It was an amazing time as she did justice to the topic and today we have Mr Babajide also from FCMB to host the webinar
Babajide is currently the Team Lead, Techspace Ecosystem Business at First City Monument Bank, where his role involves growing and curating the most diverse community in the tech ecosystem and creating impactful partnerships with various organizations and stakeholders in the Nigerian technology ecosystem.
He drives the Bank’s engagement with Tech Start-ups, Incubators, Accelerators, Tech Media Companies, Angel Investors, Innovation Labs, Venture Capitalist, Government Agencies etc.
He also manages the Bank’s newly set up Tech Hub - Hub One, by executing the Bank’s strategic objectives for the Hub. Prior to this, he was, Product Manager – Electronic Payments and Collections in the Transaction Banking Product Group.
He joined FCMB through the Graduate Development Programme. The programme was an intensive program designed to build the bank’s talent pool to raise a new generation of leaders. The Graduate programme combined job rotations across all the departments of the Bank and a rigorous in-class training.
He has a Master’s in Diplomacy and Strategic Studies and a Degree in History and Strategic studies. He is very passionate about the Technology Ecosystem in Nigeria.
Below is the conversation that Babajide had with the community.
Great to have you tonight to discuss financial literacy for techpreneurs and major challenges @Babajide Asegbeloyin
So guys let’s start. @Babajide Asegbeloyin please kindly explain why it is important for me as a tech guy to keep financial books, my bank statement should be enough right?
For any business to survive and grow , you must monitor your life blood
a Tech guy or Tech start-up is seeking business prosperity, hence he or she needs to monitor much is coming in and how much is going in and out
Beyond your survival, it is an important part of the growth structure for any business , because when you finally hope to receive funding via credit/debt or investment in exchange for equity your stakeholders will like to review your business
The life blood of any business is ur finance…
@Babajide Asegbeloyin I have a quick question, I'm confused about the difference between Financial literacy and financial capability. What is the difference?
Thank you @Babajide Asegbeloyin
What are important financial elements that I need to put in place to make my organisation/business attract funding?
And what do you mean by investment in exchange for equity?
Investment in exchange for equity can be called equity financing
a scenario where a business receives capital or money to give a part of his business to the entity who provided the capital. There are several elements that can attract investment into your business on the financial part- One is proper bookkeeping two is a clear show of financial discipline.
@Babajide Asegbeloyin So this means that I must ensure that I keep all records of my financial transactions
@ Oyewole...Yes once it is pertaining the business
@Babajide Asegbeloyin so how do you advice one manage the spending in a startup? especially if your early days has to be expense intensive?
@Babajide Asegbeloyin considering the banking and finance space in Nigeria, which is more efficient, credits, notes or debt?
@ Ayodele, on your question around efficiency comparison between credits,notes or debt…
Credits and Debt are the same
Ok... Thank you @Babajide Asegbeloyin
I have another question....
I always hear about profit and all but how do I know that my business is profitable?
when the amount you are making is more than your are spending....
that is it in simple terms
Ok... Thank you
Great anyone with more questions
Also what’s the cheapest way to structure your numbers and keep the details at for an SME
But if my business is not making profit, does it mean that people can not invest in it?
people can invest when they see great potentials for profit....
Ettie I. (Ingressive)
Good evening @Babajide Asegbeloyin
so a business can get tonnes of investment even if they are not profitable
the prospect of profitability is key
some investors also invest for larger goals that could be social based
Ettie I. (Ingressive)
A good way to source funding is private equity or external debts and this is usually by financially savvy Nigerians cos they know Nigerian bank interests rates are double digits
What happens to the petty trader or sme with little financial options ?
Does FCMB have a plan to create a new outfit that behaves just like a PE fund and make exits from savvy founders or will just keep going on as is?
We have a couple of plans similar to what you have described , however I might not be able to share that on this platform
Ettie I. (Ingressive)
Ok, it’ll be nice to know and if that could be extended to our community here
@Babajide Asegbeloyin is our man, Ingressive & FCMB are good partners we can sure count on his support to bring us in any major development or offering that helps our community right ?
Great @Babajide Asegbeloyin so we have about 5 mins to round up, as a banker and tech community builder, what’s your final words on financial consciousness for the techpreneurs when they are about to start a business?
“Your finance is ur life blood
Treat it with utmost care
If you don't know much about finance ...get someone who does.
to support your business”
Great stuff. Thank you so much @Babajide Asegbeloyin we appreciate the insights and your time to enlighten our community. We hope to connect with you again very soon.
Thank you Ayombami
I appreciate the time
Well done .
Babajide Asegbeloyin’s team run Hub one by FCMB at the 10 Hughes street Yaba, you go there for enquiries about their friendly pricing for an beautiful space to work out off.
Have a great evening everyone.
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