ZEROPOD S2 E10: "Credit Where It's Due" with Yele Bademosi, founder of Onboard .

Yele Bademosi discusses the concept of a "merit score" as a more effective alternative to traditional credit scores, aiming to address the significant credit gap in global majority markets, particularly in Latin America, Africa, and Asia. He highlights the trillions of dollars in unmet credit needs and the barriers to accessing credit, such as the requirement for upfront payments for essential items in Africa, which hinder economic growth. Yele believes the current environment is conducive to tackling these credit challenges.

He shares his background, including his upbringing in Ibadan, Nigeria, and his educational journey in the UK, where he initially pursued a medical degree before realizing it was not his true calling. Yele reflects on the support from his father regarding his educational choices and the difficulty of communicating his decision to leave medical school to his family. The conversation emphasizes the importance of pursuing one's passions and the necessity of commitment to future goals, while also questioning the logic of expecting teenagers to make definitive career choices without sufficient life experience.

Yele recounts his career, detailing his early work with a company focused on resources for entrepreneurs, founding Micro Traction to invest in early-stage startups in Africa, and his involvement with Binance to expand its presence on the continent. He discusses launching the social payments app Bundle, which gained traction in Nigeria, Ghana, and Kenya, before stepping down to create Nestcoin, a holding company for crypto startups. He reflects on the challenges of managing multiple startups in the fast-evolving crypto landscape, underscoring the need for focus and adaptability.

The podcast also addresses the challenges of navigating the crypto space, highlighting rapid market shifts that complicate business success. Companies often invest heavily, only to find themselves misaligned with market timing. One speaker notes that after numerous errors, they believe they have identified a successful approach in the industry.

The relationship between "Onboard" and "Next Coin" is clarified, with "Next Coin" representing the manufacturing aspect and "Onboard" serving as a complementary element crucial to the overall strategy. The term "Fakasta" is mentioned frequently throughout the conversation, but it lacks context or meaningful discussion, leading to a sense of repetition without clear insights. The dialogue does not provide varied topics or clear points beyond the emphasis on "Fakasta," limiting the depth of the conversation and leaving listeners without a clear understanding of its relevance or implications.