The Nation Newspaper

Category: e-Business

  • Firm restates commitment to deepen financial inclusion for entrepreneurs in Africa

    Firm restates commitment to deepen financial inclusion for entrepreneurs in Africa

    The CEO of NoOnes, Ray Youssef, has reiterated the firm’s dedication to advancing financial inclusion and entrepreneurship in Africa through innovative financial communication app.

    Utilising a robust peer-to-peer marketplace, NoOnes offers an integrated solution to tackle diverse economic challenges and open up new avenues for wealth creation.

    Youssef stressed the importance of bridging the Financial Inclusion Gap, noting, “Despite progress, a significant portion of Africa’s population remains excluded from traditional banking services.”

    “NoOnes serves as a beacon of hope, leveraging the decentralized nature of cryptocurrencies to deliver comprehensive financial services accessible via smartphones. This approach democratises financial access, bringing unprecedented convenience and efficiency to millions of Africans,” he added.

    Youssef also highlighted NoOnes’ commitment to facilitating cross-border transactions, remittances and promoting financial literacy with various investment opportunities.

    “Remittances play a vital role for many African families, yet traditional methods often come with high fees and slow processing times. NoOnes addresses these challenges by enabling swift, secure, and cost-effective cross-border transactions,” he explained.

    “The platform’s peer-to-peer marketplace allows for direct fund transfers, bypassing traditional banking systems and ensuring quicker delivery of funds to recipients,” Youssef continued.

    Moreover, the app focuses on educating users about cryptocurrencies and blockchain technology, investing in education initiatives such as building schools in the global south. It also offers a range of investment opportunities to empower users to diversify their portfolios and improve their financial well-being.

    Youssef emphasized that the app serves as both a financial platform and a launchpad for entrepreneurs and startups, with a priority on user security.

    “We prioritize user safety through advanced security measures while maintaining transparency and integrity. Our motto, ‘everyone eats,’ reflects our commitment to providing equitable service,” he stated.

  • FCMB Asset Management Limited holds retirement planning webinar

    FCMB Asset Management Limited holds retirement planning webinar

    Investing towards the long term and retirement can seem daunting for most Nigerians. However, a member of FCMB Group Plc, FCMB Asset Management Limited appears to have insights into ways to simplify the journey towards a comfortable retirement. FCMB Asset Management Limited’s recent webinar, “Smart Retirement – Investing Ahead”, educated and provided attendees with actionable strategies for taking charge of their financial future by leveraging the power of compounding and the accessibility of investing, debunking the myth that significant capital is required to begin the investment journey.

    Tinuola Odufuye, Head of Business Development at FCMB Asset Management, moderated the insightful webinar. She set the stage for a very educative discussion with a panel of financial subject-matter experts drawn from the FCMB Group’s supportive ecosystem that connects people, capital and markets. Also, Nduka Offiah, Head of Alternative Assets at FCMB Asset Management, shared insights on the potential investment portfolio benefits of the Alternative Assets class and offered strategies to diversify portfolios and navigate challenging market conditions. Abiola Ajayi, Head of UHNI & HNI Unit at FCMB Asset Management, spoke on investment solutions tailored to both Ultra-High Net-worth Individuals and High Networth Individuals, emphasising personalised wealth management and legacy planning. Leveraging her in-depth knowledge of trusts and estate planning, Oluwayemisi Arowolo, who heads Trust Services at another subsidiary of FCMB Group Plc, FCMB Trustees Limited, clarified the legal structures essential for protecting and transferring assets effectively. At the same time, Richard Ade-Martins, Head of Business Development South at FCMB Pensions Limited, which is another member of FCMB Group Plc, spoke on pensions, highlighting FCMB Pensions’ commitment to best practices.

    This impressive lineup of professionals ensured a multifaceted and informative exploration of the strategies and options available for building a secure financial future.

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    Here is a recap of the key takeaways from the thoroughly enjoyable session: 

    Start Early: It is important to start investment early. Starting early provides a longer runway for your money to grow and compound, potentially leading to a larger nest egg.

    Investing is for Everyone: The panel debunked the myth that significant capital is required to invest. The panelists encouraged attendees to begin their investment journey with as little as N1,000 in Mutual Funds offered by FCMB Asset Management Limited, making financial security accessible to all Nigerians.

    Estate Planning: Apart from wealth preservation, Wills and Trusts provide a clear plan that ensures a smooth transition for beneficiaries. It fosters communication and reduces the risk of conflict.

    Unlocking Your RSA: The webinar explored the benefits of the RSA Mortgage option offered by FCMB Pensions Limited. This option allows individuals to access a portion of their Retirement Savings Account (RSA) to secure a home purchase, facilitating wealth creation beyond retirement savings.

    Financial Inclusion for Business Owners: FCMB Pensions’ micro-pension plans cater to business owners with up to three employees, promoting financial inclusion within the informal sector. The flexibility of withdrawing up to 40% of contributions acknowledges the unique needs of business owners who may require access to funds for operational purposes.

    Combating Inflation: Alternative Assets investments and currency hedging options were discussed as tools to preserve wealth and purchasing power.

    Investing for Young Minds: Valuable advice was offered to students interested in starting their investment journey early to maximise the benefits of compound interest.

    Retirement savings remittance from overseas: The webinar clarified the possibility for Nigerians working abroad to set up Naira-denominated pension plans with FCMB Pensions Limited, subject to their employer’s remittance policies.

    Staying Ahead of the Curve: The expert panel highlighted the importance of staying informed on current investment strategies to ensure that your financial roadmap adapts to changing circumstances and economic realities, to build a sustainable financial future.

  • Teamsam initiates collaborative platform for Africa’s influencers, creators, musicians

    Teamsam initiates collaborative platform for Africa’s influencers, creators, musicians

    The Teamsam, an influencer marketing and talent management company based in Nigeria, is masterminding the biggest platform for the assembly of the entertainment value chain, for the purpose of collaboration among various sub-sectors across Africa.

    The Teamsam, founded by Sam Adedoyin, a cerebral and visionary entrepreneur, in 2015, first started as a dance group. However, the purpose quickly transformed into a mentoring idea geared towards helping the youths in the discovery and sharpening of their skill, with specific interest in music and dance, forged in the direction of entertainment.

    Understanding the business terrain in Nigeria and Africa’s entertainment industry, as well as the global trends that define arts and culture, The Teamsam chie conceived the idea to congregate all the players in the ecosystem, with the purpose of fostering alliance and growth of the sector.

    According to Sam Adeoyin, also known as Ayrubber, the initiative is also to promote the craft of everyone providing services in the entertainment business model, including influencers, singers, actors, fashion gurus, models, music producers, skit makers, content creators, etc. The size of the idea required a partnership with Niche Africa, a management company that houses celebrity musicians and music producers such as Masterkraf, and also organizes events for brands and outdoor occasions.

    “The Teamsam party has partnered with one of the biggest management companies in Africa, Niche Africa-Niche, that houses celebrity musicians, producers and also organizes events for brands and social events in public places. Niche Africa and Teamsam party teamed up to give a one of a kind gathering, the first of its kind. Where influencers and musicians meet to collaborate and connect”, he explained.

    “In 2024, Teamsam houses one of the finest influencers in all content categories like Entertainment, lifestyle, dance, comedy, sewing, photography and videography all around Africa. Influencers being managed are from different social platforms e.g YouTube, Instagram, Tiktok, WhatsApp among others. We have a party for all these managed influencers and their fans which we named the Teamsam party where influencers link up to collaborate and network all in one space”.

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    Shedding more light on the initiative, The Teamsam CEO said: “There is need for promotion of music after its release, the Avenue will make creators accessible to Musicians to work with at any point in time. Musicians will create contents with the influencers on the spot in the content room. They will also book them for future paid collaborations and link up.

    “The broadcast world and the social media world are very much related both falls under media communication which is reaching out to a large audience, the medium is just different Hence Social Media and Broadcast Media. The most exciting part is the “engagement” the way through one medium you can reach a large audience with the right content plan and idea either broadcast- radio and social media- Tiktok, instragram, YouTube, etc.

    “I want to be able to breech and fill the gap between musicians and influencers, Brands and influencers where they can easily get access to the influencers that aligns with them to work and collaborate with. Which is what we are doing with Niche Africa and Teamsam Party.”

  • Keystone Bank trains Port Harcourt youths on digital skills

    Keystone Bank trains Port Harcourt youths on digital skills

    Keystone Bank has empowered about 30 youths in Port Harcourt with digital skills, specifically on web development and digital marketing.

    The intensive training, which spanned several weeks, ended with a graduation ceremony on March 5, 2024.

    According to the bank, the programme aimed to bridge the digital skills gap in the region, equipping young individuals with the necessary tools and knowledge to thrive in the evolving landscape of technology and business.

    At the training, the participants, carefully selected from diverse backgrounds, engaged in hands-on projects that provided practical insights into the world of web development and digital marketing.

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    During the graduation ceremony, the Regional Head for South-South, Dr Eucharia Ken-Agbiriogu, highlighted the increasing demand for individuals with expertise in web development and digital marketing, citing the transformative impact these skills can have on personal and professional growth.

    Eucharia commended the graduates for their dedication and hard work throughout the intensive training program. 

    She encouraged them to leverage their newfound skills to unlock opportunities, drive innovation, and contribute to the digital transformation of the local economy.

    Group Head, Marketing and Corporate Communications of Keystone Bank, Izore Bamawo, said the programme reflects the bank’s commitment to foster youth empowerment, entrepreneurship, and socio-economic development in the communities it serves.

    “By investing in the next generation of digital talents, Keystone Bank continues to play a pivotal role in shaping a digitally inclusive future.

    “At Keystone Bank, we are committed to ensuring that Nigeria economy grows. One of the ways to do this is to invest in education of what can take Nigeria from where it is to where it ought to be in the comity of nations.

    “We say Nigeria is the giant of Africa. For us to sustainably be the giant of Africa, we have to invest in key sectors that can ensure that we are not just giant of Africa today, but tomorrow,” he said. 

  • OKAY becomes Dangote refinery official distributor

    OKAY becomes Dangote refinery official distributor

    A firm, Okay Entertainment Production Limited, has been appointed as one of the major marketers of Dangote Refinery Domestic Products. 

    The company, established in Nigeria in 2010, is involved in various sectors including media, branding, entertainment, oil and gas and exportations. 

    Speaking at a briefing in Ibadan, the MD/CEO of the company, Mrs. Motunrayo Akinlosotu, described the appointment as an affirmation of the firm commitment to excellent services.

    She expressed gratitude to Dangote and the Executive Director of Dangote Refinery for the opportunity, acknowledging their significant contributions to the sector and the growth of Nigeria. 

    She highlighted the positive impact that the Dangote Refinery will have on youth employment. 

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    She said: “We are proud to be associated with Dangote Refinery as an official distributor of its domestic products in Nigeria. We will build on the achievements of the Dangote Group while carrying out our tasks. 

    “This partnership reflects our unwavering commitment to providing Nigerians with high-quality energy solutions that exceed their expectations. In fact, we have already started delivering large quantities of diesel.

    “With over a decade of experience, Okay Entertainment Production Limited is a renowned player in the petroleum products market, as well as a prominent force in media and branding.”

  • Look into Ibeto Jetty, Rivers Port, Centre urges Oyetola

    Look into Ibeto Jetty, Rivers Port, Centre urges Oyetola

    The Save Humanity Advocacy Centre (SHAC) has urged the Minister of Marine and Blue Economy, Adegboyega Oyetola, to probe the activities of Ibeto Jetty and Rivers Port.

    This, the centre, said would ensure a level playing field for all players according to the law.

    Speaking at a briefing on Tuesday, the Centre’s Executive Director of Media, Comrade Jacob Okpanachi, alleged unregistered dock workers are operating foreign vessels.

    According to him, the activities have diverted the government revenues which run into billions while shortchanging the legitimate registered dock workers of their wages.

    “We want to publicly share with Nigerians our feelings, frustrations and pains about the happenings in Rivers Port, which the NPA seems to have turned a blind eye to,” Okpanachi said.

    “In the past year, we have received several petitions from concerned Nigerians on the alleged illegal labour operations at the Ibeto Jetty.

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    “The arrangement stems from the erroneous approval granted to Ibeto Jetty to operate as a port, as a result of the disingenuous advice of the former Port Manager, through the former Executive Director of Marine and Operations.

    “We need to know the rationale behind the decision to allow unregistered dock workers to operate foreign vessels at a private Jetty while denying the government its through-put/ berthing fees and also under declaration of tonnage,” he said.

  • NIDCOM boss lauds Optiva Capital, commits to Diaspora investment collaboration

    NIDCOM boss lauds Optiva Capital, commits to Diaspora investment collaboration

    The Chairman/CEO, of Nigerians in Diaspora Commission (NIDCOM), Hon Abike Dabiri-Erewa has commended Africa’s foremost Investment Immigration company Optiva Capital Partners for taking the lead in addressing opportunities that will be of immense benefit to Nigerians in the diaspora.

    Dabiri-Erewa made this remark while receiving the wealth management company led by its Chief Executive Officer Dr. Jane Kimemia at the NIDCOM Office in Abuja.

    She emphasised NIDCOM’s readiness to collaborate with Optiva Capital Partners to advance diaspora investment initiatives and harness the potential of Nigerians residing overseas.

     Recognising the current needs of Nigeria’s economy, she highlighted the significance of partnering with reputable firms like Optiva Capital Partners to garner global support for structured diaspora investments. 

    This collaboration aims to drive sustainable economic growth and strengthen ties between the diaspora and their homeland.

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    Kimemia expressed gratitude for the opportunity to collaborate with NIDCOM. She emphasised Optiva Capital’s specialisation in investment immigration, advisory services, international real estate and insurance. 

    Kimemia highlighted that Optiva’s investment immigration platform serves as a means to facilitate diaspora investments in Nigeria, leveraging the firm’s extensive network of international partners.

    She emphasised Optiva’s ability to offer diverse investment solutions across different geographic locations and asset classes. 

    Kimemia further underscored Nigeria’s potential across various sectors such as manufacturing, agriculture, and hospitality, expressing confidence in the country’s market viability. 

    According to her: “Our clients are global citizens and Nigeria has a viable market in various sectors of the economy such as manufacturing, food, hospitality that can thrive and that is where we come in”

    She reiterated the role of NIDCOM as a vital bridge between Nigeria and its diaspora, facilitating mutual growth and development. 

    She pledged strategic collaboration with NIDCOM to enhance diaspora investment opportunities, enabling the diaspora to contribute significantly to their homeland’s development through new business ventures.

    Through this partnership, NIDCOM and Optiva Capital Partners aim to foster a conducive environment for diaspora investment, driving socio-economic progress and prosperity for Nigeria and its diaspora community.

    Optiva is supported by a rich network of international partners with specialisation in investment immigration, immigration advisory, International real estate and insurance services. 

  • Deji & Kola unveils premier store in Kent, UK

    Deji & Kola unveils premier store in Kent, UK

    The opening of the first store in the UK marks a significant milestone for Deji & Kola. As they embark on this exciting journey, they invite fashion enthusiasts to join in celebrating the fusion of tradition and modernity, embodied by the timeless elegance of their brand.

    The 1162.5 sq ft store is located at 34, St. Georges Shopping center, Gravesend, DA11 OTA, United Kingdom.

    Deji and Kola, founded in 2017 by two brothers, has made this significant debut in the United Kingdom with the opening of its first store in Kent. As the fashion world closely monitors this milestone, the brand will welcome its teeming customers to a preview of its collection in the UK store on the 23rd of March 2023 from 10am prompt, where customers will have the opportunity to engage with the brand, review the clothing and raise awareness.

    The Nigerian community in the UK, which boosts of over 200,000 individuals, according to recent census data, is a main target for this UK market expansion. The Deji and Kola brand understands the importance of catering to the international market, offering a touch of home with their exquisite collections while also appealing to a broader audience seeking authentic, culturally rich fashion experiences.

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    “In an era of global connectivity, proximity to our international clientele is of great importance. By establishing a physical presence in the UK, we streamline operations, reduce shipping times, and enhance the overall customer experience. From London to Lagos, New York to Nairobi, the brand is committed to bringing our signature craftsmanship closer to refined fashion enthusiasts worldwide.” Says Kolapo Olabintan, the Creative Lead & Co-Founder.

    “At Deji and Kola, excellence is non-negotiable. Hence, the reason why the brand has consistently invested in High Scale Sewing Machinery, Lean Operational Structure, Research & Development. As we prepare to introduce our brand to UK consumers, meticulous efforts are underway to uphold the highest standards of quality and craftsmanship. From sourcing premium fabrics to refining our production processes, every detail is carefully curated to ensure that our customers receive nothing short of perfection.” Added Kolapo Olabintan.

  • OH Mobility’s chairman Akindele teams up with EcoFlow to tackle power challenges

    OH Mobility’s chairman Akindele teams up with EcoFlow to tackle power challenges

    To address  persistent power challenges, OH Mobility, a leading Nigerian brand specialising in mobile phone accessories, has announced a strategic partnership with EcoFlow, a renowned leader in power station production and distribution.

    The move aims to revolutionise the way Nigerians access power on the go, providing innovative solutions to combat unreliable electricity supply across the nation.

    Chairman of OH Mobility, Liaise Akindele, emphasised the significance of this partnership, stating “Our strategic collaboration with EcoFlow underscores our commitment to providing Nigerians with reliable power solutions.

    “We understand the daily struggles faced due to erratic power supply, and we are determined to alleviate these challenges through innovation and collaboration.”

    OH Mobility’s product lineup, which includes chargers, power banks and power stations, has garnered acclaim for its durability and efficiency.

    With over 100,000 products sold and accolades pouring in from satisfied users, OH Mobility has established itself as a trusted brand in Nigeria’s mobile charging industry.

    The partnership with EcoFlow further solidifies OH Mobility’s position as a frontrunner in addressing Nigeria’s power woes. With over a decade of experience in building robust power stations, EcoFlow brings unparalleled expertise and innovation to the table.

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    “We are excited about the possibilities this partnership brings,” expressed Liasu Akindele. “Together with EcoFlow, we aim to redefine how Nigerians access power, ensuring seamless connectivity and productivity, regardless of the prevailing power challenges.”

    Nigeria’s power sector has long been plagued by issues such as inadequate infrastructure, poor maintenance, and insufficient generation capacity. As a result, businesses and individuals often rely on alternative power sources to stay connected and productive.

    OH Mobility’s vision aligns with Nigeria’s quest for reliable power access. By leveraging EcoFlow’s expertise and innovative technology, OH Mobility seeks to lead the charge in transforming Nigeria’s mobile charging landscape.

    Through a combination of retail presence in over 500 stores in Ibadan, Oyo state, and an extensive online platform, OH Mobility aims to make its products accessible to all Nigerians. The company’s mission is not just about selling products but empowering individuals and enhancing connectivity nationwide.

  • What role do cultural patterns play in mobile banking design?

    What role do cultural patterns play in mobile banking design?

    By Leo Goriev

    Recently, GTBank unveiled a revamped version of its mobile app, featuring a sleek new product look that garnered the prestigious Red Dot Design Award and IF Design Award in February 2024. 

    Exploring the retrospective of the GTBank’s GTWorld mobile app transformation, Alty—an award-winning IT consulting and implementation company that innovates and transforms products for banks, fintechs and beyond—brings to light the cultural and behavioral patterns that shaped this redesign journey. Why are these patterns crucial in digital banking? What challenges may arise on the way, and what successes can be achieved by incorporating these patterns into the mobile application? Let’s dive deep into the story of GTWorld.

    Discovering patterns

    “Unity and Faith, Peace and Progress”—line beneath the shield is the Nigerian national motto—was the first thing Alty’s team saw upon landing in Lagos in early 2022. This motto, adopted in 1978, is still true to its purpose—to inspire the nation to be united, faithful, live in peace and grow. 

    This visit to Nigeria marked not only Alty’s debut on the African market but also the signing of a significant contract with one of the continent’s leading banking institutions—GTBank, as we were invited to deliver a complete revamp of its mobile app—GTWorld. 

    We decided to start with a research of cultural peculiarities that influence Africans’ patterns while using mobile banking. In this process we identified four key pillars that shape the African behavioral patterns: mobile-first approach, communication, lifestyle, trust and relationships.

    Mobile-first approach

    The first insight we discovered while conducting a thorough technical and design assessment of the app was about mobile-first approach. Being one of the fastest growing markets, experts predict Africa to become a mobile-only market in the next few years. 

    Recognizing the needs of mobile-centric audience—to streamline and expedite money transfers while prioritizing security measures, our team aligned it with the GTWorld app and implemented the top-notch feature called “Near Me”—a money transfer functionality that enables users to locate nearby GTWorld users for seamless transactions and convenient access to banking services. 

    Due to the Nigeria Banking Industry survey conducted by KPMG, 79% of banking users made payments or transfers primarily through a mobile app. Considering this, it became common for people to make payments using this method today, whether in the market or at a stall. Previously, transferring funds often involved sharing insecure account numbers or compromising personal phone numbers. Near Me, however, provides a fast and secure alternative where customers’ personal information remains confidential. 

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    Communication 

    With over 3000 ethnic groups and more than 2100 languages in Africa it becomes clear that communication plays a vital role in this region. Verbal and non-verbal, written and visual – each type of communication has its own rules and traditions in usage and can be challenging when it comes to mobile banking. Recognizing this, our design team meticulously crafted an intuitive and user-friendly interface for the GTWorld app, ensuring it met the needs of users with varying communicative skills and digital approach.

    Throughout the interface development process, our focus remained on transparency and clear communication. We opted to use English as the primary language for the app to cater to the extensive English-speaking audience. Additionally, we prioritized visual schemes and icons over text, implemented a color palette native to the region, and carefully considered screen brightness levels for better user experience.

    Along with this we incorporated additional informational content to assist users in navigating the app seamlessly and managing their finances prudently. This challenge served as an opportunity for us to create a native mobile banking experience that addresses the diverse needs of users while ensuring comprehensive support and security.

    Lifestyle

    The vibrant pace of life inherent in Africa significantly influences customer behavioral patterns. People are constantly on the go, whether it’s for work, study, or simply enjoying life. Having the youngest population in the world, where 70% is under 30 years old, the region is experiencing rapid development. This dynamic lifestyle extends to social connection and mobile-first approach, and we aimed to embrace it by incorporating the most relevant functions into the GTWorld app.

    Recognizing the need for quick and intuitive actions in line with this fast-paced lifestyle, we introduced the Springboard feature which streamlines transactions for transfers, airtime purchases, and data purchases directly from the user’s phone home screen. With just 3 taps, users can seamlessly log in to the app and enter the desired amount for top-up, making their mobile banking experience efficient and hassle-free.

    Trust and relationships

    The last but not least insight we figured out exploring the African patterns while using mobile banking was about trust. Trust is fundamental in African societies, where personal relationships play a significant role in business interactions. Recognizing this, we prioritized trust and easy-to-use experience in our redesign efforts, ensuring a two-factor authentication using phone numbers and OTP (SMS, E-mail). This robust approach not only provides secure access but also delivers a universally accessible login solution tailored to every user’s preferences and needs.

    By fostering trust and relationships, we’ve also incorporated the option to personalize user accounts with profile avatars and streamlined recipient identification, enhancing the personalization of their transactions and use of Incognito mode, allowing users to hide account balances and manage transactions securely, even in public spaces. With this we aimed to create a sense of security and reliability, essential elements for driving adoption and usage of mobile banking services.

    Resuming the case

    Reflecting on our experience, both within Africa and globally, it’s evident that embracing cultural insights and customizing digital products to meet the diverse needs of users is crucial in today’s society. Understanding behavioral patterns is key to developing effective digital solutions, and each feature should address underlying problems, even if they’re not immediately apparent.

    With GTWorld, we prioritized inclusivity, personalization, security, mobile-first approach and trust, resulting in a mobile banking solution that genuinely connects with people and promotes financial inclusion across the African continent.                                                                        

    Leo Goriev, is Co-Founder at Alty