As @EfosaOjomo says, “all innovations are not equal.”
I have since drank this ”kool-aid” and am further convinced that as we work to eradicate poverty & democratize prosperity in Africa we must focus our energies on Market Creating Innovations.
This is why I have always loved the product that @paystack has built.
When Nigeria turned 58, 2 years ago; I was invited to speak at an independence celebration even where I delivered this speech: link.medium.com/nJEVRCUwz7
During that speech, I highlighted the transformative power of Paystck with these words;
“About 2 years ago, while consulting for banks, Shola Akinlade saw the inefficiencies in making payments online..”
”..The process was fraught with red-tape, high costs and simply didn’t work well for the many people looking to start businesses online..”
“..Shola and his co-founder Ezra decided to do something about it. They founded Paystack. Today, with Paystack and maybe Instagram, “Ada” can be up and running with her Brazilian hair selling business in less than 45 minutes...”
“...This was impossible just 2 years ago. You see, just 2 years ago, it was really difficult for business owners in Nigeria to collect payments online..”
“...Back then, you would have had to sign up with one of the big legacy payment company’s by filling a lengthy paper form, then wait for someone to call, or visit their office ourselves..”
“..You would pay a hefty fee, perhaps using up your startup capital, and then hope that it worked. This process took a couple of weeks at best. Thank God Shola built the future of payments...”
So you can imagine my pride as a fan and early @paystack investor via @vp_fund when the company that already helps over 25,000 businesses collect payments, announced: paystack.com/commerce
This new toolkit will help African creators bring ideas to markets and sell their products directly to consumers online, integrating social-media-friendly tools as well as its popular payment gateway for processing sales.
With this providing USSD payment and social media integration the company is solving a real problem for retailers.
As I said earlier not all innovations are equal. What Paystack has built is a market-creating innovation, because it has transformed digital payments and now e-commerce that historically was so complicated and expensive that only the rich western world had access to it.
Making it into products that are affordable and most times free to set up and easily accessible so that many more people like my “Ada” can be up and running with her Brazilian hair selling business in less than 45 minutes.
PS: Let me know when you find a better definition for an MCI (Market Creating Innovation) at the market infrastructure level (or at the “Rails” level was we call paystck at @vp_fund ) 😉
We must celebrate & grow more innovations that target nonconsumption because they have the potential to create wealth & have a significant developmental impact.
I mean can you imagine the our current “digital economy” without the likes of @paystack @theflutterwave @InterswitchGRP @SystemSpecsNig and much more.
My brother @EfosaOjomo often sites the example of Mo Ibrahim’s, Celtel, and its transformative impact on the telecommunications landscape. This is great because his work laid the foundation for the @shollsman and co today.
I am just here thinking of the thousands of “Ada’s” who’s life’s have been transformed by their consumption of modern payment services & thanking God for @paystack as an investor but more so as an African.
🙏🏿
Peace ✌️🏾
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.