HerVest CTO, Yomi Ogunleye Shares Insight on the Transformative Role of Mobile Apps in Economic Development at App Summit 2024
At the recently concluded Nigeria App Summit 2024 hosted by Fintech Magazine Africa, Chief Technology Officer (CTO) at HerVest, Mr. Yomi Ogunleye, while speaking on the topic “Leveraging Mobile Apps For Economic Development”, shared his expertise on the transformative potential of mobile applications for economic development.
Opening his address, Ogunleye posed a thought-provoking question to the audience, asking how many knew someone who had struggled to launch a business due to limited resources or support. He shared the story of Amina, a young farmer from Kwara State, who overcame significant barriers, including restrictive financial requirements, with the help of HerVest mobile app.
“Through our app, Amina was able to secure her first loan without the traditional demand for a male guarantor,” he noted. “She also gained financial literacy training that enabled her to budget, save, and grow her farm. Today, Amina reinvests her profits and manages her transactions seamlessly all from her phone.”
Ogunleye highlighted Amina’s story as a testament to the power of mobile technology in transforming lives and fostering economic resilience. He then outlined six critical areas where mobile apps can address Nigeria’s economic challenges:
- Financial Inclusion
Ogunleye emphasized that over one-third of Nigerian adults remain financially excluded. He showcased how apps like Carbon, FairMoney, and Hervest are bridging this gap by offering accessible financial services, including savings, credit, and cross-border payments. He drew parallels to the success of M-Pesa in Kenya, which lifted 2% of households out of poverty, and urged developers to build similar solutions for Nigeria. - Education
Citing a Central Bank of Nigeria report, Ogunleye pointed out that only 38% of Nigerian adults are financially literate. He praised platforms like uLesson and Edves for democratizing access to quality education through digital tools. “Imagine a workforce equipped with the skills to compete globally,” he remarked, emphasizing the role of mobile apps in enhancing Nigeria’s economic competitiveness. - Agriculture
With agriculture employing over 25 million Nigerians, Ogunleye highlighted the importance of mobile technology in addressing farmers’ challenges. He referenced platforms like FarmCrowdy and Harvest for connecting farmers with investors and market insights. Drawing inspiration from Kenya’s iCow and the Philippines’ FarmerLink, he called for more innovative solutions to support small-scale farmers and boost agricultural productivity. - Healthcare
Mobile apps, Ogunleye asserted, can significantly improve access to healthcare. He cited examples like LifeBank, which connects hospitals to blood banks, and Omomi, which provides maternal health support. Reflecting on his experience with a telemedicine app during the COVID-19 pandemic, he emphasized the potential of mobile technology to create a healthier and more productive workforce. - Trade and Commerce
Highlighting the impact of mobile commerce, Ogunleye lauded platforms like Jumia and Konga for enabling SMEs to reach larger markets and drive economic growth. He noted that in 2023, online retail sales in Africa reached $277.1 billion, with Nigeria leading the way. - Employment and the Gig Economy
Ogunleye also explored the role of mobile apps in addressing unemployment. He praised gig platforms like Uber, Bolt, and Gokada, which provide flexible job opportunities, and freelancing platforms like Fiverr and Upwork, which connect Nigerians with global clients. These innovations, he noted, are creating new income streams and reducing dependency on traditional employment.
The CTO of Hervest stressed the urgency of leveraging Nigeria’s 100 million mobile internet users to drive economic change. He advocated for expanding digital literacy and making mobile apps accessible and affordable. “Imagine a Nigeria where every individual has the tools to thrive,” he said.
Concluding his speech, he revisited Amina’s inspiring journey, urging developers, users, and stakeholders to prioritize solutions that address real needs and foster inclusive growth. “Nigeria’s economic future is in our hands,” he declared. “Let’s build it together sustainably, equitably, and inclusively.”
