15 December 2018

Hafiz Adewuyi

A good short-term investment that I made in 2018: PayVest by Paylater

In 2018, I invested money in at least, 5 short-term instruments. And of all of them, by all matrices that matter to me, PayVest by Paylater which I only discovered a few weeks to the end of the year is the best of them all. Now, let me support my opinion with some details.

Return on investment

I made an investment with a tenor of 6 months at 14.5% per annum. When you remove the policy-mandated withholding tax of 10%, you end up with a net return of 13.05%. Which is still better than 90% of the discount rates I got on treasury bills all year long.

Before 2018, I'd gotten quite comfortable with keeping my money in treasury bills because the rates throughout 2017 were decent - between 16% and 18% for a really long period. However, in 2018, the rates took a dip to between 10 and 13%, which quickly got me looking out for alternative investment opportunities with better return rates and similarly low-risk.

The best return rate from a similar solution to PayVest that I'd found earlier in the year was 10% per annum so you can appreciate why I'm excited about finding PayVest. 4.5% can be a lot depending on how much we're talking about.

Liquidity of funds

My biggest surprise after securing my fixed deposit with PayVest via the Paylater mobile app was that I could actually undo the transaction anytime I wanted without talking to anyone. On top of that, withdrawing prematurely does not come with any of the penalties you would get with similar short-term investment vehicles. I think that was such an impressive design choice because that degree of freedom just makes me want to leave my money in PayVest for even longer.

PayVest withdrawal before maturity screen

You know, the fact that I don't have to overthink before I make an investment, knowing that if I found a better investment opportunity tomorrow, I could easily pull out my money is something that really works for me. It just means that I'll never leave any significant amount of money in my Nigerian savings account again knowing that I could earn 4 times as much returns on my capital if I moved it to PayVest for any of the available tenors.

Payvest investment periods: 3 months, 6 months, 9 months and 1 year

I have just one prayer for the PayVest product team though. Perhaps if I was more knowledgeable in finance, it would be obvious to me how my recommendation is outrightly bad for business. But in my state of ignorance, I would like to recommend that the tenors be modified to allow customers invest their money in increments of one month. One month, two months, three months... up to 12 months.

I can't see why this wouldn't be a win-win for both parties. Repayments for Paylater loans which these investments are used to fund are on a monthly basis anyway. Also, it would be a first of its kind. I don't know of any short-term, low-risk investment vehicle in Nigeria apart from a bank account that gives you interest on a monthly basis. The minimum tenor is usually 90 days. To be able to earn withdrawable interest that is even as low as 8% per annum every month would surely attract more individual investors who can't tie down their money for as long as 90 days.

Ease of investment

I didn't have to add a card to the Paylater app to invest. As soon as I entered the deposit amount that I wanted to invest and confirmed the investment details, an account at One Finance bank was opened in my name - automatically. Next, the app showed me the account number and instructed me to make a transfer/deposit to that account. Once I did a transfer from my Access Bank internet banking, my fixed deposit was automatically booked on PayVest.

It wasn't even 30 seconds after I completed the transfer that I received an app notification + SMS from Paylater, congratulating me for taking one step closer to achieving my financial goals.

You can actually earn some interest before maturity

A few days after my first investment, I noticed that the app shows you the amount of interest you've earned so far. This value grows by a small amount each day. Naturally, I wanted to know whether or not I would get my accumulated interest if I withdrew my investment any day before maturity. Three days after creating the investment, I requested to withdraw it. Much to my disappointment, the money I got in my bank account was just my capital and nothing else.

Three months into the subsequent 6-month investment I booked, I repeated the experiment. This time, to my absolute surprise, I noticed that if I withdrew, I would be credited with the same amount I'd have gotten if I'd originally booked a 3-month investment with the same capital.

22050 is the pro-rated net return over 3 months on 700,000 invested at 14.0% per annum

For me, this was unexpected given the results of my initial experiment. It shows that a lot of thought went into designing the product in a way that favours both the customer and the company. PayVest could easily have implemented such as to pay you zero interest, as long as you didn't wait until your actual maturity date before terminating your investment. However, the design is such that as long as you keep your investment money up to one of the 4 milestones (3, 6, 9 or 12 months), you get the interest due to you, even if your original maturity date milestone has not been reached. 👍👍

A random experiment

Again, out of curiosity, I wanted to know what would happen if I disobeyed a clear rule on the app. The instruction when you are about to make a Payvest investment says to deposit the exact investment amount to the account opened for you in One Finance bank.

PayVest invest exact amount prompt

On this particular day, I was meant to invest 500,000 Naira. I felt like the system should be able to accept multiple transfers to make up the investment amount, as long as they were all done within the same day. Hence, I transferred 250,000 Naira to the stipulated account through my Access Bank internet banking profile.

The transfer failed! But my account was debited and the funds were not reversed instantly. On the PayVest app, there was also no indication that I'd sent any fraction of the money. I got slightly worried because it was someone else's money, but not so worried as to be panicked because I knew for sure that this money was far from being lost; just hung up in limbo for a day or two at worst. I was dealing with two renowned organizations who are also CBN regulated after all.

I placed a call to Paylater customer service to confirm if by any chance they had received the 50% of the investment amount that I sent. Within four minutes of being on the line, they had put any of the fears I had to rest. According to the customer service agent, there is a rule on the automatic One Finance bank investment account which ensures that any deposit to the account which is not exactly the investment amount you specified on PayVest will fail. 

He was sure that although the money had left my account, the money had not left my bank and that the money ideally should already have been reversed. And true to his word, the full amount was refunded to my account a little over 24 hours after I tried to send it. The reason why the funds could not have been reversed instantly is a discussion for another day.
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5 August 2018

Hafiz Adewuyi

Hafiz's Man of the year 2018

I've chosen the man of the year based on how much I've been inspired to become a better version of myself, mainly by observing and interacting with this person. His name is Lukman and he is my colleague at Access Bank. He's been on his annual vacation from work now for two weeks. And for someone that prides himself in not being one to miss people, there's been no working day that has passed in the past two weeks that I've not felt his absence.

I will now go ahead to talk in detail about some of the remarkable ways in which meeting Lukman has helped quicken my steps on the journey of self-growth, even though he's never really advised me.

Lukman gives so freely and says yes every time (well, almost every time)

I had a lot of horrible nicknames back when I was in secondary school. The one we'll be remembering today is "Stingo" (pronounced Stin-Joe). It's derived from the word: "Stingy". Yes, ending any word with the letter 'O' was a mainstream way of deriving nicknames back then. 

Even as I type that name now, I can hear Dolapo Abdul bellowing that name at me. It brings back bitter-sweet memories of that fateful evening in Ijanikin when I was publicly humiliated for refusing to allow a classmate get in-front of me on the queue for dinner - moin-moin and garri.

A classmate, who in my best guess was Dolapo Abdul had arrived at the queue a few minutes later than me. He must have studied the queue for at least, a few seconds before he noticed a familiar face (mine) who could help him shunt the humongous dinner queue. It was a frequent occurrence at the dining hall for food items to get exhausted prematurely and for no alternative arrangements to be made for the people left on the queue. His instinct to shunt the queue was one I could very much relate to.

Dolapo approached me and asked for a spot in front of me on the queue. Without thinking twice - in the manner in which I had become fairly infamous for - I said "No" to Dolapo with a straight face. From experience, he must have known there was little chance of him persuading me to change my mind about letting him into the queue. And so the vengeful kid that he was decided to go for shaming instead. He chanted at the top of his voice: "Stingo, stingo, stingo". And before I could say my name which is not that much of a mouthful, more than a handful of our classmates had joined in this chant.

The chant grew louder and louder and at one point, one of the boys decided to take it a step further. He hit me from behind with his hand, on what part of my body I cannot recall. This was all the encouragement the other kids around needed to teach me a long-overdue lesson. I received slaps and knocks from more directions than I could keep track of. I was massed for saying no. I think I might have cried.

My stinginess was a badge I had worn with honour for quite a while before that massing event. Stinginess was my way of responding to the scarcity of necessities I had to live with at that tender age. I instinctually wanted to have control over the depletion rate of my limited resources and sharing them freely with other people just created a degree of randomness that I either wasn't equipped to or ready to fit into my resource management framework. So, I made a deliberate decision that seemed fair at the time.

I looked to my Danfodio house roommate, Kamji, who never camped (begged for things - mostly food items - from other people) for inspiration. He's one of the earliest personifications of self-sufficiency that I ever encountered in life, if not the first. I decided I was going to be like Kamji, and that from that point on, I would never beg for stuff from any of my classmates ever again.

But no, this was not just about being self-sufficient like Kamji. Not at all. It just happened to be the crutch I would need to have handy when anyone attacks me for always saying no to their camping. After all, if I've never asked you for anything, I don't owe you anything and you can go and hug a transformer if you feel offended when I say no to you. Because I still won't ever need you anyway. My genius resource management masterplan was born.

I've grown several folds in all dimensions since the 15 years ago when I made the decision to be stingy so I could manage my resources effectively. But this well-practised scarcity mindset still has a strong network of roots in my psyche. Till date, it takes little effort for me to come up with a self-satisfying reason for why it's okay for me to say no to someone's request of me. I'm a 15-year request-declining expert, remember? A wariness of being taken advantage of is an ever-present component of my decision-making to this day.

Encountering a man like Lukman has encouraged me to start on a path to recovery from these deep wounds I unwittingly inflicted on my psyche. Almost every Monday morning since I resumed work at Access Bank, Lukman would bring in enough snacks to go round everyone in the office. I've never heard him ask for anything in return. And even though I currently earn significantly more than he does at work, it was a reality I struggled for a while to accept that someone could willingly decide to give this much value away so consistently without ever explicitly asking for it to be returned.

When Lukman is in the office, I always make a small trip to his desk to take a few delightful sips from the bottle of smoothie he brings to work every day. He never as much as flinches when I do this, and I know that I can go for as many sips as I want and he would allow me. I exercise restraint knowing that if I were to be in his shoes, I probably wouldn't allow anyone else a single sip of something I enjoy so much. It's almost as if he doesn't have a sense of possession, something I find it hard to relate to but deeply admire and aspire to.

I've told Lukman quite a number of times that I wish I could be like him. I wonder if he knew I was this serious about it. If I do something especially kind for you that means me parting with some financial value directly or indirectly, there's a good chance that I thought: "If Lukman can, why can't I" before allowing myself go ahead with that action.

Lukman has diverse interests and explores them actively, despite his full-time job

A few weeks after resuming in Access Bank in November 2017, I walked up to Lukman after a high-level meeting that ended at 8pm on a Monday evening. Being the new guy in the office, I was still just getting to know everyone. On reaching him, we exchanged greetings, after which I went ahead to ask him what he does for the bank. His response was pretty vague but being genuinely curious, I probed further. Before the end of our descent down the 16 flights of stairs to the ground floor of the Danmole office building that night, I got to know that he's into graphics, photography, videography, animations and all that jazz and that he's the go-to person for creative design tasks at the division we both work out of.

Over the next couple of weeks, I would come to learn that he's also into farming, writing, script-writing, cuisine, investment, fitness and fine-dining. And those are just the ones I'm aware of. How can one person have all these interests and actively pursue them on a regular basis? Does this dude live in the same world where some people won't stop complaining of boredom and limitations?

When I consider Lukman, I feel quite ashamed of my tendency to let my interests and ideas lie fallow. I see clearly than I ever have that there is still a lot more room to be deliberate about seeing what I can make out of my inclinations and ideas. To give my interests and ideas a better chance at life than I currently do.

Lukman is my non-relenting gym buddy

There's really not much to be said here. Plus I'm also tired of writing. Lukman has been my one and only consistent gym buddy since I returned to Lagos last October. If not for him, I don't think I would be as consistent as I am with my deliberate fitness activities today. Most of the exercises I do in the gym today, I learned them from him. He's like an infinite reservoir of knowledge who helps make working out a little easier for me by researching the exercises beforehand.

When I ask him what his goal is, he tells me he's training to run in the Olympics. Noble, innit? When he says this, I always go ahead to offer him without his asking that I'm only working to earn my invite into the exclusive pepper-dem club of muscle-wielding men. I am, after all, just a simple man.
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12 July 2018

Hafiz Adewuyi

And the man fell splat into the ground

Less than ten minutes into my run this night, close to the roundabout at the Ikoyi end of the Lekki-Ikoyi link bridge, I felt into a square-shaped manhole in the footpath. It's funny to think that as soon as I realized what had happened, my first feeling was embarrassment. A feeling which drove an instinctual reaction to try and pick me out of the hole as quickly as I could. Nobody should see me in this vulnerable state, I don't want any sorries. And indeed, no one stopped, leaving me feeling a few minutes later as I walked back to the car park like I could have used at least one 'sorry' from an empathetic stranger

Just a few seconds after the fall and I was out of the hole; back on my feet and on solid ground. I felt a dull ache in several parts of my body. I was hurt but not very badly hurt, that's the message my body sent to my brain. I couldn't help but think - as I walked away from the hole which had just half-swallowed me - that I was lucky, and that this fall could have been much worse, given the fact that I had no warning for what was coming until my left elbow and right knee hit the ground.

Bruised left lap

Wounded elbow
Falling is a truly humbling experience, sublime almost. For a fleeting moment, it takes away the illusion of control, and of importance that we humans love to cling so tightly to. "Your fate and existence are to a large extent, subject to time and chance", the universe seems to be trying to remind us when an accident like falling befalls us.

I've had three big falls this year and several other non-notable ones. Yes, I remember, because the injuries that came with each big fall all took time to heal. And beyond that, they left their scars.

The first one was totally pointless, to be honest. I was at a house party somewhere in VI. I decided I needed to get something from my car - can't recall what it was. So, I stepped out of the party for a few minutes to get it. And at that moment, I remembered what an honourable member of the Lagos fit-fam I am. Hence, I decided instead of walking to my car which wasn't even that far away from the party house, to jog instead. One two three four, I'm sure I had not taken the tenth forward leap before one of my feet hit a speed-bump, which sent all 6-feet of me crashing down and hard into the tarmac.

Two young men were just a few yards ahead of me, walking towards me. And just like tonight, all I wanted to do was to appear to them like what they just saw was nothing at all. That it was just a casual fall, and that I was not hurt. But the pain in both my knees sent me limping to one side of the road. I took a sit on the sidewalk, nursing the pains with a grimace until my brain got the memo that I was now aware of which parts of my body would need special attention for the next few weeks. On the bright side, this fall gave me my one and only ripped blue jeans.

The second time I fell this year was when I was in Sierra Leone, at the Aberdeen beach, in April. My host, John, had taken me to the beach on a sunny Sunday afternoon - my third day in the coastal Freetown city. I was enjoying the waves wash over my feet and striking different sexy poses for the photo-shoot which John was kind enough to grant me. And then it happened.

The algae covering the rocks on which I stood in the water gave way. And you know how it goes from here. Fresh red blood flowed freely out of several areas in my hindlimbs. John expressed how he felt bad about having taken this here JJC boy out of his drab hotel room in the first place. But I told him, that I couldn't be more grateful that he had gone out of his way to help make my experience in the city better than it would have been without him. And that this was all part of the experience and falling at Aberdeen beach would always be a dear memory for me. Indeed, I meant every word of what I told John from the bottom of my heart.

The face of a fallen man

Now I want to do something about the open manholes on that path. Just a few weeks ago, there used to be a car tyre in the hole I fell into this night. This was a hole I knew very well and this fact makes me feel rather silly that I still fell into it. My spidey senses should have at least tingled knowing that I was nearing this treacherous spot which has been on my path dozens of time before tonight.

Perhaps, if the tyre was still in the hole, the fall would not have been as serious as it was. I'll explore my options for trying to see to it that my fate does not befall anyone else using that same footpath anytime soon.

See you at the next fall.
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25 June 2018

Hafiz Adewuyi

One week without a car in Lagos

Is like a year without rain - channelling "A year without rain - Selena Gomez"


My car has been at the panel beater's workshop for the past 6 days. It's due to be back with me on Tuesday (two days to go). That said, I thought I'd talk about my experience in the past week where I've been forced to go through life in a state that's comparable to missing a limb.

Uber splurge

As soon as I got home from the panel beater's workshop on Monday evening, I transferred 15000 Naira from my annual car maintenance budget to my current account. Narration: "Uber allowance". Without that, my lean-cut monthly budget could not have survived the blow from me taking an Uber to-and-fro work every day for a week.

Fortunately, Uber has been giving me 50% discount on up to 5-rides per week for the past two months (or longer). And this week was no exception. I had already used one of the 5 discounts on the journey back home from the workshop on Monday. The remain 4-trip discount definitely was not going to get me very far, what with two rides a day for a 5-day week (if you don't know maths like my friend, Ifeanyi, that's 2 *5 = 10). So I decided to address this limitation.

Before midweek, I had gotten my sister and a colleague (Lanre) to apply the same LAG-GOAL 50% discount to their own Uber accounts. It turns out I got to benefit from their each of their discounts only once though. The logistics of synchronizing information when someone else requests an Uber on your behalf can be quite tedious. Yes, I can be quite a pain in the ass but I also have my limits.

On the Uber experience itself, I'd rate it positively. Both my house and workplace areas are Uber hot-zones, so in most cases, my Uber arrived within 5 and 10 short minutes of me requesting the trip, despite my take-off times being really early and late respectively. Also, most of my drivers got a 5-star rating from me. The only annoyance was that for a few rides, the route I was charged for was literally impossible (except cars now swim through water); some bug with the GPS-tracking system on the app I guess. And I think this bug made my fare higher than it would have been otherwise, even though not inordinately so.

Ubering through the five-cowries creek

RIP fitness

For at least four weeks preceding this just past one, I've been going to the gym at least twice a week. Also, I'm trying to improve on my running endurance, so I've upped the frequency of my runs by at least, 100% in the past three weeks. But last week, my streak on all of that good stride was lost as it is simply harder to do all of this stuff without the mobile wardrobe and changing room that a car is.

My car will be back in two days and I trust that I can pick things up from right where I left them two weeks ago without much fuss; so help me God.

Ridesharing idea remembered

And because of the pain of having to spend more on transportation than I usually do, one ridesharing software idea that first popped into my mind in 2016 made its way back. I think I just might make good on it this time; come up with an MVP or something. If I don't end up getting crippled by overthinking, that is.
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24 June 2018

Hafiz Adewuyi

When you're not allowed to spend your e-money

This morning, after my 5km+ run, I decided to stop by the Tastee Fried Chicken (TFC) outlet within a walking distance of my house to get some nice chops. After all that hard work, I felt well-deserving of some self-pampering. All sweaty and pumped up, I stepped into the restaurant and within five minutes of being there, I had made my order and it was time to pay (2000 Naira; I thought it noteworthy that my order added up to a round figure).

I brought out my Access Bank Verve card and handed it to the lady who had treated my order. She inserted it into the POS, normal savings/current drama ensued, and then she asked me to enter my PIN. Cut to the chase, the transaction failed. And then it failed again. And then again. From the error on the POS screen, I knew it was likely to be a problem from the bank's system.

The sales attendant and her supervisor were quick to ask me to go get cash from the closest ATM. The TFC branch is in an Oando filling station which also has an Ecobank ATM lobby within its premises. I tried to explain to them that the problem was with the bank, so it was unlikely that I'd be able to get cash from the ATM with that same card. Maybe I didn't try hard enough to explain (I tried though), but they didn't understand why I thought it was going to be futile to try to withdraw cash with a card which wasn't working on the POS.

Because I didn't have much to lose and didn't really have a lot in alternatives, I decided to try the card at the ATM anyways. An "Issuer or Switch Inoperative" error message confirmed my intuition on the problem's root cause. I use my card to pay for over 80% of things I buy and I can't remember the last time it failed me. As a result, I've grown so confident in e-transactions that you'd be lucky to find me with cash of more than 1000 Naira at a time.

I felt hopeless, considering that the fastest way for me to get cash now was from my bag which was all the way at home. But because I believe in finding hidden options through enquiry, I decided to get back into TFC and ask if I could transfer the payment to an account. "We don't do transfer here", the bored-looking lady attendant responded, shattering my fragile heart into 1000 pieces.

I decided this wasn't worth the fight any longer. Perhaps, the powers that be wanted me to fast this morning or just eat Golden-Morn. However, as I stepped out of the TFC, I remembered there was another thing called "Cardless withdrawal". Yay!

But just as I was starting to celebrate my newly-found solution, my last experience trying to use Quickteller cardless withdrawal on an EcoBank ATM started to restore into my conscious mind. The machine did not support Quickteller! I forged ahead, praying that things would be different for these here Ecobank machines. Alas, they weren't. What a shame!

I started on my way home and just as I stepped into my estate gate, I decided I was going to do the trouble of walking back to TFC; this time, cash-in-hand. I had fantasized so much about munching on that crunchy chicken that it was like torture to not actually get to do it. I brisk-walked the rest of the street between the gate and my house, then rushed in and out after picking an exact 2000 Naira out of the mint 5000 Naira I had collected from the Suntrust ATM (always dispenses mint) around my office on Saturday (yesterday).

Not caring to lock the door to my apartment, I rushed back out and jogged through the distance between my house and TFC. The jogging was to pacify my ego for my absolute lack of respect for myself; crawling back on my knees to TFC after all the trouble that their lack of flexibility/innovation had put me through on this random Sunday morning. After all, if I could cut the time I spent sucking up to TFC in two, that meant we could get over it more quickly and forget all about it while orally dissecting the crunchy chicken that started it all.

As I walked back to my apartment one more time (with food in hand of course), I pondered on how much money TFC might be throwing away on a daily basis due to their extremely limited payment options (cash or POS). Just yesterday, for the first time ever, I had used mVisa QR app to pay for my brunch at The Place restaurant, VI (there was a 500 Naira discount on my meal). It was so freaking seamless and I was so impressed that I see myself actively using it henceforth.

For the rest of the journey back home, some thoughts that I found coursing through my mind are:

  • Why hasn't mVisa even gotten to these razz TFC guys?
  • Couldn't that bored-looking lady attendant have been more inventive at her job just to please a customer? Perhaps, have me transfer the payment to her personal account (I was ready to give a small tip, in addition to bearing a 72.5 Naira transfer cost).
  • Then I remembered Seth Godin (in his book, Linchpin) talking about how organizations increasingly need people who can do more than just do their job
  • Then I started to think about how I myself could be that kind of employee to my own employer, Access Bank whose failing system put me in all of this mess in the first place

GIVE ME SOME ACCOLADES by commenting. It would mean a lot to me to read your thoughts and feelings from reading this.
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22 April 2018

Hafiz Adewuyi

Fidelity *770# Cardless withdrawal powered by Quickteller Paycode to my rescue at MM Intl. Airport Lagos

Two Fridays ago, I got to truly appreciate the fact that Nigeria (Lagos to be specific) is at a stage where there's is a proliferation of fintech solutions. In the past, I've been of the bias that why does one need so many methods/alternatives to perform the same basic banking transactions like funds transfers, bill payments, buying airtime, cash withdrawals and depositing cash. And more so why every other day, a new service or start-up pops up on my radar, claiming to offer these same services in a better way. At this point, I humbly dump all of that bias in the trash, thanks to my experience that fateful morning.

I was in the MM Lagos international airport departures lobby. My flight to Freetown Sierra Leone was going to take off in a little over two hours. After I had checked in and received my boarding pass, I needed to pay for my instant yellow fever vaccination card. Apart from that, I also needed to buy some dollars to be recovered as Leones at my final destination, since I didn't have any internationally viable (MasterCard/Visa) ATM card on me.

At this point, I remembered that all the cash I had on me was exactly 250 Naira only. No worries, I thought, before proceeding to the only ATM on the departures floor of the airport (First Bank). I swear, this thing was slow as fuck. It took like 5 minutes for one to get a single bundle of cash out of the machine. "I still have time anyway", I thought to myself, not in the least bit flustered by the situation at hand.

After what might have been 30 minutes, it was finally my turn to use the machine. At long last, I thought to myself, ignorant of what goodies mama fate had in stock for me. I put my card into the machine and after 30 seconds of absolute stillness, I thought I heard that very familiar sound that the machine is having issues reading your card. I quickly shrugged off the thought. After all, I had used the Verve card at a supermarket POS terminal successfully just last night.

Alas, it so turned out that two minutes after card insertion, my fears were proved valid. The ATM spat out my cardless with a very user-friendly message of "No Card App found" (if my memory serves me correctly). Ugh! Much to the chagrin of the queue of 6 persons which had now formed behind me, I remained in front of the laggardly machine for another consecutive turn. "No, machine. I'm not gonna give up on you that easily, not today", I thought to myself to justify my borderline selfish decision to take two turns at once. One more time, the machine rejected my card, probably with the same message (of which I can't be sure now since, at this point, I had started to worry).

Free stock photo from https://www.pexels.com/photo/adventure-beach-lost-man-6804/
To avoid getting mobbed, I decided to step aside for the guy behind me to use the machine, deciding to have another go when he was done. As soon I was aside from the ATM, I remembered the Cardless Withdrawal feature on Fidelity Bank *770# which has rescued me several times (click through to see the meaning of this oft misappropriated word. You might be shocked like I was a few months ago).

On the same spot, I swiftly logged on to my Fidelity Bank mobile app to do a self-transfer from my savings to my current account which is my default USSD account with the bank. Once done, I proceed to generate a cash withdrawal code of 20000 Naira by dialling the Fidelity USSD short-code for that feature: *770*8*20000#

Within a minute, and of course, before the guy behind me had even completed his transaction, I had received my Paycode, both on the Fidelity USSD display and also as an SMS message. Man, was I excited? For some reason, knowing intimately how these systems can be sometimes, I was afraid that I might not be able to generate a code due to a temporary glitch. Of which that one would probably have been what we colloquially call "ONE CHANCE" or "O-Y-O" around here.

Once the guy was done with the ATM, I proceeded to try and redeem my Paycode from the same First Bank ATM. Alas, this time, the problem was that the Quickteller Paycode button on the machine was not working. mschew. Thankfully, I'd overheard someone saying there were a lot more ATMs in the arrivals lobby, just one floor below the departures hall. Before going there, I confirmed this from one of the cleaners working in the hall.

Arriving at the arrivals terminal, I was borderline angry with myself for having wasted over half an hour on the sluggish First Bank ATM queue. At the very least, there were ATMs from UBA, EcoBank, Zenith Bank, GTBank in this hall. And none of them seemed to be particularly busy. Hurray!

I walked straight to the GTBank machine (because GTBank; actually no because it was totally vacant; actually yes, as it was neither the only free machine nor even the closest to my entry point. But honestly, you have to give it to GTBank's ATM application design and features).

And yes friend, in a fleeting minute, this here young man's hour-long challenge with withdrawing cash at the airport lobby was completely out of the way. I spent about 10 seconds after my card-free ATM cash hit my hand, waiting for the machine to produce my card. Until I realized my silliness, much to the acknowledgement of a bystander who told me politely when our eyes met that he had wondered, "is this one mad"?

So yes fintech and banks, let the proliferation of systems doing more or less the same thing continue in earnest. Everyone else might mess up and just right then, your system might save a life. Thank you!
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26 February 2018

Hafiz Adewuyi

An accidental lesson from the center of the ocean

"When things get rough, it means you're closer to the finish line than ever before"

Last Sunday afternoon, a moment after wrestling with the awe-inspiring waves of the ocean, about 10 metres off-coast at the Eleko beach in Lagos, I got an insight.

This is how a foray into the waves of the Eleko beach typically goes. A few steps past the chicken-hearted majority who flee back in fear, the moment the water seems like it might cover their feet, you're met with quite a bit of turbulence. At this point, the waves are not that high, but they have a force that threatens to uproot and slam you into the loose sands beneath. "Begone, for you, do not belong in here, mortal", the sea god seems to intend to say to the lowly intruding mortal that you are.

The deeper in you go, the stronger and higher these waves become. I tell you, without strategy and intent, you cannot venture beyond a couple of metres into the raging waters of Eleko beach. My strategy to go deeper, as I can't swim and even if I could, probably couldn't swim against such force, usually consists of a couple of actions:

  • Monitor the waves keenly, making sure to spot the next wave at least, a few seconds before it hits
  • When you see a strong wave coming, fall back into it or assume the position of a sideways forward lunge to reduce the degree to which the water pushes you back onto the coast
  • If the waves are high or almost high enough to submerge you, crouch into the waves, ensuring that you're completely submerged (you'd probably want to hold your nose to prevent water from rushing into them). The impact on you is less strong under the waves versus when you allow the head of the wave hit you directly
You essentially repeat the steps above, wave after wave until you reach your destination. What is the destination of a journey into the ocean, you might want to ask? Well, the interesting fact that I discovered purely by experimentation is that after about 6 metres into the beach, the waves become very gentle. Instead of pushing you back towards the shoreline, they give you the chance to play with them.

The waves don't entirely lose their momentum, no. But at this point, its force is low enough to allow you rise and sink with the waves. You're now at the very point where the waves just start to build the momentum with which they'll banish the struggling mortals behind you. And this my dear friend, is where you want to be. For before this point, there is no chance of basking in the ocean for you. Before this point, it's an endless struggle to remain on your feet as you fight wave after wave.

Distract yourself from the waves for a second, and look back at the coast. And you would wonder where the gentle wave which just passed you by got such power from. You're now behind the waves. You made it.

If it floats your boat, now is the time for you to pretend to be Poseidon in human form. Lift your hands as you command the waves to keep the lowly mortals out of your divine and pure sanctuary. Come get me if you can, you bellow out without moving your lips, knowing how little a chance any of them stands to make good on that challenge.
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12 January 2018

Hafiz Adewuyi

How I found my first new job in Lagos

Or how I moved from my first job to another company in Lagos.

I write this article in the hope of inspiring someone to start seeing themselves, not as a victim but as the orchestrator of their career. I've spoken to too many people who feel frustrated with their job and like they're at the mercy of their current employer. While I acknowledge that my current job situation is far from being the standard for success, I must mention that I can't remember the last time I felt that way. 

I've benefitted immensely from knowing that irrespective of my current situation, the power to steer my career in a positive direction lies mostly with me. It's my sole responsibility to keep my head high enough above water to make the best out of the situation.

That said, I encourage you to share it with your friends who you think might be able to benefit from the shift in perspective that I hope this piece will help bring about.


If I were to summarize this article into a 140-character tweet, it would be to

"Pick one important pain your current employer's business faces and own it!" 

For me, the important business pain at my first job was a particularly unstable software product. So grave was the instability of this software product that many of the clients using it were sending unpleasant emails daily and threating to dump it every chance they got.

I would say I got lucky with the part of seeking out an important business pain. In my case, the important business pain sought me out. Not because I was the best for the job but because I was the most available. This immensely buggy and dirty codebase was literally dumped in my laps. So, for me, it was either own it or go home. You love your family and you've decided you want to spend more time with them, my CEO would sometimes joke when talking about something that could get one fired at the company.

For the first few months of my inheriting this software solution, my life was hell. I barely had a grasp of what the solution was meant to do and knew absolutely nothing about how it works. Yet, I was the first and last port of call for clients when they had any issues. The clients being the 8 different huge organizations who had licensed the software.

Yes, during that period, I achieved some progress, however marginal it might have been. For most issues that were brought to my desk, I had to defer to a more experienced colleague, having them do most of the heavy lifting to fix it. Then I would finish up by merely delivering the work to the client.

At this point, I had yet to take ownership of this problem and it was clear for everyone to see. Service delivery was poor because I often had to wait for someone else to leave their main responsibility for significant amounts of time before I could complete any task.


I remember vividly like it was yesterday, the particular issue that marked the turning point in my experience at that first job. The software solution in question is a payment gateway system. Nigerian banks were my company's clients and the end users of the solution were the bank's business-owning customers who wanted to accept payments on their website (and the customers using their website).

This particular Friday, one of the last emails that came in from a bank was about one of their valuable clients whose developer was finding it hard to connect his website with the payment gateway. Prior to this time, my default response when posed with this problem was to refer the customer to the payment gateway integration document. At best, I'd send them some supporting sample code which I had inherited from a predecessor.

But this time, something was different. I can't remember what it was but there must have been some peculiarities which prompted me to approach the case with some novelty. For the first time ever, I zeroed my mind on seeing this bank's customer through their integration; till their website was accepting real payments from customers.

The following weekend, with no one putting pressure on me as usual, I digested the payment gateway integration guide for the first time since I'd inherited it months back. I read it from start to end, making sure to truly understand the purpose of every instruction in the document. Once I was done with that, I decided to practicalize what I'd just learned. This I did by creating a barebones HTML payment form and integrating it with the payment gateway.

Once I was done that same weekend, I sent the code for the HTML integration I had done to the troubled merchant's developer. This, my friend, turned out to be all the help which he needed to complete his own integration. Furthermore, the end product of that weekend's grinding (the HTML code) became a silver bullet for much of the rest of my career at the company. I would go on to share it countless times after with other people who were seeking to work with the payment gateway.


A  couple of months after resolving that revolutionary issue, I had gone from being scared of what turmoil the next email might throw my life into to having dull days when there were too few emails from my clients. The software solution was now for the most part, stable and delivering its promised value to my company's clients with only occasional hitches.

My role evolved from me weathering storms day-in, day-out to being confident enough to reach out to clients, inquiring about how I could make the software more useful for them. From that to me having enough time and will to pay back some technical debt which the solution had incurred in its worse days. In essence, the fulfilment and gratitude I received from investing myself in that first customer's success got me addicted to focusing on my employer's customers' delight.

After a little over two years at my first employer, I got an offer from two different companies at the same time. Each of these offers came by way of my company's partners whom I had encountered through my work. Without a doubt, these people were convinced they needed some of my problem-solving aptitudes in their organization. Right now, I think back to one particular person I worked with who proudly describes me to people as resourceful.

Prior to my receiving these offers, I had interviewed with about 10 other companies at different times, all with a unanimous response of NO. In light of that, I had all but given up on my potential for success as a career programmer when they came in. So much so that I had resigned from my first job and was preparing to pivot when I got these offers. Offers which I effectively already had even before the first interview.
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10 December 2017

Hafiz Adewuyi

How to use your GTBank Naira Mastercard on PayPal - Nigeria

Why can't I use my GTB Naira Mastercard card on PayPal anymore?

Have you asked yourself that question recently? Or the slightly different variant of "Why can't I use my GTBank Naira Mastercard on Paypal"? One other popular variant I imagine would be: "Why did GTBank block Nigerians from using their Naira Debit Mastercard on Paypal".

If you're looking for the answer to any of those questions, then be merry. Cos' today is the day that you find the solution to that problem. A surprisingly very simple solution, if I may say.

GTBank Naira Mastercard + PayPal
GTBank Naira Mastercard + PayPal

If you don't care for the full explanation of this problem, feel free to skip to the final section (How to unblock your GTBank Naira Mastercard on Paypal). The next 3 sections only serve to explain the problem so you can get the full story behind this undesirable restriction on your GTBank Naira Mastercard.

Why does my GTBank Naira Mastercard not work on Paypal (anymore)?

Before mid-2016 or so, my GTBank Naira Mastercard used to work seamlessly with PayPal. I added the card to PayPal and I sure used it a few times successfully before that time.

A few months ago, I 'bought' my first ever Linux virtual machine from Digital Ocean. At the point of payment, I tried to add my Fidelity Dollar debit Mastercard directly, but it failed with the error: "Digital Ocean does not currently accept debit cards".

Fortunately, Digital Ocean accepts Paypal. So, I just went ahead to add that Fidelity Dollar debit card to PayPal, and then use PayPal to pay Digital Ocean from the same card. At the time, I had about $10 in the domiciliary account linked to the debit card.

My payment went through seamlessly. And things were good until I ran out of dollars in my Fidelity Bank domiciliary account. Since I was not ready to buy dollars to fund the account, I had no choice but to try to use my GTBank Naira Mastercard (through PayPal) for the next Digital Ocean subscription.

Unfortunately, my payment failed. I remembered that the last time before that when I tried to use the GTBank Naira Mastercard via PayPal, my transaction also failed. I had assumed it was due to a network error. But now, when it failed multiple times back-to-back, I knew it had to be something more than that.

This was when I recalled reading from a thread on TechCabal's Radar about GTBank having blocked the use of their Naira Mastercard through PayPal. Hmm. I did a bit of Googling and decided that was likely to be the problem here.

However, since I had to keep paying for my Digital Ocean account, I had no option but to find a way to pay (and Paypal seemed like my only option). One option was to find out which Nigerian bank allows their Naira denominated debit cards to be used on PayPal. Needless to say, that's was likely to be a long thing, since I would at least, first have to request a new card. And at the worst, I might have had to open a new bank account. The fact that international transactions are completely blocked off on most Nigerian banks' cards (read Nigeria's FX crisis) is another headache on its own.

I decided to do a little more research before giving up on GTBank Naira Mastercard since that was easier than the above option. And fortunately, I found a solution in less than 30 minutes of googling. The reason my transactions were failing was simple. GTBank placed a DCC (Direct Currency Conversion) restriction on their Naira denominated cards.

What is DCC (Direct Currency Conversion)?

Essentially, PayPal was automatically converting my dollar transaction to Naira using CBN's official rate (because my card was a Naira denominated card). My transaction was a $5 transaction. When you multiply that by the CBN rate at the time (say 320:$1), my GTBank account would be charged for 1600 Naira.

The thing about doing international transactions with your Naira card is that, even if your card is charged in Naira, your bank has to find dollars to pay back the international merchant (settlement). So, if my $5 transaction had been successful, GTBank would have had to find a source of dollars cheaper than or equal to 320:$1 (CBN rate) to be able to settle the merchant for that transaction. If not, my transaction would have caused them a financial loss. GTBank's rate for customers at the time was about 380:$1. Which means that the bank would have lost a fraction of 300 Naira on this transaction, depending on their FX sourcing rate.

Now, you can think that such a minute loss is not too much for a bank like GTBank to bear for their customers. After all, they can probably get dollars at a rate close to the CBN official rate due to their might. However, when you multiply the marginal loss on a transaction by the several thousand (if not millions) Nigerians who use a GTBank Naira Mastercard for international shopping, it's not hard to imagine how the bank can end up neck deep in losses amounting to billions of Naira in a matter of days.

Hence, to curtail potential bankruptcy, GTBank blocked DCC transactions on their Naira Mastercard for all customers (which probably includes you). This means that when the bank's card processing system receives a transaction originating from an international location (not Nigeria) but bearing a charge in Naira, they instruct the system to automatically decline it by means of a system configuration.

I hope that you can agree with me at this point that the bank is justified in making this decision. After all, GTBank is very far from being a not-for-profit organization.

How can I use my GTBank Naira Mastercard on PayPal?

The solution to this problem is very simple. You simply need to get on GTBank's side of this FX economics to solve the problem. If GTBank's system receives your charge in dollars and not Naira for a transaction originating from the US, then it can use a rate decided by GTBank to convert the transaction to Naira before passing the charge to your account.

In this way, GTBank can ensure that they apply a rate to your transaction that is sufficiently higher than their dollar-sourcing rate to make them a good profit margin off of it after settling the merchant.

Hence, the solution is for you to instruct PayPal to not convert your transaction to Naira and instead, send the original transaction currency (e.g. dollars) like that to your bank. The process is very simple, but the interface to do it is inexplicably well-hidden away in their menu system. In fact, I noticed that the web page to make this setting change has the old PayPal look-and-feel. Not surprisingly, there's currently no way to navigate to this page on the modern PayPal UI menu.

The three-step process to remove the restriction on using your GTBank Naira Mastercard on PayPal comes next.

How to unblock your GTBank Naira Mastercard on Paypal

1. Visit the PayPal card setting management page on your internet browser by clicking here (you might have to log on to your PayPal account if you're not already logged in). To ensure that this is not a phishing attempt on your PayPal account, please verify that the certificate on the loaded page belongs to PayPal.

PayPal secure Certificate
PayPal secure Certificate

PayPal card currency conversion settings page
PayPal card currency conversion settings page

2. Click the Conversion Options link beside your GTBank Naira Mastercard in the list of cards

Ask Paypal to use Mastercard/VISA's currency conversion process, not theirs. This is what your bank wants
Ask Paypal to use Mastercard/VISA's currency conversion process, not theirs. This is what your bank wants

3. Most likely, the first option is selected on your GTBank card. The first option enables PayPal's currency conversion process which is what causes the whole DCC problem. Just select the second option (Bill me in the currency listed on the seller's (merchant's) invoice) and submit the form.

That's it! Just ensure your GTBank Naira Mastercard is well funded enough, then retry your PayPal transaction. It will be successful.  At least, so it was in my case. I followed this same process and not up to 5 minutes after, I was able to make a successful payment to the same Digital Ocean where my transaction had previously failed multiple times. 

I think it would go a long way if GTBank would send a simple SMS or link to a customer to recommend possible solutions when their transaction fails because of a direct currency conversion.
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15 October 2017

Hafiz Adewuyi

I learned French in four months using Duolingo

Mid-June 2017, just a few days before leaving Lagos for Enugu, I installed the Duolingo mobile app on my Android phone. Almost every day from that time till date, I have spent 20 minutes or more working through the lessons on the app. There are tons of languages you can learn on the app. I started with French being that it was the easiest for me to pick up (previous exposure).

Last Sunday (October 8, 2017), I got to the end of the French course. I remember feeling like, "Is this it. I thought there'd be a worldwide drumroll in my honour"? Meh!

My plaque for completing French on Duolingo
Duolingo names Hafiz French master

How did I make it to the end?

The Duolingo mobile app and platform is an incredibly well-designed product which has tons of features which make it quite easy to complete some lessons every day. Here are some of them:

Duolingo daily streak
Duolingo daily streak
  • A daily streak. When you first install Duolingo, you tell Duolingo how much time you want to spend learning language(s) in a day. Using that data, they set a daily goal for you in the form of XP (experience points) you must gain each day to maintain your streak. Your streak will increase by one for each day you achieve your goal. Also, you will lose your entire streak if you fail to achieve your goal for even one day, irrespective of what the previous value was.

    So, the more you do, the more you want to do because no normal person wants to see a 20-day streak become zero, due to one day of laziness. For days when you absolutely can't put in the time to reach your goal, the app has this "Streak Freeze" feature which allows you buy your way around it. You can buy a streak-freeze at 10 Lingots per day and this, as the name implies, will help freeze your streak instead of having it fall back to zero.

    To help you estimate the value of a Lingot (Duolingo's local currency which is earned through achievements), I had about 250 Lingots at the end of the French course, and that's only because I've been extremely stingy with spending them on the in-app store.

    In the four months of learning French, I lost my streak two times. Luckily, that didn't dissuade me from getting back on track. Duolingo cunningly tried to have me give up cash (about 1000 Naira or $3) to reclaim my lost streak (which was around 43 the first time I lost it; painful). The offer was really tempting but not tempting enough for this here shrewd. Is a huge Duolingo streak going to increase my bank account balance or my salary?
  • Reminders in the form of emails and push notifications, telling you how far you've come and how you only need to do a little today to maintain your streak
Duolingo daily French reminder email
Duolingo daily French reminder email

  • Groups. Each Duolingo group holds a maximum of 15 learners of a particular language. Each group has a timeline which features the key learning achievements of each of its members. The timeline is visible only to members of a group and users can join only one group at a time per language.

    To simulate competition, each group has a leaderboard where the person with the highest number of XPs at the end of the week is proclaimed the winner. Several times, I had to cover more lessons than I really cared to, just so I could be crowned the French king of the week in my group.

    Also potentially motivating are the push notifications triggered by the mobile app whenever someone in your group pushes you lower on the leaderboard by getting more XPs than you have that week.
Someone just passed you notification in Duolingo
Someone just passed you notification in Duolingo

  • Double your lingots. Even though my Lingots are largely useless in real life, I imagine it could be a major bragging right if I'm able to accumulate them to a certain level. Duolingo has this feature where at the start of a week, 5 Lingots are deducted from your wallet. If you achieve a 7-day streak after the deduction day, you get 10 Lingots back at the end of the week. If you don't, you get nothing back, effectively losing 5 lingots.
Duolingo's Double or Nothing Lingot wager feature
Duolingo's Double or Nothing Lingot wager feature

Am I now a French expert?

Far from it. Yes, I can read everyday French phrases much more easily than I could when I started the course. However, it is still quite difficult for me to follow along with real-life French speech that is not intentionally slurred. I imagine I'd have to live in a French-speaking part of the world and write more than a few full-length articles in French to even be able to say I'm an intermediate speaker of French.

What's next?

As a typical human with an insatiable thirst for fulfilment, I moved on immediately to Spanish. I've found Spanish to be quite similar to French while still being sufficiently different as to be challenging. I've been consistent and in the one week since last Sunday, I've completed about ten lessons. So far, I've learned basic words in categories like Food, Animals, Verbs, Pronouns and Possessives.

How is the Spanish coming?

Learning Spanish is a lot more difficult for me than learning French was and I've put it down to the following reasons:
  • There was French in my academic curriculum both in primary and secondary school. A lot of things stuck to memory during that early exposure, so there wasn't as much learning going on for French as there now is in Spanish
  • An inordinate amount of English words have a French equivalent which is so similar in structure as to be approximately identical. This makes it easier to guess the meaning of new French words and also to hazard guess the French equivalent of many English words. It also makes it easy to remember the French-English mappings. For this reason, I was able to TEST OUT of several lessons which accelerated my rate of completing the course.

    Duolingo's TEST-OUT feature
    Duolingo's TEST-OUT feature
      A Duolingo lesson consists of one or more quizzes which you normally have to complete one after the other. Duolingo's TEST OUT feature allows you to save time by skipping the individual quizzes and just doing one quiz that combines concepts from all the quizzes in that lesson. Of course, you must be pretty proficient at the concepts being introduced across that lesson to be able to pass the TEST OUT quiz. There are no hints like in a normal quiz and you can fail a maximum of four questions before you're kicked out of the test.
    I've covered ten Spanish lessons in the past week and in that time, I've not been able to test out of even one of them. It's really painful to work through a lesson which has 3 to 7 quizzes with 17 questions per quiz when you can just do one super quiz with the same number of questions. But I stand no chance at passing the test out quizzes in Spanish (no adequate background).

    Random fun fact. For some reason I've not bothered to research, Spanish questions are prefixed with an upside down question mark, in addition to the regular question mark at the end of the question.

    Spanish: ¿Tu hablas espanol? 
    English: Do you speak Spanish?

    Why am I learning new languages?

    I really don't have any other reason than that it helps me feel accomplished. This is a necessary ingredient for good mental health.
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