By RARZACK OLAEGBE
What if our market can only support fragmented businesses?
”Users can connect multiple bank accounts and carry out everyday transactions from the app. These include transfers, airtime and data purchases, electricity and other bill payments, government and merchant payments, and recurring payments. The app also provides tools for budgeting, expense tracking, and managing personal finance”.
On the one hand
‘’In summary, this is another finance management app.’’
‘’These are the most frequent transactions that Nigerians engage in daily’’.
‘’All right. Where is gaming? Ride hailing. Chat. Video call. HMO? All the apps are plucking the low-hanging fruit. They are not ready to climb the tree. To build a super app takes time. Mind you, a super app is not about one thing. It is one basket with so many things.
On the other hand
‘’Is it feasible to have all these items in one single app?’’
‘’Yes. You can add more items to the basket over time.
‘’Sometimes you need to focus on the low-hanging fruit first before trying to climb the tree to pluck the higher-hanging fruit. It is a straightforward, effective business strategy. You need to get into the market first and then grow and expand later on as more users get on your platform or patronise your services.’’
In the long term
‘’You are right. In my quest to understand the app persona, I have studied WeChat. Yes, it is possible. But you must build it one layer at a time. Find your anchor. Move up gradually. I am unsure an app in Nigeria is ready to be a super app’’.
‘’If you plan to build a super app, 20 years is too long. But the app that has been around for 20 years has no such plan. We need a legacy. We need to build things that will outlive everyone. I have an app for several tasks. No one app fulfils my needs’’.
‘’WeChat is used in China, a much bigger and more economically prosperous country with highly educated and financially capable citizens. Therefore, you cannot keep making comparisons with or using WeChat as an example. You are not comparing apples with apples but with oranges. It does not work that way, my brother’’.
‘’You are right. In my column last week, I wrote that we do not have the population to support a super app. Maybe we do not need a super app, after all. Let us stick with the apps we have’’.
‘’WeChat is used only in China, a country with about 1.2 billion people. The user base in China is enough for the app to thrive and survive without the outside world. Not like Facebook or WhatsApp, with billions of users monthly the world over’’.
‘’Yes, again, you are right. We do not have the population. It means we do not need a super app’’.
‘’Exactly. That is my position, too. Besides, Nigerians would rather use foreign apps than locally built one apps, wherever possible. Do Facebook, Instagram, or even TikTok have Nigerian versions? Nobody or no tech group can attempt to build such a gigantic social media platform in Nigeria. They will not get the resources to build or run it profitably. Nigerians might not even use the local app as much’’.
‘’Maybe you have not considered the environment you live and do business in yet. Does it support and provide the kind of investor- and business-friendly environment for such an app to be built and operated? What if it can only support a fragmented business that can allow different businesses to operate at whatever level they can afford to?’’
‘’I share your viewpoint. We cannot support such a huge project with funds or billions of users. We need to be SMART’’.
‘’Yes exactly. In Nigeria, you need to be very careful when you are deploying an app into the market. It has to be something that appeals to the users to solve daily challenges (personal and business) through technology tools’’.
In the short term
‘’Exactly. Otherwise, you will waste precious funds and financial resources’’.
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