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“SMEs, E-commerce Key to Nigeria’s Economic Development”

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  • “SMEs, E-commerce Key to Nigeria’s Economic Development”

For Africa, particularly Nigeria to develop and take its rightful place on the world stage, concerted efforts must be made to strengthen small and medium-sized enterprises (SMEs) to boost economy.

The Managing Director for DHL Express, Sub Saharan Africa, Hennie Heymans made the remark recently at an interactive session with journalists at the company headquarters in Lagos.

Heymans observed that getting the SMEs going is Africa’s best bet to key into the global E-commerce industry and benefit from it immerse opportunities.

He stated that the beautiful thing DHL has observed in Nigeria is the resilience of the entrepreneurs in the country noting that the nation could have suffered when the oil price dropped down to $29, but for the amazing resilience of Nigerians.

Heymans said: “We have seen the effects of declining commodity prices… We saw SMEs just stepping up their roles. It means lesser reliance on commodities, which is critically important. It also means their diversification has gained traction in the local economy. As we get the entrepreneurs into the market, we are starting to see some real economic benefit from it.”

The DHL boss, however, noted that E-commerce seems to be the biggest conduit for getting the SMEs going forward at the moment.

He, therefore, expressed the company’s readiness to engage with authorities and other stakeholders to leverage DHL global experience to help them prepare for maximizing the opportunities that E-commerce represent in a better and quick manner.

He said: “Looking at the statistics at the moment, Africa makes up less than two percent of the global E-commerce space and we should make up to 19 per cent. That is a fantastic opportunity for Nigeria with 89 per cent Internet penetration”.

Speaking on support for SMEs, Heymans disclosed that one of the initiatives of the company is the training provided to them in the country.

He said: “From time to time we hold free training sessions where we help the SMEs understand what its means to take products across borders, what they need to look out for, and what are some of the mechanisms that they can apply and utilize in order to take themselves across border so that they can benefits.”

He also revealed that DHL has created a vertical channel within the organisation to deal specifically with E-commerce.

He, however, warned that the country needed to get the fundamentals in place first so that she could get it right. He believed that for governments across Africa to get it right, it would be advisable to look at some of the mechanisms needed first.

He said: “Because that is what turns ones from a gatekeeper to an enabler. Those are the basis we need to start off. And from an enabler perspective, it is important for government doing a meeting of the mind and start implementing some of the basis. For instance, Trade Facilitation Agreement (TFA), entry, customs system, transparency, I think those are the things that could open up the economy to really benefit from E-commerce”.

He also observed that infrastructure remains a challenge for Africa noting that without it, Africa governments would have to make alternative plans.

Sending positive signal about the country to others, the DHL boss said what is different about Nigeria is the incredible opportunity its offer to the world, noting that despite the economic hindrances, Nigeria continues to perform well and the company’s commitment has been cemented even deeper than before in the country.

Also speaking at the media chat, the regional Director West and Central Africa, Randy Buday, urged the Federal Government to place greater emphasis on agriculture saying the country has the arable lands, great growing seasons and the people to make Nigeria a great agriculture nation.

He lamented that most of their planes from Nigeria return to Europe either empty or return with pineapples, papaya, and mango from Cameroon, Benin, Togo and Ghana.

Noting that these countries are the one getting foreign exchange for their agriculture produce, Buday observed that Nigeria needs to make its agriculture work by providing aircrafts, trucks, cold storages and other infrastructures to sustain her crops and get them to the markets.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Fintech

From Trading to Credit: Robinhood Launches No-Fee Credit Card with Gold Membership Perks

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Robinhood Markets Inc. has announced the launch of its highly anticipated no-fee credit card and it was accompanied by exclusive perks for Gold membership subscribers.

This bold move is a step in the company’s mission to evolve into a comprehensive financial services provider.

The Robinhood Gold Card boasts an array of enticing features. Chief among them is the absence of annual costs or foreign transaction fees, positioning it as an attractive option for consumers seeking financial flexibility.

Moreover, cardholders stand to benefit from a generous 3% cash back on all categories of purchases, a competitive offer in comparison to industry rivals.

Vlad Tenev, CEO of Robinhood, emphasized the company’s commitment to innovation and industry leadership in an interview.

He expressed the intention to not merely introduce a credit card, but to revolutionize the market with a product that sets new standards for customer satisfaction and financial empowerment.

The announcement has sparked enthusiasm among investors, with Robinhood’s shares witnessing a 6.9% surge in early market trading following the news.

This surge further underscores the market’s confidence in the company’s strategic direction and its potential to disrupt traditional financial services.

Beyond the credit card venture, Robinhood has been steadily diversifying its offerings. With the introduction of retirement products and the expansion of commission-free trading services internationally, the company is positioning itself as a formidable player in the global finance landscape.

As Robinhood continues to innovate and expand its suite of services, its trajectory suggests a promising future as a leading force in democratizing access to financial tools and services.

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Telecommunications

NCC Files Copyright Infringement Charges Against MTN Nigeria and Others

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Karl O Toriola - Investorsking.com

The Nigerian Copyright Commission (NCC) has taken legal action against MTN Nigeria Communications Ltd. and four individuals, including its Chief Executive Officer, Karl Toriola, over alleged copyright infringement.

The charges, filed in the Federal High Court, Abuja Division, revolve around the unauthorized use of musical works belonging to artist Maleke Idowu Moye.

According to the NCC, the defendants are accused of offering for sale, selling, and trading musical works of Maleke without his consent between 2010 and 2017. These works were allegedly used as Caller Ring Back Tunes without proper authorization.

The musical pieces in question include popular tracks such as “911,” “Minimini-wanawana,” and “Stop racism,” among others.

The commission further alleges that the defendants distributed these musical works to subscribers without authorization, infringing upon the rights of the artist.

The charges are based on provisions of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

As the case awaits assignment to a judge and a fixed date for mention, it marks a significant development in the ongoing efforts to uphold copyright protection in Nigeria’s telecommunications sector.

This legal action underscores the NCC’s commitment to safeguarding the intellectual property rights of artists and creators within the country.

MTN Nigeria, a major player in the telecommunications industry, now faces a legal battle that could have broader implications for how intellectual property rights are respected and enforced within Nigeria’s digital landscape.

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Telecommunications

MTN’s MoMo Sees 32.2% Surge in Transaction Volumes

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MTN Nigeria - Investors King

MTN Group’s mobile money platform, MoMo, has experienced a 32.2% surge in transaction volumes.

With 72.5 million active users, MoMo continues to solidify its position as a leading fintech service provider in Africa, tapping into the continent’s burgeoning mobile banking sector.

The company’s success underscores the growing trend of Africa’s young and tech-savvy population embracing mobile technology to address financial needs.

Mobile phones are increasingly becoming a tool for bridging gaps in services, particularly in banking, presenting a lucrative opportunity for wireless carriers like MTN to capitalize on the burgeoning fintech market.

MTN’s achievement comes as it finalizes a deal with Mastercard Inc., valuing its fintech business at an impressive $5.2 billion.

This strategic partnership further enhances MTN’s position in the digital finance space, positioning it for continued growth and innovation.

However, MTN is not alone in its fintech endeavors. Rivals such as Airtel Africa Plc, Safaricom Plc, and Vodacom Group Ltd. are also making strides in digital transformation, with plans to separate and monetize their fintech businesses in the long term.

Airtel Africa, for instance, is reportedly considering an IPO for its mobile money unit, indicating the high stakes and intense competition within the sector.

Despite the remarkable success in its fintech ventures, MTN faced challenges in its core telecommunications business, with service revenue growth slowing to 6.8%.

Inflation and currency devaluation in key markets, particularly Nigeria, impacted profitability, highlighting the complexities of operating in diverse African markets.

As MTN continues to expand its fintech footprint and invest in infrastructure to enhance connectivity across the continent, it remains poised to capitalize on the immense potential of Africa’s digital economy.

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