Want to learn the best business insights from remarkable speakers at Slush 2023, but don’t have the time to watch the full speeches on YouTube?
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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