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ConnectNigeria Panelists Urge SMEs to Leverage Mobile Money, eCommerce

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It is an obvious situation that the Small and Medium Enterprises (SMEs) are confronted with several challenges which hamper their growth and the nation’s economic development.

Chiefly among the challenges that need to be addressed immediately include finding solutions to the high cost of doing business occasioned by poor infrastructure (power, roads, water), multiple taxation, high cost of legal documentation of credit facilities at both the states Lands Registries and the Corporate Affairs Commission (CAC); inadequate capacity building on the part of the SMEs in the areas of entrepreneurship, and skills acquisition, resulting in the perception of the sector as high risk and poor attitude to loan repayment by borrowers in the sector.

With these in mind, Connectnigeria.com recently organized an e-Business Fair for SME owner to engage face-t-face with players in the financial, e-commerce, and telecommunication sector, and to seek palliatives to the challenges.

Speaking during a panel discussion at the Fair, Mr. Obaro Osah, head, Lagos Region, SMEs Group at Bank of Industry (BoI) said that the Bank has ben playing critical role by providing grounds for small businesses financing.

He said that the Bank has made the process of accessing funds very easy by reducing the processes to three easy activities to apply for funding now, giving every Nigerian access to funding for business.

According to him, most startups are faced with the challenge of penning down marketable business proposal.

In lieu of that, BOI entered into partnership with 232 Business Development Support Partners (BDSPs) to help the entrepreneurs in drafting presentable proposals to banks for grants or loans.

He also urged participants and other startups to embrace cashless as a means of reducing risks associated with carrying cash around, and means of packaging their activities to partake in the formal sector of the economy.

Also speaking, Mr. Mike Ogbalu, managing director, FirstMonie, the FirstBank mobile money services platform, said that they have been driving innovative mobile payment systems and commitment to continuously deliver innovative products and solutions, part of which includes enhancing the robustness of its mobile banking and mobile payments platforms.

Ogbalu while encouraging participants at the Forum to join other 2.4 million FirstMonie subscribers who enjoy services dispatched through more than 13,000 agents it has established, he said the ultimate aim is to create more value for their customers.

Firstmonie is designed to enhance financial inclusion and cater for millions of Nigeria’s unbanked and the underbanked citizens, while aligning with the Central Bank of Nigeria’s policy to promote a cashless economy in Nigeria.

Ogbalu said that the Firstmonie solution was provided to entrench e-banking through the use of the mobile phone and to mitigate the challenges of banking services delivery to the vast unbanked market.

Nigeria CommunicationsWeek recalled that, in recognition of Firstmonie continued effort to drive financial inclusion, lead innovation in mobile payment systems and support the CBN cash-less policy, the platform was awarded the Best Mobile Money Operator in Nigeria by the EFInA Financial Inclusion Awards.

From Union Bank of Nigeria’s perspective, Mr. Ayodeji Mebude, head of Channels, said that the bank sees support for SMEs growth as critical in the life of a nation.

He said, this inspired the Union Bank and as part of its transformation programmes to launch a number of initiatives targeted at the group.

Apparently, Union Bank launched an enterprise hybrid account that gives growing businesses the flexibility of a current account with the benefits of a savings account.

It is suitable for businesses such as co-operative societies, trade associations, professional bodies, social clubs and Non-governmental organizations.

Some of the features of the UnionEnterprise Hybrid Account include: access to Union Bank’s array of value adding, e-banking products and services; a minimum daily opening and closing balance of N5, 000 only; lodgement of cheques/dividend warrants; as well as provisions for third party over-the-counter transactions across the Union Bank branch network.

Additionally, UnionEnterprise Hybrid Account holders will enjoy accrued interest on their account balance at the prevailing savings account rate, with zero commission on turn over.   

Representing Skye Bank, Ayodele Olojede, head, Small Business Group, said that as parts of its contribution towards the development of the real sector of the economy, Skye Bank Plc had introduced a number of products and incentives designed to help Small and Medium Scale Enterprises (SMEs) grow their businesses through access to finance and effective management of their financial resources.

Olojede said that the bank’s decision to support SMEs is based on the realisation that these small businesses are the major drivers of any economy worldwide.

She also hinted that the Bank will be making a major announcement in that regard soon.

And Femi George, data platform lead, Microsoft Nigeria, added that entrepreneurs ought to foster a culture of business innovation to survive in the present tech-world.

He said, Microsoft recognizes that, “In the digital age, technology has become the great equalizer, giving voice to your customers, partners, and employees and enabling your business to listen and become more responsive to customer needs and opportunities – using the connectedness of the cloud to respond with new business models, expanded channels and improved processes”.

He defined ‘The Microsoft Cloud’ as unique, as the companies that use it.

From a city that streamlines how its people travel through it, to a global outdoor apparel company that connects its teams around the world. See how this cloud has transformed some of the world’s greatest brands, George said urging the participants to leverage the opportunities in the Cloud.

Mr. Emeka Okafor, managing director, Connectnigeria.com, Organisers of the Forum, spoke to Nigeria CommunicationsWeek on the sideline of their decision to host the Forum with over 1000 SMEs in attendance.

He said, “Developing entrepreneurs is a continuous process in the life of a nation. What we hope people got out of the Forum is knowledge that will help them propel their businesses from, maybe, N1,000 to N10,000 daily or from a ten-man business to 100-man business. We looked for the professionals and those that have passed through some rough edges to share their experiences and inspire the young ones; telling them the steps to follow and others to avoid.

“Great countries do not depend on government to grow businesses; individuals do. Bill Gates of this world, and others did things that changed the world. Government may be doing enough in terms of policies, but which country has ever said that government is doing enough? They are individuals who go beyond current trends and break even.

“So, we put the Forum together because of love for the Country. We love this country; it is the only one we have and we want it to grow. We believe that now we are in the digital age, IT moves the world, we have very creative people; surprisingly, God has blessed this nation that close to 80% of the population are youths, therefore, if we are able to make them see potentials in what they do, the nation’s economy will blossom. Imagine where one million young people hired two million people each, we will wipe out unemployment”.

He described various eCommerce platforms introduced in the market as “fantastic; there is nowhere else we can go except up! Gone are the days were like ‘Nigerians are fraudulent, so we cannot do business with them’. They have seen the potentials of eCommerce with the ever growing population, smartphone users, internet growth and other developmental strides.

The fair also featured panel discussions that involved Supermart, Uber, Jovago, among others; exhibitions and networking.


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Business

NITDA, ICF Train 100 Schoolgirls in ICT Skills

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The National Information Technology Development Agency (NITDA) and Illmi Children’s Fund (ICF) have trained 100 schoolgirls in digital and Information and Communication Technology skills training.

Mrs. Maryam Augie-Abdulmumin, ICF Executive Director, confirmed this in a statement on Thursday in Lagos.

The graduation followed the training of the schoolgirls in ICF and NITDA’s DIGITGALS 2.0 programme, a collaborative initiative aimed to equip adolescent girls in Abuja with critical digital and ICT skills.

Augie-Abdukmumin said the DIGITGALS 2.0 centred around essential digital literacy, programming fundamentals, digital marketing and communication skills, and cybersecurity awareness.

She added that the girls were equipped with the confidence to compete and excel in a globalised digital economy. The graduation was in commemoration of the 2024 International Girls in ICT Day celebration on April 25.

DIGITGALS 2.0 is in its second phase and empowered 100 senior secondary school girls selected from five government schools in the Federal Capital Territory.

The girls aged between 15 and 18 years were equipped with the knowledge and tools needed to thrive in the digital world and address the growing demand for ICT skills in the 21st century.

Augie-Abdulmumin reiterated the importance of bridging the digital gap in the country starting with the girl-child.

“This graduation ceremony on International Day of Girls in ICT is a powerful symbol of our commitment to closing the digital gender gap.

This programme made possible through our partnership with NITDA, and signifies a crucial step towards bridging the digital gender gap.

It also fostering a future where women are active leaders in the tech industry. This is also an opportunity for these girls to take charge of their own future,”.

Mr Kashifu  Abdullahi, the Director-General of NITDA, commended the collaborative efforts of ICF in making the DIGITGALS 2.0 a reality.

According to him, building a diverse and inclusive digital workforce is critical for Nigeria’s success.

“We are proud to collaborate with ICF on DIGITGALS 2.0 to empower these young women to become active participants in the tech industry. This programme showcases the importance of collaborative efforts in bridging the digital gender gap.

These girls have been equipped with essential digital skills, and ICF and NITDA are confident they will become active contributors to Nigeria’s thriving tech landscape,”.

ICF is a non-profit organisation dedicated to improving the lives of children, from underprivileged backgrounds, through education, healthcare, technology and entrepreneurship initiatives.

NITDA is a public service institution established in 2007. It functions as the ICT policy implementing arm of Nigeria’s Federal Ministry of Communication and Digital Economy.


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Confronting the Google Monolith: Survival Strategies for Online Businesses

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By Reuben Kalu.

In the vast expanse of the digital realm, Google looms large, an omnipresent force shaping the way we navigate, search, and conduct business online.

From its humble beginnings as a search engine to its current status as a multifaceted tech behemoth, Google has entrenched itself deeply into the fabric of the internet.

Its influence is undeniable, its reach unparalleled, and its ubiquity seemingly inescapable. But can you truly run an online business without Google?

The answer, in today’s digital landscape, is a resounding no. You have no choice.

Google’s dominance extends across multiple facets of the online world, making it virtually impossible for businesses to thrive without engaging with its ecosystem.

From search engine optimization (SEO) to online advertising, email services to analytics, Google’s suite of products and services permeates every aspect of the online business landscape.

Attempting to operate without Google is akin to swimming against a relentless tide, fighting an uphill battle fraught with obstacles and limitations.

At the heart of Google’s influence lies its search engine, the gateway through which billions of internet users navigate the vast expanse of online content. .

Google’s search algorithms wield immense power, determining which websites rank prominently in search results and which languish in obscurity.

For businesses seeking to attract organic traffic and expand their online presence, optimizing for Google’s search algorithms is not merely advisable—it’s imperative.

But Google’s influence extends far beyond search. Consider Google Ads, the company’s advertising platform that enables businesses to reach targeted audiences through paid search, display, and video advertising.

With billions of searches conducted on Google each day, Google Ads provides unparalleled reach and visibility, allowing businesses to target potential customers with pinpoint accuracy.

Attempting to compete in the online advertising arena without leveraging Google Ads is akin to entering a battle unarmed—a futile endeavor destined for failure.

 

Moreover, Google’s suite of productivity tools, including Gmail, Google Drive, and Google Workspace, has become indispensable for businesses seeking to streamline their operations and enhance collaboration.

With seamless integration across devices and platforms, Google’s productivity tools offer unparalleled convenience and efficiency, empowering businesses to work smarter, not harder.

Attempting to eschew Google’s productivity suite in favor of alternative solutions is not only impractical but also unwise, depriving businesses of the tools they need to succeed in today’s fast-paced digital landscape.

Furthermore, Google Analytics stands as the gold standard for web analytics, providing businesses with invaluable insights into their online performance and audience behavior.

From tracking website traffic and user engagement to analyzing conversion metrics and customer demographics, Google Analytics offers a comprehensive toolkit for optimizing online marketing strategies and driving business growth.

Attempting to gauge online performance without leveraging Google Analytics is akin to flying blind, devoid of the critical data needed to make informed decisions and drive meaningful results.

But perhaps the most formidable aspect of Google’s influence lies in its role as a gatekeeper of information and access.

With billions of users relying on Google’s platforms and services each day, the company wields immense control over the flow of online traffic and the dissemination of information.

For businesses seeking to connect with customers and expand their reach, Google’s dominance presents both a tremendous opportunity and a formidable challenge.

Attempting to circumvent Google’s influence and establish an online presence independent of its ecosystem is a Herculean task, fraught with uncertainty and risk.

In essence, attempting to run an online business without engaging with Google is akin to swimming against a relentless tide, fighting an uphill battle fraught with obstacles and limitations.

While alternative platforms and solutions exist, none possess the ubiquity, reach, and influence of Google’s ecosystem.

To thrive in today’s digital landscape, businesses must embrace Google’s dominance and leverage its suite of products and services to their advantage. You have no choice.

In conclusion, Google’s pervasive influence permeates every aspect of the online business landscape, making it virtually impossible to escape its grasp.

From search engine optimization to online advertising, productivity tools to web analytics, Google’s ecosystem encompasses a vast array of products and services that have become indispensable for businesses seeking to succeed in the digital age.

While alternative solutions may exist, none possess the ubiquity, reach, and influence of Google’s ecosystem.

To thrive in today’s digital landscape, businesses must embrace Google’s dominance and leverage its suite of products and services to their advantage.

You have no choice.


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Hydrogen Hosts Catalyst Workshop, Highlights Resilient Business Models for Fintech Startups

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As part of its mission to empower African businesses with tools needed to thrive, garner admiration, and foster global acclaim, leading payment solution company, Hydrogen Payment Services Company Limited (Hydrogen), recently partnered with the Co Creation Hub (CcHub), to host the latest edition of the Catalyst workshop in Lagos.

The discourse addressed the potential risks and opportunities for startups and saw experts advise participants on the need to develop resilient business models that would scale across different economic climes.

Moderated by Miracle Ezechi, Digital Marketing Manager, Hydrogen, the panel session addressed dominant issues about the theme: ‘Adapting Fintech Business Models to Economic Climes: Flexibility, Agility and Customer-centricity’.

Mr. Emeka Awagu, Chief Technology Officer, Hydrogen, who spoke as a panellist, addressed the issue of customer-centricity, which according to him, is key to Fintech growth.

He advised startups to listen to customer demands and understand their needs in order to develop the right solutions that will lead to long term market viability.

“Innovation is key for startup growth. However, understanding customers’ needs and change in behaviour will help any startup to innovate better.

“Startups must be flexible and agile to develop solutions with high interoperability and processing speed, and they must be ready to learn from startups that have failed,” Awagu said.

With an estimated 61.07 percent of startups failing, the participants stressed the need for prudence.

“Statistically, a staggering number of startups fail, often due to financial mismanagement. Hence, founders must prioritise understanding and maintaining a healthy the Cost-to-Earnings ratio.

“It is not just a number, but a pivotal indicator of a company’s financial health as well as being a key attractiveness determinant for investors,” Awagu added.

On his part, Ina Alogwu, the Group Director, Digital Transformation, ARM HOLDCO, who also spoke as a panellist at the session, stressed the need for startups to develop sustainable products and solutions that will help them remain competitive in an environment that is faced with harsh economic realities.

“Many startup businesses fail within their first five years, however upcoming startups should not be discouraged, rather develop a culture that will encourage them to understand the reasons for failure and learn from mistakes.

“Startups should not be too rigid with their solutions and should be ready to accept changes that will drive innovation,” Alogwu stated.

Hydrogen will be deepening its economic impact series with a webinar planned for Thursday, April 25, even as businesses across Africa continue to face an array of challenges, ranging from inflation and currency fluctuations to rising operating costs.

Themed ‘Navigating Economic Challenges: Strategies for Sustainable Growth,’ the webinar will delve into key areas critical for businesses to not only survive but thrive in the face of economic adversity. Register using this link – https://bit.ly/Hydrogenwebinar.

Esteemed panellists for this event include Taofik Odukoya, CEO, Vanguard Pharmacy, and Okechukwu Odimgbe, Chief Financial Officer, Hydrogen. The session will be moderated by Nnenna Sam-Obioha, Ecosystem Orchestrator, Hydrogen.

 


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