The illusion of ages is that your work will speak for you. Unfortunately, work does not talk; only humans do.
As you do great things at work, develop ways for humans to know what you do. You cannot have a career breakthrough until people begin to recommend you in your absence.
If they never allow you to the limelight, draft the project lessons learned, and put your name with your contributions in the revision history. If your company does not do that, begin one!
Recall that the eNaira was launched by the Nigerian Federal government in 2021, which made it the fifth digital currency to be launched in the world, and the first in Africa, with the aim that it would increase remittances, foster cross-border trade, improve financial inclusion and enable the government to make welfare payments more easily.
Recently, the African Fintech Foundry (AFF), an access bank initiative that aims to nurture and accelerate the growth of Fintech startups in Nigeria, disclosed that it is collaborating with the Central Bank Of Nigeria (CBN) to support 10 startups in the country to increase the adoption of eNaira in the country.
The head of Africa Fintech Foundry, Mr. Daniel Awe while speaking on the sideline of the semi-final pitching of the eNaira Hackathon 2022, disclosed that the top 10 startups, innovators, and entrepreneurs, were part of the over 5,000 startups that registered for the eNaira hackathon.
He further stated that there was a need to increase the adoption of eNaira in the country, as it enhances financial inclusion, supports the digital economy, and improves economic activities.
Mr. Awe revealed that despite the widespread criticism that ensued during the launch of the eNaira, with a lot of Nigerians preferring cryptocurrency, he disclosed that if they look inwardly, they will begin to see the truth that the eNaira is going to be a successful product.
See what he said;
“eNaira was introduced by CBN in 2021 as a digital currency and a lot of people have asked the question, what is actually the usefulness of this eNaira? A lot of people have also criticized eNaira, that they prefer cryptocurrency, but the truth is that the eNaira is going to be a successful product when there are use cases where people are able to see problems it is going to be solving”.
On the other hand, speaking on the eNaira Hackathon platform, he disclosed that it is a place where innovators, developers, entrepreneurs and coders will come together to solve problems as well as create innovative ideas where the eNaira is leveraged.
He further disclosed that the platform was layered on eNaira, so that consumers will now begin to see the benefit of the eNaira, also giving them the opportunity to see the problem that the eNaira will solve. At the final of the hackathon program, the top 10 startups will be awarded prices in eNaira.
The first position is going to get 5 million eNaira, the second position will get 3 million, eNaira while the third position will get 2 million eNaira, and the remaining will get 1 million eNaira.
After these top 10 startups are awarded the eNaira, they will then proceed to resume in the African Fintech Foundry accelerator program, where some of them will get some funding to start up their businesses on their ideas, and these startups will be closely guided by the CBN and AFF.
Mr. Awe disclosed that by the time these startups come up with good businesses with their innovations, employment would be created and they would increase the adoption of eNaira.
However, the adoption of the eNaira has been trailed with skepticism and uncertainty as some Nigerian citizens disclosed that they have issues trusting the Central Bank Of Nigeria, due to the fact that they banned the transaction of cryptocurrency in the country.
As many businesses in Nigeria continue to adopt the E-payment system, where customers can pay for goods and services without the use of physical cash, this has resulted in a 40% increase in E-payments in the country, when compared to N145.8 trillion recorded in the same period of last year.
Just recently, the Nigeria Inter-bank Settlement System (NIBSS) disclosed that transactions worth N204.5 trillion were performed electronically in Nigeria between January and July this year, through the NIBSS instant payment platform (NIP).
Last year, Nigeria was among the African countries that recorded high online payment methods. 35 percent of E-commerce payments occurred by card, and 21 percent by bank transfer. The NIBSS disclosed that the value of E-payment recorded was a reflection of the increase in the volume of deals within the period.
The NIP volume rose to 2.7 billion in seven months, showing a 42% increase over 1.9 billion recorded in the same period last year. Over the years, Nigerian banks have exposed NIP through their various channels, such as Mobile Apps, Bank Branch, Internet Banking, Supplementary Service Data (USSD), POS, and ATMs to their customers.
The NIBSS instant payments (NIP) has become the Nigerian financial industry’s preferred funds transfer platform that guarantees instant value to the beneficiary. Recall that the Central Bank of Nigeria, CBN in December 2011, introduced the cashless policy, which was kick-started in Lagos in January 2012 to reduce the amount of physical cash in circulation.
Its adoption of the cashless economy was to increase the operational efficiency of the monetary policy, provide alternatives that aid easy transactionless and greater reach, improve financial inclusion, etc. This policy has no doubt encouraged the use of electronic platforms for settlement or payment for goods and services.
There is no disputing the fact that the high rate of electronic transactions in Nigeria, reveals that a large percentage of Nigerians are embracing the cashless policy of the Central Bank of Nigeria.
The covid-19 pandemic allowed for the blossoming of digital payments, which has paved the way for the continued growth in e-payments transaction volume and value in Nigeria, reflecting the enduring shift away from cash.
According to the International Monetary Fund (IMF), the value of mobile money transactions in Nigeria increased to 9.72 percent of the Gross Domestic Product in 2020 because of the Covid-19 pandemic. The IMF also disclosed that the pandemic pushed a lot of people to explore internet banking and other digital transactions, as it has also led to the growth in agency banking like the POS Service.
Of the 986,252 registered POS in the nation, an all-time high of 955,234 was deployed in January 2022, which is 100.89 percent of the 475,494 that was recorded in January 2021.
The Nigerian E-payments industry is still poised for further growth, as alternative payment channels continue to evolve. Also, its favorable demographics and regulatory support, have continued to inform expectations of accelerated growth of the Fintech industry in Nigeria.
The surge of electronic transactions has also caused the loss of transactions with Cheques, which has continued to maintain its downward trend. On the other hand, aside from the fact that there is a surge in E-payment in Nigeria, in Africa, its rapidly expanding population has made Africa’s digital payments system one of the quickest in the world.
Anambra State government appears prepared to generate revenue from the 2023 general elections campaign.
The Light of The Nation has announced that Presidential candidates for the 2023 election will pay as much as N10 million for permission to paste campaign posters in the state’s territory.
The MD/CEO of Anambra Signage and Advertising Agency (ANSAA), Tony Odili Ujubuonu, made the decision on Friday in Awka, the state’s capital.
Also affected by the decision are both Senatorial and House of Representatives candidates. According to the announcement, all the Senatorial candidates across board will pay N7 million, House of Representatives candidates will pay N5 million, while State Assembly candidates will pay N1 million.
The Nation reported that the state also issued notice for the costs for out of home media and mobile advertising, pegging them at N100,000 for 48 sheets billboards, N500,000 for spectacular billboards, N500,000 gantry displays; N100,000 for irregular shaped billboard; N50,000 for branded vehicle; and N5,000 for Keke rear branding.
In the notice, the Anambra State government equally banned the use of posters on bridges and road demarcations along the streets of the state.
Ujubuonu said the pasting of campaign posters on street light poles, round-about and other public buildings had been prohibited.
According to the public notice, materials in advert forms such as posters, public address system, banners, fliers, bunting, T-shirts, caps and sundries must be fully paid for and approved by the government authorities.
Ujubuonu said that the payment of posters should be made to the government revenue account before they could be pasted.
He noted that politicians who default in the payments would face legal prosecution before election.
“As campaign for 2023 general election officially commences next month, September; Anambra State Signage and Advertisement Agency (ANSAA), in charge of all forms of Advertising in the state wishes to bring some important information to your notice.
“That posting of posters on bridges, road demarcations; street light poles, round-abouts and public buildings remain prohibited.
“That every campaign material and advert forms such as posters, public address systems, Banners, Fliers, Buntings, T-shirts, caps and sundries must be duly approved for after full payment of the requisite fee.
“That every billboard must be displayed through a registered advertising practitioner after the advertising content has been vetted by the APCON” the notice said.
The Anambra State government has been looking for ways to boost its revenue generation since governor Charles Soludo took office. He had decried meeting empty treasury and has sought to borrow N100 billion within his first 100 days in office.
Among the steps the State government has taken to boost its revenue is the increment in levies imposed on commercial vehicles operators.
However, it is not clear how the aspirants will respond to this new approach that has been described as outrageous.
Tekedia Institute wishes to inform the general public that applications have opened for the second Virginia Nkem Ogugua Memorial Scholarships. The estate of late Mrs. Ogugua has endowed a generous scholarship fund in our Institute to support many female students.
The family noted that this act was born out of commemorating and promoting the legacy of their mother, a banker and a chartered accountant, who believed in education, personal and professional development of women.
In this second edition, 80 undergraduate students in banking, finance, accounting and related fields will attend Tekedia Institute CollegeBoost free. Tekedia Institute truly appreciates this partnership and shares our graceful feelings to the family through Dr. Chile OGUGUA FRSA.
If interested and studying in any African post-secondary institution (OND, HND, BSc, NCE, etc), email tekedia@fasmicro.com with documents that show you meet the requirements.