Prospa Helps Nigerian Brands to Own Corporate Bank Accounts

Prospa is a Fintech app that makes it easy for businesses (both small and big) to create bank accounts from home for free. It is a current account for Nigerian businesses that comes with a NUBAN account number in your business name and permits the business to receive from and make transfers to all Nigerian banks. Users can also pay bills and make international transfers to Ghana & Kenya.

 

 

In the average bank today, the process to open a corporate bank account for a business is a very long one and the documents requested are numerous. These documents include the Corporate Affairs Commission (CAC) documents, Power Supply Bill and identification documents. For some banks, much more information is  requested.

Created by Nigerians, the platform is totally free to use and has extra features such as Invoicing which allows you to basically request money from anyone or create invoices to pay your employees. With human support 365 days a year, businesses can later upgrade to enjoy premium features and gain access to additional benefits.

Prospa is a Safe platform with its company, Prospa Technology Limited, duly registered under the Laws of the Federal Republic of Nigeria with RC Number: 1594615. Account numbers to all bank accounts opened on the platform are provided by WEMA Bank and Parkway Ready Cash Bank Plc, a company also duly registered under the Laws of the Federal Republic of Nigeria and licensed by the Central Bank of Nigeria. This puts insurance on all accounts on Prospa up to the NDIC limit. Prospa works with NDIC-insured banks  to store deposits. Prospa also requires https on all pages, and use HSTS to ensure browsers only ever connect to its servers over a secure connection. The platform never stores or logs user passwords and transactional PIN data in plaintext. It also does not send authentication codes via insecure channels like SMS, encrypts its database and all uploaded images, and employ additional encryption for sensitive data, like transaction pins. One way it does all these is by allowing all members to enable time-based, One Time Passwords, for two-factor authentication on their account.

Unlike local banks, Prospa does not have a physical branch but an office situate at 7b ibiyinka Olorunbe close, Victoria island, Lagos, Nigeria. On average it takes 20 minutes for an account to be approved once you’ve submitted your application. However it can take up to 48 hours if  more information is needed from you. Any Nigerian company registered with the Corporate Affairs Commission can open an account with Prospa. Charities and NGOs can open an account too.
You can also apply from outside Nigeria as long as you have a BVN (Bank Verification Number), a registered Nigerian company and all the required KYC information, you can apply from anywhere in the world. If you are in the UK or US with the required documents and need additional assistance you can send an email to [email protected]

It is totally free to open a Prospa account. Businesses are not charged an account opening fee and there's no required monthly minimum balance too maintain. The only charges GetProspa receives per business are in transfer fees. The amount sending Cost of transfer
₦5,000.00    ₦10.00
₦5,000.01 - ₦50,000.00    ₦25.00
₦50,000.01    ₦50.00
Service usage fees *based on the amount of inflow into your account monthly.
Inflow amount Service Fee
₦0.00 - ₦100,000.00    FREE
₦100,000.01 - ₦500,000.00    ₦3,000.00
₦500,000.01 - ₦10,000,000.00    ₦5,000.00
>₦10,000,000.00    Contact billing
What if my business does more than ₦10,000,000.00 ?
Account upgrades
 

Prospa Thrive

The company's Prospa thrive is a premium service which gives users additional features and benefits for a monthly subscription fee. Although subject to terms and conditions, the Prospa thrive package offers unlimited sub-accounts, unlimited team members, unlimited additional businesses, seven free transfers per month, access to legal support (T&C’s apply), access to accounting support and priority support. Prospa Thrive costs ₦2,000 for its Micro package and ₦3,700 for its standard package.
 

What documents do you need for a Functional GetProspa Account?

For its KYC (Know Your Customer) documents, every company account on GetProspa requires its account holder's BVN (Bank Verification Number), Certificate of Incorporation or Business Registration Ducument, CAC (Corporate Affairs Commission) registration forms, a valid government issued ID for directors (International Passport, Drivers licence, Voters card, National I.D card), TIN number (We can help with this), proof of address (Utility bill), board resolution (you can generate from your Prospa dashboard) and 2 references (You’ll have extended time to provide this)

As regards BVN, GetProspa uses your BVN to verify your identity. When you enter your BVN, the only data retrieved is your name, date of birth and the mobile phone number attached to your BVN. We do not have access to any of your bank accounts, transaction history or other sensitive financial data. If the last 4 digits of my BVN says not matching and you are sure you are entering the correct 4 digits, you will need to go to the bank branch where you registered your BVN and ask for assistance as we have no control over the data returned from your BVN. If you have forgotten the number connected to your BVN, you will need to go to the bank branch where you registered your BVN and ask for assistance.

 

 

You may also be asked for more information about your business as part of its KYC. This helps Getprospa to know as much detail as possible about your business and the products and services you offer. Once theses details are confirmed, your account opening application will be approved.

GetProspa's Corporate Account Features

Individuals, brands and corporates who are interested in partnering with Prospa based on similar mission objectives must understand that Prospa, a fintech start-up founded in Nigeria, has long-term plans to serve the diaspora of African entrepreneurs globally. The company went live in September 2019, and has since been operating on a limited release, onboarding members only. In stealth since its initial launch, Prospa is still growing in Nigeria, where it plans to launch fully “soon”. The start-up’s sweet-spot customers are entrepreneurs and micro-SMEs

According to its co-founder and CEO, Frederik Obasi, Prospa provides the platform, not the bank. As such, the start-up is in partnership with WEMA Bank and ReadyCash to fill in for third-party banking. Obasi says Prospa is in the process of getting its own license. This isn’t to compete with banks – but to expand the scope of its partnerships.

 

Read: Making a Computer Virus is not against the Law - Surya Aezowie
 

 

Prospa has members in the UK, the US and Canada – all regions it eventually plans to expand into to serve African entrepreneurs. The start-up has already raised a pre-seed round and is back by New York-based investor, Musha Ventures – which also backs Flutterwave, one of Nigeria’s fintech darlings. Angel investors include David Mortamias, the man behind Mava Ventures, and Danu Temelie. Obasi says that there’s so much talk about products and money raised. Everyone is hell-bent on creating a new brand, but the company wants to focus on spurring prosperity in the wider African community. This is why GetProspa is specific on the investors being authentic and mission-driven.

 

Alongside London-born Obasi, Prospa was also co-founded by Chioma Ugo, its head of growth who previously served as parliamentary advisor for UK Labour MP Harriet Harman. As well as its chief technology officer, Rodney Jackson-Cole, who has spent the last ten years building products for start-ups across Africa.

 

Prospa set out to build a platform for African entrepreneurs which manages everything finance-related. The start-up began building out its offering in May 2019.

 

Getting a business account in five minutes sounds straightforward in Europe, but in Africa it’s still done largely in paper-form,” explains Obasi. Rather than replicate an offline bank online, Prospa decided to build out an entire operating system. “ Operating a ‘business hub-as-a-service’, the hub looks beyond simply making a payment, which it has already taken internationally to more than ten countries including the UK, China, the US, and Kenya. The fintech also offers a marketplace to find suppliers, transaction reconciliation, and visualisation on customer transaction histories to analyse best-selling products and the highest spending customers. The start-up’s sweet-spot customers are entrepreneurs and micro-SMEs which do around a million a year. These businesses can be anything from large machinery importers to make-up artists.
 

GetProspa's Competition

Since its launch in Nigeria, Prospa has analysed the split of female and male customers. Around 65-70% of its customer base to date is women. Whilst a lot of the highlighted success is male, women are also incredibly hard-working and very entrepreneurial. Some 40% of Nigerian women are entrepreneurs, according to a BBC Africa report in 2017. This makes sense, considering areas of sub-Saharan Africa have the highest female entrepreneurship rate globally. Mastercard’s 2017 Index of Women Entrepreneurs (MIWE) report found Uganda has the highest percentage (34.8%) of women business owners in the world. The East African country also has the highest percentage (90.5%) of female entrepreneurs in the world borrowing and saving money to start a business.

Because Prospa partners with incumbent banks, this means its competition isn’t quite like the competition challengers in Europe or the US face. The competition really lies in the Big Techs, the mega platforms. This is because they have micro-sellers using them for marketing. According to her Growth head, Ugo, Prospa is focused on the business community, whilst a lot of other fintechs in countries like Nigeria and Kenya are still focusing on consumers.

 

Prospa makes its money through a monthly subscription. Each account comes with different services. The start-up also generates revenue on remittances. Membership fees are based on turnover, and Prospa doesn’t charge a membership fee to businesses turning over less than $200 a month.

 

Finally, Prospa does not offer loans, international transfers (outside the Naira -₦), POS terminals and cards at the moment, but we will in the near future. Also, you cannot deposit cash currently as Prospa accounts suit businesses that collect and make payments through transfers. 

 

 

I believe So much in Referrals for any Business - Apelegan Tolani

In our interview with Omotolani, she shares with us her entrepreneurship story, the positives and negatives. Let's walk the talk with her.

NNI: Can we meet you?

Guest: I'm Apelegan Omotolani Elizabeth, a law graduate of the Obafemi Awolowo University. I'm a Christian and here on campus I attend Communion Christian Centre. I'm a very active person, I love to be busy and productive. Adding value is key in whatever I find myself. And, I'm an entrepreneur

NNI: How has Nih Mixes grown over the years?
Guest: Nih Mixes is a fast growing cocktail brand. We make the finest cocktails at simple charges and offer affordable luxury. Nih Mixes clocked one in May 2018 and I can say that it's been awesome all along. Considering the fact that Cocktails are not very known in this part of the country or better put, people around here do not really see cocktails as an essential part of their events and as such, proper orientation must be given to your clients or prospective clients while trying to convince them about your services. I can categorically say that Nih Mixes has given some level of awareness to people in this environ that cocktails are integral part of of any party, especially when you want it to speak class.
 
Apelegan Tolani, CEO Nih Mixes

NNI: In building a brand and a personality, what challenges have you faced?

Guest: I believe so much in that saying of preserving your name instead of amassing silver and gold. I love my name so much that I wouldn't do anything to soil it. So me being an entrepreneur, I try my utmost best to provide services that cannot be matched elsewhere, I prove to my clients and their guests that the money they paid me, they spent judiciously. You know when a flop comes from my end, the first thing anyone will say is, "you know that Tolani girl, the one that owns Nih Mixes, she's so unprofessional". Such statements hinder the growth of any brand and even soils the name of the owner of the brand. So what I do basically is to meet and surpass the expectations of any one who hires my services so that such person will refer me to others. I believe so much in referrals for any business.
For the challenges, my greatest change so far is transportation. Conveying my tools down to the venue is always very difficult, at times, I'm even discouraged but on such days, I remind myself the reason why Nih Mixes was birthed. Other challenges are petty, like party guests talking without respect to you while you're working, but you know a customer is always right so most times, I just calm them down and continue my work.

NELOC News: Do you intend to practice Law or go the business way?

Guest: Definitely, I'll practice law. It's a childhood dream for me and that dream must be realized. That doesn't stop me from doing business anyway. I'd love to be a renown mixologist and bartender all over the world, along side being a Lawyer, isn't that beautiful?

NELOC News: It is. Is business for you, Nih Mixes or nothing else? Is there any other thing you'd have ventured into?

Guest: I'd like to go into the hospitality industry, not now though. I'd also do well in trading.

NELOC News: On Finance, Capital issues and investor management, How have you matched these in your business?

Guest: Financing is quite difficult owing to the fact that cocktail tools and syrups are quite expensive. But you know nothing is impossible when you're focused. My capital was rather on a very low budget. I expanded with time. Also, I've never had an investor, but I look forward to having one.

NNI: What's the future for Nih Mixes? What should investors expect?

Guest: I'm taking Nih Mixes global. I look forward to having a very big cocktail bar in the big cities across the country. I want Nih Mixes to be a household name. Investors too should be rest assured that their money will be spent wisely and their profits will never be shortchanged.

NELOC News: How do you balanced business with other assignments?

Guest: It's not been very rosy. I mentioned earlier that I love to get busy and be productive. In the real sense, I'm a very busy young lady. I'm actively involved in so many organizations and associations on campus. I also do not joke with church. I have other engagements too and I'm also a law student at that which requires that I read well. I only try to juggle them together. I try not to let one affect the other even though it's almost impossible. I just make sure that premium attention is given to what matters at every point in time.
 
 

NELOC News: What's your biggest boom in business and your worst experience so far?

Guest: My biggest boom has always been from referrals. It boosts my brand so much that I have no choice than to deliver. For my worst experience, I can remember lobbying for a particular job for months and eventually, I was not given. It really affected me and weighed me down. I got over it though.

NELOC News: What Advice would you give to Young Entrepreneurs?

Guest: Know your market. A lot of student Entrepreneurs do not know their market which is very inimical to the brand. Knowing your market will avail you the opportunity to give that wonderful service. You should also do not let your business affect your academics. The very first reason why you were sent to school is for you to make good grades, know how to balance it.
Put God first and every other things will fall in place.

Tony Elumelu Foundation Opens Applications for the 2024 TEF Entrepreneurship Programme

The Tony Elumelu Foundation (TEF) —  an African private-sector-led philanthropy dedicated to empowering African entrepreneurs has opened it's portal (www.tefconnect.com) to accept applications for the 2024 cohort of the TEF Entrepreneurship Programme on Saturday, January 1, 2024.

This was made known in a statement via the official website of the foundation.  Applications are to be made through TEFConnect, the digital networking hub for the African entrepreneurship ecosystem, created by the Foundation.

This year’s intervention prioritises the economic recovery of small and medium scale enterprises (SMEs) and young African entrepreneurs, following the Covid-19 disruption to economic activities.

To address the unique challenges arising from the pandemic, lift millions out of poverty and create sustainable employment across the continent, the foundation’s entrepreneurship programme will empower 1,000 young African entrepreneurs, selected from the 2020 cohort. The foundation will also open applications to an additional 2,400 young entrepreneurs in collaboration with global partners.

Successful TEF applicants receive world-class business training, mentorship, non-refundable seed capital up to $5,000, and global networking opportunities. The programme is open to entrepreneurs across Africa, both new start-ups and existing young businesses, operating in any sector.

CEO of the Tony Elumelu Foundation Ifeyinwa Ugochukwu stated: “The Tony Elumelu Foundation now more than ever is demonstrating our commitment to unleashing the potential of young African entrepreneurs, the key to Africa’s long-term economic transformation.

“The pandemic has created challenges across the continent, but we know that with the Tony Elumelu Foundation’s tried and tested Programme, we can execute the largest Covid-19 economic recovery plan for African SMEs and break the cycle of poverty in Africa.”

The Tony Elumelu Foundation (TEF)  Entrepreneurship Programme is open to entrepreneurs from across Africa, either with new startup ideas or existing businesses of less than 3 years existence, operating in any sector. 

Read: Numerous NGOs exist due to Government's Laxity- Interview with Bolu Okunlola

According to the release,  successful applicants will join the over 9,000 current beneficiaries, from 54 African countries, and receive business training, mentoring, a non-refundable $5,000 of seed capital and global networking opportunities.

In 2019, the Foundation received about 216,000 applications, with 42% coming from women entrepreneurs, from every country on the continent.

The Programme is a 10-year, $100 million commitment to identify, train, mentor and fund 10,000 young African entrepreneurs. The goal is to create millions of jobs and the revenue required for the sustainable development of the continent, implementing the philosophy of Africapitalism, which positions the private sector as the growth engine for Africa and emphasises the importance of creating social and economic wealth.

According to the Foundation's 2018 Impact Report, 70% of the total number of businesses in its alumni network were still operational two years after benefitting from the Programme. The report also identified an increase of 189% revenue generated and 197% increase in the number of additional jobs created by beneficiaries post-graduation from the Programme, as well as a 100% commitment to the Sustainable Development Goals.

The programme, which launched in 2015 to empower 10,000 entrepreneurs over 10 years, is now entering its seventh year and has empowered to date over 9,000 young African entrepreneurs from 54 African countries.

Source: TEF.

Everyone Must Leverage Digital Marketing to Increase Value - Mary Fadare

NELOC News: Can we meet you?

Guest: I am Mary Fadare, a designer, business strategist and digital expert. I am the founder and lead of Mo'Tribe; a community that fosters personal development and business growth for young entrepreneurs where she commits herself to training and developing business owners. I am also the founder of phenomenal Ladies Connect Africa. PLC  Africa, where I lead a community of women who train other ladies to attain excellence across all fields and to amplify the voice of the African woman across the globe. To cap it all, as a graduate of the department of Botany, Obafemi Awolowo University, I am passionate about business and digital technology particularly leveraging digital tools for business growth and profitability.

Read: How GetProspa is Helping Nigerian Businesses Own Corporate Accounts at Zero Cost

NELOC News: How has the digital entrepreneurship journey been for you so far?

Guest: My digital entrepreneurship journey has been different shades of exciting, demanding and profitable for me. Of course it has come with it's own challenges, but I'm grateful for every step of the process.

NELOC News: To you, what is the relevance of digital marketing and how can individuals leverage it for growth?

Guest: Obviously, digital marketing is of high relevance - you almost can't do without it if you want to build a sustainable brand whether it's Business, Personal or even Non-profit. Individuals can leverage digital technology by making themselves visible to the right audience and give out as much value as possible.

NELOC News: How did you come about digital Skills? Are you self taught?

Guest: Well, I attended a conference sometimes in 2016 - The Opportunity Conference and I was completely wowed getting to know the amazing wonders of tech. I stepped out of the conference into a rollercoaster of seeking knowledge, trying out new adventures Online, learning as much as I could, and of course making a lot of mistakes and figuring out stuff on my own. So, yes, I'm self-taught with the help of Google.

NELOC News: How do you think social media management will affect the future of digital revolution?

Guest: New businesses and brands are springing up every minute on social media! A whole lot of people are creating content and making money from their social media followers. I think that goes on to say that it's definitely going to play a major role in changing the norm of how business is being done. The same goes for every other sectors as well. Today, we now have online law firms, online doctors, pharmacists, fitness trainers, just name it! So, like we usually joke, everything is now online! The digital revolution is here already.

 

Read also: Biography of Actress Kehinde Bankole

 

NELOC News: How does internet data price rates affect your productivity online (positively or negatively)? How well have you managed data?

Guest: As regards internet data, I believe that network providers are not taking it easy on us at all. For me, a whopping 20% of my total revenue generated from my online business goes back into buying data. That's pretty much for an average SME. Sincerely, I try to cut down my time Online. At some point, I removed YouTube completely from my list of favorite Online platforms all in a bid to conserve data. The availability and effectiveness of internet data affects my productivity to some extent but like every other challenge in business - we just have to find a way around it by making sure we generate enough Income to cover for data expenses

NELOC News: As a digital expert building a product that revolves round you, what defines social impact for you?

Guest: Social impact for me is value! Being so value oriented, generous and kind in dealing with every single person that comes into my space Online. There's a special joy that fills my heart whenever I am able to deliver the right solution to people's problems and being a part of their business success stories. It's both humbling and overwhelming!

NELOC News: As leader of the Mo'Tribe, what exceptional skill do you think every entrepreneur and business owner should have? Why?

Guest: If there's any skill I'll recommend, it's resilience. Being extremely passionate and focused on your goals such that you'd go any length to make them work regardless of whatever challenge you encounter on the way. It's okay to feel tired sometimes, you may not have all the resources, pay may not see you in your days of little beginnings. But you've got to be "stubborn" enough to stick through and build relevance for yourself and sustainability for your business.

NELOC News:: Tell us more about what you do at Phenomenal Ladies Connect.

Guest: Phenomenal Ladies Connect Africa (PLCAfrica) is a nonprofit organization for ladies. Our vision is to inspire African ladies  towards attaining excellence and relevance in their chosen field everywhere around the world. The goal is to amplify the voice of the African Woman across the globe, to give more recognition and inclusion to us.

NNI: What is your view on Global Youth Development and growth as regards the digital world? 

Guest: I know that many people would respond to this by pointing out incompetence and laziness on the part of many youths out there. But I'd rather commend the efforts of a large number of youths who are consistently committing themselves to growth, making bold moves, challenging the status quo and contributing significantly to the Global Economy at large.

Of course there's always room for improvement. It can only get better. More and more people are waking up and rising to responsibility!

NELOC News: What is your advice to fellow young individuals?

Guest: Work hard while you can. The glory of youths is in their strength. Leverage that strength in you and numerous opportunities at your disposal to make a difference. Find a purpose to live for, focus on what really matters and enjoy your process!

NELOC News: What new heights do you hope to scale in the near future?

Guest: For new heights, I'd love to work with top Consulting firms and land business deals with high profile companies. I also hope to build enough wealth and begin to invest and sponsor small businesses with innovative solutions. I look forward to providing mentorship to young Entrepreneurs as well.

 

 

 

   

Should You Use Your name as a Business Name?

As a Debut article in this Column, I will be sharing five reasons why you should use your name to represent your business and five others why you shouldn’t.

 

One of the advantages of using your name for your business is that you get to help people easily find you on google; especially if your business has a website and great online presence. Also, you become the face of the brand - this means that you have a lot to do with content- videos, pictures, etc and the business is what you want people to know you for. Three it allows people to know that whatever comes from the space of that name is your idea and no one else. This doesn’t affect your employment of others but the concept of the framework or structure must be from you. Again, it helps you push your personal brand as a person- your belief, character, view, etc. An example is Tom Ford known for Social Entrepreneurship, etc.

Five, you cannot run out of ideas so long as you’re sure of what you stand for and what you want to portray and so if as a person you love it simple, you might not find it hard making really simple dress designs. These are the 5 benefits you get from using your name as your business name.

Let's see the disadvantages.

If you are someone who would not love to remain as the face of the brand and appear very frequently, you might need to rebrand your business name. If you are camera-shy and don’t want to be at the forefront of your marketing campaign, it is advised that you do not use your name. You might just want to leave some others to work on it for you.

2. Secondly, you cannot run the business without you being there. You have to be there because people trust you not the business. It’s you they are used to. Building a business that eventually operates without you means hiring staff and training management teams and you can’t do that independently.

Again, when your company is more comfortable hiring staff and not just one person, you shouldn’t use your name. This means that when you use your name, it might not fit the mode of business you want to do. This is why you cannot find a bank with the name of just one person. The company doesn’t fit that mode.

Four, once you use your name for the business, you cannot use it for another line of business except it’s under the same enterprise. You might have to choose another name for the other business outside the former description. Five, using your name might limit you because your vision of the business you’re building is just for the now. You are not sure what’s going to interest you later and so it’s better to pick what you understand. So for whatever name you’re choosing, make sure it’s something you understand for now. Something you have full details about. Branding is beyond just having a logo, it involves your perception and how you project that perception to others. Please note that ‘name’ in this talk means something like ‘Abayomi Adeola (Della)’ not ‘Lekesticks’ or ‘Soladrums’. I’m talking full names.

Why Your Business Needs an Independent PR Agency

 

By recent trends, businesses have launched a hunt, looking at ways to reduce their expenditure by proper planning and budgeting. Many companies strategize and plan their Communications and PR budget far ahead of every new season, except in the face of a national or global crisis. While drafting these budgets, one key area companies look at is Independent PR Measurement budgeting and planning. This trend isgradually bringing an end to spending without measuring or getting key insights of the industry as the awareness of PR Measurement grows by the day.

The need for an independent PR Firm in company activities does not mean that the internal PR Department is non-functional. It however means that there are essential services that will best be provided by an independent team. Key economic sectors that are fast embracing PR measurement include the financial sector, FMCG, Airlines, NGOs and Government. Especially for institutions as the government, it is a common knowledge that media monitoring and measurement plays a key role in elections, from crisis measurement to situation analysis and reputation measurement.This is one good spot for independent PR Firms.

Independent PR measurement services help organizations save cost while helping brands get value for their communications and PR expenditure. To permit an accurate, precise and effective PR plan, PR Measurement services, should be taken into consideration independently.

Some key tasks that a PR measurement agency can help an organization achieve include Media Performance Audit, Print & Online media Journalist Relationship Measurement (JRM), Reputation measurement, Media Campaign Evaluation, PR impact score analysis, Fake News analysis, Crisis Measurement, Competitive Analysis and many more.

Looking for Quick Money is Counterproductive to Entrepreneurship - Olatunde Victor

In this Interview with NELOC News, Mr Olatunde Victor, CMO, Extramile Africa shares his story of entrepreneurship and his experience on the journey to building an excellent product for Africans.

NELOC News: Can we meet you? (Personal, Education, Career wise)
Guest: I am Olatunde Victor Adeoluwa. I had my first, second degree and presently, PhD in Agricultural and Environmental Engineering. However, I have been an entrepreneur for more than twelve years. I'm naturally a bridge between being extrovert and introvert as I have characteristics that can swing into either of the two as circumstances require.

NELOC News: How has the entrepreneurship journey been for you so far?
Guest: Entrepreneurship journey for me a mix of excitement and challenges because the road for me, started as a survival path... I did many things to survive using skills, talents, learnings etc. Those times weren't funny and I mean not funny at all. Especially the days when I started and I had to sell bread and egg, indomie and egg till 12 midnight, yet as a 300level student. Combining such with academics at first was a bit hard, though eventually mastered the art of balancing it.

Other challenges were the need to have something constant flowing as the Businesses weren't yet stable and I had to go through those times roughly just to keep on my path. However, there also are awesome stories of Victories, of businesses built, Partnerships and relationships built, people met, people raised, grants won, global fellowships won, experiences you can't buy and so many more. So like I said,  it's a mix, however, I've never regretted being an entrepreneur, I'll always choose that path any other day.

NELOC News: What is Extramile Africa about? What do you do?
Guest: Extramile Africa is simply a one stop point digital financing platform to meet anyone's Financial needs. Extramile Africa is a Financial companion and partner to anyone who has dreams and intends to make them flower. It's a platform where you can

• Access financial credit for education, business, and other Financial needs. This includes student Entrepreneurs
• Save your funds with no hidden charges, and in such a manner that it can yield for you rather than reduce
• Lock up some of your funds for some target periods and earn some rewards on it over the lock up period
• Make Discounted purchases, in several Industries on the M Commerce section, which makes you spend less to earn more and save more
• Make transfers of funds from wallet to wallet
• Participate in growth mentoring for your business . This helps us grow more businesses and create more jobs.
  

An interesting part of our offering is, these all are even available in local and rural areas because what we are doing is to drive Financial Inclusion among those who are unreached, underserved or excluded from easy financial benefits.
 

NELOC News: How accommodating is Extramile Africa for users outside the student environment?
Guest: We have one of the most robust Financial services among the consumers beyond school environment. So far, we have over 50,000 users who are not students, rather are farmers, traders, and so on. Many of these, have accessed credits, saved and locked up funds as well.
Through our Merchants and Direct Sales Agents  which number over 200 on the field right now, we're literally the FinTech that prepared for those out of the academic circles and the continuous demand of our presence by people in regions we're not present, is a proof that we're doing something right.

NELOC News: As a fintech company, how have you tackled trust issues as regards online savings, and bank card security?

Guest: Trust is a major factor in any business and that is one area all Financial services, even the most established ones still get to deal with daily. It will be good to point that we don't use Chipped debit cards and as such our Extracard (which is only for rural or customers without smart phones) can only be obtained and presented in an area where we have a verified merchant, which could be Individual business owners or associations. So the safety of cards is at the maximum.

For the Digital wallets, we built Extramile Africa on a high security protocol platform, and have a highly proficient team of cybersecurity experts and programmers on the job to ensure everyone's fund safety. Relative to the people, our customers review as well as our model of community building bring people to trust us from circles of influences and that keeps increasing numbers of Subscribers daily.


NELOC News: On Youth Development and growth in Nigeria, do you think we are making progress- business, entrepreneurship and finance wise?
Guest: This question is to be answered in two dimensions, Government and the people. On the part of the government, a few things are happening which will help SMEs Growth such as the new finance bill, ease of doing business operations, instructions by the CBN to Increase the loan to Deposit ratio of banks, some finance interventions and so on. While these are there, much more are needed and its good to say that on the part of the government, we're making progress. However, on the side of the youths, I'll say there is a huge gap. Many are literally looking for fast money, quick returns, Less work, all of which are counterproductive relative to Entrepreneurship.

Many who are serious, are not open to proper and Important information and as well not willing to take risks. For example when we brought the Studentpreneurs Financing and mentoring program for Student Entrepreneurs, we were expecting those with ongoing businesses  to show up immediately, but only a few came at first, until they started coming out in trickles. Now, any student who hopes to be an entrepreneur or push their  dreams  in the nearest future (of which the future is here), is missing out big time from uncommon opportunities. So, are we trying? Maybe yes. But considering the enormous unemployment out there, it's not enough at all.

NELOC News: Many factors influence money and financial decisions. How do you measure these factors?
Guest: On a general level, reports and analysis show that 60% of Nigerians money go into food simply because of the high poverty level, remaining factors would also be hinged on survival. These factors in Individuals vary and as such can't be generalized, I'll however say that in Nigeria, survival (which is mostly positive) drives Financial decisions. We at Extramile Africa  are however working on teaching people on how to break out that rat race.

NELOC News: There is a regular mention of  Savings and Investments. Are there other alternatives to these two? Why is Savings and investments yielding much more acceptance than other basic financial concepts? 

Guest: Saving is simply the art of keeping your funds while investment is the art of putting the saved funds to use. The other alternative to these two is "Spending", "giving" and "lending" which most people are used to, and often time command no definite yield or growth if not rightly done. Savings has actually yielded more wider acceptance than Investment. It is so because savings is an age long tradition. We're born into the culture of savings, though not all homes have successfully passed it down. Meanwhile, I won't say Investments has been well accepted.


NELOC News: What should we expect from Extramile in the near future?
Guest: Since the launch of Extramile Africa in December 2018, we have grown in great measure. Our users and the general public should expect a whole lot. We are working to be the Platform that everyone can depend on, to track their finance and make Intellegent Financial decisions, this will include artificial intelligence and so on.

 

NNI: What is Your Advice to Young Individuals?
Guest: Young individuals need to understand diversification and stretching of their minds. We have too many mentally lazy but physically strong persons out there but that isn't what we need. This is an information age, a time of smart and intelligent work. It will be good for all young minds to engage in deep Personal Development. Finally, my mentor taught me that "if you're not in charge of your finances, you can't be in charge of your destiny". I know this is true especially when you have dreams and you have no finance to execute. However, everyone can be in charge of their destiny if they'll go the extra mile to attain Financial discipline, and all round Financial success. The future is clear with Extramile Africa and that's why I tell all young minds to jump on board now and be serious with life.

3 Reasons Why Customer feedback Is Necessary for Your Business

Customer feedback guides and informs your decision making and influences your product roadmap. It’s also essential for measuring customer satisfaction among your current customers.

Getting an idea about on how customers view your product, support, and company is invaluable. So it is necessary that we look at the best ways you can gather insights from current and prospective customers who visit your site, page or space online or offline.

1. Customer Surveys
Crafting a useful customer survey is no easy task. There are so many potential questions you could be asking customers, but you have to be careful in your approach.

Ask only questions that fulfill your end goal, construct smart and open-ended questions, ask one question at a time, make rating scales consistent, avoid leading questions.

Surveys can be created through google forms, type form or survey monkey.

2. Email and customer contact forms
Email is one of the most valuable ways to gather candid customer feedback.

However, you can improve the way customers reach out to you via email and maximize this channel’s effectiveness — all of these changes will create a better experience for customers, too.

Assuring customers of a speedy response, creating an organized customer feedback system, sending candid follow-up emails.

3. Social Media
There are various apps that could help in getting feedbacks. In fact, its the most comfortable platform to interact with customers.

Social media platforms like WhatsApp, Instagram, Twitter makes it more interactive and friendly.

12 Things to help you Grow Your Business in 2023

These 12 things, If followed holistically, would put you on a scale of growth and upspring in your business. 

Here is a list of 12 things for your business this year.

1. Be Consistent

I realized that when you are consistent at what you do, you get better and people get to know you more— your brand.

2. Cheer Yourself

There are ups and downs in business too but you cannot keep staying on your problems. You have to stand up and move on when things don’t go the way you planned.

3. Choose Collaboration Over Competition

The reason for the success of a lot of businesses has been because they have chosen to collaborate more than they have competed. It’s great to have a healthy competition— it drives sales. Collaboration on the other hands does two things— drives sales and also gets your publicity on two different networks— your own and the other company.

Read also: Biography of Actress Kehinde Bankole

4. Take up new skills for your business: it’s not enough to run a business, you should also take up new skills that your business would need like video marketing, content development, graphics designs, etc.

5. Hire more staff if you can: As the CEO, you cannot do everything yourself. You have to delegate sometimes so you don’t run down or so your consistent and you don’t affect your business.

6. Start working on taking your business bigger: You honestly should start planning how you want your business to be in the next years to come and start working towards it. In dreaming big, don’t leave dreaming big about your business out.

7. When you get an idea, do it: of course after praying about it and you’re sure you want to do it, please do it. You never can tell how well it’d grow. Also, start as small as you can or as big as you can. You don’t need to start with a billion dollars funds.

 8. Don’t just market, make sales: there’s a clear difference between sales and marketing. While the former takes in money immediately, the latter just lets people know about your business and gives them the information they need.

 9. Shake off fear: I know your dreams might be big sometimes or maybe many times but you have to go for them and shake our disbelief in yourself. It’s not from God. It’s a state of mind that restricts your productivity.


10. Maximize your network: Don’t just keep up contacts to call and chat for nothing. They should be able to help you publicize, talk to people about your business and positively help you build your brand by also patronizing.

11. Work harder: Work longer hours for your business and do the things that’d help your business grow bigger. As earlier said, get more skills, higher more staff, through out more sales driving campaigns.

12. Read more business books: No man is an island of knowledge. There are books that’d help you expand your horizon, teach you more and prepare you in that skill you have or you’re trying to improve in.


 

What You Should Know About Black Friday

Black Friday is a famous sales weekend that evolved from the Thanksgiving day just after summer. Usually, a significant number of individuals get to purchase items placed on the best deals and at extremely affordable prices. Many retailers and businesses overtime, like the popular Amazon, Konga, Jumia and other e-commerce websites put a cut to their prices over a range of products to allow users to purchase them.

The term "Black Friday" was first associated with financial crisis and not sales shopping. By history, two Wall Street financiers Jim Fisk and Jay Gould, together bought a significant amount of US gold in the hope of the overall price soaring and in turn being able to sell it for huge profits. On Friday, September 24, 1869, in what became referred to as "Black Friday", the US gold market crashed and their actions left Wall Street barons bankrupt.  It was not until later years that the post -Thanksgiving period became associated with the name.

Also, when shops in the US recorded their accounting details by hand, they noted profits in black and losses in red. It is believed that many shops had their accounts read "red" throughout most of the year but they later "went into black" the day after Thanksgiving, when people bought a large amount of discounted goods and products. In more recent years, an inaccurate rumour circulated, suggesting that Southern plantation owners could buy slaves at a discounted price following Thanksgiving in the 1800s.

Police officers in Philadelphia were first to link Black Friday to the post-Thanksgiving period in the 1950s. Many tourists and buyers came to the city after Thanksgiving for the Army-Navy football game, thus creating chaos, traffic jams and shoplifting opportunities. The Police officers in the city were not able to take the day off work and had to work long shifts to control the traffic of people. As such, they used the term "Black Friday" to refer to it. The name soon spread throughout Philadelphia but some city's merchants and boosters disliked the negative connotations and unsuccessfully tried to change it to "Big Friday".

Black Friday later became known in print, after an advertisement was published in The American Philatelist magazine in 1966. By the late 1980s, the term was commonly known across the nation and retailers soon linked it to their post-Thanksgiving sales.

Black Friday today is recognised world over as the biggest shopping event of the year, when many shops cut their prices on a range of products, in order to boost profits and officially kick off the festive season.  Retailers often continue sales throughout the weekend, concluding with online-only offers on Cyber Monday.

By Adobe Analysis, 80 of the top 100 US online retailers, found online spending on Black Friday 2018 at $6.2 billion, with two billion generated from smartphones. Also, in the records of the year 2013, Asda, owned by American retailer Walmart, held its own Black Friday sale which resulted in chaos as customers physically fought for televisions and other gadgets. Following this, Black Friday grew significantly with more retailers choosing to hold sale events.

Black Friday is an important period for many retailers worldwide it is hoprd that offering discounts will boost profits. However, the increase in consumer demand and competition between retailers has led to an overwhelming amount of visitors to online retail sites and chaos in shops. To improve sales and online deliveries, deal with competition and satisfy customers' needs, retailers now choose to run their sales across an extended period, rather than the traditional 24 hours. Many promotions and offers have started in the days building up to Black Friday, a move which has been dubbed "Black Fiveday". Some online retailers nowbstart their sales as early as the first day of November, continuing across the Black Friday weekend, and concluding on Cyber Monday, the first Monday after Thanksgiving which usually falls in December.

Bill Gates was Insane to Sacrifice Schooling for his Dreams - Kingsley Ndimele

NNI: Can you tell us about you?

Guest: Kingsley Ndimele is a young Nigerian. I hail from Abia State, though born and bred in the ancient city of Ibadan. I'm a graduate of the Department of Agricultural Economics, Obafemi Awolowo University. I'm also a writer, event planner and a business consultant.

NNI: You recently released a book, titled "Rituals". What prompted you to writing?

Guest: Yes! RITUALS is my first book. And I'm happy it's really making wave across Africa. I perceived the crave for success and a better life nowadays like never before. However, I decided to study the daily habits of highly successful people and I saw this small but profoundly striking resemblance. There are strong similarities in their daily lives. There are things they must do everyday which I  call RITUALS. Thanks to Elijah Ajibade who innocently challenged me to write a book.

NNI: Asides writing and your duties at Novel Nigeria, what else are you into?

Guest: I'm a member of an NGO known as Impact Africa Foundation founded by Taiwo Oyedele (Tax Partner, PwC). We travel yearly to selected secondary schools across Africa to support education and give scholarships to indigent students.

I'm also the President of Nigerian Association of Agricultural Economics Students, OAU. Lastly, I'm a member of several committees across Nigeria .

NNI: What is Novel Nigeria about?

Guest: NOVEL Nigeria is a subsidiary of NOVEL 1095 BIZFIELD (a registered business name with the Corporate Affairs Commission of the Federal Republic of Nigeria). NOVEL Nigeria is an organized, purpose-driven conglomerate. NOVEL Nigeria is a fast growing international brand. At NOVEL Nigeria, our commercial service system is all encompassing and characterized by highly efficient concepts. NOVEL Nigeria is an expert in diversity, coupled with a committed pursuit of excellence which makes us who we are. For now, we do everything that has to do with events. We hope to expand our commercial horizon very soon.

NNI: What prompted the establishment of Novel Nigeria?

Guest: I started NOVEL Nigeria in my second year in the university. I felt a need to build an institution and brand that will outlive me. Impacting and building lives across borders means a lot to me. It's all I'm committed to do till death takes me away. The generation of Dangote, Otedola and Alakija is gradually exiting the entrepreneurial planet. Who will replace them? These are the drives that triggered me to start NOVEL Nigeria. By God's grace in less than two years, NOVEL Nigeria became a registered company with the Federal Government of Nigeria. Today, we worth over #2million. We've reached over 20 countries so far. We are making progress. We just started.

NNI: You said that you owe your success to your mother. How is this? Do you have other mentors and role models?

Kingsley Ndimele: My mother was less than 30 years when I lost my father. Since my age 4, she's been there for us. She never remarried, though she had the opportunity. Through thick and thin. Catering for 3 kids is not easy coupled with the battles she faced from my paternal side. She struggled to give us the best. That's why it's very difficult to believe that I have no father.  Even some with both parents alive cannot stand us in anything. We went to the best schools. Before Dad's demise,  she was just a school cert. holder with no O'level results. Today,  she's an NCE holder and a graduate of University of Ibadan. As a widow,  she did this alongside catering for our education. She's full of optimism. She's been a teacher all her life. She's won several life battles. She's hardworking and very prayerful. She'll never force you out of your will.  No matter what you do today, she believes you can do better. I have other role models, but my mum na my biggest motivation.

NELOC: How have you managed all of these activities at Novel Nigeria with your studentship?

Kingsley Ndimele: Hmnn. At a point in his life, every man will decide what he actually wants for his life. I think I've gotten to that point. Bill Gates and Zuckerberg were insane and passionate enough to sacrifice schooling for the sake of their dreams. I'm not gonna drop out. But I'm gonna make the required sacrifice to become a champion. Being in school is a priority, but I don't hesitate to make sacrifices when necessary. Some of my classmates and lecturers know this.

NELOC: Do you intend to work in your field of study upon graduation?

Kingsley Ndimele: If the opportunity comes. Why not? However, I'm a very restless person. I'm not used to sitting down doing one thing in a particular place for a long time.

NELOC: By our background information, you're interested in politics. What's your political stand at the moment, especially for the 2019 elections?

Kingsley Ndimele: 2019 just like several election is not going to be any different. The ancestral politicians are coming back in a recycled personality. The young ones are only social media noisemakers. Imagine 72 presidential aspirants. Two old politicians and seventy young aspirants. If not for personal greed, what stops this seventy from merging to one. So it will be two old politicians versus one young candidate. As far as I'm concerned, Nigeria is going to move round the circle again for another four years.

NELOC: By current trends, is rulership for the youths in 2019, a workable project?

Guest: In 2019, rulership for the youth is not feasible at all. This generation of youth seems to be worse than our ancestral politicians. Some of the aspirants are more clueless and empty. They lack facts and figures. They are zealous without knowledge. I've always said, Not Too Young To Rule is not for mediocres.

NELOC: You also organised the first online business summit for Africa- the YES festival. What's the story behind it?

Kingsley Ndimele: One of our mission at NOVEL Nigeria is to build aspiring entrepreneurs and brand owners. We had to make use of what we had. Initially, it was a biweekly online interactive session on whatsapp. Before we moved it to a bigger platform. Luckily, it was the first in Africa.

NELOC: Tell us about your personal life and relationship

Kingsley Ndimele: I'm a very daring person and very playful. In fact, when you see me play, you'll doubt if I ever work and when you see me work, you'll doubt if I ever play.

Relationship...hmnn it's not time for public display. I'm still working towards it. By God's grace, I hope to get married by 2022.

NELOC: What do you think are your achievements so far?

Kingsley Ndimele: I've only achieved one-tenth of my dreams. NOVEL Nigeria, YES!  Festival and RITUALS are my testimonies. The lives I've affected positively are my greatest achievements.

NELOC: How have you dealt with challenges overtime for your company?

Kingsley Ndimele: As an entrepreneur, you have to get use to challenges. In difficult times, i'm often calm. Business growth takes time that's why I don't rush the process. I think through rather than worrying. I discuss with like minded people also.

NELOC: How have you managed Novel Nigeria and your other activities?

Kingsley Ndimele: I'm a very crazy person - Very strict with time. I give my attention to things that matters alone to my direction. Every other thing is considered a distraction.

NNI : What do you think about Nigerian Startups and funding?

Guest: Funding for start-ups in Nigeria has been an issue for a long time. However, I believe money is not the capital you need to fund a business, ideas are the greatest funds. You need ideas to fund your business and you need discipline to keep it flowing.

NELOC: What do you, personally, spend most of your time on?

Kingsley Ndimele: I spend most of my time reading and attending to various needs of people.

NELOC: 2019 is right before you. What are your hopes for the new year?

Kingsley Ndimele: It's going to be a busier year. I'll be going more into photography and Graphics design. I also hope to learn an international language. In all it's going to be a great year. I hope to write more, be more focused and serve more.

NELOC: What advice do you give to individuals who have a passion for entrepreneurship as yours but lack the ideas and ways to go about it?

Kingsley Ndimele: Be definite for what you want for your life and pursue it with insane passion and resilience. The sky will be their starting point.

NNI: Thank you for having us.