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InvestSure: Inspired by the need for investors to manage fraud risks that can be unforeseen – Mbulelo Mpofana

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From left- Ettienne Myburgh (Easy Equities), Mbulelo Mpofana, Carly Barnes (Easy Equities), Shane Curran and Ignatious Nkwinika.

Based in Johannesburg and founded by Shane Curran, Mbulelo Mpofana and Ignatious Nkwinika. InvestSure is a new insurance product that insures listed shares bought on participating trading platforms, against losses arising out of the deceptive or misleading acts of management of the company. The insurance is offered on shares listed on the Johannesburg Stock Exchange (JSE), with plans to insure shares in global markets in future. Investors can insure their shares as they buy them, as well as insure their existing portfolio. This product is a world first innovation, developed in South Africa and supported by global partners. In this interview with  Alaba Ayinuola  of Business Africa Online. Mbulelo Mpofana- Co-Founder & COO at InvestSure talked about the inspiration behind InvestSure, how they got funded and the future for their brand. Excerpt.

 

Alaba: Kindly tell us about InvestSure and the gap it’s filling.

Mbulelo: InvestSure is an insurtech startup that has developed APIs that enable share trading platforms to sell their unique insurance product. InvestSure has developed a world-first insurance product that provides shareholders protection against losses in the share price which are caused by management misleading and deceiving shareholders. The product is currently available on Easy Equities.

In the wake of the Volkswagen (VW) emissions scandal we noticed that the share price had dropped significantly, yet there was no recourse to investors who had invested in the company not knowing that VW weren’t all they made out to be. After that multiple similar events around the world prompted us to think that investors should have some kind of protection for these events.  Management fraud presents a difficult to manage and asses risk for investors (even sophisticated investors). It is often caused by deception on the part of trusted managers who are much closer to the business on a daily basis.

There was simply no accessible, simple and cost effective product to allow investors to protect themselves from the risk of being blindsided by management of the companies they invest in. We also think this product can make investing more accessible by simplifying the decision process and allow people to invest with more confidence, knowing they have this “sleep easy” cover.

On the tech side InvestSure provides a set of APIs that trading platform developers can use to integrate their insurance product seamlessly into their websites and applications. Once InvestSure’s technology is added to a trading platform, it enables users to easily buy insurance on their shares with a single click. The full process from buying to insurance to settling claims is fully automated.

 

Alaba: What was your startup capital and how were you able to raise it? 

Mbulelo: Entrepreneurs often talk about needing a bit of luck; we had our right at the beginning. We were very fortunate to partner with Hannover RE from a very early stage; the Africa region MD liked the product idea from the get go. They agreed to incubate and fund the founding team until we actually launched through their specialist insurance subsidiary Compass Insure. Compass is the insurer behind the product and is now also a shareholder in InvestSure. We also won R1-million at a pitch event run by AlphaCode, Merrill Lynch South Africa and Royal Bafokeng Holdings. The initial funding from Compass formed part of our recently announced R9.6m funding round.

 

Alaba: As a startup, what are the challenges and how are you overcoming them?

Mbulelo: We have been fortunate in many respects to have secured support from a multinational insurance giant at idea stage so our set of challenges are of a different nature than most innovative startups. For us the challenges included:

  1.  Navigating the internal processes of our partner companies; these can result in long delays and take up a lot of the founders’ time.
  2. Linked to the above, the other big challenge was the B-2-B aspect of the business, established companies move much slower than we were able to, especially on the IT and decision making sides, and this created some frustration for us as well as increasing time to market (and cash spent before getting to market).
  3. Managing the at time conflicting objectives of all partners and stakeholder to make the business relationship worthwhile for all parties, especially with a unusually low cost product like ours.  The insurance industry is still used to high distribution cost models.
  4. Client education, we’ve tried to make the product quite simple but there are still misunderstandings we find in terms of people getting what the product does, the value in it and how it’s different to things like put options.
  5. Awareness, spreading awareness of the product on a tight budget is always a challenge!

 

Alaba: What advice would you give potential entrepreneurs who intend to start a business or invest in Africa?

Mbulelo: There is a lot of advice from much smarter and successful people than me out there! I’ll stick to specifically insurtech were I have more experience and less has been said about.

Our advice for anyone trying to create a new product is to partner with an established player. This allows you the time to focus on the product design and development, rather than trying to deal with the insurance regulatory mine-field. You can always change direction once the product is established. It also allows you much easier access to flexible capital,  accessing their networks and relationships, instant credibility enhancement and tapping into internal expertise to name a few. I’ve found that more and more companies are seeing value in partnerships with disruptive innovators.

Investors in South Africa are much more profit focused and will look for shorter break even time frames over and above big opportunity. It is therefore important to manage costs down.

 

Alaba: What’s the future for InvestSure and what steps are you taking in achieving them?

Mbulelo: There is a ton of scope for us to grow in South Africa, we are looking to do this by increasing our penetration rate on Easy Equities (our first platform partner) and we are keen on signing up other trading platforms as well which will increase our accessible market.

We are also keen to take advantage of the uniqueness of the product by taking it to other markets; initially we are looking at Australia and the UK as markets with similar regulation and business culture as SA.

Alaba: How is your business contributing to the development of Africa?

Mbulelo: We are embracing the idea of “community” in the startup scene and engaging with many other founders as well as people who are interested. We have also actively sought to use our network to create opportunities for other startups e.g. at least one other startup has secured funding from our shareholders through our initial intro; quite a few others are in talks with them.

 

Alaba: What’s your view on the development of Africa InsurTech ecosystem?

Mbulelo: I think it’s small but high quality even compared to the US and UK. I see a lot of innovation around the intersection of hardware/devices and insurance in Africa and I think we can be a player in that space. I also think it’s growing especially as more corporate become open to collaborating and funding insurtech startups. Insurance has a very bad image and many insurtech’s are creating a fairer and more transparent version of doing things which I think will appeal to consumers more and more over time.

 

Alaba: How do you feel as an African entrepreneur?

Mbulelo: I’ve always wanted to be an entrepreneur so this is a dream for me. From an African perspective, I’m proud we could create something that has surprised even the global executives of a company like Hannover Re and bring a new insurance product to the global insurance market. Africans continue to innovate and create value though new products and business models so it shouldn’t be a surprise to people but for some reason it still is! Hannover Re South Africa itself is seen as the innovation sub for the group which is testament to the unique thinking and creativity in Africa.

 

Alaba: How do you and partners relax and what books do you read?

Mbulelo: Sports is a consistent passion across the team for sports, I more watch than play these days but Shane plays soccer like 2 or 3 times a week. We also like to travel and spend time with family. We tend to read a lot of business related books. I also like to read about politics and historical figures.

 

Alaba: Please teach us one word in your home language and your favorite local dish?

Mbulelo: Nkululeko- which means freedom in isiZulu, Freedom Day in SA is coming up on Saturday 27 April. Can’t pick an outright favorite but will mention two- Putu with Amasi and I also love Biltong.

 

Alaba: What’s your favorite holiday spot in your country?

Mbulelo: It changes over time but current would say rural KZN around the town of Port Shepstone and further down the coast. It’s really beautiful and still quite natural in parts. I also have family around those parts.

Also Read SMEs: Before you sign that deed of guarantee | Morenike Okebu

Bio’s:

Shane Curran- Co-Founder & MD

Shane is a Chartered Accountant (CA(SA)) who originally saw the opportunity to approach Hannover Re Group Africa with an idea for a new insurance product. He believes that investing in shares is crucial to enhancing one’s wealth over the long term, but that certain risks could seriously harm that long term wealth growth. In his personal time he enjoys soccer, reading, holidays and spending time with friends and family.

Mbulelo Mpofana- Co-Founder & COO

Mbulelo teamed up with Shane to develop this unique insurance idea after gaining 6 years insurance experience, covering most technical areas of the industry including actuarial, capital management and risk management. Mbulelo has an enthusiasm for entrepreneurship and loves finding pragmatic and practical solutions to challenging problems.

Ignatious Nkwinika- Co-Founder & CTO

Before designing and building InvestSure’s tech from scratch, Iggy gained over 14 years of experience as an IT Solutions Architect including over 6 years in insurance. He is passionate about technology development and finding innovative solutions within the insurance industry.

 

Visit InvestSure today!

 

Afripreneur

Darlyn Okojie on entrepreneurship and building Memo Africa

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Darlyn Okojie is a serial entrepreneur and business expansion expert. As the Co-Founder & COO of Memo Africa, Darlyn is responsible for the day to day operation process while building a team to create a Tech solution to People Management. She founded Memo Africa with Ademola Koledoye to create memorable moments across the world. Darlyn Okojie has a past experience of building a business spanning three countries, raising capital and ensuring that the word about the service reaches the right audience. Her First Business, Rugs and Floors Africa, currently operates in three countries, Nigeria, Ghana and Rwanda. In this exclusive interview with Alaba Ayinuola, Darlyn speaks on her entrepreneurship journey and vision is to make Memo Africa the go-to automated system for People Manager: “Future of Memo Africa”. Excerpts.

 

Alaba: To begin, could you briefly tell us about your background?

Darlyn: I spent the early part of my childhood up till my youth in Benin City. I attended all levels of education down to university where I studied Accounting at the University of Benin. My upbringing has made me extremely loyal to my city. After I completed my higher education in 2014, I got my first ever job at Lamudi (Popularly Known as Jumia House) in 2015. While at Lamudi, I worked as a key account manager in an online marketplace firm. A year later, I moved to Cars45 to spearhead the company’s efforts in building and maintaining relationships with strategic partners. Throughout my career, I have been involved in various aspects of people management, even through running Rugs and Floors from January 2020.  At the moment, I’m focused on building Memo Africa.

Alaba: What inspired you to go into entrepreneurship and the problems you plan to solve?

Darlyn: An impactful model to me is my father. I didn’t realise he had that effect on my entrepreneurship life until I looked back on how much I have been able to achieve career-wise. He showed me the only way to gain success is through hard work and dedication. His tenacity and energy in delivering is extraordinary. There have been countless times where I’ve found myself wondering how he gets the energy to go even through obstacles. A quote from a book by Shakespeare, Macbeth, pops into my head whenever I think about my dad. “I am tied to a stake I cannot fly, but bear-like I must fight the cause.”

The life of an entrepreneur is quite fast-paced, there’s no time for breaks and no option to quit, you just have to keep going. It reminds me of something my mum always says, “Person, nor dey Live life go back”. Good or bad we need to keep moving forward in life or in business. I believe my motivation stems from the ability to keep going and building.

Alaba: Memo Africa is one of the startups you co-founded, what sparked the interest? How does the platform work and who are your target audience?

Darlyn: Memo Africa was birthed by various challenges both my co-founder and I faced throughout our work life. From my first job to my current ventures, I have seen how people managers handle welfare related issues in organizations and it inspired me to create a solution that makes their work seamless. We notice that people struggle to remember important dates when it comes to the lives of their employees and it is key because it makes the employees feel valued and appreciated. But dates like birthdays, onboarding and orientation processes, sendforths, and many others dates are lost in transition.

Memo Africa is a simple solution that people managers can use to automate welfare packages to be delivered to both remote and on-site teams across the world. We believe this technology solution will boost business productivity as the team members feel motivated and cared for while saving people managers time to focus on more critical issues.

Alaba: Since you launched, what are the challenges and successes?

Darlyn: It would be best if we start with the positive aspect of the business, the success. At the moment, we have acquired clients both from Nigeria and Ghana, and signed three companies into our system. We have achieved these while facing various economical challenges like Inflation, exchange rate and cross-border payments issues. 

I also noticed that small business owners and other entrepreneurs face these challenges which is why I recently started recording my journey on my Medium account.

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Alaba: What’s the future of people management? Do you see Memo Africa as part of the future?

Darlyn: The future is Tech! The world is evolving to become digital and automated. It is important to ensure that regardless of where people work from, they are treated with the same respect and dignity as they would be if they were working from a traditional office space. Memo Africa is the technology solution born to connect the people in an organization through our automated management system of celebrating them. Staying connected to and creating memorable moments for your team is the best way to keep them motivated while working.

Alaba: Where do you see Memo Africa in the next 5 years in terms of market and expansion? 

Darlyn: We have a large vision set for Memo Africa and are ready to take the action to grow and scale up the Tech StartUp. Currently, our most viable product which is our website  is up and running. We are planning on developing the Mobile App version to increase the accessibility and personalisation of the system. We expect to become the go-to platform for all people’s welfare across Africa and in the world. Our tentacles are set to expand into many African countries. We are open to acquiring more clients, partners and Investors.

Alaba: What fuels your passion and how do you relax?

Darlyn: Aside from the rush of the non-stop cycle of developing businesses, I find myself passionate about finding and implementing solutions to create value in people’s lives. You can find me locked on Netflix to unwind after a busy day or exploring the different countries in the world.

Darlyn Okojie (Photo: Supplied)

Alaba: Lastly, your advice to young women who want to launch into entrepreneurship?

Darlyn: My number one advice to young women who are launching or building their business is that your key to success lies within you. Everything you need to succeed is in you, your thoughts and action shapes your future. As long as you can think it, you can absolutely do it. You need to study and understand your potential, strength, weaknesses and limits. I believe self awareness is the most powerful tool to achieve anything in the world.

I would also say you shouldn’t believe you can only grow & scale up alone, it’s okay to have mentors and role models. These people have walked the mile. All you need to do is find someone who has successfully crossed the path you are hoping to pass. You would be surprised by the number of people ready to guide you or refer you to the next life challenger.

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Afripreneur

Eno Eka: Creating Her Dream Life in Canada

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Eno Eka is a business analyst and consultant based in Calgary, Alberta. An award-winning career coach and keynote speaker who has been recognized for helping more than 100,000 professionals in 90+ countries  kick start their professional careers.  She is a business analysis content developer and course instructor at the University of Manitoba. Eno is the CEO of  Eny Consulting Inc. and the Founder of Business Analysis School.

In 4 years of arriving in Canada, Eno has touched the lives of thousands of immigrants in Canada. She has curated mentorship and coaching programs for immigrants to Canada which have sought her recognition and awards globally. Eno is an embodiment of service as she volunteers with several non-profit organizations to help immigrants to Canada integrate successfully and become gainfully employed.

Eno volunteers as a mentor with Calgary Region Immigrant Employment Council (CRIEC) and sits on the Board of the IIBA Calgary Chapter as Director of Education. She also volunteers at the Calgary Drop-in Centre and Calgary Dream Centre.  She is a Giving Back Sponsor for the Women in Need Society (WINS). Eno Eka is the host of the Livestream Podcast, Fireside Chat With Eno where she shares valuable insights on job search tips and strategies for new immigrants.

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Eno Eka

Her awards and achievements include:

  • Forbes 30 under 30 nominees 2020, Education Category.
  • Alberta Top 30 under 30 recipients 2021.
  • Calgary Top 40 under 40 nominees 2019 and 2020.
  • Universal Women’s Network, Winner 2019 Award for Mentorship.
  • RBC Women of Influence 2020 Award Recipient.
  • Top 100 Black Women to Watch in Canada 2020 Award Recipient.
  • Canada’s Most Powerful Women: Top 100 award Nominee 2020 and 2022.
  • RBC Top 25 Canadian Immigrant Awards Nominee 2020.
  • Alberta Women Entrepreneurs Nominee 2021.
  • Immigrants of Distinction Awards Nominee Finalist 2021.
  • 2020 Tällberg/Eliasson Global Leadership Prize Nominee.
  • Top 8 Female Business Analysis Influencers To Watch in 2021-Globally Recognized & Featured by the IIBA.
  • Women of Impact Awards Nominee 2022.
  • Women Empowerment Awards Nominee 2022.
  • Campaign Ambassador for the United Nations and the Office of the United Nations High Commissioner for Refugees.
  • Host of the Global Business Analyst Online Meetup.
  • IIBA Global Corporate Member.
  • IIBA Endorsed Education Provider for all IIBA certifications.
  • Authorized Training Partner for Agile & Scrum through ScrumStudy

 

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Oumnia Boualam is helping African and Arab Women “do business better”

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Moroccan Oumnia Boualam is an experienced Business Growth Expert and the Managing Director at Brussels Global Review (BGR). She helps Arab and African female entrepreneurs and coaches get clarity, build a personal brand and grow a successful business online. Currently, Oumnia oversees several advisory reports on key economic trends in the Middle East and Africa, helping businesses and investors get key information for their decision making process. In this interview with Alaba Ayinuola, Oumnia Boualam talks about her corporate experience and her passion for Arab and African female entrepreneurs. Excerpt.

 

Alaba: To begin, could you briefly tell us about yourself and Brussels Global Review? 

Oumnia: Growing up I was very shy and introverted. I never felt comfortable socialising and even dreaded going to school in Morocco (which is where I am from). That completely changed once I moved abroad at 18 to study then work in international sales and marketing. I used to work for a very demanding company selling High Ticket advertising in Emerging Countries. This meant I had to live in various countries (9 in total) and conduct on average 300 meetings per year. While this was an exhausting job, It allowed me to learn how to become adaptable and sociable in the business environment. When the pandemic started I decided to move away from this environment and start building my own business focusing on Sustainable Development and helping Africans and Arabs “do business better”.

I moved to Brussels and co-founded Brussels Global Review. We produce Sustainability reports on the MEA region for an audience of EU decision makers (here in Brussels). In parallel we have 2 signature online programs designed to help African and Arab professionals develop their digital skills, communication and confidence.

Alaba: Could you briefly share some of your experience as a corporate leader, your highs and lows?

Oumnia: Highs: Being able to see how many people I help through my social media content. Lows: Having to deal with toxic corporate culture, lack of support and judgments as a young African, woman entrepreneur.

Alaba: What is your greatest professional accomplishment to date?

Oumnia: I am most proud of the program I have created: The Digital Boss Academy. It’s going to help so many young professionals in Africa and the Middle East to leverage the digital economy to earn more.

Alaba: What are some of the strategies that you believe have helped you grow as a person?

Oumnia: I wouldn’t call it a strategy but more of a personality trait: Curiosity. Being curious and not always following outdated methods and strategies just because that’s what is being said or that’s the way it’s being done. I also strongly believe in learning from life experience rather than having prestigious degrees and that is a crucial skill in Business.

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Alaba: Can you share your thoughts on Gender Inclusion in Africa and the Arab entrepreneurship ecosystem? 

Oumnia: Not enough is being done to change the mindsets. There can be new regulations, new programs and so on. But if the mindsets of both men and women don’t change in terms of really considering equal opportunities for both genders then we will make very slow progress. Women are still expected to have kids and get married before having a career in our society. Some women founders are being asked what will happen to their business once they start a family. We also don’t have enough success stories to inspire and empower women to follow their dreams.

Alaba: Kindly walk us through a typical day as an entrepreneur and how do you relax? 

Oumnia: Every day is different for me because I tend to get bored with routine activities. But one thing remains the same every single day from 06.00am to 09.00am I write and create content. This is the time of the day my brain is most active and also as a natural introvert I feel much more comfortable when things are quiet so I can be deeply focused.

Alaba: What advice would you give to any woman who wants to launch into entrepreneurship? 

Oumnia: Starting a business is not as hard as you think if you’re willing to learn. The hard part is to overcome your fear and mindset blocks. That requires a lot of personal development work and it’s not comfortable to go through it.

 

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