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Friday 08 November 2019
BUSINESS DAY
COMPANIES&MARKETS
Business Event
TECHNOLOGY
PayJoy announces compatibility program with six OEMs ...enables smartphone locking technology on more devices JUMOKE AKIYODE-LAWANSON
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ayJoy Inc, provider of consumer finance via smartphones, has launched its compatibility program for smartphone original equipment manufacturers (OEMs), starting with agreements with four key smartphone brands in emerging markets: Transsion Group, TCL/Alcatel, D.Light and Hisense, building on existing compatibility with Samsung and LG. These four smartphone brands achieved compatibility by incorporating PayJoy Access in their systems. PayJoy Access is free firmware technology developed by PayJoy to facilitate fast and efficient integration of PayJoy Lock, its industry-leading smartphone locking technology for OEMs. Compatibility with PayJoy’s patented technology enables retailers to offer these smartphones on installment payment plans secured by PayJoy, thereby increasing market access and affordability for the billions of users who have
yet to adopt a smartphone. “By licensing PayJoy Access, these OEMs have shown a strategic commitment to expanding access to their devices for the next billion consumers, which will in turn increase OEM’s device sales,” Mark Heynen, PayJoy’s co-founder and CBO said. “PayJoy continues to welcome additional OEMs to our compatibility process and look forward to additional compatibility announcements over the coming months,” Heynen said. PayJoy Access enables compatibility with the PayJoy Lock, a patented and purpose-built app that facilitates finance for the underbanked consumer segment in developing markets by virtually “collateralizing” the device. Additionally, the app infor ms the end-us er when their next installment is due and options for paying. If a payment is missed, the device “locks,” limiting its functionality to emergency calls and communicating with the lender.By collateralizing the smartphone with Lock,
PayJoy dramatically improves repayment rates, reducing costs to lenders who can pass the savings on to consumers, thus making smartphones more affordable. Additionally, similar benefits apply to MNOs who wish to extend subsidy offers in the prepaid segment. I n M e x i c o, P a y J o y uses Lock to offer its own monthly payment plans based on this technology and found the method so effective as to reduce its consumer default risk by 50 percent while enabling increased approval rates and with no late fees. This approach recently earned PayJoy a Net Promoter Score of 80. PayJoy licenses Lock to lenders worldwide to improve their portfolios’ payments performance, most recently with leading institutions in 22 countries including Panama, Guatemala, Ecuador, Kenya, Nigeria, Senegal, Zambia, and Indonesia. According to the company; additional commercial launches are expected later this year.
L-R: Olawale Bello, MD WAVL Properties Limited, Freeman Osonuga, MD Adloyalty Business Network, Adeyanju Olajumoke, Head of Admin, WAVL Properties Ltd and Zino Ogregre, General Manager, WAVL Properties Ltd at the ground-breaking ceremony of Plush Magodo GRA recently
L-R: Denzil Kentebe, former executive secretary/chief executive officer of the Nigerian Content Development and Monitoring Board (NCDMB); Simbi Wabote, executive secretary, NCDMB; Iroghama Obuoforibo, chief operating officer, Starzs Investments Company Limited, and Ernest Nwapa, pioneer executive secretary, NCDMB, at the NCDMB stakeholders retreat in Akwa Ibom.
FINANCIAL SERVICES
PAC Holdings conference opens investment opportunities between Uganda, Nigeria IFEOMA OKEKE
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anAfrican Capital Holdings (PAC Holdings) in Lagos held a business lunch to host members of both Uganda and Nigeria to explore and engage in conversations on economic opportunities between the two countries. The business lunch which was attended by over 60 Nigerian CEOs cutting across different sectors including Oil and Gas, Infrastructure, Finance, Tourism and Hospitality, ICT and Media, Telecommunication, Government and more, also had in attendance, Nelson Ocheger the High Commissioner, Ugandan High Commission to Nigeria, as well as members of Executive Management, DMA Group. Speaking by way of opening remark, Chris Oshiafi, Chief Executive Officer, PAC Holdings commented that whilst it appears that Nigeria and Uganda share a lot in common, from similar his-
tory, characteristics and experience, both countries may not have deeply harnessed strengths on the business front in the areas of trade and investments. According to the 2017 World Bank report, Uganda’s export to Nigeria stood at $929,000, with majorly food products accounting for 83.54 percent. “Today’s meeting is particularly exciting because it reflects our commitment to engage the Ugandan and Nigerian business communities and the aspiration to tackle some of the bottlenecks that may have abetted trade relationship”, he told the audience as he pledged the support and preparedness of PAC Holdings to ensure its success. Also speaking, Nelson Ocheger, the High Commissioner, Ugandan High Commission to Nigeria, thanked the management of PAC Holdings for taking the initiative through the Business
Lunch, as he affirmed that both countries stood to reap a number of benefits including increased export and import trade and enhanced access to human capital. He further said that, ‘Uganda has proven itself to be a highly stable country over the past 2 decades, standing as the second fore runner at attracting foreign direct investment (FDI) inflows within the EAC.” The Business Lunch was also attended by top Nigerian Industry Chief Executive Officers and Management and staff of PanAfrican Capital Holdings as well as by Senior Management of DMA Group. PanAfrican Capital Holdings is a Proprietary Investment Company with special focus on key sectors across emerging and frontier markets in Africa including financial services, hospitality and entertainment, real estate and infrastructure, agro-allied and FMCG, healthcare and ICT and Media.
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L-R: Ben Langat, managing director, FrieslandCampina WAMCO; Muhammed Sabo Nanono, minister of agriculture and rural development, and Ore Famurewa, executive director of corporate affairs, during a recent courtesy visit to the Federal Ministry of Agriculture and Rural Development in Abuja as they partner for sustainable dairy development in Nigeria
L-R: Isiah Bozimo, Partner, Broderick Bozimo & Company; Folake Sadiq, Chair, CIArb Young Member Group Nigeria; Nathan Searle, Partner, Hogan Lovells; Laura Alakija, Representative, International Chamber of Commerce- Young Arbitrators Forum, Africa, Middle East and Turkey and Ademola Bamgbose, Partner, Hogan Lovells at the Joint Training of the Chartered Institute of Arbitrators-Young Members Group Nigeria and International Chamber of Commerce Young Arbitrators Forum in Lagos.
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