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97% of Internet Users in Kenya Use WhatsApp; Here’s How Businesses Can Reach Them

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Internet Users - Investors King

The COVID-19 pandemic has left many customer service departments under immense pressure to meet client expectations while keeping response times low. This is particularly important in competitive industries like eCommerce, travel and hospitality, where customer service is a priority.

To address this challenge, companies must enable their support staff with the right tools and channels to meet and exceed customer expectations.

WhatsApp should be one of these support channels for your business. According to the Global Web Index’s 2020 Social Media User Trends Report, Kenya has the highest percentage of monthly WhatsApp users compared to the rest of the world, with an astonishing 97% of internet users who use WhatsApp every month.

WhatsApp is clearly the preferred communication channel for Kenyans – and thanks to WhatsApp Business, your company can access the ultimate platform for conversational customer support.

The basics of the WhatsApp Business API

To help companies learn more about the WhatsApp Business API, CM.com has developed a guide that details best practices, features, use cases and how to integrate it into your customer journey.

  • Click here to download the full guide.

The WhatsApp Business Solution leverages the popular WhatsApp messaging application to make it easy for businesses and consumers to chat.

Just a year after the launch of WhatsApp Business, five million businesses had already started using it, which is not surprising since WhatsApp is the world’s most popular messaging service, with around two billion users.

Whether you are a small business looking to engage in intimate communications with your customers, or a large business that wants to send high volumes of support messages and notifications to thousands of customers in one go, WhatsApp Business offers the features and functionality to turbocharge your customer journey.

Smaller businesses can use the WhatsApp Business app for their communication needs, and medium-to-large businesses will need to use the WhatsApp Business API.

The API is designed for organisations that send high volumes of business messages, and it’s easy to integrate into your current customer service platform.

How the WhatsApp Business API can integrate into your customer journey

If you decide to integrate the WhatsApp Business API into your customer service system, there are three key steps that you should take.

1. Map out the customer journey and identify customer pain points

Determine the type of questions you wish to answer using the WhatsApp Business API by identifying friction points in your existing customer journey.

2. Identify top use cases and opportunities

Identify how to transform your pain points into opportunities by building use cases.

3. Choose what use cases to begin with

Decide which use cases offer the highest impact and fastest implementation.

Key functionalities enabled by the WhatsApp Business API

The WhatsApp Business API offers more than just a messaging service; it provides various additional functionalities that can streamline the customer journey.

These include:

Automation – You can integrate automated flows into your WhatsApp Business Solution by leveraging interactive templates that use buttons with pre-defined answers.

Chatbot – You can add a chatbot to your WhatsApp Business Solution that can handle recurring jobs before handing over to a customer support consultant.

This is only the tip of the iceberg when it comes to harnessing the power of the WhatsApp Business Solution. CM.com’s extensive guide offers a more in-depth look into the WhatsApp Business API and how it can help accelerate your business.

Leading conversational commerce business CM.com (https://bit.ly/3fw04EC) is happy to help you with any questions you may have about implementing the WhatsApp Business API into your customer service system.

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

OPay Urges Customers to Complete BVN, NIN Verification Following CBN Directive

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Opay

OPay, a prominent financial services firm, has called upon its customers to finalize the verification of their accounts by linking their Bank Verification Numbers (BVN) or National Identity Numbers (NIN) in accordance with the recent directive from the Central Bank of Nigeria (CBN).

The CBN, in a circular dated December 1, mandated all deposit money banks to enforce a ‘Post no Debit’ restriction on accounts lacking BVN or NIN.

Accounts without BVN would be placed under a ‘Post No Debit or Credit’ status from March 1, as outlined in the circular jointly signed by Chibuzo Efobi and Haruna Mustapha, Directors at the Payments System Management Department and Financial Policy and Regulation Department, respectively.

OPay affirmed the CBN’s directive and emphasized the necessity for account holders to complete the verification process.

Dauda Gotring, the Managing Director/Chief Executive Officer of OPay, emphasized the importance of a secure and seamless experience for customers.

He encouraged users to comply with the verification process, reassuring them of the company’s commitment to a smooth process and 24/7 customer support.

OPay provided multiple channels for customer assistance, including in-app self-service, WhatsApp, phone lines, and social media platforms.

The company’s commitment to inclusivity and technological advancement underscores its mission to enhance financial services accessibility across Nigeria.

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Telecommunications

MTN Group Ltd. Reports 90% Plunge in Profit Amid Nigeria’s Currency Woes

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MTN

MTN Group Ltd., Africa’s largest wireless service provider, has announced a 90% decline in its full-year profit following the plunge in Nigerian Naira.

The company revealed that its earnings per share for the year ending December fell to a range of 1.07 rand to 3.21 rand (approximately 6 to 17 US cents), a significant drop from 10.71 rand recorded in 2022.

The Nigerian naira, which experienced a 49% depreciation in 2023 and an additional 44% decline this year, has emerged as a significant factor impacting MTN’s financial performance.

As one of the world’s worst-performing currencies against the dollar, the naira’s instability has created a volatile economic environment, prompting concerns among international businesses operating in Nigeria.

The currency crisis, stemming from a shortage of dollars and exacerbated by policy missteps and corruption, has led to an exodus of multinational corporations seeking to repatriate earnings from Africa’s largest economy.

Nigeria, with its burgeoning young population and growing tech sector, has struggled to address economic dysfunction despite its vast natural resources.

MTN Group Ltd., which boasts approximately 77 million customers in Nigeria, historically derives a substantial portion of its earnings from the country.

However, the company’s shares plummeted by as much as 7.2% in early trading following the profit announcement, reflecting investor concerns over the challenging operating environment.

Despite the bleak financial report, MTN highlighted positive metrics such as a 45% increase in data traffic and a 49% surge in mobile money transaction volumes.

However, the company refrained from providing guidance on its earnings margins, further adding to uncertainties surrounding its future financial performance.

Analysts underscored the importance of regulatory stability and economic reforms in Nigeria to restore investor confidence and mitigate the impact of currency fluctuations on companies like MTN.

As businesses navigate the economic landscape, the resilience of Nigeria’s currency and regulatory framework remains a critical concern for investors and industry stakeholders alike.

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Fintech

Leatherback Set for International Growth as EFCC Drops all Fraud and Misconduct Allegations

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Nigeria’s Economic and Financial Crimes Commission (EFCC) has dropped all allegations of fraud and misconduct against Leatherback, a leading financial services technology company, and the company’s CEO, Toyeeb Ibrahim Ibitade.

In November 2023, EFCC announced that it had been made aware of the possibility of fraudulent activities on the Leatherback platform, leading to an investigation into the company’s operations to establish the facts. Cooperating fully with EFCC and working transparently with the organisation’s officials to provide a forensic view of its operations, Leatherback was able to unequivocally prove its innocence, leading the EFCC to drop all allegations and take down all previous communications on its website and social media platforms (Facebook, Instagram, and Twitter) around the matter.

Leatherback supported the EFCC investigation by making over 5,000 printed documents available to officials to enable as much clarity as possible. Leatherback also filed Suspicious Activity Reports (SARs) in the UK and Nigeria.

According to Toyeeb Ibrahim Ibitade, CEO of Leatherback, “I am relieved to see the end of this arduous episode, but I am even more delighted to see that myself and Leatherback, as an organisation, have been completely cleared of all wrongdoing. With this episode firmly behind us, we are poised to accelerate our mission to provide a single access point that empowers individuals and businesses to be truly global, delivering best-in-class financial, payment, and commerce solutions that remove barriers to global growth and mobility for all citizens of the world.”

Headquartered in London, Leatherback is regulated in the United Kingdom, Nigeria, Ethiopia, Canada, India, Pakistan, Nepal, and Sri Lanka, enabling the platform to serve customers across a wide range of markets effectively. Tens of thousands of individuals and businesses already use the platform to support business and lifestyle opportunities every day. Leatherback is also FCA Authorised, PCI DSS Compliant, and ISO Certified.

About Leatherback

Leatherback offers financial services to businesses and individuals in multiple countries with no restrictions. Users can access up to 15 currencies from 21 countries, including NGN, GBP, INR, EUR, USD, and many other currencies. Users can also send and collect money locally and internationally, with invoicing, analytics, and permissions features available for businesses.

For more information, please visit: http://www.leatherback.co

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