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Home Blog Page 5335

Walmart Builds A Super App, To Control Demand, Not Just Supply

By
Ndubuisi Ekekwe
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1

#NFT. Pay attention. YouTube will make it possible for creators to monetize through NFT (non-fungible token) –  a non-interchangeable unit of data stored on a blockchain.

“We’re also looking further ahead to the future and have been following everything happening in Web3 as a source of inspiration to continue innovating on YouTube. The past year in the world of crypto, nonfungible tokens (NFTs), and even decentralized autonomous organizations (DAOs) has highlighted a previously unimaginable opportunity to grow the connection between creators and their fans. We’re always focused on expanding the YouTube ecosystem to help creators capitalize on emerging technologies, including things like NFTs, while continuing to strengthen and enhance the experiences creators and fans have on YouTube.”

As that happens, Walmart, a US-based retail giant, has bought some companies to enable it to build a super app – an app which does largely everything, from payment to scheduling. Take a deeper look, you will notice a playbook here: control of demand. Yes, it is all about consolidation of demand which is a critical part of winning the 21st century digital market.

According to the Wall Street Journal, retail giant Walmart announced that it will acquire two fintech startups including Even Responsible Finance, which Walmart already uses to offer its employees early wage access, and ONE Finance, a neobank.

According to Omer Ismail, chief executive of Walmart’s fintech unit and former head of Goldman Sachs’ Marcus business: “The strategy is to build a financial services super app, a single place for consumers to manage their money.”

I have made it clear that those who control demand will win the digital opportunities of this age. Controlling the unbounded and unconstrained supply does not offer the same level of leverages we used to see in the industrial age economic systems. Today, it is all about demand and what you do with it. With a super app, Walmart can make the lives of its customers revolve around it. And by doing it, it can capture more value from them.

Pay attention because winning the digital future will come via controlling demand, not supply. Watch this video.

The Need For Interpersonal Professional Relationships In The Workplace

By
Ojukwu Emmanuel
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0

To exist just for self is meaningless. No one is an Island. Humans by nature are social animals. To succeed there is a need for humans to develop interpersonal relationships. Interpersonal relationship refers to the strong association among individuals working together in the society or an organization to achieve a common goal.

There is a strong need to develop interpersonal relationships, especially in the workplace because it is very crucial to the success of the organization. Imagine an organization where its employees refuse to cultivate interpersonal relationships. It often leads to things like slow progress, no collaboration, lack of delegation, low productivity, etc.

Every employee needs to interact in the workplace. There is a need for cooperation amongst them. They must get along well for a positive and healthy work environment. Good relationships are the fabrics of a good organization. Naturally, humans are social animals, so there is always a feeling of wanting to relate with others and share feelings or hold a conversation. It is really dangerous being alone in the workplace because according to studies an individual working in isolation is more prone to stress and anxiety because they hardly enjoy the job.

Individuals who work alone always find their work to be monotonous. There is a need to always mingle and relate properly with others in the work environment because doing it makes the work enjoyable. There is this popular saying, “a tree does not make a forest”. No matter how smart an individual is, he or she can’t make and implement decisions alone. There is a need to always collaborate.

It is necessary for employees to always come together to discuss various issues, evaluate critical situations which will benefit not only the employees alone but the organization as a whole. Collective ideas always lead to better results than a single idea, because collectively they come together to brainstorm, and in the process proffer solutions to conclude at a better idea and strategy.

To develop an interpersonal relationship, the manager must see the need to hold weekly meetings where everyone must be allowed to talk. By doing so, this will promote interpersonal relationships. There could also be a situation where employees will be divided into teams to carry out a given task. This will promote communication amongst them. Interaction regularly is important for a healthy relationship.

Interpersonal relationships in the workplace can lead to hard work among employees and also put a check on bad behavior. When employees interact with one another, whenever one does a good job, it leads to commendations from colleagues. Applause or a pat on the back can go a long way in bringing out the best in individuals. Also in terms of bad behavior, sometimes people don’t see a fault in what they do, it takes a word from a trustworthy colleague to tell them their mistakes.

There is a need for interpersonal relationships in the workplace because it enables employees to complete given tasks on time or within the time frame. An employee who does not interact with other workers is usually overburdened and hardly completes tasks because they are all alone. Their character makes it difficult for them to seek assistance or delegate a task to a coworker. One thing they fail to understand is that getting support from co-workers is very important. The earlier they realize that they cannot do everything on their own, the better it will be for them.

Sometimes, due to loads of tasks, an employee needs the help of his or her colleague to help them complete tasks to be able to meet deadlines. Often, failure to meet deadlines can spell doom for them which often leads to a query or sack. To be able to achieve interpersonal relationships in the workplace, employees must be sociable, cultivate tolerance, stand with co-workers in good and bad times, avoid keeping malice, and treat everyone with courtesy.

Conclusion

The need for interpersonal relationships in the workplace is inevitable because when employees of an organization ensure that they maintain a proper relationship in the workplace, it offers so many advantages such as increased productivity, peaceful co-existence, proper delegation of duties, etc.

Nigeria’s Digital Transactions Hit $690 Billion in 2021, Time to move from Nigeria To Naija!

By
Ndubuisi Ekekwe
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0

Never doubt if Nigeria has opportunities. The question is why are things not moving really faster. When I look at data from our startups, I smile because what the pundits are writing, due to lack of access to HARD data, is nonsense. This is a minor view as Nigeria digitizes its financial system:

“Transactions worth N271.95 trillion were executed in 2021 on the Nigeria Inter Bank Settlement System (NIBSS)’ Instant Payment (NIP) platform while transactions via mobile channels rose by 164%. In total, N286.45 trillion worth of transactions were carried out on the Point of Sale terminals, NIP and mobile channels.”

Simply, more than $690 billion moved. If you are a fintech company or bank and pick 10% of that channel for $69 billion GTV and impose a “tax” of 1.99%, you are close to $1.4 billion revenue!

And you know what? That $690 billion keeps increasing because more things are coming online. People, this is the age of opportunity in Nigeria, but it could be super-charged. I am not sure those in Nigeria know but I know that Naija people get it; move from Nigeria to Naija where opportunities abound; Naija is the new and future economy of Nigeria!

Nigeria Recorded N286.45 Trillion ($690 billion) Worth of Digital Transactions in 2021

Nigeria Recorded N286.45 Trillion ($690 billion) Worth of Digital Transactions in 2021

By
Samuel Nwite
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1

Nigeria’s push for a cashless lifestyle saw a lift last year as digital transactions, buoyed by covid-induced shift to digital life, increased significantly. Nigerians are increasingly embracing different digital payment channels instead of cash, in a gradual change of their cash-spending culture.

At the end of 2021, many of the digital payment channels, especially Point of Sale (PoS), NIP and mobile transactions, saw an increase in the number of users. PoS transactions rose to N6.43 trillion, a 36% improvement compared to N4.72 trillion recorded in 2020.

Transactions worth N271.95 trillion were executed in 2021 on the Nigeria Inter Bank Settlement System (NIBSS)’ Instant Payment (NIP) platform while transactions via mobile channels rose by 164%. In total, N286.45 trillion worth of transactions were carried out on the Point of Sale terminals, NIP and mobile channels.

Available data on NIBSS website showed that transaction volume on its instant payment platform rose 71.9% last year to N271.95 trillion compared to N158.21 trillion that was recorded on the platform in 2020.

Cash usage was notably low in December, even though Nigerians spend more during the month as it was a festive season. Most of the transactions carried out in December was done through digital channels accounting for the highest value of last year’s transactions. The data showed that as against 319.93 million transaction volume with a value of N25.93 trillion recorded in November, the use of NIBSS rose to 391.82 million transactions with a value of N30.26 trillion.

The platform saw a 24.9% increase in usage in December last year as the volume of transactions on the channel rose to 99.54 million compared to 84.91 million in November while the value of transactions rose to N699.75 billion as against N560.26 billion.

Last year, telecom companies temporarily halted USSD transactions over squabble with Nigerian banks for accrued transaction processing fees debt worth up to N50 billion. The development briefly disrupted the volume of mobile payments. However, the USSD-based mobile payments kicked off again after the telcos and banks resolved the issue.

Thus, adoption of several mobile channels increased significantly with the value of transactions consummated via the channel rose by 164.4% in 2021 to N8.06 trillion as against N3.05 trillion that was recorded in 2020. In December last year, the use of the mobile channel had seen a volume of 35.49 million transactions with a value of N1.19 trillion as against 31.28 million transactions with a value of N957.4 billion in November, a 25% improvement.

Cheques’ usage made a turn from its decline to record an increase in December last year with 390,677 cheques valued at N300.91 billion processed by NIBSS compared to 377,540 cheques valued at N281.82 billion that was processed in November. In December 2020, a total of 504,728 cheques valued at N325.3 billion were processed.

The increase in digital transactions in Nigeria last year was also supported by the fintech boom, which has seen more Nigerians adopting digital-based platforms that simplify bill payments and facilitates easier and faster local and cross-border financial transactions.

The digital lifestyle, which fueled the electronic-based transactions, is expected to be adopted more in 2022 across Nigeria, as many fintech startups focusing on the underbanked and financially underserved demographics spring up. Nigeria has about 40% population of financially disadvantaged people, presenting a huge market for mobile-based transactions.

Jaruma remanded in Suleja prison for defamation

By
Stanley Alieke
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0

Hauwa Saidu Muhammad who is popularly known as Jaruma, the popular Instagram aphrodisiac dealer and self acclaimed sex therapist has been remanded in the suleja prison custody until Friday, the 28th of January 2022 when her bail application will be heard by the court for the offense of defamation, incitement, intent to ridicule and threat against the person and family of Prince Ned Nwoko, a Nigerian billionaire entrepreneur and former legislative member.

The news reported that Jaruma was arraigned on Tuesday, the 25th of January, 2022 on the charges of defamation of character, injurious falsehood, Criminal intimidation and publication of false news with the intent to cause offense against the public peace at the Upper Area Court of Zuba, FCT, Abuja where she pleaded not guilty of the charges made against her.

The Background story:

Jaruma paid the sum of 10m Naira to Regina Daniels, the celebrity youngest wife of Prince Ned Nwoko for the contract of influencing her aphrodisiac products on social media. According  to Jaruma, Regina Daniels  breached the contract of influencing her products as she failed to live by the terms of the influencing contract.

Jaruma decided to call out  Regina Daniels on the internet space. Things got sour when the two long known friends started exchanging insults and shades against each other on their Instagram pages for the entertainment pleasure of their millions of fans and followers.

Jaruma decided to also include Regina Daniel’s  husband, Prince Ned Nwoko in the ordeal and also drag Ned’s ex Moroccan wife into the brouhaha and  on numerous occasions said that Ned Nwoko is under spell of her aphrodisiac products.

Ned Nwoko responded by suing her (Jaruma) for defamation and inciting statements against his person. She was arrested and charged to court and has been in prison detention since then.

Her counsel made an application for her bail but the court made an order for her to be remanded in the suleja  prison custody till Friday, the 28th of January, 2022 when the bail application will be heard.

The substantive case was adjourned to 23rd of February, 2022.

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