Great Service Will Unlock New Basis of Competition for Neobanks in Nigeria

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January 24, 2022

Ndubuisi Ekekwe Kampala Fintech award — Ndubuisi Ekekwe receiving award in Kampala . Uganda

The Nigerian banking sector seems extremely competitive. But that competition may not be deep if you see how banking is done in America. In other words, despite the competition for commercial banks in our land to get the next deposit, there is indeed a great opportunity for a neobank to deliver a new basis of competition on service delivery. This service delivery is not just responding to emails or complaints, but going beyond customer needs, expectations to perceptions.

Why am I writing this? Last week, I received an email where my US company bank was blasting introductions to companies, telling them that it has a great customer they need to assist on global shipping. I did not make that request but I did tell them when we spoke on Tuesday that I hate delays on our goods to Peru, Canada, Romania and other places where we ship things.

The delay was not their fault; it was custom related but the bank is doing all it can to fix that problem for us. In all the emails, it began thus: “Business sells farming electronic equipment to customers outside of the USA.”

Now, think of it: can your bank help you fix the Apapa dreadlock? If not, can a neobank go ahead, identify some critical customer issues, and use its capabilities to help customers solve those issues? We’re an engineering company. We like designs. Logistics and delays at customs should not be our problems. I am happy the bank is helping to fix those for us.

Banking for the future will go beyond managing customers’ deposits: you need to vertically integrate into how the customers generate the cash.

A neobank that can deliver those other intangibles will win opportunities in Nigeria. Yes, structure the supply chain, assist on warehousing, etc, in addition to what banks do. And you do those things by making it clear that you know this customer. Our banks in Nigeria do not know us: they never demonstrate that because they have never offered any credit even though we have never asked. But the US bank uses algorithms to offer credits, adding a button on the dashboard in the app. If you click the link, the money will drop in 24 hours.

Essentially, they use the knowledge of your business to entice you to take credit without you even asking for it. They have memory and they simplify your frictions at scale. Doing those in Nigeria will open opportunities for neobanks.

Beyond Customer Need and Expectation, Perception is King of Market

Zenith Bank At Zenith of Nigerian Banking

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Ndubuisi Ekekwe

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January 23, 2022

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Zenith Bank is now the most valued bank in Nigeria at N810.030 billion. GTCO, the holding company which controls Guaranty Trust Bank is now at N759.324B. OPay remains the most valued financial institution at $2 billion (N1 trillion) according to data from its last raise.

Today, we are learning that Japan’s mega fund, SoftBank, is leading a $400 million raise in OPay, pushing the company to a valuation of $2 billion: “The company, founded in 2018, had an exclusive presence in Nigeria. It provided various digital services ranging from mobility and logistics to e-commerce and fintech at cheap rates for consumers.” Yes, within 3 three years, OPay has a market cap that is bigger than more than 80% of Nigerian banks. This shows the impact of technology in an industrial sector.

This plot created by Nairametrics shows the numbers as at the end of December 2021.

We will get to this destination as this redesign evolves.

In this videocast, I discuss the need to build a truly pan-African digital remittance/transfer banking product which is agnostic of location or currency in Africa. None of the products we have today meets that standard. Largely, I envisage a situation where all you need to buy and sell across Africa is one bank account in just one African Union country. With that, you do not have to even think about the specific currency of that account as technology will seamlessly make it possible to access other African markets for payments, transfer, etc. The banks or fintech companies must still comply with all regulations related to international transfers, forex, etc. The only difference is that customers will not see them as they will be hidden with technology.

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In not too distant future, technology will overturn those banks.

The funding for “fintech” is not coming from banks but foreign inflows, this supports the notion that Nigerian banks are not really growing business but only those that are already established.

No matter your good business ideas, banks will not come to your aid when you are starting. When they start to see your growth trajectory, all the bank relationship officers/managers will want to be associated with you. You will see all sorts of Christmas gifts even from those you are not banking with, all in an effort to woo you and get a share of your sweat.

Why Product Quality Is Important In Business

By

Ojukwu Emmanuel

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January 23, 2022

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One of the best ways to improve customer retention and build brand trust is to ensure that whatever products a business is producing, it has to have a very good equality. No one would want to patronize a business that produces low-quality products. After not being satisfied at the first trial people will be forced to look elsewhere to ensure they get the best of what they want.

Almost everyone would agree that the quality of a product is important, but not everyone has the same ideology as to what constitutes high quality. For some people what they consider a product of high-quality, is if the product is luxurious or durable while for others they consider a product quality if it is efficient or easy to use.

Regardless of the definition, product quality greatly affects a companies’ profitability. There are several things that constitute product quality;

Is the product easy to use?
Is it efficient?
Does it solve a problem at all?
Is it tailored to your customers?

But then let’s look at the reasons why product quality is important.

It brings recommendations: No one uses a quality product and wouldn’t want to recommend it to others who are also in search of similar products. When a product has very good quality, it fuels recommendations from friends and family above all other forms of advertising because of first-hand experience. Recommendations are very persuasive because people who have used the product will give a very detailed review of it. The higher quality product a company has to offer the higher the chance they will have at driving positive reviews, and recommendations from consumers.
It builds customers’ trust: Without getting customers’ trust, most businesses won’t succeed. A business can’t expect high patronage if customers can’t trust them. Countless potential sales are lost when brands fail to make deeper connections with prospective buyers. One very good benefit of gaining the confidence and loyalty of consumers is that even when the price of the product is raised, they wouldn’t mind purchasing it, because they have earned their trust. This is why businesses should ensure that they produce high-quality products because it is one way to get customers to have trust and believe in what they offer. Customers always come back when a product is good even if the price is high.
It produces a higher return on investment( ROI): There is no disputing the fact that high-quality products bring about a high return of investment. A quality product creates unshakable customer loyalty that generates increased leads. Some brands in a bid to cut costs, produce low-quality products, thinking they have done the wise thing. They only sold themselves short because when people buy the product and are not impressed, it will definitely lead to low sales turn-out for the business. Also, improvements in performance, such as improved features or increasing any other dimensions can lead to increased sales and also give a boost to the ROI.
There are fewer complaints and returns from Customers: We might have had an experience where we bought a certain product and we weren’t impressed with the product, only for us to return the product disappointed. This is what happens when a brand produces low-quality products. It is usually followed with complaints and returns from customers. Every brand ought to spend more time and money upfront perfecting a product before it hits the market because it will minimize customer complaints and returns. The more successful companies are at pleasing customers during their initial experience with a product, the more likely they will be to see repeated purchases from those customers and experience little or no returns.

Conclusion

No one is ever pleased using a low-quality product because it doesn’t give them the satisfaction they expected. People always go for what gives them satisfaction no matter how high the price may be.

This is why businesses should ensure that any product they are producing for public use, should be of top quality. It doesn’t matter how much they spend in ensuring that they make the product top quality. One thing is sure that when the products reach the market it is sure to get massive sales.

Is Adultery a Crime in Nigeria?

By

Stanley Alieke

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January 23, 2022

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Adultery is the voluntary sexual intercourse between a married person and a person who is not their spouse. The difference between adultery and fornication is that while the later is a voluntary sexual intercourse between unmarried couple, the former is a voluntary sexual intercourse between a person who is statutorily married and another person who is not his or her spouse.

The offense of adultery can be a valid ground for separation of marriage or divorce (if the other partner finds the extra marital affairs intolerable). A partner can file for divorce solely on the ground that the other partner is having extra marital affairs and that extra marital affairs have caused the irretrievable breakdown of the marriage.

While adultery can serve as a ground for divorce, it should however be noted that it is not a crime in Southern states of Nigeria, hence a partner cannot be punished for cheating on the other partner especially in the southern region of Nigeria.(Southern region here loosely comprises of the South South, South East and South West).

This principle was established by the Supreme Court in 1961 in the old case of Aoko v. Fagbeyemi (1961) 1 ALL NLR 400, where the court held that a woman who has been accused of cheating on her husband could not be convicted for adultery in the southern states of Nigeria because adultery was not prescribed as an offense in any written law in those states. This case also serves as a locus classicus to the constitutional principle that on no account should a person be punished for any offense or whatsoever that is not prescribed as an offense in any written law in Nigeria.

This principle was the highlight of s.36(12) of the 1999 constitution (as amended) which reads thus: “Subject as otherwise provided by this Constitution, a person shall not be convicted of a criminal offense unless that offense is defined and the penalty therefore is prescribed in a written law, and in this subsection, a written law refers to an Act of the National Assembly or a Law of a State, any subsidiary legislation or instrument under the provisions of a law”.

While in the Southern part of Nigeria where the Criminal Code Act applies, adultery is not a criminal offense, the law however considers adultery a criminal offense in Northern Nigeria where the Penal Code and sharia law applies.

Section 387 and 388 stipulate the punishment of imprisonment for two years, and/or with a fine for the crime of adultery committed in that region.

So to answer the question; “whether adultery is a crime in Nigeria”? the answer will depend on what region of Nigerian law applies to you. If you are in Northern states, Yes, adultery is a crime and you can go to jail for the crime of adultery but if you are in Southern region, then No, adultery is not a crime.

In summary, under the Nigerian criminal justice system, the country is polarized into two criminal laws: the Criminal code and the Penal code/Sharia Law. While the Criminal code is applicable to Southern Nigeria, the Penal code and Sharia law is applicable to the Northern states. Under the criminal code, adultery is not a crime, hence, a person cannot be punished for adultery in Southern Nigeria but a person can be punished with 2 years imprisonment term and or with a fine in Northern Nigeria where the penal code/ Sharia law applies.

Ndubuisi Ekekwe Celebrates 120K LinkedIn Followers

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Ndubuisi Ekekwe

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January 23, 2022

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Good People, let me thank you all for taking me above 120k followers at LinkedIn. That is now a city, well more than a village. And all connections are natural and organic, by looking at the level of engagement. Thank you!

My experience in LinkedIn can teach someone something: I joined around 2007 while in grad school. I posted something on a small scholarship I received. Someone said I was showing off. I deleted my account as I could not understand the attack.

Then a friend asked me to come back. I came back, and I wrote an article, and another person said he was telling us he was “smart”. I deleted my account again. But at the end, in 2016/17, I rejoined and decided to manage the bad species: fire for fire! Lol

This is the message: you need to be in charge of your mission. Do not allow anyone to dictate it. And if you have not followed Ndubuisi Ekekwe, make this place a better place by following me. FOLLOW.

FOLLOW Is The Only Option

More so, as I celebrate the 120k great Followers here, I also need to drop this hard fact: once you hit 30k direct connections on LinkedIn, you will be unable to add new users, even though the users can send you friend requests. I have about 3,600 pending friend requests but I cannot accept any as I have reached the maximum allowed in LinkedIn technology. Those will expire in weeks and another will build!

So, do not waste your time sending me a friend request as I do not even check that section.

But there is something amazing: my profile allows anyone to inmail me which means we do not need to be connected for you to reach us. Just FOLLOW Ndubuisi Ekekwe and you can message me, connected or not.

Great Service Will Unlock New Basis of Competition for Neobanks in Nigeria

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