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Tag: money

  • Artistes turn down money from politicians, says MI

    Artistes turn down money from politicians, says MI

    Nigerian rapper, Jude Ababga, aka MI, has said that artistes turned down a lot of money from people they don’t believe in, especially politicians. He was reacting to claims by his fellow artiste, Etcetera, that entertainers are endorsing the highest bidder.

    In a new video by Hiptv, M.I explains that an artiste backing politicians is to get a certain number of people to pay attention to what they are about. “They know that celebrities attract attention. The story is not going to be about the entertainer’s political view but about the fact that this person is endorsing this person. And people pay attention and then you can pass your message,” he said.

    On the other hand, he explains, some celebrities have influence and it is a way to influence politicians’ constituency with their platform. “I think it is good. I think entertainers should get involved. I’m a musician and I’ll tell you guys the truth. Musicians turn down a lot of money from people they don’t believe in. And that is the truth. Most times entertainers will support people without getting paid if they believe in their vision. It is easier to critique and say what you want to say but the truth is, our entertainers are doing a good job of holding true to their consciences,” he further stated. Recently, Etcetera called M.I, along with other entertainers, political prostitutes for being paid to endorse political candidates.

  • ‘Amaechi’s sin was his inability to share money’

    ‘Amaechi’s sin was his inability to share money’

    Hon. Chidi Lloyd is a member of the Rivers State House of Assembly. He was at the centre of the crisis that rocked the House. He was among the lawmakers who resisted the impeachment plot against Governor Amaechi. In this interview with Precious Dikewoha in Port Harcourt, the state capital, he says Amaechi’s ‘sin’ was his refusal to misuse public funds.

    What is your assessment of the campaign so far?

    It is unfortunate that many politicians are uneducated; that is the reason for the kind of campaign going on in our democracy. Instead of telling their supporters what they could do better than the other candidate, they would rather criticise their opponent, by engaging in name calling, destroying campaign billboards and so on. It is indeed condemnable. For instance, in the face of dwindling oil revenue, what aspect of measure do they want to activate.  Are you going to diversify the economy from the crude oil economy to an agro economy? How are you going to reduce unemployment rate? How are you going to ensure that people get into university and come out after four years? How are you going to ensure that ASUU wouldn’t go on strike again? How are you going to ensure the effectiveness of the cashless policy, so that those in Abuja would not be carrying cash about while restricting the ordinary man from carrying cash?  How are we going to ensure that we are going to manufacture vaccine that could take care of contagious diseases such as we saw in Ebola? What do we do to discourage people from going abroad for medical treatment? These are some of the things that we need to tell the people; rather than criticising opponents.

    What are the chances of the APC winning Rivers State?

    The Bible says power comes from God; you must also take cognizance of when we came onboard. We are just a year or less now, yet we have performed quite well. I will not want to bother myself with other happenings in other political parties.  The essence of every political party is to grab power. Normally, I expect the 25 other registered political parties to moving from place to place, telling the people what they would do and all that. But, for the APC, we are lucky because we have a governor that has done quite a lot; the governor that people believe in; the governor that the people love. Our free education system here is sine qua non; we have a governor who massively invested in scholarship, taking people’s sons and daughters abroad without minding whose children they are.  After Spiff’s government, this is the first democratic government that massively invested in infrastructural development since the creation of Rivers State. You know what Ada-George Road was like before now; you can go back and see that road today. This is a road that was in a bad shape. Today, nobody is talking about it. The people need to ask: Is this the same Ada-George that has a two-storey building right in the middle of the road and every part of it flooded? One thing a leader must have in abundance is courage. A leader must be able to offend those who do not want to do things correctly. This is a government that re-constructed Airport-Omarelu road,  Ubima-Omarelu road, Oginigba, YKC and Woji road etc.

    The PDP has been saying that the Amaechi Administration has done nothing…

    It is like that, my people say in parable that your enemy cannot see the good side of you. Since Electricity Distribution Company took over, they have been enjoying our investment in electricity without paying a kobo. Their children are in the model schools built by the same government they are criticising. Many youths are studying abroad, courtesy of the Rivers State scholarship scheme and their children are among the beneficiaries.  This is a government that has invested heavily on security, but today all that has broken down is because of those who don’t want the government to succeed. Kidnappers have come back again; there are all kinds of crimes being committed in the state. If our opponents come now and tell us that we have done well, then what do you expect them to say after that? So, I don’t expect them to say we have done well because the people would chase them away.  The issue of the Chibuike Rotimi Amaechi-led administration or leadership style is not that he hasn’t done well; it is because he decided not to share and has insisted that there is nothing to share. If you ask any of them today to tell you Amaechi’s sin, they will say he is stubborn and has refused to share.

    You want to return to the Rivers State House of Assembly for the fourth time. What have you done for the people of your constituency?

    What makes me different from others is that I have the fear of God; if government gives me money I try to reach the people. I have seen people entrusted with public fund, but they betray the trust of the people. But, those who betrayed the people’s trust don’t live happily because you can’t be happy as a rich man in the midst of hungry and angry people. I have attracted projects to my constituency in an unprecedented manner. The projects are there to see. I attracted one kilometre road with two kilometre drainage in Ubimini community. I completed the construction of Civic Centre in Omudioga. We are currently connecting Omudioga to gas-turbine and grid paid from my pocket. We have constructed a 1.7 kilometre road in Mgbuetor,  Emohua Local Government, with 1.4 kilometre drainage on all sides. We have given water to 12 communities in the constituency and also provided 12 generating sets to power the boreholes. We have built six classroom blocks; we have completed the construction of civic hall in Omuordu, Akpabu.  We have built a 20 unit one-bedroom apartment for corps members, the first of its kind in this nation. I was once a corper, I have served and I know the condition in which I served. We have also built and handed over a Catholic Church to the community; we have built auditorium for Assembly of God Church and we are going to do more.  In times of human capital development, it is not my nature to begin to mention the names of those I have assisted one way or the other. I do not have protocols because everybody is a potential achiever.

    That means you don’t close door against your people….

    One thing you must know is that people don’t always come for money, even if 80 per cent of those who want to see me ask for money. But, I have not heard that any politician was beaten up because he said “I don’t have”. Firstly, they will sit down with you in a good atmosphere, some will go home to say I was with that Honorable today and we shook hands. It is not always about money; sometimes when they request N10,000 if you have N2,000 you give. Look, those who are asking for money are not happy, because no man would be happy to ask another man for money.

    There was an allegation that, since the defection of Governor Amaechi to the APC, the House of Assembly, which you are the leader, has been under lock…..

    The lawyers say he who alleges must prove, the House of Assembly which I am a member and a leader is working.  The reason for the confusion you see in politics is because of illiteracy, what does the constitution say when a House of Assembly cannot sit where it is originally domicile. The constitution says by the resolution of a house, the leadership of the house and the governor shall designate another place that will be considered as a sitting venue.  And that the place so designated shall be gazetted and will become a sitting venue. So, the question should be have we done that? And the answer is yes.

  • Making money from farm estates

    Making money from farm estates

    Young entrepreneurs are settimg  up  private  platforms to encourage  more  Nigerians start agro businesses. The model is agro estates, a value-added partnership to help young  entrepreneurs. Daniel Essiet reports

    Business incubators are linked to economic development of all sorts, but not often does one  hear them being touted as ways to building an agro business estates.

    However, young  entrepreneurs  have begun to examine how they can help  workers, retirees and  other farmers  start  up   specialty food production  on  a farm estate business model without  them  quiting their jobs.

    One of those  pioneering  this  effort is the Chief Executive, Natural Nutrient Limited, Mr Sola Adeniyi, whose outfit has launched a high-hill plantain village estate  in Ewekoro,Local Government Area of Ogun State.

    Adeniyi  is  developing  both  agribusiness incubator and local food processing  estate, which  will be  leased  to  growers and entrepreneurial food processors.

    It is expected to  work with the farming community. Not only would the estate  offer farmers the opportunity to develop their own value-added specialty food products, but also create an outlet for their produce. For every farmer, who has identified a market for a product idea, Adeniyi  believes there are others who would be glad to produce food for someone else’s product.

    His  group will  also  help  Nigerians,  who want  to start farms and agro businesses  acquire  land and  assist  them  run  their  ventures until they are  ready  to retire  from service.

    Explaining  the  reason  for  the project, Adeniyi  said there are a lot of Nigerians, who want to  start agric ventures, but  do not have time and land.

    Through the project, he  said,  they would be  allocated  land  and subsequently  assisted  to run  their  bsuinesses on a fee until  they are  read y to quit  paid  employment.

    This arrangement, he  added,  would  help workers realise their dreams  of starting  a business, which will help them make a living by raising traditional crops  without quitting their  present jobs. With  the project, they   can  also   raise non-traditional value-added crops to increase profitability on their farms.

    For example, they  can   venture   into ethnic vegetables, organically grown foods and specialty fruits, adding a unique twist to what consumers can find at their grocery store.

    Value-added crops change the image of the business in addition to raising sustainability,  which can make farming more attractive for the next generation.

    For  a start, Adeniyi  wants to  assist Nigerians,  who are eager to  go into plantain farming,  but don’t have land and the time.

    The  estate  is  conceived  in a form  that provides general resources as other incubators as well as specialised services, unique to the food business. For instance, through their network of resources, the project  helps entrepreneurs   do an initial market assessment, provides something that really fits with the area’s culture and needs, create jobs over time and offer  simple opportunity for self-employment and job creation.

    The  project will  work with growers  to find  markets  for their  produce, meet health regulations and diversify their businesses.

    Adeniyi  has facilitated new, indigenous firms’ entry by nurturing early-stage innovative enterprises, who have high growth potentials. He is  heading a thriving  agro-business  around Lala town  of Ogun State. He is also involved  in Moringa herbal seed and leaves  production. Through his  business, Adeniyi  has been able to help small farmers gain a firmer foothold in the marketplace by providing technology and helping them reach programmes that support production and provide market access.

    According to him,  once many Nigerians  buy into the project and  launch the companies in the  estate, they  will be  able  to   transform  the  agribusiness sector and significantly improve farm productivity. The project, Adeniyi said, is going  to  build  an entire supply chain to support farmers and facilitate their profitable growth.

    The  estate   offers clients a standardised and replicable business structure, which enables them realise improved livelihoods as long as they deliver consistently high quality products in a timely fashion.

    In its efforts to improve the yields and consequently the competitiveness of the farmers, who have joined their supply chain, Adeniyi   would provide them with the best available plant material and the best cultivation and harvesting technologies it can secure, produce locally, and distribute to its supply chain partners.

    The  project  offers physical space to a number of farmers, as well as services, including technical expertise, relationship  and  market development.

  • Nollywood as money spinner

    The search for an alternative to oil as the mainstay of the economy has become even more crucial with the prevailing falling price of oil in the international market. Of all the options available to Nigeria, the Nollywood industry, one the most active of Nigeria’s creative industries holds the greatest promise. The United Nations (UN) has identified world trade in the creative industries sector to be 3.4 per cent with an yearly growth rate of 8.7 per cent. This gives the industry the fastest growth rate globally. In 2012, United Nations Education, Scientific and Cultural Organisation (UNESCO) rated Nollywood as the world’s second largest film industry with its potential yearly revenue of N522 billion; over 2000 movies produced per year and a captive viewing audience of over 200 million across Africa and beyond.

    A recent British Council funded creative industries pilot survey in Lagos, which I had the rare privilege of superintending, showed that combined, Nollywood, fashion, and music contributed N2,547,300,490.26 during the reviewed period with 61 per cent of the total Gross Value Added (GVA) derived from the Nollywood industry alone; the fashion and music industries contributed 26 and 13 per cent, respectively. The survey also indicated a steady rise in Nollywood’s contribution to the GVA from 2010 to date. This first and perhaps, for now, the only empirical evidence on the economic performance of Nollywood moves the argument from the idea of mere economic ‘potential’ of Nollywood to more concrete, measurable economic contributions.

    However, one major challenge that has threatened the rapid development of the Nollywood industry in Nigeria over the years has been the mismatch between scholarship and practice. Whereas there is an appreciable improvement in the quality of productions from 1992 to date, scholarship appears to be lagging behind. The results of the few serious studies conducted on the industry so far are inaccessible, hence hardly inform subsequent works of Nollywood professionals. The inaccessibility is either because the studies are published abroad or tucked away gathering dust on library shelves of many universities in Nigeria. Herein lies the significance of the contributions of this enriching publication by Barclays Foubiri Ayakoroma, titled, Trends in Nollywood: A Study of Selected Genres

    I am convinced that the scholar and critic, through his/her critical writings, extend the life span of an artistic product. History has shown that creative works or indeed any remarkable human activity for that matter, which is not documented or interrogated by critics who are knowledgeable in the subject matter, will be forgotten sooner than later. I therefore commend the author of Trends in Nollywood and urge more scholars to help Nollywood live longer by interrogating its products and activities of its players in scholarly publications like this.

    Ayakoroma’s book x-rays the evolution, development and thematic preoccupation of Nollywood movies, particularly in the first 15 years of the industry. The author’s choice of very accessible style, lucid language, full colour illustrations, in-depth analyses, and bold prints on cream bond paper, makes his book a reader’s delight any day.

    The book is broken into five parts. Part One provides the context of the evolution and development of Cinema in Nigeria. Part Two,  titled, Studies in Genres in Nollywood establishes the theoretical framework. Parts Three, Four and Five give the author’s taxonomy and critical evaluation of the diverse genres in Nollywood, using relevant case studies.

    The author begins with a historical perspective of Nollywood. The reader learns from the opening chapters that Nollywood is a child of circumstance, having emerged from the unfavourable economic and social climate that saw the decline of locally produced television soap opera and prohibitive cost of producing Nigerian movies on celluloid. The author recalls that the harsh policies of the Nigerian Television Authority (NTA) in the 80s also provided Nollywood its first crop of ‘discontented’ experienced independent television producers and directors, who saw in the video format, a viable alternative which emboldened them to call off the bluff of the then NTA management with its stifling policies. The marriage between these television producers/directors and some adventurous traders gave birth to Nollywood, which has  become a commercial success. The industry offers Nigeria’s teeming youth alternative employment, either as actors, crew members or distribution and marketing players and has become the country’s accidental cultural diplomatic tool.

    Being a product of his doctoral research, Dr. Ayakoroma seeks to establish in this book the symbiosis between the production context of any movie industry and its different film movements or genres. The author’s analysis goes beyond the superficial chronicle of stylistic and formal qualities of the selected movies. In addition, he offers the average reader easily digestible information on prevailing political, socio-economic, technological and ideological contexts within which the movies were produced. The book analyses the factors that drive the mutations of genres in Nollywood, from its early preoccupation with ritual to its more profound exploration of burning social issues and its recent drift towards more research-driven historical themes.                     The major trends in the industry highlighted by the author include, the phenomenon of cross-over television directors/producers; the metamorphoses of some executive producers into producers/directors to cut costs, lopsided gender representation, the dominance of piracy, stereotyping and type-casting, bandwagon effect in terms of production approaches and its concomitant cultural misrepresentations, weak ideological foundation of the industry, and the overwhelming influence of the Igbo traders turned executive producers on the creative freedom of the movie directors, the impact of the crave for quick profit on the choice of some genres considered more cost effective as against the epic genre, which requires more financial investments, inter alia.

    The beauty of this critical publication is the invaluable insight it offers the reader into the social and political history of Nigeria. From the authors analysis of Igodo: Land of the Living and Egg of Life,1 & 2 produced by Ojiofor Ezeanyaechi and directed by Andy Amenechi, the reader is educated on the sharp contrast between the concept of leadership in the traditional Nigerian societies and modern political leaders. Whereas the traditional concept of servant-leaders is fast becoming extinct in contemporary Nigerian polity, the reader is guided to understanding the extent to which this age-long traditional value of personal sacrifices for the common good of society has been supplanted with politics of greed and self-aggrandizement. The exemplary sacrificial leadership qualities of the two major characters: Egbuna (Igodo) and Buchi (Egg of Life), are projected as models the reader can take away from reading of Nigerian history through the two movies.

    Similarly, through Ayakoroma’s analysis of the Issakaba Series produced by Chukwuka Emelionwu & Moses Nnam, directed by Lancelot Oduwa Imasuen, the reader can understand the root of the prevailing poor governance in Africa and the near collapse of the state apparatus; its failure to protect the lives and property of its citizens in the face of rising crime rates; and the resort to self-help by most communities either as vigilante groups or civilian Joint Task Force (JTF) as we now know them. The taste of the reader, who needs to understand the intrigues in the Nigerian political terrain will surely be quenched on reading through Ayakoroma’s discourse of The Senator and MasterStroke movies.

    Indeed, the cluelessness of any casual reader, who has neither watched most of the movies analyzed in the book or understood the socio-political happenings in Nigeria in the last three decades will be replaced with informed perspective on going through the pages of this book. The author argues that for Nigeria to break away from its doldrums of development, Nigerian films ought to move towards greater functionality than entertainment. Sadly, the mercantile focus of the Nollywood industry as at today has made this option rather unattractive to the average producers. The role of the traders turned producers/directors in the Nollywood industry has become akin to the stifling role of the NTA management of the 1980s. The time has come for practitioners to seek a break from their strangulation. This is important, as the industry has now grown beyond the capacity of these untrained interlopers.

    However, who will ‘bell the cat’ in the face of the persisting monopoly of the marketing and distribution component of Nollywood? How will the relatively low availability of film exhibition centres in Nigeria be addressed? How do we better the entry points for fresh graduates of theatre and film? These and many more are some of the teasers Dr. Barclays Ayakoroma’s Trends in Nollywood presents to film lovers, professionals, corporate Nigeria and the public policy drivers.

    As refreshing as reading this book is, the critical reader might demand  more in terms of wanting to see actual screen shots that ‘speak’ key actions in the various movies analysed in the book in addition to the portraits of Nollywood stars generously printed in full colour.

    My reading of this book also agitates my mind further about the urgent need for comprehensive mapping of the Nollywood industry in order to establish its actual composition, character, size and net contributions to the Nigerian economy, which has today been adjudged the largest in Africa with one of the highest global annual growth rate of 7 per centt. Such a study will correct the current disconnect between this sector, and the organized private sector (OPS). The later is not able to evaluate, in statistical terms, the net potentials of Nollywood; thus, any investment in the sector is classified as high risk; thereby denying Nollywood the needed support from the major capital markets or the organised private sector. The involvement of these major financiers is one way to free the industry from the strangulation it faces in the hands of the electrical/electronic traders who are its core investors to date.

    Surely, on the strength of my thorough reading of this book and deep consideration of its contents, I have no reservation recommending this book to all who seek to understand the full value of Nollywood. The organisation and style of the book makes for interesting reading. As a critical scholarly work, the hypothesis was well framed and properly investigated; the analysis thorough, comprehensive, and academically enriching. The work is anchored on relevant theoretical frames; its method of enquiry is sound, factual, objective, and intellectually provocative. The language used by the author is lucid, engaging, effective, resounding, meaningful and refreshing. The book deserves the attention of all Nollywood professionals, who desire to break fresh grounds. It is a valuable asset to film scholars, Nollywood fans and even casual lay readers. The taste of the food they say is “in the eating;” so I urge you to get your copy today.

     

  • Etisalat, FirstBank partner on mobile money

    Etisalat, FirstBank partner on mobile money

    Etisalat Nigeria and FirstBank have partnered to provide Firstmonie on the Etisalat Easywallet subscriber identity module (SIM) application solution.

    The partnership between the telco and leading banking institution will promote the use of Firstmonie on the mobile technology driven easywallet SIM application.

    Director, Business Segment at Etisalat Nigeria, Lucas Dada, said the partnership between Etisalat Nigeria and FirstBank will provide added value to all customers and stakeholders in the mobile money industry.

    “Etisalat Easywallet, is one of the most secure and convenient platforms for mobile money services. With the Easywallet, Etisalat subscribers can make financial transactions such as Peer-to-Peer transfers, Bills Payment and Airtime top-up, directly from their mobile device,” he said.

    He added that Small and Medium-Scale Enterprises (SMEs) in Africa collectively contribute a lot to the nation’s economy and this necessitates the need to support this segment of the economy by making financial transactions easier, safer, more efficient and innovative. He described Easywallet as one of Etisalat’s strategies of facilitating financial integration of the SMEs.

    Etisalat Easywallet is the first to partner with prominent Nigerian banks and independent Mobile Money Operators including FirstBank, GTBank, Stanbic IBTC Bank, Zenith Bank and Pagatech. It is convenient and helps our corporate clients (SMEs) to also enjoy benefits of cost reduction, inventory management, streamlining intermediaries, ensuring price transparency and competitiveness, the telco said.

  • Have money before children, orphan says

    TO Obehi Tosin, an orphan and an SS1 pupil of El-Christal College, Olowonla, Alimosho, a Lagos suburb, the Citadel of Grace Orphanage, also in Olowonla, Alimosho, is more comfortable than his former home, but he would have preferred to live with his parents.

    The 14 year-old, whose real name was Olateju David before it was changed by the orphanage, participated in a camp for orphans organised by Infinity Foundation – a Non-government organisation that supports orphanage homes.

    He told The Nation that he lived with his grandmother until last year when he was brought to the orphanage by his mother, Miss Modupe Adeleke.

    Though an only child, he said his mother struggled to cater for him and pay his school fees.

    “I am from Osun State. I was living with my grandmother at Oshogbo. My mum came and took me to Lagos last year to the orphanage because she could not continue to care for me. Mum tried all her best to take care of me. She was struggling to pay my fees and take care of me from the small kiosk she has, but she could not meet up,” he said.

    Tosin, who said he did not know his father, advised couples to give birth to those children they can cater for and save enough money before starting a family so that their children do not suffer.

    “Although they are treating me well at the orphanage and I have never regretted going there, I would have loved to be in a home with my parents. I feel really bad when I see other children with their parents. Another thing I don’t like is the fact that we all have to change our names even as we know our birth names and our parents cannot do anything about it as long as they are taking care of us,” he said.

    Speaking at the camp, Mr Stephen Akintayo urged people, who cannot take care of their children to bring them to the orphanage homes where they will be properly taken care of instead of dumping them by the roadside or treating them badly.

    “People feel they must have many children for one reason or the other even if they do not have the capacity to take care of them,” he said.

    He called on the wealthy to assist orphanage homes or adopt children.

    During the three-day camp, the orphans were paired with influential people in the society, who mentored them.

    They also met successful orphans, who shared their stories. They also visited exciting places with the adults.

     

  • Mobile money: The new face of banking

    Mobile money: The new face of banking

    Gone are the days when depositors must visit the bank for all transactions. With mobile money, banking has become easier. This payment module, which has grown beyond its original concept, has a lot of prospect, writes COLLINS NWEZE.

    As 45-year-old lawyer Michael Obi waited out-side the courtroom for his colleagues, his smartphone beeped with a familiar SMS message alert. It was another reminder for him to pay his public power supply bills.

    In three minutes, he opened his mobile money platform on his phone and the payment was done. A few years ago, he could only have imagined been able to make such payment with such ease without going to the bank.

    This is the new face of banking via mobile money. The dream of getting financial services to all nooks and crannies of the country is being jointly pursued by both the Central Bank of Nigeria (CBN) and Nigeria Communications Commission (NCC).

    That vision, many analysts, said would be largely driven by mobile money, which refers to payment services operated under financial regulation and performed  via a mobile device.

    With mobile money, instead of paying with cash, cheque, or credit cards, a consumer can use a mobile phone to pay for a wide range of goods and services.

    In 2008, the global market for all types of mobile payments was projected to reach more than $600 billion by 2013. In developing countries, including Nigeria, mobile payment solutions are deployed as a means of extending financial services to the unbanked or under-banked. This group constitute about 50 per cent of the world’s population, according to Financial Access’ Report.

     

    Why financial exclusion persists

    A key reason for financial exclusion is typically the inaccessibility of the unbanked mostly people in the lower strata of the economy, by the financial services providers. The unbanked are often far removed from the centre of commerce, which tends to lower their participation in economic transactions.

    Thus, a combination of low demand for financial services and prohibitive costs without commensurate returns dissuades financial services providers, such as banks, insurance, and pension administrators from establishing physical presence in these locations.

    However, mobile technology and innovations in the financial services industry, coupled with the phenomenal growth in telecoms’ subscriber numbers, have altered this situation.

    Financial services providers continue to leverage the reach of telecoms networks to provide mobile money services to otherwise inaccessible locations.

    The recent spate of agreements on mobile money services between financial institutions and telecoms networks, MTN and Diamond Bank, UBA and Airtel, Stanbic IBTC Bank, First Bank, Ecobank and Globacom, will doubtless ramp up the synergy that should lead to further growth in mobile money.

    The poster boy of the successful integration of the rural/informal populace into formal banking system via mobile money services is usually Kenya. And rightly so. M-PESA, Kenya’s mobile money system, has been hugely popular and successful in that country. Today, M-PESA has over 40,000 agents and 17 million users (“equivalent to more than two-thirds of the country’s adult population, conducting more than two million transactions daily.

    In 2010, Kenya had just 840 bank branches and 1,510 ATMs to serve a population of 47 million people. M-PESA, with its 40,000 agents, helped to plug the supply hole and provide access to financial services to ordinary Kenyans.

    Micro finance institutions piggybacked on M-PESA to penetrate remote areas very quickly without substantial increase in costs.

    In other countries, some financial institutions seemed to have found the right mix to ensure successful deployment of mobile money. Standard Bank (parent bank of Nigeria’s Stanbic IBTC Bank), for instance, has been successful with mobile money in Uganda, Tanzania, and South Africa.

     

    Bank-led model

    The bank-led mobile money model adopted by Nigeria may be slightly different from Kenya’s telecoms-driven model but the underlying peculiarities are broadly similar.

    Access, costs, lower economic activities, and partnerships are common threads. The lessons of M-PESA are not lost though as mobile operators like MTN Nigeria is beginning to play more significant roles in mobile money.

    One of the mobile money pacesetters is the Diamond Y’ello Account, a mobile money product developed by Diamond Bank in partnership with MTN. For instance, since the introduction of the product four months ago, the bank has grown its mobile banking customer base by more than 600,000. The bank projects that it would have five million mobile banking customers, double the current size, a year from now.

    Among the partnerships positioning to offer mobile banking services in Nigeria, the Diamond Bank/MTN deal perhaps has the greatest advantage due to MTN’s experience in the sector in countries, such as South Africa, Ghana, and Kenya.

    Even better is the telecoms giant’s Nigerian footprint. MTN’s reach covers 223 cities and towns, more than 10,000 villages and communities and across many highways in the 36 states and the Federal Capital Territory. Its fibre optic transmission backbone traverses over 10,000 kilometres.

    Chief Executive Officer (CEO), MTN Nigeria, Michael Ikpoki, said the network would focus on meeting the significant market demand for financial services and mobile content with an expected positive impact on data revenue.

    “The success of Diamond Y’ello Account and other basic mobile money services is expected to lead to the adoption of more sophisticated mobile payment solutions such as bulk mobile payment designed for corporate organisations. This service makes it easier for organisations to send money in bulk to their suppliers, employees or other business partners without the beneficiaries necessarily having to own a bank account,” he said.

    Mobile money providers are also expected not be shy to adapt and replicate what works in other places but continue to innovate and develop bespoke products and services to excite consumers and boost conversion rate.

     

    Benefits to consumers

    Some of the benefits to the consumer include security, convenience, accessibility, speed and ease of transaction, competitive charges, access to quality advisory services, and integrity of transactions; the customer literally carries his bank in his pocket or bag wherever he goes.

    Other not-so-obvious benefits, which are nonetheless important, are better cash flow management, enhanced financial planning, and inculcation of sustainable savings habit, which boost financial security and comfort in retirement.

    “Mobile payments, which I perform on my phone, help to reduce my travelling costs,” a farmer in rural Nigeria who uses mobile payment services said.

    Mobile money also has the potential to galvanise economic activities, leading to higher socio-economic development, lower cost of transactions and reduction of cash handling costs, among other benefits.

     

    Role of regulators

    Nigeria’s telecoms subscriber base, put at 131 million as of last September by the NCC, should play a major role in bringing the unbanked into the formal banking system.

    With over 50 per cent of Nigeria’s adult population unbanked, mobile banking could be the catalyst that will help quicken the adoption of banking services by this critical segment of the population.

    CBN Director, Payment Systems Unit, ‘Dipo Fatokun, said apex bank believes that mobile money and agent framework is the frontier of cashless boom.

    “Mobile money is the next thing expected to transform CBN’s cash-less policy. The apex bank believes that such initiative will aid both telecommunications and banking industries to further serve Nigerians better,” he said.

    Offshore portfolio managers appear to be similarly persuaded and they are already positioning to take advantage of the expected growth in mobile money.

    For instance, Carlyle Group, a United States-based global alternative asset manager with $203 billion of assets under management across 129 funds and 141 fund of funds vehicles, recently acquired a $147 million (about N27 billion) minority stake in Diamond Bank, partly on the strength that the bank’s new mobile banking service “will help rapidly boost the lender’s customers and profits.”

    Also strengthening mobile money is the Nigerian Deposit Insurance Commission’s (NDIC’s) extension of deposit insurance cover of up to N500, 000 to mobile money account holders.

    That, analysts said, implies that with NDIC’s Pass-Through Insurance, a mobile money account holder is indemnified to the tune of N500, 000 if a mobile money service provider becomes insolvent.

    They insist that many such consumer-centric regulations are needed to excite stakeholders and engender further uptake.

     

  • Making money from bee-keeping

    Making money from bee-keeping

    The increasing demand for natural honey and its by products has made bee keeping the new fad for young, aspiring entreprenuers, writes DANIEL ESSIET.

    Bee keeping  is a lucrative business. This is a result of   the demand for  pure honey, believed to be efficacious in curing ailments, such as cardiovascular diseases, heart problems, high blood pressure, and cancer.  As demand has increased, there are more opportunities for people to take advantage of it.

    At  the  head of the  campaign to  get  more  farmers to embrace bee keeping is Ayodele Salako, an Ibadan-based apiculturist/apitherapist.  He said he  had  been smiling to  the bank  since  he  discovered  there  was  more  money  in keeping bees  that  repairing air conditioners- his profession by training.

    Initially, he started the  business from  Lagos. He  later  moved  to  Ibadan to acquire  more lands.

    Today, bee keeping has made him a   celebrity and boosted his income through the treatment of ailments using honey. He  started  with  two hives. At the moment, he has over 30 hives and this  monthly  revenue  is on the rescue. He is  so enthused  with  the  business because he sees more profit coming as he acquire more hives. A lot  of people  he  has trained has  gone  to set up  large  number  of hives. The  result  is bountiful harvests  that  have contributed significantly to improve livelihoods of most rural communities  around  Lagos  and  the  South-west.

    But  it is simple to start.  With N10, 000, one  can  acquire one hive and  make  up to  N40,000 after the harvest of  honey. Those able to  start with N100, 000 can go into the  production of, beeswax, pollen, propolis, bee venom, royal jelly, bee colonies, bee brood, queen bees, and package bees among  others.

    That  Salako  is one of the most successful beekeepers in Oyo State is partly due to the  fact that he  uses honey  to treat  ailments .The competitive edge that provides Salako  with is so great that even  honey producers got in touch with him to  offer  medical  help.

    This  enables  him to make  money  from  treatments  and this  has  catapulted him from the position of a low-paid, run-of-the-mill beekeeper to one of the most successful beekeepers with people interest in his techniques.

    Very few are aware that bee farming could be integrated into crop farming to increase crop yields. For this reason, he is mounting  a  campaign  to  get more Nigerians  to take to bee farming.

    He is determined to draw farmers to the neglected bee farming as results will support the adoption of beekeeping along the crop production system.

    With increasing honey laundry, his  strategy is the production  of   quality honey and other value added beehive products.

    Right now, he is facing some challenges  which include bushfires/wildfires running through beefarms

    On  the  average,  a farmer  can  position an  hive  at an appropriate point and  harvest the honey after four months.  For a farmer to  practise a commercially viable apiculture, the  advice is that  one   starts  with  a least  10 hives. A standard  hive has   two compartments with lower part meant for the queen bee and the upper one housing the worker bees. If well catered for the hives can last for many years.

    Most of the farmers keep bees for their by products such, as honey or wax, but Salako  has found fortunes in extracting bee venom  to  treat  certain aliments.   According to him,  the venom has numerous medicinal values and can be answer to many of the current paradox ailments that seem to be having no immediate answer .

    Salako listed some of the ailments that could be combated with bee venom to include headache, insomnia, osteoarthritis, fractures, inflammation, high blood pressure, skin problems, back pain, infertility in women, eye problems, wounds that have refused to go for about three years.

    To  enable him  administer  treatments,  he   attended  a training  in apitherapy   which  takes  up to three years.

  • eTranzact wins best mobile money service award

    eTranzact wins best mobile money service award

    eTranzact International PLC, Africa’s leading provider of mobile banking and payments services, has been named best mobile money service category of the AfricaCom awards and Lead Africa Awards 2014. One famous product offering, “PocketMoni” ,won the award.

    eTranzact’s effort in mobile began in 2003 long before mobile money was finally introduced in Nigeria. The team always believed that mobile would be at the forefront of payment innovation and had a dedicated team working on research and development. This led to pioneering research that kick-started the mobile banking sector in Nigeria and eventually birthed “PocketMoni”, the mobile money service.

    The service has won a series of awards and grants, the most recent one coming from EFInA, a financial development organisation which is funded by the UK Government’s Department of International Development (DFID) and the Bill & Melinda Gates Foundation to the tune of USD250,000. As part of the terms of the grant, eTranzact will also put in USD100,000 and will drive the execution of a mobile money project called the “PocketMoni 500” in North and South Western Nigeria.

  • Easy money

    •Our banks have too many charges that do not allow them to work hard for profit

    Perhaps without meaning to, the Central Bank of Nigeria (CBN) may have offered an important perspective to the paradox of banks raking bumper profits at a time when minimal lending activities are going on. We refer here to the CBN’s Revised Guide to Bank Charges issued to banks and discount houses on March 27, last year.

    Although the guide seeks primarily to provide “a standard for the application of charges on various types of products and services Deposit Money Banks in Nigeria offer to their customers” and to minimise the potentials of conflict between the banks and their customers, most striking in the revised guide is the sheer number of charges available to the banks (one count puts the charges at more than 100) to make profit, even without as much as breaking a sweat. Aside the more familiar charges like Commission on Turnover (COT), cheque books and counter cheques, bank transfers, ATM usage, and of course the industry-wide charge called current and savings accounts maintenance charge–  the latter ostensibly for merely holding money in a savings account, there are other countless imaginable charges under the sun.

    Despite its immense merits, the revised guide obviously suffers from its tacit endorsement of the extant culture of arm-chair banking which has left the Nigerian financial services sector with little or no incentive for innovation.  And, if we may also add; the omnibus guide has done nothing more than legitimise the practices under which the bankers would sit in the comfort of their offices to make a fortune rather than get their hands dirty with the business of lending to customers.

    As business entities, this newspaper understands the need for the banks to make profit. No doubt, a good number of bank charges could pass for value-added services and hence legitimate; the truth of course is that nearly an equal number of the charges are not only spurious but are actually freebies designed to pad up the banks’ bottom-lines. Our grouse is when banks settle in the safe comfort zone of paper profits with nary benefits to the larger economy. It stems from our basic understanding that banks are primarily in the business of mobilisation and transfer of savings and other resources from depositors to borrowers and sundry investors. Flowing from this is their expectation of revenue or profit from the interest rate spread, that is, the difference between the deposit interest rate paid to the depositors and the lending interest rate charged borrowers.

    We consider other activities as either ancillary or at best, tangential. Unfortunately, what we have in the country today is a situation where the banks are content to settle on fringe activities that have little to do with their core business. Our worry, if it could be so put – derives essentially from the continuing derogation from that important tradition of financial intermediation.

    The CBN has a lot to do to get the banks on that traditional path. Today, many of our banks are known to sit atop huge deposits – which if only they could find the will – can be deployed to grow the real sector. The obverse side is that many businesses are known to be in dire need of venture capital – many of them shut out of credit for reasons that are inexplicable.

    Perhaps a good way to start is for the CBN to consider removing some of the charges which are no more than avenues for making easy money. But even more importantly, the Bankers Committee must commit to finding a pathway that works for the overall benefits of the economy. It is as much in the interest of the economy as theirs too.