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Tackling The Narcissus Among Us

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Narcissus, a character in Greek mythology, was a very handsome young man, who was so much in love with himself. At a stage, he became self-conceited to the extent he never believed anyone was more handsome than him. He saw his reflection on the river one day and fell in love with the young man staring back at him from the river. One of the accounts had it that Narcissus always visited that young man in the river to confess his love for him. Well, unfortunately for him, that young man that stared back at him from the river could not come out to marry him because he/it was Narcissus too (his reflection). Out of desperation and frustration from being rejected by the only person that is worthy of his love, Narcissus committed suicide and ended his sad life.

Well, I read that story during my university days. Actually, the person that narrates it was a make-up artist for some Hollywood stars, who believed everyone should have a little bit of Narcissus in him or her. But the more I read that story, and other accounts of it, the more I see narcissism destroying lives.

I had always thought narcissism is all about self-love. I had always assumed that the suffix, “-ism”, should not apply to the concept because there can never be anything extreme about self-love. But the more I meet the Narcissuses of our days, the more I realised how extreme and destructive narcissism is. To be sincere, a lot of people are suffering from Narcissism Personality Disorder (NPD). I am not a psychologist, but I live in a community and interact with people that exhibit traits similar to that of the Greek’s Narcissus. Note that many of us might have this disorder without realising so. We might think it is self-love, like I used to do, but a deeper insight will reveal otherwise.

So what are the traits of a narcissist? And where do we find him or her?

According to Healthline, there are 9 official traits of a narcissist. These are:

  1. Unhealthy Sense of Self-Importance: A narcissist always assumes he is too important. It is possible that many of us are guilty of this. That time you felt ‘too big’ to help out, celebrate with someone or be seen in the midst of certain people, it could be the Narcissus in you that is manifesting.
  2. Fantasizes about Unattainable Qualities, Achievements and Successes: Well, some people believe they can get it if they fake it. I don’t know anyway because that ideology never worked for me. As for a Narcissus, he spends most of his or her time fantasizing about an achievement he/she never attained and which might be beyond him; or about special qualities he/she never had. Of course, there is nothing wrong with dreaming big and letting that dream guide us, but if it is not backed up by a feasible plan, that’s the Narcissus in us trying to deceive us.
  3. Discriminatory: I don’t know the right word to use here. What I wanted to describe is that narcissists see themselves as special and so they should only associate with ‘special’ people. Like the Greek Narcissus, they snub people around them and wait for those ‘big men’ to come their way. Some of them are lucky to link up with ‘special people’ while the rest wallow in isolation.
  4. Crave for Admiration/Praises: I believe this explains itself.
  5. Sense of Entitlement: This is what easily gives narcissists away. They might initially play it safe until this trait shoots out of them. And, believe me, this is the reason most of them don’t last in friendships.
  6. Interpersonal Exploitative Attitude: Sorry to say that many narcissists I have encountered always take advantage of others. They don’t care about how their demands or actions affect the person so long as they get what they want.
  7. Lack of Empathy: Remember Narcissus only cared about himself; even the other man he fell in love with was still him. Well, the present day Narcissuses are also like that: they are bent on not understanding the plight of others.
  8. Envy: If a narcissist fails to achieve what others have achieved, there is trouble. They do everything possible to either discredit the person’s achievement or find a way to damage it. It is that bad. In addition, they also think people envy them; even a well-meaning advice or caution may be seen as jealousy.
  9. Arrogance: Remember a Narcissus thinks he is important, special, successful, and what have you; so don’t be surprised when arrogance adds to the number.

As I asked earlier, where do you find Narcissus? Believe me, they live among us. We find them at home, in the offices, on social media, and so on. We can even find them inside us. Believe me, this essay is not for you to evaluate the people around you to determine who is the Narcissus in your life; but rather for you to evaluate yourself to see if YOU ARE ONE. Unlike what I used to think, NPD is actually a mental disorder. This could explain why many narcissists refuse to change despite complaints by people around them. We all should evaluate ourselves and then verify if we need help.

“In October, OPay processed a gross transaction value of $1.4 billion on its platform” in Nigeria

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OPay is Nigeria’s biggest mobile payment solutions and you can call it the fastest growing customer brand in any sector in Nigeria. From Opera Q3 2020 earnings call; Opera holds 13.1% of OPay: “In October, OPay processed a gross transaction value of $1.4 billion on its platform more than three times the level in January.” 

OPay continues to grow and scale its payment offerings. In October, OPay processed a gross transaction value of $1.4 billion on its platform more than three times the level in January. Further, we expect that OPay will be expanding beyond Nigeria soon, and believe it can continue to grow its payments platform at elevated growth rates. StarMaker continues to scale as well growing users roughly 80% year-to-date, and more than doubling revenue year-to-date to an annual run rate of over $100 million.

The OPay’s Invisible Layer Strategy is working at scale.

People, marginal cost of zero has come to the paytech sub-sector of Nigeria’s fintech sector. Yes, OPay is running what I call the Invisible Layer Strategy. The Invisible Layer Strategy is a strategy where a company builds a product utilizing critical infrastructure of another competing company, in the same product line, but finds a way to under-cut that company on cost of services to end users. Today, OPay offers zero fee to customers who use it to pay for DStv services in Nigeria. It utilizes and relies on Nigeria’s banking infrastructure. But if the same customers use banks, directly, they would be charged fees, by banks. Largely, OPay has invented an invisible layer which makes it possible to handle those payments at zero cost that even the banks themselves cannot do. It is important to note that OPay is not absorbing any cost to acquire customers; there is no cost whatsoever in the value chain, and that means even in the long-run, it can process payments in Nigeria at absolute zero fee.

OPay is now well positioned to even battle telcos if they decide to come into the mobile money domain at scale. This company has provided a textbook case study on how to win  consumers in Nigeria: pile losses and keep making losses and keep running losses. One day, everyone will come to your party. Of course, you need reserves, tons of reserves I must note, to run that playbook. Hey, China Unlimited makes everything look easy.

Nigeria is now an OPay nation! By operating at the edges of the smiling curve, they have a promise to capture huge value.

The Central Bank of Nigeria (CBN) Revalues Naira – N390 per US$1

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Nigeria Naira US Dollar

“Please be advised that the applicable exchange rate for the disbursement of proceeds of IMTOs, for the period Monday, November 30th to Friday, December 14, 2020, is as follows.

  • IMTSOs to banks – N388/1USD
  • Banks to CBN –  N399/1USD
  • CBN to BDCs – N390/1USD
  • BDCs to end-users Not more than N392/1USD 
  • Volumes of sale for each market is USD10,000.00 per BDC”, from a Central Bank of Nigeria (CBN) circular.

Yes, the CBN has revalued the Naira; now, it is N390 per 1USD officially. In the black market, it is hitting N500 per 1USD. It is becoming exceedingly challenging for companies which do not have something they can do to earn forex to bring in necessary raw materials from outside the country.

My understanding is that some building materials importers are now funding Nollywood movies exclusively for YouTube adverts which pay in US dollars. I am not sure how durable that strategy would be since Nollywood channels in YouTube are growing daily with no specific differentiation and leverageable moats. Yet, you cannot blame anyone for trying. I do hope we find a solution fast.

Nollywood Goes YouTube To Earn in US Dollars

*IMTSO stands for International Money Transfer Service Operators

EU and Britain Make New Rules to Curtail the Power of American Tech Giants in Europe

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The European Union is making a new set of rules that will guide the use of data in Europe. The EU commissioners said the move stems from the need to make Europe “No. 1 data continent”, and to check the excesses of American tech giants, Google and Facebook.

The use of personal data and online privacy have been a bone of contention between EU regulators and American tech companies; and now, the bloc wants stricter rules to curb abusive use of private data and anti-competitive practices.

EU Internal Market Commissioner Thierry Breton and the bloc’s executive Vice President Margrethe Vestager, have outlined plans on how Europe’s individuals, businesses and governing bodies could better handle data, according to DW.

But the aim of this move is more about making Europe the “No.1 data continent” that will square it up with China and the United States, than it is about curtailing American tech giants’ monopolistic practices.

The new regulatory rules will operate outside the 2016 EU data privacy laws, though it doesn’t replace the old rules which would be consulted for data sharing when there is need. In a sense, it will serve as alternative model.

Breton and Vestager shed light on how the new model will function. The bloc will create “European data spaces” where businesses, governments and researchers could store and access “protected” information.

That concept anchored in an EU Digital Governance Act would be followed by a Digital Services Act (DSA) and a Digital Market Act (DMA).

Vestager wants the DSA to use designated platforms to report hate speech and counterfeit produce to European regulators and remove it. He said the framework will offer an alternative model to those operated by big tech platforms, adding that the giants would be required to disclose their algorithms used to recommend online content.

EU and UK flags

Breton said the Europe’s novel Digital Market Act would via quantitative and qualitative rules seek to curb unfair behavior by internet giants, and many small and middle sized companies will benefit.

While the new rules will significantly change existing protocols, Breton said the EU would comply with the rules of the World Trade Organization (WTO), though there is going to be strict measures of enforcement.

“To ensure that data can circulate, we need to have rules, which will build trust and confidence,” he said. Adding that there will be sanctions, but forcing offenders into “structural separation” will be a last resort.

As part of the new rules, big tech companies seeking acquisition might also be required to inform the European Commission of their intentions, said Breton.

The EU Commission estimates that the new internet rules, if implemented, could increase the annual economic value of Europe’s data sharing from €7 billion ($8.3 billion) to about €11 billion by 2028. But the Commission admits that it could take up to two years to implement as it requires negotiations with individual EU states and the European Parliament.

Outside the EU, Britain is walking the same terrain to create new rules that will ensure competitiveness in the tech industry. The new regime, which will ensure that the monopolistic practices of Facebook and Google are curtailed, will kick off next year from a unit within the existing Competition and Markets Authority (CMA).

Britain’s Digital Secretary Oliver Dowden said there was a growing consensus that the concentration of power in a small number of companies was curtailing growth, reducing innovation and having negative impacts on the people and businesses that rely on them. He added that “it’s time to address that and unleash a new age of tech growth”.

Reuters reported that the newly created Digital Markets Unit, which is expected to start work in April, could be given powers to suspend, block and reverse decisions made by technology firms and to impose financial penalties for non-compliance.

The government said under the new unit, companies will have to be more transparent about how they use consumer data and restrictions that make it hard to use rival platforms will be banned. It added that the rules will also support the news industry, rebalancing the relationship between publishers and platforms.

Google, Facebook, Apple and Amazon have been on and off with governments in Europe, over antitrust concerns. Google and Facebook have been particularly caught in the web of government’s attention, as the push to get ahead in digital advertising is spurring the companies to breach private data rules.

The CMA said Google and Facebook dominate digital advertising, accounting for around 80% of 14 billion pounds spent in Britain in 2019.

But the companies said they are ready to work with the British government and digital regulators on advertising, to give users more control of their data and the ads they are served.