Share Godwin Ehigiamusoe, Founder of the Lift Above Poverty Organisation (LAPO), has predicted that financial technology (fintech) companies may take over the banking sector in the coming decades. He made this statement during a conversation with young entrepreneurs and students in Benin City. Ehigiamusoe emphasized the importance of innovation in business, citing the rise of fintech companies like OPay about 10 years ago.
Ehigiamusoe noted that some people previously believed that traditional banking practices represented the future of the sector, but he urged business owners to adapt to the changing environment. He cited the example of manual typewriters becoming redundant due to technological advancements. The conversation, titled "From Ideas to Enterprise," was organized by DeeMoat Hub Books & Ideas.
During the conversation, Ehigiamusoe shared lessons from his book, Twelve Commandments for Business Owners: A Guide to Business Success. He advised aspiring entrepreneurs against starting businesses with loans, saying it could undermine their chances of survival. Instead, he recommended mobilizing personal resources and seeking support from family and friends before considering loans.
Ehigiamusoe shared his own experience of starting LAPO with just N300, which he used to support three women engaged in small-scale economic activities. He emphasized that entrepreneurs should adopt a gradual approach to raising capital, beginning with personal contributions. While acknowledging the importance of external funding, he maintained that loans should not be the starting point for inexperienced entrepreneurs.
Ehigiamusoe also highlighted that societal problems often create opportunities for interventions and innovative solutions. He encouraged young entrepreneurs to look beyond the difficulties facing Nigeria and identify the opportunities they present. According to him, business opportunities often emerge from society's most pressing challenges.
The LAPO founder introduced the Training, Interest, Temperament, and Experience (TITE) framework, which aspiring entrepreneurs can use to assess their suitability for a business. He explained that entrepreneurs should evaluate these four factors against the demands of a business before venturing into it. Onome Ugolor, Programme Lead at DeeMoat Hub Books & Ideas, said the organization aimed to bring readers together with authors whose knowledge and experience could help them understand the world and contribute meaningfully to society.
The initiative, according to Ugolor, provides a platform for young people to learn from authors and take practical steps towards achieving their goals. She emphasized that business ideas can begin with paying attention to problems around them and that the conversation provided an opportunity to explore what it takes to move from having an idea to serving customers and building a sustainable organization.
Key points
- Fintech companies may replace traditional banks in the future.
- LAPO founder advises entrepreneurs to adopt a gradual approach to raising capital.
- Societal problems can create opportunities for innovative solutions and business growth.
