Investzilla coming soon...
Is Africa’s new Fintech obsession with ‘Free’ a good thing? Part 1
You should probably read part 1 first if you haven't already.
One of the most exciting things to happen in 2020 has been the rise of the wealth management apps. Chaka, Bamboo, Rise and Trove and many others have given Nigerian consumers a great opportunity to diversify their investment options and, more importantly, an attempt to outrun the scourge of Nigeria's 14% inflation and N360 --> N475 2020 Naira devaluation. Trillions of Naira in savings value is being destroyed in real time. Every day. And the wealth management apps have a massive value proposition that literally didn't exist 12 months ago for the masses. But, as I have shared before (worth a read before continuing this one), they are in a dangerous race to outcompete themselves on increasingly lowering fees. I know them all relatively well and have shared with them privately that this is a mistake. So, ...