding user base have spurred this bold step towards rebranding, symbolising success and underlining its dedication to remaining at the forefront of global fintech innovation. Furthermore, the previous logo was not usable in some foreign markets due to trademark conflicts with another company.

    The company’s transformation was unveiled on its social media platforms and is expected to help it leverage the fresh identity to reach a broader audience and solidify its international presence.

    The updated brand assets visually represent Grey’s commitment to innovation, excellence, and global connectivity.

    Read Also: Fintech company unveils app

    The CEO and founder of Grey, Idee Obong, said: “As we chart our course toward serving a global audience, we recognised the need for trademarks and related processes. We identified similarities with existing marks during this evaluation, prompting a deliberate rebrand. The new logo and website signify our forward trajectory, emphasizing global connectivity and our commitment to creating a more interconnected world. Our focus remains on being people-centric and cultivating a lasting community.”

    Grey’s brand evolution is occurring at a crucial juncture for the fintech industry, which is positioned for significant opportunities despite recent economic uncertainties. The fintech sector has faced challenges in the past year; notwithstanding, Grey has rapidly scaled, adeptly responding to the heightened demand for its services.

    The company has also established key partnerships across both B2B and B2C sectors across Africa over the past months, solidifying its reputation as a trusted and reliable cross-border payments company.

  • Startup joins AWS global accelerator program

    Startup joins AWS global accelerator program

    Nigerian fintech startup, Koboaccountant Africa has been selected to participate in the prestigious AWS Global Fintech Accelerator Program.

    The program which is an opportunity extended to a few startups globally comes with a credit of $25,000 by AWS, alongside mentorship from experts, networking opportunities, and other wealth of resources. 

    In a release made available to the press, Koboaccountant Co-Founder, Ubong Ita expressed gratitude to represent Africa on the global platform to showcase the immense talent and innovation the continent has to offer.

    He said, “We are thrilled to share this incredible news with all of you. This not only validates the hard work and dedication of our team but also empowers us to take our fintech solutions to new heights.

    “This journey promises to be transformative for Koboaccountant Africa. We are geared up to make the most of this experience and bring even more innovative solutions to our community”.

    Ubong who dedicated the achievement to supporters, partners, and users who believed in the vision and contributed to the growth, said, “Your trust fuels our passion, and we are more motivated than ever to deliver cutting-edge fintech solutions that make a real difference”.

    “As we embark on this exciting adventure, we promise to keep you updated every step of the way. Thank you for being an integral part of Koboaccountant Africa’s journey,” he added.

  • Nigeria’s appetite for fintech solutions increase for technological evolution

    Nigeria’s appetite for fintech solutions increase for technological evolution

    The Managing Director BetCorrect, Adriano Amadei, has said the country’s increasing appetite for fintech solutions and its burgeoning population catalysed its intent to play a significant role in its technological evolution, through this product.

    Amadei made the statement at a press conference in Lagos during the lunch of BetCorrect, an innovative online betting company in Nigeria.

    During the event, Amadei expressed the company’s commitment to revolutionising Nigeria’s online betting landscape.

     “With new players regularly entering the market and exiting after hardly moving the needle, in terms of innovation, BetCorrect’s strategy underpins its dedication to visionary-thinking and far-sightedness through two core elements: Artificial Intelligence (AI) and User Experience. The AI-powered platform allows for personalised recommendations, anticipates player preferences, and ensures a safer and more responsible betting environment. Combined with an exceptional user experience, BetCorrect aims to create a platform where every user feels special,” he said.

    Read Also: My ambition now is supporting Tinubu to succeed – Yahaya Bello

    Amadei further emphasised the significance of having an exceptional team behind the venture, stating, “The strength of the team determines the height of our achievements. Each member of the team contributes their unique skills, knowledge, and passion, creating a synergy that propels us to succeed.”

    Adewale Adejuwon, Head of Marketing, presented the company as a fun, playful, secure, and trustworthy brand that bridges the gap between customers’ dreams and the chance to make them a reality through betting.

    He explained that the company’s marketing strategy is tailored to its target audience’s needs and is rooted in a deep understanding of the audience’s demographics, interests, and aspirations.

    Adejuwon said the company’s target audience comprises primarily people aged between 18 and 44 in urban and semi-urban areas, with interests revolving around sports, music, entertainment, and comedy.

    Head of Operations, Ozioma Okonkwo outlined the company’s vision to pioneer the ultimate digital betting experience across Africa, offering users a vast array of markets and competitive odds as well as cutting-edge features and services, with the aim of raising the benchmarks in product engagement and user satisfaction.

  • Nigeria’s appetite for fintech solutions increase for technological evolution

    Nigeria’s appetite for fintech solutions increase for technological evolution

    The Managing Director BetCorrect, Adriano Amadei, has said the country’s increasing appetite for fintech solutions and its burgeoning population catalysed its intent to play a significant role in its technological evolution, through this product.

    Amadei made the statement at a press conference in Lagos during the lunch of BetCorrect, an innovative online betting company in Nigeria.

    During the event, Amadei expressed the company’s commitment to revolutionising Nigeria’s online betting landscape.

    “With new players regularly entering the market and exiting after hardly moving the needle, in terms of innovation, BetCorrect’s strategy underpins its dedication to visionary-thinking and far-sightedness through two core elements: Artificial Intelligence (AI) and User Experience. The AI-powered platform allows for personalised recommendations, anticipates player preferences, and ensures a safer and more responsible betting environment. Combined with an exceptional user experience, BetCorrect aims to create a platform where every user feels special,” he said.

    Read Also: ‘Fintech has capacity to earn Nigeria $50b in two years’

    Amadei further emphasised the significance of having an exceptional team behind the venture, stating, “The strength of the team determines the height of our achievements. Each member of the team contributes their unique skills, knowledge, and passion, creating a synergy that propels us to succeed.”

    Adewale Adejuwon, Head of Marketing, presented the company as a fun, playful, secure, and trustworthy brand that bridges the gap between customers’ dreams and the chance to make them a reality through betting.

    He explained that the company’s marketing strategy is tailored to its target audience’s needs and is rooted in a deep understanding of the audience’s demographics, interests, and aspirations.

    Adejuwon said the company’s target audience comprises primarily people aged between 18 and 44 in urban and semi-urban areas, with interests revolving around sports, music, entertainment, and comedy.

    Head of Operations, Ozioma Okonkwo outlined the company’s vision to pioneer the ultimate digital betting experience across Africa, offering users a vast array of markets and competitive odds as well as cutting-edge features and services, with the aim of raising the benchmarks in product engagement and user satisfaction.

  • ‘Fintech has capacity to earn Nigeria $50b in two years’

    ‘Fintech has capacity to earn Nigeria $50b in two years’

    Arnold Terna Agure-Dam is Founder/CEO of KweekTransfer, a financial technology company. In this interview with Vincent Ikuomola, he speaks on the prospects of fintech as a veritable tool for financial inclusion, growth and development. Excerpts:

    How would you describe FinTech in Nigeria?

    FinTech from the broad definition is the application of technology in augmenting financial services. FinTech in Nigeria has come to play a key role in uplifting our country and in the overall sense of the word. Fintech has become our super base so to say. It has given us a super nation status. The same way Nollywood in the early 90s to the 2000s gave us the number three position in the world as a movie production hub. Fintech has also come to put Nigeria on the map today. Today, we’re one of the Fintech powerhouses in the world. And this is not just Africa. I’m talking as per the Middle East, Africa and Pakistan all combined. We are number one in this region, which means that globally, Nigeria is today amongst the Fintech superpowers that are propelling Fintech growth. We might be low in numbers, in volumes but when it comes to innovative growth, we are a Fintech leader and this has put us on the innovation map.

    Read Also: MTN, Seplat seal 5G2Business deal

    Looking at the volume, can you help put a number to it?

    Okay, before we talk volumes, I would like to talk about the impact and where we are today. And for me to do this, permit me to step a little bit backward into history so that I can properly illustrate this point. So the human race has had three major revolutions that have changed the way we live, propelling us into a modern race. The first one was the discovery of steam power and when we discovered steam power; it gave us the locomotive, the industrial revolutions and gave us factories for mass production.  The second was of course the discovery of electricity. It was another evolution which propelled us towards our modern status. This period gave us the combustive engine for introduction of cars, it also gave us television, which of course is a mass information dissemination tools. Then came the third revolution which changed things drastically, which is the revolution of hi-tech. This revolution gave us lasers, computers. It gave us the internet, which is a major uplift for the human race. And then it gave us the space programme which of course is propelling us to become an interplanetary species.

    Now with the introduction of hi-tech in the first two revolutions, during steam power due to the dynamics of that period, Africa didn’t catch up with the rest of the world and then also during the electricity era, because then we were under colonial rule, self actualisation was far from us and also we could not catch up in that period. Nigeria has emerged I would say a global superpower in technology. So when you ask me about the impact of Fintech, I will tell you that Fintech has come to put us on the map, as an African leader and as a globally renowned leader. And this is not just insinuation. There are facts to back this up. Currently, African Fintech as a region is the fastest growing in the whole world. Okay, Africa, Fintech is growing at 32% fold, followed by Latin America, which is 12.5 % and then North America where America is, which is just about 4.4 %.

    Now you asked about volumes. We don’t have the volumes yet due to internet penetration and adoption of technology and all of that, but when it comes to innovative growth, we’re ahead of them. And of course, you know that these are larger markets like China and the Americas and the Indians they’re larger markets due to internet penetration, availability of smartphones and all of that. So Africa is the fastest growing region with 13 fold growth. And in Africa, Nigeria is number one. This is backed up by the funding matrix that has poured into Fintech as a specialised niche in IT in Africa.

    So in 2021, statistics available in Africa shows that of the $4 billion that poured into Africa for fintech, Nigeria as the leader got $1.3 billion, followed by South Africa which got slightly above  $800 million, then Egypt in the third position with just about $500 million and then Kenya with $300 million.

    You talked about the areas the country needed to improve on so as to increase volume, what are the other areas of challenge and how do you think we can go round it?

    The clarion call I want to make is for the intellectually and policy-driven government of President Bola Ahmed Tinubu to declare a state of emergency in fintech and I will explain to you while I tell you the problems that are inherent. The major problem as we have it now is having illustrated the fact that we are a global leader in this IT niche, now we have a major problem and that major problem is that the same talent that we have that has put us on the map as a global leader is leaving the country in droves and this is due to the absence of a favourable fintech environment to thrive in Nigeria. The government quickly needs to declare a state of emergency and come up with interventions such as a startup fund. Bring in money. Though an unconfirmed rumour has it that the government wants to bring in about $1 billion. This will be huge. Empower fintech startups the same Nollywood got money for putting us on the map a couple of years ago, fintech has also put us on the map. I can tell you that the impact of fintech is a hundred times the impact of Nollywood. Let me explain why.

    With Nigeria’s population, only a few people are gifted with the ability to act but in fintech, we have millions and millions of youths who are intellectually savvy enough to learn coding and programming who are on the streets. Some of them are so smart to learn on their own and who could go into all sorts of unsavoury means of livelihood like what you call yahoo -yahoo. Imagine if such millions of people are converted into the fintech space and they have a good job and they are earning good money, imagine what this country would have become. We would have overtaken India in a short period of time.

    Seven-eight years ago, we started a project called Afro-Asia trade and it was meant to connect the African non-Oil sector to the emerging economies of Asia for the direct exportation of raw materials out of Africa-from the farmers directly to the factory in Asia for onward processing and then sales around the world. This was also going to open the channels for the importation of machinery and parts that we are yet able to manufacture and produce in Africa. And then of course, it was going to also open a two way channel for exchange of technology and ideas.

    From the user experience to the backend coding to the UI, beats anything the team of 70 Indians did and here we achieve this with a team of less than 15.

    Now I make this clarion call because in this team of 15 that we started work with barely three years ago, 60 percent of them have left this country. They have left for the UK, America and some have gone to Canada simply because we do not yet have an enabling environment.

    How long have you been into the business?

    We registered in Dubai in 2021, and by 2022, we had our American and Nigerian offices. So we have two offices in Nigeria, Abuja and Lagos. So in this period and within this space, I have become a thought leader in the Fintech space. I have created my own niche in the Fintech space, it is called SMP2PR. The  SMP2PR is Social Media Peer to Peer Review remittances, this new specialised field of fintech, labels, identifies and analysis and proffers solutions to a new model of international money remittances that falls outside the purview of any Central Bank or regulatory agency. The system which evolves is where people are connected via social media and exchange value without any money leaving borders. This happens without any government being aware, without any regulatory agency being aware, without tax being paid on any transaction. It is an underground system which unfortunately also opens the road for illicit money flow across borders and as well as the potential to fund terrorism. It is non-taxable and nobody benefits from it. So, SMP2PR is a niche that I have created out of fintech and I have dedicated time to it and have come up with a body of work and even a book.

    In terms of numbers how much can Nigeria generate from fintech?

    A lot of people do not understand Artificial Intelligence. The truth is that something you fear, you cannot understand it and something you cannot understand, you cannot take advantage of it or even try to master it. With the current rate of innovative growth we are seeing in the fintech space, if this continues, that means there will be a lot of financial empowerment for startups, founders and owners of startup companies. With the availability of funds, it will be very easy for us to do a smooth transition into the Artificial Intelligence knowledge era because we already have enough money for these fintech and IT companies to go into Research and Development.

    And as little as five to 10 years from now, Artificial Intelligence will basically be controlling everything. It is basically going to be the key. We need to immediately make sure that fintech does not fail because for the first time we are also leading globally in an innovation and technological field. The government needs to hold our hands to nature us into maturity.