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Monday, August 10, 2020

Twitter CEO, Jack in Nigeria, Speaks Yoruba, Plans Business in Africa

Jack Dorsey of Twitter and others at his welcome dinner in Nigeria. Source: Twitter

Having spent less than 24 hours on Nigerian soil, Twitter boss, Jack Dorsey, has already picked up a Yoruba phrase, ‘Bawo ni’ meaning ‘How are you?’

Jack announced his arrival via his verified Twitter handle on Thursday evening. Apparently, he was also hosted to a welcome dinner that same night, where he met the likes of media personality, Tolu Oniru-Demuren, popularly called Toolz, former government official, Dr. Joe Abah and others.

During his visit, it is believed that he will be meeting with local entrepreneurs. 

This is the first Africa visit by the leader of one of the most important social network platforms in the world. It is believed that his visit may be related to his other business venture, Square. The fin-tech company,Square, provides payments hardware and software to small businesses however currently it has no operations in Africa. 

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Scheduled meetings with local entrepreneurs may be a step towards introducing Square in the African continent.

Square fundamentally disrupted the card processing industry thanks to its now-ubiquitous card readers, allowing independent merchants to take cashless payments with a minimum of fuss.

Square’s Cash App, which directly competes with PayPal Holdings Inc’s Venmo app, and allows users to send money to each other for free. The app charges fees to businesses when users choose to instantly deposit money from the app into their bank accounts, rather than wait several days. Square has been attracting larger merchants through its newer products such as its lending services unit, Square Capital, and CashApp.

The fin-tech company recently reported to shareholders that it’s bringing more products to markets outside the U.S. 

This quarter Square launched Square Terminal in Australia, Canada, and the United Kingdom. It indicated that there is strong product-market fit for Square Terminal in these regions because it provides a portable, all-in-one payments solution for dip and tap payments (which, unlike in the U.S., have been prevalent for years). In the third quarter, sales of Square Terminal outside the U.S. represented more than one-third of sales even though these are much smaller markets. 

Dorsey has recently visited all these other countries where Square has presence as part of his global tour. His visit to Africa may be part of this tour.

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