A technical product manager and leading ICT expert, Paul Joe, has said the global fintech and payments sector is on the brink of major transformation, spurred by technological innovation and efforts to expand financial inclusion.
The expert in his new paper, “The Future of Fintech and Payments: A Global Outlook”, outlines key trends driving change in how individuals and businesses interact with money.
A central theme in Joe’s analysis is the growing dominance of real-time payments.
He pointed to recent breakthroughs such as the launch of the FedNow Service in the United States and India’s highly successful Unified Payments Interface (UPI), which processed approximately $2.2 trillion in transactions in 2023.
These platforms, Joe argues, are paving the way for a global standard where instant, round-the-clock payments become the norm, cutting down transaction delays and enhancing cross-border commerce.
He also highlighted the transformative role of mobile money in emerging markets.
Citing Kenya’s M-Pesa and similar platforms across Africa, which now account for over 81.8 billion transactions annually, roughly 74 percent of global mobile money activity, Joe noted that over 1.1 billion registered users are now participating in the digital economy via even basic mobile phones.
Joe Paper also explores the rising influence of decentralised systems such as DeFi (Decentralised Finance) and DePIN (Decentralised Physical Infrastructure Networks).
He pointed to projects like Helium and Hivemapper as examples of grassroots-powered networks where users contribute infrastructure and are rewarded for participation.
On the policy front, Joe noted that more than 130 countries are currently exploring Central Bank Digital Currencies (CBDCs), with China, Nigeria, and Brazil among the most advanced.
While widespread adoption may still be years away, Joe believed CBDCs could significantly modernise public finance systems and improve service delivery, including tax collection and welfare payments.
He said user experience will be the defining factor in the fintech race because the best experience wins.
He emphasised how AI, biometric authentication, and embedded financial tools are making transactions faster and more intuitive.
Joe foresees a future where payments are seamlessly woven into daily life, driven by a convergence of global innovation and inclusive design.
While acknowledging regulatory and cybersecurity challenges, Joe remained optimistic that with thoughtful governance and user-focused solutions, the global financial ecosystem is set to become more open, efficient, and inclusive than ever before.
Bitget, a global leader in cryptocurrency exchange and Web3 innovation, has officially launched registration for the 2025 edition of its flagship trading competition — the King’s Cup Global Invitational (KCGI). This year’s event features a record-breaking prize pool of 6 million USDT, alongside new competition formats and early-bird incentives.
Described as one of the most anticipated trading tournaments in the crypto space, KCGI 2025 promises a revamped experience with dynamic challenge modes, region-based leaderboards, and expanded rewards designed to engage traders of all skill levels.
Bitget CEO Gracy Chen said the competition is more than just a battle of profits — it’s a celebration of innovation, community, and strategy. “From team battles to bot duels, KCGI 2025 isn’t just a tournament, it’s a spectacle,” she said.
“This year’s edition takes competition to the next level with enhanced challenge modes, strategic captain roles, and exciting opportunities for newcomers. Whether you’re a seasoned trader or just stepping into the world of crypto, there’s a place for you in this tournament,” Chen added.
She also emphasised the strong sense of community the competition fosters: “Every year during KCGI, we witness traders across the globe strategise, synchronise, and innovate. It’s a vibrant mix of skill, teamwork, and ambition. KCGI is our way of rewarding the best and most dedicated traders in our ecosystem.”
With 6 million USDT in rewards and a range of early sign-up benefits, Bitget is encouraging traders worldwide to register early and gear up for what it promises will be the most exciting KCGI yet.
The competition is now open to all eligible traders via the Bitget platform.
“This year’s 6 million USDT promotion pool is packed with surprises. Top-performing participants may unlock VIP experiences with Bitget partners. Those partners include LALIGA matchday access, MotoGP circuit passes, and other premium rewards that go beyond the charts. It’s not just about who trades best. It’s also about who dares to play big, lead boldly, and win in style.
“KCGI 2025 introduces four high-stakes categories which include: Team Battle – Form alliances, build your squad, and rise through the ranks together; Copy Trading Showdown – Let your strategy do the talking, or ride with the best; Bot Trading Competition – Code it. Launch it. Dominate the charts; On-chain Arena – The ultimate test of decentralised skill and chain-savvy moves.
“Early registrants unlock exclusive perks like trading bonuses, entry into mystery prize draws, and first dibs on team captaincy slots. Participants from over 100 countries are expected to join. Thus, it has not only become the largest KCGI yet but also the most global, collaborative, and competitive.
“The official Team Battle segment begins July 24, but the smart money moves early. Traders who register now not only secure their seat, but they also set the tone for the event. Get in early. Build your team. Shape the leaderboard. KCGI 2025: This isn’t just trading, it’s a full-on battle with rewards”, she said.
Wema Bank’s ALAT, the first fully digital bank in Africa, has been recognized as Nigeria’s Best Digital Bank at the Euromoney Awards 2025.
Euromoney is a leading provider of competitive intelligence and benchmarking insight for the global banking and finance industry, trusted for over 50 years to deliver data-led analysis that informs strategy, validates performance, and supports decision-making at the executive level.
ALAT has revolutionized the banking landscape in Nigeria and globally, providing seamless and convenient financial services to individuals and businesses.
Since its launch in 2017, ALAT has evolved into a holistic hub of lifestyle and financial solutions, offering a range of services including transfers, airtime and data purchases, bill payments, and loans.
Speaking at the award ceremony in London, Wema Bank’s Managing Director and CEO, Moruf Oseni, expressed gratitude to the Euromoney Awards for recognizing the bank’s impact on digital innovation in Africa.
He reiterated the bank’s commitment to developing digital solutions for societal impact and shaping the future of banking.
“The world is moving fast, and so is the permeation of ‘digital’ into the most critical aspects of our lives. 80 years ago when Wema Bank was established, typewriters were the extent of banking technology. Today, we have pioneered a fully digital bank, and possess technology advanced enough to power over 150 FinTechs.
“In ten years, one can only imagine what this fast-paced digital economy will bring. One thing is clear, any business, venture or institution that will remain relevant by the end of the next decade, must leverage digital technology today. This is why Wema Bank is so driven when it comes to digital. Innovation and empowerment.
“As a Bank, our stance is clear. Wema Bank will never relent in empowering lives through innovation and developing digital solutions for societal impact. We will continue to pioneer innovation, empower innovators and bridge the gap between traditional and digital, leveraging the opportunities of the digital world to generate meaningful impact on lives and businesses in Nigeria, Africa and across the world. We have remained resilient in this commitment since 1945 and this award tells us that the world is feeling our impact.
“We are honoured by this recognition, and I take this opportunity to extend our sincerest gratitude to the Euromoney Awards. We take this as a challenge to keep up the good work, go harder, and continue going above and beyond in shaping the future of banking through digital innovation. Here’s to 80 years of impact and a future of limitless possibilities with Wema Bank.”
Wema Bank has been a pioneer in digital innovation, launching several industry-firsts, including ALAT, ALAT For Business App, CoopHub App, Wema Phygital, ALATPay, and the ALAT Xplore App. The bank’s commitment to digital innovation has positioned it as a leader in the Nigerian banking industry.
The Euromoney Awards are a prestigious recognition of excellence in the banking and finance industry. Wema Bank’s ALAT is a testament to the bank’s commitment to innovation and customer satisfaction.
VFD Group, a leading proprietary investment company, has formally launched its organisational culture framework, RIDEE (Respect, Inclusion, Dynamism, Execution, and Entrepreneurship) in a landmark event at its headquarters in Lagos, Nigeria.
The occasion marks a pivotal moment in the Group’s evolution, affirming its commitment to institutionalising values that will guide its global growth strategy.
The event featured a distinguished lineup of business leaders and stakeholders, including Mr. Tony O. Elumelu, CFR, Chairman of Heirs Holdings, UBA, and Transcorp Group, who served as the Special Guest of Honour.
Other notable attendees included Mr. Tunde Busari, SAN, Chairman of VFD Group; Mr. Nonso Okpala, Group Managing Director; Mr. Adeniyi Adenubi, Non-Executive Director and Art Patron; Mr. Azubike Emordi, Managing Director of Afriland Properties, and several ecosystem partners.
A Bold Cultural Shift
Busari, Chairman of VFD Group, emphasised the strategic importance of culture in scaling African institutions:
“This moment is symbolic. It represents a deeper shift in how we see ourselves and how we choose to grow. Culture has always been the thread that connects ambition to action. Today, we have made that thread visible.”
He reiterated that for Africa to build sustainable institutions, culture must evolve beyond heritage and become embedded in organizational systems.
Honouring Legacy, Inspiring the Future
In a heartfelt tribute, Mr. Nonso Okpala, Group Managing Director of VFD Group, introduced Mr. Tony Elumelu as a mentor and model of excellence:
“Many of you have heard me say I got my PhD at Heirs Holdings. That time was formative. Every day under a leader like Mr. Elumelu was a chance to stretch my thinking and sharpen my execution.”
Okpala credited Elumelu’s influence as instrumental to his leadership journey, underscoring the importance of mentorship, succession planning, and institutional legacy.
The RIDEE framework is the result of a year-long internal discovery process observing behaviours, listening to employee stories, and identifying the values that have driven VFD’s success over 15 years.
Elmer Aluge, Soft Power Inclusion Specialist, described RIDEE as: “A behavioural contract. When defined clearly, it becomes an operating system. RIDEE gives VFD a shared language that ties together identity, execution, and scale through its global network.”
RIDEE now serves as the standard for aligning teams across geographies, promoting autonomous decision-making, and reinforcing intentional leadership across the Group’s expanding portfolio.
Looking Ahead: Global Expansion in Motion
Closing the event, Elumelu delivered an inspiring keynote urging VFD Group to lead with purpose and tenacity, “Excellence is in going the extra mile.”
In it’s bid to strengthen Nigeria’s non-oil export base and formalise informal trade flows, the Nigerian Export Promotion Council (NEPC), in collaboration with the Nigeria Customs Service (NCS), the National Bureau of Statistics (NBS), West African Cross-border Trade and Agricultural Fair (WACTAF), and other key actors, embarked on a three-day stakeholder engagement across Ṣaki and Okerete in Oyo State.
Held on 9th July, the engagement was part of NEPC’s Informal Cross-Border Trade (ICBT) programme designed to integrate informal exports into Nigeria’s official economic data.
A visit to Okerete—a border community in Saki West LGA that connects Nigeria to Benin Republic—was central to the mission. Okerete is a major trade route for Nigerian exports heading to Mali, Senegal, Côte d’Ivoire, and beyond.
The delegation comprised representatives from NEPC, NCS, NBS, the Oyo Shippers Association, Oyo State Ministry of Trade, and trade advocates including Alhaji Nasiru Salami, Dr. Abdulwaheed Ayobami Omotosho, and Dr. Joe Itah.
Despite the 86km stretch between Ṣaki and Okerete, the delegation endured a six-hour journey due to poor road infrastructure. Along the route, they encountered numerous export activities—particularly trucks loaded with goods, many of which exceed ECOWAS axle load standards.
The team engaged with local stakeholders including traditional rulers, traders, logistics operators, and market consolidators to build consensus for formalizing existing trade practices, collecting accurate data, and enhancing Nigeria’s non-oil export performance.
Acting Regional Coordinator of NEPC (South West, Lagos Office), Mrs Bolanle Emmanuel, emphasised the Council’s mission: “NEPC has the role to mainstream non-oil exports and promote formal export in Nigeria,” she said.
Continuing, Emmanuel said: “We are here to sensitise on the requirements for formal cross-border trade and understand Customs duties and levies. That’s why Customs is here—to guide us. They are our friends.”. Knowledge of required documentation, customs duties and levies will facilitate accurate data capturing and profitable formal export businesses.
On the team was Alhaji Nasiru Salami, an export facilitator, who stressed the need for functional border markets.
“Okerete was chosen for the South-West. Traders from Ṣaki are the ones trading here. If we have functional border markets, the economy and our people will benefit,” he explained.
Representing the Executive Director/CEO of NEPC, Mr. Afolabi Bello linked the export agenda to macroeconomic stability. “When the dollar rises against the naira, it’s our responsibility to act. Export earns foreign exchange to fund infrastructure. But without records, government intervention is impossible.
“If we show that two trailers leave Ṣaki daily, government support will follow,” he said, urging traders to collaborate with the NBS in documenting products like cashew and shea butter.
A retired NEPC Director, Dr. Joe Itah, noted Ṣaki’s global recognition for quality exports. “Ṣaki is visible on the world map for shea butter and cashew. The NEPC Executive Director, Mrs. Nonye Ayeni, has mandated us to strengthen formal trade here.
“Infrastructure is a challenge, but with support from traditional rulers like the Kabiyesi of Ṣaki, improvements will come,” he said.
Speaking from a royal perspective, Kabiyesi Oba Khalid Olabisi Oyedepo III, the Okere of Ṣaki, encouraged exporters to collaborate. “Form cooperatives to share transport costs and get bulk discounts. When you export, you help yourselves and strengthen the Naira,” he said.
According to the monarch, “Foreigners are profiting from our resources—one Indian claimed his company has made ₦1.7 billion here. Let us reclaim our trade. Much of what’s called Ogbomosho cashew comes from Ṣaki,” he noted.
Mr. Emmanuel Akanni of Fidelity Bank reaffirmed the bank’s support for export businesses. “Ṣaki is a hub for cocoa, cashew, and more. With government support, Fidelity Bank is ready to assist traditional institutions and NEPC. Proper documentation is key to accessing financing,” he said.
Responding, the monarch urged Fidelity Bank to open a branch in Ṣaki to ease financial access.
Delivering the goodwill message of the Oyo State Commissioner for Trade, Industry, Investments and Cooperatives, Honourable Adebisi Adeniyi, Mr. Oluwole Uthman, an officer from the ministry, outlined the state’s commitment to formalizing cross-border trade in Saki. He stated that the government’s strategy is anchored on four key areas: registration and enumeration of traders, provision of basic infrastructure, deployment of trade facilitation officers and relevant agencies, as well as training and capacity building for women and youth engaged in trading.
“We are also committed to promoting cross-border cooperatives and market associations to ensure proper coordination and sustainability of trade activities,” Uthman said on behalf of the Commissioner. He noted that these measures are part of Oyo State’s broader efforts to improve trade governance, boost economic growth, and empower local traders in the border region.
Dr. Ayobami Omotosho, President-General of the Okerete Border Market Stakeholders Association, praised NEPC’s efforts and called for a permanent Customs/security post. “Our shea butter is now world-class. NEPC has helped us develop value-added cashew products.
“The Kabiyesi is working hard—soon we’ll commission a border post,” he said.
Chief Superintendent of the Nigerian Customs Service, (Oyo/Osun Area Command), Mr. U. D. Bukar at the event enlightened the audience on what exporters need as documents when exporting.
“Exporters need NAFDAC certificates, TIN, export licenses, and must pay duties,” he said.
Continuing, the Chief Superintendent said, “We check arrival assessment reports, certificates of origin, and more to ensure compliance and revenue growth.”
He also broke down the formal documentation requirements: “CAC registration, TIN, NEPC Export Certificate, Form M (import), NXP (export), SONCAP, NAFDAC, and Certificate of Origin,” he said must accompany any exporter whose goods are going through the border.
He listed key levies: 0–35% import duty, 7% surcharge, 0.5% ETLS levy, 1% CISS, and 7.5% VAT. Supporting docs include the SGD form, duty receipts, exit notes, PAAR, and transit bond.
The engagement ended with renewed stakeholder commitment to formalizing the vibrant but largely untracked cross-border trade around the Ṣaki–Okerete corridor—laying the foundation for stronger infrastructure, accurate data, and more inclusive economic growth.
Bitget, a leading global cryptocurrency exchange and Web3 company, has officially launched its institutional services in Nigeria, offering fintech companies access to a powerful suite of advanced trading and blockchain infrastructure tools.
The launch marks a major step in supporting Nigeria’s fast-growing fintech ecosystem, providing startups and enterprises with institutional-grade solutions such as white-label crypto exchange platforms, API trading integration, liquidity infrastructure, proof of reserves, and access to Bitget’s $600 million Protection Fund.
According to Bitget CEO Gracy Chen, the initiative aims to empower Nigerian fintech firms to harness blockchain technology for innovation and wealth creation.
“Our goal is to empower Nigerian businesses to innovate and leverage blockchain for wealth creation opportunities,” Chen stated. “Our institutional services are tailored to meet the operational needs of fintech leaders, allowing them to embed trading functionalities like spot and futures markets, wallet management, and more into their platforms.”
Key offerings in the new service suite include white-label Broker Services: Fintech companies can build custom-branded crypto exchanges using Bitget’s infrastructure while maintaining full control over branding and user management.
API Solutions: Developers can integrate trading functionalities—including spot, margin, and derivatives markets—via fast and efficient APIs to ensure seamless user experiences.
ND Broker Model: This feature allows clients full control over their user interface while leveraging Bitget’s liquidity and market infrastructure on the backend.
Protection Fund & Proof of Reserves: Clients benefit from enhanced security with over \$600 million secured in Bitget’s Protection Fund and real-time proof of reserves, ensuring transparency and confidence in asset backing.
Bitget’s entry into Nigeria comes amid growing adoption of blockchain and mobile payment technologies in the country’s digital economy.
The company aims to serve as a strategic partner to local fintechs, providing not only technical infrastructure but also marketing and operational support.
“Nigeria’s fintech industry is ripe for integrating high-value crypto solutions,” Chen added. “Bitget is offering the foundation for fintech firms to scale their platforms and introduce innovative financial tools that meet the demands of a digital-first economy.”
Through collaborations, custom trading competitions, user engagement campaigns, and access to Bitget’s global marketing engine, local fintech partners are expected to gain visibility, grow their user base, and build robust crypto marketplaces for the future.
First City Monument Bank (FCMB) has rewarded 3,016 customers in Season 10 of its ongoing Millionaire Promo.
So far, 12 customers have won the top prize of ₦1 million each, while 3,004 others have received different cash rewards.
The winners were selected through electronic draws held between January and June, ensuring broad participation. The promo is open to new and existing savings account holders and ends in September.
During the fifth draw held on June 17, four additional customers won the star prize of ₦1 million each, with 112 others also receiving cash prizes. The latest millionaires include Ranti Badmos from Lagos, Wilson Onoezikome in Kaduna, Esther Obafemi in Ijebu-Ode, Ogun State, and Israel Oruma in Asaba, Delta State.
Israel Oruma, a timber merchant, expressed his delight at winning, saying the prize would significantly support his business.
“This is a pleasant surprise. I have been facing financial challenges recently. The ₦1 million will go a long way in assisting me. I’m investing it in my business and will encourage all my staff, family, and friends to open an account with the Bank. Thank you, FCMB.”
Adetunji Lamidi, Divisional Head of Personal Banking at FCMB, said the Millionaire Promo reflects the bank’s broader mission to enable financial security and opportunity for everyday Nigerians.
“At a time when many are facing economic pressure, savings-driven initiatives like this shift the focus from getting by to making progress. It gives people a reason to save, rewards loyalty, and shows that banking helps create real-life impact.”
Speaking on the integrity of the selection process, Oyinkan Kusamotu, Principal Legal Officer at the Lagos State Lottery and Gaming Authority, stated:”It’s great to witness FCMB’s commitment to compliance, fairness, and transparency throughout the draw process, which builds trust with customers and stakeholders.”
To qualify for Season 10 of the FCMB Millionaire Promo, customers must increase their account balance by at least ₦10,000 and maintain it for 30 days to enter the monthly and seasonal draws.
Each additional ₦10,000 saved increases the customer’s chances of winning. Dormant or inactive account holders can also participate by reactivating their accounts. Draws are held nationwide, giving everyone a fair opportunity to win.
First City Monument Bank (FCMB) has been honoured with the Changemaker Collaboration Award by Enactus Nigeria for its support in helping young Nigerians grow as leaders, entrepreneurs, and change-makers.
The award was presented in Lagos on July 3, 2025, at the 25th Anniversary Gala and Awards ceremony of Enactus Nigeria. The body empowers young leaders to drive social and economic change through innovative projects and is in over 30 tertiary institutions nationwide.
Country Manager of Enactus Nigeria Michael Ajayi commended FCMB’s consistent support and corporate vision, saying:
He said: “FCMB’s unwavering commitment to the Enactus movement has gone beyond sponsorship—it is a true collaboration rooted in shared values of innovation, inclusion, and youth empowerment. The bank’s belief in the potential of Nigerian students has helped us deliver measurable impact in dozens of communities. FCMB has shown what it means to be a changemaker, not just in word, but in action.”
FCMB reaffirmed its commitment to capacity building, innovation, and sustainable development. , Head of CSR and Sustainability, Omoniyi Iyanda, who represented the bank, said:
“We are honoured to receive this recognition from Enactus Nigeria, an organisation whose work aligns with FCMB’s purpose of fostering inclusive and sustainable growth. Our partnership with Enactus reflects our belief in young Nigerians as catalysts for economic transformation. By equipping them with skills, resources, and a platform to lead social change, we are building a future where innovation drives prosperity for all.”
Over the years, FCMB has played a key role in helping Enactus Nigeria expand its impact across tertiary institutions by providing students with the tools, training, and support they need to develop innovative solutions to real community challenges.
Through the annual Enactus Challenge, the Bank has supported students in discovering their potential and turning their ideas into practical, visible projects that drive sustainable development. These projects span clean energy, agribusiness, financial literacy, and gender equality.
The Federal Government of Nigeria has expressed its determination to tackle energy poverty with a high-level Stakeholder Engagement forum towards the implementation of the National Energy Compact under the Mission 300 initiative.
The government-led forum, which is a critical step towards tackling energy poverty, will hold on Tuesday, July 8, 2025 through the Federal Ministry of Power and the Federal Ministry of Finance, in collaboration with Sustainable Energy for All (SEforALL).
Tagged Mission 300, the initiative is championed by the World Bank Group and the African Development Bank, with key support from The Rockefeller Foundation, the Global Energy Alliance for People and Planet (GEAPP) and SEforALL.
The project is geared towards achieving the ambitious goal of connecting 300 million people across Africa to electricity by 2030, alongside other African countries, with Nigeria as one of twelve countries selected for the first phase of Mission 300 implementation and has committed to bold reforms to expand energy access, scale up renewable energy and attract private sector investment. To drive this effort, the government has established a high-level Compact Delivery and Monitoring Unit to oversee and coordinate the delivery of Mission 300 targets.
To propel coordinated action and unlock investment, the Compact Delivery and Monitoring Unit, through the Stakeholder Forum, will bring together senior government officials, development partners, and private sector leaders to discuss progress and showcase implementation efforts for Nigeria’s National Energy Compact, launched at the Dar es Salaam Energy Summit in January 2025.
The Compact outlines clear, investable targets: doubling the annual electricity access growth rate from 4% to 9% and increasing access to clean cooking solutions from 22% to 25% per year. These targets signal Nigeria’s commitment to achieving universal energy access by 2030 and creating a predictable, results-driven environment for energy investments.
The forum focuses on the five strategic pillars of Nigeria’s Mission 300 Compact, each designed to unlock investment and drive market transformation:
Infrastructure Rehabilitation and Expansion to create a bankable pipeline of grid and off-grid projects through least-cost planning and technical capacity building.
Last-Mile Access to open new markets by extending electrification to underserved communities. Clean Cooking to promote the widespread adoption of clean cooking solutions to reduce reliance on traditional biomass fuels. Financially Viable Utilities to improve creditworthiness and attract capital into the power sector.
Private Sector Participation through clear incentives, de-risking mechanisms, and enabling policies. Regional Integration to scale investment opportunities across borders and enhance power trade.
“Nigeria is showing real leadership in driving forward the ambition of Mission 300. Its progress shows what is possible when political will, bold reforms, and clear, investment-ready targets come together. The African Development Bank is proud to stand with Nigeria to help translate this ambition into reality, mobilizing funding, strengthening institutions, and unlocking private capital to ensure millions more gain access to reliable, affordable, and sustainable electricity.” said Wale Shonibare, Director, Energy Financial Solutions, Policy and Regulation, African Development Bank
Speaking ahead of the forum, the Honourable Minister of Power, reaffirmed the Federal Government’s commitment: “Mission 300 is more than an initiative – it is a transformative opportunity to reshape Nigeria’s energy future. We are committed to working with our partners to ensure affordable, reliable, and sustainable electricity for all Nigerians and we invite all stakeholders across government, development, private sector, and civil society to join this critical initiative to build an inclusive and resilient energy sector for Nigeria.
“Much of what’s driving Mission 300 started here in Nigeria, from reforms to the Nigeria Electrification Project. Nigeria is showing what’s possible at scale and speed. But without power, the country risks losing $11 billion in economic growth each year, not because their youth lack ambition, but because they lack electricity. The good news? Change is already happening. From launching Africa’s first costed Energy Transition Plan to building the world’s largest energy access results-based financing programme, Nigeria is proving that African-led solutions can power the future.” Said Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All, and Co-Chair of UN-Energy
Worried by activities of fraudsters who disguise themselves as marketers or distributors of its products, lifestyle and wellness giant, QNET, has called for the enactment of laws on direct selling in Nigeria and other African countries.
Specifically, the e-commerce company noted that only South Africa presently has some semblance of regulations around direct selling which explains why fraud related complaints were limited in that region.
The company made the call during an interactive session between its top management and international journalists at Penang Island, last week, on the sides of this year’s V-Malaysia, an annual global direct selling convention organized by QI Group in the Asian country.
The interaction had in attendance the Deputy Chief Executive Officer of QNET, Jean Francois Huertas; QI Group Chief Communications Officer, Ramya Chandrasekaran; QNET’s Chief Marketing Officer,
Trevor Kuna, and Chief Legal Officer, Nikhil Patel.
Responding to questions from the journalists, the executives explained that the company has been making efforts to ensure there was a structured and recognized Direct Selling Association (DSA) in West Africa because it was positive that would drastically reduce cases of fraud, other criminal practices.
He said a legislation on direct selling would regulate products sales, protect consumers and establish a clear framework that would distinguish legitimate companies from fraudulent actors.
According to QNET, criminally minded individuals were exploiting its brand for their nefarious activities due to the loopholes created by the lack of a legislation guiding direct selling. It said despite having presence in about 30 countries and consistently been in business for over 25 years, it was only in the West Africa market that the brand was suffering from such misrepresentations.
“The absence of a Direct Selling legislation is negatively affecting how the industry operates in many parts of Africa and creating doubts and misconceptions in the minds of many people. South Africa has a Direct Selling Association, but many other countries in the sub-Saharan Africa do not have a legislation or association that governs the business of direct selling.
“Legislation will help people better understand what the direct selling industry is, responsibilities of companies, buyers and other stakeholders in the industry. This will ensure more clarity and prevent people from scamming or taking undue advantage of others,” said QNET.
Highlighting some of the activities of the company in West Africa said through the group’s RYTHM Foundation, it has been able to carry out impactful interventions in schools and communities in Ghana and Nigeria, emphasising that it was neither a faceless company nor a fraud.
Chandrasekaran in her presentation, revealed that the company has continued to engage law enforcement agencies whenever its attention was called to suspected fraud activities linked to it, adding that they have also undertaken public sensitization campaigns and sustained media engagements all aimed at educating potential victims how to guide against being defrauded.
Patel, in his remarks, advised the general public to be circumspect in dealing with people who come to them in the name of QNET. He said there were genuine independent distributors of QNET products, who were hardworking and dedicated to conducting the business model with ethical commitments.
He was quick to mention that a few others, take undue advantage of the inadequate understanding of the direct selling industry to scam people.
