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Nigeria

Nigeria. 8 th most populous country (150Million people) 8 th largest producer of oil Business capital city, Lagos, ranked 30 th in cost of living. Only US city ahead of it is NY, 22nd, LA 55th, ...Chicago 84th Source: mercer.com, Forbes magazine , NY Times.

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Nigeria

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  1. Nigeria • 8th most populous country (150Million people) • 8th largest producer of oil • Business capital city, Lagos, ranked 30th in cost of living. • Only US city ahead of it is NY, 22nd, LA 55th, ...Chicago 84th • Source: mercer.com, Forbes magazine , NY Times

  2. Current state of e-commerce in Nigeria • Paucity of e-commerce websites • Fraud, identity theft, phishing • Limited payment options • Limited shipping options • Complex websites

  3. pay.com.ng • Make payments online at pay.com.ng • Make payments using a web-enabled phone • No need for credit/debit card or bank account • Ultra-secure system • 3-factor authentication: password, pin and hardware generated number • 128 bit SSL website • 160 bit SHA encryption of sensitive data • Easy to use website

  4. simple.com.ng • Integrated Internet services • Auction • Web shops • Real estate listing • Job listing • Auto listing • Classifieds • Advertisements • And more .......

  5. 9zencart • Open source software • Free to everyone • Only uses pay.com.ng • Features include: gift certificates, coupons, discounts, shipping costs calculator

  6. Milestones • pay.com.ng system in beta testing • simple.com.ng in beta testing. More features planned • Planned integration with 6 of the 24 banks • Pilot with Virgin Nigeria Airways • Pilot with Mona Hotels • Partnership with naijamessenger.com, Yoopta • Listing agreements with real estate agents and auto sellers

  7. Financing sought • $5M to cash flow positive • Use of funds • Marketing budget $3M • Computer equipment to connect with 24 banks $720K • Computer servers and storage $280K • Operations $1M

  8. Financing cont... • $1M first round • Use of funds • Equipment to connect to 10 banks $300K • Marketing $200K • Computers for servers and storage $100K • Operations $400K

  9. Revenue model • pay.com.ng 0.5% transaction fee • simple.com.ng • $0.85 per listing for auto, real estate, job and auction • Additional 3% of closing value for auction • Advertisements • Future revenue from SaaS offerings

  10. Cash flow projection Cash flow in 000's (USD)

  11. Team • Management • Lanre Sarumi CEO • Jamie Sabin CTO • Ibukun Dalmeida CMO • Advisory board • Gbade Alabi, CEO CBC Ltd • Seun Peters, Partner, South Pacific Solicitors • Nike Ogunlana, Former ED, ARM Ltd • Jason Sissel, Founder, Sissel Capital Management

  12. Exit strategy • Separate IPO of pay.com.ng and simple.com.ng in 4 years • Acquisition by eBay, Yahoo!, MSN, Amazon or Google

  13. Summary Hindsight is perfect, foresight is priceless

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