Sydney Imuetinyan Aigbogun, CEO of CashBox has said that COVID-19 made Nigerians poorer in terms of investment, adding that the population purchasing power of the country showed during the period.
“COVID was a shocker to the world especially businesses, no one ever imagined the world would shutdown. The moment everything shutdown and we had to work from home, myself and the team had a meeting and we knew we just had to make the best of what we had.
“We had to come up with a narrative that would make sense to people and encourage the to save while the world was ‘locked down.’ People weren’t going to work, no eat out, no cinemas, no social event, so it also meant people weren’t spending money. So we started campaigns on social media encouraging people to start saving the money they would have ordinarily spent when the world was normal and that really drove our savings pool higher,” he stated.
“Running a business is very hard especially in this part of the world, but with a great team, it makes the burden easier. I believe a customer is a king while the staff is the Queen. With this thought, it makes life of an entrepreneur a lot easier for me. Our population is key and every business should learn to use that to their advantage. Also, nobody is going to help you at the initial stage, it all rests on your shoulder,.
But with a great product and a never say die attitude, the business will grow and before you know it, everyone starts coming onboard to help out,” he further stated.
For CashBoxng founder, his advice for every intending entrepreneur is to nurture every idea like it will be their last, adding that initial challenges could kill dreams.
“I advise everyone to just get up and start that business. That idea you are nurturing, don’t waste too much time nurturing it, take it to the market and let the market guide you. Too many entrepreneurs waste time as the idea generation stage and almost never get their product into the market for fear of the unknown.”
“Lack of funds. That’s one of the things that kills businesses. Bank aren’t helping, Government isn’t doing enough, and for someone without a rich family, it’s a lot harder. That’s where ingenuity comes in, the never say die attitude.
“Our early stage, it was when I used to have so many meetings with prospective investors that never yielded anything. It used to be so frustrating. So instead of all the many meetings, I channeled my energy towards our product and that has yielded so much more.”
“We have so many things planned in the next 9 to 12 months, but I’m not letting the cat out yet, just keep watching our space,” he stated.
“ People were initially scared of CashBox, especially our first 6months in operation, but right now that’s no longer a worry for us. Our presence online is very visible and they see so many reviews from users saving with us, seeing these reviews gives new customers confidence in us,” Aigbogun stated.