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TEF Director of Operations, Ifeoma Okafor-Obi’s Speech On The Strong Female Entrepreneur at Eloy Conference 2019
TEF Director of Operations, Ifeoma Okafor-Obi with Tewa Onasanya, Founder ELOY awards (Pic: TEF)
Every morning Mama Bisi sets out – her stool on her head, her beans paste, oil and other paraphernalia in a bucket, held in her right hand – to the junction by 5.45 am.
By 6.30 am, passers-by and her loyal customers line up to buy her fresh akara while you and I send someone from the comfort of our homes to do the same.
Occasionally she hears the magic words – “Oya keep the change” and she is extremely glad. A smile rends her face ear to ear and you wonder…
You see, that N50 or N100 tip means more groundnut oil to fry akara, the occasional N200 windfall, an additional cup of beans – both direct investment into her business. Mama Bisi is frugal, there are no excesses around her except when once in a while, she gives in to her mothering instincts and buys sweets for her children. But when it comes to herself, she is extremely austere.
Mama Bisi did not go to school but she is more financially savvy than some business school graduates. She knows the costs of all her raw materials. Even N50 makes a difference, it is salt for two weeks of her business. She longs to raise money to buy a full bag at N25,000 and reduce the cost of the cups of beans for her business.
She is a route-to-market, consumer segmentation and customer service expert. She knows the locations to sit at different times of the day to maximise sales. She also changes her product offerings from akara to buns and then to puff puff as each day progresses.
She is a marketing expert. You can hear her voice early in the morning calling out in her local dialect that “if you taste better akara or puff puff anywhere, you should return her wares for a full refund”. There have been no refunds till date.
She is a branding expert. She wears her white Apron and tells you that it is to show her customers she is clean, and her wares are prepared under hygienic conditions.
From the proceeds of her enterprise, she contributes meaningfully to her family, ensuring her children are educated, well-fed and well-dressed to the best of her ability. This is because Mama Bisi is a strong female entrepreneur.
For a lot of women, motherhood and entrepreneurship are blurred lines- everything they get goes into the business and every profit or loss impacts their families.
According to the world bank female labour force participation in developing countries index 2014, as more women enter the labour force, economies can grow faster in response to higher labour inputs. At the same time, as countries develop, women’s capabilities typically improve, while social constraints weaken, enabling women to engage in work outside the home.
How then do we ensure that the work that they engage in is meaningful? How do we give Mama Bisi access to financing to expand her enterprise? To move from roadside selling to dry or wet premixed packages to expand her market and customer base? How do we help her uplift her family through entrepreneurship? What innovative models can we use to reach her and remove finance as one of the major deterrents to entrepreneurial activities, industrial transformation and private sector development especially for women? What trainings do we have to leverage her financial savviness, help her with the right staffing and corporate governance? How can she access external partners to move from a small-scale business to a global brand, leveraging her unique recipe? How can she build a trusted network in the right sectors in the shortest possible time? How do we enable her to be the catalyst to harnessing Africa’s strengths – its youthful population and fertile land.
Bearing in that Africa needs 12 to 15 million jobs annually to reduce poverty.
The TEF Model
The TEF Entrepreneurship Programme is a 10-year commitment to select, train, mentor, provide seed capital and access to a supportive network to 10,000 entrepreneurs to create 1million jobs in 10 years and generate 10 billion Revenue growth across the African continent.
In 5years we have almost reached our original goal. Partially through our partnerships because our model has been proven to be successful and sustainable.
We are piloting a program to reach even more people with our UNDP partnership. We plan to train at least 10,000 each year.
What makes it successful is that we achieve in 1 year, things that take programs like the apprenticeship program 5 to 8 years to achieve.
TEF Democratises luck. The impact of our flagship programme is so far-reaching because we are gender and Sector agnostic and we chose thousands from across Africa. In the past 5 years, we have had targeted communication for women and almost doubled the volume of female participation in our programme from 24% in 2015 to 41.6% in 2019.
After a 12-week intensive training with emphasis on finance, scaling, structure and transparency, due diligence and mentorship, these women get seed capital. As part of our Alumni network, they also get ongoing mentorship and value-add exposure to enable them to scale their businesses and to access 2nd stage funding.
However, more interventions are needed to enable women excel. We need:
- Mass education for women on financing options available across the business lifecycle. Females by default have a scarcity mindset and want to create miracles out of nothing. They need to know it is ok to ask for more to deliver more.
- We need a female lens into the route to market for reducing the number of unbanked and financing female-owned SMEs through technology. Bearing in mind that ladies like Mama Bisi will never buy a smart phone unless her family is very comfortable.
- Increased access to seed capital
- Access to creative financing for special sectors e.g. creative and tourism industries in which women excel.
- Leveraging technology for global scale –This is what we are working to achieve at the foundation with our technologically driven Digital platform TEFConnect. We can create local communities showcasing female entrepreneurs in various endeavors to access global markets. Already we have connected a significant number of businesses across Africa. TEFConnect is our gamechanger.
- We need to emphasize the need for governance and transparency within businesses. That is key to being able to attract external funding. With increased transparency and verifiable records, the financing will come, and more meaningful jobs will be created.
If this is done, then one day, Mama Bisi will proudly be illustrated on the covers of a premixed akara package bearing her name, in a store in London.
Meta recently hosted its first Youth Summit in Lagos, Nigeria, bringing together over 200 young professionals, students, recent graduates, creatives, tech enthusiasts and aspiring entrepreneurs.
Themed ‘Empowering Youth Through Technology, Innovation and Entrepreneurship’, the summit included a series of thought-provoking panel discussions, a mentoring session and an interactive workshop designed to equip young Nigerians with the skills, insights and networks needed to thrive in today’s tech-driven world.
Commenting about the event, Phil Oduor, Head of Policy Programs, Sub-Saharan Africa said, “At Meta, we believe that today’s youth are tomorrow’s change-makers. Through initiatives like the Youth Summit, we aim to foster innovation, promote digital literacy and empower young Nigerians with the tools and opportunities to realise their potential and contribute to Nigeria’s growing digital economy.”
Delivering the keynote address, Femi Aluko, CEO/Co-Founder, Chowdeck, shared his journey of breaking barriers to achieve success in tech. He encouraged attendees to embrace the limitless opportunities within today’s technology ecosystem.
A panel discussion, led by Chinny Francis, Public Policy Manager at Meta, featured panellists Nifemi Akinwamide, Head of Operations, Alt School; Adaora Mbelu, Co-Founder of Lumination Global and Obaloluwa Adeagbo, Marketing Lead at Talstack. They shared valuable insights about the future of work, emphasising the importance of storytelling to build a personal brand, practicing self-awareness, developing soft skills, lifelong learning and honing problem-solving skills to thrive in a digitally transformed world.
Francis Sani, Technical Adviser for Innovation, Entrepreneurship & Capital at the Federal Ministry of Communications, Innovation & Digital Economy, spoke at the event. He highlighted the 3 Million Technical Talent (3MTT) program, emphasising that the program aims to build Nigeria’s technical talent backbone to drive the digital economy and position Nigeria as a net talent exporter. He encouraged youth to take advantage of this opportunity.
Another panel of industry experts took the stage during the ‘Lunch and Learn: Navigating Entrepreneurship in a Rapidly Changing Landscape’ session, moderated by Sade Dada, Head of Public Policy for Anglophone West Africa at Meta. Seye Bandele, CEO of PaidHR and Damilola Teidi-Ayoola, Head of Platform and Networks at Ventures Platform Fund, shared their invaluable insights. Seye highlighted the importance of grit, curiosity and candour, while Damilola reinforced the need to understand one’s target audience, deliver value through their business and embrace data-driven decision-making in the dynamic entrepreneurial landscape.
The event also featured inspiring conversations with leading figures in the creative industry. Miss Techy, an award winning tech content creator and Salem King, a creator, storyteller, author and speaker, shared their experiences and advice on achieving long-term success. Attendees also benefited from an interactive workshop and a mentoring session, where industry experts shared practical advice and strategies for entrepreneurs and tech enthusiasts.
Meta’s Youth Summit 2024 highlights a commitment to driving positive change, championing youth empowerment and advancing economic opportunities in Nigeria. Through investments in key areas—such as the creative industry, digital literacy, economic impact and youth job training—Meta is dedicated to empowering young Nigerians to thrive in today’s tech-driven world.
Cross-section of some of the attendees at the Meta Youth Summit 2024 in Lagos
L-R: Chinny Francis, Public Policy Manager, Meta; Nifemi Akinwamide, Head of Operations, Alt School; Adaora Mbelu, Co-Founder of Lumination Global and Obaloluwa Adeagbo, Marketing Lead at Talstack.
L-R: Sade Dada, Head of Public Policy, Anglophone West Africa, Meta; Damilola Teidi-Ayoola, Head of Platform and Networks, Ventures Platform Fund, and Seye Bandele, Chief Executive Officer, PaidHR during the Lunch and Learn: Navigating Entrepreneurship in a Rapidly Changing Landscape panel session.
Salem King, a creator, storyteller, author and speaker and Miss Techy, an award winning tech content creator
During a mentoring session workshop
Femi Aluko, Chief Executive Officer and Co-founder, Chowdeck.
Francis Sani, Technical Adviser to the minister of communications and digital economy of Nigeria
Novotel Director Sales and Marketing Joesph Kimondo, PR and Marketing Manager Ivy Irungu, General Manager Fabio gonsalves, During the Media Briefing at the hotel (L-R).
Novotel, one of Accor’s flagship brands and a champion of balanced living, is proud to announce the opening of Novotel Nairobi Westlands, Kenya.
Situated in the vibrant Westlands area, the new hotel seamlessly balances moments of adventure, relaxation, business, and pleasure, offering a truly reenergising experience just 20 minutes from Jomo Kenyatta International Airport (JKIA). Guests can explore multiple attractions with ease such as the Nairobi National Park, modern shopping malls, entertainment spots, the Giraffe Centre, and the Maasai traditional Market. The hotel caters to business travellers and families eager to share quality moments.
Novotel Nairobi Westlands offers 347 stylish rooms and suites, all featuring the brand’s signature design concept by RF Studio, which emphasises adaptability and sustainability, creating a comfortable, modern atmosphere. For business travellers, the hotel offers 13 versatile, intuitive meeting and event spaces, including a ballroom that can host over 100 guests – ideal for conferences, corporate functions, and social gatherings.
For guests seeking relaxation, the hotel’s state-of-the-art spa offers a range of curated signature massage therapies, designed to provide the ultimate rejuvenation experience. Each treatment is crafted to melt away stress and restore balance. For those looking to stay active, the fitness centre provides expert-led individual and group training sessions, offering a mix of tailored workout routines to suit all fitness levels.
“We are excited to introduce Novotel to Nairobi, a city that beautifully blends rich cultural heritage with modern dynamism,” said Fabio Gonsalves, General Manager of Novotel Nairobi Westlands, Kenya. ‘’Our goal is to create a welcoming space for business travelers and families alike, where quality moments lead to a more balanced life. At Novotel Nairobi Westlands, where modern living meets the pulse of cultural fusion, we offer flexible workspaces and relaxed dining options to suit everyone. It’s a place where guests can truly unwind, connect, and leave feeling invigorated.
The hotel’s four distinct dining concepts take guests on a culinary journey. The rooftop Trunk & Tandoor Gastro Bar offers Indian-inspired cuisine paired with breathtaking views of Nairobi’s skyline, creating the perfect setting for a relaxed evening. Gemma’s Italian Kitchen & Bar provides an all-day dining experience with rich Italian flavours in a welcoming atmosphere. Located at the heart of the lobby, the Safari themed Social Hub coffee lounge and bar adds a unique local flair, inviting guests to connect and unwind. For those seeking a more laid-back experience, the rooftop Pool Bar serves light bites and refreshing drinks, perfect for unwinding under the sun while enjoying the stunning panoramic city views.
Whether complementing a safari adventure or enjoying a family getaway, Novotel Nairobi Westlands offers travellers and locals the perfect environment to connect with family, friends, and colleagues and share quality moments.
“With the opening of Novotel Nairobi Westlands, we are proud to reaffirm our commitment to Africa. The hotel offers a gateway to Nairobi’s vibrant experiences and marks a significant milestone in our growth strategy, as we continue to expand our footprint in key markets across the continent while enriching local communities.” said Paul Stevens, Chief Operating Officer Premium, Midscale & Economy Division, Middle East & Africa for Accor.
Following a longstanding commitment to support its guests’ pursuit of balance in their lives, Novotel announced a three-year agreement with World Wide Fund for Nature (WWF) to champion the protection and restoration of the world’s oceans, the greatest source of balance for the planet’s climate, through science-based action and conservation projects. Novotel has built a three-year Positive Impact Plan, rooted in three of the United Nations’ priority ocean-related actions, namely: reducing marine pollution and ocean acidification, particularly from land-based activities; fighting overfishing and promoting sustainable fishing models; and increasing scientific knowledge and research for ocean health.
To celebrate the opening, Novotel Nairobi Westlands is offering rates from Kes 20,000, including breakfast. True to the Novotel Family Promise, up to two children under 16 can stay for free in their parents’ room.
Members of the brand’s ALL loyalty programme, can unlock 4X Reward Points when booking on all.com until 24/11/2024, for stays up until 12/01/2025. Guests can join the loyalty programme for free and earn points towards a number of benefits, including free hotel stays.
Novotel Nairobi Westlands is Safe Hotels Certified, ensuring our guests peace of mind with globally recognized safety standards. This certification highlights our commitment to a secure, comfortable, and welcoming stay.
FOO, the award-winning B2B Software as a Service (SaaS) solutions provider, has partnered with eNovate (formerly known as eCards), Egypt’s premier provider of cutting-edge digital payment solutions, to build upon eNovate’s existing portfolio of products and services.
eNovate is an independent subsidiary of eFinance Investment Group (EFIG), Egypt’s leading investment management firm. Originally established in 2009 as EFIG’s card services division, it has since evolved to deliver comprehensive, integrated digital payment solutions for a range of clients, including fintechs and financial institutions; ministries and governmental entities; transportation authorities; and NGOs.
With more than 55 million cards issued to date, and millions of transactions processed annually for Meeza, VISA and Mastercard, eNovate continues to position itself at the forefront of Egypt’s digital payment ecosystem.
eNovate has strategically partnered with FOO to enhance its portfolio by leveraging FOO’s expertise, extensive range of services, and innovative approach to product development. FOO’s modular platform, built on a customizable suite of micro-services, enables the delivery of SaaS products across the financial services spectrum – from digital onboarding to digital banking – with unparalleled levels of flexibility, scalability and security.
Through this partnership, eNovate will also deliver Fintech as a Service (FaaS) solutions. Designed to help fintechs rapidly launch and scale their operations, FOO’s advanced ‘out-of-the-box’ FaaS solution streamlines the development process. This approach drastically reduces the time and resources needed to bring fintech products to market, enabling companies to move from concept to deployment within months, rather than years. By providing a comprehensive, scalable platform, this collaboration empowers fintechs across Egypt to focus on innovation and growth, accelerating their path to success in the country’s dynamic financial sector.
Both companies share a strong commitment to driving digital transformation, both within Egypt and the broader payment ecosystem. This collaboration will build on eNovate’s success to date, to further the delivery of fully compliant, end-to-end solutions that meet the diverse needs of its clients and their customers.
This ongoing partnership between FOO and eNovate includes several key projects, the first of which is an end-to-end digital solution for universities across Egypt. Integrated with each university’s learning management system, it will enable students to complete a range of actions – from payments to identity verification – via one easy-to-use app.
Further significant projects are to be announced in due course.
Ghady Rayess, Co-founder and Managing Director at FOO, commented: “At FOO, innovation is integral to our approach. We are proud to partner with eNovate, a true industry trailblazer, to contribute to the remarkable transformation taking place in Egypt’s financial services sector. With the support of the Central Bank of Egypt (CBE), we are committed to delivering robust financial solutions that will not only strengthen eNovate’s position as a leading innovation hub, but also further digital transformation across Egypt.”
Nashwa Kamel, CEO at eNovate, commented: “We are delighted to be working with FOO. Their commitment to cutting-edge technology and innovation aligns with our vision for providing digital payment solutions in Egypt and across the region. This partnership represents a milestone in our mission to revolutionize the financial landscape, providing our clients and their customers with unparalleled opportunities and enhanced experiences. By combining eNovate’s expertise with FOO’s pioneering solutions, we are positioned to set new benchmarks in the industry, driving forward digital transformation and reinforcing our role as a leader in the global payment ecosystem.”
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