[Interview] Fedir Ted Martynov, CEO, CARMACHAIN, Nigeria

Ted Martynov leads CARMACHAIN, a fintech outfit operating in Nigeria that enables credit data for lenders in markets underserved by credit bureaus.

Please introduce your company

CARMACHAIN is a Lagos-based fintech startup founded in 2020 with the mission of building financial inclusion through innovative credit scoring. The company's mobile app collects data points to build credit scores and enables access to affordable credit for the underbanked population globally. The app features a one-click checkout for buy now pay later (BNPL) purchases and serves as a marketplace for cash loans, providing users with a streamlined and efficient way to access credit. The company's global focus and use of localized credit scoring models customized for different countries make it a leader in the field. CARMACHAIN's business model includes diversified revenue streams from interest on loans and transaction fees from BNPL and cash loan marketplace transactions. The company's leadership team has a proven track record in lending and fintech. CARMACHAIN's innovative credit scoring models and cutting-edge technology aim to revolutionize access to credit for the underbanked population globally.

This is your third year in business. What is your strategy for growth this year and in the long term?

Our growth strategy for 2023 focuses on expanding services to new markets, launching new products and enhancing value proposition to customers. We plan to expand our operations to several new markets in Africa and Southeast Asia in 2023, targeting underserved populations. CARMACHAIN is developing new features that leverage blockchain technology to enhance the security of its platform and protect customer data, which will launch in 2023. The company also plans to establish partnerships with fintech companies and other organizations that can help it expand its reach and improve its services. Additionally, we are working to continue investing in our technology infrastructure, developing new capabilities that will enhance credit scoring and lending processes, while leveraging blockchain technology to improve platform security and enhance risk management. Overall, CARMACHAIN is poised to expand its reach and enhance its innovative financial solutions to better serve its global customers.

What are your long term goals as a fintech organization?

CARMACHAIN aims to become a leading global fintech company that provides innovative credit scoring and lending solutions for the underbanked population. This we plan to achieve by expanding our services to international markets, building a strong brand presence, and establishing partnerships with financial institutions and fintech companies. CARMACHAIN's initial focus is on expanding its services in Africa and Southeast Asia, leveraging its localized credit scoring models and mobile app platform to provide tailored lending solutions. We are working to penetrate several new markets in emerging regions in the coming years where traditional banking and credit systems are often limited. In summary, our long-term goal is to become a global leader in fintech, with a strong presence in multiple markets, providing innovative and accessible financial solutions to the underbanked population.

How do you perceive the 2023 elections taking place now will impact local business and the economy?

The ongoing elections in Nigeria can have a significant impact on the economy and local businesses, influencing investor confidence, government policies, and overall economic stability. The ultimate impact will depend on the election results and resulting government policies and economic priorities.The election outcome may lead to changes in government policies, regulations, and economic priorities, which can have positive or negative effects on local businesses and the economy. If the election results in a stable government with clear economic policies and priorities, it could boost investor confidence and encourage foreign investment, leading to positive impacts on local businesses and the economy. However, political instability or unclear economic policies could lead to negative impacts on the economy, reducing investor confidence and economic growth.

What government policies can be implemented for companies such as yours to thrive in Nigeria?

The Nigerian government can support the growth and success of fintech companies like CARMACHAIN by investing in digital infrastructure development, establishing a regulatory framework, providing tax incentives and supporting financial inclusion initiatives. Developing digital infrastructure such as broadband internet and mobile network coverage would allow the company to expand its services and reach more customers across the country. The government can establish a regulatory framework that supports fintech industry growth and innovation while providing clear guidelines and standards. Providing tax incentives, financial support measures, and reduced regulatory fees for fintech companies could encourage growth and development. The government can also develop initiatives to support financial inclusion for underserved populations, such as providing financial literacy education and microfinance support. By creating a favorable business environment, the Nigerian government can play a critical role in supporting the growth and success of local businesses.

Which African countries do you predict will perform best economically in 2023?

Some African countries have made significant progress in recent years, and could be well-positioned for continued economic growth in 2023 and beyond. For example, countries such as Rwanda, Ethiopia, and Ghana have implemented favorable economic policies and business environments, leading to strong economic growth and increased foreign investment. Countries with significant natural resources, such as Nigeria and Angola, could also benefit from favorable commodity prices and increased demand for their exports.

How will Africa develop as a knowledge economy in 2023 and how can companies contribute?

In 2023, Africa is expected to continue building knowledge-based economies, with more countries investing in education, research and development, and technology infrastructure. Companies in the fintech sector can contribute to this by investing in research and development, collaborating with local universities and research institutions, and leveraging technology to drive innovation and productivity. 

By investing in research and development, companies can create new products and services, build local expertise and knowledge, and contribute to economic growth and competitiveness. Partnerships with local universities and research institutions can build a pipeline of talented professionals who can contribute to the growth of the knowledge-based economy. 

Leveraging technology can increase productivity and efficiency, drive economic growth and competitiveness, and create opportunities for the development of new technology-based industries. To achieve this, investment in education, research and development, and technology infrastructure is required. Companies can contribute to this development by investing in research and development, collaborating with local universities and research institutions, and leveraging technology to drive innovation and productivity.

What are the opportunities for Agribusiness and Agritech in Africa in 2023?

Agribusiness and agritech are key sectors in Africa that contribute to the region's economic growth and development. This year these sectors are expected to continue to offer significant opportunities for growth and investment. With a growing population and rising middle class, there is increasing demand for food in Africa, creating opportunities for agribusiness and agritech companies to invest in food production, processing, and distribution. Technology can also be used to increase agricultural productivity, reduce waste, and improve food safety. Climate change is a growing challenge for agriculture, with more frequent droughts and extreme weather events, presenting opportunities for agribusiness and agritech companies to help farmers adapt to these challenges by developing and promoting climate-smart agriculture practices. Value-added agriculture involves adding value to raw agricultural products through processing and manufacturing, creating opportunities for investment in food processing, packaging, and marketing. Agribusiness and agritech companies can also partner with financial institutions to provide financing and other services to smallholder farmers, enabling them to invest in their farms and improve their productivity. Overall, agribusiness and agritech offer significant opportunities for growth and investment in Africa in 2023.

What are the opportunities for Agribusiness and Agritech in Africa in 2023?

Agribusiness and agritech are key sectors in Africa that contribute to the region's economic growth and development. In 2023, these sectors are expected to continue to offer significant opportunities for growth and investment. With a growing population and rising middle class, there is increasing demand for food in Africa, creating opportunities for agribusiness and agritech companies to invest in food production, processing, and distribution. Technology can also be used to increase agricultural productivity, reduce waste, and improve food safety. Climate change is a growing challenge for agriculture, with more frequent droughts and extreme weather events, presenting opportunities for agribusiness and agritech companies to help farmers adapt to these challenges by developing and promoting climate-smart agriculture practices. Value-added agriculture involves adding value to raw agricultural products through processing and manufacturing, creating opportunities for investment in food processing, packaging, and marketing. Agribusiness and agritech companies can also partner with financial institutions to provide financing and other services to smallholder farmers, enabling them to invest in their farms and improve their productivity. Overall, agribusiness and agritech offer significant opportunities for growth and investment in Africa in 2023.

Any news or information from CARMACHAIN that you’d like to share?

We are excited to announce the launch of CARMACHAIN's new mobile app! Our app is designed to empower the underbanked population globally by providing innovative credit scoring and lending solutions.

With our mobile app, individuals can collect data points to build their credit scores, enabling them to access affordable credit. Our app includes a one-click checkout feature for buy now pay later (BNPL) purchases and serves as a marketplace for cash loans, providing users with a streamlined and efficient way to access credit.

We believe that our app has the potential to revolutionize the way that individuals access credit, providing them with the financial tools they need to achieve their personal and economic goals. We are excited to launch this new app and look forward to empowering more individuals around the world with the financial access and resources they need to succeed.

www.carmachain.com

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