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Mobile Payment Solutions in a Corporate World: Our Transition to a Cashless Society Omotade Odunowo Nigeria’s modern globalised landscape dictates that all aspects of the business transaction process must be seamless and effective, which is a certain advantage of mobile payments and transfers over conventional banking methods. Mobile payments are convenient for users because they take advantage of technology that is always with them: their mobile phones. Today’s world sees customers discarding credit cards in favour of mobile phones. Mobile payments are also convenient for sellers: set-up is quick and simple and mobility allows sellers to accept payments away from their primary business locations. Rather than financing through cheques, which would have been physically deposited at a local branch of their bank, fetswallet combats these cumbersome barriers by providing a digital solution. Accessibility and real time control of your finances is an integral aspect of the mobile banking’s appeal and with 46.1 per cent of Nigeria’s population currently with access to the Internet and smartphone penetration reaching 30 per cent, the ability of individuals to remotely access their finances is growing at an ever-increasing rate. This has been compounded by the smartphone market reaching maturity and thus driving down the prices of smartphones, which has in turn enabled a greater population to reap the benefits of this exciting technology. Despite the cheaper smart phone options available and the presence of an internet connection becoming the norm, there are still a vast number of individuals who are not able to enjoy these benefits. Although this is less likely to be an issue within the large scale corporate environment, it is important that all stakeholders are accounted for. In an industry such as agriculture, where
Mobile money platforms like the fetswallet are convenient, reliable and affordable payment solutions
the sourcing of raw materials is a vital aspect of the value chain, there is a greater emphasis on distributors being able to function within a rural setting. This is where fets truly comes into its own in comparison to other e-payment and mobile banking solutions In Nigeria, mobile payment has become a very acceptable payment medium because of the nature of the economy. As consumers become more comfortable with the technology, analysts expect more money to flow into mobile payment solutions. Mobile payments will provide entrepreneurs with many payment options and give businesses the customised, flexible solutions they need to make payment processing simple. The greatest benefits for vendors will come from how seamlessly the mobile transaction element is integrated into the overall shopping experience. Transitioning to a cashless society in Nigeria will promote financial intermediation, financial
inclusion, minimise revenue leakages and thus increase internally generated revenue (IGR) and reduce incidences of robbery. It will also reduce the amount of cash payment while encouraging electronic payments. Bank transfers are a method of payments for distributors in FMCG environments and are widely used throughout a number of organisations. However, this raises an issue when it comes to the efficiency and security of the payment process. In Nigeria alone, it is estimated that there are currently 59 million adult Nigerians and 70 per cent of rural Nigeria that do not have access to banking or a formal financial institution. Mobile payment services are able to vastly reduce the impact of an individual’s lack of access to a financial institution and fets is able provide this benefit and also takes this one step further. As opposed to other e-payment services requiring the individual to possess
a bank account from a banking institution, fets offers the unique advantage of branchless banking. In an environment where access to financial services bodies can be limited to some, fets has been able to provide an innovative financial solution that appeal to people of all backgrounds. It is not in doubt that statistics have shown that majority of Nigerians even the literates are unbanked, with mobile payment the number of the unbanked will reduce drastically. Mobile payment optimisation isn't just something to consider any more - it's a necessity for companies that want to thrive in a fast-paced, digital marketplace. Mobile payments can deliver substantial customer engagement and loyalty benefits when implemented effectively. Ultimately, we are seeing a transition occurring as we are moving our focus from a cash oriented society to a ‘cashless Nigeria’. This is evident with the profusion of mobile payment service providers becoming available within Nigeria and Africa as a whole. Naturally, as services become increasingly digitised there is an increased prominence placed upon security. Due to the dynamic and fast paced nature of today’s corporate environment, it is imperative that businesses have access to fast, efficient and secure payment methods that enable them to capitalise upon business opportunities. fets encapsulates these needs perfectly and as a result, was recently awarded with the honour of being the most trusted mobile payment company in Africa. With major clients operating in the banking sector and telecommunications as well as service providers and distributors, it is clear to see why fets is a leading player in Africa’s fintech revolution. Odunowo, is Managing Director of Funds and Electronic Transfer Solutions Limited (fets)
Search for ‘The Next Titan’ Season 3 Begins After the success of the two previous editions of The Next Titan, Nigeria’s Entrepreneurial Reality TV Show, the organisers, and Heritage Bank as the major sponsor, have appeared putting efforts in place for the new season with an official press conference scheduled for August 30, which will officially launch the commencement of the Season 3 of the innovative show. The previous seasons recorded amazing success with several thousands of entries received from young aspiring entrepreneurs across Nigeria and diaspora, before being auditioned in Abuja, Port Harcourt, and Lagos. The Next Titan, a 10-week reality TV show sees entrepreneurs going head to head to battle it out in an aim to win the prize of a substantial N5 million for their business idea, another way of developing the Nigerian buddy entrepreneurs. According to the executive producer, Mide Kunle-Akinlaja, “the importance of The Next Titan to the Nigerian economy lies in igniting entrepreneurial spirit of young people, and showcasing the possibility of entrepreneurship in transforming lives and our societies with just an idea that can be scaled to greatness.” He added that, by scouting for young talented people who have entrepreneurial acumens, grooming them through a rigorous task and boardroom process and eventually funding a winner’s idea, leading to an opportunity to create
The Next Titan
jobs for themselves and others, is indeed a big contributor to the socio-economic development of the society. And what is more compelling is that a broader audience, that is millions of TV viewers are able to watch the 10 week TV Reality show directly on their TV sets, therefore getting their entrepreneurial spirit inspired to take their destinies in their hands. The multiplied effect of this is that the young graduates whose their mentalities have been earlier conditioned to seeking for jobs after schools, would now
have a change of mind sets of creating jobs for themselves and others. The formats of the show specifies that the participants must be university or polytechnic graduates, and this is actually noticeable in the profiles of the past two winners of the show. The winner of the Season one is Iroghama Ogbeifun from Port Harcourt. She is a graduate of University of Massachusetts, Boston, and with Masters in Public Health fromBrunnel University, London. The Next Titan has brought out the best and
potentials in her. She is today an employer of labour with more than 15 graduates working with her company, HAIRVEN LTD, the only synthetic hair care product line in Nigeria. Iroghama Ogbeifun as the founder of HAIRVEN LTD is living her dreams, and has equally been able to create jobs for other graduates. And the winner of Season Two is Davies Okeowo from Lagos, who holds Bsc in Accounting from Lagos University. He is the founder/CEO, of Enterprise HiLLS, a business consulting firm located in Lagos which provides business development services and support to Micro, Small, and Medium scale Enterprises (MSMEs). Enterprise Hills provides accounting services to businesses within the MSME business category by leveraging on the power of modern technology to create diverse solutions to suit the needs of its market thereby making them more structured, minimising their chances of business failure, and maximizing their chances of business growth and sustainability. The Search for the ambitious entrepreneurs for the Season three has already started, and young entrepreneurs with innovative, viable and scalable business ideas are advised to send their entries via www.thenexttitan.com. The show’s new season is made possible by its usual headline sponsor, Heritage Bank, and with supports from Lagos State Government, and other reputable companies.
Itsekiri APC Leaders Visit Emerhor, Pledge Support for NDDC Nominees Leaders of the All Progressives Congress (APD) from Itsekiri extraction have commended President Muhammadu Buhari for recognising Delta State in his recent appointment. They also applauded the efforts of Olorogun Otega Emerhor, in building the APC in Delta State. In a solidarity visit earlier in the week, the leaders pledged their support for Engr. Samuel Ajenakevwe Adjogbe and Dr. Ogaga Ifowodo, the two nominees for Executive Director Projects and State Representative from Delta State appointed into the board of the Niger Delta Development Commission (NDDC). The leaders
also discussed ways to further strengthen the party in the state. The stakeholders who were led by the Delta South Senatorial APC Chairman, Senior Apostle Yemi Omaghomi, had in attendance, Barr. Justin Rewane, Barr. Omasan Agbajoh, Hon. Misan Ukubeyinje, Dr. Omawumi Urhobo, Comrade Tunde Okorodudu, Barr. Wesley Bawo Edema, Piero Young Omatseye, Bawo Oteri, Barr. Solo Igbiaye, Toju Omadeli, Ethel Ayemotse and Prince Valentine Egbe, Warri South LGA chairman. Otega, who used the occasion to thank them for the solidarity visit noted that he is aware
of the disenchantment of a few about the recent appointments and commended them for standing by the party. He urged them to remain committed noting that there is reward for hardwork. He maintained that he will continue to call for peace pointing out that the party is reaching out to aggrieved members with a view to having a united house.. Responding on behalf of the leaders, Snr. Apostle Omaghomi commended Emerhor for his participatory leadership style while pledging to mobilise the Delta South Senatorial zone to continue to support the decisions of the leadership of the party.
Emerho