From Idea to Impact: The Power of Connecting in the African Tech Ecosystem
Everybody knows that there's strength in unity. Don't ya? 👥🤗💥
Heyyyy Dear Innovator 👋
How’s it kicking?
What are your weekend plans? 😉 Are you taking suggestions cos we have a few of ‘em.
Plan A: Read, eat and lay in bed for as long as you can
Or Plan B: Go for a nature walk
Whatever you decide on, make sure that you’re making room for some quality ‘me’ time. If you’ve been doing good work all week, it’s safe to say that you’ve earned this one 🤝
Putting the ‘C’ in Collaboration….
A lot of amazing things in this world have been done by geniuses that took the lonely path and worked alone. There’s the invention of the sewing machine by Elias Howe, the development of Calculus by Isaac Newton, and a bunch of others 😇
On the flip side, there are also a good number of things that have been built through collective effort: the internet, GPS, and even the process of thinking about ideas (brainstorming) was a eureka moment that come through collective effort 🫡
The point that we’re driving at today is that there’s power in collaboration, and this is something that you, Dear Innovator 🫠, need to start seriously considering (if you haven’t done so yet)
Founded by the collaborative effort of three techies, PiggyVest lets people team up with friends and family to save money together. Their saving circle helps people stay motivated and builds trust, making saving more fun and achievable.
Trucks Transit, the tech company for trucks across Africa , was built when the two founding members first did their research and then brought others onboard. Today, they use technology to improve traffic flow and make things easier for truck drivers and companies.
What’s that thing again about two heads being better than one…? 🤔
The power of building collectively shouldn’t be limited to just recording your solution’s process, which will then serve as a guide for others to replicate. It’s great and all, but it can be much more than that.
It should also be about driving innovation in an entirely new direction; where builders and solution providers can build with the aim of integration in mind; where builders in different niches can come together to build a unique product and scale it using the best of both worlds.
Wouldn’t that be amazing??? 🤩
This year, we’re saying goodbye to the ‘chop alone’ mindset 😏and the ‘do-it-alone’ attitude. The sky is big enough for everyone. It doesn’t have to be lonely at the top😅
Other related reads (incase you missed it):
👉 A breakdown on Building a culture of Innovation ✨
👉 Tech tools that help you become more of an Innovator
Fintechs are paying an arm and a leg for KYC….
Following stricter KYC (Know Your Customer) rules from the Central Bank of Nigeria, Fintech startups now need to physically verify the addresses of all their customers, including POS agents.
According to reports, this exercise could cost over $1 million 😱
Back in April, some fintech outfits were affected when CBN halted the onboarding of new customers due to concerns about KYC fraud, as well as POS fraud which amounted up to 8.8% of total fraud in the 4th quarter of 2023.
Nonetheless, making KYC mandatory is a move to increase transparency and reduce fraud, while also giving authorities more visibility into peer-to-peer crypto transactions.
Altogether, there’s an optimistic reception of this new rule as reports suggest that there’s been a decline in fraud incidents since the KYC change. We’ll keep holding out for more good news 💪
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Going into the new week, this should be your mantra….
Now remove ‘say’ and use ‘build’ instead.
You’re welcome!! 😏
Alsoooo, be back here on Wednesday. There’s loads to talk about when it comes to Intangible Tech ☕️
Interesting reads for you this week: