ethicallyright:


Even without government pay, China is a productive Country without serious labour laws guiding against cheating employees. China has everything that makes them exporters of the cheapest tech products on earth.
If you Compare a Chinese made shoe and an Aba made shoe , the Aba made shoe is usually cheaper. Nigeria could produce cheaper hardwares than China if they had the technical know-how and maybe other resources like good electricity supply.

Most Lebanese production firms are located in Nigeria because the production cost here is very very low...

I understand you, but one question.. how come china is the world market but the Nigerian Naira is not too different from the chinese Yen?... China devalues its currency yearly to curb price increase to maintain advantage.

ethicallyright:


She knows what she's saying. I wrote extensively about this sometimes ago. Africans are stupid. The money these Venture capitalists invested in this API firm is not up to one million dollars combined together.

This MBA forex that is currently experiencing crises, I know a person who invested 30 million naira and will lose it. I know another person who invested 8 million naira and would lose everything. I know of 4 guys who pulled resources to buy a 16 million naira Mercedes Benz for a Big brother Naija Finalist... GTBank CEO stated openly that he will never invest in any Fintech company. Adenuga owns a Telecommunication company(Globacom) and is most likely richer than these VCs that gave this API firm 1 million dollars combined together but he is living in a big barricaded mansion in Banana Island (without access to young tech
guys looking for sponsorship) when he knows the relationship between a telecommunication company and some API firms. I skipped Dangote, BUA etc because at least they don't do tech or innovation but organic and traditional goods.

What I'm writing about is what Bigbashiru is talking about- the inability of a country of more than 200 million people to fund one of its own.

Apparently, you know nothing of the tech world. Just because you have billionaire opportunists in Nigeria doesn't mean they will always be ready to help in sectors that they do not understand. Adenuga's problem is more about getting better market share in the telecoms industry and not just 'throwing away' money to tech startups. This is where ANGEL INVESTORS COME IN. The likes of Adenuga, Abdulsamad Rabiu and Dangote combined won't understand zilch if you go to them for tech seed funding because the tech industry is way beyond their understanding. They know technology is crucial in today's world but might just not necessarily understand why your idea is needed right now. I am not calling them dumb but they are purely business with hands-on production mindset.

The money invested isn't up to one million Dollars because IT IS A PRE-SEED FUNDING, which I suspect you don't understand or know its meaning or purpose. THIS IS DIFFERENT FROM SEED FUNDING, which is usually greater sums.

Here's what to know: there is a ready market of investors/angel investors looking to invest in startup techs, particularly in Africa because it is untapped, raw and still unexplored. These guys are tech guys themselves who have walked the walk in the past. They have the money to play with; you have the idea, and instead of grovel at the feet of a Dangote who won't be able to see you or won't even give ears to your ideas, the investors' market provide the haven without stress.

Listen, if a startup tech company requires $50 million in its funding rounds (pre-seed or seed) and run up to Series A,B or C, investors or angel investors will still splash monies into the rounds, not because they don't have anything to do with their monies but because their understanding of tech is very much different from yours or mine and even that of Adenuga who consumes APIs.

There are tech startup crowd funding platforms almost everywhere now which makes it very easy to get monies to effectively run your tech startup.

Africans and Nigerians are typically clout animals. If they were to step in at all, you'll likely be seeing them make the announcement themselves on their social media pages.

See it this way, if you genuinely need a huge money for a cause, health, travel or whatever, you do not attempt to reach Dangote or Adenuga; you use a crowd funding platform such as Gofundme. That is what tech guys do. In this case, they can always come back for more. We call this FUNDING ROUNDS. Onepipe has taken its first step and it will eventually take up the seed funding step later on.

I understand why people believe African startups run to whites or Western investors. It is very much easy to criticise a startup or the African mindset when you haven't walked one.

post=97373968:

Deep and true words!

Pessimistic souls abound in our land you know?!

When there’s bad news, the media must report it to Nigerians.
But when there’s good news to cheer the people up, the media must also report it.

“But I have never seen anyone enjoy, relish and savour with glee, the reporting of bad news the way it’s done on some social media platforms and some evil news agencies.

Why has the black race not created any venture capital firms that funds African businesses. It speaks of systemic failure when you have to leave Africa and go to white mans land to raise funds..... if it was an isolated case we can say no problem....but it's becoming the trend now just as Nigerians and other black ppl are endlessly migrating to oyinbo countries and African leaders shamelessly seek treatment in oyinbo land and have called Chinese to build rail. Can't black people do anything themselves? What a shame....

Sanchez01:

Apparently, you know nothing of the tech world. Just because you have billionaire opportunists in Nigeria doesn't mean they will always be ready to help in sectors that they do not understand. Adenuga's problem is more about getting better market share in the telecoms industry and not just 'throwing away' money to tech startups. This is where ANGEL INVESTORS COME IN. The likes of Adenuga, Abdulsamad Rabiu and Dangote combined won't understand zilch if you go to them for tech seed funding because the tech industry is way beyond their understanding. They know technology is crucial in today's world but might just not necessarily understand why your idea is needed right now. I am not calling them dumb but they are purely business with hands-on production mindset.

The money invested isn't up to one million Dollars because IT IS A PRE-SEED FUNDING, which I suspect you don't understand or know its meaning or purpose. THIS IS DIFFERENT FROM SEED FUNDING, which is usually greater sums.

Here's what to know: there is a ready market of investors/angel investors looking to invest in startup techs, particularly in Africa because it is untapped, raw and still unexplored. These guys are tech guys themselves who have walked the walk in the past. They have the money to play with; you have the idea, and instead of grovel at the feet of a Dangote who won't be able to see you or won't even give ears to your ideas, the investors' market provide the haven without stress.

Listen, if a startup tech company requires $50 million in its funding rounds (pre-seed or seed) and run up to Series A,B or C, investors or angel investors will still splash monies into the rounds, not because they don't have anything to do with their monies but because their understanding of tech is very much different from yours or mine and even that of Adenuga who consumes APIs.

There are tech startup crowd funding platforms almost everywhere now which makes it very easy to get monies to effectively run your tech startup.

Africans and Nigerians are typically clout animals. If they were to step in at all, you'll likely be seeing them make the announcement themselves on their social media pages.

See it this way, if you genuinely need a huge money for a cause, health, travel or whatever, you do not attempt to reach Dangote or Adenuga; you use a crowd funding platform such as Gofundme. That is what tech guys do. In this case, they can always come back for more. We call this FUNDING ROUNDS. Onepipe has taken its first step and it will eventually take up the seed funding step later on.

I understand why people believe African startups run to whites or Western investors. It is very much easy to criticise a startup or the African mindset when you haven't walked one.

Africa being raw and unexplored isn't good news because it shows Africans appears not to have the intellect to explore it and is waiting for white man or white mans money

BigBashiru:
Negros always depending on others.... raising money from New York because you can't govern yourselves - the money could not be gotten from African venture firms because it's a failed race

Mad fool what have you ever done to help the black race,yet you call it a failed race.
Don't spread your failure to all of us to
Weyrey buruku.

Esseite:
Another payment App?

Competition is at the advantage of the populace, but too many just puts anyone managing peoples monies with virtually zero capital threshold against uncertainties. Moreover Nigerian banks mobile apps virtually do most of what these Fintech coys do.

Speak on only what you know . Do you know Ope has worked with QT before? Do you know what that means and why he choose to aggregate API's from different banks and fintech into one seamless gateway? Do you know the world not just Nigeria needs a new financial services ecosystems ? Do you even know what a gateway does ? Do you understand the current trends in financial services and technology? I don't think you do because if you do you wouldn't make such comments.

Neddstark:


I swear, nobody is poor on Nairaland. Everyone can feed and send other people to school. By the way, Buhari is not my mentor. If going to school made you make your opinions based on assumptions, you are a waste of education. Money used for funding your studies should have been used in pig farming. It would have paid off by now.

Beyond possibilities of doubt, if you think Nigerians are at the best of their potentials with ur daddy buhari at the helm, you’re not only a nonentity, you’re a numb.skull with NOTHING LEFT on ur RIGHT side of BRAIN, and absolutely NOTHING RIGHT about what’s LEFT in that skull

Most of you don't even understand what the company does? You hear buzzwords and just jump to conclusion. Ya'll really need to read more.

Fmghewzy:


Mad fool what have you ever done to help the black race,yet you call it a failed race.
Don't spread your failure to all of us to
Weyrey buruku.

If it's not a failed race then let African leaders stop going for medical treatment in Europe and let African banks raise their own capital without eurobonds and similar and finally let African businesses not become overdepenent on new york based funding.

Sanchez01:

Apparently, you know nothing of the tech world. Just because you have billionaire opportunists in Nigeria doesn't mean they will always be ready to help in sectors that they do not understand. Adenuga's problem is more about getting better market share in the telecoms industry and not just 'throwing away' money to tech startups. This is where ANGEL INVESTORS COME IN. The likes of Adenuga, Abdulsamad Rabiu and Dangote combined won't understand zilch if you go to them for tech seed funding because the tech industry is way beyond their understanding. They know technology is crucial in today's world but might just not necessarily understand why your idea is needed right now. I am not calling them dumb but they are purely business with hands-on production mindset.

The money invested isn't up to one million Dollars because IT IS A PRE-SEED FUNDING, which I suspect you don't understand or know its meaning or purpose. THIS IS DIFFERENT FROM SEED FUNDING, which is usually greater sums.

Here's what to know: there is a ready market of investors/angel investors looking to invest in startup techs, particularly in Africa because it is untapped, raw and still unexplored. These guys are tech guys themselves who have walked the walk in the past. They have the money to play with; you have the idea, and instead of grovel at the feet of a Dangote who won't be able to see you or won't even give ears to your ideas, the investors' market provide the haven without stress.

Listen, if a startup tech company requires $50 million in its funding rounds (pre-seed or seed) and run up to Series A,B or C, investors or angel investors will still splash monies into the rounds, not because they don't have anything to do with their monies but because their understanding of tech is very much different from yours or mine and even that of Adenuga who consumes APIs.

There are tech startup crowd funding platforms almost everywhere now which makes it very easy to get monies to effectively run your tech startup.

Africans and Nigerians are typically clout animals. If they were to step in at all, you'll likely be seeing them make the announcement themselves on their social media pages.

See it this way, if you genuinely need a huge money for a cause, health, travel or whatever, you do not attempt to reach Dangote or Adenuga; you use a crowd funding platform such as Gofundme. That is what tech guys do. In this case, they can always come back for more. We call this FUNDING ROUNDS. Onepipe has taken its first step and it will eventually take up the seed funding step later on.

I understand why people believe African startups run to whites or Western investors. It is very much easy to criticise a startup or the African mindset when you haven't walked one.

I said in my quote which you quoted that I excluded Dangote and BUA because they don't understand technology. I mentioned GTBank CEO and Adenuga who have technology incorporated in their companies.

Angel investors are different from Venture capitalists . Venture capitalists will take all the shares and these young guys would be left with almost nothing. A venture capitalist must understand what he is investing in , but an angel investor could only be given assurance that what he is investing will work.

You're talking about terminologies and investment registers like they are a big thing. I'm talking about the general investment lifestyle of an average Nigerian.

Tell me the retired civil servant who lost 30 million naira to MBA forex this December understands anything about forex...

You don't need any idea to be an angel investor, you only need the will...

TheManhattan:

Speak on only what you know . Do you know Ope has worked with QT before? Do you know what that means and why he choose to aggregate API's from different banks and fintech into one seamless gateway? Do you know the world not just Nigeria needs a new financial services ecosystems ? Do you even know what a gateway does ? Do you understand the current trends in financial services and technology? I don't think you do because if you do you wouldn't make such comments.

Okay, lets assume am ignorant on how it works, What makes this one different?

BigBashiru:


Africa being raw and unexplored isn't good news because it shows Africans appears not to have the intellect to explore it and is waiting for white man or white mans money

True, it isn't. But we have Africa's richest man in Nigeria, Femi Otedola, Rabiu Abdulsamad, Folorunso Alakija, Africa's richest woman, the likes of Innoson, Arthur Eze, Folawiyo, etc. These folks I mentioned are unenlightened businessmen who have no interest in tech. If we had just one Elon Musk in Nigeria, they dynamics would have tilted a long time ago.

BigBashiru:


If it's not a failed race then let African leaders stop going for medical treatment in Europe and let African banks raise their own capital without eurobonds and similar and finally let African businesses not become overdepenent on new york based funding.

You are obviously too ignorant to see anything, you don't read ,you know nothing.
You just open your mouth to spill trash
So cause Nigeria is fuvking up means all other countries are doing the same.

You talk about Africa like it is only one country.slowpoke.

I ask you again what has been your contribution to the black race other than self hate,and white asslicking.

Fmghewzy:


You are obviously too ignorant to see anything, you don't read ,you know nothing.
You just open your mouth to spill trash
So cause Nigeria is fuvking up means all other countries are doing the same.

You talk about Africa like it is only one country.slowpoke.

I ask you again what has been your contribution to the black race other than self hate,and white asslicking.

Africa is one country of the blacks. UK has minister for Africa not minister for individual African countries.....

ethicallyright:


I said in my quote which you quoted that I excluded Dangote and BUA because they don't understand technology. I mentioned GTBank CEO and Adenuga who have technology incorporated in their companies.

Angel investors are different from Venture capitalists . Venture capitalists will take all the shares and these young guys would be left with almost nothing. A venture capitalist must understand what he is investing in , but an angel investor could only be given assurance that what he is investing will work.

You're talking about terminologies and investment registers like they are a big thing. I'm talking about the general investment lifestyle of an average Nigerian.

Tell me the retired civil servant who lost 30 million naira to MBA forex this December understands anything about forex...

You don't need any idea to be an angel investor, you only need the will...

Funding rounds are like security offerings and not necessarily capitals. Venture capitalists are investment sharks. This is not what plays out in tech fundings. Although, both offer equity stakes but the situation with VCs is way different.

If this is your rebuttal to my thesis, unfortunately you made no point and this conversation is needless. I wasted my precious time.

TheManhattan:

Speak on only what you know . Do you know Ope has worked with QT before? Do you know what that means and why he choose to aggregate API's from different banks and fintech into one seamless gateway? Do you know the world not just Nigeria needs a new financial services ecosystems ? Do you even know what a gateway does ? Do you understand the current trends in financial services and technology? I don't think you do because if you do you wouldn't make such comments.

Sorry to intrude,but you asked a lot of questions without answers, some of us would like to learn,please could you give some answers to some of the questions (like the ones about aggregating APIs and gateways).Thanks.

Esseite:


Okay, lets assume am ignorant on how it works, What makes this one different?

It's different because it's a super aggregator of every financial service API under a common standard in one word "Open banking".

This is nice.

ethicallyright:


I said in my quote which you quoted that I excluded Dangote and BUA because they don't understand technology. I mentioned GTBank CEO and Adenuga who have technology incorporated in their companies.

Angel investors are different from Venture capitalists . Venture capitalists will take all the shares and these young guys would be left with almost nothing. A venture capitalist must understand what he is investing in , but an angel investor could only be given assurance that what he is investing will work.

You're talking about terminologies and investment registers like they are a big thing. I'm talking about the general investment lifestyle of an average Nigerian.

Tell me the retired civil servant who lost 30 million naira to MBA forex this December understands anything about forex...

You don't need any idea to be an angel investor, you only need the will...

Even the GTB CEO you mentioned is as clueless as the others.

How would you say you won't invest in Tech startups but rather create your own instead?
That reeks of financial illiteracy.

Did you know before the acquisition Stripe invested heavily on Paystack rather than creating a Stripe branch in Nigeria.

Our elites are clueless when it's come technology. I mean why hasn't dangote created a Dangote Web Services for Africans?

BigBashiru:


Africa is one country of the blacks. UK has minister for Africa not minister for individual African countries.....

Chaiii see foolishness,so if Britain has Minister for Africa,is Africa one country.
Must you always want to be slaves to the whites.

Moreover what happens to the black in the Jamaica,Haiti, Trinidad or what jaggons are you saying

Esseite:


I understand you, but one question.. how come china is the world market but the Nigerian Naira is not too different from the chinese Yen?... China devalues its currency yearly to curb price increase to maintain advantage.

It is because China has created an enabling environment for production.

From Apple iPhones to Kanye West Yeezy fashion clothing and shoes are produced in Chinese factories because of their cheap Labour.

American and European companies keep their factories in China because of this reason. For instance, if they show a Chinese worker how to package a computer in that factory for Apple, he can leave the apple factory and use that idea to produce Tecno and Infinix for a Chinese manufacturer. Factories in China have aided technology transfer.

When China reduces it's currency, it brings more factories to their country. To produce in America you may have to pay a semi skilled American worker $8 per hour and up to $2500 per month. That's like 2 million Chinese yen for a Semi skilled Chinese worker which is ridiculous.
The American companies have to move to China to maximize profit because they will pay a Chinese worker less than $500 (almost 500 thousand Chinese yen ) a month for what they could have paid an American worker $2500 a month. The American company has therefore saved $2000 dollars after paying a Chinese worker in China. If you multiply that $2000 dollars by 200 workers, you will understand that the Medium scale American firm just saved $400 thousand dollars monthly and about 4.8 million dollars annually by just building it's production factory in China. On the other hand the 500,000 Chinese yen is okay for the Chinese worker and his family in China just like 500 thousand naira would be okay for a Nigerian worker and his family. It's a win-win situation for the Chinese worker and the American company.

I know Nigerians willing to even work for wages cheaper than those the Chinese want. Fix electricity and make the environment conducive and American firms would troop into Nigeria when they are sure they would not be kidnapped for a ransom.

Marveaux:

Sorry to intrude,but you asked a lot of questions without answers, some of us would like to learn,please could you give some answers to some of the questions (like the ones about aggregating APIs and gateways).Thanks.

Read about open banking.
Read about SynapseFi. ( it's an American company doing something similar)

Fmghewzy:


Chaiii see foolishness,so if Britain has Minister for Africa,is Africa one country.
Must you always want to be slaves to the whites.

Moreover what happens to the black in the Jamaica,Haiti, Trinidad or what jaggons are you saying

They decided to have just minister for Africa because they realized it's a failed continent with same set of problems and little by way of progress..... so probably better to just have one minister for Africa and save money.. ..

One day minister for Africa should ask African leaders to respect themselves and seek medical treatment in their own continent.

Karleb:


Even the GTB CEO you mentioned is as clueless as the others.

How would you say you won't invest in Tech startups but rather create your own instead?
That reeks of financial illiteracy.

Did you know before the acquisition Stripe invested heavily on Paystack rather than creating a Stripe branch in Nigeria.

Our elites are clueless when it's come technology. I mean why hasn't dangote created a Dangote Web Services for Africans?

That's the point I'm driving at and the other guy is talking trash. Why are they no VC firms in Nigeria?
Answer: It's because the rich do not want to move others into their class.

TheManhattan:

It's different because it's a super aggregator of every financial service API under a common standard in one word "Open banking".

In turn depends on information of personal data of Nigerians with Deposit money banks being divulged to third parties without regulations?...

Sanchez01:

Funding rounds are like security offerings and not necessarily capitals. Venture capitalists are investment sharks. This is not what plays out in tech fundings. Although, both offer equity stakes but the situation with VCs is way different.

If this is your rebuttal to my thesis, unfortunately you made no point and this conversation is needless. I wasted my precious time.

Founding rounds, pre seed or what ever buzz word they call it are still capital needed to run a business.

Venture capital are investment companies or institutional organizations that gives out capital, the only thing is that they don't use their own money to invest in a business unlike angel investors.

ethicallyright:


That's the point I'm driving at and the other guy is talking trash. Why are they no VC firms in Nigeria?
Answer: It's because the rich do not want to move others into their class.

Exactly - Nigerian culture is like a jungle - the rich actively prevent others from moving into their class.....

But why are all these Start-ups CEOs/owners/founders always Yoruba? Are Yorubas the only ones doing fintech?

daewoorazer:


Beyond possibilities of doubt, if you think Nigerians are at the best of their potentials with ur daddy buhari at the helm, you’re not only a nonentity, you’re a numb.skull with NOTHING LEFT on ur RIGHT side of BRAIN, and absolutely NOTHING RIGHT about what’s LEFT in that skull

Retarrd is still masturbating on his assumptions.

BigBashiru:


They decided to have just minister for Africa because they realized it's a failed continent with same set of problems and little by way of progress..... so probably better to just have one minister for Africa and save money.. ..

One day minister for Africa should ask African leaders to respect themselves and seek medical treatment in their own continent.

Foolish contribute to the black race first,bef bef you have the gut to talk rubbish.

What has you as a human being done to help the black race ,what sacrifice have you made.

If you don't mind,you can study medicine,build a world class health center for us,stop talking bullshit .

And if my mind is truly right,if you happen to be bashiru from MPC,you are fuvking crazy

Esseite:


In turn depends on information of personal data of Nigerians with Deposit money banks being divulged to third parties without regulations?...

A more comprehensive regulation framework will check that( which is in the works with the CBN ). Moreover, NDPR, banks are bound by the CBN Consumer Protection Regulations (CPR), which places a responsibility on banks to protect customer information and assets entrusted to them from theft and unauthorised usage.

I believe customer needs are becoming diverse using my data with consent to give me a better financial solution isn't such a bad idea.

Esseite:
Another payment App?

Competition is at the advantage of the populace, but too many just puts anyone managing peoples monies with virtually zero capital threshold against uncertainties. Moreover Nigerian banks mobile apps virtually do most of what these Fintech coys do.

Do you understand what these guy's are offering? Maybe you should read again