The African Creator Economy is one that has continually defied the odds and risen to create a position for itself on the global stage. Creators in Africa are now taking advantage of their skills, knowledge, and various creator-focused platforms to make money off the internet. 

To discuss how this recent trend will influence employment opportunities, Selar hosted a webinar in partnership with Wema Bank on the 29th of September 2023 titled “The Digital Economy and The Future of Work in Africa.”

This webinar aimed to discuss how digital creators are now growing to become employers of labor, and the role of financial institutions in the creator economy at large. 

Speaking at this webinar were top industry leaders, creators, and business executives such as Solomon Ayodele, Head, Technology Innovation – ALAT by WEMA, Yai Haddy, Business Strategist, Benjamin Dada, IT Professional and Media Entrepreneur, Abimbola Olabisi (OA), Content Creator, and Douglas Kendyson (CEO, Selar) who all gathered to discuss The Digital Economy and The Future of Work in Africa. 

Over 2,000 creators and business leaders registered for the webinar to listen to the speakers share their insights and experiences in developing solutions for the creator economy. 

The webinar kicked off with introductions of the various speakers, after which they each shared their unique perspectives on the topic – The Digital Economy and The Future of Work in Africa.

Douglas Kendyson, Founder and CEO of Selar, started the conversation by discussing the recent report released by Selar titled The African Creator Economy and the Future of Work: A Look at Entrepreneurship and Job Creation in the Digital Space in Africa. This report shows how digital creators are growing to become employees of labor, and are hiring staff to work with them. 

He also explained how Selar plays a significant role in supporting creators to reach bigger audiences and collect payments smoothly. In his words “Selar plays a big role in this because one of the things that is important to us is making it easy for more people to reach a bigger audience and a lot of creators on our platform sell faster, reach a bigger audience, and collect their payments smoothly.” 

He went further to share the growth trajectory of the industry and how Selar has grown alongside it. “In 2016-2017, our largest selling category was music. However, with the rise of streaming services, music sales declined, and creators had to explore other avenues to sell their products. Some artists started selling merchandise, tickets to events, and even digital products like ebooks.

There has also been a significant increase in coaching services, especially since the onset of COVID-19, and events have transitioned from physical to digital formats. 

Selar’s total sales revenue has seen substantial growth. In 2017-2018, it was around 6 million Naira. By 2019, it reached 100 million Naira, and in 2020, it crossed the 1 billion Naira mark. In 2022, it nearly reached 2 billion Naira. 

This growth reflects not only the expanding market but also our ability to reach more creators. The creative industry is thriving, and African and Nigerian creators are seizing the opportunities it offers,” he said. 

Benjamin Dada, IT Professional and Media Entrepreneur, shared his experience working in the media industry over the years and the growing trend of collaboration he has seen among creators and businesses. 

“Everybody is now empowered to be a creator. If you’re a traditional media player, benefiting from Web 1.0 where the media party is the only producer of content, with Web 2.0, everyone can now create content. And this has empowered a lot of people to become creators.

Even better, the tools and infrastructure required to create content whether written, YouTube, or audiovisual is becoming more affordable and accessible. With this, everyone can now get into content creation.”

He further spoke about collaboration between creators and businesses and how it influences the digital economy and provides more growth opportunities. “Collaborations provide access to another creator’s audience segment. It also leads to a synergy where both collaborators bring their audiences together leading to a more significant impact. 

For companies, Collaboration benefits both parties and can benefit the economy by stimulating growth and innovation. It sets an example for others, showcasing what’s possible when organizations come together to create something unique.

However, it’s essential to clarify the distinction between partnerships and sales. Collaboration means two parties coming together with their unique value propositions to create something greater and reach a broader audience. It’s a mutually beneficial arrangement where both parties contribute to the success of the venture.

On the other hand, sales involve one party purchasing a service or product from another. It’s a transaction rather than a collaboration. Brands can certainly partner, but it can be more complex due to bureaucratic hierarchies and the need for approvals. In contrast, individuals often have more flexibility to collaborate directly,” he said. 

Abimbola Olabisi (OA), a Content Creator followed up the conversation by giving his perspectives as a creator and benefactor of the Creator Economy. He confirmed that creators are now becoming employers, which is a result of the growing nature of the economy. In his words, “The creator economy is evolving, and creators are increasingly providing job opportunities for others. As a content creator, I can attest to this transformation. When you start your journey, it’s often a one-person show, perhaps using your phone and basic equipment. However, as demand for your content grows, so does the need to improve its quality.

The creator economy is a collaborative ecosystem where creators often form teams. This way, they can maintain the quality of their work and expand their reach. So, it’s not just about creating content but also about managing the production process effectively.”

Since the conversation also involved the role of financial institutions in the creator economy, Abimbola also shared his experience receiving money for his creativity. In his words, “The entire process is hectic.”

He went further to cite an example where due to the challenges of cross-border payments in Nigeria, he had to resort to using cryptocurrency to make payments to a creator in Europe. He reiterated that financial institutions can help creators receive and send money by making cross-border transactions easier. 

“I believe one significant area where financial institutions can contribute is by simplifying transactions in and out of Nigeria. Facilitating payments for services and allowing creators to receive payments more seamlessly would be a great step forward. 

The creator economy might not rival industries like oil or agriculture in scale, but it has its unique importance, especially when it comes to foreign currency inflow, which can contribute positively to the country’s financial landscape.” Abimbola said. 

Being the only person representing the banking industry, Solomon Ayodele, Head, of Technology Innovation – ALAT by WEMA followed up the conversation by sharing various strategies put in place by banks to help solve the problem of cross-border payment, albeit a long-standing challenge. 

“Financial institutions are beginning to realize the robustness of the creator economy. 

I actively started banking about nine years ago and in those days when we spoke about the guys creating content, bank executives weren’t paying attention. 

Now, we’ve seen that a lot of banks are beginning to create portfolios and product pipelines around the creator economy. The bank is heavily invested in that space. For example, you see a lot of banks investing in escrow solutions and enabling cross-border payments.

Because we have now seen that the creator economy is beginning to help with this. You’d see that in the coming days, banks will begin to offer creators facilities because they know how much inflow comes into the account.”

Solomon further explained the situation by saying “Regulation will always run after innovation.

It is worth noting that traditional banks are starting to recognize the potential of the creator economy and are keen to tap into this lucrative space. They aim to create products that are independent of traditional banking services. This approach emphasizes innovation and technology adoption. In essence, banks are on the lookout for innovative solutions that can address local challenges effectively.

He finally addressed the major challenge of cross-border payments by saying that banks and other financial institutions were creating innovative solutions to solve the problem. “I share the same frustration as OA and understand the struggles banks face in dealing with regulators regarding cross-border payments. 

Some of us see potential solutions, such as my innovation team at the bank, which is working on a blockchain-based product to facilitate cross-border payments. This technology is the way forward, as digital currencies are here to stay, and it’s the only sustainable way for people like OA to conduct transactions,” he said. 

Yai Haddy, a Business Strategist and Content Creator added to the conversation by highlighting how creators can be consistent with their content, as consistency brings results. “Regardless of your niche, try focusing on three or four core topics. 

Whenever I plan to write, I don’t limit myself to short-form content; instead, I create long-form content by opening a Google Doc and jotting down everything related to a particular topic, spanning multiple pages. This serves as a content repository, allowing me to adapt the material for various formats.

When I revisit this content, I can extract portions for podcast episodes, video scripts, social media posts, and more. It’s an efficient way to repurpose and stay active across different platforms consistently. This approach works well for me, even with a busy schedule.”

She also advised creators to approach their content creation efforts as a business. “I would advise digital creators to approach their ventures as proper businesses, not just digital ones. It’s crucial to think of your content creation process as an assembly line, where your team helps ensure content consistently goes out.

To effectively expand your team, create an operations manual and standard operating procedures (SOPs). These documents will guide new team members, reducing the need for constant supervision. This way, you can concentrate on more strategic aspects of your business.”

Overall, the webinar was an insightful conversation for creators, business owners, and financial institutions at large, as it helped each party to understand how they can contribute to the creator economy and help creators succeed. 

If you missed the webinar, you can catch a replay on our YouTube Channel, and listen to the speakers yourself. 

And if you’re tired of just hearing from others, and would like to take action from what you’ve learned, you can get started by creating a FREE Selar account and hosting your first digital product. 

We’ve got you!