General News
Big Cabal Media Delivers Future Of Commerce II, Showcases Strength of Africa’s Informal Economy
Over 5,000 people attended Big Cabal Media’s Future of Commerce 2022 event at the Balmoral Convention Centre in Lagos, Nigeria, last week. Tagged “Money on the Streets,” notable thought leaders around the continent and the world explored innovative ways in which startups and large corporations cater to the needs of Africa’s informal sector.
The hybrid event featured over 30 business leaders, technology experts, and commerce operators who discussed how social media, payments, and logistics are powering the growth of Africa’s commerce.
In his opening address, Tomiwa Aladekomo, CEO of Big Cabal Media, reiterated the company’s belief that the next wave of commerce on the continent is in unlocking value in the informal sector.
“The rapid evolution of fintech services is accelerating financial inclusion by driving efficiency, lowering transaction costs, and expanding outreach to new markets. We see this in a country like Kenya, a pioneer in mobile money services, where eight in ten adults have access to formal financial services,” Tomiwa stated.
Building on this, Tosin Eniolorunda, CEO and Founder of TeamApt, shared in his keynote address, the role technology must play in building trust in the informal market: “Businesses in the informal market have had several disasters while engaging with traditional corporate organisations, which has increased scepticism over time. To succeed, technological solutions must enable rapid settlements as well as decentralised and personalised customer service,” he said.
User adoption continues to be a challenge for most technology solutions including those developed to enhance financial inclusion. Dr Olabisi, Lead Research at KasuWaGo, recommended that these solutions must be simplified further to scale adoption. “We need to reimagine the use of technology for small businesses in the informal sector. Tech products could be built such that users won’t have to read much to interact with the app. That is a great way to scale adoption of such products,” he said.
With Africa accounting for 70% of the World’s $1 trillion mobile money market, mobile money is at the heart of Africa’s economic growth. This subject was discussed by speakers who unanimously agreed that mobile money will play a fundamental role in financial inclusion and market expansion opportunities for both medium-scale and well-established businesses.
Esigie Aguele, Co-founder and CEO of VerifyMe, commented on the business prospects and user integration of mobile money, saying, “Mobile money enhances the technological opportunities for all forms of payments and payment solutions. It enables us to go beyond open banking and create products that promote widespread financial inclusion.”
In addition to the deeply insightful sessions, attendees were able to network during breaks and were also entertained by the musical performance of Nigerian alte artiste, Bolaji Odojukan popularly known as BOJ.
Inspired by the recommendations from the Future of Commerce debut event last year, Big Cabal Media unveiled a “Commerce in Africa” industry projection report as one of the highlights of FOC 2022.
The Future of Commerce is an annual convergence of the world’s most prominent business executives, creative entrepreneurs, and interested enthusiasts to explore the key changes affecting how Africans buy and sell. It is hosted by TechCabal, Big Cabal Media’s flagship technology publication.
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.
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