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You’ve come to the right place. Below is a summary of a speech led by Ricardo Schäfer, Partner at Target Global.
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<p class="h1-rich">🤏 TL;DR</p>
The CEO and founder of Edukoya and the founder and CEO of Kuda discussed the advantages and challenges of being married and running businesses together, the impact of COVID-19 on the education and financial services sectors in Africa, the challenges and opportunities of building a business in emerging markets, and their future visions for their companies. Action items include educating Africans in diaspora about online learning options and offering unique language classes, building a global financial institution for every African on the planet, and establishing Edukoya as a globally recognized education brand.
<p class="h1-rich">✨ Summary</p>
Introductions
- Honey Ogenday is the CEO and founder of Edukoya, an online technology company focused on education in Africa.
- Bob is the founder and CEO of Kuda, a digital bank providing financial services to underserved markets in Africa.
Marriage and Entrepreneurship
- Being married and running businesses together has advantages, such as understanding the challenges and having a free co-founder.
- Challenges include balancing work and personal life and being obsessed with their businesses.
Impact of COVID-19
Education Sector
- COVID-19 highlighted the need for online education options, especially in Nigeria where there was a shortage of teachers.
- Increased adoption of online learning due to awareness of its viability and necessity during the pandemic.
- Opportunity to use technology to provide more accessibility and affordability in education.
Financial Services Sector
- COVID-19 accelerated the adoption of digital banking as traditional players were not prepared for the crisis.
- Kuda, as a digital-only bank, was able to take advantage of the increased demand for accessible financial services.
- Challenges faced during fundraising due to travel restrictions, but remote communication became the new norm.
Challenges of Building a Business in Emerging Markets
- Educating consumers about new behaviors and activities, such as online shopping, banking, and learning.
- Infrastructure challenges, including internet connectivity and power cuts, which require innovative solutions.
- Building trust with customers who have trust issues with physical banks and virtual financial institutions.
- Striking a balance between fast growth and regulatory compliance in conservative markets.
Opportunities in Emerging Markets
- African consumers, regardless of location, have similar needs and desires for quality education and financial services.
- Opportunity to pioneer and shape the future of industries in emerging markets.
- Leveraging the population growth in Africa to build businesses with global impact.
Benefits of Cost Base in Africa and Serving Customers Outside Africa
- Ability to serve the Nigerian diaspora with unique needs and provide services that are not available in their host countries.
- Utilizing the lower cost structure in Africa while achieving similar revenue to more developed markets.
Expanding into Other African Countries
- Nigeria is complex and challenging, but cracking the market opens doors to expansion into other African countries.
- Starting in Nigeria gives a strong foundation and experience to tackle other markets.
Future Vision for the Companies
- Edukoya aims to be a global recognized education brand, providing affordable and accessible education for the next generation.
- Kuda's goal is to become a global bank with millions of customers worldwide, focusing on serving the African population.
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