Google has shone a spotlight on Xend Finance as a case study for the Google for Startups Accelerator Africa programme in February 2021.
The Nigerian-based decentralized finance (DeFi) project for credit unions was highlighted for its impressive innovative approach to keep small and medium-sized businesses (SMBs) in business during the lockdown with no internet required.
Using Geena, a personal assistant for businesses, Xend was able to identify a problem and act as a source of support by anticipating the needs of customers when they have urgent and unexpected needs.
Some of the key points about the app that were highlighted by Google include:
- Building for the user by building with the user – Through a series of advisory sessions with customers, Xend opened the communication lines between the team and its clients, helping solve problems and building loyalty and trust among its customers in the process
- Anticipating your customers’ needs – Xend updated the app to be offline first enabling customers to record sales even when there is no internet and synching the data when a connection is back. This decision was based on the local need to enable SMBs market their products to people in the neighborhood where internet connection is poor
- Its more than just business, be socially responsible – Xend made itself available for customers beyond the transactional experience by offering additional services like mentorship and business advice. This went a long way in building relationships based on loyalty with customers
The above highlights the changing nature of business and how startups in the blockchain and crypto space can innovate and offer value in order to scale even in the face of adversity.
RECOMMENDED READING: [WATCH] The DeFi Revolution will Get its Customer Base from Africa, Says Cardano CEO
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