What is making fintech thrive right now? Structure
What put many of our banks and insurance companies in a fairly good position today? Structure
Few years ago, Facebook wouldn’t accept local payment platforms. Today, the story is different. Structure helped to address this.
My area of influence is largely Sports (with Entertainment by the side). You probably know that Sports in Nigeria has deep-rooted challenges with maladministration, financial impropriety, corruption and a lack of transparency. Now that’s on the administrative side. There are issues of adequate training of athletes, coaches, right fit and skilled workers, overwhelming government control and little to no inflow of investment. The problems go on and on… BUT…
To concretely alter these challenges and more, we are working on the foundation; essentially, we are laying a whole new foundation for the Sports Industry. The inhibition to commercial growth is the absence of a structure and this is being addressed and we are gradually seeing the prospects of a vibrant sports industry.
If the entire gaming gamut is not addressed through proper structure, these issues you highlight will persist. The major eSports platforms you mentioned earlier won’t accept local payment from African customers because they really don’t know who they are dealing with. There’s probably no trust.
Identify who or what makes up the ecosystem; define the value chain from a Nigeria (Africa) point of view and you will see major differences.
Today, Flutterwave, Paga and Paystack are known and trusted by Visa and MasterCard owing to the fact that they know who they are dealing with; there’s a clearly defined process of payment and everyone gets what is deserving.