Regulation by Central bankers in hot African fintech markets is a market variable you have to work with / around / find loopholes. It is not a constraint that VCs or entrepreneurs can "wish away"
Lets not be naive
True of crypto as well
Lets not be naive
True of crypto as well
https://twitter.com/haydenalcalde/status/1439667703573217281
Wizaj, VP at Chipper Cash, African Fintech w/ $150million+ funding in 3 years was quoted saying
"40% of Chipper cash staff count is legal and compliance people"
"40% of Chipper cash staff count is legal and compliance people"
Part of the problem is
1. Naive entrepreneurs (20s w/ no real world business experience)
2. Foreigner VCs now remote who will idealize anything for LPs
3. Lack of appreciation for Advocacy as a product
1. Naive entrepreneurs (20s w/ no real world business experience)
2. Foreigner VCs now remote who will idealize anything for LPs
3. Lack of appreciation for Advocacy as a product
1 is when you see young African Fintechers tweet frustration w/ regulators (as if it will change status quo). It demonstrates their naivete / no experience w/ real world politics & governance
" i can change the world syndrome "
" i can change the world syndrome "
3 is what they all need but their lack of experience shows b/c they cannot coordinate themselves into a group and work up the advocacy chain
The largest tech corporations in the world actively lobby.
This is a problem i witnessed through the eyes of the African crypto industry
The largest tech corporations in the world actively lobby.
This is a problem i witnessed through the eyes of the African crypto industry
Kenya since 2014 Ive come across 50+ crypto entrepreneurs who all thought they could beat the system. They spent and burnt resources trying to build what was impossible b/c of sheer fundamentals. Regulations.
7 years later, they all came in, tried, failed, packed up & left
7 years later, they all came in, tried, failed, packed up & left
There is a certain obsession with 'building' that trumps logic. I see it everytime they tweet abt Regulations as a blocker, but no advocacy as a product
So they are all in a race to raise the most money to survive thro winter and wait for (hopefully) favorable regulations
So they are all in a race to raise the most money to survive thro winter and wait for (hopefully) favorable regulations
I say 'hopeful' b/c that day may never come, or not as they expect.
After you've sat t thro a tier 1/2/3 bank exec board meeting, you realize regulations is an incumbent strategy. the banks are planning to 'innovate Fintech' too, like the startups. After all, they own the rails
After you've sat t thro a tier 1/2/3 bank exec board meeting, you realize regulations is an incumbent strategy. the banks are planning to 'innovate Fintech' too, like the startups. After all, they own the rails
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