Finrik 3rd Anniversary

Things will get better, but before it does, it might become worse. The question is, what if it doesn’t get better?“ Doing business is simple: find what people want or need but can’t get for themselves and charge a fee to have it done.

However, what is hard is finding out what people want. What’s harder is finding out how to get what people want done. What’s the hardest? People! Sorry for being a bit poetic; I’m here to tell you a story, the story of Klama.

We rolled out FinRik Shop on November 13, 2021, and it took off in January 2022. The goal was simple: focus on unit economics. Nigerians find it hard to subscribe to a service they aren’t familiar with, so we offered an introductory offer—5,000 naira ($9.8) for the first year, then 2,000 naira per month afterward. There were loads of explanations, and different strategies, but it did take off—User 1, User 2, User 10, and so on.

Then a friend asked, ‘Why don’t you guys build custom websites?’ I told him I would revert back. I had a conversation with my engineers and put together an invoice. Well, that was the first job FinRik Custom Enterprise got, but before the final agreement, it became Klama. 

We built a web app for a BDC cum OTC company. We did have some evidence. We just rolled out our emailing system, named Mybytte; it died after 3 months though—a blunder I must admit making.

Over the course of my career as a business person, I’ve had my fair share of wins and losses. Most times when I lose, it’s because I acted on impulse and ignored common sense and data. 

Well, you need some sort of lunacy to change the world, but you can’t change the world in a place where there is no light, so move along! To promote the subsidiary better, it was rebranded. We designed a new logo, launched it! The credit alert for the first job came in less than 24 hours later, so Klama became the fastest FinRik subsidiary to make a million.

After the first job, we got another job—a $5,000 gig to build a mobile app, then another $1,000 gig. Then, within the same week, we secured another $600 gig. Klama was en route to making our 10M in two months, and there were other jobs en route. Then the real problem started. We were overly focused on engineering and belittled the importance of product management and documentation—a silly mistake that came back to bite us.

I started seeing firsthand how hard it was to make people work when money is not the problem, and how hubris makes people do mediocre work and choose not to learn. 

We did roll out some software, had returning clients, had a contract terminated, and faced company politics, but here we are. Klama will be 2 by April 2024, and we have had almost 120 gigs done for clients so far across consulting, software development, branding, financial modeling, and company incorporation. In fact, we added more engineers and financial professionals to our pipeline.

But it’s not the end. Even though we are taking documentation and product management much more seriously, there are still issues. But there is no business or organization without issues—that is a given!

On the other hand, FinRik Shop’s introductory offer, which was 5,000 naira (9.8 USD) last year January, is now (4.3 USD). With how hard the economy is, it was either FinRik Shop dies or we iterated. 

I decided to have Klama take on FinRik Shop as a productized service under it, and here comes my biggest lesson: what you can charge 1,000,000 naira for, don’t charge 2,000 naira per month for it as a SAAS. That simple move allowed FinRik Shop to cut the cost of the server largely in dollars and earn better per gig. 

I believe that as an entrepreneur you should always ask yourself ‘what am i doing to become a better leader’’? The definition of leadership is not farfetched from being able to cast a solid vision and a clear path to arrive there. 

The amount of love that I received these past few was so much so much so, I started getting shy!  I would like talk about FinRik Business School (FBS). 

In 2021 we were trying to build a FinTech product, FinRik Pay to be precise. A crypto payment gateway but we were hitting roadblocks, and roadblocks are normal when you are trying to build, giving the fact that back then, there were lesser numbers of crypto payment options in Nigeria.

Infact, those were the real early days of FinRik because we hadn't started making money. Not like we had anything to sell, while the devs were building.

So I started creating awareness by posting a couple of things about personal and corporate finance and with time, a number of people started building interest!

Then it struck me! Why don’t we launch a marketplace where people can learn a thing or two about entrepreneurship because people were really curious and they wanted to know more. Hence, to make it easier, anyone could  be an instructor, more like a market where we connect who wants to teach to those who want to learn.

That was how we started, and launched “FinRik Learn” in August 2021 and in the first week we had 2,000 signups but it was difficult to have them stick around.

Most  students weren’t serious hence, there wasn’t a primary point of interest. Most people  were unstable and  zero money was made, despite how elaborate the learning management system was.

Then I thought maybe people really want to learn but they don’t want to go to this length to learn so around March 2022, I started thinking of a pivot.  I knew we  had to make money but, FinRik Pay was not live yet, loads of issues from third-party service providers and a sudden CBN ban of crypto caused a major roadblock, months after, it was converted to  FinRik LOC, I told you guys the story yesterday.

FIT Porthacourt (FinRik Institute of Technology)!

Around March 2022, a friend reached out about the potential of partnering to start an offline tech school in Porthacourt.

He offered to handle the finances, and on behalf of FinRik, i will help set up operations, and draft the syllabus.

The early stages showed great promise in fact we got a physical office, but the partnership didn’t survive 6 months.

FinRik exited and by August 2022, we launched FinRik Business School, revamping the core idea behind FinRik Learn.

Instead of it being a marketplace, we would  employ instructors and run it like a cohort-styled online business school.

An instructor opined that  “if people want to learn finance to an extent, a year is too long for our structure, a month is too short”!

 Learning from some of the mistakes made with FIT, for instance,  very long cohorts and offline spaces not being the best. We decided that having ut online gives us the chance to avoid the cost that comes with renting out an office space, and people can easily come to class later in the day after work.

So we opted for 8 weeks (2 months) duration, three courses Finance, Business Management, and Marketing, big ups to Oriye, Greg, Prince, and Marvel!

I guess experience is the best teacher after all. The first week of FBS launch was boom! We got sold out, we offered 10 slots at $50.

Over time we increased slots and ever since. every cohort of FBS has always sold out, and we are starting the 7th cohort on the 27th of November 2023.

In my  opinion, I will say FBS is a major part of FinRik that must succeed, given how interested I am about research, learning, and what the future holds for entrepreneurship in Africa.

Data gotten via research is integral, and while we have been doing well, and  impacting lives, with an alumni network of over 50 CEOs within a year, students and alumni in VC-funded tech startups, Central Bank of Nigeria, Access Bank, and over 100 students, there is a room for more structure and who knows maybe we might secure our open university license someday!

At this point, I would like to introduce one of my best-performing subsidiaries 

Exactly 3 years ago, 28th of November 2020 I founded FinRik. I got it incorporated in February 2021 even though the process was started in 2020. I won’t be telling you the story of FinRik today, instead, I will be telling you about our subsidiary that helped us make our first 10M, FinRik LOC!

FinRik LOC used to be FinRik Pay, but after lots of deliberation, I decided to choose credit overpayment, a decision that forever changed my perspective of debt financing!

We launched FinRik LOC around June/July 2022 to offer businesses using FinRik Shop, an offering to build an e-commerce website for their businesses.

To be fair, it became the second fastest subsidiary of FinRik to exceed a million naira in revenue, while at it we disbursed over 100M naira in less than a year, offered over 500 businesses in the FinRik ecosystem credit facilities, including the CEOs of these companies via the “founder's credit”  vertical.

A service that business people in our community loved! From my point of view, I will say FinRik LOC is a success but to be honest we ain’t there yet.  There are still loads of shortcomings, but it is business!

The day challenges and shege die is the day the business goes under the bus. Yes, I’m here to say thank you to FinRik LOC (me sef dey use founders credit guide, how founder wan take see money buy wifey wig?)

 Thank you for keeping FinRik alive, in the coming year I hope to help with the support of our amazing team, achieve even greater goals, lending license, 1B disbursed to businesses, and lesser NPL.

The business and consumer behavior landscapes are ever-evolving rapidly. A new generation known as Generation Z has emerged with the advent of the digital age. Gen Z, or those born between the middle of the 1990s and the beginning of the 2010s, is a distinct group with particular preferences and traits that are quite weird to the elderly ones. 

For companies and entrepreneurs, doing business with Generation Z brings both opportunities and challenges.

We can opine that the Gen Z is the first generation to have grown up fully in the digital age, making them digital natives and crazily in tune with technology. We also can say they genuinely belong to the generation that was born into the digital age, having grown up surrounded by technology and depending on it in many ways. 

Businesses are faced with a challenge as a result since they must modify their marketing strategy in order to interact with Gen Z. To draw in and hold the interest of this tech-savvy generation, all businesses need to emphasize their online presence, make use of social media, and develop seamless digital experiences.

Generation Z's attention spans have shortened due to the release of information and distractions at their fingertips compared to previous generations. We all see this on Twitter and IG. Capturing and retaining their attention is a constant challenge for businesses. 

Traditional marketing approaches may no longer be effective. Many brands now 

need to deliver concise and visually appealing content that quickly grabs their attention. Utilizing interactive and engaging formats such as videos, gamification, and influencer collaborations can help businesses break through the noise and connect with Gen Z effectively.

Gen Z is known for valuing authenticity and transparency in their dealings with brands globally. They seek genuine connections and are quick to identify and dismiss fake marketing tactics. Hahaha, we all witness how influencers are dragged on social media for their fake marketing acts. 

This presents a challenge for businesses that have traditionally relied on traditional advertising and sales techniques. To successfully engage with Gen Z, I think businesses must be transparent about their values, demonstrate social, and foster meaningful relationships with their lovely Gen-Z audience. 

On critical thought, Gen Z's exposure to targeted advertising and personalized experiences has shaped their expectations on every side. 

They expect businesses to cater to their individual preferences and provide personalized offerings. 

This is why we created our FinRik plan for individuals who want us to build customized e-commerce sites for their businesses. 

But on the flip side, I believe that this demand for customization and personalization poses a challenge for many  businesses, as this requires a deep understanding of their target audience and the ability to deliver tailored experiences. If they fail to do this, then they would losing from their market share. 

Doing business with Gen Z presents unique challenges for entrepreneurs. From adapting to their digital-centric lifestyles to meeting their demands for personalization and customization, businesses must navigate these difficulties to succeed in engaging with this generation. 

I strongly believe that by embracing good digital offerings, prioritizing authenticity and genuine care for the Gen Z, and delivering personalized experiences, businesses can effectively connect with Gen Z and tap into their immense potential as consumers and influencers. 

HAPPY 3RD ANNIVERSARY TO FINRIK