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Eric Asuma: Transforming African stock markets through fintech

Eric Asuma is the CEO Hisa app which he runs alongside other enterprises.

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Thirty-three-year-old Eric Asuma harbours a dream of revolutionizing the stock exchange market to make it simple for anyone to save and invest through the platform. This dream is what pushed him to develop the Hisa app, the first of its kind in the country. Asuma is the CEO of the company which he runs alongside other enterprises. He sat down with CECILIA ASHIOYA and shared his journey to starting the venture and his ambitions for the company.

Eric Asuma credits his entrepreneurial mindset to his entrepreneurial family. From a young age, Asuma was helping his parents run their small businesses back home and this, he believes, is what set him on a path to becoming an entrepreneur despite his childhood ambition of becoming a lawyer.

His journey to founding the Hisa app, a mobile application that allows anyone to invest in fractional shares with minimal amounts both in Kenya and the US, started some years back when he was working at the Nairobi Stock Exchange. While there, he noticed that it was difficult for him to buy shares and that the process was tedious and complicated. He thus decided to do something about it and the idea for Hisa was born.

While he had a picture of what he wanted to build, he still needed to put up proper structures, build a team, and study the industry. It was only in 2020 that he put his plan into action and started building the app. Initially, he was running Hisa alone but as time went by he built a team and actively started to look for partners. Currently, Asuma runs the company with Eric Jackson with whom he also co-founded the Kenyan Wallstreet, a digital media platform that focuses on financial literacy and news. Jackson handles the engineering bit of things together with a team of software engineers spread out across Africa and India.

Once Hisa was ready, Asuma and his partners first officially launched it into the market in December 2021 as a private Beta that run for one year before publicly launching it in November 2022. Hisa also received the regulatory license for fractional investing in Kenyan-US stocks in 2022 making it the first tech company in Africa to receive the license.

They also set out in pursuit of more partnerships. Their efforts paid off. Asuma prides himself on the tremendous growth of the venture and reveals having over 15,000 active investors and more than 200 million customer deposits within a period of one year. As of today, Hisa has a staff of about 16 employees working together to get into a few more markets across East Africa and West Africa, as their key expansion standpoints. By and large, Asuma reveals that he has not experienced a lot of challenges running Hisa. However, there are a few pain points.

“Our business is a highly growing venture and there are things that we need to get right, from customer success to customer care. Our internal team is working hard to make sure the customers’ experience and services are top-notch and we want to make it tech-enabled in the early stages. We might face challenges here and there due to the small workforce but we hope to improve with time,” he reveals.

Despite the few challenges, Hisa has hit some major milestones. For example, the company has been part of a number of programs from Europe-based incubators and accelerators that provide funding as well as mentorship. Moreover, Hisa has raised money from very reputable people. Asuma also celebrates the fact that fractional investing is becoming a reality for most Kenyans.

Hisa allows one to buy a fractional share which is a “slice” of stock that represents a partial share, for as little as $5. US-traded securities including fractional trading, are provided by a regulated partner hence protecting securities customers of its members up to $500,000 (including $250,000 for claims for cash)

“The fractional site bit of it makes it easier for anyone, even the common mwananchi, able to invest in the stock market and build wealth with a very minimal amount (as low as 200 shillings) and in the simplest way possible,” he explains.

Even though Asuma is optimistic about Hisa’s future, he also admits that it is difficult to predict the future of the venture. Nevertheless, he is confident that with the current strategy, Hisa will create enough value for their users, accommodate government bonds, introduce more investment opportunities beyond stock, power a number of organizations to properly invest in services, and possibly build the company to a level where it gets to the global institutional capital from the likes of International Monetary Fund (IMF).

To steer Hisa to the future he foresees, Asuma recognizes the importance of staying relevant to the industry. He physically attends industry tech events and is an active Twitter user where he follows what’s happening in the business world. He also stays up-to-date with international business publications like Bloomberg.

In an era where cyber security issues have threatened online transactions, Asuma assures customers that Hisa has put measures in place to ensure that there is data privacy and that the company does not share customer data with a third party without the users’ consent.

“We require users to use two-factor authentications when placing trades or transactions on the app. Additionally, our systems were tested by security experts before publicly going live as this is a key requirement from partners and regulators,” he explains.

Away from his career, Asuma is a father of one and he takes his fatherhood role seriously. On a typical day, he drops off and picks up his daughter from school, plays with her for one hour, and has dedicated most of the weekends to movie time with her.

Hisa has come with a basket of lessons for Asuma including that there is nothing like overnight success and that growth is a process that needs effort and input. He also emphasizes the importance of having a team as this gives one an opportunity to delegate tasks.

 

 

 

 

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The Festival of Breaking the Fast: Understanding Eid al-Fitr

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As the crescent moon appears in the night sky, marking the end of the ninth month of the Islamic lunar calendar, millions of people around the world transition from a period of deep reflection to one of vibrant celebration. Eid ul-Fitr, often called the “Festival of Breaking the Fast,” is one of the most significant dates in the calendar, representing a harmonious blend of spiritual accomplishment and communal joy.

Why is Eid al-Fitr celebrated?

Eid al-Fitr marks the conclusion of Ramadan, a month-long period where observers fast from dawn until sunset. The celebration is, at its core, a way to show gratitude. After thirty days of practising self-discipline, patience, and increased charity, the festival serves as a reward for the spiritual “marathon” completed during the holy month.

It is also a time to celebrate the revelation of the Quran, which is believed to have begun during the final ten days of Ramadan. By completing the fast, individuals celebrate the strength and willpower they gained, reinforcing their commitment to their values for the year ahead.

The importance of the day

Eid ul-Fitr is far more than just a day off from work or a festive meal; it serves several critical functions:

  • It acts as a bridge between the intense devotion of the previous month and a return to daily life, carrying forward the lessons of empathy and mindfulness.

  • The day begins with a special congregational prayer. This gathering brings together people from all walks of life, emphasising equality and unity within the community.

  • A key pillar of the holiday is Zakat al-Fitr, a mandatory charity given before Eid prayers. This ensures that everyone, regardless of their financial status, can enjoy a festive meal and join the celebration.

What does Eid al-Fitr mean?

While the literal translation is “the feast of breaking the fast,” the deeper meaning of Eid revolves around renewal.

  1. Many view the day as an opportunity to start fresh. It is a traditional time for reconciling differences, forgiving past grievances, and strengthening bonds with family and neighbours.

  2. After experiencing the hunger and thirst of a fast, the “Fitr” (breaking of the fast) takes on a profound meaning. It is a moment to appreciate the necessities of life (food, water, and health) that are often taken for granted.

  3. Beyond the religious context, it is a day defined by hospitality. Homes are opened, special sweets are shared, and children often receive gifts or Eid (money), creating a sense of wonder and belonging that lasts a lifetime. 

Common traditions around the world

While customs vary by region, a few hallmarks remain constant:

  • Wearing new or best-quality clothes to honour the occasion.

  • In many cultures, the holiday is nicknamed the “Sweet Eid” due to the variety of desserts, like sheer khurma or baklava, served to guests.

  • The universal phrase used to wish others well is “Eid Mubarak,” which translates to “Have a blessed Eid.”

In essence, Eid al-Fitr is a beautiful reminder that discipline leads to joy, and that the greatest celebrations are those shared with others.

For more, click HERE to join our WhatsApp channel!

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Feature

The Festival of Breaking the Fast: Understanding Eid al-Fitr

Published

on

As the crescent moon appears in the night sky, marking the end of the ninth month of the Islamic lunar calendar, millions of people around the world transition from a period of deep reflection to one of vibrant celebration. Eid ul-Fitr, often called the “Festival of Breaking the Fast,” is one of the most significant dates in the calendar, representing a harmonious blend of spiritual accomplishment and communal joy.

Why is Eid al-Fitr celebrated?

Eid al-Fitr marks the conclusion of Ramadan, a month-long period where observers fast from dawn until sunset. The celebration is, at its core, a way to show gratitude. After thirty days of practising self-discipline, patience, and increased charity, the festival serves as a reward for the spiritual “marathon” completed during the holy month.

It is also a time to celebrate the revelation of the Quran, which is believed to have begun during the final ten days of Ramadan. By completing the fast, individuals celebrate the strength and willpower they gained, reinforcing their commitment to their values for the year ahead.

The importance of the day

Eid ul-Fitr is far more than just a day off from work or a festive meal; it serves several critical functions:

  • It acts as a bridge between the intense devotion of the previous month and a return to daily life, carrying forward the lessons of empathy and mindfulness.

  • The day begins with a special congregational prayer. This gathering brings together people from all walks of life, emphasising equality and unity within the community.

  • A key pillar of the holiday is Zakat al-Fitr, a mandatory charity given before Eid prayers. This ensures that everyone, regardless of their financial status, can enjoy a festive meal and join the celebration.

What does Eid al-Fitr mean?

While the literal translation is “the feast of breaking the fast,” the deeper meaning of Eid revolves around renewal.

  1. Many view the day as an opportunity to start fresh. It is a traditional time for reconciling differences, forgiving past grievances, and strengthening bonds with family and neighbours.

  2. After experiencing the hunger and thirst of a fast, the “Fitr” (breaking of the fast) takes on a profound meaning. It is a moment to appreciate the necessities of life (food, water, and health) that are often taken for granted.

  3. Beyond the religious context, it is a day defined by hospitality. Homes are opened, special sweets are shared, and children often receive gifts or Eid (money), creating a sense of wonder and belonging that lasts a lifetime. 

Common traditions around the world

While customs vary by region, a few hallmarks remain constant:

  • Wearing new or best-quality clothes to honour the occasion.

  • In many cultures, the holiday is nicknamed the “Sweet Eid” due to the variety of desserts, like sheer khurma or baklava, served to guests.

  • The universal phrase used to wish others well is “Eid Mubarak,” which translates to “Have a blessed Eid.”

In essence, Eid al-Fitr is a beautiful reminder that discipline leads to joy, and that the greatest celebrations are those shared with others.

For more, click HERE to join our WhatsApp channel!

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Living with Parents vs Moving Out Featuring Hoch Muhoro

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Modern times have pushed the narrative of moving out at 20 or 21, and it has largely been embraced. While the parents’ home is seen as a free place you pay for with your mental health, it is a strategic base for many and a point of debate for others.

Let’s explore both sides of this dilemma, using the case of Kenyan creator Hoch Muhoro to anchor the conversation.

Is moving out a strategic sanctuary or stunted growth?

For decades, the metric of success for a young African adult was defined by finishing school, getting a job, and getting your own roof. To stay a day longer was to invite whispers of a failure narrative. However, as the cost of living in cities like Nairobi skyrockets and the digital economy changes how we work, the rules of independence are being rewritten.

Hoch Muhoro redefining narratives

The conversation recently reached a fever pitch following the story of Hoch Muhoro, a  Kenyan digital creator who lives with his mother. To traditionalists, his situation is an anomaly, perhaps even a failure. But to a growing number of digital nomads and strategic savers, Hoch represents a bold counter-narrative.

Hoch argues that his choice isn’t about an inability to provide but about companionship, care, and the rejection of societal timelines that don’t serve the individual. His relationship with his mother, documented with transparency, highlights a shift from dependence to intentional cohabitation.

The argument for moving out

Proponents of moving out early argue that the cold world is the only place where true character is built. There is a unique psychological drive that comes from knowing your next meal depends entirely on your hustle. This survival mode often sparks the creativity and resilience needed to excel in competitive industries.

Living alone offers the freedom to fail, to host, and to explore one’s identity without the background noise of parental expectations or curfews. In many circles, including the dating market, living at home carries a stigma of immaturity that can be hard to shake, regardless of your bank balance.

The argument for staying home

On the flip side, the Hoch Muhoro approach offers benefits that the struggle-to-pay-rent lifestyle cannot match. By eliminating rent, individuals can funnel that capital into investments, equipment for digital creation, or emergency funds.

The isolation of life alone can be brutal. Multigenerational living provides a support system that wards off the loneliness often associated with early adulthood. Living at home also allows adult children to support ageing parents, creating a symbiotic relationship rather than a parasitic one.

Context is necessary

Is it better to move out? The answer is not a yes or no, but a when and why. If staying at home makes you lazy, complacent, and fearful, it is a cage. But if, like Hoch Muhoro, it provides the peace of mind to create and the opportunity to cherish family bonds, then it is a strategic advantage.

Independence isn’t just about having your name on a lease; it’s about the ability to make decisions that best serve your future self. Maybe the most adult thing you can do is ignore the neighbours and stay where you are supported.

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