The Free Startup Kits team is grateful to interview Munachimso Ogueke, Nigerian blockchain entrepreneur founder of Cryset . Cryset is an organization that builds products and campaigns for Nigeria and the entire African continent as a whole. One of Cryset’s products is Intrupay – a disruptive gateway for payments and globals remittances for Africa (built on the Stellar platform). Munachimso (Munachi for short) is among the Nigerian blockchain pioneers in Lagos, Nigeria. His background is from Imo state, Nigeria , but he was born and bred in Lagos. He is a Nigerian Blockchain pioneer, serial-entrepreneur, and he led the University of Ibadan’s first Blockchain meetup. (Ibadan is the oldest Nigerian university, and is located five miles from the center of the major city of Ibadan in Western Nigeria). He also began a significant meetup group in Lagos, Nigeria. We began our interview. Munachi begins. I attended the federal government college Lagos then proceeded to the University of Ibadan, Nigeria to complete an Industrial and production engineering course. I am a serial entrepreneur with some successful and failed startups. I am a full believer in decentralization and blockchain technology.

How did you come up with the idea of Vasiti.com

So in my university days, I was involved in some businesses, I made and sold customized hoodies to students in my university.

I was popular in school back then, but my business reach was still small.

Only people within my circle could really be customers in my business. Posting on classified services that existed at the time was not effective for me because it didn’t give a localized buyer interest that I needed.

I was having a discussion with my very good friend Ugonna who is the current CEO for vasiti.com. He said that he spoke to a friend in another university in Nigeria that had the exact same problem and collectively we came up with an idea of a mesh network for students within a campus that could enable peer to peer business transactions between them. This is like a localized eCommerce network for students.

That is basically how vasiti.com was born.

What led to Cryset?

Cryset was actually born out of a need to help spread the word about blockchain and help people acquire cryptocurrencies rather easily. Back in 2016, Nigerian blockchain awareness and overall knowledge about cryptocurrencies was very low and acquiring a large variety of coins was hard for people who didn’t know how to. Cryset helped spread the word and educating the masses in that regard. Now Nigerian blockchain has grown We also operated a mini exchange for multiple cryptocurrencies.

Does Cryset’s Intrupay compete with other blockchain remittance products (ex, Telcoin?) Free Access to STO Family Offices and Investment Bankers Complete the form below to sign up for our free, but invite-only membership with elite and top performing deal makers globally. Our groups include those who manage the wealth of Abu Dhabi royalty and bankers who close millions annually. First Name Email Address The blockchain space is globally still in its infancy, so the playing ground is still very large and the players are so few. For me, at this point, it’s all about the collaborations and getting the job done.

What was the biggest challenge you faced with cryptocurrency in general and how did it push you forward?

When I came into this blockchain space, the biggest challenges for me was understanding this thing called the blockchain and getting connected with the like-minded in the space.

It’s quite amazing how a concept so simple like the blockchain could be so difficult to explain, hence making it hard to grasp by some people.

In that regard, I have convened two major blockchain meetups in Nigeria. I organized the first ever blockchain meetup in Ibadan. I also started the Lagos blockchain meetup.

The goals of these events were to create a conductive environment for people to learn about blockchain and meet people who have a stake and skin in the game. Meetings like this could help the like-minded strengthen their resolves. The events have attracted a lot of people and I’m certain that many have benefited from it, myself included.

I also am planning to go on a campus tour, where I could educate Nigerian students in universities about blockchain and cryptocurrencies, and teach them about how to make an earning from this new technology and join the Nigerian blockchain revolution.

What Were Some of the Key Ideas You Shared At one of Nigeria’s first Major Blockchain Meetups?

The event was centered on talks about:

What Blockchain is

Its use cases

How blockchain can help with governance

Blockchain in agriculture

How blockchain can help the financial inclusion crisis in Africa

How the Nigerian government should regulate blockchain and Cryptocurrencies in Nigeria

The EOS Token

How would you describe the cryptocurrency culture in Lagos, Nigeria? Where do you see it in the next few years?

It’s amazing the growth that has happened in the blockchain space in the last few years.

According to many sites and records, Nigeria could be the second fastest growing cryptocurrency trading country in the world.

Nigerians have suffered a lot from corruption, so it only makes sense to see people wake up to this technology that could take their woes away.

Cryptocurrency trading provides a medium for people to create income for themselves in the midst of the high unemployment rate in Nigeria. In a nutshell, blockchain and cryptocurrency are really impacting the country positively which make people very excited about it. I can see the Nigerian government coming out of its shell and taking a more of a favorable position in the blockchain and Cryptocurrency space (Nigerian blockchain and cryptocurrency trading volumes will grow either way).

This will all drive more growth in the space and help solve a lot of problems that the population is facing. One example is the series of strains on the Nigerian foreign reserves that are lowering the value of the Naira (Nigeria’s currency) in foreign and local Forex markets.

More companies will come in the space and we will see more growth over the years.

Where do you see Cryset in Five Years?

I see Cryset adding a lot of value to the whole African Continent.

We would be looking to solve those little and important pain points that people face. Using blockchain to help the society go around greedy middlemen and third parties, helping the financial inclusion crisis in Africa and helping to re-positioning the Continent to build a more open and accountable economic system. Cryset will be at the center of Africas blockchain revolution

What’s your advice to anyone new to the crypto-space who wants to avoid getting scammed (or “419’d”)

We need to understand that in this blockchain space we are responsible you are only responsible for yourself.

We have removed the middlemen, hence, we have no one to cry to when we lose funds.

Always verify everything you are doing and inputting

We need to protect private keys and wallet passwords always back up on paper learn to always generate new wallet address for new transactions

Don’t get sloppy and save passwords or wallet private keys in cloud services or virtual notepads

The best practice is to bookmark sites, never use a Google search to find your exchange website address

Being careful is very important: the underlining blockchain is very secure, you can only lose funds from your own error.

How would you describe yourself as an entrepreneur and what is your underlying motivation to continue building your startups?

For me, it’s about solving problems that are in society using technology.

It’s amazing how technology has evolved and to see it scaling up to solve many problems today.

I always say that it isn’t about changing the world; it’s about making the next person happy.

This is what I have been doing with every company I founded or have ever been a part of. It’s amazing when you see people using the product or service you provide, besides the monetary benefits, making people’s lives easier and happier has always been my motivation as an entrepreneur and engineer. This is what keeps me going: the joy of knowing that someone has one less pain point to worry about.

What’s your advice to anyone who wants to build their dream?

Don’t follow the money when building your business, follow your passion.

Business is dynamic; what is making money today could be a burst tomorrow.

While you chase your dreams, remember you will encounter nightmares. Only those who stay true because they are passionate will make it big.

There is no such thing as an overnight success.

Don’t just work hard, work smart.

Don’t restrict yourself, and always try to learn by asking questions.