Overview: Today, we’re going to talk about Wasoko (Sokowatch) We’ll explore the story across the following areas:

1. Africa’s and Kenya’s informal retail context 

2. Wasoko's early history

3. Wasoko's Product & monetization strategy 

4. Competitive positioning & potential exit options

5. Overall outlook.

This episode was recorded on June 11, 2023

Companies discussed: Wasoko (Sokowatch), Twiga Foods, TradeDepot, OmniBiz, Alerzo, mPharma, Nestle, Unilever, Multipro, Marketforce, Udaan & Flipkart

Business concepts discussed: Informal retail penetration, Agency banking adoption, B2B Operating systems, Informal markets, & last-mile distribution

Conversation highlights:

• (00:40) - Sokowatch background and why we’re talking about it

• (08:35) - African informal retail context

• (16:11) - Founder background and Founding story

• (29:55) - Fundraising and early growth

• (36:56) - Geographic expansion, growth and partnerships

• (45;12) - Team strategy

• (54:00) - Product strategy and monetization

• (1:10:00) - Competition and options for exit

• (1:23:13) - Bankole’s overall thoughts and outlook

• (1:33:05) - Olumide’s overall thoughts and outlook

• (1:43:30) - Recommendations and small wins

Olumide’s recommendations & small wins:

• Interested in investing in Africa Tech with Olumide: Read about Adamantium fund & contact me at olumide@afrobility.com. Founders looking for funding: If you're a B2B founder working on Education, Health, Finance or food, please contact me for funding at olumide@afrobility.com

• Checkout my FIREDOM book = FIRE (Financial Independence, Retire Early) + Freedom = personal finance and financial independence book. Website, Read: Substack Newsletter & Buy: Print, eBook or Audiobook)

• Recommendation: The Slight Edge. Amazing Personal Development book about a mental framework to apply daily actions to get what you want in life. I have read it about 6 times at this point.

• Recommendation: Temu.com. Started using it for shopping. It has some cool gamification ideas to nudge ecommerce purchases

• Small win: Hosted house party with friends. It was great to see everyone together

Bankole’s recommendations & small wins:

• Recommendation: Artificial Intelligence, a guide for Thinking Humans by Melanie Mitchell  & Would You Sell Your Extra Kidney - Dylan Walsh 

• Small win: won my physical activity mini-league

• Other content: FT fastest growing companies 2022 & Modularity Theory - Christensen Institute

  
  

Listeners: We’d love to hear from you. Email info@afrobility.com with feedback!

Founders & Operators: We'd love to hear about what you're working on, email us at info@afrobility.com

Investors: It would be great to link up with you. Contact us at info@afrobility.com

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The Business Of Payments episode was recorded live at Africa Tech Summit London 2023 at London Stock Exchange featuring insights and views from payments leaders across Africa. Moderated by Nkiruka Uwaje Founder at Grovvth Advisory, the coversation features;Solomon Amadi – VP Processing Infrastructure at Moniepoint Inc, Elizabeth Rossiello – CEO at AZA FinanceGbenga Ajayi – Partner at QED InvestorsChris Folayan – Head of Global Expansion at Interswitch Africa Tech Summit Connects podcast shares insights from across the African tech scene. Subscribe for updates and join us in Ghana, Nairobi and London! More details on Africatechsummit.com.