Good People, it’s graduation week – and Tekedia Institute Mini-MBA edition 10 will conclude this week. It has been a great academic excursion on the mechanics of market systems. Over the last 12 weeks, more than 80 faculty members have led those excursions across different topics and domains.

We have mastered the fundamental constructs of business, and acquired skills and knowledge systems from executives in leading global and local companies, on innovation, business growth and operational execution.

For this week’s Live sessions, we will begin with “The Journey to Growth” to be followed by “The Call to Business Execution”. On Saturday, we will have the finale with “Building Category-King Companies and Winning in Business”. Zoom links in the Board. I will lead all the sessions this week.

Our learners are having many graduation parties across cities; do so respectfully as you meet.  These events are independently organized and we do encourage them. #Ready2Lead

To join the next edition of Tekedia Mini-MBA, go here and register.

• Prof Ndubuisi Ekekwe
• Lead Faculty, Tekedia Institute

The Central Bank of Nigeria CBN released the Guidelines on Web acceptance services as a means of providing a regulatory framework for supervising the safe operation of Web-based card acceptance services in furtherance of e-commerce and digital payments.

This article will be specifically focused on the provisions of the Guidelines regarding :-

– The applicability scope of the guidelines

– The objectives of the guidelines

– The stakeholders of the Web-based card acceptance value chain and their roles and responsibilities.

– Consumer Protection/Dispute Resolution

– Charge back period for Web-based transactions

What is the applicability scope of the Web-based card transactions guidelines?

The guidelines shall be applicable to all forms of transfers of monetary value on the website of a merchant or a payment aggregator in fulfillment of consideration for the purchase of goods and services on  the internet. 

What are the objectives of the guidelines?

The objectives of the guidelines are :-

1. To provide minimum standard requirements for the processing of transactions on the web.

2. To promote the safety and effectiveness of web acceptance services and thereby enhance user confidence in the service.

3. To identify the roles and responsibilities of stakeholders.

4. To encourage the development of effective, low risk, low cost and convenient payment and financial services to customers and businesses through the internet. 

Which entities are named by the guidelines as stakeholders in web-based card transactions and what are their respective roles and responsibilities?

1. Issuer

Roles and Responsibilities

– To be responsible for the issuance of the cards. Only licensed deposit taking banks shall serve as issuers of payment cards. 

– To provide additional security measures to cardholders who intend to utilize their cards for transactions via the web. 

– To maintain internal records over a minimum period of 7 years to enable audit trails on card-related transactions.

– To not enable a card for web transactions unless requested by the customer.

2. Merchant (Website owner)

Roles and Responsibilities

– To ensure that the terms and conditions for its products and services are properly communicated and conspicuously displayed on its website.

– To ensure that it cooperates with the acquirer in implementing appropriate security measures. 

– To provide the customer with clear instructions on the process for making payments on its website.

3. Payment gateway providers

Roles and Responsibilities

– To provide services with respect to the processing of online payment transactions related to the sale of goods and/or services. 

– To be responsible for the security of the data related to the payment instrument that is possessed, stored, processed or transmitted on behalf of cardholders.

– To hold all forms of customer data securely and take responsibility for the security of the data.

4. Customers/Cardholders

Roles and Responsibilities

– To guard their cards, PINs , and hardware tokens with utmost care.

– Immediately notify the issuer if the card, PIN, or token is lost or compromised. 

5. Acquirer

Roles and Responsibilities

1. To be responsible for engaging and managing the web payment gateway provider.

2. To test the website’s payment integration and ensure that sensitive customer data are not retained on the merchant’s website.

3. To acquire all transactions done on the website of merchants acquired by them.

4. The acquirer shall sign an agreement for acceptance and payment via the web channel with the merchant.

What are the provisions of the guidelines on the twin issues of Consumer Protection/Dispute Resolution? 

The guidelines provide that any dispute, controversy or claim arising out of it or the breach, termination or invalidity thereof shall be settled in accordance with the CBN dispute resolution mechanism and if unresolved may be referred to an arbitrary panel as provided under the Arbitration and Conciliation Act. 

What is the charge back time frame for failed web transactions under the guidelines?

Refunds on disputed or failed Web transactions shall be treated within 48hours. 

We have this startup which came to Tekedia Capital Syndicate. It was oversubscribed by multiples and before we could even finish,  all our members had doubled their investments. Yet, the startup has not even launched! But when you see amazing business models, you admire them. No wonder, everyone wants  in, from Europe to Africa to the Americas. The fun fact: they baked the startup in Lagos!

Young people, start building. The greatest business in Nigeria has not been started. We’re just entering the application utility era in the nation and the cambrian moment of entrepreneurial capitalism is still at infancy.

If anyone tells you that the future does not offer a promise, ignore. Simply, Abundance is in the future. Think. Think. Think. There are many amazing things in Africa. Look at those local challenges from a new dimension, not necessarily in the way Silicon Valley would have looked at them. Find that #GreatestBusiness which remains unborn.

At Tekedia Capital, I will like to explore how to help you. We invest $$millions of dollars yearly with positions in dozens of companies. They will tell you that there is no money in Africa. Sure, I can tell you that in our current Tekedia Capital cycle, our challenge is how to ration investments due to oversubscriptions! Africa has funds. But it needs visionary entrepreneurs for those with the funds to release them. #build

The Nature of Job is Changing

We need to build because the nature of jobs is changing as the World Economic Forum projects that 14 million jobs would be lost in the next five years.

Nearly one in four jobs are set to change over the next five years as a result of trends including artificial intelligence, digitization, the green energy transition and supply chain-reshoring, according to a new report from the World Economic Form. The report, which is based on a survey of over 800 employers, also said global job markets are set for a “new era of turbulence” as clerical work declines and employment growth shifts to areas such as big data analytics, management technologies and cybersecurity.

Employers expect to create 69 million new jobs by 2027 and eliminate 83 million positions, with a net loss of 14 million jobs, it said.

Up to 26 million jobs in record-keeping and administrative positions will be eliminated as roughly 75% of surveyed companies said they expect to adopt AI technologies over the next five years.

Slower economic growth, supply shortages and inflation remain a bigger threat to jobs than AI for now, the report said.