Staying afloat in an extremely strained economy all of a sudden has come with vibrating shocks in the gearing for an independent long-term journey of sustainable finance experience that both Gen Z and millennial Nigerians find themselves waking up to. Since this pair cannot afford to stay down and undone for long, there is a tendency to draw up a circle that is meant to attract passive income for them whether the Naira gains back its May 2023 pre-inauguration value.

It is all happening through the power of technology of course, where the user gets onboarded in a flash if they were thinking of getting on an app, for instance.

After setting up their marquee or company profile with the appropriate federal institution, developers next move to the tough work and straighten the ropes, which lets the user safely tap into financial liberation, whether on smart mobiles or through a website launched from a desktop the way this line of examples has shown.

1. Carbon Circles

It was always going to be a future of carving out new tracks for their payment and credit infrastructure when Carbon started in June 2012. It has been a dozen years since investment analyst Chijioke Dozie banded with former JP Morgan investment banker as co-founders, and this time, it is the Carbon Circles they have come up with for the benefit of mostly middle-class workers seeking a thick cover to repair the dull edges springing up in their finance. Joining circles is to become part of a digitised monthly contribution otherwise known as Esusu or Ajo.

While onboarding the Gen Z or millennial user, a trained algorithm would station each profile within a circle that matches their financial history. From here, they could be allocated into a duece where at a specific date in a month each participant contributes money that puffs up the group fund.

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One of the benefits drawing everyone in is the attraction of becoming the member who gets first dibs on the collection. If the scenario is a pairing of six people contributing ₦10,000 per month, the first one to execute their claim gets five times, meaning 60k for an arrangement starting from, let us say June to December, and that is good for any plan they have that demands urgent money.

2. Crypto Mining

Even if it turns out to be a game, a growing Telegram community of youthful Nigerians would only have to tell themselves that they have lost nothing and had fun mining cryptocurrencies simply by tapping a screen. Added to the screen tapping, they have to complete tasks, which could take them off Telegram to watch YouTube content, give a like to a social media page or follow a crypto profile.

In Hamster Kombat, the storytelling revolves around a journey up to the C-class suite. The app wants gamers to go from the shaved hamster to the grandmaster CEO of the tier-1 crypto exchange. They do this by buying upgrades, completing quests, inviting friends and becoming the best. This initiative has a roadmap that proposes July 2024 for a Token in-game utility launch.

What the Token is put simply, is the crypto value the gamer must have generated through their history on the platform. This Token ends up becoming physical wealth that can take the shape of the U.S. dollar or the Nigerian Naira. Another design mirroring the Hamster hack is a TapSwap, which is also popular among young people waiting to cash out the most legal way they know.

3. Earthly Spirituality

It is coming back to the base when middle-class workers go for farming as a launching pad from where they can enlist their investment because it is always best to get the Naira working. Not everyone is awake to agri-tech and the opportunity that startups like FarmCrowdy and Thrive Agric can provide to those who dare to bet on them. Both companies present parameters for investors to recoup their funds with extra profits, of course, because that is the point being made.

Farming could be crop-based or livestock – it all depends on the platform and what is available. Final contact with the yields naturally demands time, which could be up to a year. This considers the planting tenure down to the harvesting of crops which also applies when livestock reproduces their young.

There are some risks in this earthly spirituality and exploring the gifts of nature. Sometimes, pest infestations despite any mechanised farming can take hold, while animals nurse diseases.

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4. Genz-Mil Open House

Without the current deficit of 28 million housing units, there probably wouldn’t have been a need for Nigeria’s imitation of Airbnb. It is a fact that local startups run by young Nigerians are offering renters the rare option of paying in bits for an accommodation that has been furnished.

Before now, renters could only pay annually, which automatically translated to more people staying longer in their family homes when they should have been positioning themselves for adulthood. Spleet Africa began operations in January 2018 to challenge this norm preventing youths from attaining their independence. The middle-class renters getting on this proptech can pay in batches when they would have needed to part with millions at a go for a yearly rent.

So, where does the money-making lie? It is for landlords who have empty buildings lying dormant in the upscale ocean-facing districts of the Lagos megacity but also its mainland environs. A landlord listing on Spleet must allocate a commission for the platform and be content with what is left. The win for the previously unoccupied apartment is that its owner has now started to suck into the rewards of their previously unaffordable property. All that has now changed because they are willing to collect monthly rent and everyone wins.

ALSO READ: How close is Lagos to a monthly house rent payment plan?

Ayodele Johnson

Ayodelé is a Lagos-based journalist and the Content and Editorial Coordinator at Meiza. All around the megacity, I am steering diverse lifestyle magazine audiences with ingenious hacks and insights that spur fast, informed decisions in their busy lives.