Latest Posts:
NairaBrains
Author

Don

Browsing
In General

8 Tips to Develop Good Public Speaking Skills

No Comments
8 tips to develop good public speaking skills

Public speaking skills are important to have in today’s social and interactive world. Having the right public speaking skills can elevate your career, boost your confidence, and help you make a lasting impression in business.

Many people fear it, but like any skill, it can be improved with intentional practice. Here are eight actionable tips to help you speak confidently and effectively.

Practice, Practice, Practice

Repeated practice builds familiarity with your content and reduces anxiety. Record yourself, seek feedback from peers, and make adjustments. As Harvard notes: “The best way to overcome anxiety is to prepare, prepare, and prepare some more”

Know Your Audience

Every speech is unique and specific to a particular audience. Understanding this is important to being a good public speaker. Know the audience and tailor your message by understanding your listeners’ needs, background, and interests. Harvard Business Review emphasizes that the best speakers “find out what’s in the heads and hearts of your audience” and design their message accordingly

Start with a Strong Opening

First impressions matter. Begin with a bold story, a surprising fact, or a question to immediately engage your audience. A strong opening makes your message memorable.

Learn Confident Body Language

Non-verbal cues account for much of your presence. Keep your hands visible, stand tall, and use natural gestures. According to Time, visible hands increase trust and engagement

Reframe Nervousness as Excitement

Feeling jittery is normal. Instead of trying to avoid nerves, reframe them as excitement. This mindset shift can turn stress into positive energy.

Focus on Clarity and Simplicity

Organize your talk around 3–5 key points. Use simple language, avoid jargon, and repeat essential ideas. Less is more—focus on making each point clear and impactful.

Invite Interaction and Feedback

Encourage questions or brief input during your talk. It makes the session interactive and allows you to connect more deeply. Adjust your delivery based on audience reactions.

Join a Speaking Group

Joining clubs like Toastmasters gives you regular speaking practice and constructive feedback—ideal for honing your skills over time. Seek out groups where you will have to practice and do actual speeches. These can include speaking clubs, social clubs, professional organisations etc. 

Read More
By
In Money

What are the Virtual Cards Available for Online Payment in Nigeria (2025)?

No Comments
virtual cards for online payment

The past decade plus has seen massive growth in online payments in Nigeria, fueled by the rise of e-commerce platforms, mobile banking, fintech apps, and international subscriptions. Services like Netflix, Amazon, Spotify, and even Facebook Ads require seamless and secure online payment methods—something traditional banking services in Nigeria have often struggled to support, especially for foreign transactions.

With this growth in online transactions has come significant risks which result in international card usage restrictions and forex limitations. Virtual cards have emerged as a significant solution to these challenges for Nigerians. They offer the same functionality as physical debit or credit cards but exist entirely in digital form, providing better security, control, and convenience.

This article explores the best virtual card options available in Nigeria, comparing features, fees, limitations, and use cases to help you find the right option for your online financial needs.

What Is a Virtual Card?

A virtual card is a digitally generated payment card used primarily for online transactions. Like physical cards, they come with a 16-digit number, CVV, and expiry date, but they exist only on your phone or computer. Many are tied to fintech wallets or bank apps, offering easy issuance and management. Most virtual cards should be available for online payment

Benefits include:

  • Improved security (no risk of physical theft)

  • Disposable or limited-use features

  • International payment access

  • Easy funding via local bank transfers or debit cards

An instance of the use of Virtual cards: You can create a disposable virtual card for a one-time purchase on Amazon, then delete it for security.

Some Virtual Cards Available for Online Payment in Nigeria

1. ALAT by Wema Bank

  • Offers both Naira and Dollar virtual cards
  • No issuance or monthly fee for Dollar card
  • Ideal for Netflix, Facebook Ads, Canva, and Amazon

2. Kuda Bank

  • Provides a virtual Naira Visa card
  • Free for the first card
  • Great for local platforms like Showmax and Spotify

3. Eversend

  • Offers dollar virtual cards for global payments
  • $1 creation + $1 monthly fee
  • Supports international transactions for freelancers

4. Opay

  • Offers virtual Naira cards for online payments
  • Accepted by over 1,000 merchants
  • No maintenance fees

5. Other Reliable Options

Provider Setup Fee Currency Notable Feature
Cardtonic $1.50 USD No monthly fee
Vesti Free USD Global acceptance
Grey $4 (with $1 rebate) USD Low FX fees
GeePay $3 Multi Supports USD, GBP, EUR

What You Should Consider Before Choosing a Virtual Card Provider

  • Currency Support: Choose USD for international platforms
  • Funding Methods: Bank transfer, debit card, or wallet top-up
  • Fees: Issuance, maintenance, FX markup
  • Spending Limits: Some cards restrict daily or monthly usage
  • Accepted Platforms: Ensure the card works for Netflix, PayPal, etc.
  • Customer Support: Check for active service channels

Potential Challenges with Using Virtual Cards in Nigeria

  • CBN restrictions limit international transactions on Naira cards
  • Service shutdowns like Flutterwave’s Barter in 2022 disrupted users
  • Forex scarcity sometimes affects card funding

What Does The Future of Virtual Cards in Nigeria Look Like?

As Nigeria’s fintech ecosystem grows, we can expect:

  • More multi-currency card options
  • Better mobile app experiences
  • Flexible cards tailored to freelancers, SMEs, and remote workers

Conclusion

Whether you’re a student, entrepreneur, or remote worker, virtual cards help you shop online, subscribe globally, and get paid internationally.

Some Picks for Virtual Cards in Nigeria:

Card Best For Type
ALAT Ads & SaaS subscriptions USD
Kuda Local streaming services Naira
Eversend Freelancers & digital nomads USD
Chipper Cash General international use USD
Vesti/Grey Low-cost multi-currency USD

Tip: Always confirm card functionality and terms before making major payments.

Related Post:

Read More
By
In Business

What are Top 10 Most Successful Businesses to Start Today With Minimal Capital

No Comments
top 10 most successful businesses to start

Everyone looking to start a business is looking for a business that potentially succeeds. Starting a business today doesn’t necessarily require a hefty investment. With the right idea, strategy, and determination, many have launched successful ventures with minimal capital. If you’re thinking – What are some of the top 10 most successful businesses to start, this article throws the light on some of the least capital intensive but potentially successful ones to consider.

What Makes a Business Successful?

Success in business isn’t solely about the amount of capital invested. There are important factors, asides funding, that contribute to making a business successful. These include:

  • Market Demand: Are the products or services you intend to offer fulfilling a genuine need/demand?

  • Scalability: Is it possible to grow the business without a proportional increase in costs making profitability difficult?

  • Unique Value Proposition: What differentiates your business from competitors.

  • Effective Marketing: Have you figured out effective and low cost ways to reach and capture your target audience?

  • Adaptability: How will you respond to market changes and feedback from clients/customers

Understanding the above can guide aspiring entrepreneurs toward ventures with higher success potential.

For anyone with limited funds, lots of time and enough skills these are 10 of the most successful businesses you can start with minimal capital.

1. Freelance Writing and Content Creation

The global gig economy is flourishing, with businesses constantly seeking specialized skills such as content writing/creation without the overhead of full-time staff. If you have decent content writing skills you can start a business with little or no initial costs.

Choose Focus Areas: Do you want to be a generalist writer or choose specific areas to focus on. The more you focus and horn your skills the better your chances of landing higher paying writing gigs from businesses and publications. For eg if you focus on writing on business and technology, marketing, cryptocurrency.

Curate a compelling portfolio: Showcase your best work through case studies or samples. Create online portfolio urls you can easily share to showcase useful work you have done. When making pitches to prospect clients this can be very handy.

Determine competitive rates: Research what others in your field are charging.

Actively market yourself: Utilize platforms like Upwork, Fiverr; Use social media like LinkedIn, Twitter etc to show snippets of your content, build an audience and attract inbound offers; Actively network within your target industries.

2. Offer Digital Marketing Services

In the current digital age, every business, regardless of size, needs a robust online presence. A lot of businesses need help with Search Engine Optimization (SEO), social media marketing, content strategy, email campaigns, and paid advertising. Digital Marketing is one of the top 10 most successful businesses to start, if you have the skills.

Acquire these skills, if you don’t have them, by taking high quality online courses, Build your portfolio by offering cheap or free services to small businesses. Focus on one or two specific aspects of digital marketing to improve and become very good.

3. Online Tutoring/Coaching

If you possess deep knowledge in an academic subject, a specific skill (e.g., musical instrument, coding), fitness, accounting or even life/business strategy, you can teach what you know to hundreds or even thousands of people.

Define your area of expertise: What subjects or skills can you effectively teach or coach?

Develop your methodology: Create a structured curriculum or coaching framework for your sessions.

Select appropriate platforms and tools to use: Utilize video conferencing tools (Zoom, Google Meet) and specialized online learning or coaching platforms.

Market your services: Promote yourself through social media, educational forums, and your personal and professional networks.

4. Cleaning Services (Residential/Commercial)

This is a perennially in-demand business that offers consistent opportunities. You can begin by serving residential clients and gradually expand into more lucrative commercial contracts.

Acquire essential cleaning supplies: Start with high-quality, efficient tools.

Market locally: Distribute flyers, engage in local community groups online, and actively seek referrals from satisfied clients.

Cultivate an impeccable reputation by delivering consistently excellent service is key to retaining clients and attracting new ones.

Minimal Capital will be required for initial cleaning supplies, reliable transportation, and basic business insurance

5. Social Media Management

Businesses often need help with managing, growing and turning their social media handles into good awareness or prospect channels for their business.

If you know your way around content creation and growing social media pages you can turn it into a lucrative business.

Low startup costs knowledge of platforms and content creation tools.

Getting Started: Offer services to local businesses, create content calendars, and manage engagement.

6. Affiliate Marketing

Affiliate marketing involves promoting products or services to earn a commission for every sale made through your referral.

Startup costs are minimal: You may require just your computer, and a platform to produce content and promote products (eg A blog, Youtube channel, social media page etc)

You can join affiliate programs like Amazon Affiliates, etc. Check out guide on how to start affiliate marketing.

7. Virtual Assistant Services

Virtual Assistants help businesses or busy professionals manage several aspects of their work such as organising their calendar, handling administrative tasks or even handling customer/client support tasks. 

To startup you’ll need just a computer and access to internet as well as skills like email management, data entry, customer service, content creation etc.

As a virtual assistant you can support a few clients on monthly retainers

Check out this guide on how to become a virtual assistant

8. Podcast Show

With more and more people beginning to listen to podcasts and online talk shows, it is a viable low cost business to start.

You’ll have to have the knack for interviewing people and having interesting conversations. 

Startup costs are typically low. You’ll need just quality microphone, editing software, headphones and a good/quiet location to host your podcast.

9. Start a Consultancy

If you have knowledge in anything people can benefit from and demand solutions for, you can start making money providing solutions to those things. From event planning to interior decoration, building a website, digital marketing etc. 

Create content answering questions to challenges people face in that particular niche. Grow your social media presence, engage with relevant questions and always display how people can reach you for consulting.

You can price your consulting per session or based on periodic retainers.

10. Newsletter Business

If you have sufficient knowledge, curiosity in any niche/field or broad topic you can start a newsletter, publish quality email articles/content, grow your subscribers.

This particularly may not cost you anything aside your time to start. You can take advantage of free newsletter platforms like Substack to create your first newsletter.

Ideally you should start a weekly newsletter where you publish/send out a newsletter on a particular day weekly.

To grow subscribers you can start sharing snippets of your work on social media, guest post on relevant blogs etc.

Monetisation: When you reach a few thousand subscribers there are several ways you can monetise your newsletter. These include; setting up a premium subscriber plan (these paid subscribers get more detailed content, indepth analysis or access to more quality resources), paid sponsorships from other businesses, brands etc.

 

Read More
By
In Business

How Do I Register My Business? Everything You Need to Know

No Comments
how do i register my business: tips to register your business name

If you are asking the question – how do I register my business? Hopefully this guide gives you the clear steps and details you need to do that yourself.

Starting a business can be exciting even if laced with challenges. For most businesses it is important to formalise through business registration with the appropriate authorities.

In Nigeria, there are processes with registering your business. Registering your business not only gives it legal recognition but it also helps build credibility when people know they are dealing with a legally registered entity.

Rather register a company? See How to Register a Company in Nigeria

Why Register a Business Name in Nigeria?

There are several benefits to registering your business name. Some of these include;

Legal recognition: Your business becomes an official entity recognized by the Nigerian government and potential partners, customers etc.

Brand protection: When you register your business name it means no one one else can legally use your registered business name.

Access to opportunities: With a registered business, you can open a business bank account, apply for grants or loans, and bid for contracts.

Trust and professionalism: Customers, clients, and investors take your business more seriously.

Types of Business Registration in Nigeria

There are different forms of business structures, but for small businesses and startups, registering a Business Name (also known as an Enterprise) is the most common and cost-effective option.

Other types include:

  • Limited Liability Company (LLC): For those looking for a more structured corporate setup.
  • Incorporated Trustees: Usually for NGOs, religious bodies, and associations.

In this guide, we focus on registering a Business Name.

Requirements for Registering a Business Name

Before you begin the registration process, make sure you have the following:

  • 2–3 proposed business name options
  • Brief description of the business activities
  • Full name and personal details of the owner
  • Valid ID (National ID, Voter’s Card, International Passport, or Driver’s License)
  • Passport photograph (scanned or digital copy)

Step-by-Step Guide to Registering Your Business Name

Step 1: Conduct a Name Availability Search

Visit the Corporate Affairs Commission (CAC) portal to check if your desired business name is available. Submit at least two name options to increase your chances of approval.

Step 2: Fill Out the Pre-Registration Form (CAC-BN 1)

Create an account on the CAC portal and complete the online form with the required details. Be accurate and consistent with your personal information and business description.

Step 3: Pay the Filing Fee

The official filing fee for Business Name registration is currently N10,000. You can pay directly through the CAC portal using Remita or other approved payment gateways.

Step 4: Upload Supporting Documents

Scan and upload your valid ID, passport photo, and any other required documents. Review everything carefully before submission to avoid delays.

Step 5: Certificate Issuance

Once approved (usually within 1–3 working days), you will receive a Business Name Certificate. You can download and print this certificate directly from your CAC dashboard.

Post-Registration Steps

After successfully registering your business, here are the next steps:

  • Get a Tax Identification Number (TIN) from the Federal Inland Revenue Service (FIRS).
  • Open a business bank account using your CAC documents and TIN.
  • Register with regulatory bodies (e.g., NAFDAC, SON, depending on your industry).
  • File annual returns to maintain your business name status.

Read More
By
In Personal Finance & Investments

6 Best Money Market Funds in Nigeria With the Best Yield in 2025

No Comments
best money market funds

Money market funds (MMFs) have long been a favoured investment vehicle for individuals and institutions looking to invest in assets characterised by high yield, low risk, and high liquidity. As of 1H24, the total value of MMF assets under management (AUM) globally had increased to $10.6 trillion.  

In Nigeria, these funds have become increasingly popular due to their advantages over other asset classes such as savings accounts, equities and bonds. This post explores the concept of MMFs and highlights the top six MMFs in Nigeria that offer the best yield in 2025.

Money Market Funds Explained

A money market fund is a type of mutual fund that invests in short-term (usually 365 days and below), low-risk, high yield and liquid financial instruments such as Treasury bills, certificates of deposit, commercial papers, repurchase agreements, and others. The primary goal of an MMF is to offer investors a safe and easily accessible place to invest their money while generating returns.

MMFs operate by pooling funds from multiple investors to invest in these short-term instruments. The returns generated from these investments are typically paid out as interest to the fund’s investors based on the number of units they hold.

Features of Money Market Funds

  1. Safety: MMFs invest in low-risk securities such as government-issued Treasury bills or highly-rated commercial papers, making them relatively safe.
  2. Liquidity: Investors can access their funds quickly, often with little or no penalties, making MMFs ideal for short-term investments.
  3. Lower returns than stocks, but higher returns than savings accounts: While their returns may not be as high as riskier investments like stocks, MMFs generally offer better returns than traditional savings and fixed deposit accounts.
  4. Diversification: By pooling resources from many investors, MMFs enable small investors to benefit from diversified holdings in various short-term securities.

6 Best Money Market Funds in Nigeria With Most Returns to Consider in 2025

The money market funds market in Nigeria is huge and growing. It is the mutual funds industry’s most popular naira-denominated AUM and marginally leads the entire industry with a market share of 45.61% as of January 17 2025, according to Nigeria’s Securities and Exchange Commission (SEC).

The interest rate on MMFs is often tied to the prevailing short-term interest rates in the economy, such as the monetary policy rate and Treasury bill rate of the Central Bank of Nigeria (CBN). Analysts say that the major growth driver in Nigeria’s MMF arena is the CBN’s monetary policy rate increases which have triggered high yields in money market instruments. High yields tend to attract more savers to MMFs.

Other data from the SEC indicates that the following are the top six money market funds with the best yields (year to date) as of January 17 2025:

1.     EDC Money Market Fund Class B

Fund Manager: EDC Fund Management Limited

Net asset value: ₦1,966,736,563.32

Unit price: ₦1,000,000

Minimum investment amount: ₦5,000

Yield (YTD): 25.64%

To invest in EDC Class B MMF:

  • Visit the Ecobank asset management page. 
  • On the page, click on “Open An Account Today” and follow the instructions.

2. Meristem Money Market Fund

Fund Manager: Meristem Wealth Management Limited

Net asset value: ₦19,506,484,310.39

Unit price: ₦10

Minimum investment amount: ₦10,000.

Yield (YTD): 24.11%

To invest in Meristem MMF:

  • Visit Meristem’s wealthbuddy.ng page and click on “Get Started”.
  • Sign up and follow the instructions on the site

3. Coronation Money Market Fund

Fund Manager: Coronation Asset Management Limited

Net asset value: ₦11,013,314,857.38

Unit price: ₦1

Minimum investment amount: ₦10,000.

Yield (YTD): 23.88%

To invest in Coronation MMF:

  • Visit the Coronation money market fund product page.
  • Click on “Contact Us” and a money market fund quotation form will appear.
  • Enter the required information and then click on “Request Quote”.

4. Chapel Hill Denham Money Market Fund

Fund manager: Chapel Hill Denham Mgt. Limited

Net asset value: ₦13,892,111,482.0

Unit price: ₦100

Minimum investment amount: ₦5000

Yield (YTD): 23.55%

To invest in Chapel Hill Denham MMF:

  • Download the InvestNaija App from the Apple App Store or Google Play Store.
  • Sign up by creating an account.
  • Complete your KYC process for a secure and verified profile.
  • Go to the “InvestIN” section.
  • From the “Mutual Funds” option, choose “Money Market Funds”. 

5. EDC Money Market Fund Class A

Fund Manager: EDC Fund Management Limited

Net asset value: ₦32,264,293,650.92

Unit price: ₦1,000,000

Minimum investment amount: ₦5,000

Yield (YTD): 23.20%

To invest in EDC Class A MMF:

  • Visit the Ecobank asset management page.
  • On the page, click on “Open An Account Today” and follow the instructions. 

6. Zedcrest Money Market Fund

Fund Manager: Zedcrest Investment Management Limited

Net asset value: ₦3,230,836,112.53

Unit price: ₦1

Minimum investment amount: ₦1000.

Yield (YTD): 23.16%

To invest in Zedcrest MMF:

  • Download the Zedcrest Wealth app.
  • Create your account.
  • Push the “Invest” button.
  • Tap “Mutual Funds”.
  • Choose your preferred option based on your risk profile.

Conclusion 

MMFs are a big component of Nigeria’s thriving mutual funds industry. Nigerians love them because of their attractive features such as low risk and higher yields when compared to options like savings accounts. A ₦1 million investment into an MMF with a 19% annual yield will earn you ₦190,000. Compare that with a savings account offering a 9% yield (₦90,000) for the same ₦1 million.

However, before investing in MMFs, conduct serious due diligence to ensure that their risks are acceptable to you. For example, it has been reported that the NDIC does not insure MMFs. So unlike savings accounts, you run the risk of not getting government assistance if your money is trapped in a failed MMF company.

NOTE: This is not financial advice. Please consult your financial advisor before making any financial investment decisions. Nairabrains will not liable/responsible for the information contained in this article or your use of same.

Read More
By
In Business

Peer to Peer (P2P) Lending Platforms in Africa

No Comments
peer to peer lending platforms in Africa

The fintech revolution has continued to positively impact the global finance industry in recent years. Among its several offshoots is peer-to-peer (P2P) lending, a disruptive phenomenon that has gained significant traction across the globe. As the popularity and adoption of peer to peer lending platforms increases, so does its market value which is projected to increase from USD 517.2 billion in 2024 to USD 1,709.6 billion by 2034.

So what exactly is peer to peer (P2P) lending? Think of P2P lending as a decentralised kind of lending that facilitates direct borrowing between individuals or businesses (often through online platforms), bypassing intermediaries such as traditional financial institutions, e.g., banks. P2P lending is also known as crowdlending or social lending.

This article explores the rise of P2P lending in Africa, the challenges it faces, and highlights some successful P2P lending platforms operating across the continent.

The Rise of Peer to Peer (P2P) Lending in the African Continent

The OECD notes that fintech lending has grown significantly over the last decade. In Africa, this growth is due to several key factors that have created a conducive environment for P2P lending. Here are some of them:

Limited Financial Inclusion

A significant portion of Africa’s population of over 1.5 billion remains unbanked or underbanked. The lack of advanced banking infrastructure, especially in the continent’s rural areas, means that many individuals and small businesses are unable to access much-needed credit. 

According to the AfricaNenda 2022 Annual Report, over 350 million adults in Africa are unbanked and the majority of them cannot access the formal economy. Therefore, to satisfy their financial needs, these excluded people depend on cash or informal sources, a dependence that is characterised by higher costs and risks.

P2P lending platforms take care of all these by providing alternative solutions to traditional financial systems.

Increasing Penetration of the Internet and Mobile Telephony

Africa has witnessed a rapid increase in mobile phone and internet usage in recent years. Mobile phone penetration in Africa has increased rapidly over time, for example, from 1% in 2000 to 54% in 2012, according to Deloitte’s report titled The Sub-Saharan Africa Mobile Observatory. As of 2023, the ITU estimates that 63% of Africans owned a mobile phone.

Between 2019 and 2022, more than 160 million Africans had access to broadband internet connectivity. In sub-Saharan Africa, there was a 115% increase in internet users between 2016 and 2021 while an additional 191 million persons either made or received a digital payment between 2014 and 2021.

These technological advancements have helped pave the way for the growth of P2P lending platforms whose services can easily be accessed through a smartphone with an internet connection.

Growing Need for Alternative Financing

Small and Medium Enterprises (SMEs) constitute the backbone of many economies in Africa. This notwithstanding, SMEs often struggle to secure funding from traditional lenders like banks, no thanks to strict lending criteria such as collateral requirements, and high interest rates.

P2P lending offers an effective alternative to traditional bank loans, enabling SMEs to source funds directly from individuals or investors willing to take the risk. Similarly, individuals requiring personal loans or emergency funding can also benefit from P2P lenders.

Favourable Regulatory Frameworks

As P2P lending and other fintech products and services continue to mature in the continent, African countries are beginning to recognise their potential, thus introducing regulations to support growth in these industries.

A CCAF report notes that Nigeria has an established regulatory framework for lending that encompasses P2P lending activities. Similarly, Kenya’s Central Bank released guidelines for digital lenders in 2021, (the amended Central Bank Act, 2021). The guidelines were aimed at boosting transparency and fairness within that country’s lending environment.

Although regulation in this area across the continent remains a work in progress, these early steps are a clear indication of the willingness of African governments to promote P2P lending as a viable alternative to traditional lenders.

Challenges Facing P2P Lending Adoption in Africa

Despite the potential and growth projections for P2P lending, the following are some challenges bedevilling its adoption across Africa:

Trust and Security Concerns

P2P lending relies heavily on trust between lenders and borrowers (as well as the platforms that connect them). In several African countries, the lack of awareness and understanding of the P2P lending concept creates scepticism, especially among older or more conservative users.

Additionally, the risk of fraud, loan defaults and lack of consumer protection can discourage potential users from engaging with P2P platforms.

Lack of Regulatory Clarity

The presence of clear regulations or supportive pronouncements by P2P lending regulators seems to be correlated with increased market activity. Though some African nations are evolving regulations for digital lending, there are others still lacking clear, comprehensive laws governing the industry. This regulatory uncertainty presents risks for investors,  borrowers and other stakeholders.

According to the CCAF, as of 2021, the coverage of regulatory frameworks for P2P lending in sub-Saharan Africa (SSA) stood at 35%, significantly lower than in the MENA and APAC regions which recorded coverages of 58% and 72% respectively.

Without appropriate legal frameworks, disputes over situations such as loan defaults, fraud, and platform failure could be difficult to resolve, potentially undermining the credibility of P2P lending services.

Limited Data and Credit Scoring Systems

One of the most notable obstacles to P2P lending in Africa is the paucity of reliable data about borrowers. Credit scoring systems are either underdeveloped or nonexistent in many countries, making it difficult for lenders to critically evaluate the creditworthiness of potential borrowers.

Where reliable data and credit scoring models are not available, risk-averse lenders may be reluctant to offer loans, and borrowers may be subjected to higher interest rates due to perceived risks.

Economic Instability

Africa has some of the world’s poorest countries struggling with inefficiently managed economies.  Economic instability, inflation, and currency volatility in some African countries make investing in P2P lending platforms riskier. Additionally, many African economies are highly susceptible to political unrest and fluctuations in global commodity prices.

Such economic woes can act as a deterrent for both local and international investors while also negatively impacting the repayment capacity of borrowers and the returns for lenders.

Examples of Peer-to-Peer (P2P) Lending Platforms in Africa

Presently, several P2P lending platforms have emerged across Africa, helping to bridge the financing gap for individuals and businesses such as SMEs. Some of these platforms include:

Platform Website
FairMoney https://fairmoney.io/
KiaKia https://www.kiakia.co/
Aella https://aellaapp.com/
PeerLender https://peerlender.app/
P2Vest https://www.p2vest.com/
RainFin https://www.rainfin.com/
Qardy https://eqardy.com/home
FunderJet https://www.funderjet.co.za/
Lendico https://lendico.ng/
UbaPesa https://ubapesa.com/
Zidisha https://www.zidisha.org/apply/NG
Kiva https://www.kiva.org/
Pezesha https://pezesha.com/
MNT-Halan https://mnt-halan.com/

Conclusion

The growth of P2P lending is not only evident in Africa but is a global phenomenon, according to the OECD. However, despite its rising profile in the continent, P2P lending in Africa is fraught with a number of challenges. Despite these obstacles, several P2P platforms are successfully operating in every part of the continent.

Read More
By
In Business

How to Register a Company in Nigeria: A Step-by-Step Guide

No Comments

Until recently, Nigeria used to be Africa’s largest economy. It is home to lots of domestic and foreign companies, large, medium and small. Like in other countries, registration is mandatory for operating a company in Nigeria (although not every business you see on the Nigerian landscape is registered). In this article we breakdown how to register a company in Nigeria. 

Importance of Company Registration 

Looking to register a company in Nigeria? There are a variety of good reasons you’ll want to consider registering your company. Here are some of them:

Legal Recognition

When you register your company or business, it acquires a legal status that distinguishes it from unregistered or informal businesses. Furthermore, registration paves the way for you to have a formal identity with which you can conduct your business activities. Moreover, a legally recognised business avoids any penalties for non-registration or late registration.

Limited Liability

If your business has registered as a limited liability company, then its shareholders will only be liable for the company’s debts to the extent allowed by their shares. This offers such individuals personal protection from business liabilities.

Access to Funding

A company that is registered and recognised by law has brighter chances of gaining access to grants, loans and other kinds of support from banks, investors, and government.

Brand Protection

A registered company has the right to legally protect its company name, logo, and intellectual property rights from unauthorised use by other parties.

Tax Compliance

 Laws in various countries or jurisdictions usually stipulate that every registered company complies with tax regulations. This ensures that such companies operate transparently, contribute to government revenue generation efforts and stay clear of legal issues pertaining to tax payments.

Legal Framework for Registering Companies in Nigeria

The legal framework for controlling and regulating company activities in Nigeria is the Companies and Allied Matters Act (CAMA) of 1990 [as amended]. CAMA provided for the creation of the Corporate Affairs Commission (CAC) to operate as an autonomous body responsible for registering and regulating companies, business names and incorporated trustees in Nigeria. The CAC is empowered to approve company names, issue certificates of incorporation, and maintain company records.

Company types eligible for registration in Nigeria include:

  • Private limited liability company (Ltd)
  • Public limited company (PLC)
  • Unlimited company
  • Company limited by guarantee
  • Subsidiary or branch of a foreign company
  • Partnership or joint venture
  • Sole proprietorship
  • Incorporated trustees (religious, charitable, philanthropic or cultural)
  • Representative office (in special cases)

Requirements for Registering a Company in Nigeria

According to the CAMA Act (2020), a company wishing to get registered shall deliver its Memorandum of Association to the Corporate Affairs Commission together with an application for registration of the company, the necessary documents and a statement of compliance. The contents of the application for registration should include:

(a) the company’s proposed name;

(b) the registered office address and head office address if different from the registered office address;

(c) whether the liability of the members of the company is to be limited and, if so, whether it is to be limited by shares or by guarantee;

(d) whether the company is to be a private or a public company.

If the application is delivered by a person as agent for the subscribers to the Memorandum of Association, it shall state the name and address of that agent, and:

(a) in the case of a company that has a share capital, a statement of initial issued share capital and initial shareholdings;

(b) in the case of a company that is limited by guarantee, a statement of guarantee;

(c) a statement of the company’s proposed directors;

(d) a statement of the proposed registered office of the company; and

(e) a copy of the proposed Articles of Association to the extent that these are not supplied by the default application of model articles.

Steps to Register a Company in Nigeria

Business Names 

  1. Check for availability of the business name on the CAC website. 
  2. Reserve a new name on the CAC website.
  3. Complete pre-registration form CAC-BNo1 and upload relevant registration documents. online using the Company Registration Portal.
  4. Pay filing fee  (all fees for CAC services are available on its website).

Note: Individuals/proprietors don’t need to hire a legal practitioner, chartered accountant, or chartered secretary before they can register their business name.

Private or Public Company

  1. Check for availability of proposed company name on the CAC website.
  2. Reserve a new name on the CAC website.
  3.  Complete pre-registration form and upload relevant documents online using the Company Registration Portal.
  4. Pay filing and stamp duty fees.

Companies Limited by Guarantee

  1. Reserve a name on the CAC website.
  2. Fill registration form and upload relevant documents online using the Company Registration Portal.
  3.  Pay filing fee and stamp duty.

Note: In the case of a company limited by guarantee, the CAC is obliged to get approval from the Attorney General of the Federation before registration.

Incorporated Trustee

  1. Check for availability of proposed incorporated trustee name on the CAC website.
  2. Reserve a new name on the CAC website. 
  3. Complete pre-registration form and upload relevant registration documents (e.g. Form CAC-IT01) online using the Company Registration Portal.
  4. Pay filing fee.  

Tips for Successful Company Registration

  1. Do thorough research: Understand the legal requirements and the different types of companies available to determine which best suits your business model.
  2. Ensure correct documentation: Double-check that all forms are filled out accurately, as mistakes can delay the registration process. Provide correct identification documents and proof of address.
  3. Engage a legal or business registration expert: Consider hiring a lawyer or consultant who specialises in company registration to guide you through the process, particularly if your business involves complex regulatory requirements.
  4. Be clear about business objectives: Ensure that your company’s Memorandum and Articles of Association clearly reflect the purpose and scope of operations of the company.
  5. Keep copies of all documents: Maintain copies of all registration documents, including the Certificate of Incorporation, as these may be required for future business dealings.
  6. Register for taxes promptly: After incorporation, don’t delay registering your company for tax purposes as non-compliance with tax laws can result in penalties.

Conclusion

Whether you’re starting a sole proprietorship, SME or large enterprise, registering a company in Nigeria is a critical step for anyone looking to formalise their business and ensure legal protection, access to financing and more. By following the outlined steps and understanding the legal requirements, you can establish your company and begin operations with confidence. 

Read More
By
In Cryptocurrency

How to Make Money in Cryptocurrency in 2025: A Simple Guide

No Comments

Within the past decade or so, cryptocurrencies have evolved to enjoy greater acceptability as mainstream financial instruments. The country El Salvador for example, made Bitcoin a legal tender as far back as 2021.

Additionally, crypto have continued to make many investors millionaires and billionaires, according to a 2024 report by Henly & Partners. In 2025, the crypto industry is poised to continue offering a broad range of money-making opportunities for both newbies and experienced investors.

This guide explores how to make money from cryptocurrency in 2025, as well as some tips for successful crypto investments.

Overview of Cryptocurrencies

The word cryptocurrency tends to sound too technical and even confusing for those who are new to it. But this shouldn’t be the case. A cryptocurrency is nothing but a digital or virtual currency that serves pretty much the same purposes as fiat money.

The crypto concept was conceived in 2009 with the arrival of Bitcoin, based on blockchain technology. Since then, several other cryptocurrencies have emerged. Some examples include Ethereum, Binance, Tether, Cardano, USDT, Solana and Dogecoin.

Cryptos that are not Bitcoin are known as altcoins (alternative coins). Coins that tend to exhibit some stability are referred to as stablecoins. A good example is the above-mentioned USDT. A meme coin (such as Dogecoin) is a crypto that originated from an internet meme or is based on persons, animals, artwork, or any other thing that can evoke humour, light-heartedness, and fun.

Though cryptocurrencies have similarities with fiat money, some differences exist between both. For instance, they were originally meant to facilitate transactions without third-party intermediaries such as banks. They were also meant to work with little or no government regulatory oversight. Additionally, cryptocurrency price movements tend to be a lot more volatile than those of fiat currencies. 

Ways to Make Money From Cryptocurrency in 2025

If you are looking to explore opportunities in the crypto market in 2025, there are lots of investment strategies available. We explore how to make money in cryptocurrency in today’s fast paced digital world. 

Mining

Mining is the process of validating cryptocurrency transactions and adding them to the blockchain. By using powerful computers to solve complex mathematical puzzles, miners are rewarded with newly minted coins (like Bitcoin or Ethereum). Profitable mining can be resource-intensive and may require significant investment in hardware and energy.

HODling

You can make money from cryptocurrencies in 2025 by simply buying and holding your crypto asset for a long time, no matter what happens in the market in the short term. The technical jargon for this strategy is HODling. 

In a nutshell, HODLers condition themselves not to succumb to the urge to respond to temporary price gyrations but rather to continue believing in the future promise of their assets.

One good example is MicroStrategy’s Michael Saylor, who has been HODling vast amounts of Bitcoin for years. Saylor predicts Bitcoin will deliver a 29% annualized return over the next 21 years. He attributes Bitcoin’s potential growth to increased adoption by investors and lower volatility.

Staking

Staking involves participating in a cryptocurrency network by “staking” your coins to help secure the blockchain and validate transactions. In return for staking, you earn rewards, often in the form of additional coins. Popular coins for staking include Ethereum 2.0, Cardano (ADA), and Solana (SOL).

Yield Farming and Liquidity Mining

Yield farming and liquidity mining are more advanced ways to earn passive income by providing liquidity to decentralised finance (DeFi) platforms. By lending your crypto to decentralised exchanges or liquidity pools, you earn interest or rewards in the form of additional cryptocurrency.

Participating in Initial Coin Offerings (ICOs) and Token Sales

ICOs and token sales offer an opportunity to buy a cryptocurrency or token at an early stage, often at discounted rates before it becomes available on major exchanges. However, ICOs come with significant risks, as many projects fail or get scammed.

Day Trading

Day trading involves the purchasing and selling of cryptocurrencies on the same day to profit from small changes in their prices. This kind of trading demands fast decision-making, along with an eye for market signals and the changes such signals reflect. In the context of day trading, a position is held for minutes to hours, based mainly on market volatility.

Swing Trading

A swing trading strategy is based on taking advantage of price fluctuations or swings in the short-to-medium-terms. This strategy is preferred by traders looking to hold positions for days or weeks, buying when they expect the price to go up and selling when they expect it to go down.

Trend Trading

Similar to swing trading, trend trading involves identifying and following the direction of a market trend—whether it’s up, down, or sideways. Trend traders typically buy when the market is trending up and sell when it is trending down.

Range Trading

Range trading involves identifying price areas where a cryptocurrency trades within a certain range, for example, a support level (low end of the range) and a resistance level (high end of the range). Range traders profit by buying around the support level and below and then selling around the resistance level and above.

Scalping

The scalping strategy is based on earning a small amount of crypto from a very short-term minor price variation. Traders using this approach aim to buy low and sell high in quick intervals, often making dozens or even hundreds of trades in a single day.

High-Frequency Trading (HFT)

High-frequency trading exploits automated algorithms to buy and sell assets at ultra-fast speeds, making it possible to trade thousands of times per day in order to quickly make money from price changes. This approach often demands expert-level knowledge and the ability to work with computers and other sophisticated trading tools.

Arbitrage Trading

In arbitrage trading, the trader purchases a cryptocurrency on an exchange and simultaneously sells it on another exchange where the crypto’s price is higher than its purchase price, thus generating a profit from the price gap. This strategy aims to exploit market inefficiencies, notably varying prices for the same asset in different exchanges.

Spot Trading

Transactions in spot trading are settled “on the spot.” In other words, once a trade is executed, there is instant transfer of ownership. A typical spot trader aims to buy low and sell high so as to make a profit from the price variations. 

Futures Trading

Futures trading allows participants to bet on the future price of cryptos without any need to own such cryptos. Traders purchase contracts (go long) if they expect the asset’s price to appreciate within a certain date and sell contracts (go short) if they expect it to depreciate. The trader whose price expectation materialises wins the bet and is rewarded accordingly.

One key advantage of futures trading is leveraging, which allows traders to have positions larger than the actual amount they can afford. For instance, a 10x leverage allows a trader who has only $100 to trade crypto valued at $1,000. However, leveraging should be used with caution because it not only increases the potential for profits but can also increase your losses.

Index Investing

Index investing is a strategy that involves buying a portfolio of various cryptos that are designed to reflect the movement of the entire market. This can offer diversification and, in turn, reduce the risk of investing in only one crypto.

As the value of the overall market or the included cryptos grows, so will the value of the index, implying potential profits. An example is the Crypto20 index of the top 20 cryptocurrencies by market capitalisation.

Dollar-Cost Averaging (DCA)

Dollar-cost averaging (DCA) is a less risky approach that involves investing a fixed amount of money or crypto assets at regular intervals, even when the cryptocurrency’s price increases or otherwise. This helps to smoothen out the price volatility over time while guarding against decisions based on emotion. By consistently investing, you accumulate more cryptocurrency during market downturns, which can lead to greater potential profits if the market rebounds.

Tips for Successful Crypto Investments

While crypto investments can offer you considerable rewards in 2025, they are also associated with volatility, scams and other risks which you have to bear in mind. The following are some tips to help you have a fruitful crypto investment experience:

Educate Yourself

Because the cryptocurrency market is constantly evolving, continuously researching and educating yourself can be the difference between success and failure. Thankfully, there are several ways you can achieve this.

For instance, you can take advantage of crypto investment courses offered by reputable online institutions such as Coursera and Udemy. You can also read books, visit blogs and websites, watch videos and join social media communities all dedicated to sharing knowledge about making money from crypto investments.

Decide on a Strategy

As can be seen above, there are several strategies open to anyone wishing to make money from cryptocurrencies. The strategy you settle for will depend on your level of expertise, risk tolerance and time horizon.

For example, if you wish to capitalise on short-term price movements, then options such as day trading or swing trading will be ideal for you. In contrast, you should consider HODling if you have a long-term focus.

You can also combine both short-term and long-term investments to enhance your chances of profitability.

Choose Ideal Cryptocurrencies

Your choice of cryptocurrencies should align with your investment strategy. If you prefer long-term investments, established coins like Bitcoin, Ethereum, or other projects with strong fundamentals should be your choice. For short-term trading, look for volatile coins with a higher possibility for significant price swings (for example, smaller altcoins or meme coins).

Pick the Right Platform

Scams and theft are a constant menace in the crypto industry. Therefore, you have to choose a safe and secure crypto platform for all your transactions. If you are based in Nigeria, you can enjoy access to several globally recognised exchanges.

But not all crypto platforms allow Nigerians to buy crypto with the country’s local currency, the naira. Here are some exchanges where you can buy crypto with naira:

Quidax

Founded by a Nigerian and was among the first crypto exchanges to be granted a provisional digital assets exchange license by Nigeria’s Securities and Exchange Commission (SEC). Investors can buy crypto on Quidax with less than ₦500.

Busha

Busha is the only other exchange that got the SEC’s first provisional licensing approval for a crypto exchange in Nigeria alongside Quidax. Its minimum purchase price for cryptos is as low as ₦250.

ChangeNOW

ChangeNow facilitates naira crypto purchases, including with a debit or credit card. According to their website, you can buy 0.0005647 BTC with ₦100,000 as of January 22 2025.

NairaEX

NairaEx is a Nigerian Bitcoin exchange that makes it possible for people to buy and sell Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Perfect Money with the naira. You can start trading once you sign in to your account and deposit naira into your wallet directly from your bank account.

Prioritise Security

While choosing a reputable exchange is a necessary condition for enhanced security, it is not sufficient. You also need to take other measures such as using strong passwords and enabling two-factor authentication (2FA) on your accounts. Use secure crypto wallets and do not share your wallets’ private keys with anybody (or with anybody you don’t trust).

Avoid transacting on public computers and over public WIFI networks. Always ensure that the computers or mobile devices you use to do crypto transactions have strong security protection.

Diversify Your Portfolio

Diversifying your crypto portfolio will help to minimise the risks in your cryptocurrency investments. Rather than invest all your funds in a single crypto, consider spreading your investments across multiple cryptocurrencies with different use cases. This expands your profitability scope while helping you mitigate losses if one or more cryptos in your portfolio underperform.

Evaluate and Adjust Your Portfolio and Strategy

The crypto market is volatile, and investment conditions can change quickly. Conduct regular assessments of your portfolio’s performance metrics. Adjust your strategy and set new goals if necessary. Track your progress constantly, and don’t hesitate to rebalance your investments based on prevailing market conditions.

Always Stay Informed and On Top of Trends

The crypto market is fast-paced, with new trends, technologies, and regulations constantly emerging. Hence it is essential to always follow crypto news from authoritative crypto sources.  

Also keep an eye on crypto stories on social media platforms (like Reddit, Twitter, and Telegram) and participate in online crypto forums and communities. All these will help you stay informed about important developments that may impact the market and your investments.

Conclusion

Despite risks such as volatility, regulatory uncertainty and fraud, cryptocurrencies continue to make people rich all over the world. As has been shown in this guide, those wishing to make money from cryptos in 2025 have a lot of strategies to use. As you invest, be sure to educate yourself and follow all the other tips above.

NB: Nothing in this article constitutes financial advice and Nairabrains is not liable for any information published in the above article. Always do your research and due diligence.

Read More
By
In Money

A Breakdown of Elon Musk’s Current NetWorth and His Companies

No Comments

In recent years, the name Elon Musk has become synonymous with stupendous wealth and even political clout. But who is Elon Musk and how did he manage to go from nearly being broke to astronomically increasing his wealth within a relatively short period of time?  What is Elon Musk’s networth?

He was worth just $24.6 billion in 2020, according to Forbes. Notably, his meteoric rise has seen him overtake age-long entrepreneurs and investors like Warren Buffet, Bill Gates and many others.

Elon Musk’s Background and Early Life

Elon Reeve Musk was born in Pretoria, South Africa on 28 June 1971. His father, Errol Musk is a successful electrochemical engineer, and politician while his Canada-born mom was a famous model and dietician. But the Musks are not native South Africans. He has traced his great-grandfather’s ancestry to the United States, where he currently lives. Musk has a younger brother, Kimbal (born on September 20, 1972) and a sister, Tosca (born on July 20, 1974).

Musk attended Waterkloof House Preparatory School, Bryanston High School, and then Pretoria Boys High School, where he graduated in 1988. He then decided to emigrate to Canada, partly to avoid mandatory military conscription. While his travel documents were being processed he spent five months attending the University of Pretoria.

Musk eventually arrived in Canada with Kimbal in June 1989. The following year, he enrolled at Queen’s University in Kingston, Ontario. Two years later, he transferred to the University of Pennsylvania in the US, where he was awarded a Bachelor of Arts in Physics and a Bachelor of Science in Economics in 1997. In 1995, he was offered admission to study for a PhD at Stanford University but opted out in order to join the tech boom.

Elon Musk NetWorth Currently

Elon Musk first emerged as the world’s richest man on September 27, 2021, with an estimated net worth of $203.4 billion, according to Forbes. As of January 2025, Forbes estimates that his net worth has more than doubled to $433.9 while Bloomberg puts his net worth at $447 billion. He remains the top billionaire on the planet.  

Elon Musk Companies

Elon Musk’s entrepreneurial spirit can be traced back to his early days. At the age of 12, young Elon was able to develop and monetise a software video game he called Blastar. Then as a student at the University of Pennsylvania in the early 1990s, he and his friends converted an off-campus apartment they rented into a nightclub. Below are other businesses he has had major involvements in over the years. These companies contributed or are currently contributing to Elon Musk’s impressive networth.

Zip2

It wasn’t until 1995 that Elon, Kimbal and his Lebanese-Canadain friend Gregory Kouri co-founded Global Link Information Network, which later became Zip2. Musk says he was motivated to establish his own company because he was finding it hard to get a job in other companies. One of the companies that turned him down was Netscape.

In 1999, Compaq acquired Zip2 for $307 million. According to Time Magazine, Musk got $22 million from the sale, from which he would later purchase a McLaren F1 supercar for $1 million.  

X.com (PayPal)

In the same 1999, Musk decided to cofound another startup with the money he got from selling Zip2. His new company, X.com, was an internet-based banking and payments platform. The X,com concept was brought about by Musk’s vision of a more efficient and digitalised global financial system. 

This vision led to the merger of X.com and Peter Thiel’s Confinity in March 2000 to create PayPal. Two years later, eBay paid $1.5 billion to take over PayPal. The deal fetched Musk $180 million.

SpaceX

Musk’s next business adventure after X.com and PayPal is SpaceX, short for Space Exploration Technologies Corporation. His aims of establishing SpaceX in 2002 include making space travel more affordable and facilitating human colonisation of the Mars continent.

Musk’s love for exploration seems to have come from his grandfather who moved his family from the US to South Africa just to explore the world more. Notably, the older Musk was the first person to fly from South Africa to Australia.

In 2008, SpaceX’s Falcon 1 rocket became the first privately developed liquid-fuel rocket to orbit the Earth. The company has gradually grown to become a significant contributor to Musk’s rapidly growing wealth. It is presently one of the most valuable space technology companies in the world with an estimated valuation of $350 billion.

Tesla

Tesla is the brainchild of Silicon Valley engineers Martin Eberhard and Marc Tarpenning. Both men co-founded the company in July 2003 with the aim of producing fast and fun-to-drive electric vehicles. Eberhard and Tarpenning had met Musk earlier in 2001, after listening to his speech at a Mars Society event held at Stanford University. 

Musk joined the Tesla board in February 2004 as the company’s largest investor and emerged as CEO four years later. In an interview a few years ago, Musk revealed that he actually thought Tesla would fail. His prediction nearly came to pass as the young company kept draining his resources till 2008 when he invested the last money he had on it.

But investors came in and Tesla managed to turn its fortunes around. It is now the dominant EV maker with a market share of nearly 50% as of 2024, according to Cox Automotive.

SolarCity

SolarCity was founded in 2006 by Elon Musk’s cousins, Lyndon and Peter Rives based on Musk’s recommendation. In addition to inspiring his cousins to explore solar technologies, Musk also invested significantly in the project, based on his belief in the importance of clean energy to the future of humans. 

In August 2016, Tesla acquired SolarCity for nearly $2.6 billion. SolarCity subsequently became part of the EV maker’s energy division whose products include solar panels, solar roof tiles, and energy storage solutions.

OpenAI

Founded as a non-profit AI company in 2015 by Elon Musk, Sam Altman, Ilya Sutskever, Greg Brockman and seven others. OpenAI is now popular for introducing the ChatGPT chatbot. After initially investing in OpenAI, Musk decided to quit the project in February 2018.

He apparently had differing views about the company’s direction with Altman and other company leaders. Additionally, he says he intended to build something similar inside Tesla and so had to leave OpenAI to avoid a conflict of interest. But Altman says Musk left when he tried and failed to take full unilateral control of the company.

Neuralink

Neuralink Corp. was founded by Elon Musk and a team of eight scientists and engineers in June 2016. It is a neurotechnology company that develops implantable brain-computer interfaces (BCIs).

Musk told “Artificial Intelligence” podcast host Lex Fridman in 2019 that Neuralink was “intended to address the existential risk associated with digital superintelligence.” “We will not be able to be smarter than a digital supercomputer, so, therefore, if you cannot beat ’em, join ’em,” Musk added.

After two previous successful implants, Musk, in January 2025, disclosed that Neuralink has successfully implanted its device in a third human and plans 20 to 30 more procedures in 2025. As of 2024, Neuralink was valued at between $3.5 to $8 billion.

The Boring Company

The Boring Company is a construction firm created by Musk in December 2016 to build underground tunnels that will help ease traffic congestion. He stumbled on the idea after being caught up in the hectic Los Angeles traffic. The Boring Company was initially a SpaceX subsidiary but later became a standalone organisation.  

The company’s valuation after its Series C round of funding in 2022 was approximately $5.675 billion. This increased to $7 billion the following year, according to Reuters.

X (Twitter)

In October 2022, Musk completed his acquisition of Jack Dorsey’s Twitter for $44 billion and subsequently rebranded it to X Corporation. He aims to transform X into a platform for innovation and free speech. He also has a long-term vision of making X a “super app” that integrates social media, financial services, and other areas.

Apart from transforming Twitter to X, he has introduced other new features, including a new logo, a subscription model and an alteration of content moderation policies.

xAI

Musk announced the launch of xAI in July 2023 with the goal “to understand the true nature of the universe.” The company’s initial 12-strong team led by Musk included leading researchers sourced from top AI labs such as OpenAI, Google DeepMind, and Microsoft.

However, in April 2024, a member of the team, Kyle Kosic, an ex-OpenAI official, quit xAI to return to OpenAI. It took xAI only 16 months after it launched to achieve a valuation of $50 billion, nearly nine years faster than it took bitter rival OpenAI to achieve the same milestone.

Will Elon Musk Become the World’s First Trillionaire?

The world’s first billionaire emerged in 1916. Since then, no billionaire or anybody else has managed to become a trillionaire. But that could change in 2027, a year Elon Musk has been predicted to become the first among many billionaires to emerge as the world’s very first trillionaire.

Read More
By
Load More