Eke Urum, founder and CEO of RiseVest Technologies and Hon Lawrence Eze, commissioner of innovation, science and tech.
At a recent gathering in Enugu, Eke Urum, the founder and CEO of RiseVest Technologies, spoke to a room filled with young innovators, urging them to begin with what they have, focus on real problems, and stay committed even when the odds seem stacked against them.
His message was clear. Building a business in Nigeria is tough, but not impossible. And the journey does not require magic. It requires belief, courage to begin, and persistence.
“You don’t need magic,” he said. “You need something you care about, the courage to begin, and the stubbornness to keep going—even when no one believes.”
Urum’s session was more than inspirational. It was a practical message drawn from his own experience. As the founder of a financial technology company that started small and now has over 600,000 users across Nigeria, Kenya, and the United States, his words carried weight.
“Being a great founder isn’t about having everything figured out. It’s about starting anyway,” he said.
Urum reminded the audience that most successful people are not always the most talented. They are simply those who keep moving forward. “Most successful people you admire are not necessarily the most talented. They’re just the ones who wouldn’t stop.”
He urged founders not to dream small because of difficult conditions. Instead, he advised them to set bold goals.
“Nothing is easy,” he said. “So if you’re going to do something hard, why not do something big?”
The success of RiseVest reflects that thinking. What began with fewer than 2,000 users now helps hundreds of thousands of Africans access dollar-based investments as a hedge against inflation. “We’re not just building an app. We’re trying to ensure people can retire comfortably because RiseVest exists,” he said.
Speaking on the role of location in innovation, Urum shared how cities like Boulder, Colorado, though not widely known as global tech hubs, have developed powerful startup ecosystems. Boulder now houses over 600 startups and has raised over $30 billion through Techstars. RiseVest itself is a Techstars-backed company.
“It’s possible to build great things from small places,” he said.
He added that Enugu is central to the dreams of many young people in the South East, and innovation does not need to be imported. It can be grown locally.
But founders cannot do it alone. Urum explained that a strong startup ecosystem needs support from universities, government, and the private sector. He recounted a recent visit to the University of Nigeria, Nsukka, where his nephew studies. He found the environment uninspiring and took personal steps to improve it by funding a cleanup of a student hostel.
“If students learn in a place that doesn’t look like greatness, how will they believe they can be great?” he asked. “Let’s treat our young people like the valued resources they are.”
He commended the Enugu State government for recent efforts to support the tech sector, but said long-term impact would require consistency. “This is a 20-year journey,” he said. “It requires long-term commitment, not just from the government, but from the people who must demand consistency from those in power.”
He also spoke about the importance of talent, saying Enugu has it. He pointed to his own co-founder, who emerged from the first cohort of Andela, a talent development programme. RiseVest has since launched Rise Academy to train new tech professionals. Participants receive a monthly stipend of ₦50,000 to ₦100,000 while learning from experienced engineers. The aim is to build a reliable pipeline of skilled talent, not just to recruit.
On funding, Urum shared the challenges he faced in trying to raise capital in southeastern Nigeria. Many local investors did not understand tech or saw it as risky. “Some simply couldn’t fathom why someone would invest so much in an idea they couldn’t physically touch,” he said.
But he noted that successful ecosystems are built by early believers. He mentioned Paystack, a Nigerian startup that was initially dismissed but was later acquired by Stripe. “Not every founder will succeed, but when you see one building something meaningful, support them. Let them figure it out. Give them the chance.”
He warned investors against trying to control founders. “Young people understand the future better than you do,” he said, referencing TerraHaptix, a startup by two young Nigerians building drones. “Don’t suffocate them with oversight. Just support them and step aside.”
Before ending his talk, Urum passed on one final piece of advice from Y Combinator. “Don’t overthink it. Build what people want.” He said this simple focus had been key to RiseVest’s growth and would help the next wave of startups.
He told the audience that despite the economic challenges, the brain drain, and the volatility in Nigeria, technology gives young people the chance to shape their own future. “You already have what it takes,” he said. “Now, go and build something.”
