5 reasons Mark Zuckerberg's visit is good for the Nigerian ecosystem

By Chukwuemeka Fred Agbata Jnr - Founder of techsmart.ng

Nigeria is unfortunately always in the news for the wrong reasons. Yes, I know that we have some internal challenges but I am of the opinion that international press usually focuses on the bad stories about our country. That's why I believe that this trip by Mark Zuckerberg is good for the ecosystem, despite his capitalist sensibilities and commercial mindset - it is about value but the value must make economic sense.

With 17 million users, Nigeria is the Facebook's largest Sub-Saharan African market

Below are my thoughts on his visit:

1. Let's look at some numbers. According to a report published by Tech Crunch; "Facebook has 120 million users in Africa, 84 million of whom are in Sub-Saharan Africa. With 17 million users, Nigeria is the company’s largest Sub-Saharan African market, followed by South Africa (14 million), and Kenya (5.7 million), according to spokesperson Aldous. A particular Africa play by Facebook will be tapping the online advertising market that’s rising with the continent’s shift to digital commerce. Africa’s online sales are expected to top $75 billion on by 2025, with $10 billion of it occurring in Nigeria."
   
   This report simply shows the potentials for any investor who wisely invests in the Nigerian economy. Yes, it is risky and unpredictable but then if you get it right you'll never regret it. This is something I believe Mark has realised and why he decided to visit.
   
   

   I was with of these young people when Mark walked into CCHub Yaba, he even spared time to listen to what these young folks are doing
   
   

2.  The world would suddenly realise that Nigeria is no longer a state in a country called Africa, but the most economically viable market in Africa. Believe it or not, it takes a huge personality like Mark to pull this off and it is going to happen. Did you turn on CNN or BBC or international media in the last few days? If you did then you'd realise that Mr. Zuck visiting Nigeria and walking the streets of Yaba would likely make Silicon Valley realise that this market has great potential.
   
   
3. His visit would for a long time to come serve as a gun powder of inspiration for enterprising youths and techies working day and night to make a difference in one of the world's most difficult operating environments. I was with of these young people when Mark walked into CCHub Yaba, to our amazement - he even spared time to listen to what these young folks are doing.
   
   

   I'd like to see more physical Facebook presence and investments because, the truth is, that this market is very important for the brand going into the future
   
   

4. I believe government and policy makers should brace up and come up with policies that will encourage the ecosystem at large to develop. For example, the Nigerian Government has to explore ways to see that Facebook also contributes to this market by ensuring they pay taxes and invest more in the Nigerian economy. That is a tall order I know because you need a good infrastructure and relevant skills to be able to monitor all revenues coming from Nigeria.
   
   Another riddle I put before the government and other relevant bodies such as the Federal Ministry of Communications, federal lawmakers; Nigerian Communications Commission (NCC); National Information Technology Development Agency (NITDA) and others is simple; how would Facebook Free Basics operate in Nigeria? Are we going to have a national say in what happens or we are just going to stand and act like nothing is going on? How are we going to ensure that Net Neutrality is maintained? India took action so we must as least negotiate with Facebook as Mark has now clearly shown how important this market is to his companies.
   
   
5. Mark and his team at Facebook should TRULY regard Nigeria as a key hub and priority partner. Therefore, I'd like to see more PHYSICAL Facebook presence and investments because, the truth is, that this market is very important for the brand going into the future.

About the author:
CFA is the founder of www.techsmart.ng and co-producer/presenter of Tech Trends on Channels Television. 

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The Fourth Age: The socioeconomic benefits of NBN in East Africa - Nigel Bruin, Huawei

By Amy Turner - KNect354 Staff Writer 

"We need to include everyone and turn the rhetoric into action"

Africa has stepped into a new broadband era:

This year's East Africa Com Industry Keynote Address was delivered by Huawei's Principal Consultant, Nigel Bruin.

The focus of this Industry Keynote was to provide analysis of how broadband enables real socioeconomic development in Africa and how we can get there.

From leveraging infrastructure synergy to connect the last mile, Nigel explains how the National Broadband Network in East Africa can further grow and develop the region's economy and services.

This Keynote also served to lay out the 6 proven ways to develop NBN and the role governements can play in developing sound regulatory policies that can promote omnipresent and affordable broadband services.

If you are interested in how tech and telco is enabling socioeconomic development and social empowerment on the African continent, through the involvement of Huawei and others, why not attend AfricaCom 2016?

AfricaCom is is the incubator for the architects of Africa'a digital future dealing with the core issues and opportunities of broadband and digital inclusion.

Africa's biggest tech and telco event is taking place between the 14th - 18th November at the Cape Town ICC, find out more here.

You can book your AfricaCom tickets here.

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5 mistakes new African fintech entrepreneurs make

The African fintech space is growing fast, but there are a number of mistakes entrepreneurs make when entering the industry, according to Johan Meyer, founder and chief executive officer (CEO) of South African fintech company Wallettec.

As a fintech entrepreneur, I must say, there are times when our industry can be confusing but still exciting at the same time. There are too many fintech startups but are all promising “disruption”. In Africa, for example, we currently host over 200 fintech startups. It’s an explosive and promising industry and its bright future is undeniable. Our contribution in bringing in new and innovative ideas and inclusiveness cannot be underestimated.

According to KPMG, fintech investments hit an all time high reaching US$19.1 billion in 2015. It can come across as too crowded though, as some ideas seem recycled and irrelevant to the market. This has also given birth to countless conferences and seminars, which cost an arm and a leg to attend, let alone speak. We’re searching for that next big idea. Fintech is defining its space and we’re always asking, how can we make financial services better, cheaper, exciting and inclusive with no boundaries?

At Wallettec, for example, we partner with other fintech companies in seven countries. One thing we have in common with other fintech entrepreneurs we connect with throughout Africa and the world, is we believe financial technology has the power to truly empower people, not only by giving them the tools to trade but by also enabling them to expand their income by means of new services they can offer to the community access to financial services to protect their income and their families.

As someone who’s been operating in the fintech space for over a decade, I’ve observed a few challenges and mistakes new African entrepreneurs make when entering the industry. Below are five of them.

Solving African problems with a global person in mind

Our challenges should be solved with a local in mind. A massive percentage of Africa is underbanked and still using feature phones. Why do most fintech companies concentrate on disrupting the banking industry by developing digital banking apps for smartphones, if most of their market is still on feature phones? Out of the 550 million mobile phone subscribers in Africa, less than one-third owns a smartphone.

If it works in the UK or US, it will work in Africa

Most fintech companies copy what’s being done in America or Europe and try to bring it to Africa. Once again it’s a no! Africa is a very unique market and should be treated that way. The same applies in the USA and UK, they look at African countries such as Kenya and think products like M-Pesa would work – it fails almost all the time.

The financial inclusion theory

All fintech startups claim that they work on financial inclusion. True financial inclusion isn’t just payments only. It helps a street merchant gets access to income protection. It gives the elderly the ability to get funeral cover or claim social grants without travelling for hours just to stand in a queue and get their grant money.

DIY

Doing it yourself in fintech is like trying to win a war with one soldier, the market is massive. If fintech companies could start working together and develop a true solution that will unify different fintech industries, they’d all benefit. For instance, in South Africa, when banks formed the Payments Association of South Africa (PASA), they unified. There’s no way single fintech companies can disrupt the industry in Africa if they don’t work together.

Not doing research

Before developing a solution, find out what your market needs. The only way to develop a true workable solution is to know what the problem is. Most fintech startups develop solutions without an idea of what their market needs.

This post comes courtesy of Disrupt Africa:

Website: Tom Jackson
Disrupt Africa
Twitter: Tom Jackson
Disrupt Africa
LinkedIn: Tom Jackson
Disrupt Africa

This year's AfricaCom is home to the bigger, better, bolder AHUB powered by Ericcson.

The AHUB is the meeting place for Africa’s start-up community – and start-ups and investors go free. Register for your pass to the AHUB here.

If you are interested in how tech and telco is enabling socioeconomic development and social empowerment on the African continent, through start-ups initiatives, why not attend AfricaCom 2016?

Africa's biggest tech and telco event is taking place between the 14th - 18th November at the Cape Town ICC, find out more here.

You can book your AfricaCom tickets here.

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