- Popular entrepreneur Olamide Olayinka spoke with TheRadar about his latest startup, Mayana
- Mayana is a diversified venture group that provides enabling products and services to individuals and businesses for growth and expansion
- Olayinka further provided insights into doing business in Nigeria and what ambitious entrepreneurs can do to succeed
To start and grow a business in Nigeria is a daunting task that numerous people can attest to, irrespective of their net worth. Aliko Dangote, Africa’s richest man, was recently involved in an imbroglio with the Nigerian government; Paul Onwuanibe, whose Landmark beach is in the path of the Lagos-Calabar coastal highway, can also say a few words, to mention but a few people.
Despite this taxing environment, an entrepreneur like Olamide Olayinka, who recently launched Mayana, is unfazed, believing that innovation and technology can make a difference for business owners.
Not minding Nigeria's well-documented economic struggles, Olayinka, who bagged his first degree from Obafemi Awolowo University, Ile-Ife, said that his motivation to start Mayana stems from driving sustainable economic growth through enabling products and services.
“The motivation for Mayana is to create enabling products and services to drive sustainable growth across diverse sectors of the economy. We believe that the next wave of innovation and economic growth will stem from fostering profitable and sustainable enterprises across various sectors of the economy.
“Mayana is a diversified venture group helping businesses and individuals grow and succeed. We do this by building enabling products & services to drive sustainable growth across diverse sectors of the economy.”
Considering his track record and vast experience in techpreneurship, having worked on and consulted for brands such as Kashbase and Nomba (formerly Kudi), Olayinka does not consider himself a serial entrepreneur yet.
“Maybe in the near future, it would be a hill that I would be "fully sat" on. However, right now, I'm just very fascinated by the power of building - building an ecosystem of thriving, profitable, and sustainable businesses. It's been the fuel for much of the courage and audacity I have had in my ventures. I believe that the potential for more is limitless and open to the daring.”
Speaking more about his journey in Nigeria’s tech space and ecosystem with a span of almost a decade, the Mayana boss adds:
“Whilst we are not new players and have been in the game for well over seven years, It’s always day zero for me. I believe we’ve only just begun to tap into what’s possible, and we’re consistently pushing forward. Over the past seven years, our focus has been on serving our customers and building technology that truly works for them, helping them to build wealth.”
Although many other ventures are in their early days like Mayana, they do not have experienced heads at the helm, and this often constitutes the difference between success and failure for startups. So, for ambitious Nigerians who want to venture into tech or business in general, the Osun-born entrepreneur advises that the country’s business landscape could be treacherous, but it’s nothing a good support system and the right mindset can’t overcome.
“To succeed in business in Nigeria, you need a combination of resilience, courage, audacity, and doggedness. The business landscape here can be uncharted and treacherous, so it's essential to arm yourself with these traits ahead of time. Equally important is having a sound support system of advisors, mentors, investors, and fellow entrepreneurs, who can guide and support you on your journey,” Olayinka advised.
When quizzed about what his own biggest lesson is concerning doing business in the Nigerian (fin)tech space, Mayana's CEO had just one word to say – growth.
“Growth is crucial—it's the proof of life for any business. If your business isn't growing month-on-month, it's a clear sign that something needs to change quickly. Equally important is securing adequate funding. You need money to make money; it's what keeps the lights on. The key is to ensure a strong alignment between growth and financial stability in your business,” he further stated.
Budding entrepreneur? Here are 10 insights for you from Moniepoint’s Informal Economy Report
Meanwhile, TheRadar previously reported that Moniepoint, a fintech company providing banking services and loans through an online banking app, recently published the Informal Economy Report 2024, which gave insights into the dynamics of informal businesses in Nigeria.
At least 10 insights were gleaned from the report, which would benefit entrepreneurs in Nigeria, including the locations favourable for businesses and the percentage of profit people make.
