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The Spark | Ignite/Connect/Achieve www.thesparkng.com 10 Organisations that drive Financial Inclusion If there is one thing technology is synonymous with, it is putting everybody on a level playing field regardless of demography and social class. If we all have standardized tools, then just anybody can participate, anybody can win. In business and the economy, Financial Inclusion is key to that level playing field. Below are ten startups that are driving financial inclusion to level the playing field in the economy. By John Iyoha every month and with a cosign by the CBN, Remita has become one of the leaders of the industry. Being a comprehensive payment solutions company, the solution is being used by millions of people and thousands of organizations. They are also the handlers of Nigeria’s Federal Government’s Treasury Single Account. Established in 2002 as a payment processing company set up to create an Africa where payment is an invisible part of everyday life. With an innovative team that is bent on finding new ways to improve business conditions for everyone, Interswitch is a company that has embraced change, and their leadership role in the industry is a testament to this. later. Transactions are made so easy on CowriePay that customers can send and receive money via emails and phone numbers. Such ease is the hallmark of financial inclusion. Founded in 2015 by Ezra Olubi and Shola Akinlade, Paystack routes payments through optimal routes recording a success rate previously thought impossible. In just four years, they already have over 25,000 business in their books. Also, thanks to their automated and manual fraud systems, their customers are protected from fraudulent transactions and associated chargeback claims. According to CBN, Financial Inclusion is a state where financial services are delivered by a range of providers, mostly the private sector, to reach everyone who could use them. Specifically, it means an economic system that serves as many people as possible in a country. Financial inclusion, therefore, is a guaranteed way to generate a wealth of national proportions. Due to its perceived importance as a driver of economic growth, the topic has gained relevance in recent time. Here is our pick for the top ten firms that drive financial inclusion in Nigeria. Users of this platform get to enjoy such unique services as cardless ATM withdrawals, receiving payments online from international cards thanks to a personalized URL and very excellent customer service. One of the significant gains of Wallet is how well it helps you keep track of how you spend your money. Its robust infrastructure is easy to use for everyone including businesses, regardless of their size and structure, therefore enabling financial inclusion. Launched in 2005, Remita processes over N500 billion worth of transactions Launched in 2012, Amplify is a complete customer engagement solution for subscription businesses that engage in recurring transactions. They pride themselves on having such an easy and secure interface that makes transaction swift and fun, and thanks to their dynamic referral programs they continue to grow or need I say amplify. When it comes to financial inclusion, Paylater came to change the game forever. Their mission is to empower all people with the financial access they need to pursue a life of dignity and prosperity. Thanks to how well they have handled their online money lending platform by providing short term loans to help in time of urgencies, they have experienced great corporate growth in six years of operation. With a solid partnership with licensed financial service providers, fund providers, and merchants, CowriePay allows customers to buy now and pay With a platform that has created a seamless network for borrowers and lenders, 247Cash can boast of one of the most formidable credit facilities in Africa. The unique proposition they have is the fact that quick payback is guaranteed to every lender, such great incentive indeed. Founded in 2003 and with operation spread across Africa and the United Kingdom, this CBN licensed FinTech provides services that can be accessed by all segments of the market’s payment infrastructure. They keep winning hearts with their mission of providing secure, convenient and costeffective means to make and receive payments Just over a year after its launch, over 1.2 billion dollars across 10 million transactions had gone through the Flutterwave space. They are no small players, with their base in San Francisco and offices in Lagos and all over Africa, it is clear that Flutterwave has come to stay. They have become a trusted payments partner of many Nigerian businesses. 32 @thesparkng
www.thesparkng.com The Spark | Ignite/Connect/Achieve Branding for Mergers and Acquisitions Learn the branding strategies in the face of mergers and acquisitions By Ehime Eigbe-Akindele In 2008, when Washington Mutual Bank fondly known as Wamu was acquired by Chase bank, I remember being nervous about what the acquisition meant for me as a customer due to the fact that both banks had totally different cultures when doing business. I visited my branch and was assured my free current account and other benefits will remain the same since Chase would grandfather them into their structure. When the change finally came, this turned out not to be the case and I effectively closed my account as Chase lived up to my perception about their brand. Mergers and acquisitions are more common than people actually realize. They bring about fear, panic, and conflict for all stakeholders due to the uncertainty it brings. A recent Harvard business review reports on the failure of mergers and acquisitions put it at 70% to 90%. This is a ridiculously high number and I believe this can be avoided if the right brand and communication strategy is put in place leading up to the merger, during the merger & post-merger. M&As certainly have negatives and positives impacts but the negatives can be minimized while the positives highlighted to ensure success. Given this failure rate of most mergers and acquisitions, a wellthought-out brand strategy provides clarity and signifies that the leadership team is confident and decisive. The core focus should be on customer retention, communicating a brand that appeals to stakeholders in both banks and ensures their buy-in. This is an opportunity for both banks to wipe the slate clean and bring to reality the ideal bank they want to create or to reinforce the narrative they already have in place. As CEO Herbert Wigwe has stated ‘it’s ongoing business combination agreement with Diamond Bank will lead to the creation of a financial powerhouse.’ Business strategy is only as strong as the businesses branding strategy. Rebranding right will play the ultimate role in building internal and external credibility by aligning the contrasting offerings of both banks into a single, compelling value proposition. A unified clear brand message map gives all stakeholders the tools to become effective brand champions. Access Bank has stated on their website that the new bank will retain the name Access Bank. For Access Bank customers, it is business as usual but it is more imperative not to alienate Diamond Bank customers and ensure their perception of the change is positive. Both banks seem to already have similar value propositions which weren’t the case with WAMU & Chase, so there is a greater chance with the right strategy of a 90% customer retention. In the face of an M&A, it is important that whatever is being communicated to the customer is completely certain. Do what you say you will! If you say you plan to keep their bank accounts as they are with no changes then you absolutely have to do. It is best to start off a new relationship with the newly acquired customers on the right foot. Build a foundation of trust as this will ease uncertainty and dispel mistrust. If you are unsure at the time of what steps would be taken on certain issues as mergers sometimes can be a long process, it is still best to communicate the uncertainty honestly than mislead a stakeholder. Consistency is key to building brand credibility. Customer Retention should be the biggest aim of the brand and communication strategy since the goal of the merger is to build a financial powerhouse. This should be handled the same way you handle a blended family. Nobody likes change even though it is the only thing constant in life. Customers want to be assured that the complexity of the M&A would not affect the service they have grown accustomed to. They need reassurance that this change will be more beneficial for them. I spoke to a Diamond Bank customer who told me ‘he moved all funds he had in his accounts’ the day after the merger was announced because according to him, historically such moves have led to customer funds being held indefinitely or completely lost. There needs to be a strategy for customers who have this mindset, to reassure them that things won’t be done as they have in @thesparkng 33
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