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Interswitch Injects 12.5M into SPAK Project

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Interswitch Group, a leading Pan-African electronic payment and digital commerce Company, is set to host the first edition of the InterswitchSPAK project with a N12.5 million-scholarship among other prizes for the winners.

 

The project, which is a new CSR initiative of the company, is focused on driving increased interest in the study of Science, Technology, Engineering and Mathematics (STEM) subjects among Senior Secondary School students across Nigeria.

 

The InterswitchSPAK initiative is a multifaceted one, made up of the TV quiz show which includes the Innovation Challenge, the MasterClass, and the InterswitchSPAK volunteers’ week, all targeted at students aged between 14 and 17 years in SS 2 or year 11, as the case maybe.

 

InterswitchSPAK aims to encourage and guide the students on career paths that will help them achieve full optimization of their potentials and dreams to become innovators and entrepreneurs.

 

InterswitchSPAK 1.0. began with a National Qualifying Examination from which the top 81 students out of the over 11,000 students from various private and public secondary schools across the 36 states of the federation, including the FCT, qualified to compete in the TV Quiz Show.

 

The TV Quiz Show will be preceded by a Masterclass taking place on August 27, in Lagos. The Masterclass is a full-day of knowledge sharing and engagement sessions where some of the most inspiring and successful men and women in our society will discuss relevant topics with the students.

 

Speaking about the Masterclass, Mitchell Elegbe, Founder & GMD, Interswitch, stated that the session would give the students the opportunity to meet real-life models who prove that success is possible, regardless of existing challenges.

 

It will focus on knowledge sharing, as well as motivating the students on character building and assuming leadership responsibilities in all their spheres of contact.

 

He said: “The Masterclass is a real experiential window for the students, where they do not only meet successful people who are providing solutions, they are motivated and prepped by these people to begin to develop the right mind set and attitude for leadership and success”.

 

The Masterclass will feature three 45-minute sessions where the qualified students who emerged from the qualifying examinations will be intellectually motivated by high-profile speakers led by Mr. Mitchell Elegbe, GMD, Interswitch Group.

 

Also speaking at the event will be: Mr. Yinka Sanni, CEO, Stanbic IBTC Holdings Ltd, and Eloho Omame, MD, Endeavour Nigeria.

 

Mr. Yinka Sanni will lead the first session and would be speaking on “Social Innovation – The Power of Transformative Ideas, while Eloho Omame will handle the second session titled: ‘Entrepreneurship – A Tool to Creating Impact in Our Society’ and Mitchell Elegbe will round off the session with the topic: ‘Emotional Intelligence and the Leadership Responsibility of Youths’.

 

After the Masterclass, the TV quiz show will commence with the InterswitchSPAK Innovation Challenge, a two-day intensive boot camp, where the 81 finalists, working in groups, will have the opportunity to brainstorm with their peers and proffer solutions to various issues affecting our society.

 

The group with the most innovative and viable solution will be presented with the InterswitchSPAK 1.0 Founders Prize for Innovation.

 

Cherry Eromosele, Group Chief Product and Marketing Officer, Interswitch, disclosed that the Innovation Challenge is aimed at accentuating critical thinking and problem-solving abilities in the students who will be guided by staff of the Interswitch Group.

 

She said: “InterswitchSPAK is a project we are very much committed to. When we started this journey, our goal was very clear: to find gifted students in secondary schools and guide them to achieve their dreams.

 

InterswitchSPAK was created to help shape the future of Africa’s brightest science students, and our immediate objective is for each student to go away with the awareness of their capacity to do great things”.

 

With N7.5 million worth of university scholarship for Five (5) years for the 1st place winner, N4 million worth of scholarship for three (3) years for the 2nd place winner, and N1 million worth of scholarship for 1 year for the 3rd place winner, the atmosphere is set for exciting times on InterswitchSPAK 1.0.

 

Interswitch’s decision to give the grand prize money in the form of tertiary education scholarship, reinforces the company’s commitment to improving lives through sustainable long-term investments.

 

InterswitchSPAK 1.0 will be rounded off with the ‘’InterswitchSPAK Volunteers Week’’ where staff of Interswitch will volunteer one hour of their time to teach STEM subjects in selected public schools.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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VFD Group Proposes SplitXchange for Financing Nigeria’s Creative Industry

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VFD Group Plc has proposed the introduction of a specialized Exchange that would address the issue of financing in Nigeria’s entertainment and creative industries to bolster foreign exchange earnings and economic development.

Folagbade Adeyemi, the Managing Director of Splitar Limited,  stated this while speaking at the Capital Market Correspondents Association of Nigeria (CAMCAN) quarterly Forum, sponsored by VFD Group Plc.

Adeyemi revealed that the Group is actively pursuing an exchange platform tailored to the media and entertainment sector, offering diverse investment opportunities for both domestic and international investors.

Currently in its development stage, SplitXchange when launched, would offer a platform for financing the media and entertainment industry, among other alternative assets.

According to him, “Seeing the huge potential in alternative assets, Splitar Holdings, through Split Exchange, would drive the alternative assets space with its revolutionary digital exchange.”

He emphasized the potential of this sector to significantly improve the GDP of the country and called for a collaborative approach towards establishing robust frameworks and clear guidelines to support investment in alternative assets leveraging technology.

“Unless we collaboratively set up institutions that can provide data around these asset classes and place a true value on these asset creators to make seeking finance a lot easier, we will not see significant returns.

“A lot of transactions have been ongoing within that space which are not captured within the country’s value chain. That is what SplitXchange seeks to address.”

With Nigeria’s estimated population at 208.8 million people, Adeyemi highlighted the increasing demand for Nigerian content locally and on a global scale.

Speaking on the theme: “Beyond Tradition: Increasing Relevance of Alternative Assets in the Capital Market,” Adeyemi lamented the absence of robust funding pillars in the country.

He emphasized the potential of Entertainment and Media, noting that globally there is an average market size of $41 billion as of 2021 with an estimated growth of 4.2 per cent.

While pointing out investments by Netflix and Amazon, which have churned out blockbuster movies that have gained viewership and streams across the globe, he noted that Nigeria’s biggest investor in the form of Pension Assets was yet to invest in the entertainment or streaming services.

He stressed the need to solve the problems of liquidity, efficiency, and barriers to entry in the country.

“In today’s market, the quick conversion of assets into cash is a challenge due to the absence of a well-structured marketplace that oversees and regulates these assets.

“The automation of processes such as compliance, escrow account management, dividend distribution, corporate action management, and drag-along actions technology presents a significant challenge in today’s alternative market. The high initial cost of assets in this market restricts participation to only affluent individuals and corporate investors,” he said.

He noted that the sector remains excluded from the organized financial sector due to the inability of intermediaries to recognize Intellectual Property (IP) as suitable collateral to access funding. “Projects are financed informally through a network of angel investors, high net worth individuals, non-governmental organizations, government, and personal savings,” Adeyemi said.

Furthermore, he pointed out that investors and asset creators face challenges when seeking investment opportunities or raising capital through traditional financial avenues.

“Traditional financial institutions are ill-equipped to appraise industry opportunities due to poor visibility, data, and income/revenue leakages leading to mispricing through high-interest rates, market illiquidity of associated securities, poor market depth, and lack of accessibility for retail investors,” he said.


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Konga Travel Commences Canadian Visa Services for Professionals and Students

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Konga Travels and Tours, a leading provider of travel services in Nigeria is pleased to announce the launch of its Canadian visa assistance services through strategic partnership with a licensed Canadian immigration company.

Konga Travels is now equipped and in a vantage position to assist clients in realizing their relocation dreams.

The new Canadian visa services cater to the travel needs of diverse category of individuals including students, workers, professionals, and investors looking for new opportunities in Canada.

Applicants can get exclusive packages on business immigration, study in Canada, work permits, as well as visit and tourist visa services with the professional assistance of Konga Travels and Tours.

The Business Immigration visa is tailored to investors interested in conducting business activities in Canada with a pathway to permanent residency. The Study in Canada visa service caters to students aspiring to pursue undergraduate or postgraduate studies in foreign institutions renowned for their academic excellence and global recognition.

Okezie Akaniro, Senior Vice President of Konga Online Limited expressed excitement about the expansion of the company’s service portfolio saying “We are thrilled to introduce Canadian visa assistance services to our esteemed clients because we understand the aspirations of Nigerians seeking to pursue educational, professional, or business opportunities in Canada.

“This partnership underscores Konga Travels’ commitment to providing holistic travel solutions that meet the diverse needs of our customers, with our expertise and strategic collaboration, we aim to simplify the Canadian immigration process and help individuals achieve their aspirations of studying, working, or investing in Canada,” he stated.

Expressing his enthusiasm for the new service, Abiola Bakare, Business Head of Konga Travels and Tours posited, “At Konga Travels, we continuously seek ways to enhance the travel experiences of our customers.

“The introduction of Canadian visa assistance services aligns with our goal of providing end-to-end solutions and simplifying the travel process for our clients.”

Konga Travels and Tours goes beyond processing visa applications. As part of its suite of services, Konga Travels offers flight booking, hotel reservations, and tour packages. Recently, Konga Travels and Tours further enhanced its offerings by partnering with Coronation Insurance to provide comprehensive travel insurance solutions.

For further inquiries, customers are encouraged to contact Konga Travels through any of the official customer touchpoints provided here:

Phone Call: +234 809 460 5555; 0708 063 5700

WhatsApp: +234 (0) 811 211 4488

Email: [email protected]

Facebook: Konga Travel

Instagram: @kongatravel


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5 Strategies to Prevent Payment Delays from Hurting Your Business

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Payment delays pose significant challenges for businesses across Africa. Maintaining a steady cash flow is essential for business growth and sustainability, making it crucial to address late or non-payments from customers.

So, how can SMEs effectively prevent payment delays? Let’s explore five actionable strategies to keep revenue flowing smoothly.

Streamline Payment Processes
Smoother payment experiences lead to prompt payments. Simplifying the payment process for customers by offering multiple payment options enhances convenience and reduces the likelihood of delays. It is important to note that collaborating with a reliable payment gateway is fundamental in achieving seamless transactions.

Embrace Subscription Models

Adopting a subscription-based payment model ensures consistent cash flow and predictability in revenue streams. SeerBit has innovative features, such as partial debits and automatic retries which fortify this model, ensuring uninterrupted revenue even amidst payment hiccups.

Digitize Invoicing

Transitioning from paper-based to digital invoicing eliminates delays caused by delivery hiccups, while also minimizing the risk of lost documents. Digital invoicing not only streamlines payment tracking, but also enhances operational efficiency.

Implement Incentives and Penalties

Introducing incentives for early payments and penalties for late payments encourages timely settlements. Customers are motivated to pay promptly to capitalize on discounts and other special deals, while the prospect of additional charges or sanctions deters delays. Reminder notifications serve as gentle nudges, prompting customers to fulfil their payment obligations promptly.

Proactive Payment Management

Partnering with SeerBit empowers businesses to proactively manage payment collections. With a robust payment gateway offering seamless transactions, recurring payment capabilities and digital invoicing services, businesses can effectively mitigate the risks associated with payment delays.

Conclusion

Preventing payment delays is critical for sustaining business operations and fostering growth. The World Bank predicts that late payments cost the global economy over $40billion every year. By implementing these strategies and leveraging the capabilities of SeerBit, businesses can optimize their payment processes, ensuring uninterrupted cash flow and significant long-term success.


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