General News
Balancing act between digital innovation and customer trust crucial in Africa – Harvard Business Review
A new report from Harvard Business Review Analytic Services with Mastercard details the importance for businesses across Africa to balance digital innovation and customer trust. The study explores the current business landscape through the lens of an increasingly young population, filled with consumers who prioritize brands with shared values and digital experiences that make them feel safe and secure. It highlights trust as an important lever for customer loyalty, business sustainability, and innovation.
Around 60% of Africa’s population is younger than 25. Their embrace of a digital world that is purpose-driven and built on connection bodes well for businesses in a region that prioritizes innovation. However, with economic activity increasing online, security and privacy are emerging as foundational not just for trust but also for innovation.
Over 70% of businesses in Africa recognize that service reliability and availability are paramount. However, less than half (42%) realize the importance of data security and privacy to customers, especially as digital tools and experiences become ubiquitous. To safeguard the trust of consumers and earn a license to innovate in the future, businesses need to recognize that innovation requires flexibility and commitment.
Businesses are faced with the challenge of innovating to satisfy consumer demand for richer, more satisfying experiences while maintaining consumer trust. However, consumers in the region are also quicker than their global peers to punish businesses for adverse events by withdrawing their trust, which raises the stakes for businesses.
The report notes that 80% of African consumers are eager to embrace digital benefits but will not buy from businesses or brands they don’t trust. Businesses in the region understand the importance of trust for their own sustainability, with more than three-quarters saying trust improves customer loyalty and more than half saying it provides a competitive advantage.
“Africa has seen extraordinary digital transformation over the past decade, and with each new milestone in digital inclusion, Africa’s young digital natives and early adopters present companies with an opportunity to reconsider their innovation priorities in line with the elements their consumers value. Trust is essential for innovation—it is the currency that underpins it.
“When consumers can trust businesses, it gives businesses the space and security to innovate, and that innovation can unlock prosperity across Africa for all Africans,” said Amnah Ajmal, Executive Vice President for Market Development, Eastern Europe, Middle East, and Africa, Mastercard.
African consumers are more sensitive than their global peers to factors that damage trust in brands, and data security is a top concern. Around 60% of consumers in the region said incidents in which consumer data has been mismanaged would damage their trust.
Consumers in Africa have also underlined the importance of strong values, with 80% saying they prioritized buying from businesses that act on causes they care about, a far higher proportion than the global average of 63%. This includes the environment, supporting small businesses, women’s economic empowerment, disaster relief, and aid.
The report further explores how businesses in the region are digitizing their processes and embedding innovation while ensuring that they continue to meet their customers’ and stakeholders’ expectations for reliable, secure systems and maintain their trust, through best practices such as:
· Build security into products and be transparent when issues arise. Customers expect secure, reliable, appropriate systems they can trust to keep their personal data safe.
· Communicate the company’s vision and values. Consumers in Africa prioritize buying from brands that support their values.
· Make innovation part of the company culture. A considered 360-degree approach to innovation will benefit large companies with legacy infrastructure and set processes.
· Partner with like-minded companies to boost innovation. The report lifts out the fintech partnerships of South-African based Standard Bank, and MTN’s collaboration to make cross-border transactions a reality.
Nigeria Immigration Service (NIS) has announced an ongoing upgrade and maintenance of its passport portal for applicants within Nigeria.
In a public notice shared on Sunday via its official ‘X’ page, the NIS reassured Nigerians that other services, including passport applications for citizens abroad, remain fully operational during the maintenance period.
The service stated that its team is “working tirelessly” to complete the upgrade and restore full functionality within 72 hours.
“We sincerely apologise for any inconvenience this may cause and deeply appreciate your patience and understanding,” the notice read. It emphasized that the upgrade is part of efforts to enhance service delivery.
Reaffirming its commitment to excellence, the NIS pledged to provide efficient services to Nigerians at home and abroad.
FBNQuest Asset Management, a subsidiary of FBN Holdings Plc., has been awarded an A+ rating by Agusto & Co. Limited. This rating reflects the firm’s stable outlook, robust risk management, and strong investment capabilities, highlighting its impressive operational performance and outstanding business profile.
It emphasizes FBNQuest Asset Management’s ongoing commitment to providing exceptional investment services to its clients.
The rating was issued in a recent report by Agusto & Co., a leading rating agency in Nigeria. This recognition underscores the company’s strong operational record, excellent corporate governance, and professional management of fund assets.
The organisation’s impressive performance demonstrates its unwavering dedication to delivering exceptional value to clients through a variety of products and services tailored to meet their investment needs.
Ike Onyia, the Managing Director of FBNQuest Asset Management, expressed his satisfaction with the rating, stating, “We are truly delighted to receive the A+ rating from Agusto & Co. This recognition is a testament to our strong expertise in investment portfolio management and the achievements we have realised over the years.
“We take pride in this positive acknowledgement, which stems from our well-thought-out business strategies and the exceptional performance of our skilled workforce, cementing our position in the hearts of our stakeholders.”
FBNQuest Asset Management was also recognised as the Best Asset Manager at the 2024 EMEA African Banker Awards. The organisation continues to maintain a consistently strong position in the investment services subsector in Nigeria, leveraging its rich pedigree in intellectual capital, strong research capabilities, and cutting-edge technology to provide clients with value-adding insights, advice, and service.
“Our mutual funds offer diverse investment options that enable the creation of unique and value-enhancing investment strategies for different client segments.
Additionally, our range of mutual funds encompasses various asset classes, including equities, bonds, and money market instruments,” he added.
Agusto & Co. is a Pan-African leader in credit ratings and credit reports, having assigned over 1,500 ratings across various sectors. Their ratings are globally recognised, with a broad client base relying on them as benchmarks to gauge business success.
TikTok has resumed services to its 170 million users in the US after President-elect Donald Trump said he would issue an executive order to give the app a reprieve when he takes office today, January 20.
On Saturday evening, January 18, the Chinese-owned app stopped working for American users, after a law banning it on national security grounds came into effect.
Trump, who had previously backed a ban on the platform, promised on Sunday to delay the implementation of the law and allow more time for a deal to be made. TikTok then said that it was in the process of “restoring service”.
Soon after, the app started working again and a popup message to its millions of users thanked Trump by name.
In a statement, the company thanked the incoming president for “providing the necessary clarity and assurance” and said it would work with Trump “on a long-term solution that keeps TikTok in the United States”.
TikTok CEO Shou Chew is expected to attend Trump’s inauguration today.
Posting on Truth Social, a social media platform he owns, Trump said on Sunday: “I’m asking companies not to let TikTok stay dark! I will issue an executive order on Monday to extend the period of time before the law’s prohibitions take effect, so that we can make a deal to protect our national security.”
TikTok’s parent company, Bytedance, previously ignored a law requiring it to sell its US operations to avoid a ban. The law was upheld by Supreme Court on Friday and went into effect on Sunday.
It is unclear what legal authority Trump will have to delay the implementation of a law that is already in effect. But it expected that his government will not enforce the ban if he issues an executive order.
Subscribers Reject Tariff Hike, Say FG Cannot Speak for Them
Nigeria’s Electricity Exports Hit $112m amid Persistent Power Outage
Over 562m People Own Cryptocurrency Globally
SERAP Petitions Trump, Urges Recovery of Stolen Nigerian Assets, Barring Corrupt Officials from US
SEC Sets January 31 Deadline for CMOs Registration Renewals
NERC Discloses $5.7 Million Debt Owed by International Customers for Q3 2024 Electricity Supply
FG Says NINs will Facilitate Cash Transfers to 18.1m People
MTN Nigeria Renews Spectrum Lease Agreement with NTEL
A beginner’s guide to Temu: Your ultimate shopping companion
CBN, SEC Approve FCMB Group’s N147bn Rights Offer
Telecom3 days agoMTN Subscribers Enjoyed Best Internet Performances in 2024 – Report
E-Financial2 days agoFG Mandates NITDA to Remove Nigeria from FATF Grey List
General News2 days agoFidelity Bank Announces New Board Members to Strengthen Leadership
Telecom2 days agoNigerians Consume N5 Trillion Worth of Data in One Year
General News2 days agoMultiChoice Nigeria Unveils Annual Step-Up Offer for DStv and GOtv Subscribers
E-Business2 days agoUS Supreme Court Upholds Law Banning TikTok
General News2 days agoAMCON Debt Recovery: Sir Johnson, Arik, Rockson, and Ojemai Owe Over N455 Billion
News2 days agoEXIM Bank of the United States, NEXIM Bank Sign MoU to Strengthen Economic Cooperation