Through innovation and expertise, online payment has been made easier with Social Media Identity.

Co-Founder and Marketing Head at Vendly, Akinleye Oluwafemi Adeolu, said this is one of the ways data and technology can be used to solve many of the challenges confronting Nigeria and Africa.

He said this while highlighting the problems Vendly was created to solve in Nigeria’s economy.

Adeolu stated that Vendly was launched December 2021 to address the lack of easy ways for social media users to monetise time spent on such platforms.

The fintech expert said data and technology have become one of the most valuable resources across the world because of the benefits derived from them.

Adeolu said, “Many of the critical challenges faced by Nigeria and the Global South, in general, can be tackled by data and technology. Technology has massive potential to boost the economy of our nation through various means, for example, by improving educational standards, improving healthcare, lowering costs of production, enhancing public transportation, etc.

“Data fuels technology and makes it effective, so access to relevant data will strengthen our technology which will, in turn, strengthen our economy and enhance the quality of life of Nigerians. 

“We believe that all industries can benefit immensely from data and technology, but some industries which might benefit the most are the financial, agricultural, educational and healthcare industries. 

“We have chosen these four because Nigeria is lacking severely in these sectors and there has already been great technological advancement in them globally, particularly in the West.”

He, however, identified a lack of inadequate research and funding, limited internet access, particularly in rural areas, and unstable electricity supply as some of the barriers to the growth of data and technology in Nigeria.

“Vendly was launched to address the lack of easy ways for social media users to monetise time spent on such platforms. “Vends” live on the timeline, and are engageable, making them more native to social media as users can share, gift, and engage with vends right on social media,” he added.