The Gokada's Pivot
There is a big rumour around Lagos that Gokada has sacked most of its staff (it is confirmed now). That is expected since with the commercial motorbike passenger ban, business will possibly stall. What is amazing is that Gokada is pivoting to logistics: they have an opportunity there. The only negative now is that the shippers (factories, ecommerce firms, etc) would own the market, as supply of logistics services will be huge; I expect OPay and Max to pivot to the same. With that excessive capacity, logistics will not save these three bike-hailing leaders as they have to cut costs to win businesses since the shippers are not growing that much.
"While much of your report is accurate,” the tweet reads, “we still have money in the bank and are pivoting towards deliveries while this transport ban gets sorted. We were due to make a profit in January before the ban was announced." Fahim Saleh, Gokada CEO via Twitter
But you can also watch Lagos state governor promising not to do what he just did!