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Wahida Mohamed: Empowering Women And Championing Islamic Financing In Sub Saharan Africa

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Wahida Mohamed is the founder of Islamic FinTech Hub and a retail banker with over 10 years’ experience in conventional International trade finance and SME Relationship Management. She has also worked for a Democratic Governance Programme implemented for 3 years immediately post the promulgation of Kenya’s 2010 Constitution. She has been of service to Somaliland by working for a Mott Macdonald managed – Somaliland Development Fund Secretariat that provided and managed an external development budget aligned to the  country’s 5 year National Development Plan.

In order to make better use of her Monitoring and Evaluation qualifications Wahida founded One OAK Consultants that was selected out of 20,000 applicants to be part of the inaugural cohort of The Tony Elumelu Entrepreneurship Programme. One OAK Consultants uses Randomised Controlled Trials. It also makes a comparison of objective and subjective indicators to determine baseline and assess progress as well as impact of development programming interventions. One OAK Consultant she begun exploring the use of Immersive Virtual Reality as a reporting and advocacy tool.

Wahida’s passion for Islamic Finance Research has enabled her to participate in various studies in Sub Saharan Africa commissioned by The Islamic Research Training Institute – the research arm of The Islamic Development Bank, headquartered in Saudi Arabia. Her forte is Islamic financial inclusion, capability and consumer protection studies. She has also led a team that developed a Working Paper entitled Islamic Banking and Economic Infrastructure Development -Kenya’s prospects for The Kenya Bankers Association – Centre for Research on Financial Markets and Policy.

Her keen interest in addressing systemic barriers and other challenges that prevent women and girls from accessing and using financial services therefore impacting negatively on their economic empowerment is one of the drivers for the establishment of her latest venture– The Islamic Fintech Hub for Sub Saharan Africa (IsFHSSA). The other reason being winning a PhD Scholarship Award for ICT for Development.

IsFHSSA targets start-ups from ideation stage with a gender focus lens. Its first cohort comprises of an agribusiness with a halal certification feature that it is looking forward to developing in collaboration with Indonesian Halal Certification experts -PT. Ammacue Ihalals Ummatin. In this way the start-up will open up the Asian and other Islamic Consumer markets for its Sub Saharan Africa domiciled suppliers. This start-up has been selected for 12 months incubation, capacity building and financing by The Kenya Climate Innovation Centre (KCIC) – an initiative supported by the World Bank’s infoDev and is the first in a global network of CICs launched by infoDev’s Climate Technology Program (CTP).KCIC is funded by the United Kingdom’s UKaid and the Danish Ministry of Foreign Affairs.

AlsoRead: Leveraging Digitized Social Welfare Programs to Deepen Female Financial Inclusion in Africa

Another startup is a Takaful solution provider that leverages on blockchain  and has just completed participation in round two of the on-going 2020 Corda Challenge. This startup is looking forward to working with Takaful Outsource of Netherlands to develop its sharia compliant products.

IsFHSSA is also host to an e-learning platform that will make use of TAIF Digital Institute – an Islamic Finance & Technology company with offices in UAE & Canada. TAIF is committed to support IsFHSSA initiative to deliver world-class Digital Learning Experience across Kenya & region. TAIF is seeking to connect students and teachers from different schools across Sub Saharan Africa.

Other start-ups in IsFHSSA first cohort are a wholly mobile sharia complaint microfinance targeting the Gambian Market; an app targeting sports persons and teams with the aim of building sports careers as well as refurbishing/commercialisation of grass root sports facilities; a sharia compliant mobile lending platform; institutionalization of  Zakat vide a network of masjids; automation of sharia advisory services using Machine Learning and sharia complaint crowd funding platform for real estate and specialized agricultural projects development.IsFHSSA is part of the Fintech Galaxy UAE Ecosystem.

Clearly IsFHSSA less than six months’ trajectory is steep and promises to offer interesting businesses and discourse around Islamic Fintech from Sub Saharan Africa.

Wahida was born and raised in Mombasa, Kenya. She holds a Masters in Monitoring and Evaluation from Maseno University, a BSc. Statistics from Egerton University, Post Graduate Certificate in Business Administration from the University of Manchester and Diploma in Financial Services Management from the Institute of Financial Services UK.

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Interview with Mathapelo Pitse, Founder and CEO of J’ADORE D’AMOUR

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Mathapelo Pitse is the Founder and CEO of J’ADORE D’AMOUR, a proudly South African luxury shoe brand. Mathapelo boasts immaculate skills in areas such as sales, business development, business expansion and customer relations. These key aspects were integral in the founding and management of J’ADORE D’AMOUR’ to ensure the smooth-running within the business as well as success for the overall brand.  When it comes to the creativity and style of footwear development, Mathapelo Pitse has always had an eye for minimalistic designs exotic textures and bright colours. This has seen the brand appeal to an audience who believe in a style that should be audacious sophisticated, timeless and unapologetic. In this interview with Alaba Ayinuola, Mathapelo speaks on her brand, J’ADORE D’AMOUR and entrepreneurship. Excerpts.

 

Alaba: Could you briefly tell me about yourself and your brand?

Mathapelo: My name is Mathapelo Pitse and I’m the Founder & CEO of J’ADORE D’AMOUR. We are a proudly South African shoe line that caters to high-end ultra-feminine consumers with a love for sophisticated trendy footwear. We prides ourselves on being a highly collaborative brand as well as a socially responsible one, with future plans of expansion to compete within international market standards in the footwear industry.

Alaba: What inspired you to go into entrepreneurship and start J’ADORE D’AMOUR?

Mathapelo: My passion for entrepreneurship stems from an early age and I’ve gained a lot of experience as an employee as well as a business owner. How my journey with J’ADORE D’AMOUR started is very interesting. I was spring cleaning my house with my mom and we were getting rid of old things that I wanted to give away. I then realized that I owned an overwhelmingly large collection of shoes and that’s when I had an aha moment, and the rest is history.

Alaba: What makes your brand USP stand out and how has the market responded to your products?

Mathapelo: Our unique selling point and trademark is definitely our metal heel! We want to appeal to the modern woman who is audacious, classy, fashion forward and fashion conscious. We want our clients to be unique and stand out with our shoe designs.

Alaba: Any challenges so far since you launched and how are you managing them?

Mathapelo: Just like many businesses out there, funding my business was a challenge. I had to rely on my passion and creativity to sell the vision to the masses no matter how small it was. Another challenge was converting our social media followers to buyers however we came up with different strategies to bounce back.

Alaba: In what way do you think the South African government can support entrepreneurs?

Mathapelo: I believe the government can assist local entrepreneurs with funding. Entrepreneurs are beneficial for the economy and employment of our country and with the support from the government, a lot of opportunities will be met.

Alaba: Where do you see your brand 5 years from now?

Mathapelo: I’m currently expanding my brand and trying on new and exciting projects which I will officially launch soon. 5 years from now, I’ll be the proud owner of a media empire.

Alaba: How do you feel as an African entrepreneur?

Mathapelo: I feel very fortunate to be afforded the amazing opportunities thrown my way. I have a very supportive team that understands my brands and its visions. Entrepreneurship is not an easy journey.

Alaba: A little piece of advice to young and budding entrepreneurs out there?

Mathapelo: Just go for it! It all starts with an idea (no matter how big or small it may be) and it’s determined by your time and dedication to put that idea into action! 

 

 

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Trueflutter – Matchmaking App for singles of African descent: Interview with Trueflutter’s Co-Founder, Dare Olatoye

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Trueflutter’s Co-Founder, Dare Olatoye

Trueflutter is a matchmaking app built for single Africans on the continent and in diaspora, in search of committed, fulfilling relationships. An online community of Single Africans in search of something real, make genuine and authentic connections. The App takes you beyond surface appearances with the use of audio bios to hear what a person sounds like and what’s important to them even before you connect. In this interview, Alaba Ayinuola speaks with Trueflutter’s Co-Founder, Dare Olatoye on his experience growing a Matchmaking brand, successes and challenges in Africa. Excerpt.

 

Alaba: Could you briefly tell me about yourself, business and the gap it’s filling?

Dare: My name is Dare Olatoye, I’m the co-founder of Trueflutter which is a matchmaking app for Africans on the continent and in diaspora

Alaba: What’s the inspiration for the business idea, and your vision for Trueflutter?

Dare: My sister got married for the first time when she was 47 years old. She met a great guy and they have a beautiful family. The interesting thing is that the person she married lived just 15 minutes away from her and had also been searching for a partner for many years.

Thinking about that, I realized this was a problem that technology could solve, which is why my brother and I set out to build Trueflutter.

Our vision is to provide a platform where single Africans can easily connect with highly compatible partners.

Alaba: What makes your brand USP stand out and how has the market responded to your products?

Dare: The major challenge people have with online dating is that most of the profiles have sparse or superficial information. Our platform helps you get a much deeper insight into a potential match with the use of Audio Bios and responses to carefully thought out prompts.

Alaba: How long has Trueflutter been in business?

Dare: We launched the MVP in September 2018 and had over 15,000 users sign up. That helped us gain valuable user insight which we built into the current version that was launched in January 2021.

Alaba: What are the key initiatives for the success of the business and great accomplishments?

Dare: To us success simply boils down to assembling a great team at Trueflutter and building a great community around the product. This means the most important thing we can do is listen to our users and ensure our product continues to evolve based on their feedback.

Alaba: Kindly share your most difficult moment in business and what did you learn?

Dare: Our founding team has always been very goal driven and when we set targets, we drive ourselves incredibly hard to achieve them. We had set a goal to launch the new platform on January 8th 2021 and had all our promotional partners ready to go.

However we experienced a serious setback in timelines with our development and ideally should have postponed the launch date, but we literally worked 18 hour days to still meet the timeline.

Unfortunately we launched prematurely, with quite a number of bugs on the platform. We have since resolved these but that premature launch meant we lost many of the early adopters of the platform. The major lesson is that it’s okay to release a product that is not yet perfect, with the caveat that users know it is still on beta (just like what Clubhouse did). Public launch dates should only be set when the platform has been stress tested by thousands of users and you know the user experience will be flawless.

Alaba: How has the COVID-19 pandemic affected Trueflutter’s growth and/or the user experience?

Dare: I think online dating is one of those few industries that thrived because of the pandemic. We saw an 820% spike in activity on our platform and a 270% increase in organic downloads. Our voice and video call features are also now used by more people with duration of calls at an all time high.

Alaba: What’s your favourite feature of the App so far?

Dare: Hands down it’s the Audio Bio feature, which also lets you reply with a voice note to users you like. People don’t actually realize how much your voice says about you, and when they listen to someone’s audio bio, it helps them easily decide whether or not they want to connect.

Alaba: Where do you see your brand in the next 5 years?

Dare: As the primary platform where single Africans on the continent and in diaspora meet.

Alaba: How do you feel as an African entrepreneur?

Dare: I am incredibly proud to see what my peers on the continent are doing. Despite the challenges of funding and infrastructure, we are beating the odds to build incredible products that are solving real problems. And the rest of the world is sitting up to take notice.

Alaba: Finally, what advice would you give entrepreneurs and investors in your industry?

Dare: To entrepreneurs, I would say every challenge is teaching you something. Every investor that walks away from your pitch meeting without investing, does so for a reason and if you find out why, it will make you better prepared for the next pitch.

Every customer that leaves a bad review is communicating a problem that thousands of other users are also experiencing, so you shouldn’t take it personal but embrace the feedback with gratitude.

For investors looking at the online dating space, few people realize how profitable it could be until they start diving into the numbers. But they also need to realize that it’s a long game, and like most consumer tech products, needs to be approached from the perspective of a long term investment. Trueflutter has been very fortunate to attract these kinds of investors.

 

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Prudence Ramotso: The South African entrepreneur who turned her love for shoes into a brand

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Prudence Ramotso, Founder and CEO of PRUDENT (Source: Prudence Ramotso)

Prudence Ramotso is a South African young lady who is passionate about fashion and envisioned a different kind of a brand that cares about customers and offer high quality products services. She decided to follow her dreams by creating the brand PRUDENT. A brand with designs inspired by African names, Prudent Shoes is a South African Shoe Brand established in 2019 and manufactured by one of the best and finest stylish shoe makers in Italy. In this exclusive interview with Alaba Ayinuola, Prudence shares her entrepreneurship journey, the gap her brand is filling in the industry and the future. Excerpt.

 

Alaba: Could you briefly tell me about yourself and your brand?

Prudence: My name is Prudence Ramotso, I was born and raised in the Vaal (Sebokeng). I love shoes and fashion , I am ambitious and goal driven. I realized there was a gap in the South African female footwear when I was shopping around for shoes back in 2016, my entrepreneurial spirit couldn’t let this to rest. After my research in 2019 PRUDENT shoes was born, we offer what was missing in the market which is good quality shoes at affordable prices and shoes that have characters from the African names that are engraved on the outsoles.

Alaba: What inspired you to go into entrepreneurship and start Prudent?

Prudence: The rate of unemployment in South Africa increases daily and knowing that I have the ability to make a difference and create jobs in the future inspires me everyday. I took my love and passion for shoes and turned it into a brand that fills the gap in the female footwear industry. It started in my bedroom on my cell phone. I left my full time job as a financial advisor for an insurance company and gave birth to PRUDENT shoes in 2019 and I never looked back again.

Alaba: What makes your brand USP stand out and how has the market responded to your products?

Prudence: Our shoes are made of high quality material and attention to details (better workmanship). Our insoles are glued and stitched on, with our unique style names engraved on the outsoles. Like the brand name says PRUDENT, you take prudent steps when walking in our shoes, which means taking careful and calculated steps you think for the future.

The market response is very good, customers are happy with the quality and saying the shoes make them comfortable. Most customers say the shoes speak to them laughing.

Alaba: Any challenges so far since you launched early this year?

Prudence: The challenges we have is reaching a big scale of the market and getting the brand out there.

Alaba: In what way do you think the South African government can support entrepreneurs?

Prudence: Government must encourage localism, encouraging customers to “buy local” is a pillar of regional development strategies. There are products that are not manufactured in South Africa due to lack of suppliers, however they are South African brands and they make us a competitive country. Also, the government should give small businesses a real advantage in procurement policies and the process must be clear, protective and accessible to all small businesses.

Alaba: Where do you see your brand in 5 years?

Prudence: I see my brand growing and being the trusted female footwear brand in South Africa and in 10 year recognized globally. Also, as a brand helping fight the high rate of unemployment.

Alaba: How do you feel as an African entrepreneur?

Prudence: Being an African entrepreneur feels amazing at the same time is hard and exciting. We are 6 of the 10 fastest growing economies as Africa and the ease of doing business in Africa is improving to an extent that a good number of countries including South Africa, Ghana, Mauritius and Tunisia now outperform China, India, Brazil and Russia, we can say our future is bright as AFRICAN entrepreneurs.

Alaba: A little piece of advice to young and budding entrepreneurs out there?

Prudence: Believe in yourself and your dreams, it is true your network is your networth. Be persistent and never give up, start where you are with what you have and go for it. If you can imagine it , you can do it!

 

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