Chimgozirim Nwokoma
@Tchi_goh
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Startups and Venture Capital Reporter @TechpointAfrica . Host of the Equity Merchants podcast. Tips and pitches to chimgozirim @techpoint .africa.
Joined September 2017
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Pinned Tweet
“We started Konga about the same time...that Souq started in the Middle East...Souq went on to this massive exit where Amazon bought it, and that didn't happen for me or my colleagues...we did everything right but Nigeria did not come to the altar.”
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Nigerians are so hungry for any proof of success that they don't mind embarrassing themselves in the process.
ForbesBLK is the latest victim, and this thread is me saying you're an unserious person if you're taking out ads to announce your acceptance.
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Nigeria's Central Bank and NIBSS are partnering to create a Visa/Mastercard alternative.
This week, it announced new leadership with Ebehijie Momoh, a former Mastercard Business head, as CEO and Ugo Obasi, a former Interswitch chief, as COO of AfriGO.
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@OgbeniDipo
Lol.. traditional gods don't have time to waste. They dispense justice as e dey hot.
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So why am I writing this thread?
I don't know, but something about you gleefully sharing news of acceptance into a free-to-access community feels like you're practicing for future fraud.
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One thing you can't knock him for is his commitment to always being on the wrong side of history. Really impressive.
Your enemies aren’t my enemies! You aren’t important enough for that. I spent ample time with the Chairman of Lagos State Parks and Garages, Alhaji Musiliu Akinsanya. Oba. MC Oluomo. People fear & hate who they don’t know, I simply move closer for a better perspective!
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Not every time unicorn in five years.
We need more small small exits in Africa, $10M exits, $50M exits, $20M exits, $100M exits. It’s really important.
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It's similar to what that babe did when she claimed to have spoken at the UN, and it is my civic duty to ensure such practices do not go unchallenged.
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That song should never have seen the light of day, but here we are.
@IzuChukwuKenn
Fine boys no dey love Jesus before so God is raising those who love Jesus
Or
Those who love Jesus weren't fine boys so God is raising fine ones
Or
Sisters have been in search of fine boys wey love Jesus so God is raising them now for the sisters
🌝🌝
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Over 2,000 startups applied to join the Techstars ARM Labs Accelerator in 2023, but only 24 got in.
Here are five qualities the accelerator looks for according to Techstars Nigeria MD, Oyin Solebo:
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@tosinolaseinde
Would it be a loss if she had sold it but did not need to relocate or make any dollar-denominated transaction?
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A Peter Obi win in 2023 will be difficult but not impossible.
Regular people who won't be bothered with politics are getting interested and involved.
A Bolt driver asked if I had my PVC before telling me he is waiting to get enough money to print t-shirts for the man.
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Fintech startups in Nigeria get a lot of flak for their numbers. In this piece for
@techpointdotng
, I argue that while we need more fintech startups, we also need them to do more than payments and lending.
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While Jumia Food and Bolt Food have exited the Nigerian market, Chowdeck has quickly grown to 500,000 users. With $2.5 million in seed funding, it intends to strengthen its hold on the Nigerian market.
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There's been a lot of uproar regarding the cybersecurity levy, but it's just one part of the Cybersecurity Act. Here's a thread of some of the provisions and what you can expect.
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Know a female founder building a tech-enabled business, send her my way.
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@DrJoeAbah
The Federal Character principle is probably the only hindrance to shameless nepotism.
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Really serious fellowships have stringent application processes and admission requirements, but you just answer a few questions, and you're in. So stop with the social media posts, newspaper announcements, and photoshoots edakun.
✌️
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If you want to beat Lagos traffic, don't take a ride on Bolt/Uber. Just take one of those danfo buses. They're more eager to get to their destination than you are so just leverage it.
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55% of active fintech startups in Nigeria are bootstrapped. Wonder what the numbers are for industries that have gotten significantly less funding.
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Funding to African fintech startups has dropped 58% in Q3 2022.
Some insights:
• After raising $2 billion in 2021, fintech startups have only raised $913 million as at Q3 22’
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So I've gotten a number of responses regarding my last post about Pitch Friday, and I think it might be helpful to do a little FAQ to answer them. Please like and retweet for reach.
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This is both interesting and exciting as far as acquisitions go. Two of the best executors in Nigerian (possibly African) fintech combine to acquire a business that complements their operations.
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Last week,
@SimShagaya
announced the launch of The Honey Badger Fund. This week, we had a long chat about his goals with the fund and other topics.
You can read all about it here:
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Susana Garcia Robles is often called the godmother of VC in LAC and boasts over 15 years of venture capital and startup experience.
Having helped to build local startup ecosystems she offers some tips for traditional investors considering venture capital as an asset class.
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It's Pitch Friday season and next month, I'll be sitting with
@nneka_eze
and
@Akin_Moses1
for a conversation about what goes into a winning startup idea.
Follow this link to register:
Date: March 8, 2023
Time: 3pm
Venue: Zone Tech Park, Gbagada.
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A few weeks ago, I had the pleasure of moderating a conversation with
@EghosaO
,
@ctrl_alt_mantse
, and
@joekinvi
on the role of investors in the current funding landscape.
As Eghosa rightly pointed out, that's an important conversation because founders are not necessarily getting
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There's no shortage of payment fintechs in Nigeria, but when the Access Corporation launches one, you take note.
Last week, I had the pleasure of speaking with
@kemi_okusanya
, the CEO of
@hydrogenafrica_
, and she shared the fintech's vision for payments and her thoughts on
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You have a lot of growing up to do if you can't express dissent without resorting to insults.
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Jumia is making some interesting changes.
After receiving a PSSP license from the CBN, it is now testing a healthtech play with CGAP. In this article for
@techpointdotng
, I share what this move could mean with some insights from
@TheYomiKazeem
.
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I'm looking to speak with African VCs and angel investors for a piece on
@Techpointdotng
. Pls tag anyone you know or you can make the intros.
@docneto
,
@AdewaleYusuf_
,
@tosinolaseinde
,
@DadaBen_
,
@ulonnaya
,
@asemota
,
@biolaa1
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There's only one place to be tomorrow.
Time: 3pm
Venue: Zone Tech Park, Gbagada Expressway.
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Pitch Friday is in two days. If you'd like to learn how to navigate building a tech startup without technical skills then you should register for this.
Want to pitch your startup? Submit a pitch using the link below.
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From Thursday, 19th January, Techpoint Africa will start a fintech-focused newsletter to share news and insights into fintech developments on the continent.
Want to be one of the first to get this newsletter? Follow this link to subscribe.
RT and share.
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@EvaAlordiah
I've got you. Equity Merchants. Interviews with African startup founders and the investors who back them.
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You should get an acceptance mail within a few days. Got mine less than a week after applying.
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Interesting that no fintech building a primarily B2B product is on this list, so is B2B really the way?
Fintech is big business in Africa
Here's a look at the 2022 revenues of some of the continent's fintech giants
• Egypt's
@MNT_Halan
• Kenya's
@MKOPAKenya
• Nigeria's
@Moniepoint
• Nigeria's
@FairMoney_ng
• Nigeria's
@Paga
• S. Africa's
@TymeBankZA
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African startup founders are facing serious scrutiny for the first time in their life and it's always funny to see the reaction.
Anyway, feels like a good time to say lying is not a PR strategy. Learn how to communicate when things are not going well.
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If you're looking for where to spend your Friday evening, Pitch Friday is the place. Hang out with startup founders, developers, and other guys in the startup space.
Date: December 9, 2022.
Time: 4pm
Venue: 43b Emina Crescent, Allen, Ikeja.
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Excited to announce that
@JoshChibueze
will be our guest this month at Pitch Friday.
In eight years, PiggyVest has built a large and loyal customer base and he'll be sharing how they've managed to do that.
Save yourself a seat here:
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Moove has raised capital at least twice every year since 2021. For some reason, March 2022 and 2024 have seen the highest amounts with $105M and $100M respectively.
h/t:
@TheIntelpoint
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@NaijaFlyingDr
@nonso_nnamani
This article is also a great resource. If you're a Nigerian and think or believe the economy will get better, that means more companies will be created and they'll all need leaders. You might as well be one.
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This evening, I'll be hosting a fireside chat with
@charles_dairo
, where we'll be discussing his experience building digital products in Nigeria.
The venue is Zone Tech Park, Gbagada and the time is 3pm.
Looking forward to seeing y'all...
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This week, Pula raised $20 million in a Series B round to provide insurance to African farmers.
That's an obvious need as our farmers lose a lot due to climate change, drought, and floods.
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Last week, Flutterwave announced some additions to its services including fintech as a service, but what is fintech as a service and why does it even matter? I wrote an article about it and you can read all about it here:
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As a deposit-taking institution, Brass had more wiggle room than most startups as customer deposits provided it with operating capital.
That it failed to provide customer deposits when required leaves a huge question mark on its operations.
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Techpoint Africa does not just write stories about the African tech ecosystem, we also provide a stage for entrepreneurs to share their ideas.
If you know someone building an interesting product, point them my way.
PS: Would love to see more women pitch.
Looking to kick off the new year by building valuable business connections and getting your brand in front of an engaged audience? Look no further than Techpoint Africa Pitch Friday.
Start 2023 off on the right foot and register to attend now 👇🏾
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Join us this Friday as we delve into the marketing strategies that have helped PiggyVest grow to nearly 5 million users.
Register now:
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What is Forbes BLK?
According to the Forbes BLK website, "The mission of ForbesBLK is to champion a global community of Black entrepreneurs, professionals, leaders and creators that are driving systematic change in business, culture and society."
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Life insurance is the fastest growing segment in Nigeria's insurance industry.
Experts believe legislation and a worsening economy are driving Nigerians to buy premiums.
Read my latest for
@TechpointAfrica
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@SemudaraAbayomi
Lmao. You better abort mission.
Besides, where are those guys that tried to do this for international trips?
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Starting a business in Africa is simple, but keeping it alive is tough.
Aster offers African owner-managers the financial management tools they need to navigate challenges, grow, and succeed beyond the startup phase.
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The content marketing class with
@TheCharlesIsidi
was an amazing experience. Charles knows his stuff and it was not just content marketing knowledge he dished out, there was a lot of practical knowledge that would be helpful in literally every area of life. Thank you Chief!!
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Random: Is it safe to say the number of empty billboards in Lagos is directly related to the level of profitable economic activity?
@cremechic11
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@SheunAdeola
Thanks for reading and sharing your thoughts. We need more focus on profitable businesses than high growth but unprofitable businesses.
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People are angry but man's "sad" his innovation park is affected. NGMI.
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Tried signing up to see how it worked, and I was redirected to a Typeform. You'll be asked to fill in details like your name, job role, company, etc. Upon completion, you'll get this reply.
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Just a few weeks after launching in 2012, Konga nearly merged with Jumia, but that never happened.
Sim Shagaya, shares why the deal fell through and his lessons from that time in this article.
Sim Shagaya is easily one of the most experienced entrepreneurs in Nigeria's startup scene having founded and led Dealdey, Konga, uLesson, E-motion, and Miva University. In this interview, he shares lessons learned from his two decades as an entrepreneur.
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The FCCPC found that WhatsApp was collecting more data than necessary from Nigerian users to use the app. Compared to similar apps like Signal and Telegram, which collect four metadata points, WhatsApp collects 44.
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A few thoughts on Moove's recent fundraising, which would help African fundraising, post good numbers in March.
Nearly half of funds raised so far have been debt, which suggests they're good debtors.
But...
Drivers in Nigeria have complained about their repayment terms.
Moove has raised $100 million in a Series B funding round led by Uber. The Nigerian vehicle financing platform has also moved its headquarters to the UAE following its partnership with Mubadala, an Emirati sovereign investor.
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Would you take money to fix your car if you could pay it back later?
Nigerian startup Flickwheel wants to shorten the time vehicle owners spend without their cars by providing a fix-now, pay-later service for car repairs.
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Startup deal volume may have dipped in 2023, but deal count grew by 11%.
Meanwhile, 45% of total funding went to 1% of startups that raised last year.
My latest for
@TechpointAfrica
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A thread of possible reasons.
1. Macroeconomic factors: Pivo's major product was a lending product for supply chain businesses. These businesses have struggled with a cash crunch and currency devaluation in the last year. If they can't do business, Pivo struggles.
It's not news that Nigerian fintech, Pivo has shuttered operations, but what could be the reason despite having what appeared to be a great business, experienced founders and investors.
We explore some of the reasons in this piece for
@TechpointAfrica
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There's this soap that uses Ebuka in their ads. I smile every time I see that ad because he's definitely not using that soap.
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Understanding the Nigerian consumer doesn't have to be difficult anymore. Join Feyi Olubodun as he shares insights into the Nigerian consumer at Pitch Friday.
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One day you absolutely believe you're doing the kingdom of God a service by making Christ-centered movies. Next thing you're fighting Christopher Nolan for winning "Best Picture." It's a slippery slope. Better teach your kids the word and chill.
When your children don't have anything to watch again because there's agenda in every cartoon out there and even commercials, don't sha run to "takeover doctrine" to save you.
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African startups are raising less money than they previously did, so what role do investors play in such a climate.
@Eghosa
,
@joekinvi
, and
@ctrl_alt_mantse
will be sharing their thoughts on this subject this Thursday.
Set a reminder.
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“As long as we get people to go digital, everybody is expanding the market. I think it's going to be years and years until we run out of money to be made in Africa.”
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Join me for the QoreVerse Webinar on Friday, July 19th at 10 AM (Zoom) where we'll dive into: "Regulations for Growth and Not Control: Striking the Right Balance in the Financial Ecosystem"
This is an important conversation you won't want to miss!
✅ Register now:
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What are the benefits?
1. Networking opportunities
2. Early/discounted access to a wide variety of Forbes virtual and in-person events, including the Forbes Under 30 Summit.
3. Access to informative content, etc
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How do you join?
This is the interesting part. If you've heard people call it a Slack channel of WhatsApp, they're not exactly lying.
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A few weeks ago, I came across a woman using a typewriter, and it got me thinking.
With the rise in PC usage/ownership, what happened to all the people who made their living using typewriters?
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By the way, try to do this at least once a year.
If you're an African startup or founder courting the media, you should book a photo session this weekend and get some nice photos taken.
Get them in different formats too so journalists don't have to struggle to get good images for their articles.
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In the last year, commercial banks in Nigeria have reduced the transaction limits on international websites, pushing customers to fintech startups that provide virtual dollar cards.
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In 2023, Amazon made $46.9 billion from its ad services while Walmart and Instacart made $3.4 billion and $871 million respectively.
Can Chowdeck replicate these results?
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Uber's proposed investment in Moove could pave the way for an exit in the same way Stripe's investment led to acquiring Paystack and BioNTech's Instadeep investment was followed by an acquisition.
Might also be a model that investors and founders in Africa copy. Your best bet
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My takeaway from our frequent and frankly tiring money conversations is that we're a people who worship money and every appearance of it.
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With Accelerate Africa, Iyinoluwa Aboyeji plans to build Africa's Y Combinator, but while the American accelerator provides funding, Aboyeji's Accelerate Africa makes no such promises.
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Not having tech skills should never be a reason to abandon that brilliant idea you have. CDcare CEO
@tobescorama
didn't let that stop him and he'll be sharing his experience at Pitch Friday.
Register for free:
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There's a certain disdain that Nigerians have for poverty and poor people, which is funny because many of the people that do this can't even be erroneously classified as rich.
Be as ambitious as you like, but stop turning your nose up at poor people.
As a wise man once said,
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Go through the comments, and you'll definitely deck someone.
Onana was out for a year because he failed a doping test, but some people think an athlete should casually hang around drugs. Una dey mad
Not a good look for an athlete to be casually around drugs. Sha no miss drugs test.
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Last week, I had a pleasant chat with Tade Samson as he reflected on the impending shutdown of his startup, Quizac.
Here, I reflect on some of the most important aspects of that conversation.
In 2022, Quizac turned down $250k from investors, but it's shutting down at the end of August.
How did its fortunes change in less than two years?
A thread 🧵
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For the first session of
@TalkingDrumComm
Talks, I'll join other journalists to explore the relationship between PR and journalism and how both parties can work together effectively.
Register and save yourself a virtual seat.
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@TheVunderkind
Could also be a function of where you were raised. Most if not all kids raised in my hometown can ride a bicycle by the time they're 9 and a motorbike by 14/15. It's the major means of transportation so they don't really have a choice.
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While y'all are debating what branding is, here's a conversation you should watch/listen to.
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@NaijaFlyingDr
Read this a few days back and it was an eye opener. I always thought the solutions to Nigeria's healthcare problem was more large hospitals but apparently primary care is.
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Let's have it. Actually, we need all traditional religions to do the same. "Traditional worshippers" is too broad and doesn't foster inclusion. 👍
BREAKG NEWS: Nigerian Traditional Worshippers are still saying they want their own public holiday on August 20 like other religions have theirs.
What’s your take on this ?
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Has any Nigerian or African startup successfully raised money through crowdfunding in the last two years? I'd love to talk.
Please RT for reach.
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