Blay is the only male child and the last of 3 children born by his parents.
He was raised in Takoradi, where he completed his upper primary and Junior High Education at Nazareth School in Apowa.
He studied Mechanical Engineering at Kikam Technical Institute but has an immense interest in music and reading.
Blay is constantly inspired by people who have brought positive changes into their lives as well those who focus on their God-given talent; he feels he can do the same to be an inspiration to others as well.
The funding for his music business has been quite unstable due to the fact that there is no major label or management team supporting him.
Currently, contributions from the team members and some loyal fans help to support his career.
He admits he mostly faces financial challenges and this complicates plans to get his songs played on radio and being recognized by the masses.
Blay is hopeful that in the next 5 years his music will be played and enjoyed all over the globe.
If given an opportunity to send a message to President Akufo-Addo, Blay intends to request for support for the creative art industry in Ghana.
I-I’m Interested in………. & I’ll see where it leads me
W – Watch Your Interest:
In watching your interests, you will need to make a list of things you easily do in your spare time, as well as the things you think about when your mind wanders around.
For instance, if in your leisure time, you are someone who does not find it stressful to draw or write, then you should be looking into fields of work or career paths that make use of creative abilities.
This, in effect, will make you find satisfaction in that which you want to pursue.
I – Investigate Your Options:
There are numerous options you can choose from when you career selection path comes into play.
Therefore, as an individual, write down 5 things you would want to do after school.
Also, research and write down on 5 things you previously never considered.
This process can help you streamline your options to focus on a selected few and then helps you make final decisions on them.
F – Follow your Dreams
This part of the process is that point where everyone gets to or will come across one way or the other as you journey through life.
Your dreams speak volumes about you as a person and this, in effect, allows you to make decisions that best suit the actualization of your career you choose to follow.
No matter how huge your dreams may seem, don’t be discouraged.
With determination and consistent work on your dreams, desired results will manifest for all to see.
I – I’m Interested in…… and I’ll see where it leads me
In choosing career paths, venturing into new territories is one risk most people struggle with; they tend to worry more about the uncertainties of life.
This feeling is true and also cautions us in making right decisions for our future.
Focusing on your fears has a greater probability of causing you from turn your attention from areas that will, in the end, open you up to many possibilities.
The strengths and weakness of someone looking at a new career path would have to be carefully considered so that the energy of the person can be channeled appropriately.
Your dreams and aspirations cannot be sidelined as they help determine the rate of speed you will run in life and with your career.
Money transfer abroad is so easy today. And so difficult.
According to the World Bank, $445 billion worth of remittances is available for transfer; this amount is higher than we can imagine.
In order to make the life easier for you, this in-depth article look at 13 frequently asked questions about money transfer aborad.
Let’s dive in!
Background of international money transfer:
People living in the USA / Canada and Europe / UK whose origin is Africa will want to transfer money abroad to their people back at home.
Supporting your family is the most important thing, and hence, you need to have the best money transfer service that can guarantee safety for a smooth transaction. You will likely want to send money to your family regularly irrespective of which part of Africa your family is.
Therefore, knowing the best way to transfer money overseas will help you eliminate the uncertainties that arise anytime a person may want to transfer money abroad. In the past, transferring money abroad was hectic due to the lack of a well-laid procedure for sending money.
It was faced with a lot of challenges due to congestion and hence delayed in transfers.
You could take a long period to get your transaction processed by the union or the banks you chose.
Technology has taken root in almost every sector in the world today, and money transfer is not left behind.
It has led to the rising of different international money transfer companies that give flexibility like no other.
You can choose the company you want to deal with according to your needs.
You will not be worried any longer about the long queues in the bank, and also your family will not have to wait for days to receive the sent money. The use of the internet allows for the best way to transfer money overseas.
Emergencies are daily occurrences and can make you sick and worried whenever they happen.
You can be devastated by such happenings, mainly when they occur to your family during the period you are not around.
The ability to transfer money abroad fast allows you to support them during such times. The internet has also given rise to instant international money transfer methods that provide you with an opportunity to send money to your family instantly.
Instant international money transfer comes in handy when you want to seek pressing issues and emergencies back at home in your absence.
You cannot point the best money transfer service in the world full of multiple international money transfer companies.
It is because the firm that one prefers best for them may not seem so for the other. It depends on what needs you have at that particular time and your degree of flexibility. If your family has instant money needs, the best way to transfer money abroad for you at that particular time is by use of methods that will deliver the amount instantly.
Therefore, the situation you are in dictates the best way to transfer money oversea according to how well it works for that situation.
Your bank and Western Union are some of those methods used to transfer money abroad by individuals who are not working on a fixed time.
They take quite a long time and also have high transfer rates. However, they provide an opportunity for a person to send any amount of money.
PayPal and TransferWise are the fast, International money transfer applications that are in use today.
They are essential in helping you meet the emergency needs of your family.
They allow you to carry out instant international money transfer with your phone and in your home.
Therefore, before you determine the best way to transfer money abroad, you need first to resolve the situation you are facing.
Then from there, you can effectively choose the best method to transfer money oversea that will help you meet the demands of the condition your family is facing.
#2: Determining A Safe International Money Transfer Method
With the multiple ways of transferring money abroad, it is difficult to determine the safest way to transfer money abroad fully.
The variety of these methods are available with different terms and conditions, delivery time, and also different charge rates. Some are reliable, while others are not.
Different possibilities for a money transfer abroad are:
Bank transfer (wire transfer)
Peer-to-peer (P2P) transfer
Online money transfer
To help determine the best fit, ensure you check the reputation of each one of them before you can settle for any.
Ensure proper certification with the necessary authorities. They also must provide transparency and credibility.
Their exchange rates and delivery time must be well displayed and guaranteed.
However, money experts advise using your bank to make such transactions as they are the safest compared to the rest.
The only problem with them is high rates and also delayed delivery time. Although the security of your money is guaranteed, and you can be able to transfer large amounts of money.
The bottom line is, whichever method you choose to transfer money abroad, make sure you calculate the risks well.
Be wary of cheap deals and international money transfer companies that promise cool deals.
The cheapest way to transfer money overseas may become the drain for all your hard-earned money. Make sure you carry out proper research before you choose the method to transfer money abroad.
By doing so, you will avoid falling into the temptation of chasing the cheap deals, which may jeopardize the security of your money.
Have time to weigh what a good deal is before considering it best for your money transfer needs.
Doing this will ensure you are adequately protected while sending money abroad to your family.
Let me present you again the three major possibilities for a money transfer abroad in this infographic:
#3: Tracking An International Money Transfer Abroad
You need to know that there is no automatic method to track your money.
There are only two ways to know; the first one is, you can contact the recipient directly and inquire if the money reached their account. The other way of tracking your transaction is through the bank you used to make the transfer.
It demands the Federal Reference number, which is a 26 to 18 digits number.
The bank uses it to track the transaction and determine whether the money sent was deposited in the account of your recipient.
Money transfer providers such as WorldRemit offer a money tracking system by sending emails or text messages to the sender. This way, the sender always knows how the order proceeds.
#4: Requirements For An International Transfer
If you want to send money from a bank account to a bank account, there are several things that the sender requires to provide for a successful international money transfer.
The address and the full name of the person intended to receive the money
The recipient’s bank full name and its address
Account number and account type of the recipient
Routine number of the person to receive the money
If applicable, the sender is required to give the BIC or SWIFT code of the recipient’s bank
IBAN of the recipient’s bank
The amount to be transferred
The reason why the transfer is necessary
Sending money to the mobile money account of the recipient is much easier. You just need to detail:
First name and surname of the recipient
His address (can also be just the city)
His mobile phone number
The amount to be transferred
The reason why the transfer is necessary
#5: How Can International Money Apps Be Evaluated?
With the recent advancement in technology, it is now possible for people to transfer money abroad and receive cash in Africa.
Money can directly be sent instantly with minimal human contact.
It only requires a smartphone with reliable internet access to access fast international money transfer applications. Several international money transfer companies have come up with online applications that allow one to send money directly from one bank account to another in a different location at any given time.
Before selecting a specific app to use to transfer money abroad, one should consider the following factors:
A good app should be user friendly. It should have an easy to use homepage with all features you need. You should be able to access your account quickly and transfer money abroad easily. The interface should be clear and straightforward.
Security is the most vital aspect when transferring money. It would be best if there is an assurance that both your details and funds are secure. The app should have a strongly protected server that is not easily accessible without authorization to protect it from hackers. Even when you lose your phone, your information should still be secured.
It is also essential to consider how much you will pay for sending a certain amount of money. The fees should be at least cheaper than what the banks are charging. You should also be aware that some apps with low rates may not be secure, and you may end up losing all your money. Some even take advantage of the foreign exchange rates, and therefore you should double-check before doing any transaction with them.
Availability of the Money Transfer Applications
Not all money transfer apps are available all over the world. Check whether the application you are using will allow you to transfer money to your target country.
Availability of Extra Features
A good money app should have added extra features that allow one to make payments through bank transfers. It increases customer satisfaction since it reduces the number of transfers and will enable you to pay directly for goods and services.
Always use apps with a good history. Go for apps that have been in the market long enough, and you will be sure that their reputation is good. Check their online reviews to be able to gauge them.
#6: Internationally Recognized Companies Used for Instant International Money Transfer
It is the United States-based application.
When using Zelle, the sender and the recipient should have bank accounts based in the United States. It means that money cannot be transferred internationally to other countries.
Sending money to African friends: not supported
Google Pay is one of the cheapest ways to transfer money internationally. It can only be put in use when paying for items online.
Not all countries have embraced Google Pay; therefore, when traveling overseas, contact your bank for further clarification. Some countries in Africa have adopted Google Pay to make payments for mobile and computer programs: Algeria, Egypt, Kenya, South Africa,
Google Pay is usable for sending money to your family and friends just in USA and India.
Sending money to African friends: not supported
Paytm is an Indian based company. Paytm was only available to Indian residents who have attained the age of 18.
Foreign currency is not applicable to transact using Paytm. Currently, money can be transferred from Kenya to India using Paytm.
Sending money to African friends: not supported
WorldRemmit is a known fast international money transfer app. It allows users to transfer money abroad with great convenience. Money is transferrable from one bank account to another, or you can choose if the money is delivered physically to a specific location. It also allows for money to be sent through a mobile phone. It is among the best money transfer services since it is secure as it provides a tracking service that will keep you updated on the progress.
Sending money to African friends: supported! WorldRemit is the best money transfer service to Africa.
It is the cheapest way to transfer money overseas. The international money transfer app uses peer to peer payments making the rates much less expensive.
It allows you to directly sell your currency to your target country, who will buy at competitive prices. It also has a live currency tracker that enables you to see how your cash exchanges. It is among the best money transfer service because you can send multiple currencies depending on the deals offered.
Sending money to African friends: supported by CurrencyFair!
Payoneer is the best way to transfer money abroad if your country does not support other money transfer apps, e.g. for sending money out of African countries. It supports several countries and currencies.
Despite the size of the country you are in, you will transfer money abroad. It is also the best way to receive money from abroad.
Money transfers using Payoneer are free, so if you are looking for how to transfer money overseas without fees, you should consider the app.
Sending money to African friends: supported by Payoneer!
It is known to be the cheapest way to transfer money overseas due to its low fees. It uses interbank rates to transfer money. Therefore, it makes the cost come down to a charge of only 1% of the transfer. The only disadvantage is that it only operates within a few countries in Africa. Before making any transaction, you should consult to know whether your target country is among those that are legible.
Sending money to African friends: supported by TransferWise!
It is one of the most secure apps to transfer money overseas. The information you provide is safe hence protecting you from any malicious practices when you want to share money abroad. They have also installed SSL certificates in their programs to increase the security of the app.
It is easy to use the app, making it the best and the cheapest way to receive money from abroad.
It also provides for ten different languages hence can be used in several countries.
Sending money to African friends: supported by Azimo!
PayPal is known worldwide, and it beats all the other peer to peer money transfer apps because of its convenience. It is accessible in many countries and offers different payment methods. Funds are received instantly into the recipient’s PayPal account. You can transfer money abroad with PayPal since it only requires one to sign in to receive the payment. Sending money to African friends: supported by Xoom!
Get your personal money transfer app recommendation
Before you transfer money abroad, you can change your currency to lower the charges. It may allow you to save due to different conversion rates. You can secure high bonds and only pay expenses for the conversion.
Register for repetitive wire transfers
You can sign up for several wire transfers so that the bank can reduce your transfer fees. You will spend little money when transferring repeatedly. This process will also decrease the chances of error.
Use email money transfers
Email money is one of the cheapest and convenient ways to transfer money. It is affordable and much faster compared to the use of banks. PayPal is the established provider for the services.
Send money to a student account
The majority of banks do not charge for money transferred to student accounts. You should always check for these waivers, especially for those who send or receive payments from students who are paying their education loans.
#9: Will My Bank Charge Me For Using Transferwise Or Currencyfair?
Yes. When using a P2P marketplace such as Transferwise or Currencyfair, the bank will charge you a small fee to add to your balance to convert between currencies in your account.
It will also charge you a small fee for transfer money from your account to a bank account.
#10: Is It Possible To Get Scammed On A Wire Transfer?
Wire transfer is fast, reliable, and safe for sending money overseas. Many people have used it successfully, making it more trusted.
However, it does not mean that you will not get conned. Con artists are everywhere, waiting for that bad press of a button to steal your hard-earned money.
It would be best if you exercised a lot of caution when trying to wire money to anyone because once you send, you can never reverse the transaction. That is how you easily part with your money.
Below are ways to help you avoid losing money through a wire transfer:
Use an excellently reputed money transfer service
Mostly, the service you use to transfer the money is not the cause for the con but, it is always advisable that you deal with a reputed international money transfer company.
If you want to send money to a stranger, avoid sending large amounts of money at a go
Do not send money to strangers
Pay late. Scammers give you money transfer deadlines in terms of date. If those dates exceed and they call you to remind you then, you might be dealing with a con.
There is no actual limit to the amount of money you can transfer.
When you want to move more than $10,000 abroad or receive the same amount from abroad, you will need to abide by the Laws to protect your money and the interests of the authority.
#12: Best Ways To Transfer A Large Amount Of Money
Use correspondent banks
It is easier to transfer money abroad using correspondent banks. Some banks are international and have locations in most countries worldwide, making the transfer of large amounts of money accessible and cheaper.
It requires both the sender and receiver to provide proof before sending or receiving the money. These proofs undergo thorough scrutiny before approval. There are no fixed charges; hence can be high depending on the country.
Use online transfers
Online transfers will help you maximize the amount of money you are transferring by checking different exchange rates. Online platforms will allow you to send money to several countries all over the world. Such media include Venstar-Exchange or OFX.
International currency check
Few money transfer services only offer it. The processing time is slow and, therefore, not a good option for instant sending. It takes at least 20 days for the destination country to credit the amount deposited into the account.
Exposure to how to transfer money internationally is crucial for African origin people who live abroad and especially those that are breadwinners for their families.
Providing for the needs of their loved ones is the main reason why they are struggling to work in the first place.
Knowing that their money will be safe is just equal to knowing that their family members are fully taken care of.
One hence requires having enough knowledge on the best way to receive money from abroad that their recipients can use and the best way to transfer money abroad to their people at home.
This is why he is the CEO of three fast-rising companies: Goglo, Hilltop Publication and Petals Gas. He has achieved a lot of amazing successes, which is kind of mind-boggling because of his young age at every accomplishment.
As a teacher in one of the renowned basic private schools (Happy Child Learning, Centre) in the Northern Region, he rose to become a headmaster in 5 months only with an SHS certificate.
He has held and still holds several leadership positions in some associations. He is not married and has no child.
He has been serving as the deputy procurement officer at Baptist Medical Centre, Nalerigu even before he completed his university education. This gentleman is a good listener and always wants to try new things out.
He loves YouTube, LinkedIn, Tedx and Adobe Creative Cloud; he is a lovely person. Mr. Tonka set the ball rolling by first acknowledging Bilth Studio for the opportunity and wondered how he was going to squeeze a topic that took him years of experience into an hours presentation and asked for God’s help. He also admonished the members when he said, “I want to believe that due to the numerous presentations deliver, a good number of us in this group are now business owners or probably starting a business. If you haven’t done any of these yet, then I plead that you join a startup.”
READ ALSO: Writing a Business Plan, with Frank B. Yeboah He continued by saying that understanding the problem you are solving for your customers is undoubtedly the biggest challenge we’ll face when starting a business. Customers need to want what we are selling and our products need to solve a real problem.
But ensuring that our products fit the market is only one part of the coin, the other side is figuring out how you’re going to make money and this is where the business model comes in. What is a business model? “At its core, your business model is a description of how your business makes money.
It’s an explanation of how you deliver value to your customers at an appropriate cost.
Simply put; the business model refers to a company’s plan for making a profit.
It identifies the products or services the business plans to sell, its identified target market, and any anticipated expenses.” According to Mr. Tonka, business models are important for both new and established businesses.
It helps new businesses to attract investment, recruit talent and motivate management and staff.
Established businesses should regularly update their business models or they’ll fail to anticipate trends and challenges ahead.
The business model also helps investors to evaluate companies that interest them. “A business model is a high-level plan for profitably operating a business in a specific marketplace” he added. According to Joan Magretta in “Why Business Models Matter,” the term ‘Business Model’ came into wide use with the advent of the personal computer and the spreadsheet.
These tools let entrepreneurs experiment, test, and, well, model different ways that they could structure their costs and revenue streams.
Spreadsheets let entrepreneurs make quick, hypothetical changes to their business model and immediately see how the change might impact their business now and in the future. In their simplest forms, business models can be broken into three parts: 1. Everything it takes to make something: design, raw materials, manufacturing, labor, and so on. 2. Everything it takes to sell that thing: marketing, distribution, delivering a service, and processing the sale. 3. How and what the customer pays: pricing strategy, payment methods, payment timing, and so on. “As you can see, a business model is simply an exploration of what costs and expenses you have and how much you can charge for your product or service.
A successful business model just needs to collect more money from customers than it costs to make the product.
What most of us are so much interested in. This is your profit—simple as that” he continued.
READ ALSO: Profit or Wages, with Phillip Mensah New business models can refine and improve any of these three components. Maybe you can lower costs during design and manufacturing.
Or, perhaps you can find more effective methods If marketing and sales. Or, maybe you can figure out an innovative way for customers to pay. “Keep in mind, though, that you don’t have to come up with a new business model to have an effective strategy.
Instead, you could take an existing business model and offer it to different customers. For example, restaurants mostly operate on a standard business model but focus their strategy by targeting different kinds of customers” he added. *The different kinds of business models* You don’t have to invent an entirely new business model to start a business. In fact, the vast majority of businesses use existing business models and refine them to find a competitive edge.
Here’s a list of few business models I think you can use to start your own business. Or maybe grow an already existing business. 1. Advertising:
The advertising business model has been around a long time and has become more sophisticated as the world has transitioned from print to online.
The fundamentals of the model revolve around creating content that people want to read or watch and then displaying advertising to your readers or viewers.
In an advertising business model, you have to satisfy two customer groups: your readers or viewers, and your advertisers.
Your readers may or may not be paying you, but your advertisers certainly are. This is why I can’t afford to miss a post from Bilth Studio, they get me what I want to see; especially contents about movies.
They’re the reason I watched Money Heist.
An advertising business model is sometimes combined with a crowdsourcing model where you get your content for free from users instead of paying content creators to develop content. The talk of CBS, The New York Times, YouTube are good examples.
The affiliate business model is related to the advertising business model but has some specific differences.
Most frequently found online, the affiliate model uses links embedded in content instead of visual advertisements that are easily identifiable.
For example, if you run a book review website, or an inspirational website like WordInspired by Enock Kabange you could embed affiliate links to Amazon within your reviews that allow people to buy the book you are reviewing.
Amazon will pay you a small commission for every sale that you refer to them. 3. Market place:
Market places allow sellers to list items for sale and provide customers with easy tools for connecting to sellers. The marketplace business model can generate revenue from a variety of sources including fees to the buyer or the seller for a successful transaction, additional services for helping advertise seller’s products, and insurance so buyers have peace of mind.
The marketplace model has been used for both products and services. Examples: eBay, Tonaton and OLX.
Franchising is common in the restaurant industry, but you’ll also find it in all sorts of service industries from cleaning businesses to staffing agencies.
In a franchise business model, you are selling the recipe for starting and running a successful business to someone else.
You’re often also selling access to a national brand and support services that help the new franchise owner get up and running.
In effect, you’re selling access to a successful business model that you’ve developed.Examples: KFC, McDonald’s. “Successful businesses have business models that allow them to fulfill client needs at a competitive price and a sustainable cost.
Over time, many businesses revise their business models from time to time to reflect changing business environments and market demands” he added. “When evaluating a company as a possible investment, the investor should find out exactly how it makes its money.
This means looking through the company’s business model. Admittedly, the business model may not tell you everything about a company’s prospects.
But the investor who understands the business model can make better sense of the financial data” he continued. “A common mistake many companies make when they create their business models is to underestimate the costs of funding the business until it becomes profitable.
Counting costs to the introduction of a product is not enough. A company has to keep the business running until it’s revenues exceed its expenses” he explained. Criticism of Business Models Joan Magretta, a former editor of the Harvard Business Review, suggests there are two critical factors in sizing up business models.
When business models don’t work, she states, it’s because the story doesn’t make sense and or the numbers just don’t add up to profits.It’s like carrying a dead goat for sale. Consider a comparison of two competing business plans where two companies rent and sell movies.
Bilth Studio in my mind though, I think I am seeing far. Both businesses made Ghs 5 million in revenues after spending Ghs 4 million on their inventories of movies.
This means that each company makes a gross profit calculated as Ghs 5 million minus Ghs 4 million, or Ghs 1 million.
They also have the same gross profit margin, calculated as 20% of gross profit divided by revenues. But things change with the arrival of the internet and subsequently COVID-19. Company B decides to stream movies online instead of renting or selling physical copies.
This change disrupts the business model in a positive way.
The licensing fees don’t change, but the cost of holding inventory goes down considerably.
In fact, the change reduces storage and distribution costs by Ghs 2 million. The new gross profit for the company is Ghs 5 million minus Ghs 2 million, or Ghs 3 million. The new gross profit margin is 60%.
Meanwhile, Company A fails to update its business plan and is stuck with a lower gross profit margin.
As a result, its sales begin to slide downwards. Company B isn’t even making more in sales, but it has revolutionized its business model, and that has greatly reduced its costs. On this note, he concluded his presentation and answered members’ questions. Join us every Saturday and Sunday, 7pm for our live sessions. WhatsApp us on +233595863409.
Emmanuel Appiah Gyasi has accumulated four years of experience in teaching and about six years of experience in community work and volunteerism.
Emmanuel is currently an administrative assistant at the Department of Applied Linguistics, University of Education, Winneba, where he assists in the day-to-day office administration.
He is also a language and communication strategist, language teacher, presenter, event production manager, actor, voice-over artist, a volunteer news reporter at Radio WindyBay and a budding linguist.
READ ALSO: How to conduct market research, with Enock Kabange Emmanuel is a graduate of the University of Education, Winneba with a Bachelor of Arts degree in English Language Education and Applied linguistics focusing on English Language teaching and application of general language concepts.
Emmanuel Appiah Gyasi is very passionate about youth skill development, education and mentorship, gender equity and reduced inequalities, hence driven by the desire to achieve higher knowledge and advanced skills in interpersonal relations.
Emmanuel plans to impart further his acquired skills and knowledge in his immediate community, country, Africa and the world at large. Mr. Appiah started his presentation by stating the form of his presentation and the three parts it will take; introduction, main presentation and conclusion. “So Jerry John Rawlings is the best president in the world and of course Banku and okro stew is the best meal in the world,” he said, and set the room on fire.
READ ALSO: Writing a Business Plan, with Frank Yeboah He continued by saying that in an ever-growing world where information flies in from left right and center, it’s important for one to know how to handle information and handle it better. The term ‘media’ as used in this context involves news, information, articles and all other things we read, listen to or watch, as well as the things we read on social media.
“I will be taking us through some three key things one can do to a piece of information once you receive it from wherever or whoever” he added. “We all get them; messages containing the latest news, opinions and gossip. Either from friends, family, or co-workers.
From official and unofficial sources. Often times, depending on the information and who or where it’s it’s coming from, the urge to pass it on can be hard to resist.
But should you?
In this series, we’re going to talk about why, when it comes to information sharing, we should all stop, reflect and verify” he continued.
READ ALSO: Finding a co-founder, with Joseph Yaw Mawunyo The first thing to do when you receive a message is to STOP and ask why the message was shared, who it is coming from, what the content is and what it is meant for, all in the context of what is happening around you.
“ So first you have to stop when you receive the message. STOP and question the content, examine the timing of the content and what it seeks to benefit” he added. The next step is to REFLECT on the content or message you have received. To reflect means looking beyond where the message was sent from and look beyond the headline, font and designs that the story comes with.
“So in reflecting, what we do is take our time to actually read what we have received. Read to identify either what you’ve received is a fact or just an opinion before sharing” he added. He continued to say that our ability to distinguish between a fact and an option helps us to determine whether the content we have received is good content or not.
“To reflect means to read the entire content and look out for facts, opinions, viewpoints, voices, etc” he added. The third key thing to do is to verify. Having stopped and reflected on the shared information, you must now verify what has been shared with you.
“To verify means to authenticate, have a second look and make sure what you are reading is credible” he continued. Verification can be done by looking at the creator of the content, the date and the institution or organisation the content relates to.
‘”Again, in verifying, you can visit the popular news portals or outlets to see if they are reporting the same thing” he added. So verification is important as it climaxes the entire activity. As information consumers, it’s important to take a critical look at the things we share especially because we cannot do without information.
If nothing at all we get informed on what’s happening around us. Information sharing has become an integral part of our lives and our knowledge of media literacy is something that will enable us to survive in this new world.
“I’d like to start by asking if this quote rings any bell?
Maybe you’ve winked at your crush before or did something crazy in the past. The quote has two sentences. The first emphasizes the importance of advertising. But I’d like to focus on the second part” he said.
You know what you are doing but nobody else does – Steuart Henderson Britt
According to Mr. Kabange, most businesses are operating in this manner.
They know what they’re doing but nobody else knows.
Their products and services are developed in a vacuum and offered in a vacuum.
But the market doesn’t operate in a vacuum; It is made up of markets.
“The markets determine what’s valuable and worth paying for” he added.
“So why would you spend months and even years developing something without seeking the views of the people you are making it for?” He quizzed.
We hope entrepreneurs don’t act in this manner, especially those on the Bilth Centre WhatsApp Group. This is why we bring our members these sessions.
How do you determine the language to use in your advertising?
How do you decide on a pricing structure or strategy?
How do you even tell if the millions you are investing in a new product will sell?
Market research helps you Answer all this and even more.
What Then Is Marketing Research?
According to Hubspot, market research is the process of gathering information about your business’s buyers personas, target audience, and customers to determine how viable and successful your product or service would be among these people.
“Market research can be as complex as you need spanning months or even years or simple spanning a few weeks whatsoever” Mr Kabange added.
According to him, it could be expensive or not. “My point is, you don’t need to spend lots of money to gain information from your customers. You could simply ask for feedback after service” he added.
Compress the whole idea and everything relating to it into the executive summary.
“In the executive summary, describe the business concept, the opportunity and the strategy.
Thus, what you want to do, the need to do it (opportunity) and how you intend to do it” he added.
If you want to start school;
Your business concept is about parents enrolling their wards to acquire knowledge at a fee.
The opportunity/problem is that children must mature at a certain level of intelligence to solve personal and societal problems as and when they arise, which probably from your research hasn’t been the case over a period; hence, the opportunity to start school.
Then you continue with how you intend to fix the problem or how to explore the opportunity. Are you using an online strategy or face-to-face interaction?
Also talk about your target, the advantages you have over your competitors if any. Touch on the costs and mention the team.
2. The Industry, The Company And Its Product(s) Or Service(s)
Here, he asked that we give an insight into the industry our business falls within.
And talk about the key variables in the industry. “If it is education, you can talk about quality, duration, etc. If it is Telcom, you can talk about speed, access etc” he added.
“Then you move on to talk about your company properly. The products and services you are offering.
At this level, you also make clear your entry and growth strategy. If it is a school, are you entering the market with only nursery, primary or both? And how do you plan to expand and grow?
Will you venture into collaborations with other schools so your students graduate to those schools, or you will embark on an internal growth campaign and expand your reach to factor in JHS and SHS” he continued.
3. Market Research And Analysis
He said it is a fact that even with the best idea, we need to do research in order to justify our stand scientifically and we can’t avoid this as entrepreneurs.
So at this level in the plan, we do the following;
Clearly give information about our market research.
What did potential customers say about our idea?
What is the size of the market and what are the trends in the market?
Who are our competitors and what makes us better than them?
Our estimated share of the market based on our offerings.
Talk about your manufacturing process if you’re into manufacturing; talk about the operational process if otherwise.
“This should cover the source of production materials till they are transformed into the finished product or the start to finish of your operations, he added.
Example: If it is a school, talk about the beginning class, transitions and completion.
Also under the operational, you should talk about your geographical location, facilities, regulations and legal issues. (Indicate if you’re regulated by special bodies, eg, FDA, GES, BoG, DVLA, etc)” Mr. Yeboah continued.
8. Management Team
Show your organizational structure
Identify key management personnel.
9. Overall Schedule
Basically, schedules to show major events to be undertaken to launch the venture. They are normally referred to as the critical deadlines
10. Critical Risks, Problems And Assumptions
“There are risks associated with running a business. I will define a few that should be included here” he said.
Management Risk: This is basically the risk that managers will make faulty decisions which will negatively affect the business.
Marketing Risk: The risk of potential losses and failures of marketing.
Operating Risk: The level of uncertainty associated with the core operations of the business.
Financial Risk: Possibility of losing money on an investment or business venture.
These are the key risk areas that are normally included in the plan.
The main difference between cryptocurrencies and MasterCard or visa is that it isn’t regulated by the government and doesn’t require intermediaries, and the transactions rely on the internet; thus can take place at any part of the world.
Remittances have become a common way of life in most African countries since there is an increased number of immigrants in search of better wages.
These workers will, at one point in their lives, want to transfer money to their families and friends back in their home countries.
The situation leaves most people at the mercy of various financial institutions like banks and money transfer operators who charge a very high fee.
However, the cryptocurrency and blockchain technology offers high hopes in an attempt to transform the African remittance industry in favor of migrant workers and their families.
Today, Bitcoin operates as a medium of money transfer allowing users to evade the high charges by traditional money transfer services.
The soaring rise in mobile phone use in most African countries is helping entrepreneurs compete with other money transfer services with high remittance rates and fees.
The crypto use has increased in Botswana, Ghana, Kenya, Nigeria, South Africa, and Zimbabwe. Additionally, cryptocurrency is gradually gaining ground in Uganda.
According to Google trend data, Lagos in Nigeria has the highest volume of online search for Bitcoin.
It results from the frustrations of existing money transfer services, which bars the citizens from receiving money from their families overseas due to the countries fraud reputation.
As a result, numerous innocent people are suffering and have to use alternative services with a high fee to receive financial help.
Recently, most of them have embraced cryptocurrencies as a perfect solution. Citizens of countries battling with high inflation rates are likely to opt for crypto as a substitute for their disastrous banking policies.
Some of the countries with high inflation rates include Egypt, Ghana, Mozambique, Zambia, Zimbabwe, and Malawi and are among the leading bitcoin economies in Africa.
Another significant factor spurring crypto growth in the continent is the inability and powerlessness of the governments to regulate Bitcoin.
Fearing the collapse of the banking sector and misappropriation of funds by the African governments, most citizens seek crypto transactions. The South African Luno exchange was developed in 2013 and has attracted more than 1.5 million users worldwide.
Additionally, the Kenyan Bitcoin Remittance Provider Bitpesa facilitates transactions in African and international locations with high trading volumes contributed by the lucrativeness of the business.
Other Bitcoin Remittance Providers include Abra, operating in Morocco and Malawi, BitMari in Zimbabwe, and Geopay in South Africa.
Surprisingly, some governments have shifted into the virtual currency terrains with Tunisia’s government issuing the eDinnar digital currency.
As stated by the Hootsuite’s 2019 global digital yearbook, 10.7% of South Africans own crypto, with Nigeria at 7.78% and 7.3% for Ghana.
Reasons Behind Crypto Popularity in most African Countries:
Most African citizens have started shifting their hopes to the use of crypto to escape numerous constraints faced with the traditional money transfer services, including cost, speed, and inconveniences.
The main benefit is the overall lower cost to the end customer, which allows migrant workers to send substantial amounts of money to their loved ones in their home countries at fairer prices.
Also, there is a high unpredictability in the local currencies in most African countries; for instance, when the South African rand became a volatile currency, most people switched to crypto to seek security.
The transaction is safe, and the companies don’t hold the virtual currency for more extended periods; thus, the operation takes a short time.
Some Africans have also lost trust in their local banking systems, for example, in Zimbabwe where they have experienced hyperinflation, Bitcoin is very popular, and at times demand surpasses supply.
Due to the instability and shortages, most Zimbabwean citizens are flooding the crypto markets as they believe Bitcoin is more trustworthy.
Besides the financial inclusions and local currency volatility, there is a vast unbanked population in the continent since others in remote regions lack access to bank accounts.
Mobile money is a critical driver in reducing the number of unbanked individuals; thus, Africa is better prepared to shift into the crypto world than any other continent.
Most citizens are already open to adopting crypto technology, and crypto exchanges that offer mobile functional apps will highly benefit.
Jeremias Kangas and his brother Nikolaus formed the Helsinki-based platform in 2012, which allows direct trade between persons.
It doesn’t provide for an overhead corporate; thus, the transaction process is swift and lean.
LocalBitcoin has recorded an increase in the transaction volumes in the African countries for peer to peer transactions.
It provides a safe platform where its users can convert bitcoins into fiat and vice versa and also facilitates funds transfer between African countries.
The platform connects buyers and sellers within a particular geographical area hence the name.
It supports a wide range of money transfer options, including the Mpesa, which makes it popular among most African crypto investors.
It’s the most straightforward platform for beginners who wish to send money to overseas in the operating African country.
You simply need to open a LocalBitcoins account and search for people selling bitcoin-core in your country, then make a bank transfer to the seller, and you will receive fiat cash into your desired local account.
The system offers heightened security by using an escrow mechanism to hold funds and only releases it when both parties come into an agreement.
The platform is available in every African country where buyers and sellers are ready and willing to transact using digital currencies.
Elizabeth Rossiello founded the company in 2013, based in Nairobi, whose initial focus was to facilitate crypto-cash transfer between the U.K and Kenyan citizens but has extended to several African countries.
Today, the platform has gained popularity among importers and exporters across Africa, and it facilitates a smooth trading and remittance services.
Users can send and receive cash in multiple African currencies to pay bills at home and other international currencies to pay overseas suppliers.
It operates by deploying APIs that work with various mobile payment platforms and a chain of bank networks.
Organizations can send payment to their employees’ suppliers or distributors and also collect fees from African customers in local currencies.
To transact, you need to establish a BitPesa account where you can sell or buy virtual currencies such as Bitcoins in the supported national currencies.
If you need to initiate a transaction, then you must deposit Bitcoins into your BitPesa account.
Then, designate a Payee account where the money gets delivered at the current exchange rate.
You then confirm your exchange transaction where the indicated amount of cryptocurrency is transferred from your account and deposited into a designated payee account.
Most people use the platform to enjoy fast, straightforward, and more effortless remittances between international and Africa fiat currencies.
BitPesa operates in the following African countries:
It is a Nigerian based e-currency exchange platform founded in 2015, which allows users to sell and buy Bitcoin with Nigerian Naira at fairer rates.
Today, it’s a central exchange service platform in the country which operates independently from a mobile payment processing solution.
It facilitates cash payments while cutting a considerable amount of the deposit and withdrawal fee and thus allows users to convert crypto into cash via bank accounts freely.
The transactions with NairaEX are quite straightforward where the sender deposits local currency into the account, then provides a recipient bank detail, and the platform pays it into the beneficiary’s local bank account.
Additionally, users can use bank transfers or deposits to buy bitcoin in Naira through the platform and then use the exchange wallets for payments and can quickly cash out their bitcoins into local currency.
It helps the clients pay school fees, living expenses, and salary or make remittances to suppliers.
The platform aims at providing Bitcoin exchange services exclusively for Nigeria citizens, and that’s why the country’s currency terminology is part of the domain name.
It aims at supporting the country’s numerous unbanked individuals by developing a payment request tool that allows users to accept virtual currency directly from a NairaEX account.
Remitano is a peer-to-peer platform that facilitates cryptocurrencies trading in a secure environment.
On the platform, users can purchase Bitcoin in exchange for Fiat currencies at a small fee between themselves.
A Seychelles-based company, Babylon Solutions Limited, owns it and has been in existence since 2015.
For any transaction, you need to create a Remitano account and then scroll down to find a buyer.
Depending on the selected country, cryptocurrencies exchange rates, all buyers and sellers from the specific locations, are displayed.
Enter the amount of crypto you want to sell, your payment account details, then click “Continue”, and the transaction will switch automatically waiting for the buyer to pay. The buyer will then deposit money in the required account and close the deal.
It has encrypted data storage, two-factor verification, and escrow trading to ensure that transactions and personal data are secure.
Remitano mostly works with cash deposits and bank transfers but avails other options in different countries like Wechat and Alipay.
Apart from the web platform, users also access it via mobile applications in Android and iOS powered devices, which facilitate push notifications.
Remitano Services are accessible in the following African countries:
BTC Ghana is a bitcoin remittance platform that facilitates the transfer of funds in a secure, fast, and affordable way for Ghanaians and Africans in the diaspora.
It was founded in 2015 with its headquarters in Kumasi, Ghana. BTC Ghana incorporates the blockchain technology into the current mobile money service providers in Africa, to facilitate mobile settlements using bitcoins from developed countries to Ghana.
Users in Europe and the United States can make cryptocurrency purchases via established exchange platforms and send the payment to local remittance platforms such as MTN Mobile Money, AirtelMoney, and TigoCash.
The money then gets transferred to recipients’ mobile money account, and users can pick their funds at local remittance outlets in Cedi without dealing with the complex Deposit and withdrawal methods.
Crowdz is a blockchain platform that permits businesses to manage, digitalize, and optimize invoices.
It was founded in 2014 by Payson, Severo, Steven Lee, and Hopkins, and the headquarters are in Sunnyvale, California.
Crowdz uses a blockchain-based B2B money transfer service. It uses blockchain as its foundation to automate and speed up transactions, thereby eliminating the process of having to download and key in information into an accounting system.
After transmitting an invoice over the Crowdz invoice exchanges, the digitized data securely and instantly passes to the relevant parties such as employees and clients.
Not only does it make work easier on invoicing, but it also facilitates faster payments, orders, and documents.
All these related transactions instantly become interconnected; thus, making it less stressful.
The company focuses on small and medium-sized firms to boost their growth in the economy and has fully customized solutions for global ventures.
It accelerates the cash conversion cycle by allowing digital payments to overseas suppliers with no international transfer fee.
Crowdz support 24/7 invoice exchange in most countries with Barclay’s bank access.
Everex is a blockchain financial technology firm that enables the application of virtual currency on a peer to peer payment platform to facilitate cross border transactions.
It was founded in 2016, by Alexi Lane with the main office in Bangkok, Thailand.
Everex acts as a link between cryptos and fiat currency by digitizing local currencies into fiat to come up with a costless, transparent, secure, and fast payments system.
Users can convert their money into digital crypto-cash via their local banks and use them on desktop wallets and mobile devices.
The cryptocurrency, therefore, paves the way for Everex to provide micro-lending services without the volatility of traditional cryptos.
Concerns between the capital transfer system and external blockchains are addressed by the Service-Oriented Architecture, which comprises of Blockchain package and Everex –System package.
Everex enables you to make a transfer, pay other people, and trade with any fiat currency anywhere in the world.
The company has developed a global partnership with vendors that accept Everex transactions as payment methods, and users can also withdraw cash through ATMs, retailers, and local currencies exchanges globally.
It has a short settling time with a lower transaction fee and global support in the world’s remittance markets. The platform accelerates access to financial services in underserved financial markets.
It is a free banking alternative that avails money transfer services while capitalizing on the blockchain technology. It was founded in 2017 in the France capital, Paris, by Fast Track Malmo and Techstars investors.
Their primary focus is on the African customers and those in diaspora all over the world. When using Eversend, you can transfer money to bank accounts and mobile devices.
It enables money transfer from Africa to the rest of the world, in-country money transfer, and intra-Africa crossborder areas. Through their e-wallet, they provide other financial services such as travel insurance, access to cryptocurrency, wealth management, and personal loans.
Eversend delivers a complete digital remittance experience by facilitating international transactions without internet connectivity.
Users only need to link their debit card to Eversend accounts, loaded with different currencies to execute e-commerce settlements. It supports various currencies such as KES, RWF, UGX, GBP, USD, NGN, and EUR.
Africans working abroad often send money to their families and friends in their home countries to pay for school fees, buy food, clothes, and meet daily expenses or to start a business.
The money is essential for many families in recipients’ countries to help cope with the continent’s unstable economies.
However, a large amount of this money is taken in transfer fees by expensive agents and financial institutions.
While the financial organizations have been charging Africans high fees for these services, bitcoin-backed fiat remittances have become a solace for most overseas citizens due to its speed, efficiency, and low price.
As more nations adopt virtual currency payment services, Bitcoin may eventually dominate the African remittance market.
The future of crypto-currency based remittances in Africa will depend on the growing rate of mobile phone use and the currency’s freedom from state regulations and banking controls. Send Bitcoin With Paxful Instantly!