E-Business
Jumia Launches Africa Hospitality Report 2018/19
The 2nd edition of Jumia’s Africa Hospitality Report looks at the 2017/2018 trends in the continent’s tourism, travel, hospitality and aviation industries.
It sheds light on the impressive growth that Africa’s travel and tourism industry has recorded through in 2017 and 2018 with an increase in international arrivals.
The Jumia Hospitality Report further underlines the industries’ contribution to the economy, underlying challenges and the potential for future growth, as African tourism becomes of age.
“The African market for online travel is still nascent with undoubted prospects.
“We are proud to once again produce a comprehensive report that highlights the diverse aspects of both the hospitality and aviation industries in Africa.
“This has been made a success by the input of our partners,” remarks Joe Falter, CEO of Jumia Travel & Food.
According to the report, “the continent receives only 5% of all the international arrivals, Africa’s travel and tourism industry continues to record impressive growth over the years.
‘In 2017, the continent hit a 63 million high in international tourist arrivals as compared to 58m in 2016 (+ 9% vs 2016).
“As a result of affordability and ease of travel, domestic travel is growing in Africa, recording a high of 60% in local spending as compared to 40% in international spending.
The UNWTO’s Secretary General Zurab Pololikashvili explains the change in domestic travel landscape in Africa, noting that “people’s movement is no longer a luxury set aside for the few with high per capita income but a basic need for the ever-increasing majority of the middle class who create and shape the future generation entrepreneurs.
A growing middle class is a sign of a robust economy. The existence of domestic tourists who have more money to spend at their disposal and thus willing to travel more has led to the mushrooming of low-cost airlines, upward growth of bed capacity in main cities, flourishing of the so-called shared economy etc”.
The AU e-Passport and the creation of visa upon arrival, e-visa and visa-free travel for African citizens in line with the concept of unrestricted movement of persons, goods and services across the countries remains a strong driving factor to the growth of domestic travel.
Africans now do not require a visa to travel to 25% of other African countries, can get visas on arrival in 24% of other African countries, while still a dominant 51% of African countries need Africans to have visas to travel.
The report also breaks down the percentages of the various sources of traffic on Jumia.
The high record in the mobile as a source of traffic is perhaps as a result of the increasing adoption of smartphones in Africa, which stands at 34% in 2018. 61% of the travellers are using a smartphone to book their hotel or flight on Jumia Travel.
The African traveller still opts to Pay-at-Hotel as the mode of payment (65%) in 2018, even as the trust for Credit & Debit Card increases to 21% from 15% in 2017.
Africa’s air passenger traffic share is only 2.2% of the world total with 88.5 million passengers in 2017, an increase of 6.6% from 2016.
It is expected to grow by 4.9% annually over the next 20 years, creating enormous opportunities for the continent’s airlines to grow.
Addressing how to competitively position Africa’s airlines in the global aviation market, IATA’s Special Envoy to Africa on Aeropolitical Affairs Raphael Kuuchi stipulates that “the sustainable growth of African airlines traffic lies in removing the bottlenecks to effective connectivity, lowering industry operating cost and developing commercial cooperation among airlines.
With the assurance of safety, security, competitive operating environment, ease of market access and visa facilitation, Africa’s share of passenger traffic will exceed 320 million by 2037,” he concludes.
E-Business
Court orders Binance to release data of Nigerian Users to EFCC
Binance Holdings Limited has been ordered by Justice Emeka Nwite of a federal high court sitting in Abuja to provide the Economic and Financial Crimes Commission with the comprehensive data or information of all persons from Nigeria trading on its platform.
The order was granted following an ex-parte motion moved by the EFCC’s lawyer, Ekele Iheanacho. In the motion deposed to by Hamma Bello, an operative of the EFCC attached to the Special Investigation Team (SIT) of the commission domiciled in the Office of the National Security Adviser (ONSA), he stated that they “received an intelligence stating the nefarious activities (money laundering and terrorism financing) on Binance, a crypto currency exchange platform.”
He added; “That on receipt of the Intelligence, the team began investigation by conducting surveillance of the activities of the platform.
“That the team uncovered users who have been using the platform for price discovery, confirmation and market manipulation which has caused tremendous distortions in the market, resulting in the Naira losing its values against other currencies.
“That the damage the platform has caused was clearly explained to the operators of the platform and they were requested to delist the Naira and avail the ONSA on the activities of the Nigerians on their platform.
“That from the information afforded to the team by Binance shows that the total trading volume from Nigeria in 2023 alone stood at $21.6 (twenty one billion, six hundred million dollars).
“Attached and marked as Exhibit EFCC 1 is a copy of the document from Binance to the ONSA stating this fact amongst others. That the commission will ensure that investigation is conducted within such reasonable time.”
Bello also said that it is utmost urgent public interest, that the data be provided to enable the commission accomplish its investigation activities. He said refusal of the request woulf largely hamper the commission’s investigation.
Granting the application, Justice Nwite said; “The applicant’s application dated and filed 29th February, 2024, is hereby granted as prayed. That an order of this honourable court is hereby made directing the operators of Binance to provide the commission with comprehensive data/information relating to all persons from Nigeria trading on its platform.”
E-Business
Moove Unveils ‘N500M Moove Cares Program’ for All Customers in Nigeria
Moove, the world’s first mobility fintech platform, has announced the launch of its ‘Moove Cares’ program, introducing a substantial support package aimed at mitigating the adverse effects of ongoing inflationary prices in Nigeria.
Recognising the challenges posed by rising fuel prices for its customers managing their businesses and the additional burden of inflationary food prices on household budgets, Moove is providing support both at work and at home. This program includes fuel subsidies to assist with business operations and a comprehensive care package to support households during these difficult times.
This program underscores Moove’s dedication to ensuring its positive impact in the lives of its customers, especially against the backdrop of Nigeria’s challenging and chronic economic landscape.
Nigeria, Africa’s largest economy, is grappling with an acute cost of living crisis and food prices, exacerbated by a confluence of factors including severe inflation, currency fluctuations, and logistical disruptions. This crisis has pushed essential food items beyond the reach of many, with the Nigeria Bureau of Statistics reporting a staggering 35.41% food inflation rate in January 2024 alone.
In the wake of the removal of the fuel subsidy in May, fuel prices in Nigeria have soared to an all-time high, reaching N610 per litre, marking a significant increase from the previously subsidised price of N264 per litre in March 2023.
This sharp increase of fuel costs by 131% has had a ripple effect across various sectors, notably leading to increased transportation fares and a substantial hike in the prices of food and other essential goods.
Recognising the urgency of the situation, Moove has committed to distributing free-of-charge ‘Moove Cares’ packages worth over N150,000 to each of its customers. Starting next week, the program aims to mitigate the impact of high fuel prices and escalating food prices, particularly during the critical periods of Easter and Ramadan celebrations.
‘Moove Cares’ is a testament to Moove’s proactive approach towards corporate social responsibility and customer focused support in these challenging times for the country.
Taiwo Ajibola, Moove’s Regional Managing Director for Nigeria, elaborated on the program objectives, “As a listening organisation, we understand from our customers’ feedback the pressing need for support amidst the ongoing cost of living crisis affecting both fuel and food prices.
“Our Moove Cares program is our small way of providing some much needed support to our customers amidst this extremely challenging economic environment.”
Since its inception in 2020, Moove has been at the forefront of democratising access to financial services for mobility entrepreneurs. With a presence in 9 markets globally, Moove’s innovative platform has facilitated over 30 million trips, significantly impacting the lives of 80,000 of its customers and their dependents.
As Nigeria navigates through these turbulent economic times, the ‘Moove Cares’ campaign stands as a vital lifeline for Moove’s customers, further solidifying the Company’s position as a socially responsible leader in the mobility fintech sector.
Through this comprehensive support package, Moove reaffirms its dedication to fostering a resilient and thriving community, capable of overcoming the current economic challenges.
E-Business
Nigeria’s inflation rate rises to 31.7 %
A report released by the National Bureau of Statistics (NBS) has revealed that the headline inflation in the country increased to 31.7 per cent in February 2024 from 29.9 per cent recorded in January 2024.
The recent figure is the highest level of inflation recorded in the country for 28 years. In the Consumer Price Index report for February 2024, it was also stated that food inflation increased to 37.92 per cent in February from 35.41 per cent in January 2024.
It read; “In February 2024, the headline inflation rate increased to 31.70% relative to the January 2024 headline inflation rate, which was 29.9%. Looking at the movement, the February 2024 headline inflation rate showed an increase of 1.8 % points when compared to the January 2024
headline inflation rate.
“On a year-on-year (YoY) basis, the headline inflation rate was 9.79% points higher compared to the rate recorded in February 2023, which was 21.91%.
“This shows that the headline inflation rate (YoY basis) increased in the month of February 2024 when compared to the same month in the preceding year (i.e., February 2023).
“Furthermore, on a month-on-month (MoM) basis, the headline inflation rate in February 2024 was 3.12%, which was 0.48% higher than the rate recorded in January 2024 (2.64%).
“This means that in February 2024, the rate of increase in the average price level is more than the rate of increase in the average price level in January 2024.
“The food inflation rate in February 2024 was 37.92% on a YoY basis, which was 13.57% points higher compared to the rate recorded in February 2023 (24.35%).
“The rise in food inflation on a year-on-year basis was caused by increases in the prices of bread and cereals, potatoes, yam and other tubers, fish, oil and fat, meat, fruit, coffee, tea, and cocoa.
“On a MoM basis, the food inflation in February 2024 was 3.79%; this was 0.58% higher compared to the rate recorded in January 2024 (3.21%).
“In February 2024, food inflation on a year-on-year basis was highest in Kogi (46.32%), Rivers (44.34%), and Kwara (43.5%), while Bauchi (31.46%), Plateau (32.56%), and Taraba (33.23%) recorded the slowest rise in food inflation on a year-on-year basis.
“On a MoM basis, however, February 2024 food inflation was highest in Adamawa (5.61%), Yobe (5.60%), and Borno (5.60%), while Cross River (2.08%), Niger (2.56%), and Abuja (2.60%) recorded the slowest rise in food inflation on a MoM basis.”
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