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10 Ways to Avoid Being Scammed in the 2018 Jumia Black Friday

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By Adeniyi Ogunfowoke

Black Friday awoof is on the way and I can already see folks with their wish list except those acquainted with Thomas:

“That Jumia Black Friday is a scam!” Scam ke?

Are you sleeping on a bicycle?

FYI:

At every Jumia Black Friday sales, trust me, you can get products for more than half the price of its original retail value and lots of people benefit from it including our favourite Computer Village and Alaba boys who we usually run to.

I remember the Black Friday sale in 2017 and I picked up good deals: The Philips hair clipper originally retailed for ₦9,500 but as seen above, I go it for ₦4,490k off the normal selling price. Sweet boys thing….if you know, you know.

Although folks consider me lucky, I don’t think it was luck. It’s just being smart and reading up. I got more deals…everywhere stew – still think that was luck too?

Keep up with me, let me reveal the mistakes peeps make and how you can avoid them.

No need to waste time, here they are:

1. You Think It’s a Scam

How? You need to remove the log in your eyes. Who told you it is? Look, I got a device last year, some of my friends who were also aware did too. Wait, you still need more proof?

See this:

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2. You Do Not Understand The Whole Concept

My heart goes out to you. I once overheard someone saying Black Friday is a demonic day where bad things happen. Chai! Click here to see what Black Friday is all about.

In simple terms, the only day you can get jaw-dropping discounts on different products (not every, but most), is on Black Friday. Kapish?

3. You Don’t Know the Date of the Event

Yah! It is going to Jumia Black Friday every Friday! Similar to last year, Jumia Black Friday is 2nd – 30th, November. However, Jumia is planning to do something crazier this year with stew everywhere:

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See that? 5 Freaking treasure hunts every day and 25 flash sales! Remember, it’s the fastest fingers first.

4. You expect ALL products would be sold at 80% discount?

Calm your horses. This is not how it works. Not ALL products will be featured in the “flash sales”, but little discounts will be applied to most products. For flash sales (50% – 80% off sales), featured products would be made known to you before the sale kicks off. Click here to subscribe to the newsletter to get the first dibs on our flash sales and thank me for it later.

5. Na You Go Rush The Flash Sales Not The Other Way Around

Seriously? There’s a flash sale by 12 pm and you are trying to launch the Jumia app by 12:05 pm? In Nigeria?

Just like you, there is are a million people trying to get that same product. It might shock you to find out that there might only 200 units of mobile phones in stock for the flash sale and you are coming 15 minutes late.

Mtcheewww…

6. You Have Not Registered a Jumia Account Already

Hmmm… Imagine!

Is it the time that people are using to “add to cart” and “check out” you want to start creating your new Jumia account, wait for the verification code, verify and shop?

You must be joking.

Understand: To buy anything on the e-commerce store, you need to have a verified account with them. So if you don’t already, head on to Jumia, open your customer account and verify it conveniently right now. (Here you go!)

7. You Forgot to Login

After winning the click Olympics and manage to add a product to your cart, you now start to struggle to log in. God come catch you, you forget your password. 😛 ‘Painment!’

Before any flash sale, ensure you are properly logged in to the site to avoid “super stories”.

If you read through the Nairaland thread, you must have come across users complaining of “the item was in my cart just now just now”.

8. You are browsing with a slow connection.

Damn! This one got me so pissed black Friday sales! I was just about confirming my network just simply refused to connect. My candid advice! Do not go below the 4G bar.

9. Do not be greedy!

Put a leash on shopping appetite and avoid being long throat! In order not to waste your time, avoid trying to buy two (or more) products at the same time. It. Simply. Won’t. Work. You are restricted to just one product during the flash sales.

10. One Last Tip:

Unfortunately, everyone will not benefit from the flash sales. If you are unlucky, don’t just give up. Snoop around Jumia and you’ll find some nice deals lying around (although they might not be up to “80% discount”).

If you do not have the time for “snooping”, simply subscribe to our newsletter.

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How Fintechs Are Disrupting the Nigerian Banking Industry

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By Adeniyi Ogunfowoke

 

The Nigerian financial sector has significantly grown in leaps and bounds; thanks largely to technology. Currently, the services of banks have been automated. Customers are no longer required to visit their brick and mortar branches to perform any transaction.

With their smartphones, they can process local and international transactions. These are exciting times for the Nigerian banking sector as the long hours spent at the bank has been greatly reduced.

It has even gotten more interesting since the entry of fintechs (financial technology) into the banking game in Nigeria.

As a result of technology, fintech platforms such as Jumia Pay and others are disrupting the way banking business is done, that it now seems like the banks are playing catch-up.

Fintech, according to Investopedia “is used to describe new technologies that seek to improve and automate the delivery and use of financial services. At its core, fintech is utilized to help companies, business owners and consumers better manage their financial operations, processes and lives by utilising specialised software and algorithms that are used on computers and, increasingly, smartphones.”

Although Nigerian banks are exploring and exploiting fintechs to improve their services, they are not taking advantage of it as quickly as the private firms whose services are entirely online.

Key Services Offered by Fintechs

The edge that fintechs like Jumia Pay and others have over the banks are in the services they both offer. Many Nigerians and businesses are trooping to fintechs because of the flexibility of their services. This does not necessarily mean that they have abandoned the banks.

There are some key services that make fintechs stand out or unique. They include (1) eCommerce payment: online retailers can now seamlessly pay for their orders, thanks to the payment gateway service offered by fintechs. To make payment easy for its millions of customers, Jumia, Nigeria’s no 1 shopping destination launched Jumia Pay. This has enabled every Jumia customer to pay for transactions across the Jumia ecosystem (flight, hotels, food, production services among others. It is secure, flexible and offers seamless checkout experience. And you will even get 5% off for using Jumia Pay. (2) Loans: When it comes to loans, the fintechs are far ahead of banks. Without a collateral, you can apply for a loan and receive it within 24 and 48 hours. They also have a flexible payment plan. As an entrepreneur, you may need a loan to shore up your business, you can apply for Jumia loan and you can go and sleep because the repayment plan is the best in the Nigerian fintech world. (3.) They also provide mobile money transfer and Unstructured Supplementary Service Data Services.

Collaboration or Competition?

The no love lost relationship between Fintechs and Banks can seemingly be compared with that of traditional media and internet (social media).

Many of the traditional media in Nigeria have evolved and now have an online version of their publication as well as social media accounts. This has ensured that they remain relevant and they are not entirely overshadowed by the online news media.

In fact, some of them have moved their entire publication online. And it is working for them. Hence, they do not see social media or the internet has a competition. Rather, they see it as a tool to enhance their services.

This is exactly what banks need to do. There is no competition between fintechs and banks. Fintechs are only utilising the tech machinery available to them faster than the banks. There is nothing wrong with a bank owning payment gateway as long as they get CBN’s approval.

Even though they are already collaborating, it needs to be taken a notch higher. For example, the fintechs still need banks to keep all payments made using the payment gateway and of course banks will charge interest for keeping the money. Therefore, it is better for them to collaborate rather than compete.

Collaboration is also important in fighting the challenges facing the banking industry. The foremost challenge among others is fraud. The CBN recently reported that there were 20,768 reported cases of fraud and forgery (attempted and successful), valued at N19.77bn in the review period, compared with 16,762 cases, involving N5.52bn and $ 0.12m in the corresponding period of 2017. It is not gainsaying that fintechs are disrupting the Nigerian banking industry. Regardless they need to work together and collaborate to take the industry to the next level.

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Preparing Nigerian Youths For The Future of Work

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by Adeniyi Ogunfowoke

Thousands of Nigerian graduates from universities across the country join the labour market (some prefer to say favour market) annually. Whether it is labour or favour market, the fact is the job market is changing at the speed of light and if these graduates do not catch up, a good number of them graduates will be unemployable.

Technology is undoubtedly disrupting the labour market and creating a whole new set of jobs. Clearly, businesses are already innovating, evolving and following trends in the tech world. Due to this, some have said that technology will force people out of jobs and render a large chunk unemployable. This is only true for those who are stagnant and refuse to upskill.

Ideas like artificial intelligence, internet of things, automation, virtual reality, machine learning, touch commerce and more have become known and are widely being used to simplify the functions of workers.

Interestingly, government and organisations in Nigeria are already preparing for the future. Jumia, Nigeria’s No.1 shopping destination has an innovative eCommerce platform, debuted the first eCommerce chatbot in Nigeria called the JumiaBot. With the chatbot, you book your hotel & flight, and order for food. Chatbots are based on artificial intelligence technology.

As such the future of work will revolve around machines helping humans to improve and boost productivity.

The preparedness of Nigerian youths for the future of work

Nigerian youths are aware that the workplace is changing. However, there is still a lot to be done to prepare them for the future of work. Unfortunately, only a handful of organisations are willing to train graduates. The onus is, therefore, on the students to acquire skills that will put them in tandem with the current trends in the workplace.

What can be done? The first thing is to overhaul the courses of some Nigerian universities. These courses should reflect the current technology trend. This will equip the students will skills and knowledge that are essential to the workplace. As such, these graduates will become employable and would not need to scavenge for jobs; jobs will be readily waiting for them.

Also, universities need to tighten the noose on internships so that students go to organisations where they can actually learn and improve themselves in preparedness for the future regardless of whether they are paid or not.

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Cashless Society: Is Nigeria Winning

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By Adeniyi Ogunfowoke

 

Technology is forcing both developed and emerging economies to innovate. The cashless society is one such innovation.

 

Cashless society according to Wikipedia describes an economic state whereby financial transactions are not conducted with money in the form of physical banknotes or coins, but rather through the transfer of digital information (usually an electronic representation of money) between the transacting parties.

 

The Beginning of the Cashless Society Drive

In Nigeria, the cashless society drive began in 2012. In order to limit the liquidity in circulation, the Central Bank of Nigeria (CBN) says that cash-based transactions should not exceed N500,000 for Individuals and N3,000,000 for Corporate bodies. The CBN added: “Our economy uses too much cash for transactions for goods and services, especially for buying and selling. This is not how it is done in other progressive countries of the world where there are other payment options such as, Debit and Credit Cards, Bank Transfers, Bank Direct Debits, Automated Teller Machines ( ATMs), and even Mobile Money. These achievements have been brought about by the changing needs of their people, competition among banks, and other companies, including changes in technology. Our major focus is to increase the volume of all available payments instruments in Nigeria.”

 

The Phase 1 of the scheme took off in Lagos on January 1, 2012, while additional states, namely Abia, Anambra, Kano, Ogun and Rivers States, as well as Abuja, were involved in Phase 2, which commenced on October 1, 2013. Phase 3 which is the final phase of the policy’s implementation commenced in the remaining 30 states of the federation on July 1st.

 

In other words, the cashless society has been managed and implemented for six years now. Six years down the line, is the Central Bank of Nigeria winning the cashless society war?

 

Is Nigeria Winning the Cashless Society War?

Despite the fact that Nigerians struggle to accept change, a good number of them, especially in the urban and semi-urban areas have wholeheartedly embraced the cashless society scheme. This is probably because they have no choice. You can say that the country is winning the cashless society war in urban areas.

 

Currently, you will find an average Nigerian or a market woman with an ATM card. To offer this more credence, data from an e-payment channel report in a series from the NBS, produced in collaboration with the CBN, reveal that 457 million transactions valued at N32trn were recorded on the channels in Q1 2018 and the NBS data also show that 54 million PoS transactions were recorded in Q1 2018, representing increases of 13% q/q and 101% y/y.

 

Furthermore, with a smartphone, you can use either Unstructured Supplementary Service Data (USSD) or mobile app to perform banking transactions at any time of the day. Again, the NBS report reveals that mobile payments recorded 15 million transactions valued at N329bn (US$1.07bn) in Q1. The value of the transactions grew by just 21% y/y and accounted for only 3.3% of total electronic transactions.

 

Off the cashless society policy, a notable achievement is the rise of digital payment gateways. Some of them include Jumia Pay, and others.

 

Owned by Jumia, Nigeria’s No.1 shopping destination, Jumia Pay enables Nigerians to make secure online payments while shopping on Jumia platforms. The payment gateway uses state-of-the-art technology and procedures to protect your online transactions. Interestingly, you get guaranteed 5% cashback for using Jumia Pay.

 

By the same token and in line with the cashless society policy, millions of customers who shop on Jumia, or book hotel and flights, or order food from their favourite restaurants now enjoy the services of Jumia Pay. This is because they can now pay for their transactions using Jumia Pay.

 

In addition to this, customers will enjoy 5% off all their orders on Jumia. If you combine this with the amazing Black Friday discounts Jumia is offering, customers will definitely save a lot of money whenever they shop on the ecommerce platform. The key reason for doing this is to encourage Nigerians to settle transactions through the use of digital payments rather than via cash.

 

Unequivocally, the painstaking efforts of the CBN in implementing the cashless policy are truly paying off. However, there is quite a lot to that still needs to be done. Many in the rural areas are yet to be reached.

 

They largely still use cash that is not even kept in the bank. This means there are still millions of unbanked Nigerians out there. The cashless society campaign needs to be taken to their doorsteps. Importantly, the cashless society message should be available in local languages. Ultimately, the CBN has to take a look again at the fees banks charge customers. Understandably, banks need to cover their costs and expenses but it should not be at the expense of their customers.

 

Sweden is the most cashless society on the planet, with barely 1% of the value of all payments made using coins or notes last year. Nigeria is nowhere near Sweden. But we are on the march towards a cashless society. The country only needs to integrate more inhabitants of rural areas into the scheme, effectively regulate banks and fintechs and continue to push the cashless society campaign.

 

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