Solving Business Problems was one of the topics of the Sections that was held yesterday at the FirstBank FinTech Summit.
The speakers included;
Oluwatoyin Aina Group Head, Energy Downstream & International Oil Trading, FirstBank (moderator)
Victor Asemota Founder, Swifta Systems & Services
Akindele Philips CFO/Co-Founder, Farmcrowdy
Lola Ekugo Head, Digital Innovation Lab, FirstBank
Deepankar Rustagi Founder/CEO, Vconnect & Omnibiz
Dayo Ademola Head of Innovation at EFInA
The Main question of the day was how can fintech startups get funds? and how can the funds be regulated?
Victor Advised that startups should approach family and friends for support. He then said that Blockchain is here to stay and Blockchain will enhance regulation but presently innovation seems to be moving faster than regulation.
Dayo said that her company give grants but most importantly people should know that the grants are not free money but are well regulated, well monitored and well accounted for.
Deepanka advised that Fintech startups should NOT go to banks for funds but should first Build your Image, structure your business, let people see your growth pattern and gain people’s confidence.
Moderator’s summary is that Commercial banks are not for startups because even if a loan is granted the interest will be too high for a new business so start up should rather go to Development finance institutions, bank of industry (interest rate are very low) apply for a grant or approach family & friends.
Deepanka was asked to talk about “Data Management and how it affects businesses”
“Data in Nigeria is bad” That is why we lack credibility cos there is no data for our businesses.
Companies should have growth data; we should use data to solve problems so we can get accurate solutions.
Business must look for ways to capture data and use it appropriately.
Dayo bits of advice to Business startups: Do the right thing and build your company the right way from the simplest of things like having a decent email address and when ask “What do you do?” should be simple enough to explain in the first few minutes rather than losing the interest of the person asking you.
The last topic discussed is “Future of fintech”
Dayo: Identity and data is the future of fintech
Victor : The future of fintech is already here not just evenly distributed yet just look at what rich people are enjoying now and you’ll see that in the next 5-10years everybody will have access to it just like Uber before only the rich could take a “cab” but now its everyone.
Lola: The future of fintech is Digital Security (e.g. Biometrics) and Data Management like A.I, Data Science and M.L
Deepanka : Simplifying and Collaboration of businesses are the future of fintech
Akindele: Freshness of foods across the country is the future of fintech. This is not surprising coming from Akindele because he’s known to be committed to value creation for the development of Africa and constantly seeks ways to maximize them for the benefit of other Nigerians.