General News
Empowering Nigerian Retail: The Promise of Pay on Delivery
E-commerce in Nigeria has evolved exponentially in recent years, transforming the retail landscape and reshaping consumer habits. From the early days of skepticism and distrust to today’s thriving online marketplaces, the journey has been marked by innovation, adaptation, and perhaps most importantly, the establishment of trust and security between buyers and sellers. At the core of this transformation, Pay on Delivery (PoD) has emerged as the unsung hero of e-commerce.
The premise is straightforward: customers could place orders online and pay for their purchases only upon receipt. This innovative approach not only addressed concerns about security but also provided tangible reassurance to hesitant buyers. In countries like India, Nigeria, and Indonesia, where a significant portion of the population remains unbanked or underbanked and where distrust in online transactions and fraudulent activities were once rampant, Pay on Delivery has emerged as a lifeline for both consumers and businesses. Many consumers were understandably hesitant to part with their hard-earned money before receiving their desired goods. Pay on delivery bridges this trust gap, offering reassurance to buyers and empowering them to transact with confidence.
In Nigeria, despite the adoption of a wide range of electronic payments, cash is still king. The results of a survey conducted in 2021 show that cash remains the dominant payment method, reflecting the ongoing preference for tangible transactions over digital ones. In addition, a recent report by ongoing preference for tangible transactions over digital ones. In addition, a recent report by Oxford Business Group found that 70% of Nigerians prefer to pay with cash on delivery, while 28% use credit or debit cards, and only 12% use mobile money platforms. This has challenged e-retailers, and some companies like Jumia, to adapt by prioritizing cash-on-delivery options to cater to this consumer preference.
The Promise of Pay on Delivery in Nigeria
With consumers in mind, Jumia, the leading e-commerce platform in Nigeria, has made Pay on Delivery a cornerstone of its business model. Understanding the local market dynamics and the importance of trust and convenience, the company has invested heavily in ensuring a seamless Pay on Delivery experience for its customers.
One of the key benefits of Jumia’s Pay on Delivery service is its flexibility. Customers have the option to inspect their purchases before making payment, ensuring satisfaction and reducing the risk of fraudulent transactions. This added layer of security not only enhances the overall shopping experience but also builds long-term trust and loyalty among customers.
Moreover, Jumia has implemented rigorous quality control measures to ensure that products meet customer expectations upon delivery. This includes partnering with reputable brands and implementing stringent verification processes to prevent counterfeit goods from entering the marketplace. By prioritizing customer satisfaction and product quality, Jumia has solidified its reputation as a trusted online retailer in Nigeria.
Beyond enhancing trust and security, Pay on Delivery has also played a crucial role in driving financial inclusion in Nigeria. By providing an alternative payment method for those without access to traditional banking services, Jumia has expanded the reach of e-commerce to a broader segment of the population. This not only benefits consumers by providing greater access to goods and services but also stimulates economic growth by fostering entrepreneurship and driving demand for products and services.
In all, the future of e-commerce in Nigeria looks promising, with Pay on Delivery poised to remain a key enabler of growth and expansion. As technology continues to advance and consumer preferences evolve, innovative solutions like Pay on Delivery will continue to drive the transformation of the retail landscape, empowering Nigerian consumers and businesses alike.
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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