The BusinessDay CEO Magazine August 2017 (2)
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<strong>The</strong> Fintech<br />
challenge and<br />
the new face<br />
of banking By<br />
+<br />
Austin Okere<br />
MODERATING<br />
101<br />
Lehle<br />
Balde<br />
Of<br />
Cupid's<br />
Arrow<br />
and<br />
Career<br />
Success<br />
BY KAY UGWUEDE<br />
SLY MONAYON<br />
CULTURE<br />
chef<br />
“ EROS ”<br />
now means<br />
food seduction<br />
CONNECTING WITH MILLENNIALS: APPEALING TO THEIR SENSE OF ADVENTURE. BY TOMI WALE<br />
AUGUST <strong>2017</strong>
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 13<br />
CON<br />
ON TENT<br />
ENT CON<br />
TENT<br />
07<br />
13<br />
ENT<br />
32<br />
By Kay Ugwuede<br />
CULTURE<br />
MEET<br />
21<br />
RIAN YESUFU<br />
OF VANILLA BAKEHOUSE<br />
Design/Illustration: www.getupinc.com<br />
Content: <strong>BusinessDay</strong> & GetupInc<br />
11<br />
Copyright, <strong>2017</strong><br />
CONTENT
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 03<br />
MODERATING<br />
101<br />
Lehle<br />
Digital Strategist<br />
& avid writer<br />
Balde<br />
In May <strong>2017</strong>, I had my first opportunity to moderate an<br />
official conference organized by Home Advantage and<br />
the theme of the conference was 'inspired by revelation'!<br />
Home Advantage is a Pan-African International set of<br />
conferences, whose objective is to re-orientate the<br />
mindset of young people to self-discovery and<br />
development with the powerful motto “conquer your<br />
locality, conquer the world”.<br />
I was delighted to partner with Home Advantage<br />
especially as I had just founded a similar platform called<br />
<strong>The</strong> Come Up with the millennials in mind. <strong>The</strong> Come Up<br />
focuses on the youth looking for career and life<br />
inspiration through listening to authentic stories and<br />
gaining insights from them.<br />
communicated to me, I was even more excited:<br />
Chief Dele Momodu, renowned media entrepreneur<br />
and Ovation magazine <strong>CEO</strong>; Dayo Israel, Advisor to<br />
many world leaders, business executives, politicians,<br />
young entrepreneurs and sports professionals. Dayo is<br />
also currently running for Chairmanship for Lagos<br />
mainland; J.J Omojuwa internationally renowned<br />
blogger, public speaker, social media expert and<br />
socio-economic and political commentator.<br />
I have had the opportunity to speak in public,<br />
moderate group conversations, host a television show<br />
and read the news on the radio but this was my first<br />
time moderating any sort of official event and I was<br />
thrilled!<br />
When the names of the three members of the panel were
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 04<br />
Be confident.<br />
You have to remind yourself that you were<br />
chosen to moderate or host for a reason<br />
and that your capabilities are valid.<br />
I truly believe that 'sharing is caring' and I am sure that<br />
quite a few of my readers would be interested to get a<br />
few tips that might come in handy one day; so here they<br />
are:<br />
1. Be prepared. Research your panelists and the<br />
theme of the conference very well. Find out what your<br />
panelists are known for, what is their story. If possible,<br />
meet with them beforehand to get to know them on an<br />
acquaintance level. This will help the conversation to<br />
flow, as opposed to having high-level conversation with<br />
a complete stranger. I thoroughly researched all three<br />
panelists online and got some valuable insight from<br />
their social media accounts.<br />
2. Practice out loud. Learn everything you can about<br />
the theme of the conversation and what the different<br />
perspectives of the topic are. Try various scenarios to<br />
make the conversation more interesting and also try to<br />
see how you can play devil's advocate without being<br />
controversial.<br />
3. Be confident. It can be nerve-wracking talking in<br />
front of hundreds of people and attempting to have<br />
discussions with well-established and highly intelligent<br />
people. You have to remind yourself that you were<br />
chosen to moderate or host for a reason and that your<br />
capabilities are valid. Positive self-talk is very important.<br />
Also remember that when you look good, you feel good<br />
- so you may want spend some time figuring out what<br />
you will wear that will make you look your best.<br />
4. Do summarize points or questions from the<br />
audience when necessary. When you have powerful<br />
and influential people in the room, conversations can<br />
sometimes go over the allocated time. Find the right<br />
time in the conversation to politely cut the speaker<br />
and transition into a follow-up question or direct the<br />
follow-up question to another panel member. <strong>The</strong><br />
ideal panel moderator hears various points from all<br />
the panelists and not just from the one that has the<br />
most to say. You will find that audience members will<br />
almost always repeat an already asked question or ask<br />
a question that is unrelated to the discussion. Being<br />
assertive while remaining polite is imperative if we<br />
want to ensure that the conversation is beneficial to<br />
all.<br />
5. Have fun! Remember that moderating<br />
conversations should be fun! So, just be yourself and<br />
remember you would not have been asked to<br />
moderate if the organizer's didn't think you were<br />
capable!<br />
If you need a moderator or have any<br />
questions, please send a direct message<br />
to me on Instagram @lehlebalde
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 05<br />
MOVIE<br />
REVIEW<br />
ALTEREGO - “THE LAWYER WITH A SPLIT PERSONALITY“<br />
Alter Ego, produced by Moses Inyang, was quite<br />
detailed and explicit. It featured the comeback of<br />
renowned actress Omotola Jalade Ekeinde, who<br />
has been away from the Nigerian movie industry for<br />
quite some time now.<br />
Majority of the people wanted to see this brand new<br />
movie all because of her. It is obvious that Omotola<br />
has a huge fan base, and they were so excited to<br />
watch her first movie after so many years.<br />
At first, I was not really sure of what to expect from<br />
the movie, till I made out time to see it. Sincerely they<br />
had a good storyline, which is the most important<br />
aspect of a movie, in my opinion.<br />
<strong>The</strong>y had their script well thought and planned, which<br />
was evident. Omotola played the role of 'Ada Igwe'<br />
and was really at her best.<br />
Ada, a famous lawyer who owned her own law firm,<br />
specialized in fighting for young girls and women<br />
who were victims of rape and sexual harassment, at<br />
no charges. She would take up their case and would<br />
stop at nothing till they got their desired victory. She<br />
was driven by a special zeal and motivation which no<br />
one could really understand as it wasn't about the<br />
money but the selflessness and hope she gave to the<br />
victims.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 06<br />
Despite being from a wealthy home, she too<br />
was a victim of sexual harassment during her<br />
childhood which her parents knew nothing<br />
because of their very busy schedules. She grew<br />
up hating men and never wanted to have any<br />
feelings or dealings with them.<br />
Hence, she gave her all to fighting for female<br />
victims of rape and sexual abuses.<br />
Although there wasn't as much publicity for this<br />
movie like “the wedding party” it had a positive<br />
response from some Omotola fans. It was<br />
obvious that majority of us just wanted to see<br />
what she was up to with this new movie and it<br />
was worth the watch.<br />
Cast:<br />
Omotola Jalade Ekeinde, Wale Ojo,<br />
JideKosoko, KunleRemi, Bobby Obodo,<br />
Sexy Steel, Gregory Ojefua<br />
Producer:<br />
Moses Iyang<br />
Studio:<br />
Moses Iyang Films/ Sidomex Universal<br />
Digital Productions<br />
Casting 1hr 35mins<br />
VERDICT<br />
@lindaochugbua<br />
I WOULD SAY “ALTER<br />
EGO” DESERVES AN<br />
8/10.<br />
It had a good storyline, one<br />
I am worried most people<br />
might not understand.<br />
It went beyond the comedy<br />
type of movie; it has a<br />
proper, relatable storyline.<br />
I must confess, I was kind of<br />
skeptical when I heard<br />
about the movie but I just<br />
had to be sincere and<br />
professional; yes, they did<br />
a good job. From crispy<br />
clear production, nice cast<br />
t o g o o d c h o i c e s o f<br />
locations.<br />
Is this a recommendation<br />
from me?Of course! That's<br />
if you love a real movie with<br />
a storyline.<br />
P.S - Feel free to review any movie of your choice in<br />
not more than 200 words, please send us a mail to<br />
linda@businessdayonline.com and stand a chance to<br />
win a free movie ticket.<br />
Linda Ochugbua<br />
@lindaochugbua
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 07<br />
As a millennial, you must have<br />
heard of the school of thought that<br />
says relationships are mediums of<br />
distraction for young, career-driven<br />
individuals who want to rise to the<br />
top of their careers early in life.<br />
Singleness is considered the surest<br />
way to avoid distractions and shoot<br />
for the stars. In other words, it is only<br />
by being single can the diligent<br />
climb to success be made with such<br />
laser focus that guarantees success<br />
in no time. It is believed that being in<br />
a romantic relationship and having to<br />
deal with all its intricacies is<br />
demanding and sometimes draining<br />
and leaves one with little zeal and<br />
energy to exert in one's career.<br />
Owing to this mindset,<br />
millennials are finding it more<br />
difficult, according to research, to<br />
enter into relationships especially at<br />
the beginning of their careers. Most<br />
millennials at the starts of their<br />
careers, usually within the 25-35 age<br />
range, are known to say in defense of<br />
being single, that their primary focus<br />
is on their careers because they do<br />
not want any “distractions”. While this<br />
may have its benefits, there are<br />
reasons to believe that the effects of<br />
a healthy romantic relationship on<br />
career advancement may have been<br />
perceived all wrong.<br />
By Kay Ugwuede
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 08<br />
THERE ARE<br />
INDICATIONS THAT A<br />
HEALTHY ROMANTIC<br />
RELATIONSHIP CAN NOT<br />
ONLY BOOST WORK<br />
PRODUCTIVITY, BUT<br />
CAN SERVE AS A<br />
HEALTHY MOTIVATION<br />
TO ADVANCE<br />
PERSONAL AND CAREER<br />
GOALS.<br />
According to Maslow's<br />
Hierarchy of Needs, asides from the<br />
basic physical needs of food,<br />
shelter, safety and clothing, human<br />
beings desire more than anything<br />
else to belong, to be intimately<br />
involved with a person, family or<br />
with a community. You can attest to<br />
this yourself. In the depths of our<br />
pain and the heights of our<br />
successes, it is always important to<br />
us that we have people who share<br />
in our joy or provide a leaning<br />
shoulder or a firm hand of<br />
guidance and correction. <strong>The</strong><br />
feeling of having a support system<br />
such as this in your life cannot be<br />
underestimated. But with romantic<br />
relationships, we tend to assume<br />
that it has the exact opposite<br />
effect.<strong>The</strong>re are indications that a<br />
healthy romantic relationship can<br />
not only boost work productivity,<br />
but can serve as a healthy<br />
motivation to advance personal<br />
and career goals. Interestingly,<br />
according to a report by Antonivics<br />
Kate of the University of California,<br />
titled; Are All <strong>The</strong> Good Men<br />
Married? Uncovering the Sources of<br />
the Marital Wage Premium, career<br />
individuals in romantic<br />
relationships as discovered, get<br />
promoted more quickly, and are<br />
more likely to rise to the top of their<br />
fields. Now this may not apply to<br />
our local setting as much given that<br />
we are behind on data collection<br />
and analysis. However, we can<br />
make an argument for this<br />
phenomenon within our own<br />
context and from our personal<br />
experiences. Nothing beats having<br />
a single cheer leader on your team
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 09<br />
who is rooting for you and<br />
chanting your praise from the side<br />
lines even when you are having a bad<br />
day in the pitch. However, it is<br />
important to understand that the<br />
underlying magic effect here is<br />
healthy. Just like in other aspects of<br />
life, unhealthy and toxic relationships<br />
can not only ruin chances of career<br />
betterment but can also have lasting<br />
negative effects on an individual's<br />
esteem and drive for success in<br />
general.<br />
How then do you ensure that<br />
you are in a healthy romantic<br />
relationship that aids the<br />
advancement of your career and<br />
personal goals? I say find someone<br />
who understands where you are<br />
headed and buys fully into your vision.<br />
No one encourages what they do not<br />
have an inkling or emotional<br />
attachment to. You are looking not for<br />
superficial support that says, “Oh, my<br />
girlfriend wants to anchor a<br />
programme on CNN someday and I<br />
support her dreams” and that's it. You<br />
are looking to be with someone who<br />
understands that there might be<br />
forgotten dinner dates, late working<br />
hours, missed hang-outs and so many<br />
little sacrifices along the way and is<br />
willing to work to bridge the gap<br />
because they truly care enough to<br />
support you.<br />
I say find someone who is both<br />
cheer leader and coach, someone<br />
who is not afraid to raise the<br />
pompoms for you and yet will make<br />
you run around the pitch for as long as<br />
it takes to build your stamina and<br />
resolve. I say find someone who<br />
makes you feel as if you can take on<br />
the world both in your work space and<br />
personal life as well. I say also, that<br />
you be that person for someone.<br />
You are<br />
looking to be<br />
with someone who<br />
understands<br />
that there might be<br />
forgotten dinner<br />
dates, late working<br />
hours, missed hangouts<br />
and so many<br />
little sacrifices<br />
along the way and is<br />
willing to work to<br />
bridge the gap<br />
because they truly<br />
care enough to<br />
support you.
VICTORIA ISLAND by Oyebola Famuyiwa<br />
Instagram: @ArtbyOye
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 11<br />
n the last few years, many young people have tried to farm but have lost<br />
Imoney either due to post harvest losses or poor farm output. This bitter<br />
experience has reduced the zeal to actively continue farming. During a<br />
courtesy call to the Honorable Minister of Agriculture , Dr Audu Ogbe, by the<br />
www.growcropsonline.com team , led by Olawale Olajide, Head Marketing<br />
and Partnerships, he alluded to the fact that the average age of farmers in<br />
Nigeria is between 60 to 65 years old. An astounding fact which incidentally<br />
was one of the reasons www.growcropsonline.com was set up.<br />
Growcropsonline.com is site that allows anyone, especially vulnerable<br />
people, farm from the comfort of wherever you are risk free and profitable.<br />
With over 12 crops cultivated across over 12 states of the federation,<br />
growcropsonline.com has in the last year alone cultivated over 2,000 new<br />
hectares of farmland for vulnerable people in Nigeria. Vulnerable people<br />
include women, youth and those with disability. <strong>The</strong> system of<br />
growcropsonline.com transparently breaks down a cost of production and<br />
gives figures of and estimated income per crop. Profits are up to 100% in most<br />
cases whilst profits go as high as 200% in some cases.<br />
G R O W<br />
C R O P S<br />
O N L I N E<br />
. C O M
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 12<br />
THIS BILLION-NAIRA INDUSTRY IS<br />
PRETTY MUCH RUN TODAY AS IT<br />
WAS OVER 70 YEARS AGO. WHAT<br />
GROWCROPSONLINE.COM<br />
INTENDS TO DO IS TO PRACTICALLY<br />
ALLOW THESE FARMERS SEE HOW<br />
PROFITABLY IT IS TO CHANGE ITS<br />
APPROACH, INVESTMENT AND<br />
UNDERSTANDING OF THE VALUE<br />
CHAIN.<br />
<strong>The</strong> team has Dr Christopher Kolade OFR as the Chairman of their advisory board. His guidance<br />
and support has allowed the team focus on changing the lives and importantly, archaic farming<br />
practices that have existed for many years and passed down from generation to generation. This<br />
two-pronged target of helping vulnerable persons and local farmers has been a perfect fit.<br />
<strong>The</strong> fact is the agriculture sector in Nigeria is run primarily by uneducated but highly<br />
experienced farmers. Within the limits of their knowledge, they run a system that from farm to<br />
market involves little or no technological input or process. This billion-naira industry is pretty<br />
much run today as it was over 70 years ago. What growcropsonline.com intends to do is to<br />
practically allow these farmers see how profitably it is to change its approach, investment and<br />
understanding of the value chain thereby setting up systems which minimize post harvest losses<br />
whilst encouraging use of improved variety seeds and inputs. What most farmers want to see is<br />
someone try something new and profit from it. <strong>The</strong>re is very little progress where businessmen<br />
are asked to invest money in purchasing improved inputs when there is no confirmed benefit to<br />
the financial bottom line.<br />
Olawale Olajide says even though growcropsonline.com has made farming look easy, risk free<br />
and convenient, it really is not as easy, which is why they are insured. He recalls situations when<br />
clients are promptly paid proceeds of their farms, they often are excited that they are doing<br />
some form of farming and helping to improve lives. He reveals they would soon enter some<br />
partnerships, which would see them take their model to other African countries with the aim of<br />
supporting inclusion of vulnerable people in agriculture whist slowly disrupting the archaic<br />
farming practices that exist in those areas.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 13<br />
CULTURE<br />
Considering the harshness of our weather,<br />
why suffer ourselves to wear suits and<br />
ties when we have native wears that can<br />
guarantee more comfort when facing our<br />
harsh weather conditions?
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 14<br />
Sly Monay is a fashion designer, an actor and an entrepreneur<br />
with a Master's degree in Business Administration (MBA) from<br />
Cardiff University, UK and also a member of the ACCA. He<br />
started his career in Fashion in 2012 and recently released his<br />
cravat masterpiece Afro-European collection in 2016. He<br />
showcased his new fashion collection at the Africa Fashion<br />
th<br />
th<br />
WeekLondon (AFWL) which took place on the 9 and 10 of<br />
September 2016. In 2014, he also launched his acting career<br />
and has since then featured in quite a number of movies such<br />
as Once Upon A Time, Cougars, Spotlight, <strong>The</strong> <strong>The</strong>rapist and<br />
Losing Control, to name a few.<br />
OUR<br />
CULTURE<br />
Culture is a way of life. According to<br />
Merriam-Webster dictionary, it is the<br />
customs, beliefs, arts, etc., of a particular<br />
society, group, place, or time.<br />
Our culture is an expression of who we are<br />
and I believe it should be evident in all that we<br />
do.<br />
I look forward to that day where I walk into a<br />
bank or any company in Nigeria and see all<br />
members of staff wearing our native attires.<br />
In Africa, our native attire should be our<br />
uniform and recognition.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 15<br />
Whenever there are red carpet<br />
events, concerts or parties, native<br />
wears should be number one<br />
onour list of what to wear, with<br />
suits and English outfits being<br />
regarded as a last option.<br />
N a t i v e s s h o u l d n o t b e a n<br />
alternative to suits or English outfits<br />
but a priority over them.<br />
Considering the harshness<br />
of our weather, why suffer<br />
ourselves to wear suits and<br />
ties when we have native<br />
wears that can guarantee<br />
more comfort when facing<br />
our harsh weather<br />
conditions? After-all culture<br />
is also about adapting to<br />
our environment.Why<br />
dress like people living in<br />
completely different<br />
environments from us who<br />
have already established a<br />
way of dressing suitable<br />
and adaptable to their own<br />
culture.<br />
In the United Kingdom for<br />
example, shirts and suits<br />
are worn and this suits their<br />
environment as 3/4 of their<br />
seasonal weather is<br />
relatively cold; they have<br />
adapted to this cold with<br />
their way of dressing so<br />
why can't we?<br />
I understand that suits are smarter<br />
and proper to wear as opposed to<br />
st<br />
natives but we are in the 21<br />
century age where natives are<br />
being tailored to be just as smart<br />
and proper as suits.<br />
We as Nigerians must learn to<br />
embrace and appreciate the<br />
relevance and change in our native<br />
attires today.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 16<br />
Imbibing our African culture into our wears brings<br />
authenticity into how we dress and this attracts<br />
foreigners who are starting to love our attires more<br />
than some of us.<br />
This is our culture, we should embrace it! Be proud of<br />
it! And of course love it!<br />
I understand that Nigeria is a<br />
developing country and that in<br />
cases regarding our economic<br />
growth for instance, we look to<br />
the developed nations for ideas<br />
and solutions. I also believe we<br />
can do that when it comes to our<br />
style but we shouldn't for any<br />
reason at all make our own<br />
culture take a back seat when<br />
dressing. Instead, these<br />
borrowed ideas should be used<br />
to enhance what we already<br />
have.<br />
Why do we make only one day of the week (Friday) the<br />
only suitable work day in Nigeria to wear natives? Why<br />
can't the wearing of natives to work regardless of what<br />
day it is be encouraged? Why not have it in such a way<br />
that native attires are worn Mondays to Thursdays and<br />
suit becomes an option to be worn on Friday or any<br />
other selected day.<br />
Even the Arabs wear their traditional attires to work<br />
and formal functions so why can't we?<br />
We need to recognize that a rising solution has come<br />
to at least better our native attires, not only in style<br />
but also to fit every occasion; formal or informal. Why<br />
don't we give it a shot?
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 17<br />
Advantages of making our native attires a priority<br />
1. African fashion will gain recognition worldwide<br />
2. All nations around the world can in turn switch to<br />
our natives as an alternative for an event<br />
3. More job opportunities and recognition of tailors,<br />
designers and stylists in Nigeria andAfrica<br />
4. Positive effect on the GDPand economy of the<br />
country<br />
5. Fashion can come in as a sector used in building<br />
the economy alongside agriculture and oil.<br />
Let's take a little trip down history lane which should<br />
give us some sort of background on the two main<br />
forms of dressing up for debate (using the 'agbada' as<br />
a face for our native wears).
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 18<br />
ORIGIN OF SUITS<br />
Suitswere invented by Beau Brummell –<br />
an obsessive, highly strung, socially<br />
insecure, thin-skinned aesthete, snob<br />
and genius. He wanted to simplify the<br />
extraordinarily otiose decorative court<br />
dress to give men an elegant line.<br />
Suits are malevolent magicians' sleeves<br />
for socialists, full of patrician loops and<br />
tricks, small, embroidered, cryptic<br />
messages of deference and privilege.<br />
<strong>The</strong>y are also the greatest British<br />
invention ever. This is not a hyperbole; it<br />
is the plain double-breasted truth.<br />
Nothing else from the British has come<br />
even close to having such universal<br />
acceptance, reach or influence as that of<br />
the suit.<br />
AGBADA DETRIBALIZED<br />
<strong>The</strong> 'grand boubou/bubu' is a wide<br />
flowing sleeved robe worn by men<br />
mostly in West Africa, and to a lesser<br />
extent, men in North Africa. <strong>The</strong> name<br />
'boubou' is derived from the Wolof word<br />
'mbubb' butdifferent ethnic groups all<br />
around Africa have grown to rename it to<br />
suit their own languages. For instance it<br />
is called 'agbada' by the Yoruba and<br />
Dagomba people, 'babban riga' by the<br />
Hausas, 'mbubb' by the Wolof , 'k'sa<br />
organdora' by Tuareg, 'darra'a Maghrebi'<br />
by the Arabic and 'grand boubou'in a<br />
number of Francophone West African<br />
countries. <strong>The</strong> Senegalese 'boubou',<br />
which is in fact a variation on the 'grand<br />
boubou', is also known as the<br />
Senegalese 'kaftan'. <strong>The</strong> female version<br />
worn in some communities is known<br />
as'm'boubou' or 'kaftan'.<br />
Seeing that this mode of dressing can be<br />
traced to other tribes, I can safely say<br />
that #theafricanboysmovement or<br />
#detribalizedmovement should be<br />
appropriate hash tags.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 19<br />
CONCLUSION<br />
Neo-colonialism still plays a major role in how we live today. We still emulate the British in<br />
most of what we do but isn't it high time we changed and embraced our own culture head<br />
on? Isn't it time we put priorities on our strengths as Africans and on who and what we are?<br />
Now there doesn't have to be a drastic or instant change or movement. Rome wasn't built in a<br />
day. We can start by accepting that we need a change and then gradually making changes.<br />
This gradual process could be kick started by having at least a day or two work days out of the<br />
week for natives. It would be a great start.<br />
Why don't we also encourage one another to go for home and international events or award<br />
ceremonies and rock our native attires? Trust me when I say that it will create more headlines<br />
and create a buzz than blending into another culture by wearing a tuxedo with about 5000<br />
attendees. Our native attires are unique; we should embrace the authenticity and uniqueness<br />
of it!<br />
<strong>The</strong> Nigerian music and movie industry has picked up fast and has put Africa on the map with<br />
their art. <strong>The</strong>y should be congratulated and appreciated. I feel the fashion industry can also do<br />
likewise if we make our attires priority. To do this, we need to proudly embrace our native<br />
attires in all ways possible and wear them not only at parties, but to work functions, offices,<br />
seminars, conferences etc.<br />
Let's bring a colorful change to our country!<br />
<strong>The</strong> SlY Monay Fashion Company is here to do that.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 21<br />
be<br />
focused<br />
I find that a lot of young<br />
people are always trying to<br />
be like someone else and<br />
that's the fastest way to<br />
lose focus<br />
lIKE<br />
CHEF EROS
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 22<br />
Olamide Jinadu: <strong>The</strong> culinary business has been on the<br />
rise in the past couple of years within the millennial<br />
circle, how did you become one of our favourites?<br />
Chef Eros: I think I had the first mover advantage, that<br />
is, I was one of the first set of people to move back in<br />
2008, and right there and then I started running a<br />
restaurant. I was only twenty-one so you can imagine<br />
how big a deal it was for me at the time, plus having<br />
loads of friends come by who also just moved back as<br />
well. That's when my journey really started, but in terms<br />
of being a favourite I think it's all about my personality.<br />
I'm pretty outgoing although I'm learning that I have a<br />
strong game face when I'm out at events or working but<br />
that's because I'm a typical chef ,emotional and<br />
passionate about what I'm doing so I'm serious<br />
whenever I'm working.<br />
Olamide Jinadu: What's the story behind CookieJar?<br />
Chef Eros: I had recently sold my first restaurant While<br />
still in the process of selling the restaurant, I started to<br />
think about what to do next, so I decided to get into my<br />
second passion which was real estate, as well interior<br />
architecture and I was doing alternative energy on the<br />
side as well, solar panel systems and micro turbine gas<br />
systems. I had already gotten a place to start the real<br />
estate business in 1004, when I started having a series<br />
of dreams about sweets and desserts. All these came to<br />
a head when on New Year's Eve, I had surreal dreams<br />
about owning a bakery, and after telling me my mother<br />
about these dreams she encouraged me to get into it.<br />
I didn't until the Occupy Nigeria strike. I got super<br />
bored during the strike and my mother suggested that I<br />
start baking and that's how it all began. With my<br />
girlfriends help I started baking and giving out samples<br />
for tasting to my friends and neighbors such as Dr Sid<br />
who lived below me.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 23<br />
Olamide Jinadu: What was the name of this restaurant?<br />
Chef Eros: La Saisson, it was a little corner-piece building in partnership with<br />
Cakes by Tosan on Raymond Njoku.<br />
Olamide Jinadu: So what were your major challenges, when starting up?<br />
Chef Eros: I didn't really have any challenges starting up because I worked<br />
from home in 1004, which was fully serviced meaning that I didn't have any<br />
light issues. I would say my major challenge was accessibility to raw materials<br />
because I needed to import a lot the things I needed but as time went on I<br />
found people that made them here, and I was also able to sort my packaging.<br />
<strong>The</strong> other challenge I faced was staffing as we all know that can be pretty<br />
difficult getting them to deliver the same results, so it's still something I still<br />
struggle with. I started my business with just fifteen thousand naira, and what I<br />
did with that was return whatever I gained from my sales back into the<br />
business until I was able to get investors . As the business started growing I<br />
started to get support from a financial institution and that was how I was able<br />
to move to my current location.<br />
Olamide Jinadu: Did you<br />
ever have to deal with<br />
any cultural barriers to<br />
entry being male?<br />
Chef Eros: Oh yes! <strong>The</strong><br />
first thing I heard in the<br />
press was that I was a<br />
homosexual just because<br />
I baked cookies. I wasn't<br />
particularly surprised<br />
because I'd heard a lot of<br />
that being said during my<br />
restaurant days and I just<br />
figured that it was just<br />
how the average<br />
Nigerian felt towards a
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 24<br />
man cooking. That was the only time I<br />
got any negative attention, if anything<br />
people were intrigued. I mean, most of<br />
the best chefs in the world are men, and<br />
it helped me in building my brand.<br />
Olamide Jinadu: We are aware that you<br />
are opening a restaurant soon, could<br />
you tell us about that?<br />
Chef Eros: I can tell you a little about it.<br />
It's not just one restaurant, it's a few but<br />
not a standard of restaurant. I call it<br />
StudioOne Kitchen and it's a private<br />
dining space where I'm able to recreate<br />
the culinary experience I've always<br />
wanted to deliver. Like I said, its private<br />
dining so the address is always withheld<br />
until you make reservations, for up to 24<br />
people. That is, the space traditionally<br />
ten people but we are able to extend it<br />
up to twenty four. <strong>The</strong> way it's designed<br />
is to make it an intimate experience so<br />
the kitchen and dining room are<br />
attached to each other so the diners are part of the whole experience.<br />
Olamide Jinadu: Cooking is considered to be a form of art, do you ever experience<br />
chef's block?<br />
Chef Eros: Yes but not for long. <strong>The</strong>re's always a form of inspiration around from social<br />
media to television and even a conversation with a friend. I'm a creative person even to<br />
a fault. Sometimes I have to draw myself back because I don't think people will<br />
understand what it is I'm trying to do.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 25<br />
“<br />
I started my business with just fifteen thousand<br />
naira, and what I did with that was return<br />
whatever I gained from my sales back into<br />
the business until I was able to get<br />
investors .<br />
”
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 26<br />
Olamide Jinadu: What piece of advice would you give a young person interested in being a chef?<br />
Chef Eros: Be original. I find that a lot of young people are always trying to be like someone else and<br />
that's the fastest way to lose focus on who you really are and what you can bring to the table. Find that<br />
thing you love to cook, and create new versions of it because it's the key to creating a niche for<br />
yourself.<br />
It goes the same for me, I started with cookies and I kept making them and this overflowed into other<br />
things. <strong>The</strong> other bit of advice I'd give is to stay focused. I know it might sound cliche but it's pretty<br />
important.<br />
Olamide Jinadu: Of all your creations, which is your favourite?<br />
Chef Eros: My puff-puff. I know it sounds funny but seriously the puff-puff boutique is what I'm most<br />
excited about because we have 15 different flavors.<br />
We have the sweet and the savory. Ones filled with jam, cream and lemon curd. <strong>The</strong>n we have the<br />
ones filled with tomato jam, pepper and peas puree. You know how the Chinese have the chicken and<br />
sweetcorn soup? So we blend that and fill it into the puff-puff as a puree. We also blend sauteed<br />
shrimps into a paste and fill it into the puff-puff.<br />
I'm really excited with what we're going to do with that is the puff-puff boutique. It will be an event,<br />
somewhat private but the goal is to have people come in and taste them, see their reactions to it and<br />
basically change the culture around food in Lagos.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 27<br />
Like you said, the culinary business is getting a lot more attention and it takes people<br />
like myself and my friends such as Chef Fregz and Benedict to take it to the next<br />
level.<br />
Olamide Jinadu: Where do you see yourself in the next three years?<br />
Chef Eros: That's rather short to be honest although a lot could happen in three<br />
years. Well I don't know where I'd be but I'd definitely like to do culinary school<br />
which I should have and I'd like for my other projects to have taken off.<br />
Thank you for having us.
In the wake of your awareness<br />
you realise you knew that the traveler who brought<br />
you this pain had nothing else to offer<br />
you had heard pain stained words<br />
dripping from his very lips<br />
and still it was you who offered him shelter<br />
Do not curse these scars<br />
he might have held the knife<br />
but it was you who showed him where to cut<br />
thinking that to love was to lose yourself to his fire.<br />
-Damian<br />
WORDS: Damian Nwanabia Okafor (@damian.ynotes)<br />
ART: Ana Cuba (@ana__cuba)
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 29<br />
At Last a<br />
Viable<br />
Stream of<br />
Income for<br />
the Nigerian<br />
Music<br />
Industry<br />
By Ayobola Eniola<br />
Could digital distribution be a possible cure to<br />
the Nigerian music industry's revenue woes?<br />
<strong>The</strong> music empire in Nigeria for a long time<br />
suffered two major dents to its revenue<br />
channels; the invasion by music pirates (the<br />
Alaba syndrome) and the internet. In the late 90s<br />
and early 2000s, music executives and artists<br />
consolidated their powers to wage war against<br />
the pandemic of piracy, in a controlled fight<br />
where the victim(s) and villain(s) were visible and<br />
known forces. <strong>The</strong>n came on the scene, the swift,<br />
virtual giant—the Internet—on whose platform,<br />
illegal downloads and file-sharing has been<br />
hosted, much to the dismay of music industry<br />
investors. Right before its very eyes, the music<br />
industry saw millions of naira in its revenue,<br />
diverted into the pockets of IP (Intellectual<br />
Property) thieves, a situation worsened by the
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 30<br />
fact that the market for compact discs was gradually evaporating into thin air. <strong>The</strong> internet<br />
became the abattoir where revenue accruable to music labels, publishers and artists was being<br />
slaughtered.<br />
With the rise of digital music hosting platforms and more sophistication in internet<br />
consumption however, the internet birthed a much needed respite to music industry<br />
stakeholders. Music streaming is fast becoming the trend music players (labels, publishers,<br />
investors and artistes) are looking into, to recoup investments put into the creation of music.<br />
Platforms such as Spotify, Apple Music,<br />
Deezer and Rhapsody, came in at the right<br />
time to save the music industry players from<br />
drowning under debt and un-recouped<br />
expenses. Just as industry stakeholders were<br />
giving up hope of ever getting this<br />
generation of internet users to pay for the<br />
music they consume, in the face of many free<br />
and illegal download platforms, music<br />
streaming seems poised to save the day.<br />
According to a Goldman Sachs report<br />
published in the Financial Times of January<br />
16, <strong>2017</strong>, growth in Spotify and Apple Music<br />
has helped the music streaming platforms to<br />
grow to a combined 100 million subscribers<br />
and counting worldwide, with each<br />
subscriber paying as much as $10 to stream<br />
music (both new and back-catalogues) for a<br />
m o n t h . Th e m u s i c i n d u s t r y i s n o w<br />
experiencing a surge in revenues: Drake, a<br />
Canadian rapper, was streamed 4.7billion<br />
times on Spotify alone last year. Every hour,<br />
his songs are streamed more than 500,000 times on the service. He, among other artistes,<br />
helped Universal Music earn $1.1bn in streaming revenues in the first nine months of last year—<br />
enough to offset the fall in sales of digital downloads and CDs.<br />
What does this mean for the Nigerian music industry? It is now looking like the internet may<br />
resurrect the business it almost killed. But now more than ever is there a critical need for<br />
policies and legislation to be put in place to clamp down on the activities of IP thieves and other<br />
pirates.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 31<br />
But now more than<br />
ever is there a<br />
critical need for<br />
policies and<br />
legislation to be put<br />
in place to clamp<br />
down on the<br />
activities of IP<br />
thieves and other<br />
pirates.<br />
This will open the doors for other investors to<br />
cast in their resources to push for music<br />
streaming platforms where music lovers will<br />
not only have access to new albums by their<br />
favorite artistes, they will also have access to<br />
back-catalogues of these artistes, thereby<br />
reigniting and immortalizing old hits no<br />
longer available on the airwaves. By this,<br />
investors, labels, publishers and artistes, can<br />
have a continuous stream of revenue on their<br />
music products, long after its life cycle on the<br />
airwaves.<br />
Spotify, Apple Music and other streaming<br />
platforms are available worldwide which<br />
means African artistes can now release their<br />
albums on these platforms and not have their<br />
revenues halved by these IP thieves.Locally,<br />
platforms such as MusicPlus, Cloud9 and<br />
others are helping music artistes get a chunk<br />
of this streaming pie. Most music consumers<br />
who up till now could only assess music from<br />
their favorite artistes by patronizing music<br />
pirates in parts of Lagos, now can stream<br />
music endlessly by paying a nominal<br />
subscription fee between N50 and N150. <strong>The</strong><br />
size of the market and the volume of<br />
transactions that can be recorded on a daily<br />
basis is not lost on global music giants such as<br />
Sony Music, who opened its Nigerian doors in<br />
early 2016. <strong>The</strong> company's West Africa<br />
General Manager, Michael Ugwu, in a recent<br />
Reuters piece stated that “Nigeria's<br />
population of 180 million which the UN<br />
predicts will rise to 400 million in 2050 make it<br />
the world's third most populous nation after<br />
China and India and a large proportion of<br />
young people made the country attractive.”
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 32<br />
MEET<br />
RIAN YESUFU<br />
OF VANILLA BAKEHOUSE
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 33<br />
Being a millennial running your own business is a pretty big deal with the current economic situation in Nigeria.<br />
What was your journey like to the Vanilla Bakehouse?<br />
Vanilla bake house started out of my mums kitchen. After moving back to Nigeria, I was in search of a good red velvet<br />
cake. So I went into the kitchen to satisfy my craving. Baking became part of my routine . My mum ,sister and friend<br />
constantly asked me to bake. One night while speaking to my mum, the idea of turning my passion for cooking into a<br />
business came up.<br />
After thinking about it for a couple of months, I decided to go to culinary school. With the help of a friend, I found a culinary<br />
school in Dubai. I went to culinary school for a couple of months and moved back to Nigeria.<br />
A couple of months after moving back to Nigeria, Vanilla Bakehouse was born. A name which was influenced by my dad.<br />
With the help of Instagram and referrals , we now own our physical store in Lekki.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 34<br />
Despite the economic situation , the journey has been amazing. Some days are up while some days are not so great. But I<br />
guess that's the beauty of being an entrepreneur.<br />
Of all the things you could do in regards to food, why did you choose to be a pastry chef?<br />
I wouldn't regard myself as a pastry chef. I love to cook all types of food. I like to see being a pastry chef as the first step into<br />
the culinary business.<br />
What has been your biggest challenge so far?<br />
Running a business in a country where we lack basic amenities like constant electricity. It is really expensive to run a<br />
business on diesel.<br />
Are there any changes you would like to see in your audience's attitude to food?<br />
Not that I can think of. People are more aware of what they want. <strong>The</strong>y want the best and they are willing to pay for it.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 35<br />
How do save time especially when you're working under pressure? Plus how do you relieve yourself of any stress?<br />
I try my best to be organized. I have a target to reach each day. So I try to ensure that I am in line. For instance , I make sure<br />
that all ingredients are measured the night before. So once i get into the store it's straight to baking. This helps me keep<br />
track of time. However, there are times when there are setbacks. But I try to be at the top on my game. I relieve stress by<br />
watching my favorite TV shows.<br />
Your social media page is super attractive, and is what attracted us to your brand to be honest. Can you say that this<br />
is the same for others who have visited your store?<br />
Thank you. We're constantly trying to create the best experience for our customers. We want you to come into the store<br />
and want more. We recently started displaying items and we've been getting a lot of good feedback from our clients.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 36<br />
What one piece of advice would you give any young individual who is pursuing their dream of owning their own<br />
business?<br />
<strong>The</strong> best advice is that hard work pays. You might not have the perfect idea, but if you are ready to constantly improve<br />
yourself , work hard and pray. Everything would fall into place.<br />
Of all the pastries, which is your favourite to make?<br />
I don't have a favorite pastry to make. But I really enjoy working with Dough. Bread dough , doughnut dough , cinnamon<br />
rolls. I enjoy experimenting.<br />
Visit Vanilla Bakehouse at<br />
11, Admiralty Way, Lekki, Lagos.<br />
You can also follow them on instagram<br />
@Vanillabakehouse
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 37<br />
<strong>The</strong> Fintech<br />
challenge and<br />
the new face<br />
of banking By<br />
Austin Okere<br />
Should<br />
Banks be<br />
changing?<br />
After centuries of<br />
conservatism in receiving<br />
deposits and making loans,<br />
should banks be changing?<br />
<strong>The</strong>re are two main issues<br />
stirring the yearning for
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 38<br />
change: <strong>The</strong> first being that it is a very difficult<br />
Club to join, and hence the large population of<br />
unbanked adults. Secondly, even for the<br />
members of this elite club, the relationship is<br />
acutely skewed in favour of the banks; naturally<br />
so, as they have carried on as protected<br />
monopolies with no serious challenge or<br />
competition, resulting in no significant<br />
innovation over the decades.<br />
<strong>The</strong> biggest threat to the banks has been<br />
precisely their seeming success. Centuries of<br />
relatively significant higher returns, even in the<br />
midst of economic downturns that adversely<br />
affect the real sectors has engendered an<br />
attitude of invincibility and pomposity,<br />
characterized by a loss of touch with their<br />
customers. Considered too big to fail, they<br />
take it for granted that they will be bailed out<br />
with taxpayers' money in the event of any<br />
missteps – a perfect prey for disruption.<br />
Fintech – the new kid on the block<br />
Today, there has emerged a powerful force of<br />
challenge from Financial Technology<br />
companies or FINTECHs, as they are more<br />
popularly referred to. <strong>The</strong> promise of Fintech<br />
is great. It is shaking up a stodgy banking<br />
system and helping to build a more efficient<br />
one, especially for consumers and small<br />
businesses.<br />
Emerging Markets showing the way in<br />
Fintech<br />
For years, emerging economies have looked<br />
up to developed countries for ideas about<br />
how to manage their financial systems. When<br />
it comes to Fintech though, the rest of the<br />
world will be studying the experience of the<br />
emerging markets, embodied by the widely<br />
successful MPESA mobile money system,<br />
championed by Safaricom in Kenya. MPESA<br />
has made it possible for a large swathe of the<br />
population to gain financial inclusion by<br />
providing the opportunity to transact<br />
financial services vide your mobile phone, on<br />
a continent where typically 70% of the<br />
population is unbanked. MPESA today has<br />
more than 60% of Kenya's 33 million mobile<br />
users; not bad for a service which was only<br />
launched in 2007. Similar applications have<br />
metamorphosed across Africa.<br />
Fintechs<br />
in the UK
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 39<br />
In Nigeria the Yello Mobile<br />
Account, jointly offered by ICT<br />
giant CWG Plc and GSM major<br />
MTN, added over 6m accounts to<br />
an early adopter, Diamond<br />
bank, within the first year of<br />
launch.<br />
Mobile Money<br />
services are<br />
today generating<br />
6.7% of Africa's<br />
GDP.<br />
Ÿ<br />
Ÿ<br />
Ÿ<br />
disrupter, mostly telecom roots, best with<br />
digital currencies and mobile services<br />
REGULATORS - Central Banks, regulating<br />
traditional banks; and Communication<br />
Commissions, responsible for telecoms<br />
regulation (and thus Fintechs)<br />
CURRENCIES - traditional, such as cash<br />
and cheques; or Digital, such as bitcoin or<br />
other cryptocurrencies<br />
CUSTOMERS, and the weight of their new<br />
found voice. Typically, they clamour for<br />
whatever will give them convenience and<br />
lower costs.<br />
CHINA IS THE UNDISPUTED WORLD<br />
LEADER IN FINTECH<br />
By just about any measure of size, China is the<br />
world's leader in Fintech. It is by far the biggest<br />
market for digital payments, accounting for<br />
half of the global market, according to the<br />
Economist <strong>Magazine</strong>. A ranking of the world's<br />
most innovative Fintech firms gave Chinese<br />
companies four of the five top slots in 2016. <strong>The</strong><br />
largest Chinese Fintech company, Ant<br />
Financial, has been valued at about $60b, on<br />
par with UBS which is Switzerland's biggest<br />
bank. Today, digital payments account for<br />
nearly two-thirds of non-cash payments in<br />
China, far surpassing debit and credit cards.<br />
AUSTIN'S FIVE FORCES MODEL AND<br />
THE FUTURE OF BANKING<br />
<strong>The</strong>re are indeed five major forces at play here:<br />
Ÿ THE BANKS - traditional and established,<br />
best with cash and ancillary instruments<br />
Ÿ FINTECHS – the new kid on the block,<br />
Peer-to-Peer (P2P)<br />
lenders in China grew<br />
from 214 to over 3,000 in<br />
2015, and P2P loans<br />
increased 28 fold from<br />
30b yuan in 2014 to 850b<br />
yuan in 2016.<br />
Alibaba's four year old<br />
Yu'eBao fund with $165.6b<br />
has emerged as the<br />
world's largest,<br />
overtaking JP Morgan's<br />
US government money<br />
market fund, which has<br />
$150b.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 40<br />
<strong>The</strong>se forces and their interplay are<br />
represented in the schematic below:<br />
IF THE CUSTOMERS HOWEVER,<br />
MAINTAIN A STRONG APPETITE FOR<br />
TRADITIONAL INSTRUMENTS OF<br />
FINANCIAL TRANSACTIONS SUCH<br />
AS NOTES & COINS, CHEQUES ETC.<br />
THEN THE CURRENT STATUS QUO<br />
WILL REMAIN. THE FACE OF<br />
BANKING WILL THUS BE MORE OF<br />
THE SAME, AND THE REGULATORY<br />
AUTHORITY WILL CONTINUE TO BE<br />
CENTRAL BANKS. BETWEEN THESE<br />
TWO POSITIONS MAY BE MANY<br />
VARIANTS, DEPENDING ON THE<br />
APPETITE AND PREFERENCES OF<br />
CUSTOMERS, AND THE PACE AT<br />
WHICH THEY ARE WILLING TO<br />
EMBRACE CHANGE.<br />
A schematic representation of Austin's five forces analysis<br />
of the future of banking. Image by Omimi Okere<br />
Customers are the most significant force,<br />
and represented by the outermost sector<br />
of the concentric circles. As they tend<br />
more towards a preference for digital<br />
currencies, the Fintechs will tend to<br />
assume a more prominent role in the new<br />
face of banking, and the Regulatory<br />
regime will inadvertently tend towards<br />
the Communication Commissions under<br />
whose purview the Fintechs fall.<br />
This will introduce a regulatory imbroglio,<br />
as future 'Huge Banks' may fall outside the<br />
regulatory ambit of Central Banks (as<br />
seems to be the case with the MPESA<br />
mobile money platform, through which<br />
Kenyans transacted $28billion in 2015,<br />
representing about 44% of the country's<br />
GDP. Safaricom, the telecoms promoter<br />
of MPESA ironically falls under the<br />
regulation of the Communications<br />
Authority of Kenya rather than the Kenyan<br />
Central Bank).<br />
RETAILERS ARE JUMPING INTO<br />
FINANCIAL SERVICES<br />
Fintechs are not the only ones<br />
challenging traditional banks for turf.<br />
Retailers are also jumping into the<br />
financial services fray. For instance<br />
Amazon has launched Amazon Cash, a<br />
way to shop its site without a bank<br />
card. <strong>The</strong> service allows consumers to<br />
add cash to their Amazon.com<br />
balance by showing a barcode at a<br />
participating retailer, then having the<br />
cash applied immediately to their<br />
online Amazon account. This product<br />
is meant to appeal to the those who<br />
get paid in cash, don't have a bank<br />
account or debit card, and who don't<br />
use credit cards.<br />
Google is also rolling out a new<br />
integration on mobile. Users of the<br />
Gmail app on Android will be able to<br />
send or request money with anyone,<br />
including those who don't have a<br />
Gmail address, with just a tap.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 41<br />
PAY<br />
Mpesa is making waves in Kenya<br />
BANKING IS GOING MOBILE<br />
In most emerging markets and developing countries, the current<br />
formal financial system only reaches a minority of the working-age<br />
adult population. Smallholder farmers, self-employed households,<br />
and micro-entrepreneurs have to rely on the age-old informal<br />
financial mechanisms such as rotating savings clubs, moneylenders,<br />
and pawnbrokers. <strong>The</strong>se mechanisms can be unreliable and very<br />
expensive. In Nigeria for instance 84.6m people, accounting for<br />
47% of the population are unbanked. In sharp contrast, mobile<br />
phone penetration is very high at 94.5 percent; a perfect set-up for<br />
the Fintechs to exploit in their mobile dominated financial services<br />
offering.<br />
For policymakers from the global south, the digitization of retail<br />
payment systems and financial services has become an important<br />
economic development priority. It offers the prospect of reaching<br />
far more people at far lower costs with the broader range of<br />
financial services they need to build resilience and capture<br />
opportunities.<br />
<strong>The</strong> 2015 annual gathering of some 300 central bankers and<br />
policymakers from 90 countries who have formed the Alliance for<br />
Financial Inclusion, dedicated the bulk of the agenda to explore<br />
such innovations, which could deepen formal financial intermediation<br />
of their economies.<br />
Imagine a world where all money is digital. Instead of carrying<br />
coins and notes in their purse, people would keep digital currency<br />
units in electronic wallets on phones, watches or other electronic<br />
devices. All of this could happen digitally the way cash is handed<br />
over today; in real time, irreversibly, with no additional fees.<br />
//<br />
AUSTIN<br />
OKERE<br />
IS THE FOUNDER OF<br />
CWG PLC &<br />
ENTREPRENEUR IN<br />
RESIDENCE AT CBS,<br />
NEW YORK. AUSTIN<br />
ALSO SERVES ON THE<br />
WORLD ECONOMIC<br />
FORUM GLOBAL<br />
AGENDA COUNCIL<br />
ON INNOVATION AND<br />
INTRAPRENEURSHIP<br />
AND ON THE<br />
ADVISORY BOARD OF<br />
THE GLOBAL<br />
BUSINESS SCHOOL<br />
NETWORK (GBSN).
CONNECTING<br />
WITH<br />
MILLENNIALS<br />
Not so much of a disclaimer: <strong>The</strong> points<br />
to be shared will open up a new<br />
perspective to perceiving millennials<br />
and growing an appealing brand<br />
through them. I also believe having a<br />
good understanding of how to connect<br />
to millennials will open up new vistas to<br />
discover and channel our potential<br />
leadership abilities. Today, marketing is<br />
taking a huge move up the hill through<br />
the introduction of new versions of<br />
communication platforms & devices and<br />
it seems the hill keeps getting taller. (You<br />
can put the word “update” somewhere in<br />
between the last sentence). SINCE<br />
MILLENNIALS DOMINATE THE<br />
INTERNET SPACE, IT’S A NO BRAINIER<br />
TO SAY THEY ARE THE MAJOR<br />
INFLUENCE OF MARKETING<br />
DECISIONS TODAY.<br />
Photo: Instagram- @ursulasebastine<br />
By<br />
Tomi Wale
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 43<br />
CONNECTING<br />
WITH<br />
MILLENNIALS<br />
Photo: Instagram- @damian.ynotes<br />
away with a<br />
streamlined strategy.<br />
<strong>The</strong> antidote is social<br />
listening, it allows you<br />
to understand the<br />
nuances of your<br />
particular Millennial<br />
audience as distinct<br />
from the Millennial<br />
generation as a whole.<br />
2. TARGET<br />
MILLENNIALS BASED<br />
ON SOCIAL GROUPS.<br />
You can focus your<br />
attention on population<br />
segments that are<br />
drawn to social causesthose<br />
who are in<br />
alternative lifestyles or<br />
those who avidly follow<br />
specific social media<br />
personalities.<br />
Millennials are much<br />
more likely to have a<br />
strong attachment to<br />
specific social identities<br />
than identifying with a<br />
stage of life.<br />
First, let’s clear a few misconceptions. Millennials have received<br />
massive amounts of negative attention. Adjectives most often<br />
applied to the group born between 1983 and 1997 (today’s<br />
20–34 year olds) are “Spoiled”, “Entitled” and “Lazy”. But like most<br />
stereotypes, they really aren’t fair or accurate. If you want to reach<br />
millennials, you first need to look past the generalizations to<br />
understand what makes them unique then you use that insight to<br />
create a connection.<br />
Millennials are not easily fooled by marketing and advertising<br />
tactics, hence, the development of an authentic relationship is<br />
vital. Let’s look at a few things to note:<br />
1. MILLENNIALS ARE NOT A HOMOGENEOUS GROUP.<br />
Millennials are diverse. You can’t expect to target them and come<br />
Branded VIP<br />
parties,<br />
influencer-only<br />
events are all<br />
great ways to<br />
make millennials<br />
feel like<br />
trendsetters<br />
among the crowd.<br />
It appeals to<br />
their sense of<br />
adventure.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 44<br />
Photo: Instagram- @muyi_green<br />
3. UNDERSTAND AND SPEAK TO THE VALUES THAT DRIVE THEM--discovery,<br />
happiness, passion, diversity, and sharing. Understand their realistic lifestyles and<br />
experiences and find ways to amplify their reality.<br />
Millennials define themselves by what they use. Make sure they feel informed and<br />
involved, not just marketed to; you will find more opportunities available to you to<br />
gain this generation’s affinity.<br />
Millennials are not lazy and inattentive; in fact, often they’re trying to be attentive to<br />
too many things at once. You have to tailor strategies and tactics to their wants and<br />
needs first, place your needs in those contexts and you’ll have loyalists who have<br />
the ability to share things faster. Keep it short, a larger percentage of millennials<br />
abandon content because it’s too long. Thinking mobile first to reach millennials<br />
can’t be overemphasized. they are making their decisions utilizing their mobile<br />
devices.<br />
Branded VIP parties, influencer-only events are all great ways to make millennials<br />
feel like trendsetters among the crowd. It appeals to their sense of adventure.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Aug <strong>2017</strong> | 45<br />
Finally, On use of Celebrities:<br />
Marketing with millennials does not<br />
mean paying celebrities. A study<br />
shows that celebrities were trusted<br />
by only 7% of millennials as a<br />
credible source of product<br />
information. Brands should find<br />
creative ways to appeal to<br />
Millennials and EMPOWER THEM<br />
TO SHARE the brand’s story.<br />
Turning a millennial consumer into<br />
a brand advocate opens up the<br />
opportunity to create a lifelong<br />
customer. Remember that the<br />
millennial having a device makes<br />
him a potential publishing house!<br />
Photo: Instagram- @seyialbert<br />
ACCORDING TO A STUDY ON THE<br />
BEHAVIORAL PATTERN OF<br />
MILLENNIALS ON THE INTERNET-<br />
NIGERIAN MILLENNIAL REPORT<br />
(2016), 8/10 MILLENNIALS<br />
RESPOND POSITIVELY TO<br />
CONTENT THAT ARE<br />
INFORMATIVE. 6/10 SAYS THEY<br />
WOULD SHARE CONTENT THAT IS<br />
ENTERTAINING.<br />
Millennials want to be immersed in<br />
high-quality, entertaining content.<br />
No one wants to be told what to do,<br />
what to like and what to think. That<br />
is especially true of Millennials.<br />
Come by as informative rather than<br />
instructional. Millennials want to<br />
believe that they have uniquely<br />
discovered things they like, don’t<br />
push marketing in their faces.<br />
When millennials fall in love with a<br />
product or an organization, they tell<br />
the world!! Make them find you<br />
cool. <strong>The</strong> millennials who love your<br />
product are your best marketing<br />
tool. <strong>The</strong>se evangelists will push<br />
you! Millennials value transparency<br />
and are always ready to talk about<br />
you.<br />
TOMI WALE is a thought leader and<br />
director of a leading creative strategy and<br />
millennial insight company in Sub-Saharan<br />
Africa- GetUpInc.
Metamorphosis<br />
by Ghizlane Sahli<br />
(Morocco)<br />
FOR ADVERT PLACEMENTS & OTHER ENQUIRIES<br />
Linda@businessdayonline.com<br />
lynda4real@yahoo.com<br />
08026011296