Event Recap // Why Building Customer Relationships Is Key For Any Business.

Event Recap // Why Building Customer Relationships Is Key For Any Business.

Customers are the heart of any business. Paying attention to what your customers have to say is important since they have new information that will lead to a positive impact on your business.

Businesses that treat their customers as king are the most priced asset in the enterprise, and always have a higher chance of reporting higher returns than their counterparts who put little on the value of the customers.

In our fireside chat with Benji Fernandes CEO of Nala Pay, Mr. Fernandes spoke on the importance of enabling customers to be a part of your building journey as an entrepreneur that leads to an increase in brand loyalty.

“Customer is King. Focus on establishing a personal relationship with customers which leads to more referrals,” he said.

Mr. Fernandes was speaking at our monthly fireside chats on the do’s and don’ts of scaling a Fintech Company.

There is no known business that can do without customers. Any activity in an organization is done with an aim of impressing the customers hence making customer research a great point to start as it enables you to build a business with your ideal customer in mind. 

Always remember that you have to build something that people need. When people need it they are willing to pay for it and when they pay for it your business grows!

“You build a solution that people will love & want to be a part of! Always remember that you have to build something that people need. When people need it they are willing to pay for it and when they pay for it your business grows!” he added.

The Story of Nala

Since 2019 when it first secured its pre-seed funding from Accel, Nala has been on the upswing, building a new kind of mobile money transfer for Africans worldwide.

In 2021 Nala raised $10 million more and has now set its target higher in the lucrative remittance market.

Just last week the company announced its new partnership with Equity Bank allows users in the UK and US to send money directly to their accounts with the lender and they opened  Nala’s operational headquarters, hosting a third of its staff. 

The remittance market has become highly competitive and Nala is also eyeing a bigger piece of Kenya’s Sh420 billion inflows, months after securing approval from the Central Bank of Kenya.

Currently, the company started three years ago and facilitates secure money transfers from the United Kingdom and the United States to Tanzania, Kenya, Uganda, Rwanda, and Ghana. It plans to be in 12 other African countries by end of the year.

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“This partnership will allow our customers to send money directly from their banks, through the Nala app, instantly and at the most competitive rates to Equity Bank Kenya accounts and other mobile wallets,” said Mr. Fernades.

“Combining Nala’s technology with Equity Bank’s reach allows us to build stronger financial infrastructure for Kenyans worldwide.”

With all these achievements in a span of fewer than five years, Mr. Fernandes explained, “As a Founder starting a Tech company, you have to develop a thick skin if you are not ready to get rejected then don’t start it.”

Raising Funds

On raising the money he explained that this is a great step towards scaling a business but the objective should be solving the customer problems before everything.

He also emphasized the need of having mentors and coaches as an entrepreneur as this will always help you to be a step ahead of most of your peers.

“Always find experts in the industry and try and learn from them. Find People who are already doing what you are trying to do and reach out to them. You get to learn 5 years of insights within a 30 minutes conversation,” he added.

Mr. Fernandes also spoke on the importance of transparency with your investors on your journey of raising funds.

Transparency establishes trust over anything else. Whether it be within the context of a personal or professional relationship, the more straightforward you are, the faster you and your partners become comfortable with one another. 

The same is true with your investor partners. The most profound indicator of integrity and respect is the willingness to reveal uncomfortable things. 

The generated trust then leads to expedited resolution, a win for all involved

“While you are in the process of raising funds, be as transparent with sending updates on the progress of the company to potential investors so as to build trust,” he concluded.