Fintech: Leveraging Covid-19 Pandemic For Future Gains

Fintech is the new application processes, products or business models in financial services, industries composed of one or more complementary financial services and provides end to end process via internet, the use of smartphones for mobile banking, investing services and crypto currency are examples of technologies aiming to make financial services more accessible to general public. Fintech companies consist of both start ups and established financial institution and technology companies trying to replace or enhance the usage of financial services provided by existing financial companies.

Fintech is the technology and innovation that aims to compete with the traditional financial methods in the delivery of financial services. Fintech companies and Start-ups are adapting to the new Normal amidst COVID-19 pandemic most of them have the advantages of having built agile teams and systems, it's now a matter of their resilience and the relevance of their services.

Social distancing for example lends itself to mobile first of many, since people cannot go to bank to perform transactions alot of people go to their phones so we go to the new normal of using our which is Fintech.

Another outcome of Covid-19 maybe the acceleration of partnerships with financial institutions that offers benefits such as capital and infrastructure, but increasingly seek Innovative digital solutions, the Fintech are also better geared towards partnerships using Innovative tools and technology to do

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Ondomind

Oyo To Partner British Govt on Economic Devt, as Makinde hosts British Deputy High Commissioner

Oyo State Governor, ‘Seyi Makinde, on Thursday, said that his administration will continue to collaborate with development partners and the private sector to promote economic growth.The governor, who stated this while receiving the British Deputy High Commissioner, Ben Llewellyn -Jones, who paid him a courtesy visit at the Governor’s Office, Agodi, Ibadan, added that government alone cannot develop the state's economy.

A statement by the Chief Press Secretary to the governor, Mr. Taiwo Adisa, quoted the governor as saying: "For us in Oyo State, we recognise the fact that government alone cannot sort out the challenges we have.

"I am glad to have you here to also discuss business opportunities.

“We have to look at development partners, which is a big part of what we are doing. We also encourage private sector participation.

"This afternoon, we will be flagging off a project on gas infrastructure, in collaboration with Shell Nigeria Gas.

"I know of an administration that tried to carry out same project using government resources but it failed. Now, if you have a business case where the private people can come in to invest, definitely such a project will be a go.

"So, we are always happy to sit down to discuss opportunities with development partners and the private sector."

Earlier, the British Deputy High Commissioner, Ben Llewellyn-Jones told the governor that the essence of the meeting was to talk about some areas his country and Oyo State could collaborate for development.

He said: "Thank you your Excellency for making time to see me. I know how busy you are.

"It is my sixth year in Nigeria and third year in Lagos. My role is to promote UK trade, investment and economic growth across Nigeria.

"I have come to see your Excellency to talk about some of the possibilities here in Oyo State."

He also said that his team will be meeting British Companies as well as officials of the International Institute for Tropical Agriculture (IITA) and will also spend some time to discuss partnerships with the University of Ibadan.

The event had in attendance the Head of Prosperity, British Deputy High Commission, Kris Camponi; Senior Political Adviser, Wale Adebajo; Secretary to the State Government, Mrs. Olubamiwo Adeosun; Chief of Staff, Hon. Segun Ogunwuyi; Head of Service, Alhaja Ololade Agboola; Commissioner for Agriculture and Rural Development, Hon. Niyi Adebisi, among others.

Ondomind

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Coronavirus: The Growth of Online Learning Business

Following the outbreak of the Coronavirus (COVID-19) pandemic, especially with the absence of an immediate cure in sight, businesses, including schools have started to explore new modes of operations. Before now, many parents thought it would be impossible to execute digital learning in Nigeria and even to hook-up their children online to receive relevant teaching. The Federal Government has launched free e-learning portals for all students in primary and secondary schools as there is a closure of schools nationwide to prevent the spread of COVID-19 pandemic.

The online learning process is coordinated by the Universal Basic Education Commission (UBEC) in conjunction with the States Universal Basic Education Boards (SUBEBs). Also, many state Governments and executives have backed this initiative, including the Kwara State Governor, Abdulrahman Abdulrazaq, who on Saturday, joined the government-backed virtual digital training for youths in the state with a call on participants to compete to evolve with homegrown technological solutions to local problems.

Prior to this pandemic, online learning had existed. Websites like Udemy, Coursera, edx and still counting give opportunity for professionals and amateurs to exchange intellectual property and learn for a token of money or on scholarships.

The business comes when you either become a tutor or you own the learning platform. Anyone can just start with your WhatsApp and Facebook groups and teach what you know for free or for a fee

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Ondomind

Elon Musk Takes Over Twitter, Fires Executives

Elon Musk has fired chief executive of Twitter, Parag Agrawal. He also fired the company’s chief financial officer and its head of safety, the Washington Post and CNBC reported citing unnamed sources.Agrawal previously went to court to hold the Tesla chief to the terms of a deal he had tried to escape.

The takeover came hours before the court-appointed deadline for Musk to seal his on-again, off-again deal to purchase the social media network. Musk tweeted earlier in the day that he was buying Twitter “because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner.”

Twitter did not immediately reply to a request for comment on the departure of its top executives, but the platform’s co-founder Biz Stone thanked the trio — Agrawal, Ned Segal and Vijaya Gadde — for their “collective contribution to Twitter.” “Massive talents, all, and beautiful humans each.”

Ondomind 

Opinion: A Discussion on Grants and Entrepreneurship

The world is flourishing with ideas by entrepreneurs, as beautiful as these ideas may seem, inaccessibility to funding makes the execution of the idea a mirage- Funds nurture ideas.

The implementation of innovations and progression of already existing business depends largely on the availability of finance. Hence, there is a need to spell out appropriate strategies for its acquisition. The growth of businesses especially in developing nations where people have less access to grants is dependent on finance.

There is a common misconception that entrepreneurs have to own a large capital before starting their business. It is true that grants can actually help scale up the business, but the entrepreneurial skill lies in the ability to convert a small amount of the capital to yield a higher return.

Depending on the type of business, most starters often start small, especially if it is a service based business. Entrepreneurs, particularly small scale entrepreneurs are sometimes advised to cut down cost at the start of the business as much as possible. Instead of going for that expensive outlet, why not begin from a more affordable one that would provide the same service as the expensive one. As the business begins to grow, then you may start thinking of expanding your market. Trying to start out rightly big may tend to cloud your sight from seeing other possibilities to make it happen without external funding. The key is to find the lowest cost method to start when there is absence of external funding.

Of all means of financing, the most reliable and potent is the personal source of funding, that is, the personal savings. This is often the initial capital, a prerequisite at the early birth of the business, although it may not bring about adequate expansion of the business. The interest of investors in the business would be quenched if little or nothing is contributed by the business owner. Hence, depositing your own capital to cover the cost of launching will prompt prospective investors to invest in your business. Starting with your own capital will also help prevent huge loss when mistakes happen.

When sourcing for funds, it is important for entrepreneurs to identify the best source that would suit or is most ideal for the present need. Long term funds should not serve short term goals, that is, if fund is needed to cater for a need that would yield within two months, then entrepreneurs may want to source for funds through overdrafts, family and friends. Family and friends can help with the little they can provide coupled with your personal saving. It is not until you receive a big grant before you can take a small step which will accumulate to a big difference in the business.

Some entrepreneurs tend to overlook the importance of having a sound business plan. The business plan speaks for the business. It gives an overview about the business by projecting the entrepreneur’s vision, the mission of the business. Your business plan may be the important tool that would link you to potential investors, it serves as a proposal tool for application for loan or facility. Business plan gives the investor an in-depth knowledge about the business and may also help you to establish confidence in the investor. Hence, it is important for entrepreneurs to design a sound business plan which may be what you need for that big success.

Entrepreneurs may also want to consider the idea of strategic partnership, partnership does not mean selling your idea to someone, and it is simply collaborating, pulling resources together. This helps a great way than sole funding.

Furthermore, finding the right client and working on the client helps to expand the market. It involves the selling skills to convince the client that your service or product is worth paying for. The right client may be from your network, which is why it is important for upcoming entrepreneurs to expand their network and pitch their ideas to the network. In practice, entrepreneurs raise funds from multitude of sources, the idea is finding the right source that is tailored for your type of business without running into debts.