Good things come in different packages and that is the story of Chika! The Blockchain technology is undoubtedly the future of information technology space, there is a need for Africans to be serious players in this budding but thriving ecosystem.

Cryptocurrency has been here for sometime though yo some it is a   new thing, with nations adopting it for transaction and others making plans for it in future . In Nigeria, a delectable lady is poised and positioned to bring disruption in this ecosystem, known as Chika Uwazie, a United State born serial entrepreneur has shown that Nigerian ladies can do wonders in the blockchain with her new firm called Afropolitian .

Speaking via her social media, she tweeted that “In order for Africa to avoid the same mistakes in previous innovation eras, we need to create our own infrastructure. We have not built our own in the crypto market, and our future will continue to be beholden to other countries.”

Chika strongly believe that the growth of Africa is possible but not in the way others think but through rigorous collaboration between Africans and the African Americans . She added that “The connection between the African diaspora and the continent is key to unlock Africa’s unrealized potential.”

According to Afrikan Heroes, they said that “Afropolitan’s digital nation will be built in 4 phases. In the first phase, it will admit people into its community or decentralised autonomous organisation (DAO), with NFTs serving as digital passports. In the second phase, it will build a super app that will allow people to monitor their holdings, send money to anyone across borders, earn by contributing to the DAO, and buy goods and services from one another. “

“…The next phase is what is called a “minimum viable state” which will allow it to offer some government services—case in point, help Africans stuck in the Russian-Ukraine crisis. Afterwards, it intends to push for full-scale sovereignty and acquire physical lands in cities across the world. “Think a ‘Chinatown/Afropolitan Town’ in every city in the world where our members can establish a physical presence to create economic opportunities. Our network state will serve as the capital that governs these enclaves that will serve as embassies.”

Chika Uwazie – Co-Founder – Afropolitan: A Digital Nation and born in Washington DC-Baltimore Area · She is the Co-Founder  of Afropolitan , A block chain company that is known as  “A Digital Nation”, Afropolitan is building a Pan-African Network State to help 1 Billion Africans live their lives.

Anthony Emeka Nwosu

 

Dexter Digital Technologies Limited, a Nigerian financial technology (Fintech) startup company with core emphasis in churning out world-class financial solutions – informed by research – into the ecosystem, has announced their plans for 2023 starting with the launch of their flagship product called Crowdbux, this first quarter.

Speaking to the media, the Founder and Chief Executive Officer of Dexter, Chidebere Onwuzurike said “We are a research-based software startup founded in May 2021, we are leveraging the boundless powers of data and insights from excellently curated user experience research to develop and innovate more powerful, and inclusive software for the fintech sector. When asked if Crowdbux as a solution will make the needed impact in the fintech sector of the software industry, he responded “Yes, I can confidently say that it definitely will. For starters, we only develop and innovate software premised on credible insights from diligently curated consumer research; and Crowdbux is one such innovation as a result. We have received early validation for the Crowdbux solution from potential investors, current and prospective partners and users. Put in perspective, during our waitlist marketing campaign in October, we successfully waitlisted over 2000 individuals within 3 weeks of the campaign – a few of whom we have identified to be decision makers of potential partner organizations, the expectations are high but we are definitely geared to make a lasting impact in the industry.”

He added that “Research and development are the bedrock of our operations at Dexter, I must point out that for us, it is most gainful not to compromise on research, because we maintain a heavy dependence on quality feedback for iterations. Achieving this successfully has been a bit challenging, due in some parts to limited resources available to recruit paid volunteers and analysts to sustain the execution of a series of extensive user experience research online and offline for product development.”

Though as a startup, there has been challenges along the way. Speaking on these challenges, Chidebere opined that “We are challenged in the same way every other startup creating amazing innovation is, the main issues of access to financing – whether a credit or investment facility – can be challenging when you are new in software industry because you have to prove your worth even to your team – that that you are uniquely positioned to generate huge revenues from innovating scalable software solutions, and more importantly, that these software solutions go on to consistently ease the pain-points of a large group of people and businesses anytime, anywhere”

On launching of their app, Chidebere said “This for us is a research-informed decision, we want our users to tell us if and when they want it, however the Crowdbux web application will be accessible using any web enabled device from March 2023.”

In an ecosystem that is offering credit to lots of Nigerians today, there is a need to have a robust and standardized credit ratings for Nigerians. Dexter’s Boss is desirous of changing the narrative by introducing a wonderful credit scoring system. He said “Credit scoring is essential in helping us to determine who is creditworthy on the crowdbux solution, we have innovated a fantastic proprietary scoring model that takes important data points into account, and learns data and patterns in order to provide accurate scores for users. We are also partnered with Nigeria’s biggest credit bureau to further validate our proprietary model and provide a more robust credit reportage for users, while providing our credit vendors with the information to apprise their lending decisions. In the same vein, we are leveraging the facility and expertise of our partners to provide a free comprehensive credit report to our users every year. I believe that, as the CBN’s cashless policy continues to soar, FinCo’s in the credit market would begin to experience a growing demand for credit scoring as a market-standard assessment accessory for accessing any form of credit finance.”

 

ANTHONY EMEKA NWOSU

 

In this interview, Chidiebere Onwuzurike, the founder of DEXTER, A fintech firm and research based firm talks about the fintech ecosystem, Crowdbux and how they will introduce robust credit scoring solutions for Nigerians. ANTHONY NWOSU Captured this in an exclusive interview.

 

DEXTER has been into Fintech space, tell us more about your solution?

Yes, we are a research-based software startup company founded in May 2021, we are leveraging the boundless powers of data and insights from curated user research to develop and innovate more powerful, and inclusive software for the fintech sector.

Your brand has Crowdbux as a solution do you think that it will make the needed impact in the industry?

Yes, I’m confident that it will. We only innovate software premised on credible insights and Crowdbux is one such innovation as a result of diligently curated consumer research. We have received early validation for the Crowdbux solution from potential investors, current and prospective partners as well as intended users. For context, during our waitlist marketing campaign in October, we successfully waitlisted over 2000 individuals in 3 weeks – a few of whom we identified to be decision makers of potential partner organizations.

When do you intend to launch?

We project to go-live with the Crowdbux solution in test mode by February 2023.

You also said that you are a R&D firm in the fintech space. How has this been?

Yes, research and development are the bedrock of our operations at Dexter, however I must point out that it has been most profitable for us in the sense that, we do not compromise on research as we rely heavily on quality feedback for iterations. It has also been some shades of challenging, largely due to limited resources to recruit volunteers and paid analysts to curate research online and offline, sort through volumes of responses and analyze the data for product development.

What are the challenges you face as a startup?

The same as every other startup creating amazing innovation, access to financing – whether credit or investment facilities – can be challenging when you are new in software industry because you have to prove your worth even to your team – that your solution(s) eases the pain-points of a large group of people and that you are uniquely positioned to generate huge revenues from that as a result.

Are you open to investors or are you okay bootstrapping?

Oh yes, though we have bootstrapped up to $15,000 in the past 1 year, we are very open toinvestment and have been in talks with a few notable potential investors recently.

When are you launching your mobile app?

This for us is a research-informed decision, we want our customers to tell us if and when they want it, however the crowdbux web application will be accessible using any web enabled device from February 2023.

 

Tell us about the people behind this innovative brand called Dexter?

The Dexter Force as we fondly call ourselves is a 6-member team of determined, cross-functional, diversely skilled and uniquely qualified professionals, led by my noble self, who are collectively positioned to ensure the overall success of the company. We are driven towards the same objectives and trained in several disciplines that make working and creating together, brainstorming new ideas and sharing solutions worth all our whiles. We are committed to throwing our best weights in all the ways necessary behind all our products now and in the future to simplify access to financial services for all.

What is your take of the Nigerian Fintech space?

Oh, what a time to be offering a revolutionary fintech solution in the Nigerian fintech sector. It’s clearly an ever-burgeoning space attracting over $507m in 2022 alone, and I think this trend is going to continue for the foreseeable future as innovation and globalization continue to evolve business transactions in Nigeria.

What do you think about credit ratings and how can you make Nigerians key into this?

Credit scoring is essential in helping us to determine who is creditworthy on the crowdbux solution, we have innovated a fantastic proprietary scoring model that takes important data points into account, constantly learning data and patterns in order to provide accurate scores for users. We are also partnered with Nigeria’s biggest credit bureau to further substantiate our model in order to provide a more robust credit reportage for users, and also provide our lenders with quality information to inform their lending decisions. In same vein, we are leveraging the expertise of our partners to provide 1 free comprehensive credit report to our users annually. Furthermore, as the CBN’s cashless policy continues to soar, the fintech’s in the credit market would begin to experience a growing demand for credit scoring as it’ll become a pre-requisite risk assessment accessory to accessing credit finance in the future.

What advise do you have for startups?

A quote that I picked up during a mentor session on Lagos Innovate’s IdeaHub program, it says “As an entrepreneur you’ll always have problems. That’s what you signed up for. So, my advice would be, consumer research is gold – never compromise it, stay the course of your vision, network as much as possible – seek mentorship, be visible and courteous, protect your IP, delay tough decisions until you have the solutions, feed well, rest well and remain coachable.

What do you think that the regulator (CBN) can do to improve the fintech space?

I must commend the CBN for systematically implementing its cashless policy which has enabled innovation to unlock several layers of alternative transaction channels, in conformation with global social development benchmarks. The CBN can also be commended for creating safe test environments – sandboxes – for financial companies, but must in same vein create safe spaces for information sharing amongst financial institutions (FIs), other financial institutions (OFIs), and other financial regulators (OFRs). More specifically however, I implore the CBN to begin implementing pertinent components of the credit insurance policy which will widen the financial safety net to substantially provide additional incentives for credit finance institutions (CFIs) to encourage long-term lending and cover against non-performing credits. Furthermore, since the CFIs rely heavily on FIs and vice-versa, the CBN can foster the partnership and conversations between these stakeholders to improve the global standing instruction (GSI) guidelines to include a memorandum on the execution of liens between FIs and CFIs on defaulting accounts to improve credit repayment culture and security of credit in Nigeria. Lastly, the CBN can consider creating monitored credit operator groups to categorize licensed CFIs into specialized groups, with each group guided by set standards, differentiated policies and internal operational frameworks based on operating license category, partnerships and public sector affiliation, as well as modes of operation, this will stimulate cooperation amongst relevant stakeholders and bring about standardization of the credit market operation guidelines.

 

 

 

 

Credit scoring is essential in helping us to determine who is creditworthy on the crowdbux solution, we have innovated a fantastic proprietary scoring model that takes important data points into account, constantly learning data and patterns in order to provide accurate scores for users

Fintech Challenge offers early stage and mature start-ups the potential to partner with Ecobank (www.Ecobank.com) across 33 African countries; Applications open until 16 September.

 

Pan-African banking group, Ecobank Group, has launched the fifth edition of the Ecobank Fintech Challenge and encourages African Fintech entrepreneurs to enter the competition.

Fintechs that are aligned with the Bank’s strategic objectives stand a chance to win an overall cash prize of US$50,000 for the top winner and the opportunity to partner and scale their solutions across Ecobank’s 33 African markets.

Fintech companies and developers originating from any of Africa’s 54 countries, as well as global Africa-centered Fintechs, are eligible to enter the Fintech Challenge by visiting: https://bit.ly/3KnrDz2. Applications can be made until the 16 September 2022.

Ecobank believes that the only way to transform financial services in Africa is for Pan-African banks like Ecobank to continually support and collaborate with innovative Fintechs

Ten finalists will be inducted into the Ecobank Fintech Fellowship after the finals and awards ceremony which will take place in October 2022.

In addition, all Fellows will qualify to explore the following opportunities with the Bank and its partners:

  • Multinational products roll out: an opportunity to pursue integration with Ecobank and potentially launch products in all or part of Ecobank’s pan-African 33-country ecosystem.
  • Service provider partnerships:  Ecobank may select some Fintechs as pan-African service partners within the Bank’s ecosystem.
  • Access to Ecobank’s Pan-African Banking Sandbox: Fellows will be given access to Ecobank’s APIs to test and improve their products for the pan-African market.
  • Priority Access to Ecobank’s Venture Capital partners for funding exploration.

Ade Ayeyemi, Chief Executive Officer, Ecobank Group, said “Ecobank believes that the only way to transform financial services in Africa is for Pan-African banks like Ecobank to continually support and collaborate with innovative Fintechs and start-ups. We invite and welcome Africa’s best Fintechs to work with us through the 2022 Challenge.”

Dr. Tomisin Fashina, Operations and Technology Executive, Ecobank Group said, “The uniqueness of the Challenge is that it welcomes both early stage and mature start-up Fintechs alike and seeks to align them with different kinds of partnership opportunities within Ecobank that match their differing levels of maturity.”

The Ecobank Fintech Challenge was designed in partnership with international advisory firm, Konfidants and is supported by partners across Africa and globally. So far 46 Fellows have been admitted into the Ecobank Fintech Fellowship programme since it was launched in 2017.

For more information about the competition, its benefits and how to apply, please visit https://bit.ly/3AMixIM

 

 

In Africa, the Nigerian financial technology (Fintech) ecosystem is one of the busiest and biggest in the continent. Handling transaction worth billions of Naira on daily basis. The need to be innovative, adaptive and secured platform are core factors that makes the industry players relevant. In this market, an indigenous fintech firm, NOWNOW Limited has taken the industry by the storm with their arrays of robust services and innovative solutions that have come to awe the tech savvy customers.

Speaking to the media on these solutions, Oyenike Owomoyela who is the Head of Growth at NowNow said that “Our mission as a leading African B2B and B2C FinTech company is to deliver best in class financial services to SMEs, Agents and Consumers alike. We have a passion to deepen financial inclusion and provide job opportunities to the unemployed youths in Nigeria. We are a mobile bank that gives you control over how you spend your money. Be the Boss when you send money, receive money and pay bills for everyday essentials such as recharge card and data, insurance, electricity, shop online and instore-all in one place.”

On why they choose the name NOWNOW, she added that” We wanted to resonate first with one of the country’s local languages; Nigerian Pidgin English, what NowNow means in pidgin is to make haste or get something done instantly. The name also connotes that we are a fast-paced technology company that offers efficient services with speed! Our mission is to be a leading African B2B and B2C FinTech company whose mission is to deliver best in class financial services to SMEs, Agents and Consumers alike. We are building the world’s best technology that digitizes cash payments and provides financial empowerment for a better life for everyone. We wanted to play on the double words ‘NowNow’ hence the slogan. Also, we realized there were a lot of negative sentiments with brick-and-mortar banks which included crowded banking halls, non-presence of bank branches at remote locations, slow response to customer complaints and resolution of issues.”

With the dearth of capacity in the industry, this has seen a lot of software developers and engineers leave the country and has resulted to downtime in some of the financial players platforms. NOWNOW has reassured their customers of 99% uptime and has made sure that they have the required manpower to power the industry. Oyenike opined that “One thing we have done right in NowNow is to gather experienced professionals from across the world in the FinTech and Financial Services space hence we have a global view of what we need to do to achieve our goals as an organization. We are also focused on agile and adaptive technology and have a presence not only in the urban centres but rural communities also. We offer financial literacy tools as well as business solutions to all our consumers and merchants as a whole and have empowered a lot of youths and the unemployed through our agency banking model. “

On the as of doing business and opening account, this has been one of their major achievements; fast and seamless onboarding. What NOWNOW has done is to leverage API integrations with NIBSS and other 3rd party providers to ensure that we are opening quality wallets and profiling customers in line with the CBN 3-tiered KYC policy. Oyenike said that “Our Compliance team is also doing a lot at the backend to ensure transaction monitoring takes effect and processes related to KYC upgrades are done as at when due digitally. We also carry our EDD on transactions when the need arises.”

During this last quarter, the company has a lot of things for the Small and Medium Enterprises (SMs) and they have said that thy are desirous of moving their business offline to online where businesses and transactions will be seamlessly. Noting that the SMEs are the power house of the economy and shouldn’t be overlooked. They said that this last quarter will be focused on them. “Our card campaign, which is aimed at our B2C customer segment – a project that we have been working on extensively for quite some time. We also have a new product launch to tackle the SME segment in Nigeria, which has one of the largest footprints of SMEs in Africa. We want to empower this segment by creating a digital platform that moves them from offline to online, provides access to market channels as well as financial capabilities, and ERP solutions. All these and many more are in the pipeline to really propel business owners to the next level of exposure and success. We will begin to roll out these products as we progress”, Oyenike concludes.

 

 

ANTHONY EMEKA NWOSU

 

 

 

“One thing we have done right in NowNow is to gather experienced professionals from across the world in the FinTech and Financial Services space hence we have a global view of what we need to do to achieve our goals as an organization. We are also focused on agile and adaptive technology and have a presence not only in the urban centres but rural communities also. We offer financial literacy tools as well as business solutions to all our consumers and merchants as a whole and have empowered a lot of youths and the unemployed through our agency banking model.”