Nigeria tends to get bad press around a wide range of subjects: bad governance, corruption, advance fee fraud, collapsing buildings, etc. But it is always a relief to hear the country being mentioned positively as a hub for innovations in financial technology (fintech).
The exciting lineup was revealed by the Editor of TheWill downtown, Onah Nwachukwu, in a statement issued on Saturday.
What a long way we’ve come! I remember back when we had to pay for everything using cash, and then came the transition from cash to card systems. Boy, those were trying times! Now, making payments through online banking or using a debit card seems like a process that has always been, with most of us wondering: “How on earth did we survive without it?”
“No Tally number anyone?”
It’s interesting the process you have to go through to build such a platform. Our cover personality, Iyinoluwa Aboyeji, a fintech and startups guru, speaks about how difficult it was starting what is arguably Nigeria’s favourite tech unicorn, Flutterwave. I found something he said very interesting; they knew Nigerians trusted the banking system, so they partnered with these banks to gain credibility, which in turn, got users to trust them. What an interesting strategy! Even more interesting is the fact that they gave up 70 per cent of their potential revenue to these banks, knowing that they were coming from zero, and so keeping 30 per cent was a good deal for them.
Today Iyinoluwa, or “E”, as he is popularly known in the industry, having done his part setting up Flutterwave, has since turned his attention to Future Africa, a new venture that invests in founders who are looking to solve hard problems in large markets. You have to read his interview; it really is an eye-opener.
The other pages in this issue also focus on the intersection between technology and everything in our lifestyle including fashion, beauty, and even movies. Don’t miss Downtown Confidential (our sex page); we have a very interesting piece that covers heightening your pleasure using technology. One, in particular, allows a partner to control the device from anywhere in the world. Thank you technology! ‘Come’ to that on pages six through to seven.
From fashion and technology to the latest inventions in beauty- a mirror that can tell when your routine is getting into your skin- the movies that predicted certain technology would be available in this era, this issue promises to be quite an interesting one. So tell a friend to tell a friend.
Until next week, enjoy your read.
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