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Technology is Redefining Informal Retail in Nigeria
“It was my third time seeing the branded delivery van. I honestly thought it was one of the logistics companies as usual. Fortunately, this time, I was at the shop to buy toiletries. And I heard the shop owner saying to the driver: “Ojà tí mo order fún pé” meaning (that the goods I ordered are complete.) I waited for the driver to leave so I could ask her some questions.
“She explained how she was introduced to the company, Alerzo, which enables her to order goods and get them delivered to her shop. She quickly showed me the app through which she made the order. I was surprised as anyone who knows the women would be. I’ve seen her with her smartphone several times. My assumptions are that she uses it for calls and occasional social media visitations.
“I asked if she made the order herself, she told me that at first, her son helped her to place the order and now she does it herself. I know technology is reshaping the way things are done, but I must confess that I never thought retailers in the informal market could be carried along in such a manner. Really impressive.”
The above were the words of a Lagos resident, Toyin Ajose who for the first time witnessed the new revolution in the Nigerian informal retail sector. In the last couple of years, some innovative e-commerce brands have come to the fore to bridge the digital gap in the informal retail sector. The approach is to make the process of restocking their shops easier. For many of the retailers, a trip to the market takes a whole day, while the transportation fares also eat a chunk of their profit.
Through the technology network of these business-to-business platforms, retailers are able to get inventory without a visit to physical markets.
“We are empowering retailers in the informal sector through our ecosystem of digital products, so they are equipped to run profitable and sustainable businesses. We believe that technology has the potential to transform the way informal retailers conduct their businesses, by using it to facilitate – with just a click of a button – fast & easy access to a wide assortment of consumer products at zero delivery cost to the retailers,” said Adewale Opaleye, Alerzo Limited CEO
By joining e-commerce and restocking directly from manufacturers, retailers are also able to cut costs, which provides the needed boosts for their businesses and widen their profit margins. The services of B2B shopping platforms are making informal retail easier by redefining the restocking process, thus opening up the market to more possibilities.
News
Stanbic IBTC Insurance Launches Education Endowment Plan
Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings, has launched Education Endowment Insurance Plan, an offering that empowers parents and guardians to secure the academic future of their children or wards.
Targeting young adults, the underwriting firm said the Education Endowment Plan encouraged parents and guardians to adopt a long-term strategy for investing in the educational future of their children through the launch.
The company aims to raise awareness about the importance of investing in education.
It said by opting for the Stanbic IBTC Education Endowment Plan, parents could benefit from a comprehensive investment solution that safeguards their children’s academic journey.
At the media launch of the product in Lagos, the Chief Executive Officer Stanbic IBTC Insurance, Akinjide Orimolade, explained that the Education Endowment Plan offered families a strong financial safety net.
“This product ensures the protection of their children’s education, regardless of life’s uncertainties; providing reassurance and confidence. By making strategic investments today, parents can secure access to education for their children, enabling them to realise their full potential and pursue their aspirations.
“We are proud to launch the Education Endowment Plan campaign, an insurance product that aligns with our commitment to empowering parents in Nigeria to attain financial security for the education of their children,” he stated.
News
Gambaryan, Binance Exec Fights for his Life, Freedom as Health Deteriorates in Jail
The health of Tigran Gambaryan, Binance executive remains uncertain one month and one week after Justice Emeka Nwite ordered the Nigerian Correctional Service (NCS) to transfer him to a capable medical facility for treatment.
Gambaryan is Binance’s head of crime compliance.
His family said, “He has had double pneumonia and malaria whilst in prison” and reports said he Gambaryan’s health remains in grave danger.
In addition, the first witness from the Securities and Exchange Commission (SEC) was cross-examined on Monday, resulting in the adjournment of the money laundering trial against Binance and two executives until July 5.
The court is still aware that, despite repeated court orders, the prison where Gambaryan is being kept has not produced his medical documents from his single hospital visit, which occurred a month ago.
According to his family members, Gambaryan’s health is declining.
Justice Nwite again ordered that the reports be sent to Gambaryan’s counsel by Friday.
Gambaryan’s family spokesperson said that “Tigran’s health continues to deteriorate in detention, and he complained of numbness in his foot as well as back pain[…] He has had double pneumonia and malaria whilst in prison.” His wife added that: As I have stated many times before and as the evidence in court is showing, Tigran has never been a decision-maker at Binance, and there is no justification for his continued detention […] It is time for the Nigerian authorities to do the right thing and release my innocent husband.
The defense’s extensive questioning of a representative of SEC to refute allegations that Binance had engaged in the unlicensed offer and sale of securities has led to the recent dispute regarding Gambaryan’s health.
Gambaryan, the crypto exchange’s head of financial crime compliance, has been detained in Nigeria since February and is currently being held in Kuje prison.
The Binance exec is being held alongside members of the terrorist organization Boko Haram.
Nadeem Anjarwalla, another executive who is also accused of money laundering, has since fled.
News
Mauritania Cuts Internet Services Amid Election Protests
Internet services were restricted in several areas across Mauritania yesterday, including the capital Nouakchott, following the outbreak of protests rejecting the presidential election results.
According to eyewitnesses, the internet services of mobile phones were cut off in certain Mauritanian cities, while remaining functional on the landline services.
The Mauritanian authorities and telecommunications companies are yet to comment on the issue.
On Monday, several cities across Mauritania, including Nouakchott, saw protests by supporters of candidate and human rights activist Biram Ould Dah Abeid, who came second in the results of the presidential elections.
He rejected the election results, and called it an “electoral coup.”
The National Independent Electoral Commission on Monday said incumbent Mauritanian President Mohamed Ould Ghazouani won the presidential election with 56.12% of the vote, while Biram Ould Dah Abeid came in second with 22.10%.
On Saturday, Mauritanians cast their ballots to choose a new president among seven candidates.
The northern African country has experienced several coups between 1978 and 2008, with 2019 marking the first peaceful power transfer between elected presidents since its independence from France in 1960.
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