People, I think it is time for Corporate Nigeria to reach out to the government and offer any help that will change the current trajectory. Because if this trajectory continues, we may not have a nation to do business. Anything is possible including cutting corporate tax by 50% and asking companies to use the savings to hire young people. There needs to be a deal which would be centered on the wellbeing of our young people.
Hopefully, that will provide space for the government to build foundational anchors for growth and development. I do not want to read about agriculture programs, mining initiatives, etc since without security, everything goes. There needs to be an immediate Contract for Nigeria Future and the organized private sector holds the ace as it is the only vehicle that can offer practical hope to young people. Yes, they can hire 200k youth in 3 months but they keep 50% of their taxes!
Please share this and get these men and women to know that staying by the side is not an option anymore. They need to get ahead and see what could be done, to get our youth busy, with hope, for the nation to have a future. Simply, send a deal to the government with the fierce urgency of now.
The use of fintech apps has increased more than 61% since the pandemic started last year, reveals deVere Group, one of the world’s largest independent financial advisory and fintech organisations.
The jump comes as financial technology apps show further evidence that the way we manage our finances further shifted in light of the coronavirus pandemic.
James Green, deVere Group’s Divisional Manager of Europe, notes: “Pre-coronavirus, we were already in an exciting new era driven by the lightning pace of the digitalisation of our everyday lives.
“But like so many areas of our lives, the pandemic has accelerated this trend.”
He continues: “The jump in usage of fintech apps from existing clients, and a sharp increase in enquiries from potential ones, underscores that people are becoming more tech-savvy than ever.
“Like never before, people are embracing the convenience of immediate, low-cost access to, use and management of their money.”
The deVere CEO and founder, Nigel Green, who has been a long-term advocate of fintech having launched a series of pioneering apps, believes the trend will further increase.
“The financial services sector is currently undergoing, I believe, possibly the most profound transformation in history.
“We’re seeing seismic and far-reaching shifts in client expectations. As the world moves towards an ever-more digitalised and globalised future – which is increasingly influenced by those who’ve grown-up with ‘on-the go’ tech – this phenomenon can only be expected to gain momentum.
“The way we save, invest, use and manage our money has changed forever. We are witnessing a personal finance revolution.”
The CEO goes on to add: “This revolution is a positive force.
“Fintech allows all clients’ personal financial services to be dealt with online and/or on their mobile devices, wherever they choose to be.
“It will speed-up financial inclusion around the world, especially for those who aren’t able to use financial services because of the biases of traditional financial firms.
“In addition, it allows firms within the financial sector the opportunity to diversify, reduce costs, fulfil regulatory requirements and further enhance the client experience.”
Of the year-on-year jump in fintech apps usage, James Green concludes: “Whether the trend in the usage of fintech is a long-term one will be demonstrated as lockdown restrictions are eased around the world and we look ahead to a post-pandemic future.
“I will be surprised if those new users of fintech will ever go back to traditional methods of accessing, using and managing their money.”
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deVere Group is one of the world’s largest independent advisors of specialist global financial solutions and fintech to international, local mass affluent, and high-net-worth clients. It has a network of offices across the world, over 80,000 clients and $12bn under advisement.
Tomorrow, many Nigerian students, led by their Students Union Government leaders will begin a great journey. I want to welcome them to Tekedia Institute CollegeBoost, a mini-MBA designed for students.
Our mission is simple: “to discover and make scholars, noble, bright, and useful”. We will do this by working with schools, governments, firms and individuals.
The Board opens tomorrow. Eyitayo Adeleke will be scheduling a Zoom and I will be speaking with you all. It’s a beautiful world and one of abundance.
I wrote a well-received article in Harvard Business Review which most African policy leaders have circled back to me. In that piece, I posited that pursuing an African industrialization policy that mimics China’s model is hopeless since what made China what it is today would be disintermediated by new technologies. Africa has anchored its industrialization policy on the paradigm that once wage rises in China, the continent would magically pick some opportunities in low skilled manufacturing which have typically moved from US and Western Europe.
However, in my piece, I made the case that those jobs and opportunities may not even leave US and Western Europe because of robots and AI. So, if that is the case, what Africa hopes to happen will not come to pass. China will not get the low level manufacturing opportunities of the future, and Africa will not either. Nonetheless, China is deepening its abilities to become a leader in high skilled manufacturing.
In December, on the invitation of the African Union and Afreximbank, I will speak on AfCFTA and the 4th Industrial Revolution (4IR) and how our continent can lead into the future. That talk will be in Kigali, Rwanda.
On April 25, India recorded over 353,000 cases of new infection, the highest daily rate since the pandemic began, putting its total cases at 17.3 million, making the South Asian country, the epicenter of the deadly virus.
The second wave, whose impact has pushed the death numbers to more than 195,000, has riled up global sympathy for India, as hospitals and crematoriums run out of space.
The United States, France, Singapore, the United Kingdom and China are coming to the aid of India.
WHO chief Tedros Adhanom Ghebreyesus described the situation as “beyond heartbreaking”, and said the World Health Organization is sending extra staff and supplies there to help fight the pandemic.
“WHO is doing everything we can, providing critical equipment and supplies, including thousands of oxygen concentrators, prefabricated mobile field hospitals and laboratory supplies,” Tedros told a briefing on Monday.
But as the ugly face of the pandemic wrecks human lives, it also stares sternly at the economic prospects of the country.
India has accelerated its quest for a digital economy recently. The goal is to create $1 trillion digital economy by 2025, about 80% increase from its current value.
Social media is huge in India
To set the ball rolling towards the goal, Indian Prime Minister Narendra Modi launched ‘Digital India’ that its masterplan involves a scope of institutional changes, geared toward more liberal economic practices that will entice the big names in the tech industry.
Tesla CEO Elon Musk also said the electric vehicle company will find its way to India soon.
India has a booming telecom industry of over 500 million subscribers that presents a digital economic goldmine to both the country and investors. Covid-19 pandemic exposed the country to more digital opportunities as activities moved online at the peak of the plague.
However, the surge in Covid-19 cases has presented obstacles to digital growth and its future prospects as other traditional businesses originally in the digital masterplan are likely going to be shut out. The government has reintroduced restrictions that affect many states and sectors driving the economy. Transport services have been mainly shut down, all public and private offices closed, factories, hospitality and most other businesses have been halted. Some economists said that there is already Covid-induced job loss of 40 million people and counting (MRD report) in the country, mostly in the unorganized sectors.
With the cases still rising, many more sectors are likely going to be impacted sooner or later, and the economic impact will undermine the whole ‘digital India’ masterplan as focus will shift to economic recovery.
Lexicology predicts that a lot of traditional businesses are likely to go out of business in the coming months and e-commerce and online businesses will gain further market share as a lot more people in India are learning and using online platforms to order groceries, eatables, and almost all household items.
While traditional businesses will be forced to go online to stay afloat, there is concern that poor digital infrastructure in India will hamper their efficiency and growth. And also, many other conventional entities, although they are in the digital economy masterplan, will be left out as more time is needed to incorporate them into the digital life.
Purchasing power and confidence of the consumer are projected to hit an all-time low. Tax collections will also drop and a global economic recession seems to be in the offing which will severely affect the Indian economy and recovery from this crisis could take over a year or two. This means the 2025 one trillion dollars digital economy dream will have to wait, and no one knows when it will come true.
