Bulls n Bears Entrepreneurship Zone :: The journey so far: Michael Femi Simeon, CEO, VoguePay

[Bulls n Bears]

 <mailto:info at bulls.co.zw> 

 

 

 

 

Michael Femi Simeon is the CEO of VoguePay, a secure payment processor and
borderless banking platform. It offers personal digital wallets and business
payment accounts to users worldwide. Individuals can send and receive
payments from other VoguePay accounts in a manner similar to PayPal’s user
offering.


 1. Tell us about one of the toughest situations you’ve found yourself in
as a business owner.


It is common knowledge that there are uncertainties in business. Some of
these can be dealt with within yourself, but there are others beyond your
control. In my current line of business, which is fintech, some of our
biggest constraints seemed out of our control.

We have, for example, a brand promise to help users send and accept
payments easily and securely from anywhere in the world. Our technology is
top-notch, but sometimes our partnering banks might not be forthcoming in
terms of service delivery because of legacy issues, and this can be
frustrating.

However, in the last few years we have chosen the option to disrupt the
market and even help banks to “disrupt” themselves by collaborating with
them to solve payment needs for the modern generation. Also, we began
expanding our scope and built new relationships with international and local
gateways, as well as card providers.

In the process, what I found out is that the mindset of disrupting the
market, “as sold” by most startups, will not achieve maximum penetration,
instead choosing to focus on collaboration is a win-win for everyone.


2. Which business achievement are you most proud of?


My journey with VoguePay has been rewarded with several little and a few
big wins. One that stands out happened in 2016, four years after we
launched.

That year, we were selected for the highest recognition in Africa alongside
Cellulant (Kenya) and Interswitch (Nigeria) as the top three-fintech
companies in Africa. Our selection was in recognition of helping to create
more than 17,000 small businesses within 18 months, which use our business
tools to accept payment and manage their businesses online, as well as our
growth in onboarding customers globally. We were recognised as the payment
bridge that connects Africa with the rest of the world.

When thinking about the journey to such recognition and other awards we
have received, I realised that most fintech companies needed to raise
millions of dollars to get that far, but VoguePay has bootstrapped all the
way. It makes me feel we can all achieve much, with even fewer resources.


3. Describe your greatest weakness as an entrepreneur.


Most people who know me are aware of my empathy – I have a deep sense of
obligation and concern for people. This is good in your personal life, but
it hurts business. A few people have, of course, taken advantage of this
soft spot.

It is tough to change yourself, but it is easier to have business rules
that put the interests of the business first. For me, the mantra is the
“client matters and business comes first”. So, with every one of my business
ventures, including the realtor business I grew to a multimillion-pound
venture as a student in the UK, I ensure that there is structure to guide
business decisions.

If I take a decision on something, I have to make sure it is equitable and
becomes a standard for future decisions. That is the same structure I use at
VoguePay now.


4. Which popular entrepreneurial advice do you disagree with?


The two sides to the argument about “entrepreneurs being made or born”. One
school of thought says entrepreneurs are born, while the other one says they
are made and that entrepreneurship can be learned.

I believe the spirit of enterprise and instinct cannot be learned, but the
delivery of it can be harnessed.


5. Is there anything you wish you knew about entrepreneurship before you
got started?


One of my regrets is that I was not exposed to opportunities in Africa
earlier. I spent years successfully building businesses in the UK,
especially in real estate, but these do not compare to the potential in
helping fix the gaps and opportunities I see in Africa’s economy.

Given the results we have achieved so far, I am optimistic that if we had
been on the ground earlier, we could have done better than we did. But it is
never too late. Hopefully, I can double my efforts to reclaim lost time.


6. Name a business opportunity you would still like to pursue.


I believe there is huge potential in value-added services built on top of
waste recycling and renewable energy. There are many waste materials, from
plastics to biodegradables, that can be recycled with the right technology.
This can be turned to new products such as plastic toys, curtains, interiors
of vehicles, biogas, cleaner water and so forth.

Labour costs are low, so the rubbish can be assembled quicker at low-cost
and such businesses will help to achieve a healthier environment while also
making money as a business concern.

I have seen a few iterations of such business models already, but there is
still potential for any player to come in.—Howwemadeitinafrica 



Michael Femi Simeon

 

 

Invest Wisely!

Bulls n Bears 

 

Telephone:    <tel:%2B263%204%202927658> +263 4 2927658

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:    <mailto:info at bulls.co.zw> info at bulls.co.zw  

Website:
<http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw&sa=D&sntz=1&usg=AF
QjCNH8LYgdY55h-XKseuM8Kpr-JKdfhQ> www.bulls.co.zw 

Blog:
<http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw%2Fblog&sa=D&sntz=1
&usg=AFQjCNFoIy6F9IXAiYnSoPSgWDYsr8Sqtw> www.bulls.co.zw/blog

Twitter:                  @bullsbears2010

LinkedIn:               Bulls n Bears Zimbabwe

Facebook:
<http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimba
bwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA>
www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 



 

 

-------------- next part --------------
A non-text attachment was scrubbed...
Name: winmail.dat
Type: application/ms-tnef
Size: 248872 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20180918/20fc79f9/attachment-0001.bin>