DD
MM
YYYY

PAGES

DD
MM
YYYY

spot_img

PAGES

Home Blog Page 6486

Jumia Evolves – The Personal Lending Company

1

Jumia begins a new playbook by offering loans to customers in an evolving double play strategy; it has been offering loans to merchants for months now. Consumer lending will help Jumia improve revenue via interests. Also, there is a possibility to bring new customers and boost overall GMV in the Jumia platforms. If the loan default rate stays low, that could fix a key paralysis Jumia has been battling for years: profitability.

How? If the loans bring more customers and also deliver good interest rates, from an expanding pool of about 6.1 million customers, the derivable marginal value could help this company. No matter how you see it, Jumia is now a fintech and when you discuss Carbon (old Paylater), you need to mention Jumia One. Beginning with 6.1 million customers, Jumia One should be one of the leading fintechs in the lending space.

Provided Jumia avoids the old demon of giving people loans – those with no means to pay back – just for the sake of boosting sales, Jumia should be fine. A few years ago, some Nigerian banks ravaged their vaults, giving crazy people loans to boost their market caps; the parties were great until the DJs fell asleep!. Jumia must avoid such. 

E-commerce company Jumia is extending its lending service to consumers in a move that suggests it is seeking ways to rapidly shore up revenue. In January, its Kenyan arm announced plans to begin offering as services on its platform to help advertisers target niche buyers on its platform. Jumia Nigeria has begun offering its customers quick, small, digital, personal loans via its lifestyle app Jumia One. For now, only its Android OS users can access the loans which can go as high as ?100,000 or US$275. Jumia’s lending platform isn’t exactly new but was previously open to its merchants alone.

How To General Innovative Ideas from Employees

0
business idea, startup idea

We are told that we are always one innovation away from either getting wiped out or wiping out our competition. While this might have sounded as a fad two to three decades ago, it is the reality today. The truth is, innovation is the REAL deal, and even big companies who used to have the so-called ultimate trump card can be made to vanish now if they fail to innovate.

This means companies that desire sustainable competitive advantage must keep evolving by not only investing and creatively improving its current product/services or business model but also on new ways to cannibalize them.

But for innovation to happen, ideas must be generated. Unfortunately, most companies struggle to generate enough quality ideas.

Turning to employees is one of the most effective ways of generating ideas. Making idea generation a duty and responsibility every member of the organisation rather than limiting it to top management and the innovation (R&D) department alone can be essential in fostering the innovation potential of a company. Innovation problems/challenges should be made open by top management as well as the areas and priority of innovation needs. For example; sales, new product/process, business model etc.

Benefits of Employee Idea Generation

  1. It creates a sense of ownership and makes employees feel part of the process (something bigger than themselves)
  2. It builds a creative culture that results in entrepreneurial thinking and creative learning (form of learning that prioritises understanding over memorization).
  3. Large quantities of ideas can be generated. While this may not necessarily mean more quality ideas, it however, increases the probability of equality ideas.

Steps to Generating Innovative Ideas from Employee

Collection

  1. It is important to ensure that employees feel safe and know that they have the full support of the management.
  2. Idea generation segment should be integrated into every weekly/monthly departmental meetings as deemed fit by the company.
  3. Every member of each department must come to every meeting with ideas no matter how negligible. Alternatively, employees can be grouped and each given the opportunity to suggest an area to come up with ideas based on the company innovation current and future innovation plans

Evaluation

  1. Companies should ensure that ideas are fairly evaluated by providing motivational feedback to employees whose ideas were selected. This is because research has shown that the more an employee ideas get accepted, the higher the probability that the next idea was also accepted
  2. Efficient feedback should also be provided to employees whose ideas were rejected; stating why they were rejected and encouraged to keep coming up with more ideas
  3. After collection, ideas which are small, valuable and feasible should be implemented at the department level and bigger ones (those that can significantly affect the company’s business objectives) escalated to top management

Implementation

  1. Ensure that all successful ideas are adequately rewarded
  2. Idea owners should sometimes but not often be involved in the implementation. This can help in developing the innovation capacities of employees because of the experience they will gain in the innovation process (idea through implementation)

 

Coronavirus’ Risk to Nigerian Naira

1

The biggest optimism booster is sustained economic output. The Dow, a U.S. stock index, is off more than 500 points even after the Federal Reserve had cut interest rates, reminding us that monetary policy has clear limited impacts. Unless there is a sustained economic output, flavored with higher productivity, monetary tools can lose potency quickly. If factories are closed due to a virus, even near-zero rates, in U.S, will not do much, to bring the animal spirits in markets. So, we need to deal with this virus as nothing else will work!

Stocks went on a wild ride Tuesday after the Federal Reserve slashed interest rates by a half-point to help insulate the US economy from the global coronavirus outbreak.

Wild swings followed the unscheduled announcement until investors made up their minds around midday: The Fed’s rate was bad news for the economy. Stocks were sharply down.
The Dow (INDU) was down more 700 points, or 2.7%, in the early afternoon. The index was at one point Tuesday rose by nearly 400 points.
Although lower interest rates are good for stocks, making borrowing cheaper, the emergency cut also was a signal that the US economy could be in serious trouble because of the virus outbreak.
Fed Chairman Jerome Powell stressed in a press conference Tuesday that the US economy remains strong but that the strain on industries like tourism and travel, as well as supply chains, was becoming apparent in sentiment surveys.

Of course while U.S. is cutting rates, my fear is that Nigeria could look at currency devaluation if suddenly global crude oil demand stalls and the nation has local bills to pay; it does have a lot. Oh yes, you can do money doubling: bring in a few dollars and have more Naira to pay your naira-denominated debt obligations. This virus poses severe risks to our economy because it can distort all the business scenarios if exchange rates begin to shift, rapidly.

That is why it is painful that the House of Reps will close plenary for two weeks at a critical period when leadership is needed in Nigeria! If companies, schools, and all, fearful of the virus follow and shut down, the House will not have a nation to legislate over.

COVID-19 in Nigeria: The Story So Far

How Nigerian FM Companies Can Protect People and Facilities from Contracting Coronavirus

1

The virus is spreading geographically with magnitude impact on people and businesses. Some public affairs analysts and economists have already predicted slow economic growth because of the ongoing stabbing of key sectors of the global economy. Global trade, tourism and stock markets have had shared of the infection. World airline market has been projected to record $30 billion losses. In the consumer goods industry, a brand in the United States has suffered loss of $170 million in two months because consumers are linking the brand with the virus.

To contain the spread of the virus, the World Health Organisation says world needs $675 million for the development of preparedness plans and a global response strategy. From Lagos to Ogun states and Cross Rivers to Ekiti states, there are have been a number of preparations by the state governments in collaboration with other stakeholders.

Despite the preparations, reports indicate that governments, health workers and built environment businesses need to increase their efforts towards the effective  containment of the virus. This piece offers insights that could be leveraged by facilities management service providers and professionals for the protection of people and facilities. This is essential considering the primary role of integrating people and technologies towards operational efficiency.

Demand-Side and Supply-Side Strategies

Before the confirmation of the first case in Lagos, Nigerians had the course for seeking information regarding the virus, most importantly specific symptoms. Apart from this, social and public affairs analysts had also explained the efficacy of the Federal government’s level of preparedness and response strategy with the mixed positions. The mixed feelings were largely premised on the poor health facilities across the country and a small number of health professionals who could respond when cases are detected, our analyst observes.

In line with the mixed reactions on the preparations and high expectation on protection at workplace and public places, it is clear that facilities management companies and professionals have a huge task to accomplish in places being managed, particularly in the development of appropriate strategies and management practices for maintenance  of critical facilities such as air conditioners, hard working tools and common rooms.

Exhibit 1: Flash Playbook for FM Companies and Governments

Source: Infoprations Analysis, 2020

As stated earlier, FM companies and their employees have the main task of ensuring performance of building and its facilities to the level that helps users meeting the required needs. Air conditioners are part of critical facilities being used by employees everyday. Whether indoor or outdoor air conditioning system, facilities managers need to keep the air in the system from drying out because study has indicated that low humidity levels increases the transmission and severity of the flu virus.

Delivering Supply-Side Strategies

As Lagos awaits the results of the confirmed case and those quarantined, FM companies need to leverage existing national and global information resources which include relevant facilities management standards, control and prevention measures, and the National Centre for Disease Control measures regarding isolation and transmission prevention in healthcare facilities for appropriate message development and the right communication channels selection for purposeful information dissemination to the facilities managers and clients’ workforce. This is necessary because of the need of decimating unverified information sharing about the disease.

Since it has been established that human-to-human transmission occurs when contact is made with the environment, FM companies must be more proactive in protecting their employees and others. The use of protective facemasks is a must. With this approach, FM companies and employees will compliment the goal of a patient-centric and healing environment for everyone expected at this critical period.

Though, the world is yet to find a cure for the virus, FM companies and professionals could leverage the results of a new study in addition to the insights offered in this article for possible protection of people and facilities from being victims of the virus. According to the study, “human coronaviruses such as Severe Acute Respiratory Syndrome (SARS) coronavirus, Middle East Respiratory Syndrome (MERS) coronavirus or endemic human coronaviruses (HCoV) can persist on inanimate surfaces like metal, glass or plastic for up to 9 days, but can be efficiently inactivated by surface disinfection procedures with 62–71% ethanol, 0.5% hydrogen peroxide or 0.1% sodium hypochlorite within 1 minute. Other biocidal agents such as 0.05–0.2% benzalkonium chloride or 0.02% chlorhexidine digluconate are less effective.”

Recommend Yourself If You Want To Be Recommended

0

It’s fair to understand a stranger whose response to you appears cold. This sort of understanding is even more so, if she or he knows little or nothing about you that should make her/him to be more responsive. It’s natural for people to try to be careful. And everyone tries to be.

Unless we make ourselves known to an individual, it will be difficult for the individual to cooperate with us when we seek such cooperation. And to have another person’s cooperation, we need to make ourselves likeable. No one will easily cooperate with another individual she or he doesn’t like.

How we can make other people appreciate what we are and be willing to support what we want to accomplish, forms the central subject of this discussion.

During a recent call with my undergraduate younger sister, I told her “…You shouldn’t just think that everyone out there exists to do you a favour without your input. You must understand that you have what it takes to be nice; show solidarity; and treat others kindly which will make it easier to have their support, when required…”.

Whether we’re dealing with physical persons or with strangers we meet online, there are things we can do to build rapport. One of such is to show solidarity if we find what they are doing interesting. And the benefits of lending one’s voice to issues that matter to those one seek to work with and that of offering useful suggestions to those that may find it helpful, cannot be overemphasized. Doing so goes to show who an individual is, and what  he/she can do.

It’s unhelpful to assume that people you are meeting for the first time are going to figure out who you are or what you can do on their own by looking at you. No. “We’re not defined by who we are inside but by what we do”. Physical appearance may give a clue. But such clues can’t be as loud as the impression made by spoken words or deeds. You need to make who you are to be obvious. You need to make those whom you seek to support you or cooperate with you to understand what you can do. It is worth repeating that no assumed clue can speak louder than the actual deeds done to show what you’ve got or what you can do.

Sometime ago, there were five persons including myself who were sent to assist an institution (JSS Gagarawa), as social workers for a defined period. We resumed our duties and things were moving on fine. Our relationship with the staff was good. Over time, I approach the director of the organization to discuss some plans I had come up with, which I felt will very much make things better in the organization, if carried out. While sitted with Mr Nasiru Yahuza, the director of the institution, I first carefully asked a few important questions, that I felt answers to them will help me understand how his organization views doing necessary works that are outside of one’s routine assignment. It surprised me that while answering my questions, he brought out a file from his cabinet and showed me a list of individuals that have, in the past, carried out projects, outside of their normal roles, that made things better in the institution. It surprised me because nobody has said such a thing to our team. 

Nobody even demanded that we do anything outside of our normal duties. What can one sensibly say was the reason nobody in the organization discussed such things with us? Well, it suffice to say that from that day, the director, I and other stakeholders were able to fix the gap identified in my proposal within six months. That singular extra effort, earned me an important friendship with him. That friendship is still active till date.  That was not all.

One of those days, prior to the end of our assignment in the organization, he called me and asked if I was available for outing, I told him I was available. He arranged and had me introduced to their community head and some other important personalities in their locale. Honestly, during one of those visits, I even felt I was being given far more treat that was due me for the good job the other stakeholders and I did. Fast forward to when I was required to provide recommendations from three referees, I naturally requested Mr Yahuza to be one of them. When I told him what I needed, he said “When do you need it K.K”, I provided the date, “Send in the full address of the recipient” he added. That was all that was discussed on that subject. His recommendation was sent to where it was destined to go and I got a copy from him through email.

The point being made is that, we don’t have to assume other people know what we can do without them being made to see it by us. We have to let them know who we are and what we can do.

 This is especially important for young people who are in need of assistance to start their career journey. The social media has helped us to potentially become so closer to each other from any part of the world, that we can even get professional support from someone we have never seen before, except that we happened to connect with them through the help of the internet.

In this regard, simple things like following (online) someone whose position and interests can be of help to you, showing solidarity with what they do (especially if that interest you), lending your voice where it will be useful or finding courage to speak on subjects you care about…, can help build a sort of closeness with the individuals you seek to have their attention. And that’s not a hard way to go about recommending yourself to those whose support will matter to you. That would have helped you, over time, to prepare the ground for you to ultimately Introduce yourself formally and make your request without sounding awkward.