DD
MM
YYYY

PAGES

DD
MM
YYYY

spot_img

PAGES

Home Blog Page 5303

Launching The Socio-Cultural Encyclopedia of The Nigerian Society

0

I’ll ensure this critique would have nothing to do with diatribe as long as it lasts, so I wouldn’t mess up our entire joyous mood.

Of course it’s no longer news in the system that the utmost desire of mankind is to remain a happy creature. In other words, we all dream, thrive and above all, fight to embrace happiness.

If yours is exceptional, let us know. And if such case holds, then I would tell you unequivocally that, such person is not human. Even animals in the thick forest pray to be delighted with their respective daily thrives.

As I was going through a certain social medium, Twitter precisely, sometime in the past, I encountered a brief statement reportedly made by one of the American drone warriors, Mick Krever. He said, “America wants an antiseptic war… The reality is that, nothing is clean.”

Having received the tweeted message, I smiled tentatively. Please don’t act like one who has been inundated by overflowing lake. In other words, do not allow your sense of reasoning to be overwhelmed by this paragraph, though you might be astonished. Thus, see it as a mere digression. Meanwhile, let’s ride on!

Today we’re discussing the need to launch the socio-cultural encyclopedia of the Nigerian society. Let’s take it bit by bit till we arrive at the full or exact meaning of the topic because I can’t afford to see you being lost.

According to BBC English Dictionary, an encyclopedia “is a book or set of books in which many facts are arranged for reference, usually in alphabetical order. Whilst based on the context of this edition, an encyclopedia is something that is very full, complete, and thorough in the degree of knowledge or information that it has.

On this note, part of the topic “…socio-cultural encyclopedia of the Nigerian society” means, the complete and thorough socio-cultural endowments or know-how of the Nigerian society.

The complete Nigerian socio-cultural endowments can also be referred to as a book. Then if that case or opinion holds, in other words we’re discussing the “book” that contains the complete knowledge of the Nigeria’s socio-cultural system.

Though the aforementioned book might seem “invisible” because it’s still in the pipeline, but I tell you, we are really discussing a comprehensive book.

On the other hand, a launch is an activity in which a new product or newly completed project is being made available to the entire public. Apparently, this edition is informing us on the need to launch this book, so that, the entire public and the world in general would feel its impacts.

Universally, Nigeria is richly blessed with enormous cultural heritage. But it’s so pathetic that most of these endowments have been abused greatly.

To be precise and concise, Nigeria as an independent country is made up of over two hundred and fifty (250) ethnic groups, and each of these groups is tremendously blessed with various socio-cultural heritage. This simply means that if well summed or estimated, we would discover that Nigeria is loaded with several thousands of cultures.

These cultural heritage include dancing, masquerading, dressing, hunting, wrestling, and moulding of sculptures, just to mention but a few.

Frankly, it’s time we harnessed the outlined heritage, because I’m strongly of the opinion that, it would contribute immensely to the nation’s Internally Generated Revenue (IGR).

Therefore, I’m urging the concerned authorities to see it as a potent potential revenue source. Above all, I’m also of the view that if properly addressed, it would help to foster a formidable unity among  the teeming Nigerians, both home and abroad.

Just like when a book is being compiled, either by a sole author or group of authors, it would be thoroughly edited by an experienced editor before it would be published.

During the editing process, the unwanted tenses or words are bound to be eliminated while the useful ones would be left to stay or better still, enhanced.

Hence, in the case of editing this socio-cultural encyclopedia, the editors required are men, whom were groomed in both anthropological and historical skills because we don’t need one who would create a stigmata of ineptitude.

They’d be expected to look inwards and see those cultures that are not useful or relevant to our god-gifted society, thereby eliminating them; then, discover how the useful ones ought to be promoted as well.

All hands are needed to be on deck to see that this fantastic dream is actualized, because this anticipated launch is long overdue. Thus, we need to launch into this activity immediately.

The apt government authorities, captains of industries, non-governmental organizations, and well-meaning individuals, should work both collectively and individually to ensure that this sector that would intensely boost our tourist industry is thoroughly considered and enhanced. Most importantly, the law makers are expected to enact relevant laws that would affect this proposed crusade positively.

Without mincing words, we have put a damper on this “book” that ought to have been launched long ago. But it’s better late than never because we still have the time and resources to restore normality. The book mustn’t continue to be kept in seclusion. So, let’s launch it!

Honestly if we embark on this campaign, I bet you in no distant time, Nigeria would be one of the countries to reckon with in terms of tourism. It’s only a-day old child that’s yet to know that tourist industry if well harnessed, remains one of the greatest revenue sources in any nation.

There’s an urgent need for diversification. We must not continue to reckon on oil and gas industry. Who knows, one day this so-called oil might vanish.

Mind you, we don’t need a war, not even antiseptic one, to ensure that this project is accomplished, if truly we want to end up embracing happiness or moment of euphoria, which remains the greatest desire of mankind.

In a nut shell, a holistic approach rather than hostility, is required.

Africa and Eastern Europe – How closely are Military Security and Economic Prosperity linked?

0

As I watched into the wee hours of the morning, I saw live on Al Jazeera, the amazing delivery of a masterful speech by the Kenyan Ambassador to UN.

I have always seen parallels between former Soviet (USSR) rule in Eastern Europe and parts of Asia with the exploits of the European Powers in the Colonial Age, but until this speech by Martin Kimani, I had not come across much opinion echoing this sentiment.

‘ Every African country was birthed by the ending of empire…Our borders were not of our own drawing… They were drawn in the distant metropolis of London, Paris, and Lisbon… With no regard for the ancient nations they cleaved apart… Today, across the borders of every single African country, live our countrymen, with which we share deep historical, cultural and linguistic bonds. ‘We decided to follow … the United Nations Charter… not because our borders satisfied us… but because we wanted something greater.. forged in PEACE’ – Kenya’s Ambassador to UN Martin Kimani

 

As an aside, there are lessons in Martin Kimani’s words for Nigeria too. Regionally focused decisions are sometimes made for ‘unclear’ reasons with the interests of Nigeria not explicit or proven.

Some feel ‘ethnic leanings’ drive these decisions, such as the Chad – Trans-Saharan Highway Project. These ‘ethnic leanings’ have also led to unhelpful and unsolicited criticism of the Morocco-West Sahara dynamics.

Nigeria’s new Leonardos are good at supporting ground troops against ‘medium equipped’ ground actors but would struggle to engage against units generously equipped with American Stinger,  Russian Verba, Chinese QW-4, or Japanese Type 91 shoulder mount ordnances.

They are not air superiority tools, and would have problems dealing with Morocco’s squadrons of Lockheed Martin F-16C/D,  Mirage 2000’s and  Northrop F-5E’s with Tiger III avionics. Morocco is planning to buy 25 new Lockheed Martin F-16V .Tensions in Africa can flare easily, and international conflict has started for smaller reasons. The F5E has the longest range without refueling in the Moroccan toolkit, which would still leave it around 500km short of a strike and return to the most southerly airbase. They could easily just build another base further south.

Ultimately, mass exchange between groups of people regionally and globally is transactional. People collectively gravitate towards what will profit them. So it is that when nations come together on some common goals, they want to consider.. ‘How will this benefit us?’

The European Union and NATO are completely different structures. Nevertheless, if we look at the members of NATO and things like ‘Quality of Life’ indices for citizens, we can see that the conditions NATO citizens enjoy are generally superior to that of citizens of former ‘Warsaw Pact’ countries, many who have since joined the EU..

I am most certainly not anti-Russian and I believe Russia has a lot of good to offer both to its own people and to the world.

Mr. Putin, please, I implore on you to look at what you can do to improve the position of Russia, and its products in the global marketplace.

‘Iron Grip’ leadership is so ‘Last Millennium’. If Russia is to maintain and improve its influence in the world, then it needs to focus on innovative and creative approaches to International Trade, and improving the attractiveness of Foreign Direct Investment (FDI)

The reality is that military security, regional cohesion and economic prosperity are all linked. You have made arguments on the advance of NATO and your feelings about how you think this threatens your own national security.

However, an invasion of East Ukraine driven by the type of ‘ethnic brotherhood’ arguments Martin Kimani counsels against ; in the hope that over time they will follow the ‘Belarus Model’ is counterproductive.

For you to sell your ‘alliance products’ then you need to improve them in the marketplace so that they appear to offer more security benefits than membership of NATO, and more economic benefits than membership of the EU.

The only way to achieve this, is to translate quality of life for ordinary citizens in Russia to something that surpasses that of ‘go to’ global comparisons, so that it changes the perception of regional nations to Russia as somewhere to aspire to, and foster a desire for ‘ties’ of different types.

Capturing them through a politico-military ruse which continues to imagine foreign phantoms is not the way forward.

‘For the thing which I greatly feared is come upon me, and that which I was afraid of is come unto me.’ Job 3:25

‘And we will surely test you with something of fear and hunger and a loss of wealth and life and fruits, but give good tidings to the patient’ – [truncated] from  Al Baqarah, 2:155/156  (Further Observation – On collective levels, foreign policies are almost entirely based on fear)  From Fatima Altaf,  Clinical Psychologist and Iqbal Studies Researcher.

Or simply put – thinking about what you fear the most increases its chances of coming to pass.

 

www.un.int /kenya/staff/amb-martin-kimani

en.wikipedia.org/wiki/Man-portable_air-defense_system

www.reference.com/geography/countries-make-up-russian-federation-3245b795d437821f

en.wikipedia.org/wiki/Royal_Moroccan_Air_Force

Nigeria’s Earnipay Raises $4 million, less than a month after launch

4

Congratulations Nonso Onwuzulike for raising $4million in Earnipay. The firm wants to improve employees’ financial well-being. It uses technology to offer employees the opportunity to access their earned salaries into their accounts flexibly, in real-time and interest-free, to help alleviate financial worries, which are part of major distractions in the workplace. Here is the main line: “Earnipay officially launched in January 2022, after development and beta testing since September 2021”.

Yes, a company which was launched in January 2022 has raised $4million (there is no way this business is not valued at least $15 million). People, Naija is working (even if Nigeria is not working). The young people are making things happen.

At Tekedia Capital, we have been saying one thing: abundance is in the future and this is the cambrian moment of entrepreneurial capitalism in Africa. All sectors would be redesigned and transformed by the power of technologies and imaginations of young people. #believe.

Founded by Nonso Onwuzulike to improve the financial well-being of employees, Earnipay uses its technology to offer employees the opportunity to access their earned salaries into their accounts flexibly, in real-time and interest-free. Earnipay partners with employers and seamlessly integrates with their payroll systems to offer its services to employees, who can then track and withdraw their accrued salaries via the app. Businesses are able to have complete oversight and set limits for the percentage of salaries employees can withdraw each month. Since operating in beta, Earnipay has served over 20 businesses, outsourcing firms and HR solution providers in Nigeria including Eden Life and Thrive Agric, whose employees have used the app to access their salary over 1,000 times, indicating a strong demand for the solution.

With the Seed funding, Earnipay will accelerate the development of its technology platform to serve large enterprise employers. By doing so, Earnipay will provide employees with the tools they need to make better financial decisions and improve their quality of life. The company plans to offer its on-demand salary solution to 200,000 employees by the end of 2022.

Speaking on the funding round and the recent launch of Earnipay, CEO Nonso Onwuzulike, says, “Financial worries are the leading cause of distractions in the workplace. The monthly pay cycle means employees are often unable to afford daily expenses, cover emergencies or take advantage of immediate financial opportunities. As a result, they become exposed to predatory payday loans and get stuck in unending debt cycles with unrealistic payback periods and expensive interest rates. Earnipay exists to address this problem and offer an ethical alternative to instant salary access while helping employers improve employee engagement and retention at zero cost to their business. The future of salary is on-demand, and we’re excited to be pioneering this amazing solution in Africa. I’m delighted to be collaborating with a group of highly respected investors who understand the need for a platform such as Earnipay to drive better access to salaries, and, importantly, to improve the financial well-being of income-earners in Africa.”

Nigeria’s HR-tech Earnipay Raises $4M To Enable On Demand Salary Access To Employees

Nigeria’s HR-tech Earnipay Raises $4M To Enable On Demand Salary Access To Employees

0

One of the most common factors that reduce staff productivity is usually the low payment of salary or lack of access to funds when in dire need of it. Having observed that staff low productivity will be a great challenge to achieving set organizational goals, Nigerian Fintech company Earnipay has raised a sum of $4M to increase employees’ productivity. With this initiative, they plan to enable on-demand salary access to employees in the country. Earnipay plans to use the funds raised to export the platform regionally and to target large enterprises.

The platform is catered to employees who seek to earn weekly or biweekly salaries. According to the founder and CEO of Earnipay Mr. Nonso Onwuzulike, he stated the reasons that triggered him to adopt this initiative. In his words, “I was paying my employees once a month, and it didn’t make sense to them, they ended up not being productive because they had money issues, it led to attrition and retention issues for me, because these were guys who are used to getting paid immediately”.

He also stated that the monthly payment cycle is a tough arrangement for people who earn less income. Before Earnipay came into existence, his prior experience as a founder of Removal, Ghana-based recycling revealed a different side of the employee’s needs and preferences, which is the weekly/biweekly salaries. He then sought out a solution to help eliminate low staff productivity, by shifting the payment from monthly to weekly/biweekly payment.

Earnipay is currently integrated with companies’ existing payroll or HRM system and employees can now withdraw their salaries daily with a limit set by companies depending on their monthly salaries. Earnipay charged employees #250 for withdrawals of #2,000($4) to #10,000($20) and #500($1) from #10,000 to #50,000($100). It offers two options for companies for reimbursement, they can be paid on behalf of Earnipay before the end of month reimbursement, or an automatic reimbursement schedule can be set from the reconciliation account on top of employees’ salary accounts.

With so many remarkable achievements by Fintech companies lately in Nigeria, permit me to say that Fintech companies in Nigeria are currently on steroids. Discovering this initiative by Earnipay, I feel very ecstatic because truth be told, having to wait till month-end before receiving payment is usually a tough one, especially for low-income earners. Considering the daily life cost demands, it has never been easy for most employees. According to a survey, 80% of employees in the formal sector preferred flexible access to their salaries. Life is full of uncertainty, anything can happen at any time, such as one having an emergency case that needs urgent money to handle.

Now imagine if such a person just got into a new month, this means that even though he or she is working they will have to wait till month end before such a case can be properly handled which might be too late, tragic! I will suggest that all companies both in the formal and non-formal sectors adopt a weekly/biweekly payment system. It not only increases employees’ productivity but also helps them solve urgent financial issues. There needs to be a change in employee payment structure. Flexible pay options help employees feel less financial stress because, without flexible pay, they are usually concerned about a lack of funds that could distract them from work.

Rather than lose employees completely to the world of freelance and gig opportunities where payment is flexible, a company can compete with the immediate gratification that employees get from working with them by offering the same payment options. Doing so may help to channel the employee’s skills and focus on their primary job rather than having diverted attention. Flexible payment can also drive greater retention by bolstering an employee’s sense of loyalty to their primary employer.

—Press Release —

Earnipay, a financial technology solution that provides flexible and on-demand salary access to income-earners, has closed a Seed round of $4million led by Canaan and with participation from XYZ Ventures, Village Global, Musha Ventures, Ventures Platform, Voltron Capital and Paystack CEO Shola Akinlade. Targeting employees across Africa, Earnipay officially launched its operations in January 2022, having been in development and beta testing since September 2021.

Founded by Nonso Onwuzulike to improve the financial well-being of employees, Earnipay uses its technology to offer employees the opportunity to access their earned salaries into their accounts flexibly, in real-time and interest-free. Earnipay partners with employers and seamlessly integrates with their payroll systems to offer its services to employees, who can then track and withdraw their accrued salaries via the app. Businesses are able to have complete oversight and set limits for the percentage of salaries employees can withdraw each month. Since operating in beta, Earnipay has served over 20 businesses, outsourcing firms and HR solution providers in Nigeria including Eden Life and Thrive Agric, whose employees have used the app to access their salary over 1,000 times, indicating a strong demand for the solution.

With the Seed funding, Earnipay will accelerate the development of its technology platform to serve large enterprise employers. By doing so, Earnipay will provide employees with the tools they need to make better financial decisions and improve their quality of life. The company plans to offer its on-demand salary solution to 200,000 employees by the end of 2022.

Speaking on the funding round and the recent launch of Earnipay, CEO Nonso Onwuzulike, says, “Financial worries are the leading cause of distractions in the workplace. The monthly pay cycle means employees are often unable to afford daily expenses, cover emergencies or take advantage of immediate financial opportunities. As a result, they become exposed to predatory payday loans and get stuck in unending debt cycles with unrealistic payback periods and expensive interest rates. Earnipay exists to address this problem and offer an ethical alternative to instant salary access while helping employers improve employee engagement and retention at zero cost to their business. The future of salary is on-demand, and we’re excited to be pioneering this amazing solution in Africa. I’m delighted to be collaborating with a group of highly respected investors who understand the need for a platform such as Earnipay to drive better access to salaries, and, importantly, to improve the financial well-being of income-earners in Africa.”

“We’ve seen earned wage access grow rapidly in many markets and believe it’s a natural fit in Africa,” said Brendan Dickinson, partner at Canaan. “Earnipay has quickly established itself with a product built specifically for the payroll behaviours of this region, and early employer uptake is very strong. Nonso has built one of the strongest teams that we’ve met on the entire continent, and we’re thrilled for the opportunity to partner with them.”

On-demand salary access is a huge opportunity in Africa, with over 70% of Africa’s workforce (500 million people) paid every 30 days and are living paycheck to paycheck. The 30-days pay cycle has led to 40% of the workforce living in an unending debt cycle as they struggle to match their income to their daily expenses, emergencies and opportunities. African businesses struggle to provide scalable solutions for employees to access their daily salaries as they work for it due to legacy payroll process, lack of available cash flow and internal salary advance that remains to be a tedious and manual affair.

Earnipay charges employees a small processing fee of NGN250 or NGN500 for this access. There is no payback and no interest charge because employees are accessing what they have worked for, It’s their money. With Earnipay, employers offer more financial well-being support to their employees, which in turn enables them to attract and retain top talent in an increasingly competitive employment market. In addition to on-demand salary, Earnipay provides financial education for employees to improve their financial literacy with a goal to enable them to make better financial decisions.

Onwuzulike concludes: “For five months, we have been working collaboratively with employers to deliver a workplace benefit that solves the biggest source of stress and distraction in the workplace: employee money issues. By doing so, employers are improving employee engagement and productivity, as well as positioning themselves as a better place to work. We are systematically addressing the inefficiencies in how the African workforce interacts with salaries and will continue to build products and services with both employers and employees in mind.”

5 things investors look for in a founder/startup before investing

1

After all, said about doing proper valuation, and what else to put in place before fundraising, there are a few other things investors hope to see before putting their funds into a business. Startup investors are charity foundations looking to give out money without expecting it back. They are always looking out for one or two things to convince them that investing in your business will not be the same as pouring water into a basket.

Significant market size

Investors consider the market size available for the audience you want to target as well. If you watch the Dragons Den show, you may have heard the ‘Dragons’ tell a founder something like “I just don’t think there are enough people who want your product” or “this product is not something I see going all big. The market is too small”.

Nobody wants to back an excellent product that only 200 people need in the world. It is even worse if it is a one-off product, where consumers buy once and do not need to buy again for years. If you refer back to a previous post on reverse product development, you will see that this is one of the things you ought to have covered during your market research. Do you have a market large enough to sustain the business? The number of customers/potential customers and the frequency of purchase are going to be key factors that can work for or against you.

Passion

Remember what we said in the post about preparing your pitch. When you stand before investors to pitch your business idea, they look beyond what you are saying. Investors look at your passion and ambition and try to gauge how far it can go with the business. The potential investor wants to see signs that you as the founder are ready to make the commitments and sacrifices that the business will require through its growth stage.

You can have an excellent product, with a valid business model and impressive financial projections; but the investor perceives that you do not possess enough passion or will to push it through, they could refrain from investing. No business model, however perfect it seems, can run itself. It all comes down to the entrepreneur. In addition to your passion, your integrity, charisma, and character is consistent factor to be considered in deals like fundraising. You would hardly find an investor who is willing to put his money behind an entrepreneur who has demonstrated an erratic temperament.

Competitive advantage or product differentiator

It is highly unlikely that you are starting or running a business that no one has done in the past. And even if you are, the investor will want solid information on what your competitive advantage will be when you start having other businesses competing in the same market. There just has to be something that stands you out, and it should be valid enough to keep your customers loyal to you. Hard work is not going to be much of a USP when the competition storms the market. There should be some cultural, strategic, or product advantages you can play.

Team members with expertise

I explained this in an earlier post. An investor wants to be sure that you are not the only strong person on your team. Even if you have not established traction yet, the integrity and antecedents of the people that make up your team, say a lot about how far the business will go. It is not about having a team of 50 people. It is about their expertise and experience, and their relevance to the business. If you can, get a power team before looking for funds. But if you don’t have them yet, you can state in your pitch that these are the persons you are looking to bring on board once the funds are available.

Exit strategy

As a bonus point, the investor will also be considering the exit strategy you have mapped out for them. Don’t try to impress them with unrealistic timelines and empty assertions. Investors want to know – How much do I need to invest? How much will I get back, and when will I get it? Your potential investors can tell when your financial projections sound pragmatic and realistic, and when they are nothing but empty promises.