DD
MM
YYYY

PAGES

DD
MM
YYYY

spot_img

PAGES

Home Blog Page 4942

Finally, Twitter Is Rolling Out Edit Button

0

In April, Twitter announced that it’s working on an edit button, a feature that will allow its users to edit their tweets after they have posted it. On Thursday, the microblogging app announced that it is trialing the edit feature.

The social media company said the feature will allow users to change tweets up to 30 minutes after they are published, and that tweets can be edited a few times within the 30 minutes window.

The tweets will appear with an icon, timestamp and label to make it clear that the original post has been modified. Viewers can click on the label to view edit history, which will include past versions of the tweet.

“It’s true: Edit Tweet is being tested by our team internally. The test will then be initially expanded to Twitter Blue subscribers in the coming weeks. Given that this is our most requested feature to date, we wanted to both update you on our progress and give you and a heads up that, even if you’re not in a test group, everyone will still be able to see if a Tweet has been edited.” – Twitter said.

https://twitter.com/Twitter/status/1565318587736285184?s=20&t=godXv6MT4-lJsluDNgfD7Q

The feature, which will be rolled out in the next few weeks, is now being tested among a small group of users to address any possible issues. Twitter said the feature will be limited to one country first. The company added that it will be expanded to subscribers of Twitter’s Blue Service, the $4.99 per month class, later this month.

The Twitter Blue, which is only available in the US, Canada, Australia and New Zealand, has features such as an “undo” button, which gives users a 60-second window to amend a sent tweet before it goes public.

The half an hour window period edit button, which was created as a result of growing demand by Twitter users, though longer than the one minute function of Twitter Blue, is considered not enough.

As recent as two years ago, Twitter founder and former CEO Jack Dorsey had ruled out the possibility of an edit button. So the edit function was never in plan as it was a way to make everyone own up to their errors.

Twitter said the 30 minutes window is to keep conversations on the platform upright.

“The time limit and version history play an important role here. They help protect the integrity of the conversation and create a publicly accessible record of what was said,” the company said.

Twitter users overwhelmingly voted yes earlier this year after Tesla’s CEO Elon Musk, who became the company’s highest shareholder at that time, conducted a poll asking his followers if they would want an edit button.

But Twitter said it has been silently working on the feature before Musk conducted his poll. In a blog post, the company described an edit button as the platform’s “most requested feature” from its nearly 238 million users. However, Twitter said users should view the trial feature as “a short period of time to do things like fix typos, add missed tags and more”.

“We’re hoping that, with the availability of edit tweets, tweeting will feel more approachable and less stressful. You should be able to participate in the conversation in a way that makes sense to you, and we’ll keep working on ways that make it feel effortless to do just that,” said the company.

Nigeria’s financial sector digitization will be decades-long

0

Like in the banking sector, the fintech sector is evolving into the next phase where dominant species will emerge. Yet, if you are just starting, do not lose hope because no one has unveiled a high-scaled fintech solution in Oriendu Market, Ovim, Abia State. Yes, my kins-men and -women are still paying with cash. The implication is that this digitization and transformation of the financial sector will be decades-long.

Also, it will also be categorized with kings evolving per category, not per sector. Nigerians push close to $354 billion on consumer payments to companies; in rural Nigeria, more than 90% of the rural transactions are done in cash! Flutterwave is releasing waves, but there are many flanks by the side for opportunities. #begin2build

The switching and processing license will allow Flutterwave to enable transactions between banks, Fintechs, and other financial institutions. The company will also be able to process card transactions, participate in agency banking and offer various payment services without any intermediary.

Before this license, Flutterwave operated with its Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licenses.

Commenting on this, the CEO and founder of Flutterwave, Olugbenga Agboola disclosed that Flutterwave securing its switching and processing license is big news for the company, its partners, customers, investors, and other stakeholders as Flutterwave has always sought to develop a world-class and secure payment infrastructure.

Central Bank Of Nigeria Grants Flutterwave Switching And Processing License

Central Bank Of Nigeria Grants Flutterwave Switching And Processing License

0

Nigerian and African-focused fintech company, Flutterwave has been granted a switching and processing license by the Central Bank Of Nigeria, which is regarded as CBN’s most valuable payments processing license.

Recall that the CBN last two years, in line with its commitment to promote a strong and credible payment system, approved new license categorizations for payment service providers, Banks, and other financial institutions in the country.

This license allows Flutterwave to offer transaction switching and card processing services to customers. Others include non-bank acquiring, agency banking, and payment gateway services.

The switching and processing license will allow Flutterwave to enable transactions between banks, Fintechs, and other financial institutions. The company will also be able to process card transactions, participate in agency banking and offer various payment services without any intermediary.

Before this license, Flutterwave operated with its Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licenses.

Commenting on this, the CEO and founder of Flutterwave, Olugbenga Agboola disclosed that Flutterwave securing its switching and processing license is big news for the company, its partners, customers, investors, and other stakeholders as Flutterwave has always sought to develop a world-class and secure payment infrastructure.

In his words;

”This is big news for our customers, partners, investors, and other stakeholders. It is an important milestone in our growth story. Building a thriving payments ecosystem in Nigeria, Africa’s largest economy, is in line with our goals of developing a world-class and secure payment infrastructure for global merchants and payment service providers across the continent”.

Flutterwave’s Chief Regulatory And Government Affairs Officer, Oluwabankole Falade disclosed that going through the application process in order to secure a switching and processing license for the company was a rigorous process, however, the company and the whole team are thrilled that they have finally been granted the license by Nigeria’s apex bank.

See what he said;

”We’re thrilled to have been issued this license after fulfilling all of the regulatory requirements. The application process was very rigorous and included a detailed review of our operations as a business. As a switch, we have more responsibilities and will continue to work with regulators to ensure we meet and exceed their expectations”.

Also reacting to this news, is Flutterwave’s Head of Product Marketing, Onyedikachim Nwankwo, who disclosed that the license will enable the company to offer more value to its customers.

In his words;

”The License will allow us to offer more services and explore more payment use cases for our ecosystem. With this license, we can offer more value to our customers while taking more control of our value chain to enable an improved payments experience for our enterprise medium scale and retail customers”.

Lately, this period has no doubt been an interesting time for Flutterwave, even as it deals with regulatory hurdles in its key markets. The company seem unperturbed by such a challenge, as it has continued to forge ahead by making significant giant strides in the Fintech sector.

A recent publication on Tekedia disclosed that Flutterwave is preparing for an Initial Public Offering (IPO) on the Nasdaq Stock Exchange in the United States, as it intends to use the proceeds from its listing to grow its expansion into new African opportunities. And now, the company has secured a switching and processing license from the Central Bank Of Nigeria. Indeed, Flutterwave has positioned itself for exponential growth.

At $3 billion, the company is currently the highest valued African startup. Following its recent achievements, the company will definitely witness an increase in valuation as the company is visibly hitting on all cylinders.

POS Transactions In Nigeria See 29.3% Growth, Hits N4.6 Trillion In 7 Months

1

In the last five years, point of sale (POS) transactions have become the most preferred option for a lot of Nigerian Bank customers. These customers would rather prefer to visit POS outlets to carry out transactions, because it saves them time and energy that they would have spent in the bank, either to withdraw or deposit cash.

Due to the preference of POS to carry out transactions among Nigerians, it has witnessed a huge leap in transactions, as the figures have jumped to N4.6 trillion in the first seven months of 2022.

This growth recorded a 29.3% increase, compared to N3.56 trillion recorded in the corresponding period of 2021, and a staggering 90.3% increase when compared to the same period of 2020.

Also, the volume of transactions rose by 25% year-on-year from N543.7 million to N679.8 million in the same period. Notably, the volume and value of cheque transactions dropped in the same period.

A total of N1.83 trillion was recorded through cheques in the first 7 months across 2.4 million transactions, a decline compared to 2021.

Between 2017 and 2022, the number of POS terminals in Nigeria grew significantly, with around 155 thousand terminals, while as of April 2022, the figure reached roughly 1.1 million.

With all these statistics in POS transactions above-mentioned, there is no disputing the fact that the payment system has come to stay. POS dominance in the country has grown in leaps and bounds, as their outlets are littered around almost every nook and cranny in the country, catering to customers’ needs in areas of withdrawals, transfers, and cash deposits.

It is also interesting to note that the growth of the alternative payment system has spurred banks to leverage the opportunities in the digital banking space amid rising competition from fintech companies.

However, there are several factors that have contributed to the growth of POS transactions in Nigeria.

Factors That Have Contributed To The Growth Of POS Transactions in Nigeria

1.) Convenience

Using POS transactions no doubt offers customers convenience, as it saves time and energy that would have been spent in banks. These days, there is hardly any day that passes without the presence of long queues at different banking halls across the country.

This often discourages customers who would rather prefer to visit POS outlets despite their charges, than visit banks even with zero charges. It has also helped in bringing services closer to rural areas that do not have as many banks accessible to them, saving customers the stress of embarking on long distances to carry out transactions.

2.) Security

Recall that the CBN established POS systems to drive a cashless policy in Nigeria. This cashless policy has no doubt helped to curb the rate of theft, as people are now more security conscious as they no longer carry huge money around.

Most especially when it comes to huge transfer of money, customers will prefer to visit a POS outlet to transfer such amount of the money mostly through their atm cards.

3.) Job Unemployment

Nigeria is currently ravaged by a high unemployment rate, which currently stands at 33.3 percent . Due to this, a lot of citizens, especially youths are taking up the POS business, which has become a lifesaver for them where they are able to sustain themselves.

No doubt the surge in POS transactions will continue to increase as it is evident that most Nigerians are shifting away from traditional payment method like cheques which have been on a decline since the cashless policy in 2012.

The Call to Business Execution – Join Tekedia Mini-MBA

0

We are in the final week of Tekedia Mini-MBA edition 8 after 12 weeks. It has been a wonderful journey in our community. On Tuesday, we looked at Winning in Markets. Today, the conversation is titled “The Call to Business Execution”. Largely, it is ACTION time and we need to go to the markets, and apply the constructs, capabilities and frameworks we have mastered. Until it is done, it has not been done!

How do we get things done? How do we execute in markets? Connect with the Zoom link in the Board.

Meanwhile, registration for the next edition of Tekedia Mini-MBA (Sept 12 – Dec 3, 2022) continues. It is $140 (or N60k) for the 12-week program which is self-paced and wholly online, if you beat the early bird deadline. Join us, and co-learn with me, and other amazing faculty. Register here https://school.tekedia.com/course/mmba9/