Category: e-Business

Nigeria is derisively referred to as the world’s poverty capital. It is the most populous country in Sub-Saharan Africa, a region which has 437 million of the world’s extreme poor and 10 of the 19 most unequal countries in the world. LUCAS AJANAKU reports that Nigeria could leverage its youthful tech-savvy population to create digital jobs to boost intra-African trade.

One of the key promises made by President Bola Tinubu during his inauguration address was to create one million jobs from the digital economy and address the challenges besetting the industry, especially that of multiple taxation.

Expectedly, the promises elicited interest from major stakeholders in the information communication technology (ICT) ecosystem. Stakeholders such as the Association of Licensed Telecoms Companies of Nigeria (ALTON) and the Nigerian Computer Society (NCS) hailed the president for the bold move which rekindled hope in the sector.

The reasons for their excitement are not far-fetched. According to ALTON Chairman, Gbenga Adebayo, there are about 40 different taxes and levies, some imposed by state, local government councils and others, by non-state actors. A review of these taxes will certainly help grow the sector. The existence of these taxes makes the operating environment less conducive, stalling expansion and creation of more jobs and ultimately complicating the poverty levels in the country.

The World Bank projects that if poverty reduction measures and growth remain sluggish, Africa could be home to 90 per cent of the world’s poor by 2030.

The one million jobs promise of Mr President is not wishful thinking. President of NCS, Prof. Adesina Sodiya, says it is a dream that could be realised.

This is true, especially if a PwC report entitled: ‘Nigerian Brain Exports: The Optimal Path to Growing the Nigerian Economy’ is taken into consideration. The report highlighted brain export as the country’s most viable path to becoming a developed nation and actively participating in Global Value Chains (GVCs).

According to the report, Nigeria has the potential to capture 17 per cent of the global programming and software development jobs, resulting in an estimated $50 billion in earnings for Nigerian professionals.

“Over the next five years, Nigeria can work towards inserting people with a broad range of skills into GVCs.The Philippines and India each have a call centre workforce of 1,3million and we believe Nigeria can achieve at least 200,000 (15 per cent of global leaders) in five years.

“We estimate that 25,000 brain exports each in five years (25 per cent of the call centre workforce) is achievable for medium-skill opportunities like animation and gaming. However, high-value opportunities like programming and software development need special attention and Nigeria can produce as many as 1.5million of these in the next five years. The programmer target is in line with capturing 17 per cent of the software development jobs expected to hit the market in the next 10 years,” the report noted.

According to Harvard Business Review, Africa is watched as the next big growth market – a description that has persisted for a while. There are many reasons for optimism: the continent is home to some of the youngest populations in the world, it promises to be a major consumption market over the next three decades, and it is increasingly mobile phone-enabled. An emerging digital ecosystem is particularly crucial as a multiplier of that growth, because access to smart phones and other devices enhances consumer information, networking, job-creating resources, and even financial inclusion.

But by far, the African Continental Free Trade Area (AfCFTA) agreement signed by the country ought to open a new vista of opportunity for the youthful population.

This year marks the diamond jubilee of the Organisation of African Unity (OAU), now the African Union, the continental body representing 55 member states that make up Africa. At the heart of this year’s celebration is the vision and implementation of AfCFTA. The AU’s theme  is: “Acceleration of AfCFTA Implementation.”

Adopting AfCFTA is expected to enhance mobility bringing transformative change and tremendous economic and business opportunities.

According to the World Economic Forum (WEF), AfCFTA will provide investors unparalleled access to a population of 1.7 billion and consumer spending reaching $6.7 billion by 2030. The report highlighted automotive; agriculture and agro-processing; pharmaceuticals; and transport and logistics as the four sectors expected to see a rapid acceleration in production and trade volumes, given they have a high potential to meet demand with local production.

Once fully implemented, the trade pact will create the world’s largest free trade area for goods and services across member states and deepen economic integration within the continent. The trade area created by this agreement is expected to have a combined gross domestic product of approximately $3.4 trillion.  

Intra-African trade accounts for approximately 14 per cent of total trade in Africa, compared to significantly higher percentages achieved by Europe, North America, and ASEAN, of around 60 per cent, 40 per cent, and 30 per cent. To address this disparity, AfCFTA aims to facilitate the growth of intra-African trade by eliminating trade barriers, harmonising trade rules, and fostering synergies among African nations.

In 2022, former Minister of Industry, Trade, and Investment, Niyi Adebayo, said Nigeria was targeting a $12 billion increase in trade volume between 2023 and 2027 with the implementation of the AfCFTA. He said the agreement will help reduce trade barriers and make it easier for Nigerian businesses to export their goods and services to other African countries.

“Infrastructure is among the key elements essential to making AfCFTA work effectively. Developing and improving power, transport, and communications infrastructure and establishing efficient road, air, port, and rail networks are crucial for enabling seamless trade facilitation and promoting economic integration,” MD, Sub-Saharan Africa, PMI, George Asamani.

AfCFTA provides a massive opportunity for Africa’s most populous nation, especially in job creation, attracting investments, and boosting its trade relationships with other countries.

“Increasing intra-African trade will bring numerous benefits to the continent, such as industrialisation, economic diversification, and the development of natural resources, commodities, and agricultural produce. However, it is important to acknowledge that this growth will significantly burden the associated infrastructure like roads, railways, power, ports, and telecommunications,” adds Asamani.

“There will be substantially increased demand for new industrial parks and Special Economic Zones. These parks need to be financed and built.”

The African Development Bank (AfDB) estimated that Africa needs infrastructure financing of $130-170 billion annually (pre-COVID), given its rapid population growth and urbanisation. The Director General of the Budget Office of the Federation puts this figure at $100 billion annually for Nigeria alone to fix the country’s infrastructural needs.

He said: “It is abundantly clear that AfCFTA is the cart, and infrastructure will be the horse that pulls it forward. Megaprojects will be crucial to the future of AfCFTA, but the problem is that these projects often go off the rails, either regarding budget or time—or both. For AfCFTA to succeed, Africa must engineer a skilling revolution. Never have the stakes been so high to ensure the timely execution of projects.

“There is a pressing need for competent and qualified project managers to deliver projects to a high standard, as efficiently and effectively as possible. As these projects come to fruition, they will contribute to the acceleration of AfCFTA by facilitating smoother trade flows, enhancing connectivity, and driving economic growth in Nigeria and across the African continent.”

Read Also: AFCFTA: Fed Govt to simplify customs procedure

According to the latest research conducted by the Project Management Institute (PMI), effective project management practices have significantly improved project success rates. The PMI Pulse of the Profession report highlights the value of project managers in navigating complexities, mitigating risks, and seizing opportunities, ultimately ensuring the seamless execution of initiatives.

“Given the scope and objectives of the AfCFTA, it is crucial to identify and develop the project management skills needed to support its successful implementation and operation. At the PMI Africa Conference, we are bringing together industry experts and stakeholders to share their views and insights on building a skills base that is equipped to execute on the significant opportunities presented by the pact. We are hopeful that the discussions will inform policy decisions, facilitate collaboration between public and private sectors, and place more project professionals in leadership roles within AfCFTA,” Asamani said.

Harvard Business Review wrote: “The AfCFTA went into force in May 2019. The agreement could, in principle, create a single market of over a billion consumers with a total GDP of over $3.4 trillion, making Africa the largest free trade area in the world. There are differing motives for pan-African cooperation across countries. For some countries, such as Nigeria, that are dependent on global markets, the incentives to participate are weaker, while a country such as South Africa would have a stronger interest in a pan-African market.

“With the digital advantages and gaps of different countries varying widely, a free-trade zone could help in collaborative initiatives to close the gaps and transfer knowledge across countries to enable the delayed promise of growth in Africa and help make the growth inclusive – thereby accomplishing that rare phenomenon of getting lions to leapfrog.”

The Harvard Business Review studied six key countries drawn from different sub-regions of the continent representing distinct archetypes of size (of economy and population), economic growth, median age, quality of governance, and digital momentum: Egypt, Ethiopia, Kenya, Nigeria, Rwanda, and South Africa. Three primary categories of levers that could translate digital technology uptake into development and inclusive growth: jobs enabled by digital platforms; institutional drivers necessary for digital success; and the foundational digital potential of the country were also studied.

These levers were integrated into a framework called the African Leapfrog Index (ALI) which evaluates each country against a continent-wide “best-performance” benchmark by applying a process around global digital strategy.

Closing up on Nigeria, the review said: “Nigeria has a powerful entrepreneurial climate, with innovative ventures such as Jumia, Interswitch, (Flutterwave,) Kobo360, and Andela as the outcomes. These ventures cut across education, fintech, agriculture, healthcare, logistics, and travel. Nigeria was Africa’s leading startup investment destination in 2018, recording nearly $95 million in deals. Lagos’ Yaba neighborhood has even earned the nickname “Yabacon Valley.” The relative affordability of Nigeria’s internet is key: The Economist ranks it first in affordability in the region.

“The government’s National Identity Management Commission (NIMC) is set for a massive registration for the country’s mandatory National Identity Number (NIN). A unique identity system is essential in developing countries, where the vast majority have few other ways to prove who they are and thereby get access to public services or the financial system, usually through a mobile phone.

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“Nigeria must improve on its use of digital payments. Some 87 per cent of Nigeria’s economy is transacted in cash and most Nigerians had never heard of mobile money. Policies to stimulate greater mobile money use will be important — in 2018, the central bank allowed telecoms and supermarkets to be “payment service banks,” and take deposits and make payments by digital means, but the practice needs to become mainstream.

“Policies to facilitate digitisation must adapt to many challenges, which, themselves, must be addressed over time. There is a high frequency of power outages, low level of public trust in technology, and a large informal economy (65 per cent of GDP and 80 per cent of workforce).

“Nigeria’s sizable super-wealthy community should be better encouraged to participate in early-stage and angel investments in digital startups,” the review advised.

Growth projections

Both the International Monetary Fund (IMF) and the World Bank have retained their growth forecast for the Nigerian economy in 2023 at 3.2 per cent and 2.8 per cent.

The IMF, in its “World Economic Outlook: A Rocky Recovery 2023 APR”, also projected that the country’s economy would grow at 3.0 per cent in 2024.

The report said tentative signs in early 2023 that the world economy could achieve a soft landing with inflation coming down amid steady growth have receded due to stubbornly high inflation and recent financial sector turmoil.

It explained that although inflation has declined as central banks raised interest rates just as food and energy prices have come down, underlying price pressures are proving sticky in a number of economies.

“Side effects from the fast rise in policy rates are becoming apparent, as banking sector vulnerabilities have come into focus and fears of contagion have risen across the broader financial sector, including nonbank financial institutions. Policymakers have taken forceful actions to stabilize the banking system.

The World Bank, early this month, warned that Nigeria’s economic growth is too slow to address the challenge of extreme poverty in the country.

The bank cited challenges of high inflation, foreign exchange shortages, and shortages of banknotes caused by currency redesign which took centre stage earlier in the year.

Among other things, the bank downgraded its economic growth forecast for SSA to 3.2per cent for 2023, from 3.4per cent projected in its April World Economic Outlook. It also projected that global economic growth will slow to 2.1per cent in 2023, with prospects clouded by financial risks.

 “After growing 3.1 per cent last year, the global economy is set to slow substantially in 2023 to 2.1 percent, amid continued monetary policy tightening to rein in high inflation, before a tepid recovery in 2024, to 2.4 per cent.

“Growth in SSA continued to decelerate earlier this year owing to various country-specific challenges and heightened external economic headwinds.

“Growth in the three largest SSA economies – Nigeria, South Africa and Angola – slowed to 2.8 per cent in 2022 and continued to weaken in the first half of this year. In Angola and Nigeria – SSA’s largest oil producers – the growth momentum has stalled amid lower energy prices and stagnant oil production.

“The post-pandemic rebound in Nigeria’s non-oil sector cooled earlier this year because of persistently high inflation, foreign exchange shortages, and shortages of banknotes caused by currency redesign.

 “Growth in SSA is expected to decline further to 3.2 per cent in 2023 before picking up to 3.9 percent in 2024. The recovery in South Africa is projected to slow to 0.3 per cent this year as widespread power outages weigh heavily on activity and contribute to the persistence of inflation.

“Growth in Nigeria is expected to remain barely above the population growth – far slower than needed to make significant inroads into mitigating extreme poverty.

“Outlook downgrades, however, extend beyond the major regional economies with elevated cost of living restraining private consumption and tighter policies holding back a pickup in investment in many countries.

“More broadly, worsened domestic vulnerabilities together with tight   global financial conditions and weak global growth are expected to keep recoveries subdued,” the bank said.

Binance has sought clarification from the Securities and Exchange Commission (SECC) over a circular issued by the capital market regulator at the weekend.

Its spokesperson, in an email note shared by Ivy Shrinida, said: “We are aware of the circular, however, the entity mentioned in the circular is not affiliated with us. We are, therefore, seeking clarity from the Nigerian SEC and remain committed to working with them cooperatively on the next steps.

“Most importantly, we want to remind users that their assets on Binance are safe, accessible and secure. Our greatest priority will always be to deliver for our users.”

With Circular on the Activities of Binance Nigeria Limited as title, SEC had warned:  “The attention of the Securities and Exchange Commission (the Commission) has been drawn to the website operated by Binance Nigeria Limited, soliciting the public to trade crypto assets on its various web and mobile-enabled platforms.

“Binance Nigeria Limited is neither registered nor regulated by the Commission and its operations in Nigeria are, therefore, illegal. Any member of the public dealing with the entity is doing so at his/her own risk.

Read Also: SEC declares Binance operations in Nigeria illegal

“As the regulator with the statutory mandate of investor protection, the Commission urges Nigerians to be wary of investing in crypto-assets, and crypto-asset related financial products and services if the service provider/its platform is not registered or regulated by the Commission. Nigerian investors are hereby warned that investing in crypto-assets is extremely risky and may result in total loss of their investment.’’

“By this circular, Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever.

“The Commission shall provide updates on further regulatory actions with respect to the activities of Binance Nigeria Limited, and other similar platforms and shall work with other regulators in Nigeria to provide further guidance on this matter.”

According to a 2021 fraud report from the Nigeria Inter-Bank Settlement System (NIBSS), the incidents of overall fraud attempts in Nigeria between 2019 and 2020 rose up by 187 per cent. There is a need to rid the ecosystem of roughnecks, restore trust, writes LUCAS AJANAKU.

Jadesola Praise is a part three student of a private university. Before she got admission to the university, she had taken advantage of her smartphone to start digital marketing and created JADE Stores.

  She mobilised resources and got an iPhone to get sharp images of her products displayed on her social media handles. Today, she places orders for goods from China and other parts of the world which she sells to her customers through the use of logistics firms.

She is but one of several other fringe players in the e-commerce space in the country surviving despite the existence of giants such as Jumia, Konga and many others. Undoubtedly, Nigeria’s digital landscape is flourishing.

According to statista, the country has one of the biggest internet economies in Africa. With the continent’s largest population and one of the youngest worldwide, the country presents a vast digital audience. Internet penetration is nosing 70 per cent and is projected to increase steadily as the Nigeria Communications Commission (NCC) and other stakeholders pursue the implementation of the National Broadband Plan (NBPL). Estimates from different sources put the number of smartphone users in Nigeria at between 25 and 40 million. In fact, mobile devices are much more frequently used to access the internet than desktop devices. In 2019, over 70 per cent of internet accesses were recorded on mobile devices, whereas this share was even higher when it came to online marketplace visits.

But the fear of fraud is hindering the uptake of e-commerce in Nigeria, slowing the growth of business and entrepreneurship in the country. Industry players believe a concerted effort to build trust in the sector is required if the country’s true digital potential is to be realised.

With Nigeria having the largest population in Africa and one of the youngest populations globally, the immediacy and convenience of online retail makes it appealing to this enormous potential market. And, while seven per cent of purchases made in Nigeria in 2021 were made online, local experts believe this could be significantly higher.

Country Manager for DPO Pay, the largest pan-African payment service provider, Henry Olawale Owolabi, said: “Unfortunately, fraud is a large, complex, and often organised problem in Nigeria, costing the local economy hundreds of millions of US dollars each year. This is hurting the growth of a promising e-commerce sector because players across the ecosystem are nervous about losing money – merchants because of the chargebacks they face, and shoppers are worried about sharing their card details in case they have their accounts compromised.”

According to a 2021 fraud report from the NIBSS, the incidents of overall fraud attempts in Nigeria between 2019 and 2020 increased by 187per cent, with web accounting for 47 per cent, mobile 36 per cent, ATM terminals nine per cent, and point of sale terminal (PoS) terminals seven per cent.

It’s not just the volume of attacks that have increased, but also the type; in March 2023, the Nigeria Deposit Insurance Corporation (NDIC) warned that fraudsters are getting more creative, requiring extra vigilance from the public.

“Nigerians are facing multi-dimensional fraud such as social engineering including phishing, smishing and vishing; authorised push payment fraud, or impersonation; identity theft; account takeover and mobile SIM swap fraud; chargeback fraud; and even internal collusion.

Merchants, on the other hand, are struggling with identity theft, chargeback fraud and man-in-the middle attacks,” Managing Director, Network International – Nigeria, Adelola Agbebiyi, said.

The result of the rise in fraud is a population that has become wary of shopping online and Owolabi says his company has found that around 60 per cent of users would rather opt for pay-on-delivery options than share their card details when using online payment options.

“This loss of confidence in the payment systems impacts e-commerce growth. Users are missing out on a low-friction customer experience because of the far-reaching security and control options deployed in order to safeguard customers. Online sales can still take place but they are happening in a less than optimal environment.”

E-commerce is seen as high risk by shoppers, impacting sales, and new merchants are wary of entering the market, cutting off earning potential for young entrepreneurs,” Owolabi said.

Place of trust

Owolabi said a big part of the solution lies in building trust throughout the entire e-commerce ecosystem.

Read Also: How Dropazz is changing e-commerce industry – Degenius

“The work already done by the industry players such as banks, merchants and payment service providers is helping educate customers on risks and how to avoid them. This should continue and could even increase. But it is also up to merchants to choose payment partners that have the long-term industry reputation, backed by the technical credentials that they can trust to keep them and their customers safe. The travel and tourism industry is one sector that has largely succeeded in this regard,” he said.

In return, Agbebiyi says payment service providers (PSPs) and their technology partners must ensure that they do everything they can to keep merchants and shoppers safe. This includes employing real-time risk monitors, specialist risk teams, smart pattern identification, real-time payment confirmation and around the clock fraud monitoring.

For instance, DPO Pay, powered by Network International, will also be looking at technologies such as machine learning and AI, as well as the learnings from preventing fraud at more than 9,000 banks across the globe, to help keep Nigerian merchants safe.

“Part of ensuring trust lies in being able to keep your own company free from breaches. Because we don’t have to rely on any third parties, we know that any attempted hack in the middle of the night can be dealt with immediately by a team that understands our platform better than anyone else. Building a trusted e-commerce environment could have a real and lasting impact on Nigeria, and that starts with making good decisions. From customers empowering themselves with the latest fraud information, to merchants choosing to work with PSPs that deploy the most advanced technology and support. We must all play our part,” Owolabi said.

Nigeria singer, songwriter and record producer, David Adeleke popularly known as Davido, last week caused a stir when he  appeared on stage at the Landmark Event Centre, Oniru, Lagos, during the public presentation of Infinix’s NOTE 30 Series.

Dignitaries and young people were excited when the music icon whose presence was not noticed until he appeared on stage with the new mobile device.

The event with “Take Charge 24/7” as theme saw Infinix demonstrate its dedication to its fans by inviting over 100 brand faithful, who were treated to a sensational performance by Davido who is also its brand ambassador.

Co-founder & Global Head of Infinix, Mr Benjamin Jiang, graced the occasion.                                                  

Guests had the opportunity to experience the various Note 30 variants, test the cameras, take selfies, and explore the all-round fast charging features. They interacted with representatives, asking questions and gaining insights into the device.

The event was also live-streamed on YouTube and Facebook, ensuring that fans didn’t miss out on the excitement.

The company said the Note 30 Series is designed with cutting-edge all-Round FastCharge technology that supports multiple charging methods, including wired fast charging, wireless charging, reverse charging, bypass charging, PD 3.0 protocol, intelligent charging, and safe charging across multiple dimensions.

The bypass charging supplies power directly to the motherboard without going through the battery, effectively reducing the phone’s temperature and extending battery life. The reverse charging function makes it both a mobile phone and a charger for other electronic devices. large storage. Infinix also obtained a Hi-Res professional certification and partnered with JBL to provide a remarkable audio experience for the device.

The Note 30 series also supports wireless charging, making charging your devices in the car, office, or at your bedside easy and convenient. The Note 30 series comprises multiple models: the Note 30, Note 30 Pro, Note 30 5G, and Note 30 VIP.

Infinix also announced the upcoming release of the Infinix Smart watch at the event.

The Nigerian market should prepare to be spellbound as the NOTE 30 Series will command attention and set a new standard in the market, not with its outstanding features, stunning designs, and cutting-edge technology.

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Samsung Electronics is committed to giving consumers more options in the area of devices to stay connected and enjoy a remarkable mobile experience.

The company stated this in a statement to announce the launch of Galaxy A24 LTE, which it said came packed with features and a clear mission to redefine display, a brand-new design and a camera that shoots sharp and steady. It tops it all off with a large storage capacity that allows you to safely keep your important documents, music, apps, downloads and collection of your life’s special moments captured in pictures and video.

“The Galaxy A24 LTE boasts the latest software in Samsung’s One UI 5.1 to give you an even finer mobile experience that is one up on the Galaxy A23 LTE, which it replaces.

“All your apps and files will be safe and secure in the phone’s ample built-in memory of 4 or 6GB of memory and 128GB storage that is expandable by up to 1TB with MicroSD1.

“The Galaxy A24 LTE looks the part too with Galaxy’s signature design language that is inspired by Samsung’s flagship line.

“From the back of the phone, the improved design sports a glossy finish and prism pattern back cover with a refined and polished camera deck. The optimised ratio between the corner and the camera modules gives the phone a sophisticated look while the no camera housing is straight out of the apex Galaxy S series design playbook,” the company said.

It added that the phone’s sleek and premium design is complemented by its exquisite flat body pattern with one of the phone’s three colours that include black, silver and light green.

The Galaxy A24 LTE’s super AMOLED 6.5-inch full high-definition screen gives a brilliant, vivid display. With its eye care display3 and low blue light emission that’s always clear even under bright sunlight, scrolling through your phone, binging on your favorite shows or playing games would be a pleasant experience that is comfortable on your eyes.

 “Capture all your different vibes and gain awesome perspectives with the triple-lens camera that includes an excellent 13-megapixel (MP) selfie lens that will be sure to deliver your pictures and videos in immaculate quality. The main super sharp and steady 50MP Triple camera is supported by an ultra-wide 5MP and a macro 2MP lens to give you even more options and angles for your beautiful shots.

“You’d be happy to learn that all these exciting features of the Galaxy A24 LTE will not quickly deplete your battery power and you’ll be able to enjoy them for much longer thanks to the powerful 5,000mAh battery which can last for more than two days on a single charge4.With video playback time up to 20 hours5, the battery can last long enough to keep you connected and should you need a quick recharge4, the 25W fast charger s6 will handle things for you to pick up where you left off in no time. You can charge up to 50 per cent in 30 minutes,” Samsung said.

The world is undergoing a digital transformation right now and Nigeria is well-placed to play a big role in this exciting future. So, what can we expect from the country’s digital industry from now across different industries?

Digital Payments and Fintechs

Nigeria has one of the world’s fastest-growing fintech sectors, with up to 200 fintechs operating in the country. In terms of the number of digital transactions carried out, 2021 saw almost $700 million moved by these companies. Paga, Cowrywise, and PiggyVest are among the most popular apps launched to date by Nigerian fintechs.

The signs are that the fintech scene will keep on growing as new investment rolls in. Tennis legend Serena William is among the investors to put money into a Nigerian fintech, as she contributed to a $3.3 million funding round for the Stears data and insights start-up that carries out deep research on a wide range of business topics.

As the most populous country in Africa, the size of the Nigerian market makes it an attractive option for start-up investors, both in terms of finding local talent to work for them and the potential customer base. Between January and August 2022, $507 million was invested in Nigerian fintech start-ups and this trend should continue as new ideas emerge, with Nigeria getting close to a quarter of all start-up funding in the continent in the last couple of years.

Read Also: Nigeria targets $1.7tr global blockchain industry

Sports betting is another area that’s enjoying worldwide growth and could provide excellent opportunities for Nigerian start-ups. The use of combined casino, sportsbook and retail betting software allows operators to instantly calculate the latest odds on thousands of sporting events and markets, with the option of customizing for local users. With sports betting and casino games combined on a single platform, operators can provide a wide range of gambling options efficiently.

The Blockchain

While some of the start-ups in the fintech sector use the blockchain and cryptocurrencies, it’s worth looking at this technology in its own right too. Among the biggest potential use cases are helping the unbanked population and dealing with international remittances, both of which are huge issues in Nigeria.

The weakness of the naira against the US dollar has caused many Nigerians to explore cryptocurrencies in the last year, while investors are eagerly waiting to see what the Central Bank of Nigeria’s plans for a crypto regulatory framework will involve. As for the government-backed eNaira, this digital token has failed to gain the popularity it was expected to have.

As part of the plans going forward, the Securities and Exchange Commission of Nigeria is reported to be planning a rollout of tokenized coins that allow investors to own fractions of specific assets such as bonds or stocks. Described as a regulatory incubator, this is seen by authorities as a way of testing out crypto adoption while protecting investors, meaning that its success could tell us a lot about the way forward.

The digital transformation taking place in Nigeria is still at an early stage and there is scope for further growth as new opportunities emerge. It’s definitely an area of the economy worth keeping a close eye on.

Jumia, the leading e-commerce platform in Africa, has appointed Lere Awokoya as its new Chief Marketing Officer in Nigeria. In his new role, Lere will be responsible for driving growth and customer engagement across the company’s operations.

Prior to his appointment, Lere served as the Head of Brand for Jumia Nigeria, where he oversaw the company’s brand strategy and execution.

With his extensive experience in marketing and branding, Lere is well-positioned to lead Jumia’s marketing efforts and help the company achieve its strategic goals. He has also previously worked with Betway and Moet Hennessy.

“I am honoured to be promoted and grateful for the recognition of my contributions to the company,” said Lere. “I am excited to take on new challenges and continue working towards Jumia’s mission of improving people’s lives by providing for their everyday needs. I am motivated to work even harder and exceed expectations in my new role”.

Read Also: Zipline, Jumia pioneer products delivery via drone to homes

Jumia is the top e-commerce platform in Africa, with its shares listed on the New York Stock Exchange. It provides a comprehensive range of products and services, such as Jumia Pay, Jumia Food, Jumia Party, Jumia Travel, and Jumia Logistics, to customers across Nigeria and the entire African continent.

Under Lere’s leadership in marketing, the company is well-positioned to maintain its upward growth trend and solidify its status as a top player in the industry.

“We are thrilled to have Lere as our new Chief Marketing Officer,” said Massimiliano Spalazzi, CEO of Jumia Nigeria. “Lere has been instrumental in shaping our brand and driving customer engagement, and we are confident that he will continue to deliver exceptional results in his new role.”

With 11 years of experience, Lere holds a Bachelor’s and Master’s degree in Management and Strategy from Aston University in Birmingham, UK, and has a proven track record of introducing and developing global brands in regional and domestic markets.

Historically, the NFL hasn’t been overly open to importing players. With the way that US universities are set up, sports programs are directly designed to create the best possible players for the uniquely American sport and its premier league. Over the last decade, though, the NFL has sought to become a global attraction.

One aspect of this is the International Player Pathway Program created in 2017. From this, a few players have made the cut to NFL active rosters, such as Australia’s Jordan Mailata joining the Philadelphia Eagles in 2018. This year, it’s the headline-catching nation has, without a doubt, been Nigeria.

Six new Nigerian athletes vying for pro football

Perhaps surprisingly, Nigeria is quite well represented in the modern NFL compared to most other nations in the world. Right now, there are seven players who were born in Nigeria and are of Nigerian nationality in the NFL. These include Joseph Ossai, Romeo Okwara, Chukwuma Okorafor, and the Super Bowl-winning Emmanuel Ogbah.

After the most recent round of picks from the IPPP, another six Nigerians are in a place to compete in the league one day. Set to play on the offensive line, Roy Mbaeteka joined the Chicago Bears, and Chukwuebuka Godrick made it onto the practice squad of the Kansas City Chiefs.

The other four are targeted as defensive linemen or perhaps outside linebackers. There are Kenneth Odumegwu (Green Bay Packers), Haggai Chisom Ndubuisi (Denver Broncos), David Ebuka Agoha (Las Vegas Raiders), and Basil Chijioke Okoye (Los Angeles Chargers). Mbaeteka is the oldest of the class at 23 years old, while Okoye and Agoha are 21.

As was reported by the news outlet AFI, the six Nigerian players were discovered in Ghana at the NFL Africa talent camp, having made their way through The Uprise initiative. The program established by Osi Umenyiora was pivotal in preparing these athletes for their big audition in Ghana before going to the International Combine in London.

Umenyiora is himself a former NFL player of Nigerian descent. Born to Nigerian parents in the UK, Umenyiora would go on to win the Super Bowl twice in his NFL career with the New York Giants. Predominantly a defensive end in the NFL, the All-Pro of 2005 can clearly spot talent for the trenches based on this year’s IPPP class.

Which IPPP selectee has the clearest path to the NFL?

It’s very unlikely that any of the players picked from the IPP will make it to an NFL team’s active roster this season. It’s because of this that teams get additional allowances for keeping international players on their practice rosters to help develop them over a longer period of time.

Still, two Nigerians appear to have a somewhat clearer path forward than the others. It just so happens that one has been picked up by the Super Bowl favorites while the other could be in line to battle for the divisional title. Godrick landed with the Chiefs, who are the reigning champions, +600 favorites to win the trophy again next year for those who enjoy the best NFL odds.

For Mbaeteka, it’ll be a case of trying to get to the front of the line for the Chicago Bears. The Bears aren’t expected to make it to the playoffs this season at +325 just to win the NFC North. In a way, this could be advantageous to the Nigerian offensive lineman, as he may get rotated into the weaker starting line if they struggle.

Both Godrick and Mbaeteka are offensive linemen as it stands, and both are being listed as fourth in the depth chart for the right tackle position. However, the Chiefs and Bears have been listed by outlets as having deficits at offensive tackle. So, in theory, those ahead of the Nigerians aren’t strong enough to be certain starters or even reliable for a whole campaign.

Of course, in the NFL, injuries play a huge role and are why teams need to have such extensive rosters and practice squads. The new IPPP players aren’t expected to break into the NFL this season, but with hard work, each of these Nigerian athletes could make a case very soon.

Angala FinTech, a leading financial technology company, is in the final stages of preparations for the launch of Payrail business, a new service that will significantly transform the digital payments landscape and provide unparalleled benefits to its market, users, customers, and partners.

The new service builds on Angala FinTech’s other key offerings, such as mobile app, payments and transfers, lending solutions, investments, security and privacy, and customer support. The service, Angala FinTech said, will address several key challenges and pain points that businesses commonly face in managing their finances, including payment efficiency, cashflow management, invoicing challenges, expense tracking and categorization, financial insights and reporting, and financial reconciliation.

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It will target businesses across various industries, from small businesses to medium-sized businesses, entrepreneurs and freelancers, service-based businesses, e-commerce businesses, businesses engaged in B2B transactions, as well as larger enterprises seeking a streamlined financial management solution. Commenting on the new service, the CEO of Angala Fintech, Charity Orji, said with Angala Fintech’s reputation in the financial technology industry as a trusted and innovative company, it will have a profound impact on the market, users, customers, and various stakeholders. “This new offering will bring forth a disruptive solution that sets a new benchmark in the industry.

It will challenge the status quo and push the boundaries of what is possible in digital financial services,” Orji said. “The market will experience increased competition and innovation as other players strive to match the standards set by our service,” she said.

The CEO said the introduction of this new offering will create new opportunities for collaboration, partnerships, and advancements within the financial technology sector. The service will offer users and customers faster, more convenient, and more secure digital payments, eliminating the hassles associated with traditional payment methods, the company said. It will also empower businesses to optimize their financial operations, improve cash flow management, and drive growth. And whether it’s enabling secure online transactions, facilitating international payments, or simplifying recurring billing processes, the service will provide the tools and features needed to stay competitive in today’s digital economy, it said.

Speaking further, the Angala Fintech CEO said the company will continue to push the boundaries of innovation, leveraging the latest technologies and insights to revolutionize the financial technology landscape. “Our commitment remains unwavering in providing exceptional services and solutions that address the evolving needs of our users, customers, and partners,” Orji said. “We will continue to invest in research and development, staying at the forefront of technological advancements and industry trends. This ensures that we can offer state-of-the-art products and services that empower individuals and businesses to thrive in the digital economy.

“Additionally, we will foster strategic collaborations and partnerships with industry leaders, recognizing the power of collective expertise and collaboration in driving meaningful change. By working together, we can create comprehensive solutions that tackle complex challenges and unlock new opportunities for growth,” she said. Established in 2021, Angala FinTech is a leading financial technology company that specializes in providing innovative solutions and services designed to revolutionize the way individuals and businesses manage their finances. The company caters to a diverse range of clients, including individuals, businesses, and organizations, with a focus on transforming the way financial transactions are conducted.