Name: How to build a fintech that tackles wealth inequality
Uploaded: 2021-06-22T10:08:53.074Z
Duration: 335

SIZZLE Case Study_Finovate How to build a successful fintech-.mp4

1806Case Study_Finovate How to build a successful fintech_.vtt

English

{{00:00:06}}
My name is Viola Llwellyn, and then I am the president
and co-founder of Obama solutions, Inc, which was

{{00:00:24}}
started in poly in 2013 at my kitchen table in Maryland.

{{00:00:30}}
My business partner, Marvin Cole one day came
to me and said that Africa was going to be big.

{{00:00:36}}
And I told him he was an idiot.

{{00:00:37}}
And the reason I said that is the same reason that answers
the question that many non Africans may or may not be

{{00:00:44}}
afraid to ask, which is why is Africa in such a state?

{{00:00:48}}
Well, part of the answer to that is individuals like
myself and the diaspora have become so comfortable with

{{00:00:55}}
Western realities that we actually don't often look back.

{{00:00:59}}
Now you may recall, especially Giles.

{{00:01:01}}
Remember the days of peer to peer crowdfunding being such a hot
thing in 2012, but we assumed that Africans doing all of those

{{00:01:09}}
remittances back then, if we could just find a convenient way to
channel all of that capital that is going to auntie and uncle, that

{{00:01:17}}
usually ends up in a dark hole, but actually no investment value.

{{00:01:20}}
If we could get our hands on that and tell them we're going
to invest it in their villages, we would solve poverty

{{00:01:34}}
And when we got to Cameroon after raising our first friends
and family round, and then we got this rather famous

{{00:01:41}}
first investment of about 1.3 million in equity funding.

{{00:01:46}}
A new Jew, a guarantee investment group.

{{00:01:49}}
We got to Cameron and found out that our idea was
absolutely rubbish and it was never going to work.

{{00:01:55}}
We've pivoted since then.

{{00:01:57}}
I'm sure I'll have my chance to do it.

{{00:01:58}}
But the reason now that we started this it's the same as.

{{00:02:03}}
How can we cure the issue of access to capital
Africa does not have a problem with money.

{{00:02:08}}
There's plenty of it.

{{00:02:10}}
The problem we have is the conduit to the ecosystem or not.

{{00:02:14}}
Right?

{{00:02:15}}
So we've pivoted so many times.

{{00:02:17}}
Successfully, and we're no longer anything
to do with the first business plan.

{{00:02:22}}
That was 168 pages of a PowerPoint
presentation can get it down to about nine.

{{00:02:28}}
Now, today we're actually a trade tech solution because majority
of the businesses in emerging and frontier markets I'm involved

{{00:02:36}}
in buying and selling something within the informal sector
problem is there's a digital gap between them and the banks.

{{00:02:43}}
The banks won't lend to them.

{{00:02:45}}
And we actually don't like the idea of lending to these groups
either, but we do like the idea of funding, the purchase of

{{00:02:52}}
that goods and giving them technology and an entire supply chain
business stack to ensure that the purchase of the goods, the

{{00:03:00}}
importation, the clearing, and even the Airbnb warehouse style
that we provide them with all on mobile apps fits together to

{{00:03:09}}
ensure that they can buy the goods back against their cash flows.

{{00:03:13}}
And we don't put our investors into debt.

{{00:03:16}}
The banks don't do this.

{{00:03:17}}
So we've created a blue ocean for ourselves and businesses
stay sticky with us because before those goods have run out in

{{00:03:23}}
the shop, our algorithm tells them it's how much more to buy.

{{00:03:27}}
So we've come from there to where we are.

{{00:03:30}}
And the reason we do this is because we want generational wealth.

{{00:03:35}}
Without going into debt,

{{00:03:43}}
but what our customers really love about us is the fact that.

{{00:03:47}}
I'm not a bank.

{{00:03:49}}
In fact, we're also a Sharia compliant.

{{00:03:52}}
,
the fact that it's not just.

{{00:03:54}}
They love the fact that they don't go into that.

{{00:03:57}}
They love the fact that we're actually talking about business
growth and given them more than money, we recently created some

{{00:04:03}}
performance improvement products, something called Pamoja because
in the African culture, especially in where we are Cambra.

{{00:04:11}}
And I repost the idea.

{{00:04:13}}
Oh, coming to talk to somebody else about your problems.

{{00:04:16}}
Isn't it.

{{00:04:17}}
Yeah.

{{00:04:18}}
So, if you can't get people to trust you and talk
about your issues, then it's very difficult to

{{00:04:24}}
create products and services to sell to them.

{{00:04:27}}
So we've been able to cite step looking like.

{{00:04:30}}
And we really have become a partner to them and
they love the fact that it's on a mobile app

{{00:04:36}}
and that we're not asking for as much paperwork.

{{00:04:38}}
We're not asking for as many documents and we've continued
to create efficiencies for them to do that with us.

My name is Viola Llwellyn, and then I am the president
and co-founder of Obama solutions, Inc, which was

started in poly in 2013 at my kitchen table in Maryland.

My business partner, Marvin Cole one day came
to me and said that Africa was going to be big.

And the reason I said that is the same reason that answers
the question that many non Africans may or may not be

afraid to ask, which is why is Africa in such a state?

Well, part of the answer to that is individuals like
myself and the diaspora have become so comfortable with

Western realities that we actually don't often look back.

Remember the days of peer to peer crowdfunding being such a hot
thing in 2012, but we assumed that Africans doing all of those

remittances back then, if we could just find a convenient way to
channel all of that capital that is going to auntie and uncle, that

usually ends up in a dark hole, but actually no investment value.

If we could get our hands on that and tell them we're going
to invest it in their villages, we would solve poverty

And when we got to Cameroon after raising our first friends
and family round, and then we got this rather famous

first investment of about 1.3 million in equity funding.

We got to Cameron and found out that our idea was
absolutely rubbish and it was never going to work.

But the reason now that we started this it's the same as.

How can we cure the issue of access to capital
Africa does not have a problem with money.

The problem we have is the conduit to the ecosystem or not.

Successfully, and we're no longer anything
to do with the first business plan.

That was 168 pages of a PowerPoint
presentation can get it down to about nine.

Now, today we're actually a trade tech solution because majority
of the businesses in emerging and frontier markets I'm involved

in buying and selling something within the informal sector
problem is there's a digital gap between them and the banks.

And we actually don't like the idea of lending to these groups
either, but we do like the idea of funding, the purchase of

that goods and giving them technology and an entire supply chain
business stack to ensure that the purchase of the goods, the

importation, the clearing, and even the Airbnb warehouse style
that we provide them with all on mobile apps fits together to

ensure that they can buy the goods back against their cash flows.

And we don't put our investors into debt.

So we've created a blue ocean for ourselves and businesses
stay sticky with us because before those goods have run out in

the shop, our algorithm tells them it's how much more to buy.

So we've come from there to where we are.

And the reason we do this is because we want generational wealth.

but what our customers really love about us is the fact that.

They love the fact that they don't go into that.

They love the fact that we're actually talking about business
growth and given them more than money, we recently created some

performance improvement products, something called Pamoja because
in the African culture, especially in where we are Cambra.

Oh, coming to talk to somebody else about your problems.

So, if you can't get people to trust you and talk
about your issues, then it's very difficult to

create products and services to sell to them.

So we've been able to cite step looking like.

And we really have become a partner to them and
they love the fact that it's on a mobile app

and that we're not asking for as much paperwork.

We're not asking for as many documents and we've continued
to create efficiencies for them to do that with us.

Case Study

thumbnail_Viola_Llewelyn.jpg

Viola_Llewelyn.jpg

Viola Llewelyn

President & Co-Founder

An introduction to how money should be invested and how Africa can develop its economy

Chapter 1: Build a successful Fintech

Viola talks about aspects of Ovamba that consumers enjoy over standard and regular practices.