Episode 10: Ngozi Dozie, Co-founder of OneFi, on providing easy credit for those ignored by the banks

Episode 10 of Building the Future with Dotun is here. In this episode, Ngozi Dozie of OneFi answers questions from Dotun Olowoporoku. Learn how to access credit outside of the banks.

OneFi is a platform that provides access to finance by leveraging data and technology. One of their key products is Paylater, a lending mobile app that enables people to get access to short term loans in Nigeria as quickly as possible.

Ngozi has an interesting background…. he has a First Class degree in Physics from Imperial College, London, an MSc in Computation from Oxford University, and an MBA from The Wharton School.

Before he started his business. He had a career as a finance man. He used to be an investment banker with JPMorgan, a risk consultant with Arthur Andersen UK, and worked as a financial analyst with Deloitte.

But now, Ngozi wears many hats as an entrepreneur. He is involved in several other businesses such as Cafe Neo, a coffee chain with outlets in Lagos and Kigali.

In this episode, we spend a bit of our time talking about the opportunities and challenges in running multiple businesses at the same time, and the paradox of focus for African entrepreneurs.

When I met Ngozi in 2016, we had coffee at one of his coffee shops. Since then we’ve done some projects together, and also had several conversations about the growth and impact of tech-enabled businesses in Africa.

This episode is an attempt to record one of those conversations (watch out for Ngozi’s laughter in 29 mins)

In this episode you’ll learn:

    • Why Ngozi thinks running many different ventures may not be the wisest decision for anyone to make
    • 3 major ways to invest in growth companies – private equity, venture capital and venture building
    • Ngozi’s theory on how building companies from scratch is easier to do than trying to scale an existing business
    • How his parents built Diamond bank
    • The risks involved in giving small unsecured loans to individuals, which Ngozi believes is the same as lending to companies or individuals with higher net worth. A surprising statistic: Paylater’s rate of non-performing loans is arguably lower than that of commercial banks
    • Why he left Wall Street and investment banking to start up in Africa
    • The future of lending and credit in Nigeria
    • His strongest pain running his businesses and the growth metric he measures
    • The importance of solving real/big problems as a startup in Nigeria right now. Opportunities that abound in logistics, healthcare, power, etc
    • And more

For more details about this podcast, go to: http://www.thestarta.com/articles/podcast/ngozi-dozie-onefi/

All rights reserved. This publication/podcast may not be re-published in part or whole, without the expressed permission of Dotun Olowoporoku.

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