We continue with Part II of our interview with the CEO of one of Kenya's most visible web based businesses, Myjobseye.com
Neil Robeiro
Who owns myjobseye.com?
A group of Kenyan Investors owns myJobsEye.com
Your initial business model of selling access to your website jobs database through outlets like cyber cafes was not successful. What do you think the reason was?
I will have to disagree with your statement that selling access to our website was not successful. It is very successful. Over 120 cyber locations all over the country sell our cards.
What is your current strategy for generating revenue?
We generate revenue in several ways
* Charging jobseekers to apply for an unlimited number of jobs for only Ksh 300 a month. Job seekers pay Ksh 300 via a scratch card that is available at most post offices and cyber café across the country.
* Charging employers for end-to-end recruitment consultancy services. Here a recruitment team is assigned to the employer, they understand the employers needs, find ideal candidates, interview the candidates, and forward the best to the employer.
* Charge for Banner advertising on our Home Page. 50,000 visitors come to myJobsEye.com every month.
* Charge employers for other HR related consultancy services
* Provide temporary staffing solutions
* Provide payroll processing solutions
There are other innovative products that are in the development phase and will be launched soon.
Is Myjobseye profitable yet?
As you may be aware, a lot of money was spent in creating brand awareness when we launched. A large percentage of the profits are being used to pay back our loans. So, to answer your question, we break even every month because all excess money goes to service our debt, and repay our investors.
What are your future plans?
To continue to make the job market more transparent, more cost effective and more efficient. To continue to develop innovative products to do this.
Is this a good time to start an online business targeted at the Kenyan market? Please give reasons for your answer.
The biggest barrier to doing business online is the payment gateway. Many e-commerce web sites in Kenya face this problem. If you have a payment gateway, yes, now would be a good time to start if you have all your other ducks in a row - Brand Awareness, Marketing, Redundancy in technology and connectivity and Logistics.
Any other comments/details that you would like your potential clients/customers to know about.
Our great grand children will learn about the "Internet Age" just like we learnt about the industrial revolution in a history class. The Internet is here to stay and is changing every thing. If you are not on the bandwagon, you are already behind the curve. In a few years time the $100 "green" laptop will be in the market, and one will be able to access the Internet via hot spots from everywhere in Kenya. (Can you imagine a matatu full of people with laptops surfing the net?) Once this happens, I foresee the stats in Kenya being similar to those in the US - where 98% of graduates use the internet as their primary mode to get a job, and in Australia where 486 of the top 500 companies use only the internet to recruit.
Anonymous said...
ReplyDeleteI want to comment on what one weekly citizen newspaper splashed in its heading to us on monday 3rd 09 2007.EQUITY BANK COLLAPSING,Was this true or fiction,if later which I believe it is I feel sad to know what harm it can do to this kenyan bank amidst the market competition its facing from other banks.Its unfair and should be condemed by all kenyans who know what this bank has done to kenyans by bringing banking to their doorstep,Citizen editor I wish you would grow up in the way you handle sensitive news,I wish the goverment would protect kenyan company from this kind of glutton editors;
Allow me to raise a few important things that all of us need to know, ask ourselves or respond to. By the way, the newspaper splashed is intended to cause people to panic and hence pull out of the bank, the bank collapses and the people who originated with it begin saying...we told you.
On another note, there is such fear and apprehension doing the rounds in Kenya, you remember the email and sms rumor that the US had said a big earthquake was coming?? Lets not allow ourselves to live in such a way!! Now for some facts
1. Its important to realize that Equity Bank has not just sprung up into existence, its been around since 1984 when it was founded and has grown from then. Its easy for people to talk as though the bank started the other day.....lets realize it has a history. The bank was started by the Chairman, Peter Munga in a small little shack in the back woods of Muranga, a place called Kiriaini. The CEO is an employee and can be sacked or replaced, the success of the bank is dependent on the vision, hardwork and effort of the Founder and Chairman.
2. I talked with a stockbroker a few minutes ago and was told that the reason the bank's shares have been doing as well as they are is because the people who owned millions of shares before Equity was allowed to list on the stock exchange were not allowed to sell off their shares until after three years, the scenario therefore is that there are a lot of shares held by a small number of individuals and cannot sell them and the little shares available are in high demand. Any product whose demand is higher than supply, the price goes up. Thats simple economic logic.
3. There are no government women funds being channeled through Equity, the funds being channeled from their are from the United Nations in recognition of the effort of the bank and its success in micro-finance lending. I don't know about you but the UN does its homework well and I can assure you they would not have touched the bank if it had issues, forget somebody writing and saying that they are a cashier their.....I can generate any email and claim to work for the bank or any other institution for that matter. Just do a check on the internet about fraudulent emails and you will realize what I mean.
4. Remember the email that did the rounds last year about Pesapoint ATMs having fake money... it was claimed to come from a US embassy official incharge of security and fraud, caused alot of panic, people stopped using pesapoint whereas it was all fake. The intention was to affect the business of pesapoint, stop their growth at the benefit of who?? the big banks. I see the same trend in the mail doing the rounds about Equity. Pesapoint was affected badly, they slowed down putting up ATMs and its only now that they are beginning to wake up.
Ask yourself, if Equity was not doing so well, why are the big banks, Stanchart, Barclays etc trying to outdo it? Why are they opening branches in Gikomba, and all the little places they never went to before, why are they hawking there products on the streets? You only respond to genuine threats and seek to outdo real competition.
5. Who said local is bad, it amazes me how we Kenyans have all the negative thinks to say about anything Kenyan, local, indigenous etc and all the praise for the Multi nationals. We need to realize that the board of Equity is made up of people who are very succesful in their own rights, people who are actually running other very succesful corporates, Linus Gitahi is the CEO Nation Media Group, Julius Kipng'etich is the KWS director, Benson Wairegi is the Managing Director/ CEO of British American Insurance.
Tell me, you mean such respectable men would allow their names, reputations and their organizations to be brought down by them not being keen and holding the Bank to the standards it should uphold?
I beg to differ very strongly with the sentiments of the weekly citizen newpaper and would the said directors to come up and stand to be counted if they are genuine. Remember the letter in Parliament was from a Mr. Patel Shah who is a fake entity all together.
Lets be careful what we spread for if newspapers keep splashing such headlines, we will kill an institution people have built. Remember how innocent people and children spent the night in the cold simply because somebody sent a fake email and sms that Nairobi will be wiped out by an earthquake on Thursday last week.
Lets us not drag dirt tribal politics,if you do not know Equity bank is in every corner of the nation Kisumu,Garissa,Malindi,Kisii,Nyeri,Kiambu etc.It has employed all more then 2500 kenyans despite their tribes.Equity bank is bank for the common mwananchi which is Affordable to all kenyans.......
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