The Nation Newspaper

Category: e-Business

  • Man wins car in Uber promo

    Mr Sunday Etuk has won a brand new car at a promo organised by Uber Nigeria, a leading technology driven transport outfit.

    The competition known as uberFREEKICK campaign attracted scores of participants in the Federal Capital Territory.

    The presentation of the vehicle to the lucky winner was conducted at the Uber Greenlight Hub in the  city.

    The driver-partner, Etuk, who was represented by a close friend expressed surprise and gratitude to the management of Uber Nigeria.

    In a statement endorsed by the Public Affairs Manager, Francesca Uriri, Mr Etuk was quoted as saying: “I’ve just concluded the mandatory National Youth Corps Service (NYSC) programme and decided to take advantage of the opportunities presented by being an Uber driver-partner.

    “I was consistent it and I’m glad it paid off. Winning a brand new car gives me the option of maximising my earnings on the Uber platform, and will ensure that my riders are very comfortable.”

    The statement also quoted Driver Operations Manager for Nigeria, Mr Osi Oguah, as saying: “The month-long competition was open to all driver-partners with active accounts in Abuja.

    “A brand new car was also presented to a driver-partner in Lagos last week. The winner of the uberFREEKICK competition needed to complete 40 trips per week in Lagos or Abuja during the competition period, in addition to meeting other criteria.

    “We are glad to see that consistent and committed driver-partners were impacted positively by the competition”.

    General Manager West Africa, Uber, Lola Kassim, said: “Our unique brand proposition at Uber is that we are committed to creating business and economic opportunities, especially for driver-partners.

    “We value our driver community and are always looking at ways in which we can make their experience more memorable on Uber. We’re excited to continue stimulating growth across a broad range of sectors within the socio-economic space.”

  • Customer drags Samsung to SON over warranty

    A customer of Samsung Electronics, Dan Aibangbe, has written a petition to the Standards Organisation of Nigeria (SON) and the Consumer Protection Council (CPC) over a product he bought from the South Korea original equipment manufacturer (OEM).

    The petition dated July 24, was on a product, Samsung Galaxy J7 Prime 351692/09/348434/2, he bought from Lummy Communications.

    “Incidentally, the product developed a major fault, i.e blank out completely within a short period of three and half months.

    “This incident occurred very early within the two- year warranty period offered as part of the sale condition and I returned same to Samsung Channel Partner who examined it and advised that I take the product straight to Samsung Service Centre to avoid delay.

    “On the same day as advised, I took the product to Samsung Service Centre where it was received with receipt number 0004453 on warranty condition.

    “However, to my disbelief, I was called over the phone  the next day by one Tayo, Samsung Regional Manager on 08129459001, 012341701. He  told me that liquid was found inside the phone and that I am required to pay N41, 500 to repair the defective part,” the petition read in part.

    He said throughout the period he used the phone, it did not come in contact with water or any other liquid. He said  the  phone was not opened in his presence and therefore, doubted the veracity of Samsung’s claims.

    “Therefore, I appeal to you to use your office to properly advice as to my right as a consumer and as well assist me in redressing the situation, bearing in mind that this device is a major tool of my trade. I bought the phone despite its relative high cost based on my belief about its high quality and promised durability.

    “I cannot afford lengthy delay in a repair or replacement. Already, the device has been in Samsung’s possession for over four weeks with no favourable response. As a result, I have lost uncountable business calls and usual opportunities, which by my calculation, amounted to over N20 million.

    “I am convinced that the action of Samsung is a deliberate attempt to void the device’s warranty and compel me to pay for the repairs. This is evidently what Nigerians go through in the hands of Samsung on a regular basis.

    “It is beyond argument that Samsung deliberately flouts the laws of the land in order to keep exploiting and extorting money from Nigerians, whereas it cannot do the same in its mother country or in Europe and America,” Aibangbe said.

    He urged the regulator to investigate the likelihood of Samsung ripping off Nigerians through the distribution and sale of sub- standard models of their device offering, adding that the number of people he met with similar complains on the day of his visit to Samsung was massive.

    Efforts to get the reaction of Samsung proved futile as calls to its Managing Director, Bravo Kim, fell through while the email that was sent to him failed to deliver.

  • CPC: feedbackhall.com ‘ll promote consumer protection

    Consumer Protection Council (CPC) Director-General, Babatunde Irukera, has said the technology-driven platform – www.feedbackhall.com- will enable the council to carry out its core mandate of consumer protection.

    Speaking during the public presentation of platform in Lagos at the weekend, he said the initiative will go a long way to strengthen the right of consumers and shorten the cycle of getting redress should the need arise.

    “Creating a hub for consumer will really help our work at CPC; it is an initiative that aligns with our core mandate to protect the Nigerian consumers. Reviews from this web will be part of working instrument for us,” Itukera said, adding that the website gives a voice to consumers’ complaints.

    Its founder, Dr. Chiugo Kanu, said the consumers’opinion web  provides platform for consumers to share real life experiences gathered by interacting with products and services offered in the markets – either made in Nigeria or not, stressing that on the web, consumers are at liberty to make reviews on products and services whether they are satisfied or not

    He said he was driven by the passion that consumers in the country must have a platform to share experiences on products and services, a development that would ultimately provide useful insights and help make better purchasing decisions.

    In her presentation titled: feedbackhall.com- The concept, scope, features and optimised use, during the inauguration of the word-press designed website, she said the initiative was driven largely by the desire to serve rather than profit making.

    She said: “We have our set vision, mission and values to build and sustain a reputation as the largest and most reliable online review community in Africa. To give consumers power to drive innovation and change products by encouraging open sharing and effective utilisation of product experiences.

    “And, as a consumer, you have a right as well as a responsibility to provide feedback on products and services that you consume. While you do this, we encourage you to be yourself, be bold and at the same time that you are genuine.”

    On the advantages of the platform to manufacturers and service providers, she said: “It will also go a long way to initiate and strengthen conversations between consumers and producers. It goes on to close the gap between what producers and service providers offer and what consumers like. Ultimately, it increases consumer satisfaction and helps businesses become more successful.”

    Also, Prof Pat Utomi, who chaired the forum, said: “It is high time Nigerian consumers regained their lost voices without fear of intimidation, harassment but with confidence on being heard … and possibly getting a redress.  To keep silent on views, opinions, experiences especially on products and services in the open market is damaging to the economy.”

  • Airtel inaugurates mental healthcare centre

    Airtel has handed over a furnished centre for mental healthcare to She Writes Woman, a non-governmental organisation (NGO) that focuses on providing care, support and advocacy platform for people with mental health challenge.

    The handing over of the centre was part of the telco’s on-going prize presentation to beneficiaries through its CSR initiative, Airtel Touching Live season 4.

    Speaking during the inauguration, She Writes Woman founder, Hauwa Ojeifo, applauded the telco for its commitment to building a better world, adding that the impact of Airtel’s support is unquantifiable as it will go a long way to provide relief to many Nigerians suffering from mental health disorder.

    She said: “I am very grateful to Airtel for this amazing opportunity and I feel so happy. The support rendered will definitely empower us to help rehabilitate more mentally demoralised people. We have a support group where we meet patients and this is an amazing place to bring people together for counseling.

    “With this initiative, we will meet more people, train more people on what we do, and impact the lives of those who need help for their mental, emotional and psychological wellbeing.”

    One of the stakeholders at the event, Mrs. Victoria Oriafo-Oyakhilome, also expressed her gratitude to Airtel.

    “I am so delighted about this donation and I have no doubt that the centre will make the best use of this facility to help more people and the level of impact would not be lesser than expected. Thank you so much to Airtel for Touching Lives”, she stated.

    Airtel also provided the centre with 32’television sets, air conditioner, refrigerator, projector and screen, standing fan, white board marker, water dispenser, inverter, tables and chairs, among others.

  • Zone Tech Park plans start-ups sponsorship

    A venture builder for start-ups, Zone Tech Park, has unveiled plans to sponsor start-ups.

    According to its founder, Bolaji Olagunju, the sponsorship was established to turn great ideas into products and services efficiently and profitably.

    He spoke at the launch of Zone Tech Park at the company’s premises in Gbagada, Lagos.

    Olagunju said the start-ups would have direct access to more than 400 domestic and international corporations who are clients of workforce.

    He said: “African starups are faced with significant challenges that hinder their growth. Zone Tech will change the status quote and help individuals and their businesses to realise their full potential through education, venture building and strategic enterprise support.”

    He said the firm is open for start-ups at all stages in their life cycle, from those that are a great idea on paper to those with customers already on-board.

    “Zone Tech Park has a free co-working space for start-ups, which are not charged for access to the tech hub’s multitude of services and advisers. . We also plug our start-ups into a network of more than 400 corporations giving them direct access to market, helping them to avoid bottlenecks, strike deals faster and scale quicker. We support our start-ups in preparing for funding rounds by giving access to a network of potential investors, accelerator programs and ecosystem architects.

    “We have experienced in-house engineering team of over 20 software developers and designers; we also have experts in finance, legal, marketing, sales and fundraising teams that are ready to start work with our start-ups.’’

    According to the Zone Tech Park Chief Executive Officer, Toro Orero, the firm is not another co-working space, but would build companies.

    “With the wealth of corporate clientele at our disposal, we have hit the ground running and we are already  building world-class products and housing great start-ups.

    “We have experienced in-house engineering team of over 20 software developers and designers; we also have experts in finance, legal, marketing, sales and fundraising teams that are ready to start work with our start-ups,’’ he said.

  • Tech firm, Cheetah Africa to support techpreneurs in Africa

    The Cofounder, Cheetah Africa, Lucky Uwakwe has pledged the commitment of the organisation toward creating a safe and enabling platforms for young techpreneurs and blockchain startups across Africa.

    Uwakwe made this known in an interview with The Nation at the launch of Cheetah Africa Fintech and Blockchain conference held in Lagos recently.

    According to him, Africa is gradually becoming a place for Fintech and technical innovations and Cheetah Africa is trying to promote the adoption and use of the blockchain to see that Africa rises from underdevelopment.

    “Africa is the new market. The scramble for this virgin land has started, and cheetah Africa is the quickest platform to meet African businesses by Africans, by building the most innovative products focused on fintech and block chain. we will no longer wait for the right time as the time is now. Every venture capital firm in the world should know that if they don’t invest in Africa now, they will pay the price of neglect later” he said.

    “the goal of Cheetah Africa is mainly to help startups get the awareness or the exposure with the international community, helping them get on board on this huge market that is out there. Cheetah is the fastest platform to meet Africa business by Africans. By building the most innovative product focused in fintech and blockchain startups”.

    “Africa youths has a lot of energy, and vibe and are looking for funds to drive their ideas; he said Cheetah Africa will now give them that exposure because Cheetah Africa will focus on trying to extract those foreign VCs, attracting them to people who love to invest in African startups”.

    In his keynote address, Executive Director, Paradigm Initiative and Africa’s Gbenga Sesan emphasized the need for African Startups to look beyond passion and skills by embracing the defining value of their products or services before it is introduction to the market.

    “the fact that the market does not only respond to genuine passion and dexterity of skills but to the market value of products, hence the need for young African techies to embrace personal branding and excellent branding if their products” he said.

    Earlier in his welcome address at the event, the Executive Director of Cheetah Africa, Nathaniel Luz said that the organisation will providing a workable and pragmatic support based for African startups through blockchain technology.

    He said that 60% of Africans are youths who have immerse innovative ideas that can make Africa great among the continent of the world but lack a well structure support base that will make their dreams fly.

    “we are losing our best youths in Africa because there are very few support systems to help young people make their dreams come alive. Our vision at cheetah Africa is to be the pool of African startups and innovations, providing them with the necessary support structures needed for global relevance, availability and competitiveness” he said..

    “We provide a platform for venture capitalists and investors to access the best of Africa ideas and products,” he said

  • Pains of rising pay Tv costs

    The pay Tv subsector of the broadcast industry plays a very critical role in nation building. It does not only provide public information and enlightenment through its rich bouquet content, it is also a veritable vehicle for entertainment. Lucas Ajanaku reports on the challenges of pricing.

    This is not a good time for Nigerian consumer. They earn the hard way and spend the hard way. The current issue is over what it takes to enjoy the services of  pay TV operators.

    Since the new pricing regime started at the begining of this month, there have been reactions to the development. While  some have condemned it, others have justified it.

    MultiChoice communicated the price adjustments, on its DStv platform, to its customers directly via a text message, which stated that it would take effect from August 1. It is almost becoming a tradition of the company to hike tariffs yearly and  this was witnessed in 2013, 2015 and last year.

    Under the new deal,  DStv Premium package now attracts N15, 800 as against the previous rate of N14, 700. DStv Compact Plus customers, said the company, are now to pay N10, 650 instead of N9, 900, Compact subscribers, who were until this month paid N6, 500, would now be paying N6, 800. In the same way, prices on its DStv Family and Access packages have been raised to N4, 000 and N2, 000 respectively, as opposed to N3, 800 and N1, 900 that were initially being paid.

    Though, there has not been any official statement, the South African firm replied to an online enquiry through its Twitter Handle, of DStvng. It explained: “The price adjustment was necessitated by the escalating costs to business.”

    These, it said, include satellite costs, maintenance of network, channel and operational costs.

    It added: “The DStv cost structure has marketing costs and channel costs. We have however managed to restrict the price adjustment as much as possible.”

    Investigations showed that the South African PayTV firm has about 11 million subscribers in 50 African countries where it operates. It has about 4 million customers in Nigeria as at last year.

    Though it increased the prices on the digital satellite platform, Multichoice however, slashed the prices on its terrestrial platform, GOtv.

    In the various messages sent to subscribers, those on GOtv Max package would enjoy a price slash from N3, 800 to N3, 200, while the prices on GOtv Plus, GOtv Value and GOtv Lite packages remain fixed at N1, 900, N1, 250 and N400 respectively.

    To many subscribers, it is like a red rag to a bull.  A subscriber who gave her name simply as Esther, a civil servant, said, her anger is for two reasons. “I have two reasons for being angry over the hike. One is the way it is being justified in comparison with what is obtainable in other climes.

    “Another reason is the fact that our people have suddenly become stereotype to think and pitch their tent only with a monopolist when we have other operators in the market that can match them content for content, that provides same content at cheaper pocket friendly rates,” she said.

    She said her believe is that if truly pay the Tv firm was consumer-friendly, its wouldn’t have gone ahead to increase tariff at this time, considering the harsh economic realities and the fact that over the years, it has taken advantaage of the fact  the peoples’enthusiasm and commitment to grow the entertainment sector.

    Another subscriber, CEO, Greenstar Line, a firm of clearing and forwardig agents, Mr Temitope Akindele,  said while not trying to argue for, or against whether pay TV rates in Nigeria are the highest in the world, he disagrees with the plea that Nigerians must show understanding and abide by the new payment regime simply because MultiChoice increased prices in all the countries it operates.

    “I take this position because of the varying capital income in countries. For instance, if DStv Premium subscribers in South Africa are paying N15, 000 and the company decides to peg it down to N15, 000 in Nigeria, it is unfair treatment. First, there may be urgent need for the company to compare the ability for Nigeria to pay the money. Critically speaking, between South Africa and Nigeria, per capital income is around ratio 10-1. This implies that capital income is higher in South Africa than Nigeria,” he said.

    While agreeing that the country lacks infrastructure, he nonetheless beleives some things still cheap when  compared to other countries. “That is why it is easy for people to come to Nigeria with few foreign currencies and buy a lot. The import of this is that service providers and manufacturers of goods must align their prices with the local economic realities. Some companies are doing so, while some are not,” he said.

    Another subscriber, who gave his name simply as Mr Kolawole,  said much as he wouldn’t want to bring in competition into the matter, there is need to look at other options.

    Increasingly, the option of the average pay TV subscriber is growing by the day and aspirational Nigerians who want to up their content consumption would get more value for their money

    Nigeria companies offering pay TV series have access to an ever growing subscriber base which offers pay-television companies huge potential for lucrative business, there are millions of households within the various economic strata that have huge appetites for programmes, giving viewers alternatives to monotonous, limited programmes on the country’s free-to-air television.

    On the surface, the country represents a pay-television investor’s paradise. But somewhat curiously, the sector is notorious for its high mortality rate, leaving its cemetery with corpses such as those of CTL, FSTV, DAARSAT, HiTV and others.

    The most notable escapees of the fate that befell these players are MultiChoice and the Chinese-owned StarTimes. MultiChoice launched in Nigeria in 1993 with DStv. In 2011, the same company added a down market platform, GOtv. StarTimes, also a down market offering, launched in 2010. It added an up market variant, Starsat, in 2015 and both have remained in business albeit with different levels of success.

    The high mortality rate, however, has not discouraged other players from trying out their luck in the market. Currently, there are two new entrants-Kwese TV, owned by Strive Masiyiwa, the Zimbabwean investor behind Econet Wireless, the first telecoms company to launch in Nigeria; and TSTv, fronted by Bright Echefu, a young Nigerian medical doctor.

    Each of the new entrants, in different ways, has advertised its intention to change the pay-television game. What each means, but has left expressly unstated, is that it wants the crown that has adorned the head of MultiChoice and StarTimes as pre-eminent and most enduring market players. But in a free market, there will always be  alternatives to an insensitive player to forestall unnecessary rip-off.

    When Kwesé announced the launch of its entertainment and sports television network Kwese TV in Lagos, on October 19 last year, the news was everywhere. The company had come with the ‘pay-as-you-watch’ subscription packages for premium programming which enables consumers to purchase three and seven day subscriptions at N990 and N1,850 respectively, as well as a 30-day subscription option for only N6,275 as these rates are beyond the reach of an average Nigerian.

    If  Kwesé not considered mature enough to assuage the thirst for Pay TV service, StarTimes could readily fill the spot.  Just recently, StarTimes added foru exciting new channels to their bouquet; Ebony life, Fox, Nollywood Plus and ST Kids.

    In addition to this, StarTimes, as a company that is conscious of the economic realities of Nigeria is equally planning to reduce subscription prices of its bouquet as part of their core values to make entertainment affordable for every homes. If they do this, it may be the end of monopoly in the market as the decision may further compel many Pay TV patrons to pitch their tent with the firm.

    Also, StarTimes open month is between August 1 and 31 while its subscribers (Active or non- Active) will have access to all the new channels including Ebony Life TV, ST Nollywood, Fox and ST Kids.

    From any angle one chooses to look at it, only thorough competition supported by the National Broadcasting Commission (NBC) can break the seemingly monopolistic practice in the pay Tv sub-sector of the broadcast industry.

     

  • CWG lauds UBA on Best Institution in Digital Banking Award

    Leading system integration firm, CWG Plc, has congratulated one of its key partners, United Bank for Africa Plc, (UBA), for being recognised as the ‘Best Institution in Digital Banking’ across Africa at Euromoney Awards in London.

    The firm said the award gives credence to the bank’s growing dominance in this space within the financial services institutions.

    The Euromoney Awards ceremony covered over 20 global product categories, best-in-class awards in over 100 countries across the world, recognising institutions that have demonstrated leadership, innovation and momentum in the markets in which they operate. Euromoney’s award recipients were based on a riding principle of both quantitative and qualitative data to honour those who have brought the highest innovations and expertise to their customers.

    Receiving the award, the bank’s Group Managing Director / CEO, Kennedy Uzoka, thanked the organisers for the recognition. He said he was pleased that the lender’s commitment to hard work and insistence on quality services was once again being acknowledged.

    Uzoka commended the workers, board and management as well as great partners such as CWG Plc for supporting the bank in achieving the feat. CWG Plc has presence in three other African countries, has been partner to UBA for many years.

    The recognition of CWG Plc’s contribution to this achievement was humbly accepted by the

    Group CEO of CWG, James Agada accepted the recognition of the firm’s contribution the bank’s success story.

    He said the firm would constantly deploy innovative technology solutions that would enable economic growth.

    “Today UBA provides banking services to more than 15 million customers globally; through diverse channels and over a thousand touch points. One that has served it well through its expertise in digital banking, as envisioned by its investment in cutting edge technology and the launch of the Chat banker that has disrupted banking across 15 African countries; showcasing its digital creativity within the financial services industry across the African continent,” the firm explained in a statement.

  • Time for Africa to take advantage of Cryptocurrency – Kwakoo COO, Gideon Wanyoike

    Gideon Wanyoike is the Chief Operating Officer of Kwakoo market. A Crptocurrency expert and a Co-creator of Onyxcoin. He speaks with Shehu Olayinka about Kwakoo eCommerce market; Cryptocurrency and how it could be use to eliminate poverty in Africa.

    What brings you to Nigeria?

    I am in Nigeria to attend to our eCommerce market. We have a platform which is going to be the biggest in Africa. For the past 10 months, we have created an eCommerce platform that will have Crytocurrency as one of it payment models. Right now, digital or Cryptocurrency is now an important part of financial market. What we have now done is to marry the two together in our eCommerce platform. We will be the first eCommerce platforms using Crptocurrency as a payment model.

    What is Kwakoo market all about?

    Kwakoo market will be a platform where you can get any product you so desire and the advantage of Kwakoo market is that we have eliminated middlemen. The prices are not exaggerated and we are going to be using Cryptocurrency to discount product prices. So in Kwakoo market, anyone using our Crytocurrency called Onyxcoin as a payment model, will automatically enjoy 10% discount and 5% bonus for vendors selling at Kwakoo market and anytime they accept Onyxcoin as a payment method, they automatically receive a bonus. So it is a win win for vendors and the customers.

    What is Cryptocurrency about?

    Cryptocurrency is just digital currency. A digital asset whereby we are able to invest in them and able to use them as a medium exchange. The one currently in use is the one called fiat money. Money is just a medium of exchange and other functions of money is store of value and to have an account. Cryptocurrency actually is a better store of value, better medium of exchange because it is highly portable and it is a good form of payment models.

    Who can use Cryptocurrency?

    Anyone can use Cryptocurrency, but the challenge is that the way the technology is right now; people who understand how to use a Smartphone are those now able to use Cryptocurrency, while those who don’t know how to operate a smartphone will find it very hard to operate Cryptocurrency. So what’s happening right now is that anyone who can use the digital asset or Crytocurrency, is anyone who can use a Smartphone. Interestingly, huge percentage of the population are knowledgeable about the use of smartphones, so it becomes very easy for them to use Cryptocurrency.

    How do you intend to build trust, being that Africans tend to have problem with e-transaction?

    We are aware of the fact that in Africa, trading online is not that high and you can’t compare it with how it is being used in Europe. So what we are doing is that we have a eCommerce platform called Kwakoo market. Yes, we want to have an online business, also we want to have a bit of offline, because most Africans understand offline business more. So if we mix the two, offline and online, it becomes easier for them to do online transaction.

    How do you see your established competitors?

    Our model of operation is quite unique as compared to what other people are doing in the market. If you look at all the established eCommerce platforms, what they do is they try to give discount using the money they have. Let me give you an example of using using a Crytocurrency which we have created. We are operating in a different level because of Cryptocurrency. We can give out ten percent even 50 percent discount bonus because the Cryptocurrency we are using belongs to us. We clearly are not competing with anyone right now, as we have come out with a new product, new model and the only competition will be if people copy what we do, but actually the people in the market right now can’t compete with us.

    How old is Onyxcoin?

    Onyxcoin is a brand new company. It started operating January this year in Kenya. The eCommerce platform is set to be launch in August 2018. What we are currently selling is Cryptocurrency. We already have offices in six African countries (Kenya, Tanzania, Uganda, Zambia, Rwanda, DRC) and with intending Lagos, Nigeria office, we will have seventh offices across seven countries in Africa. This happened inside four months and you can see that the growth rate is quite good.

    Which other payment platform will be available apart from Onyxcoin?

    Most people understand what is called Bitcoin, when you tell people about Cryptocurrency, the only thing they are aware of is Bitcoin, but after Bitcoin, there exist more Cryptocurrency. Why people tend to have that impression is that Bitcoin pioneered Cryptocurrency, but after Bitcoin other Cryptocurrency had been created and we are talking about more 2000 Cryptocurrency and Onyxcoin is one of them.

    What about card payment and pay on delivery?

    We are not only using Onyxcoin as a payment model, we will also allow people use cards, use money. The only thing is that if people use Onyxcoin as a payment method, they get discount, but if they can use other payment method, they buy at a full price. So what is happening is that people will be attracted to use Onyxcoin as their payment method as they are looking for a discount. We are not saying people shouldn’t use their card or cash for transaction.

    Going back to the trust issue, how do you intend to work on trust since Africans have problem with e-transaction?

    We are the first Cryptocurrency to have physical offices. Let me give you an example, when we talk about Bitcoin or another Crytocurrency, most of them are actually online and nobody knows where their offices is located and they don’t even put up offices in Africa or any other places. But Onyxcoin has been able to put up physical offices across Africa and that shows you how serious we are, because we are here for the long time. Which is why we are setting up offices so that people can check us in our offices in countries we operate

    What got you attracted to Crytocurrency?

    I got attracted to it because it is a new invention and if you look at what happen with technology. The internet when it came, the people who took advantage of it, you will find out that most of them are from North Americans and United State. Africa lost that opportunity to take advantage of the opportunity that came with the internet and if you look at it right now, all the big companies that are technologically base are actually from North America. Africa is behind when it comes to technology and when we saw the invention of Cryptocurrency, we knew we are not going to be left behind, if you don’t take advantage of this industry while it is in its formative age, down the line you won’t be able to catch up with those who went into it early and that’s why we also thought about going into it early.

    What’s the advantage of Cryptocurrency

    The advantages of Cryptocurrency are much. The biggest advantage of Cryptocurrency which normal people understand is the deflation nature of Cryptocurrency. Deflation is whereby a currency gains value overtime. The money we use which we call fiat currency, loses value overtime. So Cryptocurrency work differently and Cryptocurrency mostly gain value overtime and two, Cryptocurrency is not constrained by borders. If I want to move money to somewhere abroad, you will have all those issue of exchanging to the currency of the other country and during that transaction you lose money, but Cryptocurrency is borderless, as you can transfer money to anywhere in the world because it is technology and you are using the internet for the transaction. Three, Crytocurrency is secure in the sense that if you have your money in your wallet, maybe stored in your laptop, computer or smartphone, it means that when you have the money and you are able to secure your wallet, nobody can take it away from you. It is more secure than the normal cash and one thing more unique about Cryptocurrency is that Cryptocurrency is coming to create new money. What that means is that it is able to emancipate huge population from poverty, because now we are creating new money and lastly it is the most portable form of currency we have right now in the world.

    Future of Cryptocurrency in Africa?

    I am actually going to talk about it future in the world. Right now, all indication have it that Cryptocurrency is the currency for the future and Africans can’t afford to be left behind because we will be losing big time if we did. Cryptocurency is the future money and there is no debate about that and all the cash, what we also call fiat money is something that in the next ten to twenty years will be obsolete. Cyrtocurrency is the future of currency in the world.

    What do you mean by Crytocurrency eliminating poverty?

    Let me give you a simple example. If you look at most African countries, the biggest employers is the government. So what does the government do, it employs people, gives them salary and then they tax them. What that means is that the government is operating like a creator of value. If people are able to acquire this money and create value for themselves, what they have done is that they have actually lifted themselves from poverty and now can participate in buying of goods and services simply because they have the currency. Another angle to look at it from is the success of Bitcoin. Bitcoin started in year 2009 and in less than ten years it is valued around $120billion, so what exactly has happened is that Bitcoin has created value for money and the people who are involve in Bitcoin currently, actually acquired it for a value less than a dollar and they have been able to acquire money and value. So what if we in Africa do the same thing, by creating a currency and overtime it gains value and that currency is distributed to the populace in Africa. Exactly what that means is helping people come out of poverty’

    Do you have any plan of educating people about Onyxcoin (Cryptocurrency)?

    Yes, we have actually being doing that, Right now we have done seminars in Lagos, Benin city, Onitsha and we are also going to be doing another in Ibadan. This is exactly what we are going to be doing in every other African countries, educating people about Cryptocurrency. The most important thing for any invention is for people to understand it and that’s why we are educating people about it.

  • NCC: operators risk losing out to digitalisation

    The Nigerian Communications Commission (NCC) has warned operators to shape up in order not to lose grip of the market as digitalisation takes centre stage across the world.

    Its Executive Vice Chairman/CEO, Prof Garba Dambatta, who gave the warning in Lagos, said emerging digital age offers opportunities for individuals and organisations to grow.

    “By this, we are talking of knowledge-based economy against resource-based economy when most information is in a digital form especially when compared to the time when computers were not used. Digital age offers the use cutting-edge technologies that improve efficiency, effectiveness and competitiveness of any person or organisation that leverages latest technologies to achieve their operations.

    “In the 21st century economies, digitisation is throwing up dynamics that are re-writing the rules of competition and efficiency with incumbent companies most at risk of being left behind,” he said.

    He said a recent study by Accenture indicates that while the digital technologies underlying these competitive thrusts may not be new, they are being used to new effect.

    The report, according to him, also staggered the growth of information that is accessible as never before-from proprietary big data to new public sources of open data. Analytical and processing capacities have made similar leaps with algorithms scattering intelligence across digital networks often lodged in the cloud. Availability of smart mobile devices and access to the interest, he said make information and computing power accessible to users around the world.

    He said: “As these technologies gain momentum, they are profoundly changing the strategic context affecting the structure of competition, the conduct of business and ultimately, the performance of across industries.

    “Invariably, trends such as automation of processes by public and private organisations, big data, artificial intelligence, internet of things (IoT), e-commerce and block chain technology, cloud computing among others now characterise the current digital age. The utmost aim of all these digital tools is to redefine how services are delivered to the consumer,” he said.

    According ot him, local and foreign direct investments totalling about $70billion have come into the economy while its sectoral contribution to the gross domestic product (GDP) now stands at about 9 per cent.

    Dambatta, represented at the ICTEL Expo organised by Lagos Chamber of Commerce and Industry (LCCI) by Director, Consumer Affairs Bureau at the NCC, Felicia Onwuegbuchukwu, said as at the end of May, there were over 162 million active connections and over 100million internet users in the country with teledensity standing at over 116 per cent.

    He said the next frontier to deepen digitiusation all over the world is through the development of broadband or high-speed internet access.

    “To achieve this, the Commission has been working tirelessly with different stakeholders not only to encourage pervasive broadband infrastructure but also to address challenges hindering the achievement of this goal,” he said.

    He said the NCC is focused on bringing efficient, qualitative and affordable ICT platforms within the reach of every Nigerian, whether individual or corporate, adding that Commission is doing this through the focused implementation of its 8-point Agenda and Federal Government’s Economic Recovery and Growth Plan (ERGP) and the ICT Roadmap to drive synergies which would expand opportunities for disruptive technology innovation and national competitiveness.