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Facebook Claims its App Drives SMEs’ Revenue

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  • Facebook Claims its App Drives SMEs’ Revenue

Digital platforms are increasingly becoming vital to the growth of Small and Medium Scale Enterprises (SMEs) in Nigeria.

Facebook, in its recent Economic Impact Study, discovered that using its platform to trade has enhanced significant growth in the revenues of SMEs across the country.

According to the study, 91 per cent of businesses surveyed outlined the increased demand for their company’s goods/services, not only in their home country, but further afield.

The study, conducted in partnership with Morning Consult Brand Intelligence, sampled over 1,000 SMEs across some sectors, including technology, services, manufacturing, retail and healthcare. Highlighting how communities like SMEs in Nigeria use the platform, and the effectiveness of social media as a growth tool, the results provided some interesting insights into usage and potential opportunities for local businesses.

Commenting on the research, SMB Sales Manager EMEA Abi Williams said: “With rising access to the internet across Nigeria and the low cost of smartphones, digital platforms such as Facebook’s family of apps have become incredible mechanisms to build communities and foster relationships. With more SMEs leveraging digital tools to communicate and engage with existing and potential customers, there has never been so many opportunities to maximise growth and connect with relevant customers locally and globally.”

Meanwhile, Facebook has announced the launch of Facebook Community Leadership Programme, a global initiative that invests in people building communities. The platform will commit millions of dollars to the programme, including up to $10 million in grants that will go directly to people creating and leading communities.

In addition, Facebook introduced new tools for group administration and the expansion of the company’s London-based engineering team, which builds technology to help keep people safe on Facebook.

Head of Groups and Community, Jennifer Dulski and Vice President, Product Partnerships Facebook, Ime Archibong, made the announcement at a forum tagged: Facebook Communities Summit Europe in London.

Community leaders often tell Facebook that with additional support they can have more impact. The Facebook community leadership programme is designed to empower leaders from around the world, who are building communities through the Facebook family of apps and services.

It includes: Residency and Fellowship opportunities, training, support and funding for community leaders from around the world.

Up to five leaders will be selected to be community leaders in residence and awarded up to $1,000,000 each to fund their proposals.

Up to 100 leaders will be selected for Facebook’s fellowship programme and will receive up to $50,000 each to be used for a specific community initiative.

Community leadership circles bring local community leaders together to connect, learn and collaborate. Facebook piloted three circles in the United States in 2017 and will be expanding globally this year.

Groups for Facebook Power Admins, which Facebook currently runs with more than 10,000 group admins in the US and the United Kingdom (UK), are expanding to more members to help them share advice with one another and connect with our team to test new features and share feedback.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Social Media

Telegram Was Adding Nearly 500,000 Users Daily Before Durov’s Arrest

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Telegram

Ever since it launched in August 2013, Telegram has been an exceptionally popular social media platform and messaging app, thanks to its utility and focus on privacy.

Telegram’s strong growth continued well into 2024. Finbold’s research found that, between April 10 and July 22, the platform added more than 485,000 monthly active users (MoU) every day.

The growth ensured that, by the middle of the summer, Telegram’s user base stood at 950 million – meaning that approximately one-eighth of humanity was using the app.

While coming just 50 million shy of 1 billion users is a major milestone, it is interesting to note that the social media platform has, at times, boasted even stronger growth. For example, in July 2023, the CEO and founder, Pavel Durov, revealed that 2.5 million people signed up to Telegram daily.

EU’s shadow over Telegram

Despite Telegram’s popularity and momentum, the platform has been gaining a different kind of attention since August 24 when the French police arrested Durov at an airport near Paris.

Though President Emmanuel Macron and his government maintain that the arrest was not politically motivated, it has nonetheless sparked a strong backlash, with many interpreting it as a crackdown on privacy and free speech.

Indeed, even the allegations of poor moderation and failure to prevent illicit activity are founded, they, nonetheless, raise important questions in the debate on the balance between privacy, surveillance, and national security.

As Andreja Stojanovic, a co-author of the research, noted “Even if genuine and undisputable illicit activity on Telegram was detected, the arrest is still likely to make many question if, by the same logic, the entire police force of a nation should be prosecuted whenever any illegal activity takes place in a private home or a hotel room.”

Nonetheless, there are no guarantees the arrest will have a profound impact on Telegram itself and, indeed, the platform has already shown significant resilience to government pressure during the Russian 2018 ban.

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The Mastercard Foundation Brings Together Key Stakeholders to Drive Impact on Secondary Education

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The Mastercard Foundation will host two pivotal events at the 79th Session of the United Nations General Assembly (UNGA 79) on September 22, 2024.

Both gatherings will address the critical issues of girls’ education and women’s economic empowerment in Africa and will be held at the Millenium Hilton New York, One UN Plaza Hotel.

Under the themes “Powering Parity—Inclusive Education for a Sustainable Future” and “Invincible: Empowering Women, Transforming Africa,” the events will showcase successful educational models and explore solutions to create a more equitable economic landscape for women in Africa.

“Powering Parity—Inclusive Education for a Sustainable Future” will focus on effective strategies and programs to improve young African women’s learning access, outcomes, and transitions to and from secondary education. The session will also include an important announcement on the expansion of a key Mastercard Foundation partnership focused on initiatives for girls and young women.

Additionally, it will explore the pivotal role of education technology in fostering resilient and inclusive learning in Africa. The Mastercard Foundation is committed to accelerating access to dignified and fulfilling work for 21 million young women in Africa by 2030 as part of its Young Africa Works strategy.

“The Foundation is proud to collaborate with exceptional institutions to co-create and scale solutions that drive meaningful impact for communities. Our approach resonates strongly with the UNGA 79 general debate theme of leaving no one behind,” said Tina Muparadzi, Executive Director of Education & Transitions at the Mastercard Foundation.

Various stakeholders, including education ministries, multilateral institutions, and donors, are expected to use the key approaches highlighted at the events to accelerate impact and scale-proven solutions.

Confirmed attendees include Dr. Haja Ramatulai Wurie, Minister of Technical and Higher Education for Sierra Leone; Prof. Birhanu Nega, Minister of Education for Ethiopia; and Hon Bosun Tijani, Minister of Communications, Innovation & Digital Economy for Nigeria.

Reeta Roy, President and CEO of the Mastercard Foundation, noted the importance of this work given the reality that in Sub-Saharan Africa 101M young people between the ages of six and 18 are excluded from formal education.

“Yet, we have every reason to be optimistic, thanks to the extraordinary African educators and innovators, who have created solutions and are delivering quality education to young people,” says Roy.

“Expanding access to all has been at the heart of the Foundation’s work. At these events, education champions will be sharing insights about successful policies and programs from across Africa with each other. Working together, we can scale these solutions and remove barriers for all, especially for girls and young women.”

Held in collaboration with ALADI – African Leadership and Dialogue Institute, the panel discussion “Invincible: Empowering Women, Transforming Africa” will spotlight the unrivalled impact of Africa’s young women in driving economic transformation and propose bold strategies to bolster their access to equitable and affordable financing. This will be driven by a presentation of insights from the Mastercard Foundation’s landmark gender report, “Young Women in Africa: Agents of Economic Growth and Transformation by 2030.”

Panelists will include leading experts in finance, policy, and development, including the Hon. Dr. Jamila Bio Ibrahim, the Honourable Minister for Youth Development in Nigeria, and Deniece Laurent-Mantey, Executive Director of the POTUS Africa Diaspora Advisory Council at the White House, who will drive discussions on transforming financial systems to benefit women.

Both events underscore the Mastercard Foundation’s commitment to releasing the full potential of Africa’s women and fueling a prosperous and inclusive future for the continent.

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Nigeria Falls to 24th in Africa’s Digital Index, Libya and Morocco Lead the Pack

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Startup

Nigeria, Africa’s most populous country and one of its largest economies, ranked 24th in digital development, according to a recent report by Statisense.

The report, released on Thursday, evaluated African nations based on their Information and Communication Technology (ICT) development index, offering insights into the progress and challenges in digital growth across the region.

Despite its size and economic influence, Nigeria was outpaced by smaller nations, including several from North Africa, in digital transformation.

Topping the list was Libya with an ICT index score of 88.1, followed closely by Morocco and Seychelles, which scored 86.8 and 84.7, respectively.

Mauritius, South Africa, and Algeria also featured among the top performers, emphasizing the dominance of North African countries in this sector.

Nigeria, with an ICT index score of 46.9, trails far behind its neighbors Ghana, which ranks 15th with a score of 66.2, and Kenya, ranking 18th with a score of 58.5.

The report highlights that while Nigeria has made strides in increasing internet penetration, which stood at approximately 43.53 percent as of March 2024, the country’s overall digital infrastructure remains underdeveloped.

The Nigerian Communications Commission (NCC) has set ambitious goals for the nation, aiming for 70 percent broadband penetration by 2025 as part of its National Broadband Plan.

Despite these efforts, Nigeria’s current digital standing reflects the significant challenges it faces in achieving that target.

Reacting to the report, Abiola Jimoh, co-founder of the tech firm XChangeBOX, noted that Nigeria’s digital development has been stunted by several factors.

“While Nigeria initially saw a boost in mobile technology and data usage, there has been a shift towards fiber optics in recent years,” Jimoh explained. “However, the high cost of implementing fiber optics, along with the reliance on imported components, continues to be a major obstacle.”

Jimoh also pointed to inconsistent policy directions and political instability as further deterrents to investment in Nigeria’s technology sector.

He emphasized that a stable policy environment and increased local production of digital infrastructure components could significantly boost the country’s ICT development.

In another report from the International Telecommunications Union (ITU) last month, Nigeria was ranked relatively high in its readiness for digital transformation, with a score of 71 percent.

However, the ITU also acknowledged the country’s significant disparities in digital access and infrastructure, calling for urgent improvements.

To bridge this digital divide, Nigeria’s Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, has outlined ambitious initiatives aimed at transforming the nation’s digital landscape.

One such initiative is the deployment of an additional 90,000 kilometers of fiber optic cables, expanding Nigeria’s existing network from 35,000 kilometers to 125,000 kilometers.

This expansion, managed through a special-purpose vehicle, is expected to enhance internet connectivity and position Nigeria as a leader in digital infrastructure on the continent.

Once completed, Nigeria’s fiber optic network will be the third-largest in Africa, behind South Africa and Egypt, providing improved connectivity to over 200,000 institutions and contributing to GDP growth.

While Nigeria’s path to digital transformation is marked with challenges, the initiatives underway represent a significant step toward improving its ICT index ranking and unlocking the economic potential of its large, youthful population.

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