Bobbin going forward will get a resurrection possibility via the fintech route.
Why Fintech?
Short answer: That's what where the Venture Money in Africa is going towards.
This article explains it;
1) 45% of Nigerians are still unbanked
2) Nigerians transferred $256B electronically in 2019. Electronics payment is growing fast
3) We have 3 unicorns in Nigeria, they are all fintech startups
4) Fintech startups get 44% of Venture Funding in Nigeria
5) Nigerians have $3.6B in savings and Investments in fintech startup products.
The last point is the major for me. Naira is failing, our economy is not getting better.
I used to be of the opinion that the fintech market in Nigeria is saturated, but I've repented. Before anything else can work in this country, in my opinion, the money problem has to be solved to a large extent. The upper-middle-class group must be very large for any meaningful product outside of fintech to work in Nigeria.
As a side note, I have a website, where I was (am) trying to list fintech products in Nigeria for easy discovery, here. It's been a while I updated the site, so we have more fintech than that.
The above is the reason why I believe the way forward for Bobbin is to have Credit Lending Startup for Tailors.
The next post would be an outline of my idea of that.
Why Fintech?
Short answer: That's what where the Venture Money in Africa is going towards.
This article explains it;
1) 45% of Nigerians are still unbanked
2) Nigerians transferred $256B electronically in 2019. Electronics payment is growing fast
3) We have 3 unicorns in Nigeria, they are all fintech startups
4) Fintech startups get 44% of Venture Funding in Nigeria
5) Nigerians have $3.6B in savings and Investments in fintech startup products.
The last point is the major for me. Naira is failing, our economy is not getting better.
I used to be of the opinion that the fintech market in Nigeria is saturated, but I've repented. Before anything else can work in this country, in my opinion, the money problem has to be solved to a large extent. The upper-middle-class group must be very large for any meaningful product outside of fintech to work in Nigeria.
As a side note, I have a website, where I was (am) trying to list fintech products in Nigeria for easy discovery, here. It's been a while I updated the site, so we have more fintech than that.
The above is the reason why I believe the way forward for Bobbin is to have Credit Lending Startup for Tailors.
The next post would be an outline of my idea of that.
Creating something new is a game for people who have long runways, because it’s an experiment.
If you’re gonna make money fast, do what’s already making money and differentiate, in pricing or whatever works for you.