So we've been able to come up with um a few initiatives that we want to push, uh moving forward, uh for this quarter, um, for South Africa. So we expect that you know, um. As as as we move forward towards the end of the month, uh, we should see that, you know, this cut growth in South Africa, um, should at least double, uh, moving forward from from from next year. Soum, thi- these are some of the initiatives that we are pushing uh to grow cut in south africa.
so, you know, over the last three months, um, these are some of the things that have been working on. um, in terms of you know where we've seen growth, um. We've been able to grow our ten new daily active uh uh new users. You know we typically used to get around ten or fifteen new users per day.
We are now doing almost a hundred per day. um, That number fluctuates between eighty to a hundred. uh, We now average, you know, around 200 dollars in swap, uh, 200,000 dollars in swap volume. uh, And and you know about 6,000 daily active trading users.
um. uh, We we we are doing well, so you know we just need to up our game when it comes, you know, to cut activation in South Africa. And I believe you know with the initiatives that we are pushing, and you know with the support of uh Will and the leadership team will be able to, you know, deliver on the set goals that we have. So I I I'll take a pose there carry, you know, just just just to hear some feedback on, you know, what what what you think.
So, but that that's that's been um you know a summary of of what we, what what I've been working on for the last three months. And you know the experience um across across the team and the initiatives that we've pushed. uh So um uh you you have two uh important market yeah One is the South Africa yeah uh It's about the card 对吧？ We we we you we issue the card for the sou- South Africa souh We need to promote promote our cars in this country Yeah And another is Nigeria Yeah uh And Nigeria uh we have a bank transfer uh, Bank transfer f- feature in in the Nigeria. So, uh, we promote the bank transfer in in this uh country, yeah.
Yeah, so for so for Nigeria bank transfer, I know we actually deprioritize this um for one reason. um, And and this was a compliance issue. um, So so our our our providing the market today, um, I and P. um, Is actually routing our transactions as as as uh you know gaming and betting transactions.
So, it it when when you do a bomb transforming the market today. um, It comes off as a betting transaction, and you know they providing the market which is space stock. um, Actually it raise this up, uh, one one of the executives that you know we were pushing. um, For for integration in South Africa sits on the board of Facebook and mentioned that you know there's an audit coming up in Q2.
um, And Facebook is going to raise this up to say you know, uh, we are You know, I'm masking our transactions as betting and gaming transactions as opposed to crypto transactions. So, you know, the the way forward from Alvin and Will was that you know until weum, So that out with I and P, and you know mask the transactions correctly, uh, with the correct, you know. merchant ID. um, You know we shoulduh, Put a pose on promoting back transfer in the market, you know, otherwise, um, what what's what we risk doing is um the markets or the central bank of Nigeria.
is going to shut Facebook down, and and and shut us down. uh, Because you know it's it's a violation of the be- o- o- of Facebook, you know PSP license rules. uh, When it comes to you know how how transactions are reported. And and you know we risk um heavy fines in the market, similar to you know what Binance um experience, you know sometime back in Nigeria.
So that is why you know we put oppose on actively pushing back transfer in the market. I know the product team is actively working with IronPay to correct this. But uh we haven't seen any movement um as of as of as of this week. When you do a bank transfer, it's Still comes off as a gaming and betting transaction.
hmm, hmm, OK, so, um, uh, in fact, the the the bank transfer has some uh problem, yeah, so we we can't to pu- push the Promote it very uh yeah, very uh big promotion, yeah, in this in this year. So, how how do you, how how do you to to to promote our product in in in this area? uh, Whi- whi- which feature is the Main feature to this uh to this country. Yeah.
So so in Nigeria, we are now promoting you know swaps and and you know meme trading. um, We we've seen we've seen our volume significantly grow up in Nigeria, you know, as I said we used to do about A hundred, hundred and just. And thousand dollars in in soft volume, we're not seeing up to a high of 250 thousand um dollars um in a day. um, We we have you know some very good products um on on on the meme side, as well as you know pops.
That's that Nigerians you know really trade actively. um, One of the other things that we we have now started pushing as of yesterday is you know prediction markets. um, This is a popular product in Nigeria, you know most Nigerians use polling market. um, So, uh, we now want to start um actively pushing uh prediction markets in Nigeria.
So, you know, with a combination of swaps, meme trading, and prediction markets, you know, we should see some very good traction in Nigeria. uh, Bank transfer remains a very um demanded feature from users, you know users still want um us to work on the bank transfer uh product. um, It's something that you know. Was a unique product for us in the market, but you know, until that is sorted out, we are now pushing um um most of the trading features um in in in the market.
um, RWS are not that popular in the market today, and that is because you know, um, every other exchange is offeri- is offering R RWS. um, So, it's not something that you know, if we push in the market, it's going to be a differentiator for us. But you know, for meme trading and swaps, um, those those those are the two main products that we are pushing, and now with prediction markets, you know, it makes it easy for For users that are not even crypto native or do not have any crypto knowledge for them. you know, uh, to be able to to to to trade, you know, um, in the market.
So those are the three products that we are pushing in Nigeria. In place of you know the bunch of a feature. uh, Yeah, so, um, uh, so, uh, in this in this uh country, in in in Africa, yeah. How is the local.
Regulatory a a attitude toward the prediction market there. um, Yeah, so so so we we have not we have not seen any, we have not seen any any how how can I put it, any any regulatory. uh, Feedback coming from the regulators, um, you know, around prediction markets. um, As I said, you know, polling markets is very popular in in in Nigeria, Ethiopia, Ghana.
um, You won't find, you know, prediction markets being popular in in Kenya or South Africa. um, So, it's it's it's in the gray area. No one is talking about, you know, regulating prediction markets, or the regulator has not said anything about it. So, you know, um, you find that most providers in the market, you know, operate freely.
uh, Because, you know, there's there's nothing that has been mentioned or any regulation that has been put in place. uh, By by by by any of the central banks um in these markets. Pre prediction market in in this area is ok. ve- very actively.
we we we should in in fact in fact we started promoting it yesterday, uh, with the NBA prediction. uh, you know it's it's the company is actually live today, uh, sorry, starts tomorrow 18. um, So, so we we we want to start actively promoting this in the area. OK, uh, got.
So, it it it I think uh it's more uh it it it it's easy to promote than uh like meme coin trading, yeah, because. The the the market is not very good, very, yeah, very good. The the meme coin trading is is down, uh, in in the past. Past three months, yeah.
Yeah. Um, uh, in in in in in in the Nigeria, uh, whi- which which productiction market is the. uh, Popular market, yeah. It's the most popular market.
um, In in in terms in terms of um, in in in in terms of, you know, um, co co co competition, or you talking about um, uh, the the the the kind of product that they promote? uh, I think, uh, um, uh, yeah, uh, I I I want to know what's the use case, yeah? How how how the the use use the prediction market, the use like a Balance, or or or must or meta mask, and and to use the polly market. Yeah.
Yeah, so so you know most most people use prediction market for. Gambling and betting, for for example in the jail, that's that's very popular. um, And and and and and tell you even how popular it is in the market, you know, we have prediction markets where people walk into a physical. Physical store where you know uh people do prediction markets, um, across different gambling, um, we call we call them gambling de- dens.
So you find that you know there's these small small setups that have been done in. Nigeria. uh, People go there, you you know, just just just to see what what is on polling market, uh, um, what what are different prediction sites saying. Not about gambling and betting, so that's that's the most popular use case.
um, You know the the second most popular use case is you know when it comes to um crypto trading, souh, When you find you know users that you know expect um a a certain coin. um, either either to get listed, um, or delisted, for example. um, This this is where they use prediction markets. Those are the two main use cases.
um, For for prediction markets. OK, OK, yeah. And and and I think I think you know what what we started with, for example, the NBA playoffs. uh, uh, is is is is a good start.
uh, You know, um, sit sits around, you know what Nigerians typically Use prediction markets for. OK. uh, Yeah, and I want to uh talk about our uh new um goals in uh Q two. Yeah, we, how do you understand the SOP channel building model?
Yeah, we are pushing. OK, OK. um, So, so we we went through this with um with uh Will. I actually think that you know it's um it's it's it's a good way of us, you know, uh getting care of well on board, uh, because we're able to track Each and every step in terms of you know where where where the kol is.
so, um, we we went through the the entire conversion funnel. um, I think it's a it's it's a good way to run it. uh, We have piloted it with um with the BDs that we have today in the market. um, I think one um it it gives us more structure in terms of you know Tracking tracking performance and tracking um carewells in terms of engage, uh uh sorry, tracking bd's in terms of engaging carewells.
uh, you know, as opposed to previously when You find a BD will tell you, um, I engaged 10 KOLs this week, but we don't know whether you know, have they rejected our proposal? um, As has the KOL come back, you know, with a counter proposal? uh, You know, have we got any feedback? um, So, you know that that that conversion funnel helps us understand you know each and every step of where um of where of where of where the care well, of of where the care well is.
um, I think I think the the the the the main the main the main thing is you know, as as getting this care well leads. um. Is is is the main step, you know, for us to communicate to be these. So, you know, we need to get, for example, 800 leads for us to convert thirty percent of them.
So, if we If we are looking at you know getting um say 100 uh high value care wells. uh, The way to look at it, and and the way we have communicated to care wells is you know you get, you need to get a pool of 700 800 care wells. Because uh when you look at the final at some points, you knowum, Some of these leads are going to drop off. You know, they'll either reject our proposal, um, they'll either be too expensive.
So, you know, at each and every step of the funnel, um,There's there's a drop off. um, So that's that's a way we are communicating to care wells that sorry to be these that when you are reaching out to these care wells, um, when you're feeling, uh, we now have a new CRM system. and we're telling themum, Fill in, you know, each and every potential lead that is a care well, as opposed you know, to you looking at someone that you want to close, or you think this is the best fit so. uh, Get 800 leads, and then from these 800 leads, um, you know, have a working system that you know, um, I have gotten feedback from 80 percent of them.
Out of eighty percent of them, thirty percent came back with a counter proposal, and have been able to engage, and you know, close uh twenty percent of them. So, you know, it's it's it's a very good way of us You know, even assessing performance of BD's, um, in terms of, you know, how they do care well engagement and affiliate enga- a- a- engagements. OK, OK, um, yeah, um, I I exp, uh, yeah, I explain uh why we do this, yeah, uh, in in the past. uh, When we promote uh new product, yeah, we we give some budget, and and we we will to search the KOLs, and in a very short time, yeah, only one or two weeks, yeah.
And usually we don't have so many so many choice. Yeah, uh, and um I I think it's not very uh good good way. uh, So, we we we we want to do the the channel building, at at the at the daily, yeah, daily things, yeah. We we we we we need to build a very strong networks, yeah.
uh, So, uh, how many part time businesses do you have? So so we have three part time videos today, um, in the markets. We need to, so two are based in Asia, one is based in South Africa. uh, We need to replace the one in South Africa, uh, due to performance.
um, And we need to get at least two more BD's um in South Africa. So the team will have around, you know, two BD's um in Nigeria, but you know they areum, Focus on the entire region, not just Nigeria. um, You know, they, surprisingly, they are based in Nigeria, but they are getting more care wells than the the than the BD based in South Africa himself. Soum, We we we need to replace the one in South Africa, and in total we are looking at, you know we will have around five b, five five part time bds.
5 part time bds. Yeah, yes. Yeah, I, I, I think we need a a very very uh efficiently SOP to do this. Yeah, we can scale more business, and if they don't have any performance, we can fire it out.
Yeah. So, ok, I I I I think it's a, it's very very important thing, and and how, wha- um, uh, how how how di- did you to get the Need sourcing, yeah. um, OK, so so uh this is for K K K, KOL lead sourcing or BD lead sourcing. um, True True, ha, yeah, KOL lead sourcing and BD lead sourcing is the, is both both very important.
Yeah, so so, um, for for say, KOL lead sourcing, um, we we work with um different BDs or KOLs, uh, that that have been with other exchanges before. um, They do referrals for us, but you know we've seen that, um, that that that uh takes quite some time for us to scale. Because for example, the target for Africa is to get 300 you know KWL leads. uh,um, In the market today, and thi- and these are high high quality leads.
The actual target is, um, you know we spoke with will get 800 uh leads for a start, and then you know obviously some will drop off. So what we're doing is we are working with the exchange site. um, And I know the exchange team has about um 200 class care walls across Africa. um, They're going to share that list with us.
um, So you know it makes it easy for us, you know, to get care walls. um, The new marketing manager, uh, that came on board, and the way you know, uh, for the part time videos that we also engage, the one thing that we ask them is, you know, for you to Common board as a part time bd. and even for the marketing manager was, do you have a network of care wells that you know we can leverage? and you know the current marketing manager uh you knowum, Has a pool of around 300 KLWs.
um, That's that she w- she used to work with um when she was an affiliate manager at Binance. So we already have a list of, you know, when when you look at our target for For for care wells and lead sourcing, uh, we we were API for this quarter, because uh she already has a list of 300 umUm, care well leads. uh, We are getting another 200 uh from the exchange site. And you know the bds are actively working on leads um on a daily basis.
um, In terms of, you know, bd bd leads um. uh, or bd sourcing. you know we we we usually um depend on referral. so, uh, within the team, uh, of of part time bd's, we ask them you know to refer.
Other videos that they know have worked with that exchanges. um, And you know either have um high volumes that to them, or you know have done um either web three events, or you know have a network of carewales. Um, across multiple countries. So, this is the way that you know, we source for BD and care roles.
Yeah, uh, OK, um, I I think it's very important, um, it's uh we we worked closely, uh, about the how to how to get the conversation. um, Become higher, yeah. Because uh uh I think if you have any uh question or any, uh, you need any support. Yeah, you can, you can you can say it directly.
uh, I I want to. um, Focus on this one, these things. Yeah, I I will want to hmm build a very, uh, invasion model. Yeah, to to do this, yeah.
And um yeah, I think it's uh you not fight it alone, yeah. Now, our team, yeah, our team will support you. So, if you have any any any things, yeah, about this, uh you need a hmm like a More efficiently tools, uh CRM, or an any other uh support. Yeah, and like some uh promote, yeah, but.
Now, or or pop pop up, yeah. Yes. Yeah yeah, picture, yeah. Yeah, you you you it's bo- both OK.
Uh, you you can you can you can you can say it directly, anduh, We want to move quickly to support you. Yeah. So, it it's it's our very very important things in in this quarter. Yeah, we want to say If we can um build a strong network, yeah?
Did we, do we, yeah, um, have a very very biguh, Growth in this in this earth. Yeah, I think I think I think I think one of the things that, uh, so so two things, one one one of the things that, uh,um, For example, in South Africa, uh, we want to do. and we have a call later with uh will and team to discuss this. um, Is you know we want to come up with an ambassador program, you know similar to what Binance Angels.
is. um, And you know, uh, finance has been able to grow the finance angel program, you know, strictly uh through through what you're talking about, you know, uh almost like an imaginary program. Where they do not even pay these angels. um, These are volunteers that actually push for finance in these markets.
uh, You know the expectation for for from them is thatuh, You know, at some points, maybe binaries will give them a part time job, or they'll be engaged on a full time basis. But you know, they're not even paid the same way affiliates are paid. So, we want to be able to build the same thing through an ambassador program. And we are piloting this in South Africa, where you know, we we will reach out to different university students for an ambassador program.
uh, We want to run our referral program through these university students, you know telling them you know. We have big yet volunteer. uh, They offer a card, and you know you you even get an incentive, you know we have a referral incentive. uh, And you know drive this through different campuses and different cities in South Africa.
um, see how we pilot that, um, and then expand that into uh you know different markets. If we for example do that in Nigeria today, we are a hundred percent confident, you know. We would easily have 100 200 ambassadors in the market within a month. uh, But you know we want to put the focus fast in South Africa, because you know we have we have a car activation target that we need to meet.
um, And then you know expand that to other markets. um, You know the second thing is you know when you're looking at um driving more leads or getting more leads as opposed to you know to what we're doing today. uh, When when som- som- som- something that you know I've seen other exchanges do, is they reach out to, you know we have marketing uh agencies in the markets today across Africa. And you know they have a list of care wells affiliates that they work with.
um, So you know, if we reach out to them, uh, the the the only downside is you know. um, I I'm not sure whether they'll come off cheap, but you know. They already have at least of networks of care well that they work with across different markets. So, it's only for us to reach, and you know get get a quotation or a propo- or a proposal for them.
And you know we easily be the network of 300, 400, 500 care well leads um across different markets. OK, uh, I have a a question about the South Africa, yeah. So, in our South Africa, why do users need a credit card? What do they mainly used it for?
What problem hmm does it solve? Yeah. Yeah, so so for South Africa one, they have a currency inflation issue, um, in the market today. So you find that most users want to holds um um either crypto or they want to hold USB in the market.
um, Across across their their their portfolio, so that you you you know you find the difference um crypto holders or web two web web two point five users. uh, You know uh hold USD or crypto. uh, Due to currency volatility, um, that is one, and you know they they they want they want to be able to spend in the market is, they do not want to spend in local currency. they want to be able to have a crypto card.
uh, Where where they get benefits, uh, and they get spend you know using a USD backed in in in nominated card. um, That that that is one. um, The second thing is you know, um, in the market, especially for the crypto holders, uh, South Africa is a is an affluent market today. You know, it's not like other African countries.
uh, They they they they are considered you know a high income country compared to other African market. So, the crypto holders that you have in South Africa are affluent and VIP level crypto holders. They are not you know your typical student in Nigeria that you know is is playing around with crypto, uh, you know trying to make a few bucks um from crypto. These are high network, you know, individuals that you know, whole crypto, um, for for for for either um investment purposes.
uh, You know, or or as part of their portfolio, and you know they want to spend their crypto either um on travel, um, or on their day to day use. So, um, and the way to do this is they do not want to move Their funds from crypto to a fiat, you know, um currency, which is already volatile in the market today. uh, One of the main problems that we've seen uh for for for this card that we have launched isum, They are very, it it's it's very hard in South Africa for you to um you know on-ramp from Fiat to to crypto, and and you know off-ramp from crypto to Fiat. uh, The fees are are very.
high, or you know, uh, the providers in the market simply um, um have a broken um channel to them. So, uh, for example, we have We are now on our third, I think, provider in the market, which is Bunksa. uh, We we had swapped, uh, which which we we which we changed to Bunksa. And you know a few uh a few issues um here and there, uh, uh, with with the different banks.
So for exampleum, The most popular banks in South Africa, FNB, Absa, uh, in the market today. And you know using banks are when you on-ramp um onto Bitget wallet, uh, the transaction um uh goes through um on the bank side. But it is not received on our end. um, So, funds are, you know, deducted on on on the bank side, but you know the customer does not receive the fund in the wallet.
So, you know, these are some of the things that you know, these users are telling us, you know, we, I do not want to move my crypto. You know, to to fiat to be able to spend it. So, give me a card for me to be able to spend this on a daily basis. So, these are some of the use cases you know that that south africans use.
I'm a a very good example is you know one of our competitorsum, Is is giving a crypto gift card uh for users to be able to buy gas at fuel stations. um, That's the only use case for them, they, uh, you know that they have, they are not even You know, piloting or or or expanding into other use cases. So, users um you know get a one time uh crypto card, they go buy fuel, and you know that's it. The next time they want to do it, they generate another You know it's a one time crypto card.
So, um, it's for everyday payments at groceries, merchants at different merchants, um, as well as you know, um, being able, you know, to hold. Uh funds, um, at at a card and be able to spend that, uh, you know, either at, uh, global merchants, for example, online payments, and you know we we've not been able to solve for that. um, Something that you know users have been asking for for the for the 64 users that we have bo- on boarded, you know they keep asking us. um, Why can't I use my crypto card to pay for Netflix, Spotify or Amazon?
uh, You know, and it, uh, I know this is an issue coming from Immusive. But it is a use case that you know these users wants uh to be able to be solved for them. So, you you said that it the the the main problem is that the massive cards. Can can't support that flex, yeah.
It it it yeah, it it doesn't support mainly online payments, and this is in no form. um, Netflix, um, Apple, uh, Amazon, yeah. And Spotify. OK, the, hmm, the, the, s-, bo-, the online payment both both don't support it.
Yeah, they don't. Yeah, so so so so there there there are few merchants that are supported. uh, We we we tested this out. um, But you know the main ones which are Netflix, Spotify, Apple are not supported.
OK, OK, uh, it's a very big problem, yeah. They use the the the the the the the the u card to to solve the hmm maybe the USD. uh, Yeah, payments, yeah, but but but but we don't support. For for my Netflix account and my Spotify accounts, and even Amazon Prime account, I use a I use a virtual card.
um, You know that is provided by by by by by um there's a certain PSP that gives us, you know, a virtual USB card. um, And the reason is many Africans do not want to tie Or make online payments using their bank debit card, and this is because of fraud. uh, You know, as as you know, um, africans have been hit with, you know, um, someone gets your bank details uh from you using your Your cut online, so they prefer to use virtual cards that are not tied, you know, to their bank accounts. And and it's uh all of us do.
that, um you know, across Africa, where I have a I have a virtual account that is not tied toum, To any of my bank accounts, it's a prepaid account. I load it, and you know it's automatically uh debited when you know Netflix or Spotify is due. So it's something that we need to solve. Before we even think about expanding into other markets.
OK, got it. I I think it's a very important uh things we need to push it, yeah, to solve this problem. Yeah, if if it can. Pay the online pay online USD payment.
Yeah, it's a very um very important, yeah, important scenario scenario, yeah, to to to do this, OK? And um yeah, um oh wha- what's what's had been the most? um, yeah, uh, you're you're you're most. Important p- pro- pro- pro- priority, yeah, in in this quarter.
um, For quarter one or quarter two moving forward. Qua- qu- quite two, quite two. So so so, the the most important priority for quarter two is uh you know, getting getting South Africa up and running, um, in terms ofuh, One, you know we need to get beta testers, 200 beta testers by the end of uh by the end of April. um, So, uh, we discuss this with Will, whether I, whether I will need to be in South Africa.
uh, For for one or two weeks, you know, to be able to drive growth. um, This is my most important um objective for this quarter, because you know that The i-, the objective is to get 10,000 card active users in South Africa by the end of the quarter. So that's that's the most important priority for me in the market um or across Africa today. um, It takes up, you know, um, I will say eighty percent of my time, you know, uh, or seventy percent of my time focusing on South Africa, and what growth initiatives we can push, you know.
to get to 10,000 active card users. um, I I told Will, and and you know I'll say this again, I you know I want to beat the Argentina card numbers. um, You know we are almost similar markets, you know Argentina also faces Yeah, it, um, currently cur- currency inflation. I know if if Argentina is able to build on card numbers, we should be able to do the same.
um, So that's my most important priority. um, You know the second thing is on optimizing our channel expansion. You know with the new um SOPs that we've come up with, uh, you know, for for affiliates and care well, um, you know, uh, onboarding. uh, You know from all all all the way from CareWell engagement until you know we close.
um, We we close that that deal with the CareWell. This is something that I want the BDs to get clear. um, And to get familiar with, they need to do it faithfully on a daily basis, you know, until until it becomes, you know, something that automatic au- automatically comes to them, you know, getting these SOPs on top of mind. As opposed you know to doing it on on on a reminder basis.
um, So you know, channel expansion, getting at least 300 care wells on board, and then looking at the funnel, uh, ensuring that you know we are tracking each and every step. Of where this care of wealth that we have engaged are are you know from, as they said from engaging them all the way until conversion. So that you know we are able to see at what points uh do we get a bottleneck. uh, When we think about, you know, getting these care wells on board.
um, So, you know, these these are the two top priorities for me. um. And that of course, that that the last one with the help of you know, we now have a new marketing manager, is you know to drive new user growth. um, Whether this is on the trading side or payfai side.
uh, You know, either through campaigns, branding, you know offline events and merchandise. uh, You know, with the support of the marketing manager. At least, you know, there's a bit of support on go, um, that, on on on that side. But you know, getting getting South Africa up and running to 10,000 contact users by the end of the quarter.
And you know, channel expansion and ensuring that these SOPs um are are there to by the BD team. OK, got it. Yeah, and um uh so, um. uh, Wha- what are the biggest bottlenecks right now in the South Africa?
uh, The the the cut issue, yeah. Yeah, so so for South Africa, the biggest bottleneck is actually um a channel expansion issue, and this is just because of the way the market is set. um, You know. When when, as as I mentioned, when you look at the way we drive growth, um, we typically do this through China expansion.
You know, uh, we already have a playbook where we know, uh, we get high performers, part time BD. um, This part time videos um typically drive channel expansion through affiliates, care wells and community driven, you know initiatives. um, But what we've faced in the market as a bottleneck is we have very expensive care wells. uh, You know, as I mentioned we have a care well uh called Gray BTC.
I, you know asking for 5,000 dollars just to do one post. And you know this post may get you know um 300,000 views, but you know it does not translate into conversion or or users. um, The other thing is, you know, um. We have carewales or affiliates that do not want to get, uh, you know, their compensation tied to targets.
uh, You know, which makes it difficult to work with them, because you know the way we measure performance is you know how many referrals as a care well done. um, Or you know what kind of volume have have have have they brought? So, if a care well does not want, you know their compensation to get tied on on on card or number or number of card activations or card deferrals. uh, You know they typically de- demand for upfront payments.
um, That that is not tied to any any any performance targets. It makes it difficult, you know, to work with these care wells becauseum, It means that you know we will end up spending you know 30 thousand dollars on three four k awards, and you know basically get no returns. and you know I have to go back and answer to Will and Alvin. You know, where did th- thirty thousand dollars go without without any growth?
um, And then, you know, the other challenge that we have is, um, South Africa is is a very individual driven market, as opposed to Nigeria where you find we have many web three uh communities. or Kenya, for example, you find Solana communities, Suie communities, um,uh, In in in in South Africa, you don't find these communities. Web three communities are very very small. And you know, uh, for you to get into these communities and even do a promotion.
um, It's, you know, the amounts that they asking us are also upset. As they mentioned, you know, 15,000 dollars, you know, just just just just for you to get community access of 170 members. um, So you know, it it's become difficult for us, you know, for us to find where this web3 um communities or individuals are. um, You know, surprisingly, we even have 250 Daily active users in South Africa, that that you know, um, either do swaps or pops uh trading in South Africa today.
So what what we've done is we came up with um up notifications and You know, um, pop up banners, uh, where we tell them, you know, you you're a south african, you know, using our trading products today. Do you know that we have launch a new card in the market today? And the conversion has been has been quite slow, so, um, and and you know this is typical of the South African market where, um,They typically take longer to respond. um, They they are bit result compared you know to other African markets.
You know, they typically don't engage in community. uh, And you know they are bit expensive and affluent. um, So, if they do not see use of a particular product, uh, no matter how much you push it, uh, you know they they they will not, you you know they they will not take it up. um, So, this these are some of the challenges that we face in the market, and that is why you know we have resulted to using web two web two point five k l w s.
You know these are k l w s that typically have done for x. uh, Or tech care wells. uh, You know that I work with fintech. uh, That you know are much cheaper, uh, and you know are ready to work with performance based targets.
And you know we are now relying on you know uh BD in other countries that have a network ofum, Where three users and care wells in the market for us to gain traction. um, And then you know we want you know to be able you know to partner with um different different um organizers and communities that we've reached out to. To do offline events, uh, you know, for us people, you know, to reach these audiences that we want to target for for for for account. OK, got it.
咳。And um hmm yeah, uh, wha- wha- wha- um, do you have any um. uh, Oh, hmm, let me say, what support do you need most for this quarter? um, I think I think I think the support needed would be. uh, You know we we we have shared with Will the different challenges that we've experienced in South Africa.
um, The the support would need is in terms of you know, um, creating awareness in the market, because it it may require us doing a bit of branding, merchandize and offline events. um, In South Africa, for us to gain traction, uh, we want to do promoted ads, for example, um, to reach out to potential care uh potential care wells. uh, We we are thinking about, you know, the brand ambassador program that I talked about. uh, doing um um outreach events in different universities to on board ambassadors that will drive referrals for us.
um, so if we can get support on that end, uh, you know that's that's the main point. um, I I think I think everything else, um, we we get a lot of support from the product team. uh, You know when we request for in app notifications, uh, for campaigns or for banners, you know we get a lot of support fromuh, The p m m and mi middle of his team. So so it it will mainly be centered around you know supporting South Africa, um, around you know, uh, can we do online?
uh, Events, aims offline events, for example, uh, for us to run ambassador program that we've come up with. um, You know, um, can we do um branding and merchandize? um, As well as, as well as you know marketing campaigns in the market, uh, to be able, you know, to drive, you know, top of mind awareness, uh, for the different audiences that we are not able to reach out to directly. OK, got it.
uh, Do do you have do you have any um suggestion uh for me? um, I think I think I think that the only thing would be uh for the for the conversion funnel, um, the SOPs, uh, you know, uh, I I know this is a bigum, This is a big initiative and big objective for us this this quarter. um, I I I would, I I would say you know, um, if we are able to think aboutum, Other ways of reaching out to this care well, as they mentioned in Africa, for example, we have. I know, performance marketing agencies, you know that have a pool of care wells across different markets.
um, Is this something that you know maybe we could explore? um, Maybe something that maybe you you you could help look into in terms of. um, I I know it's not something that we've done before working with agencies to get care wells. uh, But it's something that is very popular in Africa.
You know, if you want to get 100 care wells um in Nigeria and Kenya today, the easiest way to do it is go to a performance marketing agency. um, And ask them, you know, I know that you've worked with different care wells and affiliates before. Give me uh you know, uh 100 or 20 or 30 of your best performing care wells. And you know they'll easily get this for us, as opposed to, you know, to the route where you know we have a lot of dependency on BDs for them to on board KVLS.
I think that's that's the only suggestion. um, That that that I have from, and this is you know from a mar- market perspective in Africa. OK, so you you suggest that we we we we we need to Cooperate with the agency, yeah, to to do this. Yeah, you you can, you they can can can improve our performance in this uh final, yeah.
Yes. OK, OK, got it. I will I will discuss with with uh Will and Jackie. Do you do you have a talk with um our s- new CMO Jackie?
Yes, yes, yes, we did. um, And you know, Jackie actually sits in. We have a weekly South Africa call. um, And we get a lot of input, you know, from Jackie.
um. um, He's actually shared shared very good insights. You know he's worked with little pain in South Africa before. um, So he gives us very good insights during our weekly call.
So, um, a a a lot of support, you know, from a marketing perspective on What what works and what doesn't work? OK, OK, uh, I will I will discuss with him. OK, um, uh, it it's a very very very uh happy talk with you, and may maybe um after one month later, I will uh book another one-on-one meeting. With you and to to uh yeah, to to uh talk about the the the final, the the QL, the the the network, yeah, and the sop.
uh, Channel network, yeah. OK, and thank you thank you, yeah. uh, I wish you have a have a have a great day, yeah. um, Some very good numbers from uh South Africa in terms of cat activation.
So, we will do it before we have our next call. Yeah, yeah, yeah, I, I, I, I, I'm sure. OK, bye bye bye. Thank you, thank you guys.
Thank you, thank you, bye.
