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Why You Should Make Pay with Transfer Your Top Payment Choice

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By Yvonne-Faith Elaigwu, Head of Operations and Governance, OnePipe

Imagine a bustling Tuesday morning in the city of Lagos and Mrs. Hadiza, a vibrant entrepreneur, is preparing her well-loved Jollof rice for the lunch crowd. As she expertly stirs the simmering pot, her mind wanders to a challenging period earlier this year when Nigeria experienced a cash crunch which followed the introduction of the new naira currencies.

Mrs. Hadiza was unable to run her food business operations smoothly.  During this time, she was unable to make the necessary purchases for her business because she did not have sufficient cash. Her suppliers were insistent on being paid in cash; bank apps failed intermittently and payments were getting reversed so no one trusted the transfer system.

Both the suppliers she needed to pay and the customers who needed to pay her were caught in the financial dilemma. This was not just her experience; many Nigerians found themselves unable to procure everyday items due to the lack of cash. This episode was a stark reminder of the uncertainties that can shake a cash-dependent economy, and the vulnerabilities of businesses that operate within such an ecosystem.

During these turbulent times, digital payment solutions like Pay with Transfer, although always available, came to the fore as more viable alternatives, offering resilience against such financial shocks. This was a real-life illustration of the potential of digital payments and the transformative role they can play in enhancing economic stability. The adoption of these methods is not without its challenges, but the experiences during the crunch showed us that the benefits they offer are undeniable and far-reaching.

Reliability and speed of transactions are two of the most significant benefits that digital payments offer. In our rapidly moving world, where time is often equated with money, instant payments can make all the difference. They eliminate long queues from banking halls, ATM machines, check-out shops, and even places like Mrs. Hadiza’s bustling eatery, streamlining business operations and customer experiences. Digital payments can enhance the efficiency of businesses by reducing transaction times and eliminating the need for physical cash handling, like it did for Mrs. Hadiza. For customers too, the convenience of paying instantly without worrying about having the exact change or the risk of carrying cash is a major advantage. This convenience extends beyond the customer-business transaction, impacting the wider economy and making the hustle and bustle of daily life in cities like Lagos smoother and more efficient.

Safety is another crucial aspect that digital payments prioritize. As our financial transactions increasingly move online, the risk of cyber threats also rises. However, a focus on transfer as a payment option effectively eliminates the common pitfalls of cash handling, such as theft, robberies, and mismanagement of funds. This compelling shift encourages both banks and fintech companies to devise innovative and robust measures to ensure security and prevent fraud, thereby reinforcing trust among users. Digital payment solutions like Pay with Transfer, consequently, provide the necessary safeguards, ensuring peace of mind for both businesses and individuals. This level of security allows businesses to focus more on their core operations and less on potential financial risks, offering not only ease of use but also a sense of security and reliability that is vital in today’s digital age.

However, while these benefits are substantial, we must acknowledge the realities of a digital divide. Some businesses are well-equipped to integrate digital payments into their operations, while others may face challenges due to limited internet access, lack of digital literacy, or a preference for traditional methods. This divide is more pronounced in developing economies like Nigeria, where a significant portion of the population still operates outside the formal banking system.

In this context, digital payment solutions like Pay with Transfer can serve as a bridge, offering a user-friendly platform that caters to a diverse user base. It can help businesses and individuals who are currently underserved by the traditional banking system to join the digital economy. While it’s not a panacea for all financial challenges, it represents a crucial step towards a more inclusive financial ecosystem. It can bring about an era of financial inclusion, where everyone, regardless of their background or location, can participate in the economic growth of the country. I mean, just imagine a Nigeria where every buka, mama-put, vulcanizer and shoe-shiner accepted their payments via bank transfer; implying that they have a digital financial footprint and are able to access financial services like credit, in order to grow their businesses.

The future of finance in Nigeria is exciting, and digital payment solutions like Pay with Transfer are part of this journey. They are not just tools for facilitating transactions but instruments of change that can foster economic resilience and inclusivity. They have the potential to democratize access to financial services, thereby contributing to the broader economic development of the country.

The experience of the cash crunch earlier this year underscores the importance of having a variety of reliable, convenient, and secure payment options. It emphasizes the value of choice, reminding us that the best financial tool is the one that suits our unique needs and circumstances. Today, for many, Pay with Transfer is a part of that choice, representing the potential of digital payments in Nigeria.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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TikTok Deletes 2.1m Videos Across Nigeria for Violating Guidelines

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As part of efforts to enhance content moderation and create a safer platform for users, TikTok has announced the removal of 2.1 million videos in Nigeria.

The videos were said to have violated the company’s communities guidelines during the second quarter of 2024.

According to the Community Guidelines Enforcement Report shared on Tuesday, the removed videos represent less than 1 per cent of the total uploads in Nigeria during the reporting period.

“Key findings show that 99.1 per cent of these videos were proactively removed before users reported them, with 90.7 per cent taken down within 24 hours.

“These figures highlight TikTok’s commitment to staying ahead of harmful content, ensuring a safer platform for Nigerian users,” the report noted.

TikTok noted promised to continue to invest in technologies aimed at improving content moderation, while understanding potential risks, reinforcing its dedication to transparency and platform safety for its diverse user base in Nigeria and worldwide.

The removal is not just in Nigeria, TikTok said it globally removed over 178 million videos in June 2024, with 144 million of those removals facilitated through automated systems.

“With a proactive detection rate now at 98.2 per cent globally, TikTok is more efficient than ever at addressing harmful content before users encounter it,” the short-form mobile video platform stated.

TikTok is owned by ByteDance, a private global company founded by Chinese entrepreneurs.


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What does the future of marketing African tourism to Europe look like?

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Africa’s tourism industry has always been a major contributor to the continent’s economic growth, thanks to the unrivalled cultural experiences, stunning landscapes and one-of-a-kind wildlife safaris. Statista estimates that it contributed 5.9% to Africa’s GDP in 2022, up from 4.4% the previous year.

As the world goes back into normalcy post-pandemic, Africa’s tourism numbers will only continue to grow, with Europe firmly at the centre of this growth. But what does the future of marketing to European tourists look like, and how can locations and brands ensure they are heard above all the noise?

Evolving European travel preferences

European travellers’ preferences are gradually skewing towards authentic, sustainable, and immersive experiences. Booking.com’s 2023 Sustainable Travel Report found that 76% of the respondents are looking towards more sustainable travel options. The stereotypical vacation is no longer enough, and they are seeking adventures infused with local cultures, communities and nature. This means that African destinations are ideally positioned to appeal to this generation of travellers.

Additionally, the pandemic has contributed to a shift in travel behaviour and intimate experiences prioritising health and wellness have become more appealing. European travellers are also looking to digital platforms for inspiration, and influencers, social media and digital content play a major role when making travel decisions.

Storytelling: The key to marketing African tourism

Storytelling will be crucial when marketing African tourism to Europe. African destinations’ stories are fascinating – stories of heritage, culture and idyllic landscapes. These narratives draw in the European traveller, as they offer a deeper connection to the destinations. Brands that can tap into this will stand out among the rest.

“We understand the power of storytelling, which is why our approach is to craft compelling and authentic stories that resonate with European audiences. Content marketing, strategic communication and social media campaigns are just some of the ways we bring stories to life, ensuring they land every time with the target audience,” says Emma Cox, Executive Creative Director at Irvine Partners.

Digital campaigns and sustainability messaging

Marketing campaigns will not only need to be digital focused, as a result of the massive influence of social media, the content will also need to be engaging enough to capture traveller’s attention. This will include everything from outstanding visuals and videos, blog posts, influencer collaborations and even virtual tours.

Innovation, such as Virtual Reality and Augmented Reality will also play a key role when it comes to digital campaigns. These will continue to transform travellers’ experiences, even before they arrive at their destination.

European tourists place great value on sustainable tourism. One survey found that 86% of Britons stated that sustainability was important to them. African destinations will have to showcase their sustainability efforts, conservation and responsible tourism. Increasingly, travellers want to know how their visits impact local communities and the environment.

Overcoming challenges when marketing African tourism

Africa’s tourism potential is unmatched, but challenges still exist, which can be overcome by effective marketing and PR campaigns. Outdated views on the continent’s accessibility, infrastructure and safety persist, especially for first time visitors. Combating these views requires a public relations strategy, highlighting the modern, vibrant and safe destinations that the African continent has to offer.

Language and cultural barriers can also result in instances where the message gets lost in translation. Europe is not homogenous and each country has its own tastes and preferences. Successful marketing strategies require an understanding of these differences and in turn, tailoring messages accordingly for each market.

“In our decade long experience, we have found the most success when we tailor messaging for each market. This is why it was imperative that we have offices in the UK and Germany, to ensure that any campaigns we work on have local nuance,” concludes Cox.

Bright future

The future of marketing African tourism to Europeans is very promising. With the right strategies, centering storytelling, digital engagement, technology and sustainability, African destinations can flourish and take their rightful place on the global tourism landscape.


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African Voices Changemakers Celebrates Afrobeat Sensation Rema

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Afrobeat sensation and Nigerian music star, Rema, will this week share his inspiring story on CNN International’s African Voices Changemakers, sponsored by Globacom.

Born Divine Ikubor, the 24-year-old Edo-born singer-songwriter, discovered his passion for music in church and school. His big break came after posting a viral freestyle on Instagram, catching D’Prince’s attention. This led to a record deal with Jonzing World, a subsidiary of Mavin Records, owned by Don Jazzy.

Rema’s global ascension gained momentum in 2022 with the release of his hit single “Calm Down”. The song’s massive success led to a collaboration with American pop sensation Selena Gomez, propelling it to greater heights.  Notably ‘Calm Down” reached number three on the prestigious Billboard Hot 100 chart, number one on Billboard Afrobeats Songs chart, where it held the top spot for a record- breaking 58 weeks.

His star status was crowned on November 7, 2022, when he received an award for achieving 1 billion streams worldwide during his London concert, in addition to performing at the Ballon d’Or ceremony held at the Theatre du Châtelet in Paris, France on October 30, 2023.

The interesting episode of African Voices awaits viewers on CNN on Saturday at 8.30 a.m., with repeats at noon the same day.  More repeats come up on Sunday at 4.30 a.m., 7.00 p.m. and on Monday at 4.00 a.m.

 


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