DD
MM
YYYY

PAGES

DD
MM
YYYY

spot_img

PAGES

Home Blog Page 4903

E-payment Transactions In Nigeria, Hits Monthly All-Time High Of N33.2 Trillion In August

0

The adoption of the e-payment system in Nigeria, where consumers can pay for goods bought without physical cash, has continued to witness a surge of e-payment transactions in the country.

According to the Nigeria Inter-Bank Settlement Systems (NIBSS), it revealed that transactions worth N33.2 trillion were performed electronically in August through the NIBSS Instant Payment platform (NIP).

This brings the total value of e-payment deals in the last 8 months to N238.7 trillion

The NIBSS data also shows that the August 2022 record came as an all-time high e-payments value recorded in a month since the deployment of the platform.

Compared to the N29.3 trillion recorded in July, this shows a 13.3% growth. Year on year, the e-payment value increased by 50% compared to N22.1 trillion recorded in August last year.

The recent surge witnessed in electronic transactions in the country, reveals that a large percentage of Nigerians are embracing the cashless policy introduced by the Central Bank of Nigeria (CBN) in the year 2011, to curb excesses in the handling of cash in the country.

It is interesting to note that cashless transactions in Nigeria rose by 40.66 per cent year-on-year to N210.08 trillion in the first seven months of 2022.

Also, financial inclusion has been recognized as a very important factor for e-payment adoption, because apart from mobile banking, all other electronic payment platforms require a bank account in the formal financial sector for smooth transactions.

According to NIBSS, the value of e-payment recorded was a reflection of the increase in the volume of deals within the month. The NIP volume rose to 448 million in August, showing a 10.6% increase over 405 million recorded in July.

An analysis of the first 8 months for 2022, released, revealed that the NIP platform recorded N26.6 billion transactions in January. Year on year, this was a 43.7% increase over N18.5 trillion recorded in the same month of last year.

Similarly, in February, deals worth N27.2 trillion were sealed over the electronic platform. Compared with February 2021 when N18.3 trillion was recorded, this represented 48.6% growth.

In March, the platform recorded 31.8 trillion transactions, a 44.5% increase over the N22 trillion recorded in the same month last year.

The value of transactions on the NIP platform stood at N29.2 trillion in April this year. This also shows a 41.6% increase over the N20.6 trillion recorded in April 2021

In May, the value of e-payment transactions stood at N29.6 trillion, a 43% increase compared with N20.7 trillion recorded in the same period last year.

The NIP transactions rose to N31.7 trillion in June 2022, a 37% growth over N23.1 trillion posted at the same time in 2021.

The data for July also reflected a 31% increase from N22.4 trillion last year to N29.3 trillion this year.

For August, the value of e-payments in Nigeria increased by 50% to N33.2 trillion compared to N22.1 trillion recorded in the same period last year.

The e-payment system has been proven to have a significant number of economic benefits which includes, mobilization of savings, and ensuring that most of the cash available in the country are with banks, which will make funds available to both businesses and individuals.

Tekedia Mini-MBA Begins On Monday, Sept 12 2022 at 12 noon WAT

1

Finally, the hour is here. Tekedia Mini-MBA begins tomorrow, Monday, Sept 12 2022, at 12 noon WAT.  On behalf of our faculty, staff and our alumni, let me welcome everyone. We have scheduled business executives from SAP Africa, Microsoft (USA), Barry Callebaut Group (Belgium), etc for the live Zoom classes.

They will focus on business innovation and design thinking. Later, other faculty members will move into business growth. Then, towards the end of the program in December, we move to operational execution; we bring in startups/SMEs CEOs for cases and lessons learned. It is a festival on business mechanics and entrepreneurial capitalism.

I am very confident that by the time you spend 12 weeks in our award-winning business school ( Velocity Mhagic’s $60,000 winner), you will see business and market differently.

This will be the best N60,000 or $140 you would be spending on learning; a promise to be kept. We continue to welcome new learners. Click and register today 

Ndubuisi Ekekwe, PhD, MBA

Professor & Lead Faculty

Tekedia Institute, USA

Who can grade JAMB Mathematics?

3

Who can grade JAMB? Why is it that no person (to my knowledge) has scored 100/100 in JAMB Mathematics in Nigeria? If you have had an exam since the late 1970s, and no student entering university in Nigeria has scored 100%, is it time to ask questions?

Sure – someone broke 99 in the last few years but I am not aware of 100%. Contrast that with JAMB alternatives like SAT (undergraduate) and GRE (graduate). Yours truly scored 800/800 in GRE Mathematics. But it was not a big deal as most engineering PhD students into top-10 universities break that in US.

Do you know of anyone who scored 100/100 in JAMB Mathematics? I am just curious because it seems really intriguing for a Math exam since 1978. Yes, I find it hard to believe that JAMB is that hard for a kid in Nigeria not to have cracked that perfect score in decades.

Update: someone had noted that someone had actually recorded 100 in JAMB. So, the 100 is not for the aliens.

Comment on LinkedIn Feed

Comment 1: 800/800 on GRE?

Incredible!!!

That’s an electrifying brain there. Success truly is predictable. People who make impact today have at some point in their life when growing up shown predictable signs of it.

Be it in politics, religion, academics, entrepreneurship etcetera. Whenever I dive into the biographies of people like Peter Obi, Tinubu, Oyedepo, Elumelu, Strive Masiyiwa and now our own truly, Prof Ndubisi Ekekwe.

I’m always overwhelmed with the results these people were commanding in their early 30s that I used to ask myself, are will (who are in this age bracket) ever going to match 1/10th of their abilities, looking at how far they have come in the journey at such age?

My Response: GRE Math 800/800 is very common. If you get the first say 20 questions out of say 40 correct, it may cut-off and give you 800/800. It is not designed to punish, rather to gauge your mathematical ability. But if you get 2 wrong in the first 10 questions, even if you get the balance 38 correct, you cannot score up to 700.

Why? When you begin, you start with “middle difficulty” in the questions. If you keep getting the questions right, the system will bring “harder and harder”. If you sustain that and by 20th question and you are still getting it, it awards you 800/800 and tells you to go home.

But if you fail two in the first 10, it will offer easier and easier questions, and if you keep failing some, it will return the real easiest. You may get those but it marks you below 600.

Comment 1b: No surprises here really. The Nigerian system is programmed to fail you by default. No wonder people who struggled to finish 2:2 here cross over and start breaking records, a system where the lecturer tells you A is for God, B is for his mum in the village, but C downwards is up for grabs for all all interested. It can be better, but at this time, nahh.

Comment 2: I don’t think we can compare Jamb with GRE. you won’t see a graduate student, PHD or someone going for masters degree taking JAMB. however GRE seems very much open in the sense that someone going for PhD take it just like someoone going for masters and possibly even someone going for bachelors degree, just like you have mentioned.

Imagine an engineering PhD candidate takes Jamb math ? . As we all know, folks that takes Jamb are much younger with less educational knowledge and experience compared to folks that takes GRE.

My Response: used the word “Contrast”, not “compare” and added SAT which is JAMB peer. But since Nigeria does not have central exam for post-graduate, I lumped in GRE. You focused on the GRE, ignoring the SAT.

(GRE is more difficult than JAMB just as GRE is more difficult than SAT. GRE is not measuring your math skills but your math heuristics in a grading scale. If you fail the first two questions and get the last say 38 correct, your score will not be above 600/800. But if you get the first 20 right, you may not even need to stay for the last 20 to get 800/800. That is the difference)

To Export Digital Skills to Europe/US, Africa Must Learn from China’s 99/10 Outcome And Spend on Basic Education

1

Many questions on my piece on the path for Africa’s development and industrialization. Please note that investing more money in universities is not the absolute solution for deepening youth digital competitiveness. Pardon me, and hold the verbal missiles; I am not saying that African governments should not invest in universities  after I have attended one largely free in Africa. Here is my postulation:

China has 99% primary education enrollment with less than 10% university attainment. They put all the best money in basic education (primary and secondary school levels), making sure that it is really great. For the university, they don’t really care that much. They outcompeted the world when they unleashed highly prepared young people into manufacturing lines upon their admission into the World Trade Organization (WTO).

In the United States, they do the same, making basic education free up to secondary school level. If you want to attend a university, pay for it or take a loan, in a situation you cannot get the limited available scholarships.

In Africa, we flip that. While Nigerian university lecturers are on strike, asking for more money (they do deserve it), no one remembers the primary and secondary school teachers. If Nigeria pays a professor of music $1000* monthly, a mathematics may be earning $50 in a public primary school. As a result of the paltry salary, public basic education has struggled or collapsed as with the cases in Sokoto and Zamfara states where public students have not sat for WAEC for two years.

The poor public school quality has created a vicious circle where extremely unprepared kids are “graduated” and fed into the university system. In the last JAMB exam, the cut-off to enter universities was dropped to 140. The implication is that you need just a 35% score to enter the Nigerian university system. Does that make sense? Not really!

For the postulation I have put forward to work, Africa needs to invest in its primary and secondary education, not just the universities. That implies that we must revamp our curriculum and have more practical with the elevation of technical colleges where young people could be exposed to practical elements of learning. 

Yes, we must not think just improving the universities without the understanding that great primary and secondary education remains the catalyst to deepen national competitiveness through talent. Indeed, to export digital skills to Europe and US, Africa must deepen basic education because that is the fundamental pipeline to acquire the critical knowledge to thrive in a modern world.

*that is close using the official rate

How Africa Will Develop: Europe/US Outsourced Factory Jobs to China; Africa Will Export Digital Skills to Them

United Airlines Invests $15m into Electric Taxi Startup, Eve, to Purchase 200 Air Taxis

0

United Airlines is letting $15 million into Eve Air Mobility, an electric aviation startup owned by Brazilian aircraft manufacturer Embraer, which manufactures air taxis.

Under the deal, United will have to buy 200 of Eve’s electric air taxis as part of its efforts to support transition to environmentally friendly mobility. The company said on Thursday that it has option to purchase 200 more.

The announcement comes on the heels of United’s agreement to purchase 100 electric aircraft from Archer Aviation along with a $10 million deposit.

Eve Air Mobility develops small, electric vertical takeoff and land known as eVTOL, which can seat four passengers and take off and land vertically like a helicopter.

eVTOLs are designed in such a way that they can navigate through dense cities as taxi service, flying from one rooftop to the other.

But so far, federal aviation regulators have given approval for none of the air taxis to fly passengers.

Eve, which was listed on the New York Stock Exchange in May, may have to meet certain benchmarks before fulfilling its order with United, as the airline described it as a “conditional purchase agreement.”

United did not give details on the conditions but said it expects the first deliveries of the aircraft as early as 2026.

Eve’s eVTOL has a range of 60 miles.

United has a net zero emissions goal by 2050 that it plans to reach without the use of traditional carbon offsets. The investment will be pulled from the company’s venture subsidiary, United Airline Ventures, which it has been using to chase its net zero emissions goal.

United said it is investing in Eve primarily due to its ties to Embraer, which can provide access to parts and supplies for its air taxi service. But the company has had plans to invest and purchase eVTOLs from startups like Eve. Last year, the airline said it would purchase 15 supersonic aircraft from Boom Supersonic, with an option to increase that order to 50 jets.

However, these investments underscore an interest surge in electric air taxis.

In March, NetJets said that it’s buying 150 Lilium eVTOLs, which it plans to operate as Part 135 charter aircraft. The eVTOLs will be based in Florida where Lilium intends to build an eVTOL network serving central and southern parts of the state.

Other airlines including American have also invested in or committed to purchasing air taxis. They said the new technology could reduce emissions, particularly on short routes such as commutes to the airport.

Michael Leskinen, president of United Airlines Ventures, expected the one-way cost to the airport to be about $100 to $150.

Sebastien Borel, Lilium vice president of business said; “The U.S. market will be a good test for us to see how far we can go. But it’s meant to be global, and we’re confident this will drive us to be global.”