Join the SLA #SecureTheBag Challenge

Hey Girl,

End your Hot girl summer by securing the bag and getting your finances in order. Our 30 Day #securethebag calendar helps you: save, invest, and live your best life! 

So without too much talk, enjoy your calendar as promised! 

And, if you’re new to our community, starting tomorrow you’ll get more information on what She Leads Africa is and how you can boost your personal and professional development as a part of our community! Otherwise, it’s business as usual. 😏

Can’t wait to see how financially stable you become this season, so ensure to share your progress/ journey to getting the bag with us, every day on our social media @SheLeadsAfrica.

See you on Instagram!
Lola Naija 


Share this with your friends and family, let’s get the bag this September.

3 Reasons why you are an impulsive spender and what to do about it: Lydia Chinery – Hesse

This September, we’re out here on these streets trynna secure the bag. If you’re an impulsive spender, this one is for you.

As a financial advisor working with Holborn Assets, Lydia Chinery-Hesse has helped clients put measures in place to control their spending while increasing their savings and growing their wealth.

She has been working with various nationalities to help them plan their financial future by giving them transparent, objective and honest advice. Lydia helps them visualize their personal (and business) goals and structure a plan towards achieving them.

Earlier this year, she created a Facebook group called Love Yourself Financially, a community of global women who are dedicated to being the boss of their finances.

Their goal is to be financially secure and free – which has a different meaning to each member.


The Scenario

You’ve just finished a successful meeting and decide to take a short walk through the mall, for some window shopping.

Before you know it, you’ve spent money shopping for more clothes you don’t need!

It’s 4:15 pm and you’re absolutely famished. While you could wait another hour to get home and eat some leftovers from last night’s home-cooked supper, you decide to order food that would cost the same amount as your groceries for the week.

Even if you haven’t found yourself in one of these situations before, you’ve definitely spent money impulsively in one way or another.

  • Why is this?
  • Why are we so impulsive? More importantly…
  • What can we do about it?

Here are the three main reasons for being an impulsive spender, and a few ways you can improve your spending habits.

1. You’re using a credit card

Studies show that when we pay using our credit card, we’re more likely to spend money. With a credit card, your thinking will be more along the lines of “out of sight, out of mind”, as you don’t see the money ‘leaving’ your wallet.

Conversely, when we spend with cash, it hurts a little, and you tend to think twice before spending it.

What should you do about it?

• Until you get to a point where you have significantly improved your discipline in this area, ditch the credit card.

• Ditching the card means spending cash only.

• Withdraw your cash allocation for the week, and carry only what you need on a daily basis.

2. Because money should be spent

If you’re able to spend money impulsively, consider yourself fortunate to have the money to do so. That being said, just because you can, doesn’t mean you should.

As an impulsive spender, It’s likely you’re not tracking your expenses by writing them down or through an app.

If you did, you’d be less likely to spend mindlessly as you’d always be aware of what you’re spending on and how much you’re spending. 

What should you do about it?

• Before you’re about to buy something, you want, pause. Wait a day, a week, a month or longer to determine if you really need it. Chances are you don’t.

• Track your expenses, create a budget and live by it.

• Get an accountability buddy. When you’re itching to spend, call a friend you trust who will talk to you straight.

• Meal prep. Don’t give yourself an excuse to buy a meal. 

• Try no-spend days a few times per month.

In addition to all of these, it’s worth considering…what else could you be doing with that money? This brings me to my last point:

3. You are not thinking long-term

Image result for African woman thinking gifs

Living for today will most likely mean scrambling or struggling in the future.

Perhaps it would be wiser to live according to this African Proverb, “For tomorrow belongs to the people who prepare for it today”. 

What should you do about it? 

• Set your savings goal and reward yourself for achieving them (without spending money – be creative!)

• Save towards future plans. Put some money aside monthly towards that goal, whether it’s a vacation, car purchase, etc.

• Be intentional about your long term goals. This begins by figuring out how much you’ll need to either live comfortably in retirement or to reach financial security (where passive income pays for your expenses).

Once you have that figured out, work backward from there to determine how much you should be saving (and investing) in order to reach your target.

Practicing delayed gratification improves your discipline and you’ll also enjoy the financial rewards in the future – @lydialydzzz Click To Tweet

It takes some self-reflection and being honest to admit that there are areas in which we need to be more disciplined in order for the impulsiveness to end. 


How are you improving your spending habits this month? Click here to share your story with us.

SheaMoisture Spotlight on Finance Queen: Anie Ufia – founder of Kolo Lagos

SheaMoisture is the enduring and beautiful legacy of Sofi Tucker. Widowed with five children at 19, Grandma Sofi supported her family by selling handcrafted shea butter soaps and other creations in the village market in Sierra Leone.

Sofi became known as a healer who shared the power of shea and African black soap with families throughout the countryside.

She handed down her recipes to grandson Richelieu Dennis, who founded SheaMoisture and incorporated her wisdom into the brand’s hair and skin care innovations.

SheaMoisture products and collections are formulated with natural, certified organic and fair trade ingredients, with the shea butter ethically-sourced from 15 co-ops in Northern Ghana as part of the company’s purpose-driven Community Commerce business model.

SheaMoisture has partnered with She Leads Africa to support and showcase Nigerian women who support their communities.

About Anie Ufia

22-year old Ufia Aniebietabasi is the CEO and founder of Kolo Lagos. She is a Mass Communication graduate from the University of Lagos.

After an experience where she was shocked to find out that she had no savings of her own in a bank or anywhere else, Anie made up her mind to create a system that will make savings fun and a priority for her. 

Seeing the immediate results it had on her finances, she was determined to help other young people like herself, take control of their finances.

You are sure to either catch Anie preaching the gospel of financial freedom or on the lookout for opportunities with which she can drive social change.

Connect with Anie and her business here Website, Instagram, Twitter


Tell us about Kolo Lagos.

Kolo Lagos is a proudly Nigerian brand that is passionate about bringing back the saving culture in a unique way.

We aim to achieve this by encouraging people to save money in a piggy bank, popularly called “Kolo” in Nigeria.

Our kolos are made from quality tested wood and specially handcrafted with love in Nigeria to help people curb overspending, grow a saving habit and stay disciplined while at it. 

How did you turn this habit into a business?

I started Kolo Lagos during my final year at the University. I suddenly realized that I had zero savings, not in the bank or even in a piggy bank.

This made me buy a piggy bank for myself and discipline myself to save money. I bought one from a carpenter that was introduced to me by a friend.

 Since it worked for me, I told my friends about it and everyone wanted a piggy bank so they could save money as well. 

That was how the journey began!

Having a niche business, how do you make your brand stand out?

At Kolo Lagos, our kolos are crafted and designed to promote the rich and beautiful culture in Nigeria and Africa. They have also added an innovative touch to an old approach of saving money which was used since the days of our forefathers.

The reusability of our Kolos has also added a modern twist to it and is the ‘WOW’ factor that attracts our customers

Can you share with us 3 things you struggled with at the start of your business, and how you overcame them?

The major challenge I struggled with at the start of my business was building brand loyalty. It was a new business and with the prevalence of online fraud, most people are scared to make a purchase from an online store.

However, as the business grew, people began to trust us enough to refer us to friends and relatives. I have now moved from selling kolos to just friends and family but to people who discover us via the internet.

Another big challenge I struggled with was finding artisans who knew their onions, could deliver neatly done jobs, and deliver them on time.

I am glad that I have overcome that challenge since I have a particular one I now work with…

Tell us about a personal experience that translated to a  business lesson for you.

My first business lesson was before I even began my business. I had given a fashion designer a fabric and style to make an outfit for me.

I decided to come to get it at the allotted time the tailor gave me, but despite the sufficient time I gave, my dress wasn’t ready.

It was quite annoying and frustrating, to say the least. So I took that lesson with me to Kolo Lagos when I started it.

Working with artisans means that I constantly have to follow up, make calls and even go there physically if need be, just to ensure that everything is done well and on time. That experience stayed with me and has been a major lesson that has helped my business.

What impact have you made in your community since starting your business?

Since starting my business, I have impacted my community by speaking at workshops and seminars to both young and old people about money, and why it’s important to maintain a healthy saving lifestyle.

What is your 2019 goal, and what have you done so far to achieve it?

My goal for 2019 is to get more local distributors within Nigeria and at least one international distributor in order to achieve the goal of selling 2,000 kolos this year.

I am currently speaking with someone who is interested in becoming an international distributor.

Share with us 3 fun facts about yourself

  1. I love food. Food loves me.
  2. Food makes me happy.
  3. I know how to play drums.

What’s your fave skin care routine?

My skin care routine is done at night when I get to nicely cleanse my skin with my organic skin products, and prep for the night before going to bed.

How do you feel about promoting your brand on She Leads Africa, courtesy of SheaMoisture?

To be totally honest, I am still in utter shock even as I type this.

I remember when I applied for it and a part of me wasn’t sure if my business would be selected, but I applied anyway.

I am deeply and sincerely grateful for this once-in-a-lifetime opportunity. Thank you so much, Shea Moisture. You ROCK!

Describe your business with one word…

The word is UNIQUE.

Missed our first Shea Moisture Spotlight? Click here.

You can find SheaMoisture products at Youtopia Beauty stores nationwide and on Jumia


Sponsored Post.

How to rock these 5 Corporate Styles effortlessly

At the concluded MET Gala, head swooped and ears buzzed, we saw fashion statement from the future, from Queen mother Serena Williams’ magnificent dress, to Tracy Ellis Ross’ – Mirror in the wall black emblem.

We are trying to not mention Cardi’s overflowing regalia and Lupita Nyong’o statement headgear. Nonetheless, Zendaya was the star of the ball or MET rather.

She came dressed in an outfit that lit up from a wave of a magic wand. With her very own fairy Godmother or father.

Wouldn’t it be great if we all had fairy godmothers that would wave a wand at our swarthy wardrobes and Gbam, we are all glammed up.

While we are still waiting for a fairy godmother/Wakanda father, we put together a number of ideas and ways you can switch up.

Let’s take a more practical approach to our wardrobe.  These makeover and outfit ideas are for that goal-getter who knows she can slay and deliver at the same time and is doing just that, while she might be able to stretch her budget.

This boss lady wants to be in the know of fashion trend, she wants to be creative and classic, turning both eyes and heads at the meeting, for her we’ve set up an array of methods to switch that glam up

We don’t leave the entrepreneur out, she’s making boss moves, she’s running from an event venue to meeting with her clients.

She wants to make sure everything works well for her small business, and she wants to look like she means business to clients. She can’t bust a thousand box on clothes.

What ways can she creatively switch up the narrative off her wardrobe from “please-help-this-newbie-entrepreneur” to “here’s -why-you-should-invest-in-my-business entrepreneur”.

The Statement Stiletto

A stiletto can transform your look from plain to classic. First, it elevates your status, gives you more moral to look people in the eye, and a statement stiletto draws eyes from your heels all the way up to your face.

A statement stiletto can be stylish while remaining formal. They usually stand out in just one color. A bright red is an all-time favorite, a neon green will go too.

Whatever you choose, make sure to pair them off with soft brown colors and power glasses. Make a statement without saying a word

The Formal Ankara

What better way to stand out than in an all in one Ankara print pants or skirts. While you rep the Wakanda nation. you bring with you that extra sauce and excitement that is otherwise drab in a suit and tie setting.

Note: Ankara prints can get busy so it’s best to pair them off with single color, mainly white or black and minimal accessories.

The Stylish Joggers

Whoever told you pants can’t be stylish lied to you. There are days when a Motherland Mogul has to be on her feet, moving around to keep things in check, trying to meet up and staying all late to make orders move in the next morning.

This is certainly no time to do a catwalk.  When you really need that flexibility jump in from one car to another, a jogger’s gat you baby girl.

It’s light, free and flexible, allowing you to be comfortable all day long. Paired with a jacket you can quickly make the switch from entrepreneur to the boss lady

The Classic Pants

Pastel pants come in all shapes and colors. Single-colored pastel pants bearing softer shades like woody brown or pastel pink are great together.

Layering a turtle neck tee shirt or a tank top underneath the statement jackets makes your outfit pop.

It’s easy, soft and comfortable and you can always switch from feeling classic in a jacket to party style in a tee-shirt styled into a crop top to fit at a party.

However you choose to wear it, this outfit works for different occasions.

The Multipurpose Jacket

A bright colored jacket Is a must for any wardrobe. There’s barely anything you can’t rock with it. A bright colored jacket can be worn on a little black dress, a dinner gown, or even with a corporate dress.

You can pair it up with a tee-shirt and you make a unique fashion statement. And if you dare, mix it up with sneakers or all stars.

Now you have it, survey your wardrobe to find combinations that work.

Here are 3 tips to help you recreate a new wardrobe in a week.

  • Ransack your wardrobe, you would probably find a statement piece you didn’t know what to do with or a jacket you forgot from a long time ago, now is the time to bring out the slayer in you.
  • Pair each outfit by color and accessories them.
  • Next, you’d want to take photos of each outfit you think cuts the mark, scan through your Mirror, Mirror on the wall, and select the dopest of them all.

Here are a few online thrift stores you can get clothing from, all of which can be found in Mall of Africa.

  • Zara
  • Boho
  • Pretty Little things
  • Budget shopping Fashionaova

All outfits and dresses in this article can be found at StyleAmira’s fashion and lifestyle page. You can also find them on the gram.

Till next time, let us slay together.

Wema Bank Is Redefining Nigeria’s Tech Sector with ‘Hackaholics’

As a mark of its resilience, Wema Bank has over the years proven itself as an incubator of inventions and creative ideas, traits that continue to define its operations long after its establishment in 1945.

With the launch of ALAT, Nigeria’s first digital banking platform, they redefined and extended the limits of experiential banking. Safe to say they are Nigeria’s most innovative bank for a reason.

This year, they are raising the stakes with the launch of their very own hackathon – ‘Hackaholics.’ They simply can’t stop, won’t stop innovating and creating magic.

Are you an innovator, creative thinker, developer or addicted to hacking existing technologies to create better solutions? Don’t miss out on this great opportunity to bring your ideas to life.

Nigeria's most innovative bank - @wemabank Is Redefining Nigeria’s Tech Sector with ‘Hackaholics’. Find out how... Click To Tweet

From March 29 – 31, 2019, Hackaholics will pull together tech-driven professionals to create actionable solutions. Innovators and creative thinkers will be availed the opportunity to convert visionary concepts into workable applications for financial, institutional and social problems.

More than just the prize award, winning ideas will…

  • Be nurtured to become marketable
  • Receive full technical support from Wema Bank
  • Get funding up to 10,000 USD

The goal of the event is to harvest impactful tech solutions that re-echo the bank’s passion for building a community of innovators constantly working to bring safer, more convenient and profitable banking to customers.

Calling all innovators, creative thinkers, and developers addicted to hacking existing technologies to create better solutions. Don’t miss out on the Hackaholics by @wemabank. Learn more... Click To Tweet

Visit Wema Bank Hackathon to register your team today. Entries close March 12th.

Join the conversation by using the hashtag #hackaholic or simply follow us on our social media pages – Instagram: @wemabank. and Twitter: @wemabank


Sponsored Post.

Introducing the Money Talks Series – addressing financial issues young African women face

She Leads Africa and FSDH Asset Management partner to bring you an 8 episode web series focused on common money issues young career and businesswomen face.

Want to make serious money moves in 2019 and start taking steps to reach your financial goals? Whether you are getting married or are married, part of the bridal team, just started working, planning to pursue your master’s degree and more, the Money Talks series is here to help you!

With each episode focused on different financial issues most Nigerian women face, the Money Talks series aims to help women reach their financial goals through various FSDH product offerings.

The Money Talks series is brought to you by She Leads Africa in partnership with FSDH Asset Management and will be hosted by She Leads Africa’s Head of Content, Hilda Awomolo.

Each episode will feature successful career and businesswomen, including our co-founder – Afua Osei, who’ll share their insights and provide tips on each topic.

Watch the trailer here:

Through this series, viewers will:
  • Gain tangible advice on how to deal with various financial – related issues.
  • Have access to 4 Quick Math guides to help make money moves at the end of each episode.
  • Participate in a LIVE chat during the premiere of each episode on She Leads Africa’s YouTube channel.
  • Be provided with an opportunity to discuss topics in a Twitter chat every Tuesday on  She Leads Africa’s Twitter page.
The episode guide is as follows:
  • Episode 1 – Who gets your first salary? You or your parents?
  • Episode 2 – Are you a bad person if you don’t buy Aso-Ebi?
  • Episode 3 – Should you have a separate investment/bank account from your husband?
  • Episode 4 – What’s the actual cost of having a baby?
  • Episode 5 – How do people fund their master’s degrees?
  • Episode 6 – How do you react to friends and family who borrow from you? 
  • Episode 7 – Do your friends help you spend or save your money?
  • Episode 8 – Does your spending personality match your account balance?

The first episode will be released on Thursday, 28th February 2019 at 6pm WAT on the She Leads Africa YouTube and Facebook pages. Brand new episodes will go live every Thursday at 6pm WAT from 6th March on both platforms.


More about FSDH Asset Management

FSDH ASSET MANAGEMENT LTD – FSDH AM is a wholly owned subsidiary of FSDH Merchant Bank Limited. They are one of Nigeria’s leading asset management and financial advisory firm.

FSDH AM is versatile in financial transactions and investment strategies that meet the need of investors in an emerging economy like Nigeria. They recognize that today’s investors need the services of dedicated and expert professionals to provide them with intelligent investment counsel.

Therefore, their strategies are dedicated to preserving investors’ wealth while maximizing the value that they receive.

WEBINAR WITH FBNQUEST TRUSTEES: DISCOVER THE POWER OF ESTATE PLANNING (DEC 5)

Wealthy or nah, we all have an estate and it’s important to have a plan for it. 

Without a solid estate plan, your friends and relatives can spend a lifetime scrambling over your assets – we wouldn’t want that to happen would we?

While you’ve worked super hard to build a secure and comfy lifestyle or are still working towards it, it’s time to protect those assets with a proper estate plan.

Tune in on Wednesday, December 5th, 2018 for a LIVE webinar with certified Estate Practitioner – Mofoluke Keshinro, in partnership with FBNQuest Trustees.

Discover the power of estate planning with @fbnquest & @sheleadsafrica during a LIVE a webinar on Dec 5th at 2 pm WAT! Reg here: bit.ly/fbnquestEP Click To Tweet

Some of the topics we’ll cover

  • Why you need Estate Planning
  • Keeping your wealth within the family
  • Planning for your loved ones
  • 10 Common Estate-Planning Mistakes Women Make

Register below to access this opportunity and submit questions that you would like Mofoluke to answer.

Webinar Details:

Date: Wednesday, December 5th 2018

Time: 2pm Lagos // 3pm Joburg // 4pm Nairobi

Location: We’ll send you the link to watch once you register

Watch the webinar here:

About Mofoluke

Mofoluke Keshinro is the Head of Private Trust at FBNQuest Trustees Limited and is one of only two certified Trust and Estate Practitioners (TEP) in Nigeria.

Her experience includes roles at Liberation Partners, Wema Trustees Limited, and Great Nigeria Insurance Plc.

She is a full and certified Member of the Society of Trust and Estate Practitioners (STEP) and has attended STEP seminars/conferences in Johannesburg, Dubai, New York and Singapore.


FBNQuest Trustees is part of FBN Holdings Plc, one of the strongest and most dependable financial groups in Africa.

They assess your needs and provide tailored solutions for the safekeeping of assets. From estate planning to government bond issuance,  FBNQuest Trustees holds a solid market position as a leading trustee services provider.

 

A MINIMALIST’S PERSPECTIVE TO SETTING GOALS

Goal setting is paramount to individuals as it helps with the rebranding, focus, and orderliness of life. I mean, we all have aspirations and dreams and accomplishments we would love to attain yes?

And when it comes to aiming that peak, it’s all about good intentions, yes?

When it comes to sharing our aspirations with others, we get bold, we get optimistic, and we get daring, yes? Most people even go as far as creating reward systems for themselves, like when I positively tick so soon my goal list, I have to get me some Birkin Bag because I sure deserve it! Right?

So why do we let the negative kill our vibe? Why is it that we often fall short of the goals we set for ourselves? How come we wonder why we are at the same place we were years past, with the same poor habits and no sign of progress?

It’s simple.

Start simple and work your way from the ground up Click To Tweet

The answer to the entire why questions are because as human beings, complicated is our tag names, no offense. We tend to overcomplicate and make vague the steps necessary to accomplish the goals we set for ourselves.

As there are loads of various perspectives to setting goals, this article gives you another strategy to set and look at your goals progressing from a minimalist’s perspective.

LITERALLY, HUG BIG PICTURE IDEAS

This may be very contrary to what minimalist’s belief in but its standard. Embracing that big light bulb idea will make one hone in on what we tend to get out of this life.

This idea may range from securing a major deal in your niche, wanting a big family or just being financially well off. It could be anything that tickles your fancy, just make sure you write it down on a paper with your lovely pen.

Note: it’s important to take the time to grasp what you want your life to be all about, and what you would want to achieve big time.

PRIORITIZE THE PARAMOUNT

This is the forte of minimalists. So once you’re done listing out your big ideas and dreams’, noting the order of importance is the next step.

When you create a prioritized list, you are getting rid of the confusing clutter and allowing yourself focus on what you truly want to accomplish.

So this is it: you create a list of your goals beginning with the most important to achieve at this point in your life to the least important.

Note: One has to realize that the goals found at the bottom of the list are still important but not as crucial as the ones found at the top. Now, success is just around the corner because you have something real, a real end goal you wish to achieve and not just wishful thinking goals.

CREATE TANGIBLE STEPS

Now that your priorities have been set, you can start using this information to pinpoint steps that would help you achieve the most important goal on your list.

Remember, you need to take time out and think deeply for you to establish well thought out steps to achieving your goal.

Now, try to begin with the most basic achievement you can think of. As with how we humans evolved, and our learning process, we started learning A, B, C before forming sentences. So start simple and work your way from the ground up. Remember with previous steps, it’s important to note them down so you can refer back to them later.It helps when you keep your laid out thoughts short, black & white and precise so it’s clear to see if you have successfully accomplished a step…or not.

This phase is more or less, understanding the significance of creating a solid foundation that is easy to grasp and build upon.

GET RID OF THE CLUTTER

As a minimalists’ main goal is to declutter in all aspects of life, this works in setting goals as well. Any step or thing that doesn’t aid in your success should be scratched out, with every ounce of intentionality and no looking back.

Anything that proves as a barrier in achieving your goals, be it an excess of social events, ideas, obligations, people or items, scratch ‘em out, please.

Now don’t get me wrong, they may not be negative influencers, in general, but they may be distractive and you won’t be needing any distractions when it comes to pinpointing the goals and heights you want to attain at a certain period.

We need focus vibes and not distraction vibes.

If you want to lead a simple life, scratch the reward system, let go of that chocolate and be bold. Click To Tweet

REWARD SYSTEM…OR NOT.

Reward system is an innocent idea but totally unnecessary. For minimalists, they see value in the lifestyle they have opted in for and they know there’s a light at the end of the tunnel.

They know the rewards and gains they have to look forward to by achieving their goals and so they embrace the simple idea that for every phase completed, they are a step closer to achieving their desired goals.

This setting goal strategy may be very tough on people and opting in for the reward system is not a bad idea but if you want to lead a simple life, scratch the reward system, let go of that chocolate and be bold.

REVAMPED LIFESTYLE

A minimalist strategy to setting goals gives a more defined approach to things and a simple approach to creating and meeting your desired goals.

Once you’re done setting your goals, you start getting results in your overall lifestyle, positive results as that’s the beautiful outcome of setting goals.

It’s more like you put in hard work in one area of your life and you see a transformation in other areas. Keep that in mind.

Note: Don’t try to skip previous steps to jump. It doesn’t work that way as the steps work hand in hand and can be confusing when you do one without the other.

Achieving your goals using the steps and systems embedded in this minimalists perspective to setting goals will create an easy path to follow and remember there is no rush or time limit. Just don’t invite procrastination to the party and we will be good.

Good luck!


  Interested in contributing for She Leads Africa? Click here.

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.

Banking in a cashless society will require African solutions for African problems - @nnamdi_oranye Click To Tweet

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.

Residents transfer money using the M-Pesa banking service at a store in Nairobi, Kenya, on Sunday, April 14, 2013. In the six years since Kenya’s M-Pesa brought banking-by-phone to Africa, the service has grown from a novelty to a bona fide payment network. Photographer: Trevor Snapp/Bloomberg via Getty Images

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.

Standard Bank, as Africa’s largest bank by assets, hopes to support even more start-up and tech initiatives across the continent Click To Tweet

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.

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 Click To Tweet

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.

Webinar with FBNQUEST ASSET MANAGEMENT: The balancing act – managing debt and building long term wealth (Oct 11)

“Staying out of debt is staying out of danger”. We don’t remember who said this, but its true!

Not all of us make six figures today, and even when we try hard to maintain financial discipline, this economy sometimes makes it hard to stay out of debt or even pay what we currently owe.

If you want to walk in financial freedom, it’s important for you to have a plan on how to manage your finance effectively and tackle your debts.

Most importantly, you need to make sure you’re not uncomfortable around your friends if they have RIRI’s song as their ringtone everytime y’all are hanging out.

In our previous financial planning webinar’s, we taught you How to make your first investment and how to Save and slay. Now, it’s time to go in deeper as we teach you how to improve your finances by managing your debts and building long-term wealth for yourself.

She Leads Africa, in partnership with FBNQuest Asset Management is inviting you to a 45-minute webinar with skilled wealth advisor and financial planner – Emmanuella Ekhaguere, on Thursday, October 11th, 2018 at 3 PM WAT.

Emmanuella will be giving some tips on how to balance your finances, how to manage your debts better and how to build long-term wealth for yourself.

Join SLA & @FBNQuest for a webinar on October 11th at 3 pm to learn how to manage your debts, build long-term wealth for yourself and how to balance both! Click To Tweet

Some of the topics we’ll cover:

  • Understanding financial fitness and measures
  • Managing your cash flow, budget and time value of money
  • Top 10 ways to live a debt free life.

Webinar details:

Date: Thursday, October 11th, 2018

Time: 3PM Lagos // 4PM Joburg // 5PM Nairobi

Location: We’ll send you the link to join the session once you sign up!

Watch the webinar here:

About Emmanuella

Emmanuella Ekhaguere is Investment Advisor with at FBNQuest Merchant Bank, a subsidiary of FBN Holdings Plc.  She has over 15 years of Agricultural banking and financial planning experience from various Financial Service Institutions.

Emmanuella started her career at Kakawa Discount house Limited as a Client Relationship Officer.  She later moved to Oceanic Bank (now Ecobank Nigeria).

In deepening her passion and experience in Wealth and Investment Banking, Emmanuella joined Metro Capital Advisory Group in 2008. She has an MBA from Aston Business School Birmingham, United Kingdom, and is a certified financial Planner (CFP), from Florida State University (FSU)


FBNQuest Asset Management is a subsidiary of FBNQuest Merchant Bank, one of the strongest and most dependable financial groups in Africa.

They work with individual and institutional investors to provide a strategy best suited to your investment goals and portfolios, from mutual funds to liquidity management etc.