#63, Building a high-growth business in an emerging market. Ekechi Nwokah, Migo Money

Ekechi Nwokah is the CEO and founder at mines.io [Migo Money], a startup that provides technology infrastructure which enables local institutions such as banks, mobile phone operators, retailers in the emerging market to offer credit to their customers.

Mines use a combination of big data, AI and Machine learning algorithm to provide on-demand credit ratings and decision-making where there is no existing credit history.

In 2018, Mines raised $13 million Series A funding from several VC within and outside Africa.

I have a strong view and criticism against micro-lending businesses, especially in places where the poor pay disproportionately high-interest rate, Ekechi made a strong counter-argument to my criticism and offered a good explanation that changed my mind on a lot of them.

Ekechi has PhD in computer engineering and has extensive experience working as a software engineer at Amazon

In this episode you’ll learn:

  • Lessons from his early days as an upcoming musician in the United States
  • How he fought depression after his music career did not take off
  • How was  MINE-IO ideated?
  • Why did he go back to paid employment for 8 years?
  • How and why did his milk importation business from Uganda to Nigeria fail? What were the challenges?
  • That Ekechi tried for ten years to create a successful business before he finally hit with Mines.io
  • What was driving him in the midst of all that failure and challenges?
  • Moving back to Nigeria, the challenges and overcoming them.
  • How to mitigate business risks without the support of a strong legal system.
  • Why does he think the banks do not need to be disrupted?
  • The importance of local founders in building the Nigerian future
  • The importance of partnerships in the success of a business
  • At Mines.io, how do they intend to deal with the challenge of people not paying their loans?
  • What delivers business success in Nigeria?
  • Taking tech built in Nigeria outside the continent
  • And more

Selected links from this episode

Building The Future Podcast Season 3 is sponsored by Flutterwave

Flutterwave drives growth for banks and businesses across Africa through digital payment technology. You can learn more about their activities here.

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Episode 63