Financial Technology

Copycrypto said:

what's the update on your project?
I'm also interested in deploying a bills payment app

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medialounge said:

Unfortunately..the biggest task insnt even in the development and of a truth less of licence since what you most likely be building is an app around an API

The biggest issue is getting users...and that will take more money and time than development
The more ready you are in getting users ,the easier it is for you to get going

Plus..there has been many clamour on LinkedIn that guys should just stop doing this app thing and turn to embeded finance,which usually may even make you face some licence issues

Plus the ultimate ones.. API providers ;
The very good and cheap ones will ignore you for not having thousands of customers

The low class and unstable ones will accept you and eat 90% of your profit
Leaving you no room for growth

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SOLEXI said:

You are very right, considering all this

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medialounge said:

You may go ahead if you can embed it
Or have a good marketing expert.
True MVPs should have few users that proofs that atleast the feature are working
I understand Nigeria isn't that advanced
But then..maybe several sleepless nights can get you something solid

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SOLEXI said:

I believe if I can build something that solves a problem, even if the problem has been solved but I'm able to improve it, I should be able to get users within 2 to 4 years, but the bureaucracy on getting licenses in Nigeria is in another level, I'm not sure if I can kiss anyone's ass just to get a license

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medialounge said:

Honestly, licence is a money issue
Plus there are those selling their licence
If you get what I mean
Great you know this is for the long ..no short cut

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SOLEXI said:

View attachment 445791
Have always been a lover of financial Technology .
Though many banking apps/company in Nigeria has solved lots of major problem from the past 5yrs.
There are still some features I always feel will make banking better.
I'm starting a personal project for fun, study and experience.
During this case study, will experiment lot of features.
I will share the whole journey with you all.
Current Stage.
Have Outline the architecture and stack.
Currently searching for a free beautiful UI/UX design.
STACKS.
FrontEnd: React Native + Expo (TypeScript)
BackEnd: Node.js
DB: Postgresql,
Others.

So far this is it, i will love to hear your opinion about this.

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Byte Watch said:

That sounds like an exciting and valuable project! You've chosen a solid stack
React Native with Expo is great for fast cross-platform development, and pairing it with Node.js and PostgreSQL gives you strong backend capabilities. Looking forward to seeing the features you experiment with. Keep sharing the journey
it’s inspiring

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Byte Watch said:

That sounds like an exciting and valuable project! You've chosen a solid stack
React Native with Expo is great for fast cross-platform development, and pairing it with Node.js and PostgreSQL gives you strong backend capabilities. Looking forward to seeing the features you experiment with. Keep sharing the journey
it’s inspiring

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medialounge said:

Honestly, licence is a money issue
Plus there are those selling their licence
If you get what I mean
Great you know this is for the long ..no short cut

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Copycrypto said:

Calm down AI

What licenses you reckon will be needed at the beginning stage?

I've been marketing to that audience for so long i can definitely pull 10,000+ loyal users in a year.

Recharge to cash, paypal to recharge(bills) are features not so common yet (for some reason i don't know)
The market feels saturated if you're in the major cities but there's space for more players outside those locations.

Remmitance market too is very huge. Lemfi, monieworld can not fill that space. A new app running on crypto (probably solana) can do amazing things in that space.

Fintech is still the way to go in W.Africa imo

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Copycrypto said:

Calm down AI

What licenses you reckon will be needed at the beginning stage?

I've been marketing to that audience for so long i can definitely pull 10,000+ loyal users in a year.

Recharge to cash, paypal to recharge(bills) are features not so common yet (for some reason i don't know)
The market feels saturated if you're in the major cities but there's space for more players outside those locations.

Remmitance market too is very huge. Lemfi, monieworld can not fill that space. A new app running on crypto (probably solana) can do amazing things in that space.

Fintech is still the way to go in W.Africa imo

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medialounge said:

Playing as an underdog while making money from users from behind
Remittance still big ...but license wise...bigger problems,but sla and the likes from the beginning

Best way I have seen all go is mfb or mfi
Mfb still far easier
But atleast a product just has to be launched

Still minor certificates applies at the moment

Regarding gaining thousands of users...not easy as said bro
Especially paying users

I don't know why I don't see much business in the PayPal thing as you can't call up and investor for that

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