Egoras – Combining zero rate financing with engineering
Swapping is a great business model: you trade one used good in partial payment for another. Example: He swapped his old Toyota car for a new Innoson Motors in Nigeria. Looking at the data, we realized that a lot of things could be swapped easily. At Egoras, a wallet startup, the team devised a model, using zero-interest financing, to drive things up, capturing more value in used items.
But what to do with used items? You renovate them – and that requires a new playbook, bringing in and training technical brilliant minds to operate at another layer.
This young company will probably reach 2,000 employees by December. It opens factories where electric fans, generators, smartphones, etc. are refurbished on a large scale. You see the large billboards in PHC; it is on the way to Onitsha and Enugu. When you buy an Egoras refurbished item, you benefit from a 6-month warranty. And if you want a new property, you can exchange your old property through a zero rate financing system.
Works. Works. Jobs – Nigeria needs them. And new business models will unlock many. CEO Ugoji Harry and the team impressed. They will hire 60 people in Enugu next month.
Video: Egoras.com renovation unit in PHC. The packaging (not shown) is made at Aba. They also hired Awka blacksmiths to shape certain metals. In other words, they work on the clusters, finding most of the things needed in Nigeria.
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