Chapter Five

Digital Business:

AFRICA’S NEW MONEY BLOC AND OLD MONEY’S EVOLUTION

My grandfather once told me; the soul of business is not making money but making people happy.” – Aliko Dangote

What Happens When a Manufacturing Giant Bets Big on Digital? The BUA Way

Digital, whilst it may look expensive has helped us to be more targeted in our marketing spend deployment with over seven-fold returns on marketing investments since 2015.” –Otega Ogra, Group Head, Corporate Communications, BUA International Limited Billionaire Abdul Samad Rabiu founded the BUA company over three decades ago with interests in importing and marketing of iron and steel, and later extending to agricultural and industrial chemicals. Today, the BUA group has interests in real estate, oil mills, cement production, sugar refinery, ports and terminals and a range of other FMGCs. With such a huge range of companies and interests, the company has since evolved a digital culture to advance its processes.

Sterling Moves: When a Bank Goes Beyond the Lines of Traditional Banking

Everyone knows the David and Goliath story; it has since become a metaphor for how the unheralded conquers the favourite. It is the story of Leicester City conquering the power houses of English football in 2016; it is the story of Denmark conquering all the football superpowers at Euro ’92. In the context of this classic tale, it is the story of Sterling, likely pulling a David on Nigeria’s banking industry. When the story is told of how David defeated Goliath, the part about how he lived a life that prepared him for the victory hardly gets told. David’s character did not happen on the day Goliath fell; Goliath fell because David had had years of training to deliver the victory, he eventually used to defeat him on that day. That fits very well into the Sterling story. There was the time they rocked the Twitter table with that image of the Sterling Rocket Man lying over the Lagos Marina skyline. The message was subtle or was it? It meant that the bank was giving way to daring. Looking from the outside, you see an institution readying itself for a post-conventional banking world. Sterling is set to turn the game on its head, and in a world that appears desperate to evolve a new order, it is a risk, only a lesser risk than waiting on change to happen before reacting to it.

FarePay by Sterling: The Big Bet on The Lagos Mass Transit System

“Farepay is offering commuters freedom, speed and convenience. We’re confident that it will soon become the preferred mode of payment at toll gates/on toll roads, on buses, trains and on our waterways. Farepay was designed to be robust enough to accommodate he growth and development we expect in the Nigerian transportation sector.” –Yemi Odubiyi, Executive Director, Sterling Bank