5 Bookkeeping Tips for New Small Business Owners
One of the most important things a small business owner needs to learn is the basics of accounting and bookkeeping. I mean if your business is not turning over a profit, how would you know? For someone that is not good with numbers, I struggled a lot with the concept of accounting and bookkeeping. I still do until I was forced to get my acts together and learn it once and for all. I’m not exactly a pro yet but I like to think I’ve got my books handled for now until I can afford an accountant. So, here are five tips that have helped me that can help you too as a small business owner: 1. Start with Excel It’s so easy to get overwhelmed with all the tools and templates available for bookkeeping. But I’ve noticed that sometimes it’s better to start with what you’re familiar with. Most of us have a basic knowledge of Excel so you should start with that. Make sure you enter all the money that is coming in and all the money that is going out. Don’t forget you can also use it to create monthly budgets for your business. 2. Track every single expense One of the key things you need to do for your business is to track your expenses. If possible, keep all receipts and tellers. If papers are too stressful to track, download an expense tracking app. You can never go wrong with one. Tip: If you’re in Nigeria, use the Reach app to track your expenses. 3. Separate personal from the business account Whether you admit it or not, you’re not your business so you should treat it like a separate entity. Don’t be tempted to use your business account for personal expenses. Once your business starts making money, put yourself on a salary. That way, you can curb the temptation to dip into your business account. [bctt tweet=”Small Biz owners, listen! Once your business starts making money, put yourself on a salary – @Ebun_Oluwole ” username=”SheLeadsAfrica”] 4. Embrace technology As a small business owner, you should be thankful for all the apps and software that are available at your disposal. It saves you a lot of money you would otherwise have used to hire a professional. Once you get a hang of them, the accounting software is pretty easy to use. 5. Balance your books regularly Between your Excel sheet and your bank statement, there needs to be a reconciliation. Every month, try to balance your books by reconciling all your accounts with your software. It’s so easy to make mistakes manually when using Excel so it’s better to use your accounting software where you can upload your bank statements and reconcile your accounts accurately. Tip: Wave is a simple accounting software you can use. When your business begins to scale, don’t hesitate to hire the services of a small business accountant. Interested in contributing for She Leads Africa? Click here.
AMBER WILLIAMS: PEOPLE DON’T BUY PRODUCTS. THEY BUY STORIES
Amber Williams is the founder of Punkyflair, a brand story shop that serves beauty, fashion, and lifestyle startups. Building iconic statement-making brands is her jam, and she is committed to helping businesses grow authentically through a story. Through Punkyflair, Amber has positioned new businesses in the marketplace, molded magnetic personalities, crafted money-making narratives, and named global product collections for leading brands like Camille Rose, Heat Free Hair, Shea Radiance, and Marjani. Amber Williams connects young brands to the customers they want to reach through a story. She believes that story is the most critical business asset for one simple reason: it can’t be duplicated. It is the key to building a brand that will withstand the test of time and last forever. In this interview, she discusses how you can best understand your audience, communicate your vision, and sell with a story. Tell us how and why you started Punkyflair My early career was spent in corporate America where I used my formal training in psychology and integrated marketing to create and launch brand strategies for companies like Armani Exchange, Volkswagen, The United States Olympic Committee, and Feeding America. I was working within a world of limitless resources and possibilities in marketing. I had the freedom to be creative, spend however much was needed, and most importantly – test the water. After several years of implementing creative brand marketing campaigns, I realized that my signature approach to every strategy I created was rooted in a story. Every idea, every narrative, and every message I built told a story. Inadvertently, I used my knack for writing and understanding of human behavior to put words together that would sell clothing, jewelry, cars, and even promote funds for world-renowned athletes. [bctt tweet=”Every idea, every narrative, and every message I built told a story – @punkyflair” username=”SheLeadsAfrica”] I was a storyteller. At 29, I decided that I would package up my approach and all of my corporate learnings into a framework that would help startups launch and grow their businesses. I created Punkyflair to empower entrepreneurs with the tools, training and thinking necessary to understand their audience, communicate their vision, and sell with the story. Today, I have the good fortune of doing so for leading woman-owned brands like Camille Rose, Heat Free Hair, Marjani, BLK+GRN, and Shea Radiance. What is brand storytelling and where does it fit in marketing strategy? Simply put, brand storytelling is a method for connection. If you consider your favorite storybook or movie, there is most likely a character in it that resonates most with you. Maybe it’s because you see yourself in them. Perhaps it’s because that character represents who you want to be. All great stories make you look at yourself and consider how you connect to the tale being told. Brand storytelling is no different. A great brand story lets your customers know why you exist and how you fit into their lives. When done well, your brand provides the perfect reflection for who they already are but better. Brand storytelling is the most effective, non-salesly way to build meaningful and profitable relationships with the customers you want to reach. [bctt tweet=”A great brand story lets your customers know why you exist and how you fit into their lives.” – @punkyflair” username=”SheLeadsAfrica”] How can businesses effectively explore the core elements that make up their customer profile? All businesses should view their customers as the star characters in their brand story. Everything that your brand does–from operations to product innovation and marketing–should be built around your customer. It always amazes me how many entrepreneurs are willing to skip this essential first step. A strong customer profile is made up of three key elements: perspective, preference, and personality. Understanding your customer’s perspective is all about figuring out where your customer is coming from, the unique challenges they face, and what they really want from your brand. The next step is to discover what your customer prefers by digging deep to understand purchase motivators and where your brand solution fits into their lives. Finally, you’ll want to explore your customer’s personality traits. Doing so will help you tailor your messaging in a way that gets the people you want to reach to listen and buy from you. [bctt tweet=”A strong customer profile is made up of 3 key elements: perspective, preference, and personality – @punkyflair” username=”SheLeadsAfrica”] As they discover their customers, how do businesses determine the best approach in talking to their audience? Now that you know more about your customers, you’ll want to speak to them in a language that they understand. The best approach is first to visualize precisely who this person is. Bringing the person you want to reach to life humanizes your communication. It brings back the reality that you, as the brand, are talking to a real person. When working to craft your narrative, ask yourself these four questions: Why does my brand exist? What problem do we solve for our customers? What values or beliefs do we stand on as a business? How do our products/services make our customers’ lives better? The answers to these questions make up your core brand narrative, letting your customers know exactly why they should trust and buy from you. Plaster them everywhere (tactfully of course)! As businesses increasingly incorporate storytelling in marketing strategy, how can “Motherland Moguls” craft a brand story that yields customer action? The marketplace is getting extremely crowded! It’s never been harder to cut through the clutter than it is now. Customers are continuously bombarded with marketing messages and brands are spending a significant amount of money just to stay visible. In this landscape, the challenge lies in not only being seen, but in making money also. The best way that Motherland Moguls can yield a favorable action from their target customers is to keep a pulse on their customers’ wants and needs. Don’t get too caught up in the competition and what they’re doing. Always remember that people
How to Stay Sane While Being Young and Ambitious
Being a millennial can be exciting and challenging at the same time. We are driven and motivated. The prevalence of media outlets has created opportunities and avenues for us to go after our goals and passions and share our experiences with everyone. We can thus feel as though we constantly need to be on the go. We want to fulfill all our dreams and we also want to live our best lives. Going after our dreams and seeking to live a truly happy life can be an arduous task. It can leave us feeling overwhelmed, burned-out or drained. The key is constantly trying to have some form of balance. You can and should go after your ambitions yet be receptive to enjoying the moment. Here are some tips on how to go about that. [bctt tweet=”The tribe of people you surround yourself with matters because they can have a truly significant impact on your life – @isireflectdaily ” username=”SheLeadsAfrica”] Get a Planner or NotePad There can be a million and one things that you want to do at almost any time. A great way to keep track of your goals and responsibilities is to have a planner or notepad. You can even use your phone to jot things down if you prefer. Getting a planner or notepad keeps your organized. It helps you to remember what it is you aim to do. It’s also a great way to help you be accountable because you are the individual who put down the list of goals and objectives to accomplish. Do Some Form of Physical Activity The misconception around physical activity is that it is only needed for those that want to lose weight and be fit. However, the benefits of physical activity expand further. Physical activity helps to give you focus, clarity and most importantly, it gives you energy. If you consider yourself to be a go-getter and very ambitious, you could easily get burned out from all the things you’re trying to achieve. That’s why having a form of exercise matters the most. It serves as a platform to release stress and fatigue. It boosts your mood and productivity by fueling your energy. Now you don’t have to take in an extreme sport. Research proves that simple activities such as just walking outside for thirty minutes are good exercise. You can find the best thing that works for you. Maybe you like to dance, or swim or cycle? Taking up these activities will keep you energized and of course, healthy and fit. It’s a win-win. [bctt tweet=”Making time for activities you enjoy doing serves as an outlet for you to breathe, enjoy and relax – @isireflectdaily ” username=”SheLeadsAfrica”] Make Time for Activities You Enjoy I understand you want to be your own boss and get on the path to making that six-figure salary. It’s great to aim high but that doesn’t mean you have to neglect to have some fun in your life. Making time for activities you enjoy doing serves as an outlet for you to breathe, enjoy and relax. This will help you to prevent a burnout because if you are working yourself hard 24/7, you become drained and exhausted. You have to make time for the things you like doing. Make time for the movies. Make time to socialize. Make time for self-care activities such as a spa day or a manicure and pedicure. These activities that might seem little compared to your big goals are truly essential because it fuels you to keep moving. Have you heard the saying ‘work hard and play hard.” You’re putting in all that good work so don’t deny yourself the fun and relaxation you deserve. Have a Good Tribe Around You No one makes it all on their own. We all have some form of help and support that makes it possible for us to get to where we want to go. We have mentors who provide us with their valuable time and resources. We have our girlfriends who give us that emotional support and motivation to be our best selves. We have groups and organizations that give us the tools and community we need to better ourselves and take our hustle to great heights. You need to have a good tribe around you in order to achieve your goals and also stay sane in the process. The tribe of people you surround yourself with matters because they can have a truly significant impact on your life. If you don’t have a tribe, you have to consider ways to make this happen. Get involved in organizations and groups that cater to your interests, hobbies, and passions. What helps you to keep going after your goals while living a life that truly feels good? Interested in contributing for She Leads Africa? Click here.
Salma Abdulatif – The Hair Nurse: I kept trying till I got Salummy right
Salma Abdulatif was born in Malindi and raised in Mombasa, Kenya. She studies Marine Business Management at Moi University, and she is a Cohort – 15 graduate of the Young African Leadership Initiative, a programme initiated by former President of the United States, Barrack Obama. Apart from that, writing and poetry have been her forte all through her life. She also enjoys motivating youth and creating innovative solutions to complex problems which she does through her Community-Based Organization, Motivational Talks for Youth (MTY). Salma recently ventured into Natural Hair Oil business – Salummy and she takes us through the journey of being a hair nurse. Why did you decide to create natural hair products and how did you transform that into a business? After listening to my friends complaining about stunted hair growth, dandruff, ‘rough hair, weak hair etc…. You know all those problems girls have with their hair. The problems did not just end there, there was also the issue of hair products which promised to take care of the mentioned issues but most of them failed. Personally, I have tried all types of hair oils that I could lay my hands on and I found it difficult to get that one particular oil that I could constantly go back to and this was when I realized that I could be the solution to this problem. After a number of trials and errors, I was able to come up with a particular oil that I used for some time and there was a tremendous improvement on my hair in terms of texture, color, size, volume, and strength. I am a Muslim, so I cannot carelessly flaunt my hair all over the place. One day, as I washed my hair, my cousins noticed the change and asked for the secret behind my beautiful hair. After sharing it with it them, they also tried it and it worked! That is how Salummy hair oil was born. Friends kept on asking for the oil, and I realized I couldn’t keep giving them my oil for free, and I slowly transformed it to my side hustle. I moved from making the oil to shampoo, hair conditioner and even beard balm for the men. Where do you get the ingredients for your oils? Are they natural? I mostly use organic products ( chemical- free)which is a combination of carrier oils, herbs, and essential oils which when mixed together can be a perfect combo to more moisturized, longer, softer and thicker hair. I use black Jamaican castor oil, curry leaves and lavender essential oil as part of the products I use in my combo. I source all my raw materials locally and I get my bottles from Nairobi, in a plastic industry. Who are your clients, and where are they located? Most of my clients are natural and transitioning ladies but I also have a significant number of relaxed ladies who still find my hair oil helpful to their hair mainly in terms of reducing on hair loss. I have a big market base- I have clients from Mombasa, Kajiado, Nairobi, Kilifi, Lamu, Zanzibar, Daresalaam, Nakuru and even England. What has been the feedback since you launched Salummy Hair Products? The feedback has been overwhelming. When I first started, I did not have a good response and I had to go back to the kitchen time and again to work on my recipe and to keep trying until I had the right proportion for all hair types. There are so many entrepreneurs out there selling natural hair products, what makes your brand unique from the rest? My brand is unique because I give the clients exactly what their hair needs. You will find most brands promising so much and delivering little but I have always tried to test my products with my own family and friends before taking them out to the market so that I give the people what they really want and not what I envision for them which might sometimes come out as an illusion of expectations not met. The first time you use a natural oil, you already can feel and know if it works or not. This is the beauty of it. [bctt tweet=”If you are passionate about what you do, you can never fail – @salummy_salmun” username=”SheLeadsAfrica”] What challenges do you or have you encountered? The main challenge has been to grow the business by myself. I have so many suppliers and ambassadors but I am still the entrepreneur and the head and it can sometimes come out as overwhelming especially since I have to deal with so many orders. The other challenge I face is introducing new products that my clients need like shampoos, conditioners, deep conditioners, and even soaps. I am really trying to take it easy and go as per my capacity. But I eventually know that I will have all these products out sooner or later. I am also thinking of adding partners in the company and a personal assistant to help me in distribution and marketing. What is your advice to young women entrepreneurs who keep dismissing their business ideas with doubts and fears? If you are passionate about what you do, you can never fail. Businesses do not grow in a day, it is a combination of effort, determination, consistency, and creativity. If you have all these with you, your business will speak for itself. Article by Rumona Apiyo. Interested in contributing for She Leads Africa? Click here.
Living Life with a Full-Time Job and multiple Side Gigs: 4 Commandments to adopt
6 months ago, I decided I needed to get a day job. The decision came after I had run my fashion design business and realized I needed firsthand experience running the kind of business I wanted. I got a job as a Personal Assistant in a big manufacturing company. The role is combined with several other unofficial roles. 6 months down the line, I can safely say I am not so over my head as was 2 months ago. Between this full-time job, running my fashion design business on a small scale and freelance writing, it is safe to say I had no “me” time. I had no life outside of work. I had finally done two things I dreaded: living for the weekend and working hard without being productive. Two months ago, I told myself that this had to stop. I finally came up with a routine that helped me do all I wanted realistically and still have a life. Here are my four quick tips for having a life with a full job and side gigs. [bctt tweet=”Balancing two or more responsibilities with self-care is hard but not impossible. Here are the 4 commandments to follow:” username=”SheLeadsAfrica”] 1. Thou shall keep a To-Do list and use it. I found out that having a to-do list keeps me organized. With so much to do at work and in my side jobs, I find myself running around a lot and doing nothing much. My daily To-do list is organized the night before. I factor prayer, working out, my main job, my writing, my sewing in the evening into the list. I make sure I leave blocks of time to accommodate the unforeseen jobs that will come up at work. This is a daily occurrence. The To-Do list increased my productivity by 50%. 2. Thou shall set realistic targets 3 months into the job I developed stress belly and added weight. My face broke out and I started to wear wigs, leaving my natural hair matted under the wigs. Forget mani-pedi. That was gone. When I took the decision to get my life together, the first thing I did was set goals. Safe to say the targets were pretty high and I gave up. I went back to the board and re-drew the plan. Work out thrice a week as opposed to every day. Drink water, get my nails done bi-monthly. Braid my hair once a month and wear wigs for the other days of the month. 2 months in, my stress belly has reduced and I still maintain my hair and nails routine. 3. Thou shall factor in “You” time I love going to the movies, green tea, and red wines. One of the first things I stopped doing was going to the movies. Weekends were tight. No more tea time and wine time. I now find time on Sundays to savor a cup of tea or a glass of wine. Most importantly I fix movie dates so I will have to make time for them. This means I must close out official work by Friday and put extra time into the writing. It is worth it. [bctt tweet=”Relate each work experience to your business. This way your work and life is balanced emotionally.” username=”SheLeadsAfrica”] 4. Thou shall find a purpose in what you do. If your job pays a bit low like mine, you might grow resentful over time. This will definitely affect your work-life balance. For someone who wants the experience, this will make a terrible experience. One way I have managed to balance myself emotionally is to relate each work experience to my business. One thing I have learned to do is to be grateful and positive. It gives more light to the work I do. I make the choice to cut back when I can. Balancing two or more responsibilities with self-care is hard but not impossible and we are getting there. Till next time. For now, drink a glass of wine or cradle a cup of tea and take care of you! Interested in contributing for She Leads Africa? Click here.
Remi Owadokun: Before you write a book, determine what success means to you
Remi Owadokun is a Certified Health Coach, Life Coach and Founder of the Total Makeover Program. The Total Makeover Program is a lifestyle brand dedicated to equipping individuals to live healthy, happy and better lives. She has written not just one, but four bestsellers. In this interview with SLA, she shares her experience as a best selling author. What made you decide to write a book? Well, I was indecisive. I was not sure anyone really wanted to read my story. In fact, I felt it was too ordinary and way too familiar but I had gotten a few requests from people who were interested in reading my book if I wrote it and so I started writing and stopped in chapter 3 or 4. I had never written a book and wasn’t sure what I was I doing. My mentor found out about my book and he served as an accountability partner until it was completed. I was not thinking of the bestseller status at all at the time, just writing the book and holding it in my hand was such a big deal that I did not realize that they were much bigger things to aspire to. So, once I published my hard copy, I put up a new goal. I wanted it to be a bestseller. [bctt tweet=”That your book is an Amazon bestseller does not necessarily mean that your book is a good book. It – @remiowadokun” username=”SheLeadsAfrica”] As a 4 time best selling author, how did you feel when your books achieved bestseller status? The first time was a very huge deal for me as I held best-seller status for about a week. On Amazon, bestsellers are announced on an hourly basis. The highest number of downloads made per hour determines who is a bestseller. So for me to have this for almost a week was massive. I had set a high standard for myself, I couldn’t go below my first book. If the first book became a bestseller, all my books would be so and that determined how I approached the entire process. How has this benefited your brand and business? I would say for my brand, it gives a nice ring to it when I say I have 4 best selling books. It has also helped position myself as a Thought Leader on the topics I have written about. When I get invited to speak or participate in a panel, the audience is more willing to listen, and the organizers are more open to inviting me on their platforms. Can you share some tips on how intending authors can make their books attain Bestseller status? That your book is an Amazon bestseller does not necessarily mean that your book is a good book. It just means that people bought or downloaded the book on Amazon. It doesn’t even mean that people read it. So I would implore that you invest the time to put out very good work, do your research and put your heart in whatever you are doing. Build a community of people who love your work and be consistent in giving value. If you don’t want to end up with boxes of books in storage, it is important that people are hungry for your book even before you decide to put it out. So share, share and share until they can’t wait for you to write a book they can buy and read. [bctt tweet=”Find your authentic self and be true to it – @remiowadokun” username=”SheLeadsAfrica”] What would you say are the general worries of potential authors and how can they scale these hurdles as they attempt to write their own books? Everyone is different and so everyone has different brands of fear, so it is hard to call it one thing. It might be the fear that no one will buy the book, that no one will read it, that people will question your work, that people from your past might see it, that it might be a failure, that it might be a success. It could be anything. My recommendations would be to pass the thoughts through the lenses of critical thinking. Determine why you want to write the book and what success in that area means to you. For some people, they just want to complete a writing project, not necessarily put it out. For some people, it is to get it into the hands of people without profit attached, for some they want to become famous or make money. So determine your why and let that guide your process, strategy. When it comes to writing, no one really puts their best works at first, so don’t wait for it to feel perfect, even if it feels so in a few years you will look back and wonder who wrote it. Who are your favorite authors? Paulo Coelho, he is a remarkable storyteller and I love storytelling. Chimamanda Adichie is also a great storyteller and I love her style of writing. Where do you see your work in the coming years? I see my work developing into other expressions of art like plays, films, cartoons etc. Final words for young African women in business and career Find your authentic self and be true to it. Interested in contributing for She Leads Africa? Click here.
Oghenekevwe Omotosho: I started Oh Wow Popcorn in my kitchen, now its selling across Nigeria
Oghenekevwe Omotosho is a graduate of computer engineering. She obtained her B.Eng at the Enugu State University of Science and Technology, Nigeria. She is also a creative thinker and serial entrepreneur. Kevwe is the CEO and creative director of the unique popcorn brand – Gimme Oh Wow Popcorn & Events – makers of the popular Oh Wow! Popcorn brand. She is married with three children. In this article, she talks about how she turned her passion for popcorn making into a business, and how she’s overcome challenges along the way. How did you discover your passion for popcorn making? Oh Wow Popcorn started in my kitchen. I used to make popcorn for my children and also used it to entertain guests at home. Also, I enjoyed creating new flavors of popcorn especially indigenous Nigerian flavors. I got excited by the idea of making popcorn art and I offered the service of displaying a variety of flavors at every event, live popping or delivering to clients at their convenience. How did the brand Oh Wow Popcorn come about? I realized it was going to be a business for me sooner or later when I started getting positive feedback from friends and family. I made samples and took to my children’s’ school to do a little market research and their response was encouraging. So the journey began, it has been a massive adventure since then. Oh Wow Popcorn was formally launched on the 14th of February 2017 and to the glory of God, we have successfully weathered our fair share of what I call teething challenges. We keep on learning our lessons on this great entrepreneurial adventure and we have come out stronger and better for it. [bctt tweet=”We are proud to have revolutionized the popcorn and snacks making industry in Nigeria – @ohwowpopcorn” username=”SheLeadsAfrica”] Do you run your business full time? What did you do before starting Oh Wow Popcorn? I am a serial entrepreneur, I already had a few other businesses including Myfoodsupplies and I Sabi Work before my passion for popcorn lead me to start oh wow popcorn. I am currently running the three businesses. Popcorn making may seem easy, but what major challenge have you encountered since launching, and how did you overcome them? It has its own challenges. The most challenging was getting a business partner. I thought working with a partner would ease the pressure of running three businesses, but unfortunately, things didn’t work out as planned. I took the bull by the horn and threw myself into building my businesses by training my staff and restructuring my time. Another key challenge we have faced is getting acceptability for our brand of popcorn which is different from what Nigerians are used to. We have however been able to overcome this challenge. Knowing that there are many other popcorn brands in the market, how do you make sure your brand is unique and set yourself aside from the crowd? We stand out from other brands by being original, unique and creative. Our customer service is also excellent. What are you most proud of about the Oh Wow popcorn brand? We are proud to have revolutionized the popcorn and snacks making industry in Nigeria. Since inception, we’ve invented and introduced never seen before flavors like Kilishi popcorn and kulikuli popcorn into our specialized popcorn, and candy floss catering for various types of events. We saw a great potential and are happy to fill the space, by making our clients’ events come alive in previously unimagined ways with our tasty and colorful creations. When it comes to marketing, how far across Nigeria has your brand gone, and where can your products be found? Although we are based in Lagos Nigeria, we receive orders from other parts of the country, such as Ibadan, Abuja, Ondo, and Benin. [bctt tweet=”I took the bull by the horn and threw myself into building my businesses by training my staff and restructuring my time – @ohwowpopcorn” username=”SheLeadsAfrica”] Beyond popcorn production, what else do you do as a brand? We also cater for candy floss, ice cream, waffles, meat pie, chinchin, zobo etc. What is your staff strength currently, and how do you manage them? We currently have 4 permanent staff, and we also get temporary workers when necessary. I make sure everyone knows his/her job responsibility and concentrates on doing it. How do you manage your work-life balance, as an entrepreneur? I delegate duties to my staff and I try as much as possible to limit my work to some specific hours of the day, especially our social media management. Immediately my children get back from school. I concentrate on being a mother and a wife, I take them through all their assignment, eating and gist time before bed. Once they’re asleep, I round up my social media engagement for the day. What’s the next step for Oh Wow popcorn? The next step for oh wow popcorn is to have a presence all through key cities in the country and the world at large. We look forward to being the number 1 popcorn brand in Africa catering for all types of events. Any advice for people with this same business idea? I will advise you to start small, start with what you have. You may have to give a free service to showcase your work to potential clients. Your first impression can make or mar your brand Nurture and grow your business through the early years just as you would nurture a child. The most important tool you’ll need is your passion and drive to keep moving when the chips are down and it looks like you’re getting nowhere. Be creative, be original, be unique. Fill in the gap. Before the end of the year,… I would like to have finalized all plans for the maiden edition of Oh wow popcorn day. It’s an event that would help us give back to our community. It has been scheduled for January 19th next year. Sponsored Post.
Cashless Banking in Africa: How we’re creating payment solutions with technology and innovation
African economies are well positioned to benefit from rapidly accelerating technological change if they can harness the current open landscape for innovation. East Africa is already a global leader in mobile payments, while mobile money accounts in sub-Saharan Africa are on an upward charge. Apart from being able to leapfrog the limitations and costs of physical infrastructure, the continent stands to benefit from having the youngest, tech-savvy workforce in the world in the next decade. Africa’s working age population is expected to grow by 450 million people by 2035. According to the World Bank and the continent is projected to have the largest working population of 1.1 billion by 2034, notes the World Economic Forum on Africa. Recent GSMA data shows that mobile money accounts in sub-Saharan Africa are up 18.4% between 2016-17 to 33.8m registered accounts. [bctt tweet=”Banking in a cashless society will require African solutions for African problems – @nnamdi_oranye” username=”SheLeadsAfrica”] However, we cannot wait 12-15 years before adequate job creating initiatives and policies are unlocked. The answer lies in harnessing the power of the digital economy today to create African solutions for African problems. An important part of this will require promoting and partnering with African innovators to unlock sustainable growth. We are already witnessing the significant potential of digital innovation in the remittance and mobile wallet space. Penetration of smartphones is expected to hit at least the 50% mark in 2020 from only 2% in 2010, according to the World Economic Forum, offering the continent a clean canvas for tech-based innovation. It is an opportunity we must not miss. These are exciting times and are forcing us to think differently to come up with true Pan African innovation and development. MFS Africa is a good example of how carefully harnessed and supported technological innovation can have ripple effects through the continent. It now operates the largest digital payments network in Africa and connects over 170m mobile wallets through 100+ partners, including Airtel, Ecobank, MTN, Orange and Vodafone across 55 markets. It has about 15% of the African population connected to a platform. M-Pesa, launched in Kenya in 2007, is an often-touted example of African technology making waves even outside its own borders. After capturing the local market for cash transfers it has spread to three continents and 10 countries. MicroEnsure, meanwhile continues on the path of developing pioneering insurance solutions for low-income people like micro-health, crop, and mobile insurance. These are solutions directly aimed at emerging customers and it is little surprise the company continues new customers by cleverly partnering with telcos. Access.mobile is another major success story, testing and growing its health innovation offerings for seven years in East Africa. The company works with health systems to hone their communications with patients in lower-income but also in growing areas and it hopped the pond in the opposite direction from most smaller startups and landed one of its first American clients. [bctt tweet=”Standard Bank, as Africa’s largest bank by assets, hopes to support even more start-up and tech initiatives across the continent” username=”SheLeadsAfrica”] Adventist Health White Memorial Hospital, a Los Angeles facility that works largely with lower-income Hispanics, was looking for ways to use health data to achieve better outcomes within its population. These are examples of the role models that will inspire our next generation of innovators. We need more and tech-savvy banks to need to continue supporting them as they grasp future opportunities. Just consider that Findex data shows that sub-Saharan Africa is home to all eight economies where 20 percent or more of adults use only a mobile money account: Burkina Faso, Côte d’Ivoire, Gabon, Kenya, Senegal, Tanzania, Uganda, and Zimbabwe. Opportunities, therefore, abound to increase account ownership up to 95 million unbanked adults in the region receive cash payments for agricultural products, and roughly 65 million save using semiformal methods. Standard Bank, as Africa’s largest bank by assets, hopes to support even more start-up and tech initiatives across the continent to ensure these opportunities are not lost. [bctt tweet=”We are setting a new standard in digital payments with the launch of Africa’s first prepaid virtual cards ecosystem, among many other digital innovations – @nnamdi_oranye” username=”SheLeadsAfrica”] We are therefore innovating ourselves at a rapid pace to harness the benefits of the digital age to drive financial services inclusion. Mobile payment solutions like Snapscan is now available at over 25,000 merchants and a vast user network across South Africa. We are setting a new standard in digital payments with the launch of Africa’s first prepaid virtual cards ecosystem, among many other digital innovations. The future will be about solving genuine customer problems rather than putting a band aid on them. One area in urgent need of change, for instance, is remittances, where Africa is still one of the costliest places in the world to remit payments – fees as high as 10% to 20% are still endured. We need to harness technology to genuinely solve this problem. Sometimes when we talk about banking in cashless society we look too far out – but we don’t have the luxury of time. Knowing your customer (KYC) is about understanding what they need today based on their culture and context and then unlocking the already available data to provide the solution. Technology, for instance, can solve the unbanked problem on the continent. However, this does not mean you can “plug and play” by taking something that works in one country and expecting it to work in another. Success will increasingly be centered on having a Pan African view of the problem, but local implementation. The future is certainly bright for Africa as exponential innovation continues to drive change across the continent we call home, disrupts industries and replace legacy technology. It is now time to grasp this opportunity with both hands before the innovation wave passes us by. Article By Nnamdi Oranye, Fintech Author and International Remittances Lead at Standard Bank Group. October 2018 Sponsored Post.
Anita Benson: The Anti-Skin Lightening Activist
Anita Oghenekome Benson is a Medical Doctor specializing in Dermatology. She is also a Public Health Specialist with a Masters in Public Health from the University of Sheffield. Anita is a 2018 Mandela Washington Fellow and a Fellow of the Center for Global Business Studies at Howard University. She is an award-winning blogger and the founder of the Embrace Melanin Initiative, an NGO that focuses on eradicating colorism and harmful skin-lightening practices from Africa. Anita is raising a generation of young Africans who embrace their melanin and are empowered, educated and self-aware. The Embrace Melanin Initiative is quite a unique project, what led you to start it? I was starting my final year as a Dermatology resident and I had to choose a topic for my thesis. I had always considered myself an anti-skin lightening activist because I had seen too many patients pay the price for their skin lightening practices. Being a very dark skinned woman, I was constantly offered the option to lighten my skin by cosmetologists and well-meaning friends. This motivated me to do a community survey to find out why people lightened their skin. I wanted to know what products they used and if they were aware of the side effects which included obesity, hypertension, diabetes, liver and kidney disease, skin cancer, premature aging, fragile skin, stretch marks, body odor, skin infections, and discolored skin. [bctt tweet=”A young woman is content with her skin color until the first time someone points out that it is ‘too dark’, ‘dirty’, ‘less attractive than fair skin’ – Anita Benson” username=”SheLeadsAfrica”] In a few months, I had interacted with more than 400 people and I realized that the magnitude of the problem and the level of ignorance surrounding the possible complications of skin lightening was way beyond the scope of my thesis. The Embrace Melanin Initiative was established to address this problem. What would you say are the major reasons African women engage in this trend? Colorism is the major reason African women engage in skin lightening practices. It is a silent problem that exists in our communities and is simply defined as the discrimination of a person because of her darker skin tone by members of her own race/tribe/community/family. A young woman is content with her skin color until the first time someone points out that it is ‘too dark’, ‘dirty’, ‘less attractive than fair skin’. Or she begins to notice the affiliation of some males and the media for lighter skinned women. [bctt tweet=”Kicking colorism out of Africa is the only way skin-lightening practices will ever be truly eradicated – Anita Benson” username=”SheLeadsAfrica”] She may even face discrimination at her job or a reduction in marriage suitors. Whatever the case may be, this silent discrimination leads to poor self-esteem and an unshakeable belief that lighter skin is the answer to all of her problems regardless of the potential dangers of skin lightening practices. Men are not left out and some women even bleach their children. Pregnant women have also been reported to take certain pills to lighten their babies in the womb which can lead to all sorts of potential complications. What can we as well as the government do to reduce this problem? We can stop the discrimination. It happens in the marketplaces, in the home, in church, at social events, in the media, at work. Africa has been freed from slavery for hundreds of years yet we still mentally attribute more beauty and importance to anything or person that looks more foreign than native African. We need our women to know that they are beautiful not in spite of their dark skin but because of their dark skin. The government can provide tighter regulations on the sale of skin lightening agents in the open market and ensure that the ones that have been banned by NAFDAC are not still freely available for sale. Another very important role the government can play is to ensure that the side effects of every skin lightening agent are boldly printed on the bottle so that consumers can make an informed decision. Too many women are suffering due to their ignorance. One of my patients died of kidney disease a couple of years ago due to chronic use of mercury-containing skin lightening agents. What would you say has been your key learning points on this journey? These have been my key learning points: 1. You can’t change the practice till you change the perception about black skin. 2. Kicking colorism out of Africa is the only way skin-lightening practices will ever be truly eradicated. 3. There’s a need to change the narrative on what it means to be black which goes past our perception of our skin color to dissociating being black from words like corruption, self-hate, crime, ignorance, illiteracy, and mental slavery. 4. Do not judge a person till you have heard their story. So many women who chose to bleach did not feel like they had any other viable option at the time. [bctt tweet=”Colorism is the major reason African women engage in skin lightening practices – Anita Benson” username=”SheLeadsAfrica”] What are the possible business ideas/solutions that can arise from solving this problem? African skin-friendly products. Not the ones that promise to tone the skin but those that make the dark skin shine and keep it healthy and protected from the UV rays of the sun. The cosmetic industry is a billion dollar industry however right now the focus of the majority is on skin lightening agents and solving this problem will create a vacuum for healthy skin care products suitable for the African skin. What is your advice to women seeking to advance their career while getting involved in personal passion projects? Women are amazing multitaskers and what makes us really special is that there’s no limit to the number of caps we can wear as long as we are able to manage our time effectively. The best way to juggle a career with personal projects
WEBINAR WITH VUMILE MSWELI: WORKING TOWARDS YOUR DREAM CAREER (OCTOBER 31)
Don’t have a career growth plan? Well, girl, you need one! When we were younger, our career plans were much more exciting! We wanted to be so many things. Now that we’re older, are we really focused on our career goals with as much excitement? Or are we just all about the Benjamins? Sometimes, we get so busy on the job and running the businesses that we don’t take the time to focus on our personal development. But remember, you owe it to yourself. The smarter you get; the more skills and valuable contacts you have, the more your company will benefit and the more schmoney will come in!!! [bctt tweet=”Tired of your current career status? Join us for a webinar with @vumilemsweli on Wed, October 31st at 3 pm WAT to get all the tips you need to take your career to the next level.” via=”no”] Join us on Wednesday, October 31st, for a Webinar with Vumile Msweli, founder of Hesed Consulting, who will be giving advice on how to reach the next level in your career. Vumile has had experience working with individuals and entrepreneurs to accelerate their careers and businesses, and she’ll be helping you too! Some of the topics we’ll cover How to design your career Positioning yourself for your career Finding your Ikigai (the source of value in your life) Re-discovering your career passion How to maximize your career for success Register below to access this opportunity and submit questions that you would like Vumile to answer. Webinar Details: Date: Wednesday, October 31st, 2018 Time: 3pm Lagos // 4pm Joburg // 5pm Nairobi Location: We’ll send you the link to watch once you register Watch the webinar here: About Vumile Vumile Msweli is an international speaker, renowned career coach, columnist, and the Chief Executive officer for Hesed Consulting. Hesed is a consulting firm specializing in commerce acceleration; career coaching; women empowerment; facilitation and training on the African continent with a presence in Nigeria and South Africa. Vumile has worked in Europe; Asia and across the African continent for reputable multinational institutions including Barclays, Investec, Nedbank, First National Bank, and Vodafone. Vumi is a regular contributor to the Guardian Nigeria and Destiny South Africa, she has spoken at the African Union, Women’s Economic Forum and USAID to mention a few. She is an award-winning businesswoman who has received honours such as the Women’s’ Economic Forum’s Woman of Excellence Award, being named 34th Most Influential Young South African by Avance Media, the Mail and Guardian Top 200 most influential Young South Africans and awarded the Elle Boss of the Year in the Corporate Category and the Black Management Forum’s Young Professional of the Year.