Can family lending boost financial inclusion in Nigeria?
Lending among family and friends is integral to the Nigerian financial landscape, particularly in the informal sector where access to formal financial services is limited. Fig. 1: The rate of access to financial services in 2020. In Nigeria, more than 1 in 2 Nigerian adults are financially excluded – with no access to formal financial services such as payment, savings, and credit. Data from World Economics puts it that the size of the informal economy in Nigeria is estimated to be 57.7% representing $1,164 billion at GDP PPP levels. This means that financially underserved communities and young entrepreneurs, often have to rely on social capital for financial support. The low barrier to access and inherent trust makes family lending a popular alternative to formal credit. However, the market faces several challenges, including high-interest rates, lack of transparency, limited access to formal credit infrastructure, and lack of regulation. A new report titled; Lending in Nigeria: Can tech make borrowing from family and friends sustainable? aims to provide a comprehensive analysis of the family and friends lending market in Nigeria. The report which was put together by TechCabal Insights and Sycamore, a peer-to-peer lending startup discusses the major stakeholders, why it exists, common challenges, and its implications for the Nigerian financial economy, as well as the possibilities therein, especially with the advent of digitalization in the space. The report draws on a range of relevant studies to support its analysis. It cites a recent survey conducted by Enhancing Financial Innovation and Access (EFInA), approximately 43% of Nigerians are financially excluded, with no access to formal financial services such as payment, savings, and credit. According to the report, borrowing from family and friends accounts for 44.7% of lending channels for young people in Nigeria. Fig 2: Commonly used channels for lending among individuals and small businesses in 2021 Addressing the challenges facing the family and friends lending market will improve access and ultimately drive financial inclusion for underserved communities. One major challenge is that collection and repayment are difficult, as revealed in the report. In many cases, borrowers have little recourse in cases of fraud or other illegal practices as a result of the lack of regulatory policies that guide that space. Technology presents various solutions to tackle the inefficiencies in this sector through the emergence of digital lending platforms. These platforms provide an opportunity to increase transparency, improve access to credit for underserved communities and provide borrowers with greater recourse in cases of fraud or other illegal practices. The provision of regulatory frameworks by the government will also help to further consolidate the market. “We at Sycamore have been particularly interested in this subject because we have been aware of this problem for a while, and have even created a product tagged “Loan Friends” to solve it,” said Tunde Akin-Moses – CEO, Sycamore. “Borrowing between friends and family is a practice that has lasted for generations. We are confident that technology would further cement this practice by increasing its sustainability.” The report recommends several strategies to promote financial inclusion and improve access to finance for underserved communities in Nigeria, including the development of stronger credit scoring systems, the promotion of financial literacy, and the provision of peer-to-peer digital lending platforms like Sycamore’s “Loan Friends”. Join us on Friday, April 28th at 5 PM (WAT) for the launch of our report titled: Lending in Nigeria: Can tech make borrowing from family and friends sustainable? We will bring together fintech experts to discuss the ways to navigate the inefficiencies of communal lending. They will also be discussing insights from the report. Register here. Download the report here.
Read MoreCan family lending boost financial inclusion in Nigeria?
Lending among family and friends is integral to the Nigerian financial landscape, particularly in the informal sector where access to formal financial services is limited. Fig. 1: The rate of access to financial services in 2020. In Nigeria, more than 1 in 2 Nigerian adults are financially excluded – with no access to formal financial services such as payment, savings, and credit. Data from World Economics puts it that the size of the informal economy in Nigeria is estimated to be 57.7% representing $1,164 billion at GDP PPP levels. This means that financially underserved communities and young entrepreneurs, often have to rely on social capital for financial support. The low barrier to access and inherent trust makes family lending a popular alternative to formal credit. However, the market faces several challenges, including high-interest rates, lack of transparency, limited access to formal credit infrastructure, and lack of regulation. A new report titled; Lending in Nigeria: Can tech make borrowing from family and friends sustainable? aims to provide a comprehensive analysis of the family and friends lending market in Nigeria. The report which was put together by TechCabal Insights and Sycamore, a peer-to-peer lending startup discusses the major stakeholders, why it exists, common challenges, and its implications for the Nigerian financial economy, as well as the possibilities therein, especially with the advent of digitalization in the space. The report draws on a range of relevant studies to support its analysis. It cites a recent survey conducted by Enhancing Financial Innovation and Access (EFInA), approximately 43% of Nigerians are financially excluded, with no access to formal financial services such as payment, savings, and credit. According to the report, borrowing from family and friends accounts for 44.7% of lending channels for young people in Nigeria. Fig 2: Commonly used channels for lending among individuals and small businesses in 2021 Addressing the challenges facing the family and friends lending market will improve access and ultimately drive financial inclusion for underserved communities. One major challenge is that collection and repayment are difficult, as revealed in the report. In many cases, borrowers have little recourse in cases of fraud or other illegal practices as a result of the lack of regulatory policies that guide that space. Technology presents various solutions to tackle the inefficiencies in this sector through the emergence of digital lending platforms. These platforms provide an opportunity to increase transparency, improve access to credit for underserved communities and provide borrowers with greater recourse in cases of fraud or other illegal practices. The provision of regulatory frameworks by the government will also help to further consolidate the market. “We at Sycamore have been particularly interested in this subject because we have been aware of this problem for a while, and have even created a product tagged “Loan Friends” to solve it,” said Tunde Akin-Moses – CEO, Sycamore. “Borrowing between friends and family is a practice that has lasted for generations. We are confident that technology would further cement this practice by increasing its sustainability.” The report recommends several strategies to promote financial inclusion and improve access to finance for underserved communities in Nigeria, including the development of stronger credit scoring systems, the promotion of financial literacy, and the provision of peer-to-peer digital lending platforms like Sycamore’s “Loan Friends”. Join us on Friday, April 28th at 5 PM (WAT) for the launch of our report titled: Lending in Nigeria: Can tech make borrowing from family and friends sustainable? We will bring together fintech experts to discuss the ways to navigate the inefficiencies of communal lending. They will also be discussing insights from the report. Register here. Download the report here.
Read MoreCan family lending boost financial inclusion in Nigeria?
Lending among family and friends is integral to the Nigerian financial landscape, particularly in the informal sector where access to formal financial services is limited. Fig. 1: The rate of access to financial services in 2020. In Nigeria, more than 1 in 2 Nigerian adults are financially excluded – with no access to formal financial services such as payment, savings, and credit. Data from World Economics puts it that the size of the informal economy in Nigeria is estimated to be 57.7% representing $1,164 billion at GDP PPP levels. This means that financially underserved communities and young entrepreneurs, often have to rely on social capital for financial support. The low barrier to access and inherent trust makes family lending a popular alternative to formal credit. However, the market faces several challenges, including high-interest rates, lack of transparency, limited access to formal credit infrastructure, and lack of regulation. A new report titled; Lending in Nigeria: Can tech make borrowing from family and friends sustainable? aims to provide a comprehensive analysis of the family and friends lending market in Nigeria. The report which was put together by TechCabal Insights and Sycamore, a peer-to-peer lending startup discusses the major stakeholders, why it exists, common challenges, and its implications for the Nigerian financial economy, as well as the possibilities therein, especially with the advent of digitalization in the space. The report draws on a range of relevant studies to support its analysis. It cites a recent survey conducted by Enhancing Financial Innovation and Access (EFInA), approximately 43% of Nigerians are financially excluded, with no access to formal financial services such as payment, savings, and credit. According to the report, borrowing from family and friends accounts for 44.7% of lending channels for young people in Nigeria. Fig 2: Commonly used channels for lending among individuals and small businesses in 2021 Addressing the challenges facing the family and friends lending market will improve access and ultimately drive financial inclusion for underserved communities. One major challenge is that collection and repayment are difficult, as revealed in the report. In many cases, borrowers have little recourse in cases of fraud or other illegal practices as a result of the lack of regulatory policies that guide that space. Technology presents various solutions to tackle the inefficiencies in this sector through the emergence of digital lending platforms. These platforms provide an opportunity to increase transparency, improve access to credit for underserved communities and provide borrowers with greater recourse in cases of fraud or other illegal practices. The provision of regulatory frameworks by the government will also help to further consolidate the market. “We at Sycamore have been particularly interested in this subject because we have been aware of this problem for a while, and have even created a product tagged “Loan Friends” to solve it,” said Tunde Akin-Moses – CEO, Sycamore. “Borrowing between friends and family is a practice that has lasted for generations. We are confident that technology would further cement this practice by increasing its sustainability.” The report recommends several strategies to promote financial inclusion and improve access to finance for underserved communities in Nigeria, including the development of stronger credit scoring systems, the promotion of financial literacy, and the provision of peer-to-peer digital lending platforms like Sycamore’s “Loan Friends”. Join us on Friday, April 28th at 5 PM (WAT) for the launch of our report titled: Lending in Nigeria: Can tech make borrowing from family and friends sustainable? We will bring together fintech experts to discuss the ways to navigate the inefficiencies of communal lending. They will also be discussing insights from the report. Register here. Download the report here.
Read MoreUber and Bolt vs drivers union: drivers share their opinion
Last week, we reported the most recent fallout between Uber, Bolt and the Nigerian ride-hailing union-AUATWON. The fallout centres on Uber and Bolt challenging the legality of the newly formed AUATWON. This reporter interviewed drivers of Bolt and Uber, and they spoke about their understanding of the situation. Celestine Finbar has been a long-standing driver with Uber. On a ride, he told me, “We [Drivers], Bolt and Uber are partners and not employees. “We are helping to make sure that Uber and Bolt stay in business.” Finbar explained that the reason why the union was formed in the first place was to protect the economic interests of members. He went on to explain how insecurity, price regulation, vehicle maintenance and the lagging economy make it difficult for drivers to breakeven. “When we looked at the challenges we face as drivers, we decided to go in a legal way and form a union that the government recognises to look into it,” he said. Drivers rating and scorecards pose barriers to profit According to him, the activity score and driver rating posed by Uber also makes it difficult for drivers to thrive in the business. Finbar said some drivers had been blocked or suspended from the ride-hailing platform as they failed to measure up to the rating and scorecard. “If Bolt and Uber know that we (drivers) are really partners (contractors), they should remove most of these things away, even if they want to include it, they should judge the metrics by hearing from both parties (drivers and riders) and not just judge their metrics on one party’s opinion only,” he said. Per his explanation, it is the customers who decide what goes into a driver’s rating on the platform,. “Due to insecurity in the country, there are some places that drivers cannot go to. And once you decline, it affects your driver’s score, and once your driver’s score is too low, Uber blocks you,” he said. “We try to make our riders very comfortable, laugh and share jokes with them all because of our ratings,” Drivers take their stance Finbar said that asides from the Amalgamated Union of App-based Transport Workers of Nigeria (AUATWON), ride-hailing drivers belong to other groups, with each group containing up to 200 drivers who could choose to boycott Uber, Bolt and other ride-hailing platforms if conditions were unfavourable. Finbar describes the AUATWON as an “infant movement” but believes that the union will help address the underlying issue. “For me, I think that the AUATWON is a great union and I like what they are fighting for. But, I personally don’t rely on any union. If I have any complains, I email Uber directly” Christian Ifeanyichuckwu, a driver with Bolt is indifferent about the union but believes the ride hailing union is important in making the voice of the drivers heard. “I really do not pay much attention to any union or gathering, I just come out any day I come out, do what I can do and go. It’s actually not my main focus” he said. “Despite the fact that I don’t identify with the union, I still think the union is quite important because your voice will be heard better when you’re speaking as a group. he said. “I don’t identify with the union because I am not really doing Bolt full time. But the union is important for the benefit and the betterment of the drivers.” Ifeanyichuckwu’s reasons for not identifying with the union are not far fetched, “I don’t identify with the union because I am not really doing Bolt full time. But the union is important for the benefit and the betterment of the drivers,” he said. Moshood Basiru, an Uber driver, said he was unaware of the recent million-man protest threatened by the AUATWON. Similarly, Kelvin Kenneth, a Bolt driver, expressed his surprise upon learning about the protest and that he was hearing about the AUATWON for the first time. “Honestly, I don’t know about the union. This is my first time hearing it.” he said. Kenneth says he would rather be a contractor with Bolt rather than an employee. “Being an employee would be salary based and also there will be fixed time and dates for work which won’t give you time or opportunities to run other businesses,” he said. “But as a contractor you choose your work time and your payment. For instance I did not work throughout March for some reason, I just resumed again last week. It won’t be possible if I am an employee” Samuel Hassan, a driver with Bolt who regularly plies the Muritala Muhammed Airport route, says he was aware of the protest but didn’t participate. “I heard about the protest on the radio,” he said. “At the airport, we have our own union of Bolt and Uber drivers. And our leaders and executives fights for us. There was a time when we were not allowed to pick passengers from the airport, our chairman had to call Uber to interfere in the matter and it was resolved.” Hassan believes that Bolt needs to do better, given the current situation. “The union (AUATWON) was formed in other to fight for the rights of the drivers. Uber and Bolt should do better than lobbying to revoke the licenses. Likewise, Finbar believes that a discussion between Bolt, Uber, and the ride-hailing union may settle the conflict. “We hope that Uber and Bolt can meet with the AUATWON and have an open discussion to resolve this issue,” he concluded.
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How to pay for Apple Music using airtime
Since the ban on dollar transactions on naira cards, many Nigerians have faced payment difficulties for different services owned by international brands. One of the most notable sectors Nigerians have a hard time using are global music streaming services like Spotify, YouTube Music Premium, and Apple Music. However, to ease the stress of a part of this faction, MTN has partnered with Apple Music to allow subscribers to pay for the service with airtime. In this article, we’ll not only be showing you the way to pay for Apple Music using airtime, but also how to get 6 months of free unlimited Apple Music streaming upfront. Please note that this is open to both iPhone and Android users of the Apple Music app. You only need to have an MTN SIM. Method one on how to pay for Apple Music using airtime You can use USSD to subscribe to Apple Music. And here are the steps to use it to subscribe and subsequently make payments: Dial *447*2# with your MTN line Choose the Apple Music option. Select option 1 that says “Apple Music for Free @N0” You’ll get a notification saying you can now use Apple Music for free for the next 6 months. You’ll be nudged to accept the prompt by replying with option 1 which says “Proceed”. You’ll receive an on-screen prompt confirming your successful subscription and you just need to go ahead and select “Accept”. Check your Messages app for a confirmation SMS which will contain a link. Tap on this link and it’ll take you to the Apple Music app on your phone. And that’s about paying for Apple Music via USSD, using airtime. Method two on how to pay for Apple Music using airtime How again do you subscribe to Apple Music and pay for it using airtime? That’s by using SMS. And here are the steps to follow: Start by opening your messaging app and trying to send a new message. Send “MUSIC” to 8000 with your MTN SIM and then “Accept” the plan prompt. Afterwards, you’ll get a confirmation plan that you have subscribed to Apple Music. That’s all! Final thoughts Please note that you’ll need to have a minimum balance of 1000 naira airtime by the beginning of the 7th month. Should you not have enough airtime to pay for the Apple Music subscription when your free access lapses, you’ll be suspended from the service. Also, you can easily terminate your subscription at any time by sending “CANCEL MUSIC” to 8000. That’s it about subscribing for Apple Music using MTN airtime.
Read MoreHow to pay for Apple Music using airtime
Since the ban on dollar transactions on naira cards, many Nigerians have faced payment difficulties for different services owned by international brands. One of the most notable sectors Nigerians have a hard time using are global music streaming services like Spotify, YouTube Music Premium, and Apple Music. However, to ease the stress of a part of this faction, MTN has partnered with Apple Music to allow subscribers to pay for the service with airtime. In this article, we’ll not only be showing you the way to pay for Apple Music using airtime, but also how to get 6 months of free unlimited Apple Music streaming upfront. Please note that this is open to both iPhone and Android users of the Apple Music app. You only need to have an MTN SIM. Method one on how to pay for Apple Music using airtime You can use USSD to subscribe to Apple Music. And here are the steps to use it to subscribe and subsequently make payments: Dial *447*2# with your MTN line Choose the Apple Music option. Select option 1 that says “Apple Music for Free @N0” You’ll get a notification saying you can now use Apple Music for free for the next 6 months. You’ll be nudged to accept the prompt by replying with option 1 which says “Proceed”. You’ll receive an on-screen prompt confirming your successful subscription and you just need to go ahead and select “Accept”. Check your Messages app for a confirmation SMS which will contain a link. Tap on this link and it’ll take you to the Apple Music app on your phone. And that’s about paying for Apple Music via USSD, using airtime. Method two on how to pay for Apple Music using airtime How again do you subscribe to Apple Music and pay for it using airtime? That’s by using SMS. And here are the steps to follow: Start by opening your messaging app and trying to send a new message. Send “MUSIC” to 8000 with your MTN SIM and then “Accept” the plan prompt. Afterwards, you’ll get a confirmation plan that you have subscribed to Apple Music. That’s all! Final thoughts Please note that you’ll need to have a minimum balance of 1000 naira airtime by the beginning of the 7th month. Should you not have enough airtime to pay for the Apple Music subscription when your free access lapses, you’ll be suspended from the service. Also, you can easily terminate your subscription at any time by sending “CANCEL MUSIC” to 8000. That’s it about subscribing for Apple Music using MTN airtime.
Read MoreHow to pay for Apple Music using airtime
Since the ban on dollar transactions on naira cards, many Nigerians have faced payment difficulties for different services owned by international brands. One of the most notable sectors Nigerians have a hard time using are global music streaming services like Spotify, YouTube Music Premium, and Apple Music. However, to ease the stress of a part of this faction, MTN has partnered with Apple Music to allow subscribers to pay for the service with airtime. In this article, we’ll not only be showing you the way to pay for Apple Music using airtime, but also how to get 6 months of free unlimited Apple Music streaming upfront. Please note that this is open to both iPhone and Android users of the Apple Music app. You only need to have an MTN SIM. Method one on how to pay for Apple Music using airtime You can use USSD to subscribe to Apple Music. And here are the steps to use it to subscribe and subsequently make payments: Dial *447*2# with your MTN line Choose the Apple Music option. Select option 1 that says “Apple Music for Free @N0” You’ll get a notification saying you can now use Apple Music for free for the next 6 months. You’ll be nudged to accept the prompt by replying with option 1 which says “Proceed”. You’ll receive an on-screen prompt confirming your successful subscription and you just need to go ahead and select “Accept”. Check your Messages app for a confirmation SMS which will contain a link. Tap on this link and it’ll take you to the Apple Music app on your phone. And that’s about paying for Apple Music via USSD, using airtime. Method two on how to pay for Apple Music using airtime How again do you subscribe to Apple Music and pay for it using airtime? That’s by using SMS. And here are the steps to follow: Start by opening your messaging app and trying to send a new message. Send “MUSIC” to 8000 with your MTN SIM and then “Accept” the plan prompt. Afterwards, you’ll get a confirmation plan that you have subscribed to Apple Music. That’s all! Final thoughts Please note that you’ll need to have a minimum balance of 1000 naira airtime by the beginning of the 7th month. Should you not have enough airtime to pay for the Apple Music subscription when your free access lapses, you’ll be suspended from the service. Also, you can easily terminate your subscription at any time by sending “CANCEL MUSIC” to 8000. That’s it about subscribing for Apple Music using MTN airtime.
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🚀Entering Tech #28: How young people think about balance and ethic
How young people think about balance and ethic. 27 || April || 2023 View in Browser Brought to you by #Issue 28 How we think about balance and ethic Share this newsletter Greetings, ET readers Since we launched #EnteringTech in September 2022, we’ve grown this newsletter to 40,000 subscribers across 10+ countries who are interested in becoming techies. The newsletter has received a lot of love since launch, like this reader who calls it the “gift that keeps giving.” Well, we’re giving more! We are super excited to announce a new video series to help young people not just navigate the tech world but pursue a career that can be fruitful and satisfying. If you’ve loved reading #EnteringTech, you’ll definitely enjoy watching it more. Every Wednesday, we’ll share 60-second clips of professionals who will help you understand tech careers. Ready? Watch the first episode here. by Pamela Tetteh and Timi Odueso. Tech trivia Here is this week’s trivia. Answer is at the bottom of this newsletter. How many hours, on average, does a person spend at work during their lifetime? (It’s not as much as you think it is!) Work ethic v Work-life balance Earlier this week, DAI Country Director Joe Abah made a questionable tweet that reignited a recurring conversation. In a tweet that now has 1.2 million views, Abah wrote, “Gen Z people were asking a Chief Executive of a large multinational his views on work/life balance. He said: “I didn’t become Chief Executive by work/life balance. I became Chief Executive by work ethic.” The room fell silent. What do Gen Z people think?” Work ethic is a set of principles that guide how people do their work, and how organisations run in general. Examples can include a culture of being at meetings 5 minutes early or even always missing deadlines. Just as there’s no one winner in the Senegal v Nigeria v Ghana jollof war, there’s no single definition for work-life balance. However, it’s generally understood as the ways individuals balance their work lives and their personal lives. We spend ⅓ of our lives at work, that’s a lot of hours and years. Like clockwork, responses quickly started to pour in under Abah’s tweet, and the conversation quickly turned into a GenZ/Millenials v GenX/BabyBoomers war. “I don’t think ‘thinking’ is on their features,” an older follower tweeted. “They don’t believe in ethics,” another said. “They just want to do nothing and get paid, and the world owes them anything [sic].” Some notable veterans brought insightful points: co-founder of Volition Capital, Subomi Plumptre (@subomiplumptre) tweeted, “…the generation prioritises quality of life and purpose over money and position.” GenZs and Millenials, many with budding professional lives, also took the mic and gave a couple thoughts. I, for one, shared a piece or two. “He didn’t answer the question, tbh,” my tweet began. “Work-life balance is subsumed under work ethics, it’s not exclusive of it. People with great work ethics know that it’s critical to get work done within the timeframe the work is scheduled, and that hard work should be rewarded.” Since I made that tweet, I’ve thought extensively about how young people entering tech should go about approaching work ethic and work-life balance, and here’s the first thing I’ve seen my community agree on: they’re not mutually exclusive of one another. In this edition of #EnteringTech, I’ll share a couple of thoughts on how Gen Zs and Millenials think about work ethic. Unlike previous editions, this isn’t a guide though; it’s more of my comprehension on how young people are approaching work. Before we move on, I’d like to talk a bit more about the work ethic some young people in tech—or even tech-adjacent—have. They fight for causes, not die—or live—for them Lately, I’ve found myself enamoured with the first verse of Ayra Starr’s Rush where she sings, “Sabi girl no dey too like talk…Padi man, nobody likes work, but you must hustle if you wan chop.” I, like many other hard-working people, often talk about work-life balance but I’ll be damned if I’m going to write to young professionals starting out their career without, like Ayra, saying the truth about how we work: it’s hard, and we speak less about the difficulty, and more about the successes or how we “chill” after. Take me for example. I’ve tweeted about balance a bit, but here’s the part I don’t say often: I’m a high-performing senior associate at one of Africa’s largest media publications, and a final year law student with a 4.2CGPA—not a first class, I know. I’ve also got a few part-time gigs, and all of this means I’m almost always working on something. In all this though, I’m at the very top of my game at work, just ask my past and present managers! It’s the same with most young professionals I know. My friend, writer Ama Udofa who leads content marketing at Vendease once worked two jobs asynchronously. Another friend Oiza Yusuf is juggling an active writing career with an undergraduate degree. My manager Ope Adedeji shuffled between a master’s degree and a budding writing career, all while being Managing Editor at Paystack in 2021/22. In many ways, we’re not so different from the thousands of CEOs who lead several companies. For Ama, Oiza, me and many others; we find solace in our work, we’ll fight for it, work hard at it, excel at it, but we won’t live or die for it. We have dreams that we know our work will help us achieve, so we will keep at it, even when it costs much. And in between paying the high costs for great work ethic and successful careers, we’ll take bountiful breaks; and this is where work-life balance comes in. As Ama says in his newsletter which I found insightful, “Big dreams provide us with inspiration, with direction, with structure, with identity. They prescribe possible destinations and set us on our way. But I’m choosing to balance out my big dreams with
Read More🚀Entering Tech #28: How young people think about balance and ethic
How young people think about balance and ethic. 27 || April || 2023 View in Browser Brought to you by #Issue 28 How we think about balance and ethic Share this newsletter Greetings, ET readers Since we launched #EnteringTech in September 2022, we’ve grown this newsletter to 40,000 subscribers across 10+ countries who are interested in becoming techies. The newsletter has received a lot of love since launch, like this reader who calls it the “gift that keeps giving.” Well, we’re giving more! We are super excited to announce a new video series to help young people not just navigate the tech world but pursue a career that can be fruitful and satisfying. If you’ve loved reading #EnteringTech, you’ll definitely enjoy watching it more. Every Wednesday, we’ll share 60-second clips of professionals who will help you understand tech careers. Ready? Watch the first episode here. by Pamela Tetteh and Timi Odueso. Tech trivia Here is this week’s trivia. Answer is at the bottom of this newsletter. How many hours, on average, does a person spend at work during their lifetime? (It’s not as much as you think it is!) Work ethic v Work-life balance Earlier this week, DAI Country Director Joe Abah made a questionable tweet that reignited a recurring conversation. In a tweet that now has 1.2 million views, Abah wrote, “Gen Z people were asking a Chief Executive of a large multinational his views on work/life balance. He said: “I didn’t become Chief Executive by work/life balance. I became Chief Executive by work ethic.” The room fell silent. What do Gen Z people think?” Work ethic is a set of principles that guide how people do their work, and how organisations run in general. Examples can include a culture of being at meetings 5 minutes early or even always missing deadlines. Just as there’s no one winner in the Senegal v Nigeria v Ghana jollof war, there’s no single definition for work-life balance. However, it’s generally understood as the ways individuals balance their work lives and their personal lives. We spend ⅓ of our lives at work, that’s a lot of hours and years. Like clockwork, responses quickly started to pour in under Abah’s tweet, and the conversation quickly turned into a GenZ/Millenials v GenX/BabyBoomers war. “I don’t think ‘thinking’ is on their features,” an older follower tweeted. “They don’t believe in ethics,” another said. “They just want to do nothing and get paid, and the world owes them anything [sic].” Some notable veterans brought insightful points: co-founder of Volition Capital, Subomi Plumptre (@subomiplumptre) tweeted, “…the generation prioritises quality of life and purpose over money and position.” GenZs and Millenials, many with budding professional lives, also took the mic and gave a couple thoughts. I, for one, shared a piece or two. “He didn’t answer the question, tbh,” my tweet began. “Work-life balance is subsumed under work ethics, it’s not exclusive of it. People with great work ethics know that it’s critical to get work done within the timeframe the work is scheduled, and that hard work should be rewarded.” Since I made that tweet, I’ve thought extensively about how young people entering tech should go about approaching work ethic and work-life balance, and here’s the first thing I’ve seen my community agree on: they’re not mutually exclusive of one another. In this edition of #EnteringTech, I’ll share a couple of thoughts on how Gen Zs and Millenials think about work ethic. Unlike previous editions, this isn’t a guide though; it’s more of my comprehension on how young people are approaching work. Before we move on, I’d like to talk a bit more about the work ethic some young people in tech—or even tech-adjacent—have. They fight for causes, not die—or live—for them Lately, I’ve found myself enamoured with the first verse of Ayra Starr’s Rush where she sings, “Sabi girl no dey too like talk…Padi man, nobody likes work, but you must hustle if you wan chop.” I, like many other hard-working people, often talk about work-life balance but I’ll be damned if I’m going to write to young professionals starting out their career without, like Ayra, saying the truth about how we work: it’s hard, and we speak less about the difficulty, and more about the successes or how we “chill” after. Take me for example. I’ve tweeted about balance a bit, but here’s the part I don’t say often: I’m a high-performing senior associate at one of Africa’s largest media publications, and a final year law student with a 4.2CGPA—not a first class, I know. I’ve also got a few part-time gigs, and all of this means I’m almost always working on something. In all this though, I’m at the very top of my game at work, just ask my past and present managers! It’s the same with most young professionals I know. My friend, writer Ama Udofa who leads content marketing at Vendease once worked two jobs asynchronously. Another friend Oiza Yusuf is juggling an active writing career with an undergraduate degree. My manager Ope Adedeji shuffled between a master’s degree and a budding writing career, all while being Managing Editor at Paystack in 2021/22. In many ways, we’re not so different from the thousands of CEOs who lead several companies. For Ama, Oiza, me and many others; we find solace in our work, we’ll fight for it, work hard at it, excel at it, but we won’t live or die for it. We have dreams that we know our work will help us achieve, so we will keep at it, even when it costs much. And in between paying the high costs for great work ethic and successful careers, we’ll take bountiful breaks; and this is where work-life balance comes in. As Ama says in his newsletter which I found insightful, “Big dreams provide us with inspiration, with direction, with structure, with identity. They prescribe possible destinations and set us on our way. But I’m choosing to balance out my big dreams with
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Introducing: The Entering Tech Shorts
Since 2021, TechCabal has shown the world that there’s tech in everything by reporting on the business and human impact of tech on the continent through our stories, reports, events, and newsletters. For six months, our Entering Tech vertical has ignited exciting conversations around this, and now, we’re taking this to a new level. It’s 2023, and the world sometimes seems unrecognisable – with technology continuing to change the trajectory of our lives with every advancement. It can be a daunting place for a young person trying to enter the tech world. There is much to know and more to learn as technology moves at breakneck speed. Where to begin? What must you understand about this tech word you are stepping into? And what are the skills that will set you apart from the rest? With our Entering Tech newsletter, we have attempted to answer some of those questions. Every Wednesday at noon, over 40,000 readers find answers to complex problems about navigating the tech industry. We are therefore proud to announce a new video series to help young people not just navigate the tech world but pursue a career that can prove fruitful and satisfying. In our new Entering Tech video series, we speak to the experts about starting a career in tech, answering important questions and giving you insight into this complex world. We speak to product managers, designers, developers, engineers and founders — giving you the finer details about what skills and knowledge are essential for success. We’re bringing insights from a data analyst at Microsoft, a product marketer at PiggyVest, and a leading HR professional in Nigeria. Each video is one minute long, and you can watch them as many times as you like on TechCabal’s YouTube channel from Wednesday, April 26, at noon. Watch the trailer here. In the first episode, Funmi Bucknor, Founder of HR Madam, takes us through the importance of soft skills and shows aspiring techpreneurs where to learn these skills. Entering Tech: Soft skills v Hard Skills Get the best African tech newsletters in your inbox TC Daily Next Wave Events Entering Tech Subscribe
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