The Rise & Fall of Fintech Start-up Companies In Africa: Why Africa Needs To Protect Her Own.

Whenever I am on a professional networking social media site, my favourite reads in my feed are those very touching personal stories: a great grand mom of 80 years receiving her first degree in Adult Education on the same day as her 21 year-old great granddaughter graduating summa cum laude in aeronautical science; an elated young bloke showing off a photograph of his beloved dog standing on one of its hind legs (or is it, feet?) for the very first time and doing a canine dance. Such stories keep me sane. 

A couple of weeks ago, I came across a news item that immediately caught my attention. The news was to the effect that, a rich American company had bought a young and burgeoning payments system fintech company set up, owned and operated by two youthful Nigerians. And the price tag was US$200 million. Many of those who commented on the post congratulated the young men for the sale. Others were not too happy about the amount received; the guys could have asked for more, some of the comments read. Others also hoped and prayed that the young men made sure to insert a clause in the Purchase and Sale Agreement that reserved a percentage of the ownership in the youngsters.

I, however, held a totally different opinion which was this: the young men should not have sold at all; they should have kept and grown their company! Pray me, I was tempted to put my sentiments in writing in my feed but I knew better than to be the one to pour rain on the young men’s parade. Therefore, I whispered my ‘congratulations’ to them in my head, clicked on “Like” to join the tens of thousands who had already done so, and moved on to scroll through the next couple of freshly-minted PhD awardees, first degree graduates and others in between, proudly exhibiting their certificates from virtual graduation ceremonies.

Usually, the stories I come across on social media stay with me for the 10 to 15 minutes I spend flipping through my feed and they disappear from my thoughts. 

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