Latest / Closing Sales in Nigeria - Sales For The Nigerian Business Person: The Sales and Marketing Blueprint / Beyond the App: Building Trust and Winning Over Customers in the Nigerian Fintech

Transcript

Beyond the App: Building Trust and Winning Over Customers in the Nigerian Fintech · Closing Sales in Nigeria - Sales For The Nigerian Business Person: The Sales and Marketing Blueprint

• 0:02
  Hello and welcome to the show. Before we begin, I'd like to
• 0:05
  shout out Julian Bassey. He is the CEO of Crimson Energy
• 0:11
  and he's also a listener of the podcast.
• 0:14
  You can check out his website at Crimson Crimson dot Ng that is
• 0:19
  Crimson dot Ng in case you have alternative energy needs.
• 0:25
  You know solar panels, those sorts of things that are based
• 0:28
  out of Lagos, but they do they're looking at opening some
• 0:33
  business outlets here in Abuja. So check them out.
• 0:37
  He's a listener of the podcast. He reached out on LinkedIn.
• 0:40
  We've been chatting. We might have some engagements
• 0:42
  in the future. So just shouting him out over
• 0:44
  here. Then I also like to give a shout
• 0:47
  out to Kolac Ball tell me to play open.
• 0:50
  I'm pronouncing the name correctly because I'm actually
• 0:52
  used to doll Akbar that is DO. So this is the first time I've
• 0:56
  come across a call Lakbar, which is Kola.
• 0:59
  So collect what Timmy to pay. He's with Quantum Travels, also
• 1:03
  a listener of the podcast who has reached out to me.
• 1:06
  We're chatting back and forth. You know, LinkedIn, WhatsApp
• 1:08
  messages might do some work together in the future.
• 1:11
  So let's see. I hope I haven't missed any
• 1:15
  shout outs recently. You know, some people reach out
• 1:21
  after a podcast episode. Sometimes I remember the shout
• 1:23
  out, sometimes I don't. But just in case you followed
• 1:27
  and I haven't shouted you out, you know, it's not a slight.
• 1:29
  It's just that sometimes I forget, you know, it's not like
• 1:32
  I have a production manager for the show or something.
• 1:35
  So yeah, I was like, OK, yeah, so we were on challenges of
• 1:40
  selling your fintech ideas in Nigeria.
• 1:43
  That's what the last maybe 4 episodes have been about.
• 1:46
  And today I want to tackle another problem that these boys
• 1:49
  and girls, in particular in the fintech space have.
• 1:53
  So we've used a rough definition that fintech you're basically
• 1:58
  just using digital technology and you're trying to solve
• 2:01
  problems in the financial space. So for instance, two or three
• 2:07
  weeks back, for some reason my GTB card didn't work, GTB app
• 2:11
  didn't work. It wasn't just me.
• 2:12
  I don't know if it was an Abuja thing or a nationwide thing, but
• 2:15
  for like 2-3 days couldn't do anything doing GTB.
• 2:19
  So if some smart kid comes up with the idea that you can use
• 2:25
  blockchain to solve this problem because you create some monster
• 2:29
  app and all transactions on it are verified or whatever and
• 2:34
  you're building some latency or you know this is not my space so
• 2:37
  I'm just freestyling here. So whether it can be done or it
• 2:41
  can't be done, I don't know. But bottom line, you come up
• 2:43
  with something and the advantage is that any which way, Internet
• 2:48
  or no Internet, this thing will work.
• 2:50
  GPS or no GPS, this thing will work.
• 2:53
  Downtime or no downtime, this thing will work.
• 2:55
  I mean who knows maybe it might be, it might be a solution that
• 3:00
  is right for the Nigerian market.
• 3:01
  So bottom line, there are a bunch of guys and girls who are
• 3:06
  running around Nigeria right now trying to raise venture, trying
• 3:10
  to collect millions of dollars because they're trying to solve
• 3:12
  problems and that we have pressing problems that we have
• 3:15
  in the financial space. So there is one problem that
• 3:19
  these people are going to face and that problem is the problem
• 3:22
  of trust because there are a bunch of people who are here in
• 3:26
  Nigeria who have traditional banks like me.
• 3:30
  I am straight up traditional bank all the way.
• 3:34
  My brother, on the other hand, he's based in the UK and there's
• 3:38
  this new, I don't even know what to call them.
• 3:40
  Should I say online bank or something?
• 3:42
  You know, he banks with them and I look at him, I'm like, oh guy,
• 3:45
  you're stronger. And you know, Nigerians based in
• 3:48
  other parts of the world, you know, like America and stuff
• 3:50
  like that. And they're using online banks.
• 3:52
  And you know, I, you know, I carry a bomb for you guys as I
• 3:56
  trust you guys with this whole online banking thing.
• 3:59
  Because for me, I'm a straight up traditional guy.
• 4:02
  I use GTB, I use Access, I use Keystone.
• 4:06
  Yes, I use Keystone. For those of you who think
• 4:08
  Keystone is dead for now, it's not dead.
• 4:10
  I don't know if it's dying or not, But Shah, I use Keystone
• 4:13
  and these are banks that have physical premises.
• 4:18
  When I have a problem and this whole online telephone thing is
• 4:21
  not working, I want to be able to go into a physical building
• 4:26
  and walk up to a customer service desk and there's
• 4:29
  somebody that I can shout at. Well, I don't go in there and
• 4:32
  shout at people, especially now that I'm involved in the sale
• 4:34
  space. But you get what it is that I'm
• 4:36
  driving at now. Lots of people like me in
• 4:41
  Nigeria who that is what we know, that is what we trust.
• 4:45
  We can see the building, we can go there.
• 4:49
  We know that CBN regulates you if there's any problem.
• 4:53
  We know that our money is not disappearing because we can go
• 4:55
  and Jack CBN. They said our local, you people,
• 4:59
  you have oversight over these banks.
• 5:01
  They're supposed to be insured with NDIC, blah blah, blah.
• 5:05
  Where's my money? So that is what I trust and that
• 5:08
  is what loads of Nigerians trust.
• 5:09
  So this is going to be a problem that you think tech people are
• 5:12
  going to face. We have a population that's not
• 5:15
  too savvy, tech savvy, even those of us who are tech savvy
• 5:18
  gone like me, I'm still not trusting any online thing.
• 5:23
  Now online banks, now you know all these banks that what you
• 5:27
  have is a website and maybe a phone number, but physical
• 5:30
  office, there's no physical office in Lagos and Abuja that I
• 5:32
  can run to and Jack somebody. So there are a bunch of us who
• 5:36
  are not playing that game now. Maybe in the future maybe.
• 5:40
  So the problem that you guys have to face in the fintech
• 5:43
  space, especially if you're selling solutions that interface
• 5:46
  directly with the public, is you guys are going to have to find
• 5:49
  ways to build trust. Now on a personal level, trust
• 5:54
  is built many number of ways the different frameworks that we
• 5:58
  have explored before on the podcast.
• 6:00
  But I'm going to use my personal favorite.
• 6:02
  The reason why it's my personal favorite is not because it is
• 6:04
  the most effective, it is just because it is easy to remember
• 6:08
  and remember I keep telling you guys on the podcast, if you
• 6:11
  stick with what is easy to remember, you can implement it
• 6:15
  even if they wake you up from your sleep.
• 6:16
  Now now because they wake you up from your sleep, it's in your
• 6:19
  head. You can just roll with it if
• 6:22
  we're going to come up with systems that before we
• 6:24
  implement. So excuse me, we need to open
• 6:27
  our phone, we need to check an app, we need to consult our
• 6:30
  notes or we need to call somebody.
• 6:32
  That's not, it's not the way forward.
• 6:37
  A lot of us, especially at this small stage, we need to have
• 6:40
  these frameworks at the back of our heads.
• 6:42
  So that is the reason why I prioritize things that are easy
• 6:44
  to remember. Now, what I'm referring to, the
• 6:47
  framework for trust is Tom Hopkins.
• 6:50
  He says that trust can be built. Oh, by the way, Tom Hopkins is a
• 6:55
  trainer American real estate space.
• 6:58
  This is just an example to show how sales principles are
• 7:01
  universal. So you can learn something in
• 7:04
  real estate, learn something in hospitality, learn something in
• 7:08
  wedding photography, and you can transfer those skills, those
• 7:11
  knowledge to selling solar panels, to selling catfish or to
• 7:20
  selling charcoal. So it applies.
• 7:23
  So for Tom Hopkins, his framework for trust is you have
• 7:27
  to show competence, you have to show credibility, and you have
• 7:29
  to show some commonality. What this means is this.
• 7:33
  People are not going to do business with you unless you
• 7:35
  seem competent. That means you have to know what
• 7:38
  it is you're talking about. If you look like you're a fool
• 7:40
  and you sound like you're a fool, nobody's going to do
• 7:42
  business with you. So they build trust.
• 7:44
  Don't look like a fool, don't sound like a fool.
• 7:47
  So, So, excuse me. So that's why Tom Hopkins, you
• 7:50
  know, has that whole thing about appropriate dressing and sorry,
• 7:54
  appropriate dressing and appropriate what's the word?
• 7:58
  Greeting. Because if you show up
• 8:00
  inappropriate, you just say this young man is an idiot or this
• 8:04
  girl is a dance and don't pay attention to you if you show up
• 8:07
  looking correct. But then when you open your
• 8:11
  mouth, it doesn't show that you know your onions.
• 8:14
  Then they'll say, look, this young man is an idiot, this girl
• 8:16
  doesn't know what she's talking about.
• 8:18
  And then you've lost. So competence, really important.
• 8:21
  We have to show that we are competent.
• 8:23
  Credibility. OK, how do I put it?
• 8:28
  OK, well, they're quite similar, but let's just say competencies.
• 8:31
  You know what you're talking about.
• 8:33
  Credibility means you can do what you say that you can do
• 8:37
  because there are some people that when you see them, the
• 8:39
  packaging is on point. When they open their mouth, they
• 8:43
  say all the right things, but then there's just something that
• 8:46
  is nagging at the back of your mind and that is our credibility
• 8:50
  factor. Like this boy, this girl, they
• 8:53
  look on point when they talk, sounds like they know what
• 8:55
  they're saying, but I'm not sure if this person can back up all
• 8:59
  this talk. So credibility.
• 9:01
  Need to look for ways to bolster competence, bolster credibility,
• 9:05
  then this commonality. Commonality is when people think
• 9:11
  we have some common interests, some When someone thinks you're
• 9:17
  like me, then it helps. There's a debate about how
• 9:21
  essential commonality is, but I'm not going to join that
• 9:24
  debate over whether you should be likable and approachable and
• 9:28
  or not. I'm not going to join in that
• 9:30
  whole debate. But some element of these things
• 9:32
  are required, so they build trust in the sales process.
• 9:35
  When we're talking to one individual person because
• 9:38
  they're trying to win their account, then we need to be
• 9:40
  appear competent, need to appear credible and we need to have
• 9:43
  some commonality, establish some commonality.
• 9:47
  Commonality can be established in different ways.
• 9:49
  Like I went to OEU, you also you went to OEU or we're both
• 9:54
  members of redeemed church. Or by the way, I'm not a member
• 9:57
  of redeemed church. I'm Catholic.
• 9:58
  I'm just saying like if you're redeemed person and you get
• 10:01
  there, the person is playing daddy Jio, you know you guys can
• 10:04
  have that small conversation about how, Oh yeah, like you
• 10:07
  love daddy Jio, have you listened to the sermon?
• 10:09
  I like this sermon on blah blah blah.
• 10:11
  You know that whole thing, you just have that small talk, 2-3
• 10:14
  minutes, you build some commonality, then you can rush
• 10:16
  into business like, OK, Deaconess, the reason why I came
• 10:18
  here today is not to discuss that.
• 10:21
  Did you actually, we have this product that helps people solve
• 10:24
  blah blah blah blah, blah. I wanted to see if you're
• 10:26
  interested. Honestly, if you can invest, you
• 10:27
  know, so that's the scope then. I'm not going to go into more
• 10:34
  detail in this because I already have podcast episodes dedicated
• 10:37
  to that. So just Scroll down the podcast
• 10:40
  episodes. We have over 810 podcast
• 10:42
  episodes so far. Anything that has competence,
• 10:45
  credibility or commonality in the title or that has Tom
• 10:49
  Hopkins in the title, that's hop, HOP and then Kins or
• 10:54
  anything that has trust in the title.
• 10:55
  We're going to this in more detail.
• 10:58
  Then to build trust, we also need to have a proper
• 11:01
  understanding of customers needs because right now we're talking
• 11:04
  money. If people don't get the sense
• 11:06
  like you understand them or you guys are jiving or you know what
• 11:10
  it is that they're trying to solve, then they're not going to
• 11:12
  end up doing business with you. There's some people who want to
• 11:15
  double their money. If they don't think that you
• 11:18
  understand that they want to double their money and you're
• 11:21
  not coming up with a plan that shows that you can double their
• 11:24
  money, then they're not going to go with you.
• 11:27
  By the way, I don't think doubling your money is a
• 11:29
  realistic financial expectation to have when you're talking with
• 11:34
  people who are trying to sell you financial products.
• 11:36
  So if people are coming to you so they can double your money, I
• 11:39
  think you should calm down, Look at the paperwork, discuss one or
• 11:43
  two people before you start doing business.
• 11:46
  All these people who say give me one million today, I will give
• 11:50
  you 1.5 next week, so do your due diligence.
• 11:54
  So what I was just trying to stress actually was understand
• 11:57
  customer needs. Show that you understand the
• 11:59
  customer needs. The reason why that is important
• 12:01
  is because it's when you understand people's needs that
• 12:04
  you can demonstrate that is your app, your blockchain, your web
• 12:08
  three, your fintech, your whatever can solve these
• 12:11
  personal solutions. It's only when you understand
• 12:14
  that you can show that this thing is going to help you do
• 12:18
  this, help you do this, you can meet your solutions.
• 12:21
  So if you're able to demonstrate all those things, you should be
• 12:25
  able to build a certain measure of trust.
• 12:27
  But there's one more thing we have to pay attention to.
• 12:30
  Remember that I said a bunch of us in Nigeria are already doing
• 12:33
  traditional banking. A bunch of us are already
• 12:36
  satisfied with our traditional banks.
• 12:39
  So there's something you have to deal with, which is called
• 12:41
  switching costs. That is, people already married
• 12:46
  to their providers. So me and Axis Bank, for better
• 12:49
  or worse, were married. Me.
• 12:50
  Axis Bank, GT Bank and Keystone Bank.
• 12:53
  Yes, I know that some of you who think Keystone is dead and is
• 12:56
  dying, well, any I don't know about that.
• 12:58
  It's nice if I have much money with them anyway.
• 13:00
  So. But The thing is, for better or
• 13:02
  worse, I'm married to these banks.
• 13:04
  If you're trying to get me to leave these banks, I have to
• 13:07
  start using OPI or Paga or Okino.
• 13:11
  Paga is not a bank. Packers Payment solutions.
• 13:13
  OPA is a bank online bank. But if you're trying to get me
• 13:16
  to leave these things and do some online banking thing or
• 13:18
  some blockchain, something, something, whatever, that is
• 13:23
  more secure than banks, there's the whole thing of switching
• 13:25
  costs. I have to go and close down
• 13:28
  these my accounts and I have to transfer the money to your own
• 13:30
  account. How can you make these things
• 13:33
  seamless and smooth? Because switching costs
• 13:37
  sometimes just spoils the whole thing.
• 13:39
  For instance, I was trying to get on an app, and they're
• 13:42
  called a quick. Is it quick something?
• 13:45
  I can't remember what it's called, but there's nothing to
• 13:48
  it's a way for content creators to be able to find new
• 13:50
  audiences. So we got to the onboarding
• 13:53
  stage. And man, this onboarding was
• 13:55
  just like too much of A hassle. So I did the first set, you
• 13:58
  know, name, e-mail address, profile picture.
• 14:01
  What's your podcast is about? You know, I did everything, but
• 14:03
  when it came to the podcast uploading thing, now it was just
• 14:06
  Wahala. I tried the first time.
• 14:08
  Failed. I tried again.
• 14:09
  It failed. Somebody from customer care
• 14:11
  called. We tried to do it together.
• 14:13
  He failed. It looks like there was a
• 14:15
  problem with whether I was using it from my phone or which
• 14:17
  browser or something like that. After a while I just gave up.
• 14:20
  I'm like, well, you know what? I promote my podcasts on
• 14:24
  LinkedIn. I promote them on WhatsApp.
• 14:27
  So far seems to be working fine. Let me just actually this thing.
• 14:30
  So there is a switching cost. We need to smoothen out all
• 14:33
  these switching costs in order to on board people properly and
• 14:38
  get them using our solution. So on a personal level, if you
• 14:40
  want to build trust when you're having a conversation with
• 14:43
  Deaconess Akberu or with Ala Haji Garba, we need to show that
• 14:48
  you're competent. You need to build some
• 14:50
  commonality. Ensure that you're credible.
• 14:52
  Make sure you understand what deaconess Akubiro wants to
• 14:55
  achieve with our banking needs or with our financing needs.
• 15:00
  Then you need to be able to demonstrate to Alhaji Garba that
• 15:04
  Alhaji with everything you've said so far, this app, this
• 15:08
  fintech, this blockchain, this Web three, this, whatever that
• 15:10
  we're doing, this is how it's going to help you achieve the
• 15:13
  solutions better than what you are getting right now at GTB or
• 15:17
  at Access Bank. Then you also need to make sure
• 15:21
  that the whole switching costing is going to be smooth.
• 15:24
  It should be easy for Dickens, Akubiru and Al Haji Garba to set
• 15:28
  up their accounts to transfer the funds.
• 15:31
  Everything you just move smooth. Any friction that you put there
• 15:35
  will minimize your chance of closing the sale and will build
• 15:39
  will reduce trust in the system. So that's on a personal level,
• 15:43
  but you can take boys and girls. You are not always going to be
• 15:47
  dealing with people on a personal level.
• 15:49
  And in fact you might be trying to build mass marketplace
• 15:52
  adoption. So you should be trying to build
• 15:54
  trust and acceptance across a broad base and across mass
• 16:00
  marketing. So that actually be your
• 16:01
  challenge. So to achieve that, what you
• 16:04
  need to do is you need to clearly explain the problem that
• 16:07
  your fintech solves in your mass media, in your podcasts, in the
• 16:13
  emails you send out, in the content marketing.
• 16:15
  When your CEO appears or your founder appears on Radio Nigeria
• 16:21
  or Cool FM or whatever, you need to be able to explain clearly
• 16:24
  the problems that you solve. Because the mistake that you
• 16:27
  people have been making in different tech spaces.
• 16:29
  You guys have been doing plenty of influencer marketing.
• 16:32
  And influencer marketing is not bad.
• 16:34
  But The thing is, all these fancy billboards, because I
• 16:36
  tried cheaper, that's all to transfer money to the UK.
• 16:40
  You know my brother is in the UK so I need to see if I can send
• 16:43
  money and if he can send back just to see if at least the
• 16:46
  thing works. That's back when we're thinking
• 16:49
  about ways of monetizing the podcast and we're unable to to
• 16:53
  to get it to work. But The thing is the cheaper
• 16:56
  them, you know they were using influencer marketing so those
• 16:59
  billboards of with Burner Boy and other musicians and then
• 17:02
  things like that. So this influencer marketing is
• 17:04
  actually not a it's not a bad thing, but The thing is just
• 17:08
  putting up billboards of Burner Boy and was that girl.
• 17:13
  I can't remember her name. She's with Maven, so you know
• 17:16
  that Maven starlet and the rest of them, it's not really the
• 17:20
  way. I mean, it's it's OK, it's it's
• 17:22
  good. These are popular faces.
• 17:24
  But the problem is you're not explaining to the Nigerians
• 17:26
  like, what does your fintech do? What does cheaper do?
• 17:31
  So instead of doing cheaper and then boner boys face, how about
• 17:36
  cheaper boner boys face But then minimize boner boys face.
• 17:38
  Don't make it so big that it swallows the whole board and
• 17:41
  then maybe just as clearly, send money.
• 17:45
  Send money to your children in the UK or receive money from
• 17:51
  your children abroad or something like that.
• 17:53
  You know, I'm not an advertising person, but you get the whole
• 17:56
  idea. So it's not just influencer
• 17:58
  marketing, but you should be clearly explaining to Nigerians
• 18:02
  what does your fintech, what does your whatever do?
• 18:06
  Because there's competition. You guys are launching these
• 18:11
  things every six months there's a new something.
• 18:14
  So like cheaper is no longer raining.
• 18:16
  I've started hearing some other names.
• 18:18
  These things are coming up all the time, but you guys are just
• 18:21
  advertising in all the right places.
• 18:23
  But you are not saying what it is that you do.
• 18:26
  What problem are you solving now?
• 18:28
  Before all these people came up, remember.
• 18:31
  Is it something something money transfer?
• 18:33
  I can't remember what it's called that they have a white
• 18:35
  logo and they used to walk through Aussie Union Bank.
• 18:39
  All their messaging was very clear.
• 18:42
  Send money to your children abroad.
• 18:45
  It was that simple. Therefore those of us who are in
• 18:47
  the Ek, sorry. In the UK the messaging was very
• 18:50
  simple, was very simple. Send money to your dependence in
• 18:54
  Nigeria. Very, very, very clear
• 18:57
  messaging. Your messaging should be clear
• 19:00
  and explain what problem you are solving.
• 19:03
  Then you guys should also be highlighting regulation and
• 19:07
  compliance. That is something you would not
• 19:08
  do in the Fintech space. You guys do not say we are
• 19:13
  regulated by CBN or our deposits are insured by NDIC.
• 19:18
  The CBN is the Central Bank of Nigeria.
• 19:21
  If you say we are regulated by CBN, this is where we registered
• 19:25
  something. Some Nigerians will calm down
• 19:27
  and their mind will be at peace because people don't want to
• 19:30
  lose deposits. I have not lost deposits, but
• 19:33
  from when back when my father was alive, back when I was a kid
• 19:37
  up until now, I know people who have lost deposits when banks
• 19:42
  have gone under in Nigeria. It is a very, very, very
• 19:46
  credible fear that you guys need to be addressing.
• 19:49
  So be highlighting. We are registered by CBN.
• 19:54
  Our money is insured by NDICI. Think NDIC is Nigerian Deposits
• 19:58
  Insurance Corporation something like that.
• 20:00
  Because people don't want to lose their deposits.
• 20:03
  And you fintech people, you boys people are boys and girls are
• 20:06
  running all over the place talking.
• 20:08
  Web three is the future blockchain, blah blah blah blah
• 20:11
  blah. Yes, whoever is the future
• 20:12
  Blockchain is wonderful here. We get it.
• 20:14
  It's magic. But The thing is, everyday
• 20:17
  ordinary people like me, and in fact forget about me, think
• 20:21
  about my uncles and aunties. They don't care about all these
• 20:24
  things when they're worried about losing money.
• 20:27
  So please include as part of your messaging.
• 20:29
  We are regulated by or we are registered with so that people
• 20:35
  just know that, OK, if I drop money in this online thing,
• 20:37
  money, you know your money is not going to disappear.
• 20:40
  Plus, it doesn't help that last month, I can't remember the name
• 20:43
  of one of these fintechs that had an online microfinance
• 20:49
  license. So a microfinance license.
• 20:51
  And it was an online bank. And they're holding customers
• 20:55
  money. People are not able to withdraw.
• 20:57
  The excuse that they were given in social media is that they
• 20:59
  were not able to raise another round of financing.
• 21:02
  These things do not enshrine trust in people like me.
• 21:06
  Like people are hoping to be your customers.
• 21:09
  You're supposed to be a bank. Deposits are supposed to be
• 21:11
  insured. You people are supposed to have
• 21:13
  ratios. How can you tell me that the
• 21:14
  reason why you are not giving me my money is because you, Mr.
• 21:19
  Founder, Madam Founder, you are not able to raise funds from
• 21:22
  investors. It doesn't fly.
• 21:26
  Doesn't make sense. It doesn't help people like me
• 21:29
  to trust you guys, which is the reason why when I hear that
• 21:31
  somebody has done an online banking thing, I'm like, man, I
• 21:34
  respect you. But for me, I'm sticking to Axis
• 21:37
  Bank where I can go in and shout at somebody.
• 21:40
  I'm sticking to Keystone Bank. I know where the addresses are
• 21:44
  in Abuja and I can drive there and I can talk to someone.
• 21:47
  So people should be addressing evil, should be showing in your
• 21:52
  marketing communications. You're registered with CBN, you
• 21:56
  have license from blah blah blah.
• 21:59
  Your funds are insured with NDIC.
• 22:01
  The whole point of all these things is you're just trying to
• 22:03
  show Nigerians we're not going to lose your money.
• 22:06
  Then you also have to be educating people on security
• 22:09
  protocols. So yes, talk about your
• 22:12
  encryption, talk about multi factor authentication, talk
• 22:15
  about fraud detection. But remember what I said two
• 22:18
  days ago when you're talking about these things, use simple
• 22:22
  languages and talk about benefits and not features.
• 22:25
  Because not everybody understands what encryption
• 22:28
  means. Not everybody understands what
• 22:30
  multi factor authentication means or what fraud detection
• 22:33
  means. So use simple languages.
• 22:36
  For instance, one of my aunties asked me this thing that they
• 22:40
  saw on WhatsApp. They say WhatsApp is something,
• 22:43
  something message level encryption, blah blah blah blah
• 22:46
  blah. She asked me what does this
• 22:47
  thing means and I explained to her, oh auntie, this is what it
• 22:50
  means. It means that the only people
• 22:52
  who can read your message are you holding this phone, the
• 22:57
  other person that you sent the message to, Nobody in between
• 23:01
  can use any kind of use any kind of technology and read your
• 23:08
  message. Now in Nigeria that's a thing,
• 23:10
  because we know that during the military era there were people
• 23:13
  like civil society or people who are civil society organizers,
• 23:18
  people who had their phones hacked.
• 23:20
  There was a thing that anyway, let me not go too much into all
• 23:24
  that. But in Nigeria we know that
• 23:25
  phones can be hacked. So when you say encryption, it
• 23:30
  just means that there is no hacking in between.
• 23:32
  It is just you holding this phone, the other person holding
• 23:35
  that phone. So, so long as Auntie you don't
• 23:39
  give your phone to anybody else, you're safe.
• 23:42
  Uncle that you send the message to on the other end, so long as
• 23:45
  he doesn't give that phone to anybody else, both of you are
• 23:48
  safe. Nobody in between.
• 23:49
  These are the kind of simple terms that we should be talking
• 23:51
  about when you're trying to educate people through mass
• 23:53
  media and through social media. So instead of saying standard
• 24:00
  ISO something something encryption services explain it
• 24:03
  in those terms. Nobody on this earth can hack
• 24:06
  your messages. The only person that will see
• 24:09
  your message or see your account banners is God.
• 24:12
  Apart from God, nobody else can get into the system.
• 24:15
  You should be talking in simple, plain terms.
• 24:18
  Then I already gave some ideas about how you can talk about
• 24:21
  multi factor authentication in the episode that we did I think
• 24:25
  maybe two days ago. So yes, talk about these things.
• 24:28
  How are you securing people's money, How are you securing
• 24:31
  their bank records, things like that.
• 24:33
  Then also if you partner with trusted institutions in Nigeria,
• 24:37
  it will help. It also has another benefit
• 24:39
  because you can use their networks and gain access to
• 24:43
  their own customer base and use that to grow your business.
• 24:47
  For instance, there's a Fintech in Nigeria that has been used to
• 24:51
  administer government grants. You know, every time a
• 24:53
  government comes in, it's not giving our grants and all that.
• 24:56
  So there's a new round going around and there's one that is
• 25:00
  partnering with this bank. I can't remember what they're
• 25:05
  called, but their logo is like red and it has maybe like an S
• 25:08
  in it. Is it red?
• 25:10
  Well, anyway, bottom line is they're partnering with Nigerian
• 25:13
  banks, which is a smart thing because they're going to be
• 25:17
  getting access to the bank's customer base.
• 25:21
  So the government funds that are being paid out right now are
• 25:24
  going to be paid out using that particular app.
• 25:30
  One of my guys is a photographer.
• 25:32
  He's been trying to access the thing, so he brought the app to
• 25:34
  me to show me. But the thing was kind of
• 25:36
  glitchy. The app was not running, logging
• 25:39
  in was a problem. So that's also one thing you
• 25:41
  fintech people please. Your ideas are brilliant, but
• 25:45
  make sure that product development has been sorted.
• 25:48
  When people download the app, it should be running because these
• 25:51
  things damage trust. You go through all the hassle.
• 25:55
  You get all the licenses, you partner with the bank, you guys
• 25:59
  roll out the app, billions of Nigerians download it, and let's
• 26:02
  say 1,000,000 Nigerians download it.
• 26:04
  Out of the 1,000,000, let's say 300,000.
• 26:09
  Have problems with using the app?
• 26:11
  You know as well of course on Google Apps they will give you
• 26:15
  the stars accordingly. Trust is now being damaged when
• 26:18
  we partner with trusted institutions.
• 26:21
  Then also you guys should be promoting user testimonials and
• 26:24
  case studies. So for like the UK online banks,
• 26:27
  if I was in the UKI, guess I wouldn't have a problem because
• 26:30
  they're showing testimonials and case studies and things like
• 26:34
  that. Plus, you know, I've seen that
• 26:35
  OK, my brother's money has not lost so far in the last four
• 26:38
  years that he's been with that bank.
• 26:39
  I guess it kind of makes people soften up.
• 26:42
  So promote testimonials, These things help.
• 26:46
  In fact, me, I only started taking OPA seriously when I
• 26:49
  noticed that in Cowra Bank and sorry, not Cowra Bank.
• 26:52
  Cowra market in Abuja is one of these local markets.
• 26:55
  When I noticed that traders, it's like all of them have OPA
• 26:59
  accounts. OPA POS now.
• 27:02
  OK, people are using it. People are speaking highly of
• 27:05
  it. All right, I guess it's OK Who
• 27:06
  knows, maybe one day I might have an OPA bank account.
• 27:09
  So promote testimonials, use case studies, do this on social
• 27:13
  media and mass media. And then another thing, fintech
• 27:16
  boys and girls, you will need to be very transparent about your
• 27:18
  fees and terms of service because people don't like this
• 27:21
  whole thing of vanishing fees. Remember I said OK, let me try
• 27:24
  one of these online things? So I did the account, I put my
• 27:27
  money there and then next thing was it like 2K just disappeared.
• 27:32
  I said what happened to the 2K? Well first of all there's no
• 27:35
  brag match I can go to complain to.
• 27:37
  There's no phone number, so you just e-mail, then e-mail back
• 27:40
  and forth. They're not responding on time.
• 27:41
  It turns out it's some holding charge or something or whatever,
• 27:45
  whatever, whatever. These things don't inspire
• 27:46
  people with confidence. So you need to be able to tell
• 27:49
  people upfront that when you download this app, when you sign
• 27:52
  up on this website, when you create this bank account, this
• 27:55
  is what is going to happen. First of all, we will deduct
• 27:58
  2000 from your account because we're trying to test this, this,
• 28:01
  this and that, that, that When it is done, we will return the
• 28:04
  2000 era back to you. This is something that you have
• 28:07
  to be very clear about. And then not just this whole
• 28:14
  anyway, you get the picture, Make sure people know what's up.
• 28:17
  It should be very clear before people sign up and don't just
• 28:20
  say it's in the terms and terms of service and blah blah, blah.
• 28:24
  Let's face it, it's not even Nigerians, even Americans are UK
• 28:28
  people. I don't know anybody who reads
• 28:30
  terms of service before they sign up for something, so let it
• 28:33
  be there on the website. Final step, there should be a
• 28:37
  notice there. When you're done with this and
• 28:39
  you transfer the whatever, we shall deduct 2000 naira because
• 28:42
  we're trying to test that and that when you're done, the 2000
• 28:45
  will be returned to you on or before 3 working days or three
• 28:49
  banking days. Let the thing be clear.
• 28:52
  So let them know how much are you taking for ATM card, how
• 28:56
  much are you deducting for this, deducting for this, deducting
• 28:59
  for that. Now remember we're talking about
• 29:02
  trust here. These are going to be long term
• 29:04
  campaigns, whether it's social media or mass media.
• 29:07
  Trust is not going to build in a few short weeks.
• 29:09
  How long is it going to to last? I don't know, ask marketing
• 29:13
  specialist, advertising specialist, but don't ask me
• 29:15
  because for me what I know is sales and one-on-one
• 29:18
  conversations. So this market mass marketing
• 29:21
  thing is not really my cup of tea, but if you do these things
• 29:25
  that we're spoken about on a mass market level and on an
• 29:28
  individual level, you should be taking, you should be one step
• 29:32
  closer to getting people to trust your your solution.
• 29:36
  So that's it. Thank you very much for your
• 29:38
  time and attention. Connect with me on WhatsApp.
• 29:40
  The phone number is 08064662140. The country code is +234.
• 29:48
  Then on WhatsApp. Sorry no, that's WhatsApp.
• 29:50
  LinkedIn. My name is Tavishima Ayedi.
• 29:52
  I'm the host of the show. You can confirm the spelling of
• 29:55
  my name from the link We're currently listening to this
• 29:58
  episode. If you'd like a shout out, just
• 30:00
  let me know. And please also make sure that
• 30:02
  all your details are there because there are some people
• 30:04
  who follow me and who say what's up, but they don't respond to my
• 30:07
  messages. So I just know that, OK, you
• 30:10
  follow that your name is Lucy, but I don't know where you're
• 30:12
  at, what you're based, what business you do, you know,
• 30:14
  things like that. So I can't really shout you out.
• 30:16
  So yeah, so that's it. So thanks for your time and
• 30:19
  attention. I'll catch you guys at the next
• 30:21
  episode.