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Nairaland Forum / Science/Technology / Programming / A Thread To Discuss All Things Fintech In Nigeria (2358 Views)
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A Thread To Discuss All Things Fintech In Nigeria by y3mi(m): 7:45pm On Apr 04, 2023 |
Let's discuss all things fintech and stuff related to this fast unraveling industry. Personally, I've been working on a financial solution that I have been under conception since 2014! Over the year I’ve honed it through a lot of fine-tuning to which as at 2019 where I register it domain, I've tirelessly been working out the kinks as to how integrate it with what I call a BASB platform. Far evolved past ideation and conception as it’s now entering pre-development stage for a tactical reason. It is far from the regular paytech types that are sprouting up everywhere, mine is more of finscrow (Financial Service based on Escrow) and genuinely innovative. I may share more on it as the thread grows on. 1 Like
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Re: A Thread To Discuss All Things Fintech In Nigeria by y3mi(m): 8:46pm On Apr 04, 2023 |
pocohantas: Cliché still on the non-charges service. Opay offers that already. Truth be told, 98% of fintech in Nigeria are all remixing the same thing. What’s different is just the name and branding. However the positive side aspect of it all is that, they can never be enough of them to cater for the growth in the population of those utilizing tech for their daily transactions. 1 Like |
Re: A Thread To Discuss All Things Fintech In Nigeria by y3mi(m): 8:53pm On Apr 04, 2023 |
obi4eze: Sorry to bother but could you please be kind enough to share with us these disadvantages. A lot of folks can learn. Thanks! |
Re: A Thread To Discuss All Things Fintech In Nigeria by y3mi(m): 9:05pm On Apr 04, 2023 |
shegzhkn: Unless you don’t mind clarifying better, I don't think the second largest fintech powerhouse in the USA would want to become readily available to Nigerians when they are already in charge of PayStack so to speak. As for PayPal, we (the legit innocent) are still feeling the blowback from PayPal's decision to have Nigeria expunged from their list of accessible countries, a prolonged whiplash from years of abuse of their service by the Nigerian yawoo boys of the early 2000 to late 2000s. No thanks to First Bank who brought them back in, but with limited feature where we can only pay out and not still able to receive funds. I don’t see PayPal revoking that anytime soon. 1 Like |
Re: A Thread To Discuss All Things Fintech In Nigeria by y3mi(m): 9:09pm On Apr 04, 2023 |
Akanoaaa: Never heard of them, are they doing anything differently? |
Re: A Thread To Discuss All Things Fintech In Nigeria by y3mi(m): 9:11pm On Apr 04, 2023 |
Re: A Thread To Discuss All Things Fintech In Nigeria by y3mi(m): 9:12pm On Apr 04, 2023 |
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Re: A Thread To Discuss All Things Fintech In Nigeria by y3mi(m): 9:38pm On Apr 04, 2023 |
DissTroy:FACT! To add that, the oversaturation even contribute to the confusion that overwhelms consumers as to which of these paytechs is more reliable in their services. DissTroy:Interesting! Should it therefore be surmised that none of these players are genuinely interested in providing solution to problems that bedevils the fintech space, rather are much interested in funding and ROI. DissTroy:Never heard of, nor stumble upon them. Care to elucidate on what you meant by core fintech DissTroy:Would definitely be checking that thread out, and come back here to share my comments if any. |
Re: A Thread To Discuss All Things Fintech In Nigeria by Akanoaaa(m): 10:28pm On Apr 04, 2023 |
y3mi: Yes, very differently. Their rate make sense and they don't change for exchanging of currency like payday and only 1 usd for card creation of your choice. Master or Visa. Wirepay is own by Maplerad. Check Google play store for customers reviews. |
Re: A Thread To Discuss All Things Fintech In Nigeria by y3mi(m): 11:03pm On Apr 04, 2023 |
Akanoaaa:Innovative speaking, not charging for exchange of currency is not ‘very different’. Can you share their Twitter handle on here if they have. 1 Like |
Re: A Thread To Discuss All Things Fintech In Nigeria by obi4eze(m): 11:32pm On Apr 04, 2023 |
y3mi: Sorry. Been occupied. One problem with VC funded companies is that the VC funders can demand a huge ROI and and this can put pressure on the founders of the company to deliver within a short time. Most times these founders do not understand the real-life market situations of such business and are excited at the prospects of the funding. This can lead to unexpected challenges as a result of undue pressure from the VCs Another challenge is the fact that the founders of the business/company can lose majority stake in the business. This can lead to a loss of focus, vision and direction in the company as the company's policies and direction would majorly be determined by the majority stakeholders. For a company to meet the needs/requirements in VC funding, a set of goals/milestones must have been achieved e.g. staff capacity, financial statement etc. It is usually a complex and tedious process in getting VC and increasing staff capacity can lead to massive recruitment in a company and this may not fit its long-term goals. 1 Like |
Re: A Thread To Discuss All Things Fintech In Nigeria by idu1(m): 11:44pm On Apr 04, 2023 |
Nice discussion |
Re: A Thread To Discuss All Things Fintech In Nigeria by airsaylongcome: 12:37am On Apr 05, 2023 |
So someone please explain the business model of the Fintechs. How do they make money? Also ELI5 all the jargon/verticals like Paytech, neobank blah blah blah |
Re: A Thread To Discuss All Things Fintech In Nigeria by y3mi(m): 7:12pm On Apr 05, 2023 |
obi4eze:I agree with you 100%. It’s one of the reasons I would think Seun Osewa hasn’t put pitched his forum to VC to accelerate it beyond what it is today. I could recall the rumor that went round about his decline To Google’s offer to purchase the website. He enjoys the autonomy, wouldn’t you agree? A degree of which tech starter/founder loses when VC and AI are involved obi4eze:That’s another good but terrifying point of fact, one that haunts business and tech startups here, the question I sometimes ponder on is, are these the same reality in other climes ? obi4eze:I suppose there ought to be other alternative of raising funds, share if you know any. I read through the 4-pages of thread shared by DissTroy and I have the following to say below. |
Re: A Thread To Discuss All Things Fintech In Nigeria by y3mi(m): 7:38pm On Apr 05, 2023 |
DissTroy:Since this clique, cronies and padi-padi way of doing things in Nigeria has crept into the tech space, as is the reality of things in Nigeria, what can this spell out on the long run ? Could the ramification be healthy or injurious to the advancement and true industrialization of the tech world ? |
Re: A Thread To Discuss All Things Fintech In Nigeria by obi4eze(m): 8:10pm On Apr 05, 2023 |
y3mi: Yea. These are actually the reality in other climes. VC is fast losing its appeal because of these challenges. Having worked in one of the VC-funded companies in Nigeria, I can say that Nigeria may be a bit of a peculiar case because of the inherent corruption in the leadership of some of these companies. Crowdfunding may be a better alternative but it is difficult to get people to buy into a startup, especially when the prospects are not publicly known. 1 Like |
Re: A Thread To Discuss All Things Fintech In Nigeria by peanutbutterr: 9:54pm On Apr 05, 2023 |
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Re: A Thread To Discuss All Things Fintech In Nigeria by DissTroy(m): 10:55pm On Apr 05, 2023 |
obi4eze: If you google tech startup funding now on Google, you'd be bombarded with an ad from a VC company which gives $50,000 in exchange for 10% equity of your company. Yes, man - 10%. It doesn't matter whether it's a robotic startup. |
Re: A Thread To Discuss All Things Fintech In Nigeria by y3mi(m): 6:40am On Apr 06, 2023 |
DissTroy:Given your experiences in this realm of tech branch, would you suggest taken up the 50 for 10 as a prudent choice ? or to go with the suggestion of developing something concrete first and be approached later as a much better option as was hinted in the 4-page thread ? |
Re: A Thread To Discuss All Things Fintech In Nigeria by y3mi(m): 7:29am On Apr 06, 2023 |
obi4eze:Interesting, however still, do you think these same AIs and VCs from other climes, by their glorious portfolios peruse and consider ideas or pitches based on its potential to be disruptive eg how innovative it solves a problem, or they just simply put it into consideration how viable it yield ROI first, as is the case in Nigeria where techs and fintechs eventually gets funded, which goes to explain the proliferation of fintechs and paytechs reiterating the same thing over and over again, Is it that when these VCs and AIs cross to this border, ROI takes precedence of importance first over any other thing first ? As for Crowdfunding, as they been any tech startup, in Nigeria that emerged using this option where it kickstarted from inception to staying afloat, eventually soaring with self-sustainable momentum ? |
Re: A Thread To Discuss All Things Fintech In Nigeria by DissTroy(m): 2:41pm On Apr 06, 2023 |
y3mi: I'd have said an outright no but I discussed something in that range with my lady today who's also tech-inclined. Here's what she said which I think makes sense: If you value the startup and think, regardless of growth, there'd always be a valuation cap in the next 10 years, it's worth it. And if you know the $50,000 would help you scale to a certain level, then earmark the 10%, scale then maybe do a Series A raise for 10% then leave it at that. She didn't use all those technical VC terms but that's the summary of what she told. I sort of agree, partially. Madam kept hammering on controlling percentage as a founder everytime I discuss it with her. It also depends on the tech specialty. Is it innovative? How can you successfully predict a valuation cap? I'd he lying if I say I can. I can't. ---- How was Flutterwave to know after their first $1.1 million raise in 2016, they were going to be valued at $3.1 billion by February, 2021 while PayStack which sprang up concurrently and offers same services got sold for $200 million? Again, Y Combinator gives $500,000 for 7% equity but with a higher competive entry bar while the referred to VC is offering $50,000 for 10%. I guess one has to put a VC cap of what to let go, put a cap on estimated funding to scale then make compromises. I know of an Indian PAAS which raised $25,000 at first then raised $1.1 million in January. But they don't reveal the percentage equity traded off, of course. |
Re: A Thread To Discuss All Things Fintech In Nigeria by obi4eze(m): 9:55pm On Apr 06, 2023 |
y3mi: Of course everyone goes into any business with ROI in mind. I wouldn't blame the VCs because they're out to make profit. What I would be more concerned about as a startup is the ROI expected and the time frame given to fulfill such expectations. These VCs based in the US see Nigeria as a fertile ground for investment while the startups are in need of funding so it's a complicated case. Crowdfunding maybe better when a company has established some popularity and has reputation and is willing to expand. The main issue isn Nigeria is lack of regulation and inherent corruption. It would be very difficult to get crowdfunders when there's no protection for their investment as the CEO could disappear with the funds while investors are left to count their losses. |
Re: A Thread To Discuss All Things Fintech In Nigeria by y3mi(m): 1:35am On Apr 09, 2023 |
DissTroy:Thanks for sharing. If I may digress to ask… What part of the laws (or IP laws) provides an entity or the originator/inventor a protective right that avert others from replicating the originator of a web-based solution, moreover that is innovative ? Would that be copyright? Patenting or Notarization of some sort? I understand that an idea can not be patented nor registered, unless it’s an original invention, however still I have read online how business method can be granted patent in the US if the methodology is genuinely novel. May I ask if this is also the case in Nigeria ? cc Bloomsbury aka cyberkitty airsaylongcome truthCoder qtguru DavidCorny tensazangetsu20 Davien |
Re: A Thread To Discuss All Things Fintech In Nigeria by studyless123: 4:00am On Apr 09, 2023 |
y3mi: Interesting. Largely, this will be under patents and copyrights. Patents protect inventions, which are new and useful processes. Copyright protects original works such as source code, scripts, and designs. The type of IP law that you will need for protecting a web-based solution will depend on the specific nature of the solution. Please note that patent process is difficult and complex while copyrights are less expensive and easier to obtain than patents. Yes, a business method can be granted a patent. A business method must meet the same criteria as any other invention. Specifically, it must be novel and useful. It is more difficult to obtain a patent for a business method than for other types of inventions. Different countries have different laws with regards IP. 1 Like |
Re: A Thread To Discuss All Things Fintech In Nigeria by y3mi(m): 11:10am On Apr 13, 2023 |
Princedapace:Hi brother, I was wondering if you have given up on this or eventually found a solution to this ? |
Re: A Thread To Discuss All Things Fintech In Nigeria by Princedapace(m): 11:58am On Apr 13, 2023 |
y3mi: I found a solution and fixed it. You need any help? |
Re: A Thread To Discuss All Things Fintech In Nigeria by Bloomsbury(m): 12:30pm On Apr 13, 2023 |
y3mi: First of all, as a startup founder, you shouldn't care if anyone should sue you for their idea. Infact no one will sue you except maybe IBM, since they have the highest patent. Currently it is a waste of time and VC money to patent a software idea unless you have a Ph.D original research on it which implies you should be credited for your work. Please take note. Startups or businesses don't die off from having competitors. Ideas aren't important, what is important is execution and the team building it. I can tell you all my startup ideas but the question is, can you build it? Can you bring it to the market? What do you even know about the business model, do you have the right team with years of experience to build it (this one isn't relevant unless it a biotech company). If you are talking about a software company, patents or IP doesn't help. Patents/IP are mostly useful for Biotech and Pharmaceuticals companies not SOFTWARE STARTUPS. The wise thing to do if you think you have an original idea for a software is to build it into an API and sell access to that API. With this method, different startups can be born from your idea and they will still be paying you homage. When you have built your original idea into an API, there are a few tricks you can do to make you still a BOSS in the game. 1. Build your original idea Startup (API) in a language very difficult for an average programmer to build. Build your software in a language that it will be very difficult for the average Startup to get a programmer in that language to remake what you have built. For instance, build your software or API in LISP, HASKELL, BRAINFUCK, C, ASP.NET etc For this method, you can code your software in normal programming language and ask OpenAI chatGPT 4 to rewrite the code into any of the languages below. 2. When writing the codes for your original idea Software, obfuscate the code. Make it almost impossible for the general public to get access to the code and read it. Make your video extremely hard to read and understand. There's this CIA Software that was among the Vault 7 leak of that Year. The Software can make your code impossible to be read by others or other computers. I think the name is EgosticalGiraffe. Or just search for CIA vault 7 WikiLeaks softwares and you will see it. 3. Build your original software and sell immediately on Aquire formerly known as Microacquire. If it's an original idea, am sure you will sell that idea Software for $5M to $30M on Aquire or Microacquire within days . But take note, your original idea Software should have made some revenue before you decide to sell it. This way your buyer can validate that people are willing to pay for your idea Software. To be sincere, I don't know much about Nigeria Startup legal ecosystem. Nigeria Startup system is still young. The last time I went for a Blockckchain conference in Abuja and decided to participate in a competition as an impromptu to see how the thing goes and without an effort I came third among 15,000 contestants, I knew we have a long way to go regarding tech in Nigeria. It was one Indian boy of 16yrs that came first 😁 If you have more questions, SHOOT 3 Likes |
Re: A Thread To Discuss All Things Fintech In Nigeria by Bloomsbury(m): 1:02pm On Apr 13, 2023 |
bloomsbury AKA Cyberkitty here again. To approach building a fintech solution in Nigeria, you need to think INSIDE THE BOX. Let me let you in on an original idea. We have a lot of fintech apps in Nigeria, the way to go around this is not to build a fintech app but to build something around fintech. Paul Graham of Y combinator once stated, of you can solve any of this problem, you are set for life. 1. Help people make more money. 2. Help people become more popular 3. Help people save their money. We will target 2 & 3. We have Millions of Nigerians working as Affiliate for different networks like CPAgrip, CPAlead, Shareasale, CJ affiliate etc Each affiliate is looking for a way to make more money, thereby looking for places with HUGE ORGANIC TRAFFIC to post their affiliate links. And at the same time are looking for more affiliate PROGRAMS to enroll in. How do you come in. 1. Register a company in the USA for free and get a free business bank account. 2. Register as an affiliate to those affiliate programs as an affiliate yourself. Get a Business bank account with Bank of America ( I can point you a guide on how to register a free USA company and get a business bank account with Bank of America for free. You can find the link to the guide on my PROFILE PAGE. 3. Buy a Crypto payment gateway from codecanyon or build one yourself. 3. Build an affiliate Website that allows People to register to you as an affiliate and pay to be your affiliate using your Crypto gateway. For instance, you can set they subscribe to be your affiliate for $50/mo. You set a profit sharing for your affiliate. For instance 70/30 revenue split. You will use their subscription fees to run the targeted Traffic campaigns. You get your CPA offer from those affiliate PROGRAMS above and put it on your website. You drive Traffic to your affiliate website. You drive Millions of organic Traffic to that your website So people come to you and register as an affiliate and pay a fee to be an affiliate. You are the MAIN AFFILIATE. So you can hire remote workers or do the dirty work by getting the Affiliate offers and putting it on your website. You pay your affiliate using your payment gateway into their bank account just like what coinprofile does. SO WHAT REALLY IS THE AIM OF ALL THIS. 1. You are building up your profile as a trustworthy Startup that you have a payment gateway that can accept payments and pay people into their bank account in Nigeria. PLEASE TAKE NOTE OF THIS. 2. You are helping people make money as Affiliate without them doing any work. Thereby they will be referring their friends and family to be your paying customers. 3. You are making some Revenue to show that you read built something People want. Here comes the REAL DEAL You can then contact big companies, affiliate companies, Startups that you can help them pay people in this part of the world. You then show them your track record. Payments for affiliates to their bank account, Millions of Paying Subscribers and users. They will then make you their payment partner for their company for their Millions of customers or to be accepting payments from users in that country. You can then charge them per transaction like PayPal e.g $0.0003 per transaction 😁 With your millions of users and Millions of revenue, you will THEN Organize a Hackathon or competition for different teams to build am international PAYMENT GATEWAY for TEAMS Like DEEL. Choose the submission that you like. Hire the you young folks who built it as your employees and you have a BILLION DOLLAR COMPANY RIGHT THERE. Keep expanding to LOW DEVELOPED COUNTRIES AND BE DOMINATING THEIR MARKET. So if any company wants to pay using Crypto payments, YOU'RE A SURE PLUG. If any company wants to pay using international payments you're there. |
Re: A Thread To Discuss All Things Fintech In Nigeria by y3mi(m): 1:30pm On Apr 20, 2023 |
obi4eze:What's really interesting is why these foreign investors who are ofcourse cognizant of what you stated The main issue Nigeria is lack of regulation and inherent corruption and yet still come in to fund startups in the tech industry which is, as some would argue, can be turbulence! Could it be that there are certain things they are foreseeing to potentially booming in a long run or just trying risking out their luck. |
Re: A Thread To Discuss All Things Fintech In Nigeria by y3mi(m): 1:32pm On Apr 20, 2023 |
studyless123:The specific nature of my web/mobile solution is such that - it provides a new methodology to how transactions are carried out on an e-Commerce platform or platforms. The novelty bears stornt relation to the combined concept of Escrow and LC, in a creatively unusual but innovative way. Engineered from conception to hitherto implementation through years of honing, fine-tuning, refinement and viable adaptations, so as to effectively provide it intended solution to an issue that bedevils majority of online users. To protect that 'engineering' against copycats, would it fall under patents or copyright ? or which is the best way to go, now that you have the specific |
Re: A Thread To Discuss All Things Fintech In Nigeria by y3mi(m): 1:55pm On Apr 20, 2023 |
DissTroy:Many a times I’ve pondered - What’s really is their catch for VCs and Angel Investors. Thanks for underlining what should be a priority of concerns to them How true is the grapevine talk that tech VCs and AI such as YC are now hard to reach for pitch as some kind of a cabal has been formed around them thereby limiting access to hundreds of potential tech startups DissTroy:Care to share more on this subject as a founder. How best to identify the pitfalls, navigate the snare traps, recognize the loopholes, what business model/policy has proven to be all-time elastic yet effective etc ... let it all be thrown up for discussions so we can all learn. |
Re: A Thread To Discuss All Things Fintech In Nigeria by y3mi(m): 2:02pm On Apr 20, 2023 |
Princedapace:Yes actually, are you a React Native developer ? If yes, would you advise deploying RN for both iOS and Android or hire specialist in Swift and Objective-C for iOS, and Java and Kotlin for Android ? |
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