Genzaar, a pioneering platform that leverages games and animated content to impart financial education, has recently gained recognition by being selected for the prestigious UK Libra accelerator program. In an exclusive interview with Innovation Village, Seyi Agbedana, Co-Founder of Genzaar, shared insights into the genesis of the platform, its unique selling proposition, accomplishments, and expectations from the accelerator program.
Genzaar’s core mission is to address the lack of financial literacy in Africa, particularly among the young population. Seyi Agbedana, inspired by personal experiences and alarming statistics, founded Genzaar to equip individuals with financial skills through engaging games and animated content. The platform collaborates with banks and other partners to provide users with practical experience in managing finances.
Unique Selling Proposition (USP) of Genzaar:
What sets Genzaar apart is its focus on building basic numeracy and communication skills in English, French, and African languages, catering to a diverse audience. The machine learning modules incorporated into the platform enable translation of financial education seamlessly. Genzaar aims to extend financial literacy to underserved groups, including children, women, and informal MSMEs, through innovative product offerings and strategic partnerships.
“There are many global value chains that start in Africa and end in the West. Africa doesn’t capture much value which leads to many problems like persistent poverty cycles and child labour practices. A good example is chocolate industry, the small holder cocoa farmer in West Africa gets less than 2% of the $116bn global chocolate industry. There are an estimated over 2million children in child labour in cocoa farms across West Africa. Many fairtrade chocolate makers have recognised this and are in some cases working with cocoa cooperatives to improve outcomes for the farmers. However, we believe that Genzaar can help fairtrade chocolate makers provide the right set of skills to improve their cocoa yields while tackling social problems through our financial education products.“
Accomplishments and Milestones:
Since its inception, Genzaar has signed a major partnership with a prominent bank in Nigeria and is set to pilot in the first quarter of 2024. Additionally, the platform is launching content for young children, targeting the 0 to 5 age group, referred to as the “CocoMelon of Africa.” Despite challenges such as skepticism and funding constraints, Genzaar continues to refine its product and remains resilient in a competitive landscape.
UK Accelerator Program:
Genzaar’s selection for the UK accelerator program, known as the Libra programme, is a testament to its potential. Seyi Agbedana, endorsed by Technation as a Global Talent in 2022, seized the opportunity to join the program, recognising it as a chance to elevate Genzaar’s presence. The preparation for the application and interviews, along with incorporating feedback from past pitches, played a crucial role in securing a spot in the accelerator.
Participating in the UK accelerator program is seen as a gateway to global connections and opportunities. Genzaar aims to leverage the program to address challenges in global value chains, particularly in industries like chocolate, where fair trade initiatives can benefit from the platform’s financial education products.
Seyi Agbedana plans to leverage the networking opportunities provided by the accelerator program to establish connections with potential clients and expand Genzaar’s network. The focus is also on positioning the platform for funding opportunities, including grants and patient capital, crucial for product development and creating impactful initiatives.
I was endorsed by Technation as a Global Talent in 2022 and I have followed the Technation programmes ever since. The body was closed in 2023 but because of the demand for tech talent was relaunched in the same year. I got the email announcing the Libra programme for underserved founders and I knew it was my opportunity to put Genzaar on the map.
Seyi Agbedana, Co-Founder of Genzaar
Strategic Plans for Genzaar:
Genzaar’s short-term plans involve launching a YouTube channel for kids and introducing a banking solution in collaboration with partners in Nigeria. In the long term, the goal is to become synonymous with financial services globally. The Libra program’s resources, including coaching and network support, are instrumental in achieving these objectives.
Market Validation:
Market feedback has highlighted a clear gap in financial education in Africa, particularly for children. Genzaar’s commitment to providing seamless customer experiences, coupled with continuous feedback and collaboration with partners, positions it as a customer-centric and adaptive platform.
“Genzaar is a product focused company, we believe in providing seamless and frictionless customer journeys and experiences, so feedback is what we thrive on. We will continue to listen to adjust our products working with our partners keep an open channel of communication with the end users,” says Seyi Agbedana.
Lessons Learned and Advice:
Seyi Agbedana emphasises the importance of patience, resilience, and collaboration in the entrepreneurial journey. Learning from failures, adapting to feedback, and maintaining a universal appeal for products are key takeaways. He advises fellow Nigerian startup founders to be bold, confident, and ensure their products have a broad market appeal.
In conclusion, Genzaar’s journey, coupled with its participation in the UK accelerator program, signifies a promising future for the platform as it continues to bridge the financial literacy gap in Africa and beyond.
