"Whatever can happen at any time can happen today" - Seneca

Absa App – Was Worth The Wait?

Absa App – Was Worth The Wait?

It’s been a long wait for their customers but Absa has finally launched their mobile banking application. They’ve taken some criticism for taking so long and have left many people wondering if it’s too little too late and why it took so long in the first place.

Yesterday I attended a customer launch event for the Absa app. I was able to chat to a few people at Absa who are behind the app as well as their mobile and digital strategy. They answered some really tough questions from me and provided some insight and shared their vision going forward. Based on what I know and have experienced, I’m going to share my thoughts as an Absa client as well as someone who has a keen interest in the intersection of banking and technology.

Airtime As Currency

Airtime As Currency

Can airtime become the universal currency for Africa? It’s not an easy question to answer. Before I address the question in it’s entirety, let me first focus on airtime in South Africa.

Mobile network operators offer two methods for purchasing airtime. The first is on contract (or postpaid) whereby you are generally bound by 24 month agreement and billed for your usage at the end of every month. The second is prepaid (or pay as you go) whereby you pay in advance, through vouchers or 3rd parties, and your usage is limited to the amount you topped up with.

The concept of using airtime as currency is not new. It has been used by mobile content companies to sell crappy mobile content since time itself began as well as by mobile subscription services. The method used in this instance is called operator billing. Unfortunately, the network operators’ cut is between 30 – 50% (gross) per transaction. Essentially, when you charge R5, you might only end up with R3 or less when using operator billing.

A Shoe Is Still More Useful Than Whatever You’re Doing

I wrote an entire essay revisiting Social Media marketing in South Africa. I wrote about where it is today (compared to a few years ago), where it should be (or how it’s kinda broken) and how to get there (or how to fix it). As I’ve been able to watch things from a distance. I decided to scrap it because I can sum it up in a few very succinct points. It’s pretty obvious really.

  1. Where is my Nike+ for your brand? An effing shoe (and now other gadgets) give me meaningful data and they make it look pretty too. Surely you can do something to offer value?
  2. I want to have some level of control. Give me access to tools. I can solve my own problems too (probably more efficiently than your call centre or Twitter folk).
  3. It’s not a requirement, but being able to connect and share (but not always) with either people I know or people I should know through shared interests can have value. We all haves egos.
  4. Stop spending good money on dumb shit?!
  5. I don’t want to see another shitty brand Twitter account or Facebook page unless it’s actually useful. And by useful I mean not spewing out how “awesome” your brand is, constantly.

Clearly I decided to rant instead. We’re at a point in time where technology allows us to do way more than ever before (it’s always like that). Yet all I see are brands doing the same old. And yes I’m biased, I want to see more utility and value instead of another customer support channel. </rant>

Letter From A Stoic

Alright I’m probably not even semi-stoic but never the less, I’ve finished reading Letters from a Stoic for a second time now. It’s has become one of my favourite books. I will most likely read it every year to keep it fresh in my mind.

When I first read the book I resonated with some of the Stoic principles as I felt that I already followed some of them innately to some extent. I don’t plan on becoming a full on Stoic, but I appreciate the philosophy behind it and in many cases agree with their way of life. However, I subscribe to always taking what works for me from whatever discipline I have learnt about and applying it in my own way.

I looked at Stoicism from two points of view. The first being in my personal life where many principles could be applied to make me a better person overall and secondly as entrepreneur where getting to understand Stoicism has really helped me, even in such a short period of time.

I’ve decided to share a few quotes from Seneca (and other Stoics) and explain how I apply them in both my personal life and entrepreneurial endeavours.

Leadership and Management

In the early days of a startup, a tremendous amount of effort is put into getting product shipped and selling the vision. It’s very difficult to achieve the former without doing the latter. Great leadership is required in order to sell the vision. The ability to recruit and motivate the right people to make things happen is invaluable.

It’s accepted practise that the visionary founder assumes the role of CEO. I see the role of CEO as two parts. Firstly to set direction, define culture, motivate and inspire, recruit, and reinforce the vision. Secondly to manage the business of the business – essentially the operations of the business.

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