Bank & Entrepreneur Africa magazine

Bank & Entrepreneur Africa

MARCH 2020

1

powered by DigitalMR

Accurate Social Intelligence for Banks THE PROBLEM

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MARCH 2020

Bank & Entrepreneur Africa

CONTENTS

CARTOON MARCH 2020

“Of course we believe in diversity in the workplace! Akin can’t make a decision, Sheila won’t stop complaining, Eze is unable to close a sale, Abu is always late, and Nnenna fights with customers…”

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REAL ESTATE: MAKING RENEWABLES MAINSTREAM

16

STRATEGY: THE JUDO ADVANTAGE

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THE TEAM

INTERVIEW: PRACTICAL E-COMMERCE

Publisher & Editor-in-Chief Anne N. Agbakoba Research Editors Chetachi Obiamaka Oluwayemisi Tella Editorial Contributors Alain Bricoler, Elizabeth Shaw (Ph.D), Sarai Azumi,

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E-BUSINESS: CREATE & SELL YOUR OWN ONLINE COURSES

24

FLUTTERWAVE: THE ONE-QUESTION CHAT

25

David C. Agbakoba, Richard Iger FINANCE ACT 2020: TAX IMPLICATIONS FOR MSMEs

Zizi Mashie, Justine Gaillard Sub-Editors Ezinne Isikwator, Omolara Abidogun Production & Copy Numeris Media; Dorothy-N; Onyechi Nnoli Consultant, Strategy & Business Development CANIG Innovative Solutions

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GUERRILLA MARKETING

30

FUNDING FOR SMEs

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Marketing & Advertising FRANCHISE ADVANTAGE

Virtual Marketing Services (Société Anonyme) Bank & Entrepreneur Africa is owned and published by NUMERIS MEDIA LIMITED Bureau: Capwire House (1st Floor), 19 Sinari Daranijo Street, Victoria Island, Lagos - Nigeria Web: numeris-media.com

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GADGETS

Bank & Entrepreneur Africa

34

INTERVIEW: EXPORT

37

Enquiries: TRAVEL : DESERT ROSE, KENYA

info@numeris-media.com Advertising Hotline: +234 809 221 7788

MARCH 2020

3

IN INTHE THENEWS NEWS

Chinwe Uwatse

C

hinwe Uwatse and her husband started off Bang & Olufsen Nigeria Limited in 1994, as part of the global brand’s expansion markets, and official retailers of home entertainment equipment. After 25 years at the helm as General Manager, Ms. Uwatse is returning to her roots as an artist. Friends and family showed up at a sumptuous celebration to pay homage to this eclectic lady as she turned 60 in January.

at

60 Chinwe Uwatse and her husband, Benson Uwatse

(L-R) Essediya and Mirko Plath with the Uwatses

(L-R) Chinwe, Omawumi Megbele, Victor Hans

(L-R) Adeola Shonubi-Kamson; Josephine Igberaese; Chinwe; Ewie Aimienwawu; Idowu Shonubi

(L-R) Lorenz Mba, Anne Agbakoba

(L-R) Sandra Mbanefo-Obiago; Osi Asika

(L-R) Tony Egbuna; Chinwe; Maureen Egbuna; Josephine Igberaese; Chinyelu Egbuna 4

| Photos Š Fifeoluwa Adebakin

MARCH 2020

(L-R) Osi Asika; Queenie Arthur; Bosun Adegboye; Biodun Adegboye; Peju Nkemneme; Kenneth Odidika; Chinwe; Olaoluwa Jeje

Akin and Kemi Opeodu with Chinwe

(L) Ndidi Aimienwau

(L-R) Taiwo and Yetunde Aina

(L-R) Temi Nunu; Talatu Haruna; Victor Hans; Ifeyinwa Azode

Zed and Lizzy Jituboh

Oksana and Terdoo Anom with Chinwe

Bank & Entrepreneur Africa

IN THE NEWS

myPharmacy

FATE Foundation Holds 2020 Business Outlook

Launches

F

ebruary 1, 2020…A subsidiary of Advantage Health Africa, myPharmacy has launched to provide pharmaceutical products and services to pharmacies and consumers across Africa. With a focus on enhancing access to affordable and high-grade medicines, the myPharmacy franchise is taking off with 51 pharmacies in eight major cities pan-Nigeria.

(L-R): Wale Ajayi (Partner, KPMG); Adenike Adeyemi (Executive Director, FATE Foundation); Laoye Jaiyeola, (CEO, Nigeria Economic Summit Group); and Max Menkiti, (CEO, Millennium Apartments and President, FATE Alumni ExCo)– at the 2020 FATE Business Outlook, tagged ‘The Good. The Bad. The Opportunities’

Ecobank’s Innovative Pan-African Fintech Sandbox

(L-R) Adedotun Sulaiman (Chairman, Board of Directors, Advantage Health Africa); Members of Verraki Partners; Abimbola Adebakin (MD/ CEO, myPharmacy), MayowaAdeagbo (Business Partner, Advantage Health Africa)

Leading Africa into the new age of banking

(L-R) Charles Kie (Managing Diretor, Ecobank Nigeria Ltd); Serigne Dioum (Mobile Financial Services Executive, MTN); Ade Ayeyemi (Group CEO, Ecobank Transnational Incorporated), Rob Shuter (Group CEO, MTN); and Patrick Akinwuntan (Group Executive, Ecobank Transnational Incorporated)

N.A.E Mohammed (Registrar, Pharmacists Council of Nigeria) and Abimbola Adebakin, flanked by two members of the myPharmacy chain.

Ecobank Group announces the pilot launch of its Pan-African Banking Sandbox. The Sandbox will give partners and fintechs access toEcobank’s Application Programming Interface (APIs) for the development of innovative solutions for the 33 African countries where it operates.

Femi Pedro hosts Japanese MSME Delegation

The central team at myPharmacy.

Femi Pedro, Chairman of the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), hosted an official delegation from the Japanese Ministry of Trade and Industry (METI) at his residence. As envoys of the Japanese government, the delegation was tasked to identify private companies and businesses as future partners in Nigeria.

SMEDAN says it is set to soon commence a mass registration exercise for micro and small businesses, with a view of forging strategic partnerships.

Toluwaleke Ademosun (Partner, Verraki Partners), Abimbola Adebakin, and Kelvin Balogun (member, Board of Directors, Advantage Health Africa and Partner, Verraki Partners)

@femipedro

Bank & Entrepreneur Africa

| my pharmacy.africa MARCH 2020

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FROM EDITOR IN THE NEWS

THE COMMERCE EDITION

“Y

ou’ve got to admire entrepreneurs - those people who, when faced with impossible situations and time pressures, are able to successfully negotiate arbitrary obstacles, using their wits and whatever improvisation tools they possess…

It is interesting how I approached a natural skin

therefore features entrepreneurs who

and haircare products vendor via WhatsApp,

articulate strategy in ways that

asking that she recommend something from her

potentially fuel profitable growth. The

black soap range.

edition also presents tools for business

Ms. Soapy (let’s give

success – from startup idea, securing

her a nickname)

funding, and regulatory (think taxes), to

tersely replied: “Soap

strategy, marketing and even relaxation.

A or Soap B’. No

Consequently, we are pleased to welcome

greeting, nor

on board Lorenz Mba, our Consultant on

pleasant surprise

Strategy & Business Development, whose

that a potential sale

30+ years multi-sector experience (in

was about to

FMCGs, banking, insurance, and advertising)

happen. I

“Ms. Soapy” – Idorenyin Eme Ugwuegbu Founder, Sahara Sunrise

fits squarely into our drive to identify

backtracked, and

strategic resources that serve both

bought elsewhere.

entrepreneurs and the financial services

Lorenz Mba The story doesn’t end here. Obviously picking up on my silence, Ms. Soapy wrote two days later,

Consultant, Strategy & Business Development

industry – and forge synergies between these two groups.

wondering why I hadn’t chased up on my enquiry, and I gave her honest feedback about how her

Great bounce-back.

communications was so dead-pan that I lost interest and went to the competition.

That is, compared to another vendor I had approached for the same

Her reaction and recovery were exemplary. Ms.

product type, but who just never was

Soapy apologised profusely, said she was usually

able to complete the sale.

far better at engaging customers, and offered to personally take my order and have it delivered

As companies look for new streams

same day. She kept track of every single stage of

of revenue, alignment between sales

the order, right up until I received it a few hours

and strategy is crucial.

later, complete with complimentary items from her lip and face range.

6

This issue of Bank & Entrepreneur

MARCH 2020

anne@numeris-media.com

Bank & Entrepreneur Africa

INTERVIEW IN THE NEWS

NOAH

IBRAHIM

The Realtor Developing Solar-Powered Homes

Bank & Entrepreneur Africa

MARCH 2020

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7

INTERVIEW: REAL ESTATE

Making

Renewables

Mainstream T

he rise of the Phoenix. This is the image that Noah Ibrahim evokes when he tells an incredible story of rustling through a difficult but loving childhood, failing at several businesses (graphic design, footwear, clothing, electronic retail), and the sheer bravado of pulling himself up by the bootstraps every single time. Eventually, Mr. Ibrahim landed a Real Estate apprenticeship where, even though he was punching well above his weight yet again, he acquired the expertise required for founding his own Real Estate development business, Novarick Homes & Properties Limited, many years later.

In this interview, we get straight to the point as Mr. Ibrahim dissects the brilliant Novarick Homes concept of an estate run solely on renewable energy. Excerpts: What landed property is available for purchase, and what sets its planned facilities and infrastructure apart?

Novarick Homes started out by offering plots of land for sale at Earl’s Court (Ibeju Lekki), but this project is now sold out. Currently selling is our “ Wazobia Courts”, a smart community development located at Bolorunpelu, Ibeju-Lekki. The estate has a land title of Certificate of Occupancy (C of O), and is strategically situated around various private and government landmark properties such as the Pan Atlantic University, Eleganza Industries, the planned Lekki International Airport, Epe Alaro City, and the 4th Quadrant of the Lekki Free Zone.

Amongst other standard estate features, Wazobia Courts will boast fantastic, smart architecture that includes access-controlled entry, solar powered homes, automated number plate recognition, adaptive street lighting, CCTV, smart electricity metering, smart homes, interlocked roads, underground electrification, and a good drainage system – all combined to offer the finest living experience.

The estate is currently selling at an affordable rate of NGN4 million for a full plot of 600SQM, and NGN2 million for a half plot of 300SQM. Basically, we are building a clean, green and smart community that will match, to a large extent, the level of technological advancement that is common place within sustainable and convenient communal living spaces the world over.

We also have other housing projects on board like the Ruby Apartments, Birdwater Hotels, and Nova Gardens Estate coming soon.

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MARCH 2020

Bank & Entrepreneur Africa Bank & Entrepreneur Africa

“

When I was six years old, my grandmother (Iya Shike) would fill a tray with peppers, gently place it on my head, and send me off to sell the goods. I never came back with unsold peppers.

Little did I know I was being set up for greatness.

Bank & Entrepreneur Africa

MARCH 2020

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INTERVIEW: REAL ESTATE

What is the reason for your Renewable Energy vision?

Nigeria does not need to suffer the crippling power supply that it currently does. It’s that simple.

Renewable energy and sustainable living are not just merely smart concepts, but provide real, practical and cost-effective ways of enjoying steady energy supply that benefit individuals, communities and the planet at large. This is what the United Nations Sustainable Goal #7 seeks to achieve.

Of all the renewable energy sources - sunlight, hydro, wind, geothermal heat - sunlight (solar energy) has been embraced by Novarick Homes as the most compatible and cost effective form to incorporate into our developments.

For us, the three main benefits for embracing solar power within our business model are very clear:

Zero energy-production costs: Solar energy doesn’t require any outside supply to work, so its maintenance and energy production costs are practically zero. The only cost associated with the use of solar energy is installation of the components. This means that despite the large initial investment, there are no additional costs associated with its use, so the installation cost is recovered quickly.

Impact on the environment (clean energy): The production of solar energy doesn’t generate noise pollution, which is an important aspect to take into account for installations in urban areas. It also doesn’t generate any waste which is a key consideration. In fact, solar panels have a typical life span of 20–25 years which is desirable because of their low replacement and disposal rate Reliability: A well-designed and properly installed solar solution will deliver more reliable service than popular solutions such as generators.

Generators require frequent expensive maintenance and are susceptible to becoming inoperable in the event of fuel shortages and oil industry strikes.

Novarick Homes, by definition, is an innovator in the property development space because it falls squarely within the first 2.5% minority that incorporates a combination of Renewable Energy and passive design into its developments. It is essential to understand that innovators are the first 2.5 percent of a group to adopt a new idea. The next 13.5 percent are labeled early adopters. The following 34 percent are called the early majority.

We infuse passive design into our modular construction to function in concert with active energy efficient elements (solar power), to minimise the carbon footprint of our signature dwellings, as well as deliver energy cost savings to residents. Our partnership with ICE Commercial Power will guarantee subscribers and home owners an affordable repayment plan for renewable energy installations, while infusing this with a pay-as-youuse smart electricity metering system.

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MARCH 2020

Bank & Entrepreneur Africa

“

“Nigeria does not need to suffer the crippling power supply that it cur­rently does. Renewable energy and sustainable living are not just merely smart con­cepts, but provide real, practical and cost-effective ways of enjoying steady energy supply that benefits individuals, communities and the planet at large. This is what the United Nations Sustainable Goal #7 seeks to achieve”

Bank & Entrepreneur Africa

MARCH 2020

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INTERVIEW

Ideally, homes that run on solar should be optimally fitted with Direct Current (DC) appliances, which consume far less current than Alternating Current (AC) appliances. Please explain how this could be a correct assessment or otherwise.

Let’s be clear. Electricity flows in two ways - either in an alternating current (AC) or in a direct current (DC). Alternating current is usually the best way to transmit electricity over large distances.

In Nigeria, homes that run on solar typically use conventional AC appliances (TV, air conditioners etc), powered by 240 volts, with the aid of solar hybrid inverters.

We intend to offer even more spectacular cost-savings to the home-owner by installing the most energy efficient and eco-friendly AC appliances that consume the least amount of energy possible, yet deliver on efficiency. For instance, the latest models of energy-saving AC air conditioners draw about 35% less power than is required to run a regular AC air conditioner.

In our unrelenting pursuit of energy efficiency, Novarick Homes also intend to insert a mix of DC appliances (lighting, fans, refrigerators and deep freezers) into the homes. These DC appliances are typically powered by 12 volts, and will use less power than ones designed for houses using 240volt AC. Furthermore, peripherals like fridge-freezers can be programmed by a timer to run only when needed. One last thing: DC configurations do NOT require an inverter to function, which is a significant saving!

Appliances like gas cookers will be fuelled by gas.

So, here is the deal, in summary: Novarick Homes will deploy a select group of 12V DC appliances, side by side with conventional appliances that run on conventional 240V AC – in order to deliver the functionality required to run a home, at a significantly lower cost.

How is potential energy consumption of a household measured and managed?

Many factors will influence the extent of a solar system that wishes to generate enough solar power to cover all the needs of a household.

When designing a system for a household, one of the first things a professional designer will consider is to calculate the total amount of electrical load currently used by the home. This can be done by analysing the electricity bill, where the amount used over a billing period will be expressed in kWh. Alternatively, the designer will have to list the loading of all the household’s electrical equipment, using either the data given in the user manual or on the labels usually affixed to the back or underside of the appliance.

We will be working with home-owners by providing expert advice on reducing their total electrical load through investing in low-wattage, energy-saving equipment.

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MARCH 2020

& Entrepreneur Bank Bank & Entrepreneur AfricaAfrica

“

“Wazobia Courts will boast fantastic, smart architecture that includes access-controlled entry, solar powered homes, automated number plate recognition, adaptive street lighting, CCTV, smart electricity metering, and a good drainage system – all combined to offer the finest living experience”

Bank & Entrepreneur Africa

MARCH 2020

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INTERVIEW

“

“We will be working with home-owners to provide expert advice on reducing their total electrical load through investing in low-wattage, energy-saving equipment”

On days when there is an extended lack of sunshine to power the battery bank, what is the back-up plan for energy?

First, a huge myth is that solar panels do not generate power on cloudy days. They do. However, it is only about 10-25% of their rated capacity. Since UV rays still come through, the variation depends on the density of the cloud coverage and other weather factors. Each housing unit will be fitted with a solar array (panels) and battery bank that will provide 48hrs of autonomy in the event of overcast skies.

Autonomy is defined as the time during which the electrical load can be met with the battery alone, without any solar inputs, starting of course from a “fully charged” battery state. In the event of overcast skies exceeding 48 hours, and an inability to recharge battery banks back to a full state of charge, back-up wind turbines will kick in to recharge the batteries. We will therefore adopt a hybrid power system that has dual sources of power, namely: solar and wind.

How long does each battery bank (per household) last before it requires replacement?

As an example, a battery bank consisting of 8 x 200Amp Hour batteries, combined with a 5Kva solar hybrid inverter, can last on

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MARCH 2020

average for up to 3 years, depending on load demands, depth of discharge, and the number of charge-and-discharge cycles the battery bank is subject to over time.

How would you measure the typical cost (and other) savings to be had from using Renewables versus grid power?

Excellent question. The cost savings of adopting solar power can be calculated in a number of ways (even though the upfront acquisition costs are typically higher than the purchase of a generator): Calculate your fuel and maintenance costs for a year using a generator, versus the no-maintenance cost for your solar installation Calculate the cost of damaged appliances due to frequent power surges from grid power, versus stable power supplies by solar inverter systems; Off-grid solar power offers relief from the exploitation of estimated billing; Peace of mind is priceless with more predictability and ability to plan ahead.

Noah Ibrahim is a young and self-motivated entrepreneur, with a flair for identifying and harnessing opportunities in the Real Estate value chain. With over 4 years’ experience in Real Estate project development and management, he seeks to redefine the narrative in the sector by championing the development of smarter and greener communities across Nigeria. Leading a team of young individuals (inclusive of students and early school leavers), Noah won the 2016 BusinessDay CEO Apprentice award, and in 2018, established a sales and facility management agency “Sellerrand”, before founding Novarick Homes with a clear vision “to build greener communities”

Bank & Entrepreneur Africa

Bank & Entrepreneur Africa

MARCH 2020

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STRATEGY

“

The Judo Advantage

It is the age of disruption, where incumbents with decades of history get swept away by start-ups at an alarming rate.

Why do some smaller companies succeed in defeating stronger rivals while others fail? How do you compete with opponents who have size, strength and history on their side? The answer lies in a simple but powerful principle called the judo strategy, which relies on speed, agility and creative thinking – instead of strength and size. Movement, balance and leverage: These are the key principles that savvy executives use to compete every day

MASTERING MOVEMENT (act quickly and neutralise a larger competitor’s advantages) Judo strategy, like judo, begins with movement. In judo, movement serves both offensive and defensive goals. Competitors use their quickness and agility to move into a position of relative strength while evading attack. Judo masters also use movement to take an opponent “out of his game”, in the words of Olympic medallist Jimmy Pedro, by preventing him from employing his strongest techniques. Finally, once he’s gained an edge, a skilled judoka follows through quickly, moving seamlessly from attack to attack. In a sport where advantage can shift in a second, faltering when it comes to the follow-through can be a fatal mistake.

Perhaps the best possible example is the “puppy ploy” that Apple pulled with the music industry in the early days of iTunes. By emphasising that downloadable music was not really their business (it only represented 1 or 2%) and was highly unprofitable (due to illegal sources like Napster and Kazaa) Apple was able to obtain the position it still holds today, and became the dominant music platform.

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you will fall, but if you can get back up quickly enough. Movement can help you avoid head-to-head battles with bigger, stronger opponents. Eventually, however, you will have to meet the competition. In judo strategy, as in judo, you have to learn to engage with opponents in order to win.

This is where balance comes into play.

At the beginning of a judo match, each player battles to secure a grip on the other’s collar or sleeve with the aim of pushing or pulling his or her opponent into a weakened or unbalanced position. Meanwhile, the recipient of this treatment must follow a simple but counterintuitive rule. Rather than resist, he should give way to his opponent’s momentum, pushing when pulled and pulling when pushed.

Rather than oppose strength to strength, judo practitioners learn to conserve their resources and maintain their balance by first giving way. Then they use their opponents’ momentum to help bring them down.

Examples:

MASTERING BALANCE (absorbing and countering competitors’ moves)

Grip your opponent: Amazon went into business with the competition when it started in the toy market. It collaborated with Toys “R” Us (now shut down since 2018) by working on a co-branded site. Amazon grew and signed a 10 year partnership, with Toys “R” Us owning inventory while Amazon handled customer service. Joint ventures, partnering and selling your services to rivals are some ways to grip your opponent.

The first thing you learn in Judo is fall breaking (ukemiwaza). The question is not if

Avoid tit for tat: eBay preserved its balance despite repeated attacks from

MARCH 2020

Bank & Entrepreneur Africa

STRATEGY

competitors - Yahoo, and Amazon. Yahoo launched its own auction using the same model as eBay and even let sellers list for free (eBay charged sellers). eBay reacted by setting up a SWAT team that studied every step of Yahoo’s auction and studied what was good (and not good) to leapfrog Yahoo. Did not react tit for tat by making seller listing free. eBay matched Yahoo on other innovations such as more pictures, faster registration, etc.

Push when pulled: Drypers fought P&G in the diaper business. Drypers offered diapers at a lower price so P&G reacted by offering $2 coupons. Drypers did not have the resources to campaign so told customers that the coupons of P&G can be used at its stores.

MASTERING LEVERAGE (using

competitors’ strengths against them) By mastering movement, you improve your chances of building a strong initial position and getting ahead of competitors before they respond. The techniques of balance, in turn, allow you to engage bigger or stronger rivals without getting irretrievably knocked down. In some cases, by making the most of these two principles, you can build and consolidate an

“

insurmountable lead. In most cases, however, you will need leverage to score a win. As an old judo master said: “that one does not fall in a bout means that one is not beaten; it doesn’t mean that you have won.”

A favourite category of Judo throwing techniques (NageWaza) is the Sutemi, or in English “sacrifice throws”. In these techniques you typically sacrifice your position so you can leverage the power of your opponent.

Basically it means: go after sunk cost. Observe your opponent, learn where he has invested, and find opportunities to turn them into sources of weakness. Consequently, judo strategy draws much of its power from counterintuitive thinking.

Virgin started out not flying from major airports, thereby circumventing the enormous investment that other airlines had made. Has your opponent invested in a warehouse to support building a one-day delivery service? Make delivery cost free!

Does it hurt? Of course it does! But be prepared to sacrifice in order to reach your product vision.

“The first thing you learn in Judo is fall break­ing (ukemiwaza). The question is not if you will fall, but if you can get back up quickly enough”

Explore resources: | www.coursera.org/lecture/competitive-strategy/judo-economics-niche-market-GGWuW Bank & Entrepreneur Africa

MARCH 2020

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Bank & Entrepreneur Africa

INTERVIEW: E-COMMERCE

PURSUING PRACTICAL E-COMMERCE

Adeshina Adewunmi

Bank & Entrepreneur Africa

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INTERVIEW: E-COMMERCE

“

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Practical e-Commerce “I started out by visiting select stores within the over-populated [Idumota] market, and placing pictures of their goods online in order to engage potential digital customers.

Within a short while, I was making an average turnover of about N200,000 ($550) per week”

I

n 2016, Adeshina Adewumi resigned from his comfort-zone job to create Home Tutors Nigeria (an educational p2p business that pairs parents with nearby tutors for their children and wards). One of the clients he served was resident in the popular, bustling Eko Idumota market in Lagos. With a clever eye for opportunity, Adeshina spotted a potentially lucrative business model within the market - literally hidden in plain sight. He shares his trajectory:

MARCH 2020

What is your story? What was that major problem you were trying to solve by creating OneKiosk?

One of my early pre-occupations was as a personal home tutor.

Whenever I arrived for a particular tutoring assignment (located within Nigeria’s unbelievably busy Idumota market), I was amazed by the unlimited retail opportunities presented by Africa’s informal sector, which had been left largely untapped.

Bank & Entrepreneur Africa

INTERVIEW: E-COMMERCE

As an entrepreneur, all I saw were prospects, and not problems. I therefore started out by visiting select stores within the over-populated market, and placing pictures of their goods online in order to engage potential digital customers. Within a short while, I was making an average turnover of about N200,000 ($550 per week.)

I soon took up a role in 2018 to lead Proville, an eCommerce platform for professional services. This was at a time when most of the exits, acquisitions and shutdowns of many eCommerce platforms occurred and what I picked up was this: eCommerce businesses would thrive if only they could solve pain points such as logistics ( both warehousing and delivery), achieve improved turnaround time through zero inventory models, and deal with trust issues closely linked with pay-on- delivery models. So in 2019, we incorporated the company called One Kiosk to tackle these issues, with the vision of becoming a leading and sustainable eCommerce solution provider.

any order), as well as the issue of trust ( the customerseller proximity makes for much easier engagement and fulfillment of orders). On an average, we deliver within 30 minutes, which is far more efficient than most existing e:Commerce solutions that take between 24 hours to 5 days to get goods to the customer.

In summary, our pilot showed that cus“Embedding a Geo-location tomers enjoyed the convenience of being (GPS) feature fully into our able to order online from familiar local system means that shopping stores, have the goods delivered with ease customers will always get rather than going all the way to the store, matched to the stores nearest to their location and were more willing to pay immediately (within a close 1-2k m radius) because of the element of trust and - just about same way you get familiarity built into our eCommerce model.

matched to the closest Uber rider.

So you can call us the Uber for retail”

How, in practical terms, is One Kiosk translating its vision into reality?

First, we decided to change the status quo by embedding a Geo-location (GPS) feature fully into our system, which helps us set up new and effective supply and demand streams. It simply means that shopping customers will always get matched to the stores nearest to their location (within a close 1-2km radius) - just about same way you get matched to the closest Uber rider. So you can call us the Uber for retail.

This indirectly solves the issue of poor turnaround times (we are able to achieve a 59-minute cycle of delivery for

Bank & Entrepreneur Africa

Finally, connecting small retail stores to an online market (new supply) enables them employ more hands to meet growing consumer demand.

Tell us about OneKiosk Pros, and how it could create thousands of jobs

A major objective of ours is to drive inclusive economic growth and create substantial jobs through technology by 2024.

One Kiosk Pros (verified delivery agents) are mostly unemployed youths within various communities who have a good understanding of their locality, and can easily pick up orders and get them delivered on time to customers.

They earn an income from every deliverymade, and are thus able to cater for themselves and their families. It’s a win-win for us and the customers, as they know that every order from One Kiosk is a way of empowering someone out there. | onekiosk.ng

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Bank & Entrepreneur Africa

E-BUSINESS

I

f you’re looking to monetise your skill in 2020, you might want to consider selling an online course.Investing in education and lifelong learning is an emerging trend among both Seniors and the young, with a lot of them preferring to avoid the complexities of commuting to physical classes.

Create & Sell

Your Own Online Course

Define your audience: For your course to really outshine the competition and be successful, don’t create your course for anyone and everyone. Think about who you can serve best, and tailor your course specifically to them.For example, you could create an online course about recurring problems for MSMEs. This can range from spotting a business idea, to writing a business plan, to securing funding, and sales/ marketing.

Choosing a Platform One of the most important things to know about choosing the best online course software is that platforms are targeted at diverse business needs. For ease, the focus here is on standalone platforms, which are brilliant for small businesses that want a turnkey way to create their own branded site to sell online courses

‘Standalone’ for Small Businesses The following hosted platforms allow you full control over your user data. But ensure you try out the free trial options, where available, so that you have a chance to test-drive before committing THINKIFIC thinkific.com Starter Pricing: $49 per month ($39, if paid annually)

LEARNWORLDS learnworlds.com Starter Pricing: $29 per month ($24, if billed annually)

TEACHABLE teachable.com Starter Pricing: $39 per month ($33.25 ifpaid annually + a 5% transaction fee)

PODIA podia.com Starter Pricing $39 per month (two months free with an annual plan)

CLICK4COURSE click4course.com/ Starter Pricing: $79 ($65 if paid annually) + 10% processing fee per course sold

DIGITAL CHALK digitalchalk.com Starter Pricing: $15 per month ($10, if paid annually) + $4.99 per registration

PATHWRIGHT pathwright.com Starter Pricing: $99 a month ($89, if paid annually)

ZIPPY COURSES zippycourses.com Starter Pricing: $99 per month with no transaction fees

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PAYMENTS

FLUTTERWAVE:

THE 1-QUESTION INTERVIEW

REAL-LIFE USERS

Olugbenga Agboola CEO, Flutterwave

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t’s been in the news since January 2020: Africa-focused payments company, Flutterwave, announced a $35 million fundraising round in partnership with WorldPay and Visa, as it eyes

continent-wide expansion. Our SME readership wanted to know precisely what this could mean for their own business. And so we approached Flutterwave to break things down:

Bank & Entrepreneur: How, exactly, would the use of Flutterwave benefit MSMEs?” Flutterwave: Our clients know they can adapt, and grow

with Flutterwave. Our payment solutions are created to help businesses receive payments at every stage of their business growth. For a one-man business or an individual, they can receive payments by generating invoices and payment links easily using Flutterwave. Also, businesses can integrate our payment gateway on their websites or use our APIS for their products to seamlessly receive payment. Flutterwave also gives businesses the opportunity to scale across verticals, channels and countries without worrying about payments. |

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Invest Bamboo co-founders (L-R) Yanmo Omorogbe and Richmond Bassey

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AMBOO is an investment platform that enables everyday Africans buy and sell hundreds of stocks in the Nigerian and U.S. markets, via the Bamboo app. Why partner with Flutterwave?

Yanmo:We chose Flutterwave because our vision aligns with theirs – giving Africans access to the global space. Flutterwave achieves this via payments, while we do so via investments.

Richmond: When we were trying

to choose what payment partner to go through, it was really an easy pick because of that global access’ vibe.

Yanmo:When you make a payment on the Bamboo app, Flutterwave processes your payment. We started with the Nigerian market, but using the Flutterwave network, we hope to expand very quickly to all the other countries it serves.

As Flutterwave expands, we will expand with them.

Investbamboo.com

Flutterwave.com/ng

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POLICY

By Chioma Ifeanyi-Eze Founder, AccountingHub.ng

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GUERRILLA MARKETING

Coca-Cola’s “

Guerrilla marketing is a gold mine for startups and small businesses, as well as large brands wishing to shake things up through non-traditional and unconventional; advertising techniques that seek, above all, to amaze the public.

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n May 2010, the Coca-Cola “Happiness Machine” was awarded CLIO’s prestigious Gold Interactive Award - one of the world’s most recognised industry accolades for advertising, design and communications.

Here’s why: The “Happiness Machine” video, the result of a collaboration between Coca-Cola and integrated interactive marketing agency Definition 6, features a Coca-Cola vending machine transformed to deliver surprising “doses” of happiness to unsuspecting university students. Shot on location at the Queens (New York) campus of St. John’s University, the outwardly typical Coke machine, was placed in the middle of the student cafeteria, in full view of five strategically placed hidden cameras. What followed was completely unscripted.

Over two days of filming, the hidden cameras captured the spontaneous reactions of the students as the machine dispensed various goodies that included flowers, pizzas, sunglasses, a twelve-foot ‘hero’ sandwich, and an apparently never-ending supply of Coca-Cola.

“Happiness is contagious. When you see people smiling, you want to smile,” said Wendy Clark, the then-SVP, Integrated Marketing Communications and Capabilities, The Coca-Cola Company.

“This human truth is at the heart the idea.

In the video, you see genuine surprise and delight on the students’ faces when they interact with the Coca-Cola ‘Happiness Machine’. It is such a simple yet compelling concept and one that so accurately portrays Coca-Cola for what it ultimately is; one of life’s simple pleasures.”

Amazing “Happiness Machine” Campaign

“Coke’s goal to inspire consumers through small, surprise moments of happiness served as the ideal creative motivation to us,” said Paul Iannacchino Jr., the then Creative Director, Definition 6. “Our strategy was to deliver doses of happiness in an unexpected, innovative way to engage not only the students, but the audience at large.

Whether you were present during the shoot or experiencing the event online, our goal was the same - to put a smile on your face and share that emotional connection.”

The “Happiness Machine” video was part of Coca-Cola’s 2019 global integrated marketing campaign, “Open Happiness,” which invited people around the world to bring positivity, optimism and fun into their lives.

Free or Happy?

But Paul McClay, the then-Director of Interactive Strategy at Definition 6,points out a very important outcome. He says: “Giving away free stuff wasn’t what resonated with the audience at the end of the day. After doing testing, we found it was the students’ expressions of happiness and the way they reacted that people enjoyed. You can film people being given free stuff all day long and it will fall flat on the audience. The way people react is what matters.”

Low Cost, High Impact?

Usually, guerrilla marketing campaigns are “High Impact, Low Investment.” However, even though Coca-Cola’s “Happiness Machine” campaign did include a financial investment because of the free giveaways (which a huge company like Coca-Cola can obviously afford), the outcome far exceeded the invested cost. People walked away with both free gifts and an unforgettable experience with the brand that hits home on an emotional and personal level.

Read the insider secrets of “How Coca-Cola Created Its “Happiness Machine”: mashable.com/2010/07/21/coke-happiness-machine/

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BankBank & Entrepreneur & Entrepreneur Africa Africa

“

Bank & Entrepreneur Africa

“Giving away free stuff wasn’t what resonated with the audience at the end of the day. After doing testing, we found it was the students’ expres­sions of happiness and the way they reacted that people enjoyed”

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INTERVIEW: START-UP FUNDING

MAYA HORGAN

FAMODU

Founder, Ingressive Capital

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eing a Nigerian-American, Maya Horgan Famodu grew up with half her family in the US, and the other half in Nigeria. While watching both sides build businesses, she realised that those in the US navigated with far more ease than their African counterparts who, despite running successful and profitable businesses, seemed, encumbered with issues such as nepotism, poor infrastructure, and lack of access to capital. Ms. Famodu put her money where her mouth was, and founded Ingressive Capital with a mission to direct resources and investment dollars to top entrepreneurs across Sub Saharan Africa, We went in search of this young lady whose company has now worked with more than 50 investment funds and corporations – and done 30+ deals – across Africa. Excerpts:

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Ingressive Capital says it “invests in pre-seed to seed, tech-enabled companies based in Sub- Saharan Africa”. For clarity, what would be the difference between a ‘tech- enabled’ and a ‘tech’ company, and why the focus on this segment?

First of all, Ingressive Capital is a venture fund, investing in pre-seed and seed stage companies in Nigeria, Kenya, Ghana and South Africa.

The fund was a natural progression of our work at Ingressive LLC mainly because the company is very focused on developing technical talent.

Now, on to definitions: A tech company focuses mainly on providing technology as a service. They are either manufacturing or developing technology as their main product or service offering.

Bank & Entrepreneur Africa

INTERVIEW: START-UP FUNDING

Tech-enabled Companies are focused on delivering their product or service in a better, faster and cheaper way. They use proprietary technology to make their product more efficient.

often focus on selling how awesome their businesses are, rather than also convincing investors on the personal strength of the entire team and their willingness to learn and evolve.

Today, Ingressive Capital is a $10 million USD fund focused on finding and backing the next wave of high growth tech entrepreneurs coming out of Africa.

One of the most important things for investors will be signs of any early traction or customers, not how great the product is/will be for the customers.

We invest in companies that leverage technology to solve major challenges across Sub-Saharan Africa.

We look for post-traction (clear customer + validated product-market fit) founders who are targeting billion dollar industries, are brilliant, show grit, humility, and know their market well enough to reach out to us.

Investors want to understand what risks there might be to the business. They want to understand the entrepreneur’s thought process and the mitigating precautions he/she is taking to reduce those risks.

Unfortunately, quite a number of startups fail to think this through.

“We are committed to supporting the next generation of African innovators”, says Ingressive.

Kindly share any compelling stories of the most commercially successful start-ups you have backed, and possibly the most convincing reason (s) for their thriving?

Our current portfolio includes companies such as Paystack ( just closed $8M Series A

by Stripe, TenCent and Visa) which has redefined the way payments are done across Africa, and Tizeti (just closed $3M Series A by 4DX), one of the fastest growing Internet service providers in Nigeria, leveraging solar power to provide fast and cheap internet services to Nigerians.

Our current portfolio includes companies such as Paystack (just closed $8M Series A by Stripe, Ten Cent and Visa) which has redefined the way payments are done across Africa, and Tizeti (just closed $3M Series A by 4DX), one of the fastest growing Internet service providers in Nigeria, leveraging solar power to provide fast and cheap internet services to Nigerians”

With our clear investment strategy, we are careful to select portfolio companies that can benefit from our network, which makes us confident that our portfolio companies will find follow-on investments and eventually lead to high-value exits for the fund.

What is typically the mismatch between what investors are looking for, versus what start-ups think they (the investors) find attractive?

Early stage investors like us invest more in people / teams who show domain knowledge, history of resilience, ability to gain access to capital and generate unique and creative ideas. Entrepreneurs

Although valuation at an early stage is more of an art than a science, we see quite a number of startups that give themselves unreasonable valuations, thereby putting themselves under undue pressure to succeed, and also make future raises complicated.

Investors want to hear your strategy for offering them a good return on their investment, and an exit plan. A lot of startups just assume they will continue raising money in perpetuity.

What levels and categories of funding are available to start-ups, and what guides are put in place to ensure funds are maximised by the beneficiary company?

Our fund functions as a “feeder fund” where we provide early stage investments, then push these deals onto our LPs who run some of the most successful funds and accelerators in the world, like Y Combinator, Techstars, Foundry Group, WTI, etc.

This is intentional; • To realise rapid increase in company growth • Ensure later stage financing • Provide us with exit opportunities through • Secondary share sales from Limited Partners (LPs) and investors they refer.

With this deep network of Silicon Valley based-partners, we work with our portcos to help them grow and scale by connecting them with global resources for business development, partnerships and follow-on funding when needed.

This access is intrinsic to our strategy for fostering growth in our portfolio and has had proven success with our startups thus far. For startups in the technology industry, this provides access and exposure to global brands that may be looking for strategic acquisitions in Africa. | Ingressive capital.com

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ENTERPRISE

The Franchise Advantage

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ranchising is one of the easiest ways to break into business ownership, giving aspiring entrepreneurs the chance to make their business dreams a reality without the challenges of starting from scratch. If you have dreams of becoming a business owner, but aren’t sure where to begin, here are probable businesses to consider:

As an added bonus, they offer heavily discounted trips and vacations to their franchise owners so they can get to live the experiences they are selling. | dreamvacationsfranchise.com Franchise Fee: $495 to $9,800 Initial Investment: $3,245 to $21,850

Automotive

Cruise Planners

SuperGlass Windshield Repair With just a few weeks of training, almost any aspiring business owner can learn the necessary skills to become a SuperGlass Windshield Repair franchise owner.Based in Orlando (USA), with locations operating worldwide, SuperGlass Windshield Repair is one of the most costeffective franchises to buy. Focusing on mobile service has allowed this franchisor to keep up to speed with customer demands, while also keeping startup and overhead costs low for franchisees. | superglass.com/#franinfo Franchise Fee: $5,000 to $17,500 Initial Investment: $18,685 to $84,205

Travel & Hospitality

Dream Vacations Dream Vacations offers travel agency services that you can run out of your home. They boast award winning training that enables the startup take off seamlessly.

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Cruise Planners is a franchise representative of American Express, which is one of the most widely recognised cruise planning companies in the country. A big advantage is that you can operate your Cruise Planners franchise from your home, making the initial investment in this opportunity among the lowest on the market. | cruiseplannersfranchise.com Franchise Fee: $10,995 Initial Investment: $2,095 to $23,367 For concerns about affordability, financing options to purchase franchises can include friends and family loans (remember to document the loan and repayment expectations in a written agreement before funds exchange hands); and Franchisor Financing (the franchisor may be able to offer support, guidance, and even internal funding options or special relationships with lenders to help you with the franchise financing process.

Bank & Entrepreneur Africa

TECH

METROPOLIS Unique gadgets from around the world

LG Signature RX Every year, LG overtakes its own invention, and this year is no different, with the company’s developers presenting its first rollable TV, an ultra-premium device that appears and disappears at your command. Full View rolls out the display.

Line View minimises the display, but still gives access to weather, time and music. Zero View offers music control, even as the display disappears.

Expected release date is Q3 2020. | lg.com US$60,000

Samsung Galaxy Note 10+ Android Smartphone

Bose Portable Home Speaker

The Galaxy Note 10+ is Samsung’s most powerful and feature-packed smartphone to date. Like all Note products that precede it, the big phone packs a powerful chipset, coupled with a desktop-computer-worthy 12 GB of RAM. Its battery performance is among the best in the business.The handset has industry-leading front- and rear-facing cameras. | Samsung.com $1,099.99

The Bose Portable Home Speaker has great sound and impressive versatility.

Equipped with Wi-Fi, the device is compatible with Amazon Alexa and Google Assistant voice commands, as well as Apple AirPlay 2 wireless playback. With Bluetooth connectivity, this device is ideal for use on the go - around the house and when you leave home. The speaker can last up to 12 hours between charges | bose.com $349.95

Welt Smart Belt Pro Falls are the leading cause of fatal injury and the most common cause of non-fatal trauma among older adults. Winner of the CES 2020 Innovation Awards, the Welt Smart Belt Pro has embedded sensors and algorithms that accurately calculate the risk of a fall from abnormal gait patterns. | weltcorp.com

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INTERVIEW: ENTERPRISEEXPORTS

Access to Global Markets “There are over 8,000 different exportable products that any African business owner can choose to export” who, while tracking their vessels, talked endlessly about the opportunities and challenges of the business. Even though I showed interest in learning the ropes, not one of them was willing to share any information with an ‘outsider’, let alone a teenager.

I was not deterred. After several months of being snubbed, I decided to sneak into the seaport, just to see for myself how things worked - how containers were imported and exported - and probably meet someone whom I could ask questions. I was able to bypass the security officers, up until the point where ships berthed.

A Customs officer caught sight of me and raised an alarm!

O

latunde Wealth is co-founder and President of the African Business and Exporters Network (ABEN), a 10,000-strong platform that trains African business owners, farmers and exporters’ and connects them to the global market.

In this interview, he emphasises the critical role that technology plays in facilitating substantial trade transactions across far-flung locations:

What is your story?

My journey into the export business started over two decades ago. As a teenager, I always had a burning desire to change lives and add value to the ecosystem through every opportunity I could lay my hands on.

I was very skilled in computer hardware and software maintenance, but my earnings were insufficient because only few people owned computers at that time. Soon, a career opportunity arose at an import-export logistic company, which was beginning to see the benefits of using technology to grow their business. I was offered an IT position that involved managing computers and tracking vessels online.

On the job, I met several importers and exporters

I was interrogated for hours by a top official.

I introduced myself, explained my mission, and he was convinced that my intentions, even though awkwardly executed, were genuine. He subsequently introduced me to a friend of his, an experienced importerexporter and President of the ANCLA (Association of Nigerian Licensed Customs Agents). This friend had also heard good things about my diligence and aptitude, pushing him to hire me as an intern.

Within three months, I had learned enough to privately score an export contract worth N15 million, but was unable to execute due to lack of funds. Turning to my “boss” for help, we jointly executed, but he edged me out, and I ended up with a measly percentage of the handsome profit made.

Lesson learnt, it was clear that my best bet was to start out on my own, this time focussing squarely on exportation that required a small capital outlay. I was again lucky enough to meet a Senior – a lady in her 70s – who had very successfully run an export business and was about to retire.

She said she was burdened by what she called a ‘divine mandate’ to groom as many Nigerians as possible in lucrative field, before retiring.

Under her tutelage, I started small and scaled to a large concern within a few years.

Who qualifies for trade on the ABEN platform?

At some point in my new business, I would get requests from exporters and farmers asking for help in engaging buyers for their produce before harvest.

At other times, it would be buyers asking to be linked to suppliers of a particular product. Using my digital marketing skills, I started an initiative called Bamitaja (“Sell for me”). A few years later, I co-founded Africa Business and Exporters Network (ABEN) as a platform for African businesses to be connected to buyers and also financiers.

But we realised that there was also a need for ancillary businesses such as freight forwarding and logistic agents, truck owners, lawyers, off-takers, etc. – and so we began to accommodate all types of African businesses on the platform, mostly through referrals and recommendations.

We plan to step up support to startups and SMEs so that they export their Made-in-Africa products as a group, and increase penetration of foreign markets. We are currently embarking on workshops and capacity building to also encourage creation of value-added products among African business owners.

What is the range of exportable products?

There are over 8,000 different exportable products that any African business owner can choose to export. One good thing about Nigeria is that we are so endowed with resources that participating in the global market should be a given. Yet, when we talk about non-oil export, people only think of agro-commodities and solid minerals.

I therefore think that it is my responsibility to shed more light on the fact that there are other commodities as lucrative and viable for export – from foods (a multi-billion dollar industry), to processed and semi-processed products, and manufactured goods.

| businesscabal.com

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@wildpowerofficial +234 8069782188 +234 7089588198 doruk@sgu.com.tr 36

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TRAVEL

Eco-Friendly

DESERT ROSE LODGE, Kenya

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esert Rose is a unique ecofriendly accommodation, and one of Kenya’s northernmost luxurious lodges.

Acclaimed for its dramatic interior design (the only lodge in Kenya where all the design elements, from furniture and fireplaces to baths, are handmade) and location (situated at the

foot of a Samburu holy mountain, Oldonyo Nyiru, 5,500 feet above sea level), Desert Rose presents a unique opportunity to be part of the most important celebrations of community, which traditionally take place at the top of the mountain.

Cut into the rock of the hillside, Desert Rose has just five rooms accommodating a maximum of 12 guests. Activities at the

lodge include camel-assisted walks, air safaris to Lake Turkana and its environments, cultural visits up at the lake with El Molo and Turkana tribes, cultural visits with the local Samburu people, fishing, paragliding, rock climbing, walks in the forest, water sliding, and bird watching. Home-grown organic meals put a nice finishing touch to a relaxing holiday that guarantees comfort, joie de vivre, and intimacy desertrosekenya.com

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ENTERPRISE SOCIAL MEDIA ENTERPRISE

How the picture of an Egg became the most popular post ever on Instagram.

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oppling stars like Kylie Jenner, Cristiano Ronaldo, Justin Bieber, and Ariana Grande, the picture of an eggbecame the most-liked picture in Instagram history, gaining more than 25 million “likes” in 10 days, and currently boasting almost 54 million likes.

The major feat The egg officially surpassed the previously most-liked picture, posted by reality TV star and businesswoman Kylie Jenner inFebruary 2018 after the birth of her daughter, which had 18 million likes.

Why it matters, and why the post was successful Social media is full of the strange and the sensational, with either post going viral for what seems to be no reason at all. However, this seemingly senseless post was actually well thought-out. In a February 2019 interview with The New York Times, Chris Godfrey (the young man who, along with his colleague, posted the eggphoto) shared the main reasons why the egg campaign was successful: • It was a planned campaign.

• The goal was clear (to be the most liked photo on the internet).

• They clearly asked people to like their egg photo.

• The team did put a lot of effort in getting likes (marketing for likes).

The New York Times explains further “When Chris Godfrey learned in early January that the record for “likes” on an Instagram post was held by the celebrity and businesswoman Kylie Jenner, he took it as a challenge. He remembers thinking: “Could something as universal and simple as an egg be great enough to beat that record?” It could! Just nine days after the thought, that record was cracked. Why an egg? Mr. Godfrey explained: “An egg has no gender, race or religion. An egg is an egg, it’s universal.

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BUILD A FUTURE IN THE BEAUTY INDUSTRY FREE TRAINING IN HAIRDRESSING & HAIRSTYLING ARTISTRY 30 Candidates L’Oreal Professional African Salon Institute certificate NGN 460,000 full student kits NGN 420,000 tuition FOLLOW US ON SOCIAL MEDIA TO REGISTER Instagram - @makemesalon Twitter - @makemesalon Facebook - Make Me Beauty Place Registration deadline: March 27, 2020

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