Dr. Yakubu Ishaku Teri is the Managing Director of Kwakol Markets. A self-motivated and conscientious individual, who holds a degree in Bachelor of Medicine and Bachelor of Surgery from Afe Babalola University Ekiti State, Nigeria, Teri has shown wizardry in the budget, financial consultancy, business decisions, market research, and analysis and has participated actively in the evaluation of business operations in Kwakol. In recent years, he has contributed to building Kwakol, a fast-growing startup Fintech company by demonstrating competence in assessing macro-economic linkages with industries and firms. In this interview with MARY NNAH, he talks about the company’s plans for the nation’s Fintech sector and more
You studied Medicine and Surgery. Why did you abandon this for market research?
While I enjoyed my time studying Medicine and Surgery, I realised that my true passion was in finance and entrepreneurship. I was always interested in the financial market and investing, and I felt that pursuing a career in finance would allow me to combine my analytical skills with my interest in the markets.
Tell us about your experience building Kwakol and the opportunities in the Fintech industry.
Building Kwakol was a challenge that excited me and my team. We live in an exciting period where ideas can be taken to market relatively quickly and with a bit more ease than before. The main thing is finding a great idea, a winning idea. Ours came while we were studying and experimenting with innovations at the intersection of technology and global finance. The moment we saw the opportunity for developing a business around some of the innovative product and service ideas we had, we knew we were on to something. Since then, it has been a cycle of ideating, building, testing, launching, getting feedback, making improvements, and iterating the whole innovation process.
Kwakol Markets began operations in May 2021 with a vision to bring emerging opportunities in the global financial markets to untapped markets as well as innovate around products and services that push the frontiers and create new opportunities.
Kwakol Markets is a global multi-asset broker, creating new opportunities in the financial markets for the global audience, wherever they are, and helping them create the future they deserve. Kwakol provides a simple, secure, and superior trading experience and services with transparency and innovative technology.
Kwakol Markets is an authorised Finance company by Australia Security and Investment Commission (ASIC); We are authorised to provide financial product advice, deal in financial products/issue, and apply for, acquire, vary, or dispose of financial products for clients.
We are a global multi-assets broker operating in a growing number of jurisdictions including Nigeria, Australia, Canada, the US, and New Zealand. We provide a simple, secure, and superior trading experience with transparency and innovative technology.
I am always happy to share the motivation for why we do what we do. We are driven by the mission to empower people to earn reliably and sustainably as they look to secure their future. Technology innovations in global finance open up several opportunities for people to generate wealth, even for those with limited capital who have previously been financially excluded. We identified online trading as a low-hanging fruit for people, especially young people, on a wealth-building journey. At Kwakol, we see ourselves as the vehicle that delivers this opportunity to people, especially those in underserved markets; while remaining globally competitive. Our experience trading with a plethora of brokers helped us identify gaps in their services that we believe we are well-positioned to plug and deliver more value to traders.
Given our experience trading with a plethora of brokers, we identified gaps in their services that we believed we could plug and deliver more value to traders like ourselves and enhance the general experience; including profitability. The lockdowns back in 2020 provided an opportunity to lay the foundation for what Kwakol is today. Since then, the evolution has been incredible and the building journey has been as worthwhile. We have managed to acquire licenses in several markets including Australia, Hong Kong, and Canada with some other market entries lined up over the next few quarters.
We believe it is important to have views about where the world is going to go and what will be important in the future. Therefore, we strive to envision the future to the best possible approximation to allow us to build a company and innovate around products that thrive in the short as well as long term. We rather proactively seize the future than re-actively struggle to shape-shift to survive in the future. This is a challenging but incredibly exciting exercise for us.
Africa is not the typical headquarters of a global brokerage firm. Is Kwakol Markets making a stand?
That’s a factual assessment of the global landscape of trading in particular and also finance in general. We recognise that this has significant implications for the service that traders get from these traditional brokerage firms. Beyond just wanting to create a truly African brand with a global reach, we believe that we are best positioned to meet the unique needs of traders and tackle their pressing pain points that other brokers may overlook.
Kwakol Markets is quickly acquiring licenses in Cyprus, Australia, Hong Kong, and local Nigeria. What‘s next for the broker?
We are anchored by our mission to help individuals and institutions to create deserving financial futures. To do this, we devote our people, capital, and ideas to innovate around products and services that help us to achieve this mission. Today, this can take the shape of a brokerage service that enables people to earn sustainably and reliably OR a product that democratizes access to trading education as with Kwakol Academy. The immediate goal is to iterate on these offerings to serve clients in the best way possible and extend our award-winning services to new clients and markets. We are currently seeing growth in our client base from Europe and Asia and we want to consolidate our global standing. In the future, we rely on the incredible team of innovators we have on the team to help break new ground. So, watch this space.
Tell us about some of your memorable moments as a Tech leader.
Every product or feature launch is exciting but with our approach to innovating and improving on current offerings, they hardly remain memorable as we look to the next idea. Same with the recognition within the industry at both national and international levels. The truly memorable moments come from conversations with customers or messages from clients that signal to us that our work is having a real-life impact; truly helping people create the financial future that they deserve, whether is giving them financial independence or simply easing their budget constraints a bit.
What are some of the challenges encountered?
Some of the challenges encountered in the world of entrepreneurship include raising capital, developing a viable business model, building a strong team, and navigating regulatory hurdles. Additionally, there is often intense competition in the industry, so staying ahead of the curve and adapting to changing market conditions is critical.
What sets you apart from the competition?
The company was founded to bring a new light on innovation in the online investing industry. We are a team of energetic and young analytical thinkers, with a client-centric approach in everything we do. A happy client makes us happy and pushes us to achieve new heights every day. Our growth is backed by our client’s satisfaction and that is what gives us an edge in the market.
Our blend of a clear understanding of the context and our world-leading innovations uniquely position Kwakol Markets to serve our customers as no alternative can. Our ability to bring our knowledge and experience within our context and blend that with frontier technology innovations allows us to get it right in delivering our promise to clients. The world would be missing a lot if Kwakol didn’t exist.
How has your background in Medicine influenced you as an entrepreneur?
My background in Medicine has helped me to develop strong critical thinking skills and attention to detail, which are both essential in the world of finance. Additionally, my experience in the medical field has taught me the importance of empathy and effective communication, skills that are also crucial in building successful business relationships.
What should we look out for from Kwakol soon?
Our starting point is that the world should and can be different and we are responsible for making it so. Our lofty ambition may not provide a clear vision for the careless observer but expect the picture to develop over time as we launch some exciting products and services.
We are a customer-obsessed company and what we are building is informed by the customer experience and our vision. Expect to see new features, products, and services that ease customers’ current pain points, enhance their trading experience including profitability, and expose them to new opportunities. The immediate goal is to iterate on current offerings to serve clients in the best way possible and extend our award-winning services to new clients and markets. We are currently seeing growth in our client base from Europe and Asia and we want to consolidate our global standing. In the future, we rely on the incredible team of innovators we have on the team to help break new ground. So, watch this space!
We believe that everyone deserves a financially secure future and that we will make that a reality. We have managed to bring together a group of brilliant individuals that are constantly innovating and generating new ideas. Our promise to our clients is that we will always commit our capital, people, and ideas to helping them create the future they deserve. That’s exactly what success looks like. People building lasting wealth. That’s the impact we want to have. Building a world-class and market-leading company is only the vehicle to success.
We have recently announced our foray into new markets, the launch of exciting client-focused tools and apps that enhance the trading experience, and new licenses. Our young and vibrant team is always innovating around products and tools that advance our clients’ pursuit of financial freedom. We have a slew of developments in the pipeline. So, watch this space.
