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The Growth of Digital Gifting in Nigeria

Published

2 years ago

July 21, 2021

Over the past decade, Digital gifting has significantly evolved. This can be heavily attributed to technology which has created awareness and attractiveness about them. The growth in the gift card market is due to the rise in demand for gift cards in various sectors, including the corporate sector.

What is Digital Gifting?

You may be wondering, “what exactly is digital gifting?” What does it entail? and how does it work? Digital gift cards are Electronic gift cards sent by retailers usually to your Email after payment. Electronic gift cards perform the same function as physical cards, they both have Gift codes and can both be used as an alternative means of payment the major difference is Digital gift cards cannot be held unless it’s printed.

Thanks to technology, everybody can get their hands on an E-card from the comfort of their homes and offices. Retailers are all over the internet, all you need to do is search for the particular brand you want and amount on secure websites.

Many brands over the years have incorporated digital gift cards to avoid being left behind. Recently, Card owners now enjoy funding their Digital cards due to the ease it provides when it comes to making payments. Also, some of these E gift cards have high cashback value when considering selling the gift code. Which has created a bit of confidence in the minds of Card owners. The fact that purchasing these cards is not permanent provides a sense of relief. However, you should ensure to watch out for the fakes and trade on trusted platforms. A recent gift card survey stated that consumers tend to go for reloadable gift cards over regular gift cards as they can reuse them.

The request and sales for digital over paper ones skyrocketed in the past decade. Studies have hinged this on environmental issues as regards plastics. It is also projected that physical gift cards may soon be outdated.

Analysis

A gift card survey once said ‘The growth in e-gifting sales, from $300 million in 2012 to an expected $3 billion this year, supports a healthy trajectory of growth for the market as a whole.’

The e-gifting trend has helped propel continued growth in the gift card market. Over $140 billion in sales since 2016. E-gifting has topped $10 billion and filled a niche for customers looking to buy and send their gifts to recipients they do not have to meet in person.

In 2020, the adoption of e-Gift cards increased tremendously during the global pandemic; covid-19.

This trend boosted the continued growth in the gift card market with an excess of $140 billion in sales since 2016. Digital gifting is advantageous and eliminates the process of having to meet the recipient in person before the gift card can be received.

Due to its convenience and flexibility, digital gifting has added a significant impact to the gift card industry. It has also brought about various considerations to limit or reduce the number of physical card productions.

In the United States alone, the gift card industry is expected to record a compound annual growth of 9.2% during 2020-2024. The market is expected to increase from US$ 163,050.7 million in 2019 to US$ 221,146.6 million by 2024. These numbers are estimated on the continued adoption of physical and digital gift cards by millennials, rising e-commerce, and an increase in demand for cryptocurrencies in the USA.

Conclusion

We are now in a time where the world is conforming to Blockchain technology, digital currencies and gifting. People are finding alternative and easier methods of making payments. As a brand to further provide convenience for your customers, you should seriously consider how to incorporate Gift cards into your business if you are not already on board.

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Samed Olukoya

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

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Controversial Lagos Socialite Sam Larry Arrested in Connection with Mohbad’s Death

Published

2 days ago

September 29, 2023

Samed Olukoya

The Lagos State Police Command has confirmed the arrest of Balogun Eletu, popularly known as Sam Larry, a prominent Lagos socialite, in connection with the ongoing investigation into the tragic demise of Ilerioluwa Aloba, known as Mohbad, the late singer who passed away under mysterious circumstances.

Sam Larry’s arrest took place at the Murtala Muhammed International Airport on Thursday evening as he arrived from Kenya.

A police source, requesting anonymity due to a lack of authorization to speak on the matter, revealed that Sam Larry was promptly taken to the state police headquarters for questioning.

Sam Larry’s name has been in the spotlight since the demand for justice surrounding Mohbad’s untimely death gained momentum.

The arrest follows the police’s previous invitation of both Sam Larry and Mohbad’s former music label boss, Azeez Fashola, popularly known as Naira Marley, for questioning regarding the singer’s demise.

In a significant development, pathologists have recently completed the autopsy on Mohbad, with the police now awaiting the results.

This development followed the exhumation of Mohbad’s remains, conducted collaboratively by the Nigeria Police Force and health officials.

Also, the nurse who administered the injection to the late singer before his tragic passing on September 12 has also been arrested as part of the ongoing investigation.

As the investigation continues, the Lagos State Police Command is determined to unravel the circumstances surrounding Mohbad’s death and ensure justice is served.

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Minister Betta Edu Vows to Overhaul NPower Program and Eradicate Poverty

Published

5 days ago

September 26, 2023

Investors King

Nigeria’s Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, has revealed a series of challenges plaguing the NPower program, vowing to overhaul the initiative to ensure it fulfills its mission of alleviating poverty for millions of Nigerians.

During the Arise TV interview, Minister Edu expressed her commitment to transforming the NPower program and addressing its longstanding issues.

She explained that the NPower payment list contains the names of individuals who should not be part of the program, revealing the gravity of the problems that her ministry is actively working to rectify.

“First of all, when we came onboard, we found lots of issues with the NPower program that made us re-engage the entire plan,” Edu stated. “One of the things was that there were persons registered on the NPower beyond the envelope that was provided for the program.”

The revelation of individuals beyond the program’s intended scope raises questions about the program’s effectiveness in targeting those most in need of assistance.

Edu further highlighted financial mismanagement as a critical issue affecting NPower beneficiaries. “Funds were released for payment for people under NPower, and they were not paid in a timely manner by the managers of the funds of the NPower beneficiaries,” she declared.

This mismanagement of funds not only hinders the program’s ability to provide timely support but also undermines the trust of beneficiaries in the system.

Perhaps the most concerning aspect disclosed by the minister is the inclusion of individuals on the payment list who should not be there and those who do not contribute to the program despite receiving payments.

Edu said, “There were also people who were on the payment list who are not supposed to be there, and there are persons who are there but are not providing any services but have been enrolled to have payment.”

Such irregularities in the program’s implementation not only waste resources but also deprive those genuinely in need of the support they require.

Also, Edu acknowledged the issue of individuals who had surpassed their allotted time with the NPower program but still expected to receive payments. She referred to this as an “exit plan,” which has led to continued financial obligations that the program may not be able to sustain.

To address these pressing concerns, Minister Edu disclosed that a committee has been established to scrutinize and provide recommendations for improving the NPower program. The committee, headed by the secretary of the ministry, is expected to propose reforms based on its findings.

Minister Edu’s commitment to reforming the NPower program aligns with the broader goal of President Tinubu’s administration to uplift 133 million Nigerians out of poverty by 2030, in accordance with the United Nations Sustainable Development Goals (SDGs).

She declared, “For poverty alleviation, we are targeting at least 133 million Nigerians between now and 2030, which is in line with the SDGs that we signed at the United Nations.”

However, Edu emphasized that the government is not content with maintaining the status quo.

“The difference here is that we are not going to continue doing things the same way and expect different results,” she affirmed.

“There are different plans we are working on, and we believe very strongly that by the next one year, we should be able to say that at least we have removed 20 million Nigerians out of poverty.”

The commitment to addressing the NPower program’s flaws and the ambitious goal of poverty eradication signal a new direction in the fight against poverty in Nigeria, one that aims to be more efficient, transparent, and impactful for the nation’s most vulnerable citizens.

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FBI Analysis Reveals Shocking Details in Mompha’s Trial

Published

1 week ago

September 21, 2023

Samed Olukoya

A Lagos High Court recently admitted into evidence a comprehensive report from the Federal Bureau of Investigation (FBI) during the trial of Ismaila Mustapha, popularly known as Mompha.

This report sheds new light on the alleged fraudulent activities of the accused, including the use of his iPhone in a series of financial transactions.

The FBI report, presented by the Economic and Financial Crimes Commission (EFCC) as evidence, has revealed a string of suspicious activities carried out through Mompha’s iPhone.

According to the report, Mompha’s phone was used to send account details to a United Arab Emirates telephone number, searched for Swift Codes of a bank, and, shockingly, had a compromised Microsoft 365 account.

The charges against Mompha and his company, Ismalob Global Investment Limited, include conspiracy to launder funds, retention of proceeds from criminal conduct, money laundering, failure to disclose assets, possession of documents containing false pretense, and the use of property derived from an unlawful act.

The prosecution alleges that they conducted financial transactions amounting to over N5.9 billion with the intent of promoting unlawful activities.

During cross-examination, the witness from the FBI revealed that Mompha’s iPhone was employed in changing payment delivery methods from cheque to wire transfer after two failed attempts, ultimately succeeding on the third attempt.

The defense counsel, Kolawole Salami, initially objected to the admissibility of the FBI report, arguing that it needed certification by the United States Consulate.

However, the objection was overruled by Justice Mojisola Dada, who deemed the documents to be in their original state and not requiring certification.

As the trial progresses, these shocking revelations from the FBI analysis have cast a new light on the case against Mompha.

The courtroom drama continues, with the case adjourned until Wednesday, November 1, leaving both the prosecution and the defense with much to consider in the days ahead.