Jumia Food Nigeria has added So Fresh, Nigeria's leading fresh food chain, to its ever-growing catalogue of restaurants on its platform. This is in a bid to promote healthy living among Nigerians. The announcement was made on 26th June at a joint press conference held by the two companies at So Fresh Ogudu branch located at 40b, Ogudu Road, Ojota, Lagos.

Guy Futi, the Managing Director of Jumia Food said the company's commitment to promoting and encouraging a healthy lifestyle among Nigerians necessitated the partnership.

"As a business, we are always looking for new ways to serve our customers, such as through a partnership like this. I am particularly excited with So Fresh because this is an opportunity for us to support and sustain healthy lifestyle among Nigerians through the consumption of fresh foods which customers can now order from So Fresh on Jumia Food.

“We remain focused on putting all our efforts into growing the business and becoming the largest on-demand platform in Nigeria", Futi said.

In his remarks, Goke Balogun, the chief executive officer of So Fresh said the partnership agreement will help So Fresh leverage Jumia Food's visibility to grow the brand. So Fresh was founded in 2010 as Fruitivegies, changed its name to So Fresh in 2013 and currently has 9 outlets in Lagos.

“This is a natural partnership because Jumia Food is the leading and most reliable online food delivery platform in Nigeria while So Fresh is the number 1 healthy food chain in the country. We pioneered the healthy food industry in Nigeria and Jumia Food will help us deliver meals to our customers from the convenience of their homes and offices,” noted Balogun

He further reiterated that this partnership will reinforce So Fresh’s mission to change the eating habits of Nigerian citizens, inspiring them to live fresh and live healthily. “We will actively continue to drive our expansion across Lagos and other parts of the country and in the long run, this will enable more people to get on the healthy eating lifestyle. We, therefore, assure our customers that we are constantly striving to attain the highest standards in food safety, quality and most importantly customer satisfaction," Balogun said.

The on-demand motor transport scene is getting really interesting in Lagos as competition has moved from land to sea.

On land, you have ride-hailing platforms like Uber and Taxify fighting for market-dominance while on the two-wheel side, you have Max.ng, Gokada, SafeBoda, and Oride. All in Lagos.

Gokada led the pack with the launch of Gboat, its on-demand boat service after it raised $5.3 million Series A round to scale its business. The funding round was led by Rise Capital and joined by Adventure Capital, IC Global Partners, and Illinois based First MidWest Group.

Days later, MAX.ng announced that disclosed that it has secured $7m funding round to scale moto-transport taxi in Africa. The company plans to use the funding to expand to 10 cities across West Africa, scale its technology infrastructure, deploy mobile payments in partnership with Mastercard, introduce an electric fleet and deploy new vehicle categories, including watercraft and three-wheeled tuk-tuk taxis.

Now, Uber Technology Inc. is planning to launch its boat business in Lagos, Nigeria’s commercial capital and biggest city, to beat traffic congestion...

https://www.techawk.com.ng/2019/06/29/uber-joins-gokada-max-ng-to-launch-boat-taxis-lagos/

On a daily basis across the world, online shoppers fill their shopping carts with tons of thousands of products such as groceries, electronics, health & beauty, gaming, phones and tablets. The quality of products purchased online has always been a point of debate among shoppers, especially since the products can’t be inspected before purchase. The trend is the same in Nigeria, even though the country’s ecommerce sector is just 7 years old.

One of the fundamental methods for helping customers make the right choice when shopping online is ‘ratings and reviews’. Ecommerce companies such as Jumia have made a provision on their platforms for customers to rate and review the quality of products purchased on its platform.


Product ratings and reviews have become an essential part of eCommerce businesses because they enable customers to rate/review products or services purchased online. These companies do not do this for fun. They understand that product ratings/reviews have a huge role to play when it comes to driving sales, generating leads and attracting customers to their website.

From gaining local organic search rankings to becoming word-of-mouth, online reviews help reinforce your brand and reputation. If you are rarely mentioned anywhere on the web, how will it influence your customers?

The fact is so many consumers trust online reviews as much as personal recommendations and this is where brands like Jumia, Nigeria's no 1 shopping destination is different from others. The platform has a rating guide because quality is part of its fundamental values. More so, it allows customers to leave feedback about their service and products which increases their “mentions”, ultimately leading to more exposure and driving more traffic.

There’s no denying the fact that online reviews are very significant today, and not just that, they are part of most marketing campaigns today so that they can create a big impact in the industry and break sales.

Reasons why reviews/ratings are important to your business
Increase sales

People tend to read online reviews and trust them as much as they are recommended by their friends or families. A significant number of people consider online reviews while choosing a product or service of their need. So, if the particular product review is good, there is a good chance that you will purchase that product and vice versa. This will automatically increase sales.

Better local search rankings

Customer reviews play a crucial role today for organic search rankings in search engines. In fact, enabling customer reviews will add credibility to your company while new reviews are also going to add more unique content to your site. The increased amount of content that is relevant and unique will add a better chance to get ranked on search engines while the pages are also frequently crawled by search engine bots compared to others. All in all, reviews are very important to improve search visibility and drive more traffic to the site through search engines today.

Improved communication and customer service

Analysing the reviews people leave for you – both good and bad – helps keep your ear to the ground with regards to overall customer satisfaction and public opinion. Online reviews help give a voice to both happy and unhappy customers and allow you to open up a public channel of conversation, letting you demonstrate your customer service skills. Online reviews can also give you valuable feedback with regards to what your clients actually want. Reviews provide insight into how your average consumer thinks about your service or industry, rather than what you think about what you offer.

Added marketing opportunities

Online reviews are surely worth the deal and they offer a plethora of benefits to your business that most marketing campaigns fail to do. In fact, online reviews act as micro-marketing campaigns that provide a positive benefit to your potential customers, now and in the long run. Having online reviews already is also going to encourage new customers to voice their opinion and leave their own feedback.

Do product reviews/ratings actually influence online purchasing decisions?
If you describe reviews/ratings/testimonials as the word-of-mouth of online shopping, you won't be wrong. This is as earlier stated, a lot of customers read these reviews before deciding whether they should buy a product or not. This is even more important due to the prevalence of fake products on some online platforms despite painstaking efforts and stringent penalties to put them at bay.

So, if the review of a particular product is positive and is rated 5-star, your customers will be more inclined to buy that product and if there are so many bad reviews, note that they will steer clear.

However, know that in some cases, it does not necessarily mean that the product is bad. A bad review may be as a result of poor customer service, payment challenges and others. This is systemic. Your customers are informing you to make their purchase seamless. Overall, for you to get favourable reviews, simply offer quality products and services as well as a good customer service and you will observe the positive impact it will have on your reviews.

Facebook is set to launch a cryptocurrency next year backed by the likes of Mastercard, Visa and PayPal - which will allow people to move money from their smartphone.

The currency is known as Libra. The social network says it has "no special role" in governing the cryptocurrency and will manage the reserve equally with a group of big companies.

The currency is designed not to be a speculative asset, like Bitcoin, but a form of digital money backed by a reserve of assets. You will one day be able to use Libra as payment for online and offline services, Facebook executives say.

In the beginning, the company imagines Libra will be used mainly to transfer money between individuals in developing countries who lack access to traditional banks. Eventually, the goal is to create the first truly mainstream cryptocurrency: a decentralized global form of payment that is as stable as the dollar, can be used to buy almost anything, and can support an entire range of financial products — from banking to loans to credit.



Although Facebook is building Libra and plans to run the project through the end of this year, eventually it plans to cede the project to a larger community.

The company has formed the nonprofit Libra Association with 27 other partners to oversee Libra and its development. The partnership includes venture capital firms, nonprofit organizations, crypto firms, and massive corporate finance, telecommunications, and technology service providers, including Coinbase, Mastercard, Visa, eBay, PayPal, Stripe, Spotify, Uber, Lyft, and Vodafone. Those organizations will also contribute to what is known as the Libra Reserve, the asset pool that will ensure every unit of Libra currency is backed by something of intrinsic value rather than by simple scarcity, as Bitcoin is.

Founding members had to meet strict guidelines as per its Evaluation Criteria. For instance, crypto hedge funds had to have an Asset Under Management (AUM) above $1 billion while digital asset-focused custodians had to store at least $100 million. Non-crypto firms needed to have a market cap of more than $1 billion or boast customer balances equaling more than $500 million. A source familiar with Facebook’s ambitions said it was originally looking to involve Wall Street institutions such as Goldman Sachs and JPMorgan, but it was unable to secure their interest.

https://innovation-village.com/facebook-set-to-shakeup-cryptocurrency-market-libra-in-2020/

It is never easy to be an entrepreneur. For more than two decades, the numbers surrounding the survival rate of small businesses or startups have remained unfortunately consistent. Only a small number of all new businesses make it past their first year. After five years, 50 per cent of new businesses no longer exist and only one-third are able to enjoy their 10-year anniversary.

As an entrepreneur, it takes a lot of courage, confidence, and a solid strategy to get back on track — which, believe it or not, your unsuccessful startup has actually prepared you for. If your first business wasn’t a success, here’s how you can bounce back using the lessons “failure” taught you.

See “failure” as a time to reflect

Use the moment you failed as a means to reflect and think about what happened. Where did you go wrong? Was it your approach? Did you underestimate your market? Did you spend too much or try to grow too quickly? Did you lack support or guidance? Track what you learned and look to mistakes made as valuable lessons for improvement with the next business. As an entrepreneur, you might even find it purging to blog about your experience. Transparency matters to your customers and sharing an honest account of what went wrong helps paint you and your business in an authentic light with your audience.

Solicit feedback

One of the reasons why startups fail stems from a lack of feedback. Some entrepreneurs take their ideas and make them inaccessible to anyone else. Often times, the reasons for doing this range from fear the idea will be stolen by a competitor to striving for perfection in the hopes of catching an investor’s immediate attention. Now that the business is no more, use this time to ask partners, providers, and even employees for their feedback. As the brain and entrepreneur, encourage them to be open with you on everything from how the business operated to the offerings themselves. Be honest with yourself in acknowledging what went wrong, especially if there are common issues coming up with those who worked alongside you.

Be strategic about venturing into a new business

You’ve already used your time to reflect on what wrong during the first go-around, now it’s time to avoid repeating the same problems from your prior failed startup. Keep the following areas into consideration.  If you ran out of money… place a stronger premium on ROI. If your partners were not effective… try to go it alone in your next venture. For a startup to succeed, its entire team from employees to partners needs to be fully invested in its future.  If your investors went south… opt for organic growth of a business. Start small so you don’t fail big and revel in knowing that without outside investors, your success will be your own.

Avoid the “get rich quick” syndrome

Chances are pretty high that you’re carrying some debt, like a small business loan, and are concerned about making the payments back quickly. If you place money first on your list of priorities, you’re likely to leap into a scheme where the only end goal is to make millions. Don’t do this. Your startup is your baby and one that you’ll be investing a lot of time and energy into, so make it a business that you’re excited about and that solves a problem your customers care about too.

Don’t hurry if you’re not ready

In some respects, bouncing back into a business can be a lot like dealing with a break-up and bouncing into the first relationship you find immediately afterwards. Not all of those relationships are successful because you haven’t been able to digest what happened and get your priorities back on track. Don’t hurry back into a new entrepreneurial venture because you’re worried about keeping up with an invisible timeline you’ve set for your life. You might find it’s helpful to take a break and use the time to clear your mind. Or, you might want to re-enter the corporate world as an employee for some extra inspiration.


https://innovation-village.com/entrepreneurs-how-to-bounce-back-from-a-failed-startup/

Although having an online presence is quite affordable today, some small and medium scale businesses still struggle with the question of whether they should have an online presence or not.

Plainly and expectedly, you would think that this question should not come up at all due to the huge exposure that the internet gives many businesses today. Regardless, as a small business that does not have huge capital, every penny spent must return reasonable or significant value. Hence, do not be surprised that this question pops up once in a while.

Jumia As A Startup/Business That Runs Online
Jumia arrived in Nigeria in 2012 when internet usage was slowly picking up. Seven years later, it is the market leader when it comes to eCommerce in Africa. Now, it has opened up its platform to other businesses to sell and access new customers.

The secret here is starting small. In today’s internet and mobile world, your business cannot afford to contemplate on whether to have an online presence or not, It should be part of your plan from the very beginning.

Therefore, Let Us Look At Some Of The Benefits Of Having An Online Presence
24/7 Accessibility

The Internet never sleeps, and every online platform you use gives your business a virtual 24-hour showroom. This allows potential customers to research your product or service after business hours, and in the privacy of their own homes. If you sell products, an online store allows for 24-hour order placement to capture a sale as soon as a customer is interested, as opposed to waiting for your brick-and-mortar store to open, by which time the urge to buy may have passed.

Brand building

Brand building means building a potential customer’s trust in your company or product. Providing an online presence not only gives customers access to your product or service, but it also provides a way for the customer to “check out” your company. Online reviews, your interactions with other customers and the frequency and quality of your posts help to form a positive impression of your company in the potential customer’s mind, making a future sale more likely.

Greater audience

The Internet encompasses a much larger area than the few miles to your business’ office or store. Your Web presence reaches out to everyone who passes by your virtual doorstep, which could include people from right next door or in another country. Depending on your specific industry and offerings, this could open up a much wider customer base than relying on face-to-face interactions would.

Easier selling and marketing

It’s a well-known marketing fact that people like to buy but don’t like to be sold. A well-written piece of copy for your products or services on your website allow buyers to make a more relaxed, informed decision to purchase, as opposed to feeling pressured by a pushy salesperson. Marketing your business is also easier and more far-reaching, as the electronic format allows for a wider, more cost-effective distribution as opposed to traditional marketing, which usually includes printing and mailing costs.

How To Create An Online Presence For Your Small Business
Be present on all digital channels

It should go without saying that to develop an online presence you have to be present on digital channels. However, a large number of small businesses still rely entirely on traditional means of marketing. These businesses lack a website, social media profiles, a mobile app and so on. These digitally deprived companies cite a number of reasons for their slow adoption of a branded website or social media accounts. The most common one by far is that business is going well enough without it. If you are into this type of business, you are simply limiting the potential reach of your business.

Get SEO

Being solid starts with your website. It should be the central place where your audience can learn more about your brand and what you have to offer and how people can contact you for your services. However, this won’t have any impact if your webpage is hidden amidst a sea of content on the web. And this is where SEO comes in. You’re not an SEO expert? That’s okay. Ask for help from experts or others around you with enough expertise to keep you ahead. Excellent application of SEO techniques can literally take your website from zero to ranking on the front page of Google. Beyond hiring an expert, it’s also important to understand basic SEO practices so that you can channel your efforts towards creating sellable content.

Build Relationships

No matter which industry your business belongs to, there will be few online communities related to that industry. It will be worth finding out the communities where individuals or thought leaders from similar industry share their views. By participating in the relevant discussions and being an active member, you can start building relationships. Why is this so important? Well, chances are these people are better connected than you are and they might be able to help introduce you to others who are in your industry. New connections can be customers or partners who can help you grow your business.

A group of small and micro business owners across the country has said they are confident that Jumia will continue helping their businesses achieve significant growth. The sellers expressed this sentiment at the quarterly vendor board meeting with key leaders of the e-commerce company which held recently in Lagos.

The meeting was organised to brainstorm on and identify untapped growth potential that sellers on the platform could leverage to grow their businesses.

In her opening remark, the Chief Executive Officer of Jumia Nigeria, Mrs Juliet Anammah urged the sellers to constantly ensure they list top quality products and manage their inventory to avoid out of stock and automatic cancellation which affects their “seller score”. She noted that sellers with the highest scores attract more orders from customers.

The Chief Operating Officer of Jumia Nigeria, Susan Chen urged the sellers to leverage some of the big sales event organised by the company. She cited Jumia Anniversary, Black Friday, Mobile Week as some of the commercial events that can aid the sellers in growing 3 times more if they enthusiastically take advantage of these sales events.

The Managing Director of Jumia's hotel and flight marketplace, Omolara Adagunodo, has set out a tourism agenda for the administration of new Governor of Lagos State, His Excellency, Babajide Sanwoolu.

Adagunodo in a press statement called on the governor to focus on sustainable tourism to further boost the chances of Lagos becoming a 21st-century economy, take the Nigerian tourism industry to the next level and ensure that the sector contributes more to the state's Gross Domestic Product.

"Like the previous Lagos administration, I am happy that the new government featured tourism as one of its developmental agenda. As the government is settling down to work, I encourage the administration to concentrate on Sustainable Tourism.

"This is because the next phase of tourism is for it to become sustainable, and for Lagos to establish a robust tourism industry, it requires a roadmap that takes full account of tourism's current and future economic, social and environmental impacts, addressing the needs of visitors, the industry, the environment and host communities.

"In fact, a combined report by the United Nations World Tourism Organisation, International Trade Centre and Enhanced Integrated Framework (EIF) reveal that tourism (sustainable) is widely recognized as a key sector for achieving the United Nations Sustainable Development Goals (SDGs), given its major potential to contribute to jobs and wealth creation in the developing world. Tourism is estimated to represent 10% of global GDP and generates directly or indirectly one in ten jobs globally.

"Interestingly, the development agenda of the Governor is geared towards achieving sustainable tourism. Tagged Project THEME, the administration's pillars of development will focus on traffic and transportation, health and the environment, education and technology,” she said.

Adagunodo added that alongside sustainable tourism, the government should invest massively in infrastructure, give a facelift to the state's tourism assets, look into taxation challenges in the hospitality industry as well as the ratings and classification of hotels.

She urged the government to consolidate on the commendable tourism work of the previous administration.

Motorcycle popularly referred to as ‘Okada’ in Lagos, Nigeria has become one of the life-saving modes of transportation for the over 20 million inhabitants of the city. The reason for this is not farfetched-over 8 million people travel to work each day on the 9,100 roads and expressways available-which are not even enough for a daily commute. Hence, there is bound to be nerve-racking traffic.

Consequently, motorcyclists are cashing in on this to earn money by moving Lagosians to their various destinations quicker, faster and on time.

The problem with commuting around Lagos on the regular ‘Okada’

Okadas are unregulated in Lagos state. Anyone can simply wake up in the morning with little or no training, hop on these two-wheeled bikes and start ferrying passengers from point A to Point B. They do not use a helmet, they over speed and they disobey traffic rules. Ultimately, they are prone to fatal and deadly accidents.

Uber has shown the way

Before the entry of Uber, you have to flag down a taxi whose driver would bill you an inflated fare. In fact, there are no metrics or parameters for the billing. Add this to their rickety vehicle, then you know that their days are numbered.

Then, Uber came on board. As a result, you can now sit in the comfort of your bedroom, request a ride, the driver will drive down to your home, pick you and off you go. It is seamless. Today, Uber has over 9,000 active driver-partners in Nigeria and no fewer than 267,000 monthly riders.

On-demand Motorcycles startups are following in the footsteps of Uber

Since ride-hailing worked for Uber, the same modus operandi is being used for motorcycles and perhaps in the future, tricycles. With the regular okada fast becoming a ‘nuisance’ in Lagos; on-demand motorcycles are fast gathering momentum and perhaps will one day force the regular bike guys to abandon the road.

Let’s now look at some of the on-demand motorcycle startups in Nigeria presently battling each other for market share and dominance.



1. MaxOkada-Nigeria’s first on-demand motorcycle startup

MaxOkada, Nigeria’s first on-demand motorcycle startup, is the brainchild of Metro Africa Express, the urban logistic firm that also runs MaxNG. MaxNG was founded in 2015 by two MIT Alumni, Adetayo Bamiduro and Chinedu Azodoh while MaxOkada made its debut in July 2017.

It was initially called MaxGo as in go sharp sharp. MaxOkada says its two-wheeled tax services “save commuters an estimate of 6 hours daily and 180 hours a month usually spent in traffic by providing access to safe, reliable and affordable moto-taxi transport just from the click of a button on their mobile devices.”



2. Gokada-Their unique green helmet has become a regular sight around Lagos

Gokada was founded in 2018 by Fahim Saleh, a Bangladeshi entrepreneur who previously founded and exited Pathao, a motorcycle, bicycle, and car transportation company. This means Saleh has solid experience to help him successfully run Gokada in Lagos. Indeed that experience seems to be working as Gokada appears to be dominating the two-wheeled taxi service business.

This is perhaps due to being innovative and deploying technology to improve its product. Their strategy appears to be bearing fruits and this has enabled them to raise $5.3 million funding round led by Rise Capital. Gokada will use the financing to increase its fleet and ride volume while developing a network to offer goods and services to its drivers. “We’re going to start a Gokada club in each of the cities with a restaurant where drivers can relax, and we’ll experiment with a Gokada Shop, where drivers can get things they need on a regular basis, such as plantains, yams, and rice,” Fahim Saleh said. Clearly, MaxOkada needs to up their game!



3. SafeBoda-Bringing its Ugandan experience to Nigeria

SafeBoda is bringing its Ugandan experience to Nigeria, Africa’s largest economy. After conquering East Africa, Will they be able to vanquish the on-demand motorcycle market in Nigeria? To show you that investors are confident about the ambitions and plans of SafeBoda, they raised undisclosed Series B round co-led by Go Ventures an investment unit of GoJek, a transportation network company and logistics startup company based in Jakarta, Indonesia.

This means it has years of expertise in the bag and with the backing of its investors, the startup has its destiny in its hands. It was founded in Uganda in 2014 by Ricky Thomson. If MaxOkada needs to up their game, we say Gokada beware of SafeBoda.



4. ORide-Owned by Opera Mini which has a wall chest to make anything possible.

Opera Software AS, best known for its mobile browser, owns ORide. Opera Software AS is now diversifying as it aims to become a full-fledged digital service business. It recently launched OPay, which is a seamless mobile money service and just a few days ago, it unveiled ORide. Although it is a relatively new player in the motorcycle hailing game, it sure has a wall chest to make ‘anything possible.’

The business of motorcycle ride-hailing service is perhaps the next big thing in Nigeria. From the outlook, more players are definitely coming which will no doubt drive down prices. If prices are relatively affordable and safety is not jeopardised, then motorcycle ride-hailing companies should be smiling to the bank.

Source: https://www.techawk.com.ng/2019/05/31/meet-four-on-demand-motorcycle-startups/

eCommerce As An Enabler for Small Businesses

The internet has changed the world in almost every possible way, and e-commerce has revolutionized how business is being done. However, many small businesses, even knowing this, still haven’t realized just how large a growth spurt they can see by selling their goods and services online.

For the past 7 years, Jumia has empowered and accelerated thousands of small businesses in 14 African countries by creating a platform that connects buyers and sellers. This has been a great achievement for the 'Alibaba of Africa'. With these small businesses by vendors listing their products and services on Jumia, those who make N100,000 monthly are now guaranteed to make between N500,000 and 1 million within the same period. This is because Jumia supports these businesses with marketing, social media promotion and Search Engine Marketing.

Reach new customers and sell more products online

Selling on an eCommerce platform like Jumia can make a difference in your volume of sales. Many businesses with traditional brick and mortar retail shops are discovering this. There are also the advantages outside of merely extending your customer reach on your own. Through what is known as omnichannel selling, you can tap into an online marketplace like Jumia to expand your consumer base.

Expand further with affiliate programme

One advantage of having an online e-commerce setup is being able to track who and where orders come from. You can create an affiliate program for customers, retail partners and more to promote your products in exchange for a commission. Jumia has this already integrated, allowing numerous marketers and bloggers to promote your products once listed. This method also works in perfect synergy with blogger outreach, which can grow your presence on social media as well. With many affiliate tracking tools, you can adjust the rate depending on the users. For instance, giving your customers a 5% commission, but 10% for more influential affiliates.

Help in cutting costs of doing business

Without a physical storefront, you won’t incur rental or management costs. Your only costs will be to take a good and quality picture and share them on the Jumia website while ensuring that you do not compromise quality. You can invest the money saved to other parts of the business. As more and more people come to expect the convenience of shopping online for everything they spend money on, the businesses that cater to this mindset will thrive and flourish. E-commerce is a direct gateway to expanding and creating a more stable and cost-effective sales channel for your small business. You owe it to yourself and your business to explore which options can help take your small business to the next level.

Every business needs a way to secure payments, but with so many choices in financial services for online businesses, it may be a difficult decision for new entrepreneurs to make. Not only do you have to consider the technical and logistical hurdles of setting up a new payment gateway, but you will also have to think about convenience for your customers and, perhaps most importantly, the gateway's security. Jumia Pay which is the payment gateway used by Jumia shoppers is both convenient and secure. You can make payment and go to sleep with no worries. To help your decision-making, here are some of the things to look out for when choosing a payment gateway.

Compatibility

Some payment gateways are easier to integrate than others, though most payment gateways strive for compatibility with as many technological systems as possible to maximize their user bases. However, you may have unique needs or requests, such as linking your payment gateway to your invoicing software or another financial data management platform you use.

Speed

Different payment gateways offer different speeds, as well. If you’re looking to maximize the average user experience and complete transactions as fast as possible, you’ll want a processor that can secure debit card authorization in a matter of seconds. You may also consider how quickly these payment providers can secure the money for your account.

Fraud detection and other security features

Some payment gateways specialize in fraud detection. They’ll help you proactively identify suspicious activity before it gets any further in the payment process. If you plan on handling large volumes of transactions, this is especially important for you.

Invoicing capabilities

Depending on what systems you’re already using, it could be in your best interest to secure a payment gateway with built-in invoicing capabilities. This would help you streamline your payment process, and may reduce your reliance on other platforms.

Costs and fees

Finally, you’ll need to consider the costs and fees associated with each payment gateway. Some may have better features, but will also come with an accompanying greater cost. Some platforms offer zero setup cost and zero monthly payment but may have higher fees for things like chargebacks. Others will offer a flat monthly fee, with no additional fees for other types of transactions. Your choice depends on your budget and how you expect your business to perform.

WhatsApp is one of the most widely used apps in the world today. You will find it in almost every smartphone. The average user checks WhatsApp more than 23 times per day. This means that the average user is addicted to WhatsApp. You can say this is still within a reasonable limit. However, if you cross this line, you are definitely addicted to it. The concern here is that some persons do not know that they are devoted and worship WhatsApp. Here are some of the signs you can look out for to know.

You check WhatsApp first thing after waking up

Gone are the days when you’d wake up, brush and pick your Bible or Quran to read in the morning. It's so easy now when the phone is lying next to you and your hand subtly grabs the phone and checks the number of messages in WhatsApp. Next, you forward the jokes to different groups and friends.

You are texting non-stop while walking on the road

Ever had someone told you ‘Hey watch out’ because you were too busy messaging your friends? It happens many times. If you cannot resist the urge to WhatsApp while walking on the road, you need to reconsider it. If you think sending messages or texting is more important than your safety, well you are addicted.

Driving, eating or sleeping. You check WhatsApp

If you can't resist the urge to check the message as soon as it beeps even if you are driving, eating or sleeping, which means risking driving or compromising on sleep, then you are addicted to it. You need to mellow down and take control of your life.

Your WhatsApp status shows online at 2 am

If it shows online at 2 am, it means obliviously you are wide awake texting or doing one or the other things in WhatsApp. Constantly updating your status and checking your friends profile pictures and waiting for validations from your friends regarding your profile picture is a sure sign of your addiction to WhatsApp.

Checking WhatsApp repeatedly if they have read your message

If you wait anxiously to see those blue double ticks that show your message has been read, you are definitely addicted. As soon as you hit that pin, you start expecting your friends to pick up the phone and check your message. They will check it when they think they should. You don’t have to pick your phone every time it beeps to check if they have received it or not. If your phone needs frequent charging due to the app, then you need to hold on and take it easy.

Source: https://www.techawk.com.ng/2019/05/21/glaring-signs-you-are-addicted-to-whatsapp/

The month of Ramadan is a time of spiritual reflection and involves fasting from dusk to dawn for 29 to 30 days. Despite the Ramadan, your life routine won't be halted. In this case, you may want to travel. If you're planning on travelling during Ramadan, these travel tips will make your trip seamless. Remember that you can book your trip on Jumia's hotel and flight marketplace.

Plan ahead

Ramadan affects business as usual and this definitely isn’t the best time to attempt a sightseeing marathon. Some venues operate with limited hours and staff, so try to book accommodation, transport and tours before you arrive. Plan your daytime meals in advance. Packed lunches are also a good option, although you’ll need to make sure you have somewhere private to eat them.

Pack emergency iftar/sahur snacks

Unforeseen circumstances can crop up at any time, from delayed flights to traffic jams so you might find yourself having to grab a quick bite to eat for iftar (evening meal) or sahur (morning meal) while on the go. For these instances, pack some easy-to-carry snacks like a bag of nuts, dates or a cereal bar. A pack of biscuits and a juice box also works.

Know the local laws and customs

Check the laws of the country you’re travelling to before you arrive, as some places are much stricter than others about the public observance of the fast. At best, eating or drinking in front of people who are probably fasting is bad and it’s also a good idea to dress more conservatively than you would normally.

Be discreet

If you're not partaking in the fast, it should be considered common courtesy to avoid public displays of eating or drinking. There are sometimes strict rules in Muslim countries to this effect (although these tend to be relaxed for foreigners).

Download fasting/Ramadan mobile app

A fasting mobile app can do a whole lot of things for you when on a trip. It will help you keep track of prayer timings, and send you reminders when it is time for you to pray and break your fast. And they all have prayer apps showing the Qibla (the direction to face during prayer). This will come in really handy when you are in an unfamiliar place looking to offer your prayers. You can download the HalalTrip app to help you find mosques, Halal restaurants and Muslim-friendly hotels near you.

Skip the Fast

Fasting while travelling is not compulsory. Among the people who are exempted from fasting along with the young, elderly, disabled, etc. is also the traveller. But it’s important to note that unlike the categories of people mentioned previously, the skipped fast of a traveller must be made up once the journey has been completed.

It is no longer news that the Jumia Mobile Week is currently on. Well, in case you do not know or you have not heard, the Jumia Mobile Week campaign is ongoing and will run from May 6th to May 12th. You cannot get a better deal anywhere else! However, before you visit Jumia to purchase your smartphone, let us reveal (do not tell anyone) some of the amazing discounts you will get on some of your favourite smartphones.

Samsung

Samsung has a phone for every pocket. For as low as N26,990, you can buy the Samsung Galaxy A2 Core 5" and for as much as N380,000, you will get the Samsung Galaxy S10+ 6.4" AMOLED. And of course, wait for it...for the Jumia Mobile Week, you will receive up to 20% off for buying a Samsung smartphone.

Nokia

Nokia has been with us for years. One thing that everyone loves about Nokia is that the phone is rugged. An interesting addition is that Nokia phones are now smart/trendy. You will get up to 20% off on Nokia phones. So hurry and get your preferred Nokia gadget or device.

Gionee

'Chinese Phones' have really come a long way. Today, not only are Chinese mobile phones advanced, they are extremely affordable. This is the case with Gionee. Gionee has all you need in a smartphone and we can assure that it is a good buy! For Gionee, you will receive up to 20% off.

Huawei

Huawei is one of the biggest phone manufacturers in the world. It has become a global brand despite being a Chinese owned company. Like Samsung, it has both high end and low end. You will enjoy up to 10% off if you decide to go for a Huawei smartphone.

Apple

Apple is everything you want in a phone even though it is more of a high-end phone. Prices range from 100000 and above. This said, how does 20% off an Apple phone sound? Sounds really good! This is one of the deals you get out of the Jumia Mobile Week.

To some people, you need a huge budget to travel or explore your favourite destinations. This is not necessarily the case as you can still travel without emptying your account or incurring debt. These suggestions as shared by Jumia, Nigeria’s leading online travel agency will help you travel the world without breaking the bank.

Book your flight months ahead

This is one of the most important tips that you should follow. The earlier you book your flight with Jumia's hotel and flight marketplace, the cheaper the flight will be. While it might seem like a lot of commitment to book this far ahead, the benefits it will serve in the long run will be immense.

Go for package deals

Package deals can be a great way to save money on a trip. Again, Jumia's hotel and flight marketplace have quite affordable packages to some of your favourite destinations like Dubai, South Africa, London, Cape Town, Accra and France among others. Regardless, it is important to do an extensive amount of homework before committing. But the value of finding a good one could be tremendous.

Travel in a group

An excellent way to save money is by having other people come along for the ride. While this largely depends on who you feel comfortable travelling with (as well as for how long), consider bringing a group together to cut costs down.

Barter with other travellers

Trading with other travellers can be a great way to save money. You never know who might be willing to host you in exchange for you doing the same. Additionally, certain things could go far on the road, so don’t discount what you and others might find valuable.

Focus on what’s free

The world is filled with things you can do that are 100 percent free. If you work from there and establish your upfront costs as to what you find valuable, you can not only travel for a long time but see some of the most incredible sights you’d ever imagine.

The Nigerian economy is growing and eCommerce is playing a key role in this growth.

Nigeria's e-commerce sector is worth more than $13 billion and that market value could rise to $50billion over the next decade.

An important player in the eCommerce sector is Jumia which recently listed its shares on the New York Stock Exchange. The eCommerce platform has faced and encountered quite a few challenges in Nigeria.

This did not deter Jumia from dominating the eCommerce space in Nigeria, it rode on the back of the Nigerian experience and expanded to 13 more African countries.

The challenges of eCommerce in Nigeria still persist despite efforts from stakeholders to tackle some of them. This article shares some of these challenges and how to overcome them.

Mistrust of online shopping

Since the entry of eCommerce in Nigeria, you expect that Nigerians would trust online shopping. The fact is more people need to be educated about the fact that online shopping is more convenient and very reliable unlike other forms of shopping. Measures have been put in place to ensure that online shopping is easy and seamless. Hence, there is no need to mistrust online shopping.

Preferring to pay with cash

Nigerians are accustomed to paying with cash. It’s more familiar and tangible than digital payments. However, with digital payments, customers can now make payments without any hassles. It is easy, fast and reliable. To boost prepaid transactions, incentives should be offered to customers like way Jumia Pay is currently doing. Jumia Pay offers customers who shop on Jumia 5% cash back if they prepay for their order.

Last mile delivery

Nigeria’s transportation and delivery system are not equipped to deal with the booming eCommerce industry. Transport infrastructure is limited and the numbering of streets is not topnotch. This has created obstacles for eCommerce merchants seeking viable delivery options. To overcome this, many eCommerce companies now employ the use of the motorcycle which easily navigates these roads and delivers orders in good time. In fact, there are organisations that now use drones to deliver orders.

Internet connectivity

Internet penetration has significantly increased in Nigeria. However, internet connectivity is still a shortcoming. There are still some Nigerian communes that lack internet services which can allow them to order goods online. Infrastructure development is the key to providing Internet to more of the population. These solutions provide infrastructure and reduce the expenses involved in connecting to the Internet.

This year’s Jumia Mobile Week promises to be bigger with lots of amazing deals! Kicking off 6th of May (today) and ending on the 12th, the Jumia Mobile Week is going to be a bang as there’s a phone for everyone, for every budget, for every style, and for YOU. It is a Game of Phones and there are lots of mouthwatering discounts on select phones. If you don’t make a purchase, you can’t enjoy the discounts.

Just before you decide on what brand of mobile device you should buy on Jumia, here are some important considerations to contemplate before placing your order.

Battery

The life of a phone is the battery. So, before purchasing that phone you’ve always wanted, you should ask yourself these questions: Am I the kind of user who is likely to have multiple apps open at the same time? Do I see myself being a heavy consumer of video-streaming apps or playing games? Heavy online usage tends to drain batteries faster. If you belong to this category of users, then it is better to go for a phone with 5000 mAH and above the battery. Your battery will go all day, and last all night...literally!

Storage capacity

With the rate of daily video, music and document downloads, the storage capacity of some phones may not be enough. Hence, you have no choice than to buy an external memory card, for phones that allow such. You can eliminate the extra cost of buying an external storage card by buying a phone with enormous storage capacity. A phone storage capacity of 32GB and 64GB is perfect for you. Don't worry, the prices are pocket-friendly!

Camera Spec

There is a lot of hype surrounding in-built cameras on phones with brands trying to outdo each other by improving the quality and size of the megapixel. However, megapixels only don’t produce better images. Good quality photos are a function of factors like ISO levels, aperture as well as the speed of autofocus. If you are likely to take a lot of pictures, then go for a phone with a 12 or 16 MP camera that has an aperture of f/2.0 or lower, for good results even in low light. With this type of camera, it will not only capture your moment but also capture every moment.

Screen Size

The bigger, the better. The size of a mobile phone screen is either given as an inch measurement or as a pixel measurement. The standard screen sizes of mobile phones available today can be anywhere from 4 inches to 6 inches diagonally. It is better you go for these sizes. If you love to watch movies on your phone, then consider buying a phone with a bigger screen.

Compare Prices

Don’t buy the first phone you see just because it’s cool and within your budget. If you find a particular brand you like, check several other sellers to see if there’s a price variation; there might be a seller offering a cheaper price - that way, you make some savings. Look out for the sellers’ scores, and only buy from sellers with 3.5/4.0 and above score rating. Pay attention to other customers’ feedback on the sellers, those are the ones who had bought from the same seller you’re just about to buy from.

Payment Method

In addition to the discount you will enjoy on each phone, at the checkout point, you can also enjoy an extra 5% discount if you pay with Jumia Pay. However, this extra discount is not available to customers who pay on delivery. So, you might want to think about what extra 5% savings will do for you - probably enough saving to buy a phone accessory? Weigh your options.

This year’s Mobile Week is tagged “Game of Phones”, so do you wanna play? If you find any phone that meets all your requirements as stated above, do not delay. Order it just immediately. Limited stocks are available.

You might have a brilliant idea for a new business that you think a lot of people would be willing to buy. But without a credible plan to turn your ideas into marketable products, you will never make money off them. It will just remain in the idea cooler forever.

The idea of shopping online was sold to Nigerians in 2012 by Jumia. Although Nigerians did not immediately embrace the idea, yet the founders and employees of the eCommerce platform did not give up.

They had a plan and knew they had a quality product whose focus is to allow Nigerians shop conveniently from their homes and whatever they ordered will be delivered at their doorstep.

With this solid plan, Jumia has grown to become the biggest eCommerce company in Africa and the first African company to list its shares.

Well, if you have an idea and want it to become a scalable product, Jumia Technologies, Nigeria’s number 1 shopping destination shares some helpful tips.

Prepare a business plan

Most people don’t have a business plan, without it, you can’t survive in the marketplace. With a good business plan, you will gain clarity, focus and confidence. A business plan will help you refine your thinking and answer important questions like: What am I building? Who is my product meant for?

Do some research to ensure your idea has a market

It’s easy to fall in love with your ideas and simply assume other people are going to fall in love with them too. However, the only way you’ll know this to be true is to do thorough market research. Ask what your potential customers want. Knowing exactly what people will be willing to spend money on will give you the confidence to move forward with your ideas.

Treat your product idea as a business from the start

There is no true shortcut to making your idea a reality. With an open mind, analyse and understand the market size, design and production costs, selling price, profit potential, and the competition before you spend money bringing your product to market.

Make a prototype

Start with something basic that will be refined over time. It does not need to be expensive or fancy. The purpose of a prototype is to figure out how to make your idea work and identify areas of improvement.

Don't go alone.

There are a lot of steps involved in the idea process, and it can be overwhelming to take care of everything yourself. You should seek out professional assistance so you can be assured that certain elements of the process rest in capable, experienced hands. In summary, you need people to bring the idea to reality.

It is no longer news that Jumia has listed its shares on the New York Stock Exchange - the biggest stock exchange in the world.

The listing on the exchange generated diverse opinions and mixed reactions on social media and major news platforms.

Prominent among them is the question about the African identity of Jumia. The eCommerce company has explained the reasons it listed on the exchange and also cleared the air on its identity.

Beyond this, the Jumia IPO will no doubt benefit or have a positive impact on Africa, Africans and African businesses. We discuss some of the benefits of the IPO.

Change perception about doing business in Africa

Compared to other parts of the world, it is relatively cumbersome and tough to do business in Africa. Regardless, Jumia has weathered the storm, survived in over six years; it is present in 14 countries and has become the first African Tech company to list its shares on the New York Stock Exchange. The growth trajectory has been massive despite the many challenges of doing business on the continent. The World Bank Ease of Doing Business 2018 report backs this up with Nigeria rankinged 146, Ghana - -114, Egypt - -120 and Uganda - -127. Meanwhile, Kenya, South Africa, Morocco and Mauritius scored 61, 82, 60, 20 respectively, thus performing reasonably well.

The IPO simply reveals that it is possible to do business in Africa despite the infrastructure deficits al and developmental shortcomings.

Reinforce the aspirations of young African entrepreneurs

There are millions of young entrepreneurs across Africa taking advantage of technology to tackle one social problem or the other. It is a topsy-turvy ride for many because being a young entrepreneur especially in Africa will drain you. So if you want to reinforce your aspiration as a young African entrepreneurs, look no further than Jumia. Before the eCommerce firm arrived at the IPO bus stop, it encountered a lot of challenges which it conquered and it is still conquering. You can also vanquish these challenges and become the 'Jumia' of your own sector.

Opportunity to raise capital by leveraging on the Jumia IPO

Capital is the livewire of any business. African founders and startup are in search of capital to fund their businesses. They are actually raising this capital.

For instance, the 2018 venture investment report by WeeTracker shows that African startups raised a total of $725.6 million across 458 deals. With the Jumia IPO, it will boost investor confidence thus encouraging them to put their money in African startups. Although African founders may not go the Jumia route, it sure serves something to ride on to pitch to potential investors about funding your idea or project.

Attract more investors to the continent

Venture capitalists and angel investors are always scouting for businesses to invest in. This year alone, African startups have raised millions of dollars and venture funds also worth millions of dollars are being established to find innovative solutions to some of Africa's problem. The bar will be raised even higher with the Jumia IPO encouraging potential investors to invest in African startups because a well-run and managed company called Jumia has literarily survived Africa and eventually become the first startup to list its shares on the world’s biggest stock exchange.

A chance for Jumia to consolidate on its innovative products and services

Jumia is present in 14 African countries, has over 5,000 employees, and serves millions of customers across these markets. It is called the Alibaba of Africa. This IPO is like a pledge to Africa and Africans that Jumia is here to stay in the continent and will consolidate on its products and services. With the IPO comes more responsibility to the customers, investors and shareholders. And of course, Jumia is ready to serve and deliver to each one of them through its creative and innovative offering in travel, food, shopping, and payment among others.

You're excited, obviously because you're about to head off for your first international trip, and it's an amazing feeling. It's also a daunting feeling. How will you cope? How much money will you spend trying to deal with it? It's inevitable that you'll make mistakes the first time you travel. Regardless, you can limit these mistakes by following these helpful international travel tips especially if it is your first time.

Get your passport in advance

This is the most important of all tips for first-time international travellers. Avoid unnecessary stress by applying for a passport well before your expected departure date. Don’t book a flight or make any arrangements that can’t be changed until you have a passport in your hand. Some international flights require that you enter your passport number when booking or during online check-in, so it's best to just have it first before you start booking anything.

Ensure you have access to your money

Gone are the days when you need to carry cash or travellers’ cheques to travel overseas. Now, thanks to the internet, it's much easier to manage and access money while travelling all over the world. Check with your bank to see if you need to set up a travel alert while you’re abroad so your bank knows when and where you're travelling. You can also inquire about international fees, and whether they have partner banks in the destination that will help you save money on costly foreign transaction ATM fees. Overall, ensure that you have access to your money.

Book everything in advance

How advance should you book everything? Some experts say that booking airfare between 56-62 days before the departure date is the best way to get a good deal. No matter what, the best time to book is whenever you have the money and are ready to commit to your first international trip. However, as earlier stated, ensure that your documents are ready before booking your flight. Notwithstanding, when you are ready to travel, you can visit Jumia’s hotel and flight marketplace to book your flight. You will get the best available rate.

Give yourself ample time to get over jet lag

As you start booking your first international trip, you may want to pack it all in by planning to visit as many destinations as possible immediately you arrive. This is an action that will leave you stressed. The best advice is to slow down, at least for the first day or two, to recover from jetlag.

Research events going on while you’re there

This will help you make sure that you’re not missing the best events going on in the city -- fun things like festivals and ceremonies. Also, be sure to research some of their best cuisines. You don’t want to leave the country without experiencing it.

The World Wide Web has made shopping more convenient and cost-effective. It is big business these days, with more and more consumers across Nigeria turning to the internet to purchase goods. Needless to say, this has caught the attention of cybercriminals who are keen to exploit individuals benefitting from the convenience, affordability and choice that makes the internet a safe place to make purchases. This automatically means that buying online has its risks. Jumia, Nigeria’s number one shopping destination, shares five top ePayment tips every online shopper should know.

Buy from a trusted brand

Buying from a trusted ecommerce platform is one of the best ways to stay safe when shopping online. A brand like Jumia, introduced Jumia Pay, to enable its customers to make payment for purchases without any hassles. Not only do you know that you’re buying quality and at the best price, but you also feel more confident that a well-established brand like Jumia via Jumia Pay has in place robust security measures.

Look for the https URL and the padlock symbol

HTTPS is an online safety protocol that encrypts information so that data can be kept private and protected. In most cases, the text in the URL is preceded by a padlock symbol (if this is missing, the website should be treated with caution). The ‘S’ in HTTPS, incidentally, stands for secure. Websites that use HTTPS cause data sent between the site and your web browser to be encrypted through the use of TLS (Transport Layer Security). That means that any information, such as your credit card details, can’t be intercepted in plaintext form by an external attacker.

Be wary of ridiculous offers

We have all come across offers and discounts that are too good to be true. Most times, we are tempted to jump on it despite warning signs that it is actually false. You have to be careful because there are plenty of scams looking to connect you with tempting offers. In some cases, the perpetrators are looking to infect your device and steal information. It is advisable to be doubly vigilant and like earlier said, shop with trusted brands.

Avoid public Wi-Fi to shop

Anytime you enter personal information using a public network, you're exposing yourself to identity theft. Most Wi-Fi hotspots don't encrypt your data, so any hacker can basically steal your identity. This applies to mobile phones, too, since you're often using nearby Wi-Fi. Be aware when you're using a hotspot that any information you send through the Internet could be picked up by strangers; if it's information that could make you vulnerable, wait until you get home to your protected network. It may be less convenient, but it's much safer.

Change your passwords regularly

If you really want to keep your information and bank account safe while you're shopping via the Internet, it's essential to mix up your account passwords every 3 to 6 months. You should also make sure that you don't have the same password across all your accounts since that makes them all vulnerable if one is hacked.

Priscilla Ekwere Eleje has made history as the first Nigerian woman to sign the Naira, the country’s currency in its 59-year history.

Eleje, who has been acting director of currency and operations at the Central Bank of Nigeria (CBN), has been confirmed, substantive director of the apex bank.

She is the first female director of currency in the history of the bank, and her signature has been appended on the naira.

Ladi Kwali, Nigeria’s foremost potter, is the only woman on the naira, taking a spot at the back of the N20 note.

Every naira note in the country’s history — save the N20 note — has had the face, name, and signature of a man, up until now.


Eleje was confirmed on August 30, 2018, and currencies printed afterwards would carry her signature.

She is a psychology graduate of the University of Jos, Nigeria and an alumna of the prestigious Hubert H. Humphrey Fellowship programme in Banking and Management at Boston University, Massachusetts, USA. She is also a Certified Information System Auditor (CISA).

https://innovation-village.com/priscilla-eleje-first-woman-naira/

Skye Bank, one of the banks that emerged after the N25 billion recapitalization ordered by the Central Bank of Nigeria (CBN) in 2005, will always be remembered for its popular jingle-I wish.

However, in terms of administration and smooth-running of the bank, it leaves so much to be desired. In this writeup, we will look at how Skye Bank became Polaris Bank.

The Arrival of Skye…

The bank consolidation exercise which ended on December 31, 2005, led to the reduction of Nigerian banks from 89 to 26. Skye Bank was one of the banks that was established.

The banks that united to form Skye Bank are Prudent Bank, EIB International Bank Plc, Bond Bank, Cooperative Bank, and Reliance Bank.

The bank later acquired Mainstreet Bank a bridge bank for Afribank in 2014. Stakeholders in the banking sector said that the problem of the bank started due to the challenges it inherited from Mainstreet Bank as well as the refusal of bank executives to abide by CBN rules and regulations.

Skye Bank’s License Revocation

In September last year, the Central Bank of Nigeria announced that it has taken over Skye Bank because “The lender failed to meet the regulator’s minimum key liquidity and capital adequacy ratio.

The CBN had accused the board led by Tunde Ayeni (Chairman) and Timothy Oguntayo (Managing Director/CEO) of “Consistently failing to turn the fortunes of the bank around despite consistent warnings from the CBN.

At the time of the takeover, the bank had a negative net asset worth N1 trillion.

Meanwhile, since Tunde Ayeni’s exit as chairman, he has faced mismanagement and money laundering allegations by the Economic and Financial Crimes Commission (EFCC).

The anti-graft agency is accusing Ayeni of transferring N3,000,000,000.00 (three billion naira) from the defunct Skye Bank Plc Suspense Account to the First City Monument Bank Plc account no. 0758662025 of Control Dredging Company Limited.

Ayeni is being tried alongside a former Managing Director of Skye Bank, Timothy Ajani Oguntayo, Control Dredging Company and Royaltex Paramount Ventures Limited.

Enter Polaris Bank…
After the CBN revoked the license of Skye Bank, the apex bank disclosed that it has appointed a bridge bank named Polaris Bank to take over Skye’s assets and liabilities.

Emefiele who made the announcement said: “Skye Bank requires urgent recapitalization as it can no longer continue to live on borrowed times with indefinite liquidity support from CBN. We have decided to establish a bridge bank, Polaris Bank, to assume the assets and liabilities of Skye Bank.

“The strategy is for AMCON to capitalise the bridge bank and begin the process of sourcing investors to buy out AMCON. By this decision, the license of Skye Bank is hereby revoked.”

The Future of Polaris Bank

The future of Polaris Bank is in the hands of the CBN and the Asset Management Company of Nigeria (AMCON). The AMCON announced that it will kick-off the sale of Polaris Bank after the elections.

The elections are now over and there is no information about the sale of the bridge bank. If anything comes up, we will definitely share the info.

https://www.techawk.com.ng/2019/04/14/how-skye-bank-became-polaris-bank/

Women entrepreneurs are actually becoming more successful and ambitious in today's business world. However, there are still a whole lot of efforts that still need to be invested in boosting and accelerating female entrepreneurship especially in an emerging nation like Nigeria. In line with this, we discuss ways to boost female entrepreneurship in Nigeria.

Better access to capital

There’s still much inequality in terms of providing women with loans and other financing that they need to start and grow businesses. When it comes to finance women face particular hurdles, from a lack of collateral to discriminatory regulations and gender bias. Small loans can make a big difference. When it comes to loans, Jumia does not discriminate. Everyone - whether male or female - has access to the Jumia loan as long as they meet the requirement. In fact, through this loan, Jumia has empowered thousands of female vendors on its platform.

Increased networking and collaboration

Much more needs to be done to help women realise that the change begins with them. Collaborating with other women, being part of networks and communicating more with others is vital to helping women gain the confidence to start their own businesses. In Nigeria, networking and non-profit organisations like Women in Business (WinBiz) and Women in Management and Business and Public Service (WIMBIZ) among others are playing a strategic role in supporting and boosting female entrepreneurs. Women should not hesitate to join these organisations.

More education

Entrepreneurship has to feel accessible to women. More training and education programmes geared towards women could help build confidence and reduce the fears that starting a business is a high-risk endeavour.

New mentorship opportunities

Providing role models and guidance to women to show the economic, social and lifestyle benefits of business ownership could greatly enhance female entrepreneurship. Financial support, while crucial, is only one part of the equation. Having access to the advice and guidance of business mentors is invaluable for those women who are just starting out.

If you’re looking to expand your business, you will likely understand how stressful and daunting it can be. You might be tempted to dive right in when you’ve identified opportunities in a new state, country or industry. However, it’s important to do your due diligence so you can ensure your product or service will be well-received in this new market. To make the process easier, we share some of the steps you should take before expanding into your new target market.

Start building connections in the market

Build a network to gather industry information, increase brand awareness, and generate a buzz. Dedicate time in the new market to meeting new people, join relevant organizations, attend their events, and gather info about competitors and client opportunities. By leveraging your current network, the news will spread quickly and you will be able to get in the door much more quickly.

Know your unique value

Be sure to understand the unique value your product or service will bring to the market. This will help drive strategic decision-making and enable effective tactical execution.

Be grounded in your main market

It is very important for you to be grounded in your main market before you expand to a new market. You must have made substantial sales and people know about your product or services before you start thinking of expanding. Jumia started in Nigeria before it expanded to other African countries. The eCommerce platform did not simply expand for the sake of doing so. It conquered the Nigerian market by offering a service that Nigerians want which is the convenience of buying in the comfort of their homes. Now, Jumia is the eCommerce leader not only in Nigeria but also in Africa offering services across different verticals.

Understand the local competition

Before expanding into a new market, it is imperative to thoroughly understand the competitive landscape. There are a lot of factors that will determine how receptive customers will be to your product or service, and a key one is how you position it relative to competitive offerings. Understanding your competition allows you to frame your product or service in the most commercially viable way.

Get the right team in place

Expanding into a new market is extremely challenging. A great way to increase your chances of success is by hiring an extremely experienced manager who has deeply rooted relationships and understands the demographics of the market. If possible, find a candidate who comes from a similar industry as well.

Do a soft launch first

It is important you test the market before any brand or product launch. By doing so, and by testing launches with soft and then hard launches, you have an opportunity to build momentum, which then makes a splash.

The final season of the much-anticipated Game of Thrones is starting this weekend (April 14) and of course, fans can't wait to sit in front of their screens to watch as events that will lead to determining who takes the throne unfolds.

Before then, technology in the form of Artificial Intelligence has ramped up the anticipation by predicting who lives, dies and survives in GOT.

So, students attending a computer science seminar at the Technical University of Munich (TUM) worked on the Game of Thrones season 8 predictions using a machine learning algorithm. The students developed an application that searches the web for Game of Thrones (GoT) data and uses a set of AI algorithms they created.

Who has the best chance of sitting on the Iron Throne?

The machine learning algorithm developed now by the students predicts that:
• Daenerys Targaryen has the highest with 99% chance of surviving Game of Thrones; and
• Tyrion Lannister also has a high chance of survival, 97%.


According to the algorithm, the characters with the highest chance of dying next are:

• Bronn, who has a 93.5% chance;
• Gregor Clegane, with 80.35%; and
• Sansa Stark, with a 73.35% chance.

The list of survival rates

The survival rates for Game of Thrones season 8 were predicted using longevity analysis. This is a technique similar to scientific studies that examine the effects of treatments and complications on cancer patients.

Daenerys Targaryen - 0.9%
Tyrion Lannister - 2.5%
Varys -3.2%
Samwell Tarly- 3.3%
Jaime Lannister-4.0%


How accurate is the prediction?

Although the algorithm can only predict what will happen in Game of Thrones season 8, in 2016 before the airing of Season 6, students on the same course created an algorithm that was able to accurately predict Jon Snow’s resurrection.

The lead mentor of the class, Dr. Guy Yachdav, commented: “while the task of predicting survival chances for Game of Thrones characters relies on data taken from the world of fantasy, the exact same artificial intelligence techniques are used in the real world and are having a powerful impact on our everyday lives.”

The work on the algorithm for Game of Thrones survival chances is part of a JavaScript seminar which is given each semester at the Technical University of Munich computer science department. The course involves learning how to design, develop, and apply intelligent computer systems.

Source: https://innovation-village.com/see-who-lives-and-dies-got-8/

Imagine you woke up on a good day, sluggishly pick up your phone to check your Instagram account and alas, your handle has been changed. Nobody hacked it and you did not change it.

You are later informed that your handle has been changed and on further enquires, you discover that it has been handed to Prince Harry and Meghan-The Duke and Duchess of Sussex-without your permission. What will you do?

This was exactly what Instagram did to Kevin Keiley of Sussex, the original owner of the @sussexroyal handle that was given to the Royals.

Apparently, Keiley’s Insta handle had nothing to do with being a fan of the Duke and Duchess. Rather, it was a homage to a West Sussex soccer team nicknamed “The Royals.”

He claims he was not alerted by Instagram of the impending change or given the option to change the name on his own. He actually found out because his son noticed that the change had occurred and pointed it out to him.

This Instagram handle change was prompted because Prince Harry and Meghan Markle had officially joined Instagram and the account the Royal couple chose was @sussexroyal which belonged to another Keiley.


Perhaps they reached out to Instagram and got their desired handle! The best explanation the picture sharing platform gave was that Keiley's Instagram Handle was inactive.

According to Instagram, its user policy allows it to make changes to accounts that have been inactive for a certain amount of time.

Keiley admits he doesn’t post much but says he did use the account to like other posts. He still has the @sussexroyal handle on Twitter and isn’t interested in giving it up. “What I’m trying to do is keep tweeting, therefore, they can’t take it if it’s active,” he said. “I don’t know what the Royals are planning down the line.”

Now Keiley's handle has been changed to @_sussexroyal_ without consent.

What will you do? Would Instagram have changed the account handle if it had been active? By the way, the not so new royal account broke the world record for reaching one million followers in the fastest ever time.

https://innovation-village.com/instagram-taken-handed-royals/

Fintech is an umbrella term that encompasses the innovative ways technology is used to deliver and transform financial services.

From banking to payments to lending, fintech companies are increasingly attempting to compete with banks that have been around far longer and that arguably have far more money than they do. So in several ways, fintech is disrupting the way businesses are run and managed in today's tech world. Here are five ways fintechs are making the disruption a reality.

Encouraging online cashless transaction

With the increased penetration of the Internet, more and more people in Nigeria are changing their preferred mode of shopping from brick-and-mortar to online. These customers are also better-informed about scams and frauds, and are, therefore, seeking reliable, verifiable platforms to pay for their online purchases.

Biometrics for stronger security

There is a lot of interest in finding ways to use biometrics thumbprints and facial recognition to add an extra layer of authentication for transactions. Biometrics promotes usability by enabling quick authentication, avoiding the frustration that comes with remembering multiple passwords. In fact, several fintechs are investing in biometrics-based authentication solutions that use the forward-facing camera to scan the iris or the in-built thumbprint scanners in smartphones to strengthen security.

Targeting underserved markets

Even the largest financial institutions have left unfilled gaps in the markets they serve. Underserved markets are often seen as being too small or risky to be worthwhile. That has created the opportunity for forward-thinking fintechs, many of which not only hope to build a business serving these underserved markets but to leverage them expand their reach and market share.

Creating better and innovative services

Fintech startups often have the opportunity to create better products and services than their entrenched competitors. After all, what might be for a large financial institution a relatively small part of its business could be the entire focus of a fintech startup. That allows the latter to focus on building a better mousetrap and in turn win customers over.

Your business has big plans for now and the future. You are betting big on technology to take your business to the next level. Unknown to you, it is this same technology that is hindering and preventing your business from attaining its full potential. The interesting thing here is that some of the most common tech mistakes that businesses make are also the easiest to fix. Here are some tech mistakes that are hindering the growth of your business.

You think you’re smarter than robots

More businesses every day are jumping on the artificial intelligence bandwagon, and for good reason. AI can help optimize business operations, sift through huge amounts of customer data, and capture information that can help you make better decisions. The robotic takeover of the manual, repetitive tasks of businesses is inevitable. You can use this development to your advantage, or you can attempt to fight off the robot revolution.

A business like Jumia, Nigeria's no 1 shopping destination is already taking advantage of the benefits of AI with its chatbot tagged Jumia Bot. The Jumia Bot is the pocket assistant that helps you order food when you are hungry, book a flight or hotel when you want to travel and also assist with your shopping.

Weak login password(s)

In this era of online security consciousness and hackers looking for ways to steal information, using weak passwords for your login can put your business in great risk especially if you have customer information on your database. There’s no excuse for not having a more secure login process. You can use two-factor authentication which requires you to use a password to log in as usual, but goes one step further and forces you to confirm the login via a text message or phone call.

Not recognizing that technology evolves

Technology is highly dynamic. This means that training within a company must continually evolve. If you don’t focus on keeping up, your business will be left behind. The only way to stay on the cutting edge of technological evolution is to routinely stay updated. Give yourself and your staff as much training as possible, not only on new technologies but on systems currently in use as well. When you accept that you and your business will be lifelong tech learners, you’ll stay one step ahead of the pack.

No reliable backup

You should never assume that your backup system is working properly. At least, once each month you should back up a test directory, erase it, and then do a test restore. This will ensure that your backup device is working, but you also need to make sure that the proper data is being backed up.

Buying cheap tech equipment

I.T. will cost you a lot of money. In fact, depending on the industry you're in, tech could be your biggest investment. Cheap, outdated and otherwise unsuitable tech arrangements can cripple your business and cost business owners way more in time, trouble and overall inefficiency. Instead of looking for the least expensive solution, determine what you're going to need, and then look for the best deals on quality hardware and software.

The Galaxy S10 was recently launched by Samsung and it is a sleek and sophisticated phone you will want to have in your pocket. The Galaxy S10 is a fast and powerful phone with great cameras as well as long battery life. They're water resistant, have jacks for your wired headphones and can charge wirelessly. There's a lot to love about this phone. Here are some of the features that will make you abandon your current phone and buy any of the Galaxy S10 phones.

Storage option

Storage is one of those things you probably don't think about much until you're running out of space. However, compared to phones such as the iPhone XS and Pixel 3, Samsung S10 series are magnificent. The S10E starts at 128GB and has a microSD card slot to give you potentially up to 512GB more. For people with truckloads of files to store, the S10 can get you all the way to 1TB of storage space (with 12GB of RAM), or 1.5TB with the added microSD card.

Screen quality

The Galaxy S10 screen range from 5.8 inches to 6.4, with slim bezels all around. The S10 have curved edges. The curved edges create a more amazing feel. The Galaxy S10 which you can buy on Jumia, Nigeria's no 1 shopping destination, has a total possible resolution of 3,040 x 1,440 pixels, it's set to 2,280 x 1,080 pixels by default for battery savings. This is fine for you, but you can always boost the resolution with a quick trip to the display settings. All in all, the screen quality is very good.

Sterling camera

The image quality of the Galaxy S10 series phone is reliably good. Most phone cameras will take pleasing shots outdoors with ample lighting. Samsung's camera is definitely one of the best and with the automatic scene optimizer, you can turn it on and off with a tap which helps bring out the best in your photo. If you're not thrilled with the results, you can tap it off again.

Battery life

The Galaxy S10 phone has a great battery life that will get you through the day. The S10 naturally has the least longevity, being the smallest, but if you're not using it to stream YouTube videos and navigate all day, you should be more than fine. The Galaxy S10 has a longer battery lifespan.

Wireless PowerShare

Wireless PowerShare is a new feature that lets you turn the phone into a wireless charger to top up Qi-enabled accessories and phones. That's the standard protocol these days; so, it should work for most new devices that support wireless charging, even iPhones. There's a power management cut-off, which means when your S10 hits 30 per cent, it will stop charging out. You won't be left worrying if you've given up too much power to do what you need until you find a cable yourself.

Nigeria’s number one online shopping destination, Jumia has announced that it will offer up to 80% discount during its Easter Sale campaign which is scheduled to start 12.01am on Monday, April 8th, 2019 and run till April 21st.

The campaign will be predominantly hosted on the Jumia mobile App, and is expected to drive a sharp upturn in the shopping habits of Nigerians across the country, including those in the far-flung rural areas during the Easter season. There will also be flash sales at up to 50% off on limited stocks daily at 10am and 3pm.

While explaining the objective of the campaign, the Chief Marketing Officer of Jumia Nigeria, Salma Bencherif said the campaign has been designed to give every Nigerian living in rural or urban areas the opportunity to shop at incredibly low prices during the Easter season.

“Starting with the treasure hunt at 99.9% off, first, at 12.01am on Monday April 8, 2019, for the kick off with Samsung S10 at a giveaway price of N3,200. The treasure hunt became a tradition now at Jumia, giving the possibility to 1 winner every day to access top products at ridiculous prices. These treasure hunts will happen daily at 12PM till easter day on April 19th.

In addition, there will be free shipping nationwide on a selection of items,” she added.

Some of the product categories that will enjoy this massive discount during the two weeks campaign period include: Fashion, Electronics, Appliances, Groceries, Watches, Kids & Babies, Phones, and Computing.

“The products selected for this campaign are in response to our customers’ demand for their favourite products. And we have our partners, such as HP, Samsung, Binatone, Xiaomi, Mooka, to thank for working with us to give our customers the best prices, amazing deals and unbeatable product quality,” said Stanislaus Martins, Head of Partnerships, Jumia Nigeria.

Customers are the livewire of any business. If they do not patronise your services, you are as good as 'dead'. It is pertinent that you ensure that they always come back. However, there are a certain set of customers who are referred to as seasonal customers. They are shoppers who only shop during the festive period or when there is a big campaign-Black Friday. And obviously, as a business, you want to move them from being seasonal to year-round customers. Read on to know how you can make this possible.

Make the most of email

Email marketing is still one of the most powerful marketing tools you can use. It’s convenient, affordable, and its response rate is better than direct mail. But it’s important to capture customer information from the first purchase so that you can keep in touch going forward — and how you go forward is just as important. Your first email can simply be a thank you sent a day or two after order completion. Warm them up to your brand and messaging so that you can set yourself apart from the competition. Make sure to incentivize your seasonal shoppers to visit your store again and make a purchase using an included discount coupon with an expiration date to evoke a sense of urgency.

Offer special sales campaigns throughout the year

Rather than waiting for a Cyber Monday or Black Friday, create your own holidays and sales throughout the year. You should run a new campaign each month to drive traffic and increase sales. For instance, Jumia, Nigeria's no 1 shopping destination have different campaigns beside Black Friday. Jumia has 12/12 campaign, Jumia Easter Sales and Jumia Mobile Week among many other campaigns. These campaigns come with amazing discounts and vouchers. Also, be sure to include an expiration date for each campaign, as consumers are more willing to make immediate purchases if they fear losing out on a great deal. Otherwise, they will wait to make the purchase, as there is no incentive to move forward right away.

Create new content

Engaging, useful content will not only drive traffic to your website but if you do it right, it can drive sales too. Create content that not only helps your target audience (which include the seasonal shoppers) but also encourages them to buy. For example, you can put together a list of tips to help readers get ready Easter and recommend some products from your online store that will help them. Make sure to add popups and opt-ins to your blog posts as well to encourage people to sign up for your email list.

Offer excellent customer service

Customer service is king when it comes to getting one-time customers to return. Being a retailer during the holiday season gives you a couple of options. You can either be stressed out like everyone else, or offer such a hassle-free, enjoyable shopping experience that customers will actually remember after the holidays. You can be different and stand out, and that’s done simply by being pleasant, present, and proactive.

Customer loyalty programmes

Loyalty programmes are an effective way to increase purchase frequency. Customers can earn valuable rewards, which motivates them to make more purchases with you. That means that those seasonal shoppers are prime targets for a customer loyalty program. Start off by giving them welcome points when they sign up, so when they see how easy it is to earn rewards, they’ll want to come back to your store to do it again. They get more value when they shop, and you get their repeat business.