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KongaPay Introduces Cardless Withdrawal Feature

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Konga sale

E-commerce outlet, Konga has launched a new Unstructured Supplementary Service Data (USSD) feature on its payment platform. The new feature is designed for easy transactions and to enable card-less withdrawal from the ATM.

The Central Bank of Nigeria (CBN) has recently issued licenses to some operators of Fintech services in Nigeria who offer secure payment services to expand their services. Konga is one of those who secured the license and is putting it to good use.

Joshua Fatoye, the vice president of KongaPay, said at the launch of the new feature that the card-less initiative will give KongaPay account holders the opportunity to make withdrawal from ATMs nationwide without debit cards, apart from serving as an alternative to the web and mobile channels.

He also explained that Konga customers who wish to use the card-less services need to sign up on kongapay.com and make sure their accounts are well funded using any of their varying funding options. He said:

“All the customers are required to do is to sign up on kongapay.com and ensure that their KongaPay wallet is funded using any of the funding options. Then, the account holders need to log into their wallets via the web or app.”

How it works

Users who want to cash out will need to click on the cash-out feature on the app, fill in their mobile number or that of the intended recipient. The payment system functions on Personal Identification Number (PIN), and One Time Password (OTP). So the sender is required to use any of these security means as authorization for transactions, and the receiver does not have to be registered on Konga platform.

Fatoye explains: “The customer who initiates the transaction will receive a message thus: “your pay code request was successful,” and the beneficiary will get a SMS notification with the withdrawal code details.”

The receiver can then make withdrawal of the cash from any ATM using the card-less withdrawal function or pay code cash-out feature. But the recipient has to enter the 8 to 14 digit withdrawal code sent to him earlier via SMS to collect his instant cash.

The evolution of card-less ATM withdrawal is spreading rapidly in Nigeria, and many Fintech companies are working to make sure everyone gets on board. Although there has been little awareness about the technology today, there is hope the knowledge will become abundant in the near future.

Industry Redesign

In April, there was a report of a bank customer who was dragged to a police station by ignorant bank users for withdrawing from the ATM without a debit card in Ibadan. But the incident turned out to be an orientation, people who didn’t believe in the possibility of card-less ATM withdrawal learned that it’s no magic, and withdrawing money from the ATM without a debit card is not a crime.

However, the incident reveals that apart from Lagos, where many people can relate with the technique, several other states are yet to come into terms with card-less withdrawals. That beckons the responsibility on the banks and Fintechs to do more.

In 2016, Verve launched the system that can help anyone to make a withdrawal from an ATM without a card. Just by using codes generated through its app, even a third party can affect a card-less withdrawal transaction. Subsequently, banks and other payment platforms embraced the idea and started offering the service.

OPay and Flutterwave recently became part of the USSD family, among other services, helping in offering card-less withdrawal. But the increasing number of service providers in this feature of financial transaction is slow in bridging the gap between users, non-users and those who know nothing about the service: suggesting the need for awareness that will rid the fears of onlookers who need security assurance to make up their mind.

While the KongaPay will help, the onus is on the banks to educate the people because of the number of customers at their disposal, and the already existing trust that the card-less withdrawal service can be promoted upon.

Michael Puchercos, CEO of Lafarge Cement, Joins Dangote Group

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In December 20, the management of Lafarge Africa Plc announced that its Group Managing Director/Chief Executive Officer (GMD/CEO), Mr. Michael Puchercos, is resigning from the company effective January 17, 2020.

The statement made available to the Nigerian Stock Exchange (NSE), and other stakeholders by the General Counsel & Company Secretary, Adewunmi Alode, reads:

“The Board of Lafarge Africa Plc hereby notifies The Nigerian Stock Exchange and the investing public of the resignation of Mr. Micheal Puchercos from the Company as the Group Managing Director/Chief Executive Officer with effect from the 17th of January 2020.

“Mr. Puchercos served the company as an Executive Director on the Board since the 1st of April 2016. During his tenure as the GMD/CEO, he implemented a successful turnaround plan for the business addressing the legal, financial and management structure of the company, Health & Safety improvements and the implementation of new operating processes.

“We wish him the best in his future endeavors.”

The statement also disclosed that Lafarge has replaced Mr. Pucheros with El dokani.

“The Board is pleased to announce the appointment of Mr. Khaled Abdelaziz El Dokani as the new Managing Director/Chief Executive Officer.

“Khaled Abdelaziz El Dokani joined Lafarge Holcim in 2004. Prior to taking over this position, he was country CEO of Iraq (2018-2019), Qatar (2016-2018), Saudi Arabia (2013-2016), Vice-President for Business Development and Strategy North America (2010-2013), CFO in Lafarge Algeria (2004-2010). He holds a Bachelor of Commerce degree from Alexandria University, Egypt.”

Prior to his resignation, Mr. Puchercos was one of the highest earning CEOs in Nigeria with annual income of N312 million, as of the year 2018.

A few days after Lafarge made this announcement, its rival, Dangote Cement announced that Mr. Puchercos will be resuming as its MD/CEO effective February 1, 2020. The same position he resigned from at Lafarge. According to the disclosure notice by Dangote Group, Mr. Puchercos appointment will be part of its agenda in its next annual general meeting for ratification by shareholders. The company said it is a standing procedure of Companies and Allied Matters Act.

Lafarge Africa Plc is a cement manufacturer with headquarters in Lagos Nigeria. It is controlled majorly by LafargeHolcim, that used to trade on the Nigerian Stock Exchange as Lafarge Wapco Plc before the merger of Lafarge and Holcim that consolidated the company’s assets in Nigeria and South Africa. The consolidation resulted in changing the companies’ name to Lafarge Africa.

It has since become one of Nigeria’s leading cement manufacturers, and distributes its products through its sub divisions that include Wapco, Lafarge South Africa, Ashaka Cement, United Cement Company and Atlas Cement. Lafarge’s brand products includes include Ashaka branded Portland limestone cement produced in Gombe State, Elephant and Superset cement produced by Wapco, Unicem, Readymix Concrete, building aggregates, and some other products from Lafarge South Africa which include artevia decorative concrete products, Buildcrete and duraBuild cement, Dura-pozz, Fast-Cast, Pozz-Fill, Powercrete plus and Superpozz.

On the other hand, Dangote Cement Plc is a Nigerian multinational publicly traded cement manufacturer that its headquarters is in Lagos Nigeria. The company is a subsidiary of Sephaku Cement and its parent company is Dangote Group. Dangote cement is known for cement production and distribution in Nigeria and nine other African countries which include Senegal and Tanzania.

These two cement companies have created impressive profiles competing to lead the way in Africa. With his 20 years’ experience, Mr. Puchercos guided Lafarge through thick and thin and led the company out of its major hurdles. So the sudden switch by Mr. Puchercos is suggesting that Dangote cement may be in deep trouble and needs the messiah in the CEO of Lafarge.

Since 2017, Dangote Cement’s stock has been struggling with losses, a situation that has been attributed to a significant drop in sales, and is obviously an indication of a need for a better hand at the helm of affairs. Considering experience and record of success in the cement business across Africa, Mr. Puchercos became the man who would wear the cap. The turnaround he effected at Lafarge has borne him a testimony to enabled Dangote Cement to snap him up.

In 2020, Send That Invoice As A Company, NOT As A Person

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Across industrial sectors, markets are inherently imperfect, requiring “forces” to overcome frictional challenges between demand and supply. The forces are companies which through products and services solve the frictions. The formation of for-profit companies emerged well hundreds of years after the Tang Dynasty (A.D. 618-907) when the Chinese invented paper money, triggering unprecedented accumulation of wealth.

(If I have $1,000 which I do not need for a year, and open to lend it to somebody at 10% interest rate, I will need to find that person for that deal to go through. Also, the person that would receive that money from me needs to know someone who is open to lend $1,000 at 10% for a year. Unfortunately, there is a huge information asymmetry as I cannot easily find that person and the person cannot easily find me. What happens is that to ensure that money does not stay idle, I will take it to a bank which will pay me 10% interest rate. Also, the person that needs $1,000 will go to a bank to ask for a loan, and the bank will lend that my $1,000 to him for say 17%. That extra 7% is the cost of fixing the friction and by overcoming the friction, a new equilibrium point is set, bringing a largely imperfect market into a more perfect one. This is what happens in all market systems, across sectors and industries.)

So, for thousands of years, the demand/supply relationship existed across domains, outside the constructs of “companies”. Yes, as we currently have in Nigeria, there are informal economies which operate via largely direct human systems of demand and supply. Such markets are typically small with severe unmanaged perturbations. Yet, in extreme micro-elements of these economies, they operate largely “perfect” with minimal complexities requiring companies!

If you live in a very small village where a young man sells chewing stick (Walmart in U.S. calls it organic toothbrush) and people can buy direct from him, after he has harvested from the woods, there would not be a need for a “company”.  But tell that man to scale the mission, then, all of a sudden, he needs company formation to effectively utilize factors of production due to varying ordinance in trade.

As you try to solve one problem, another problem comes up, and you need other firms to help you since you cannot do everything. That is the heart of economic activity. While the toothbrush to serve a very small village can be made without a “company formation”, to scale the business, the man needs to run a company as managing most perturbations in trade are best done via companies. The different ordinances in trade favor companies over human systems. An example: it is easier to import raw materials into a country as a company than as a “person”.

The fact is this: you can have “perfect” markets in some micro-areas where there are no complexities with all factors of production easily controlled and managed. But to scale anything out of that community, operating as a company becomes necessary due to perturbation forces from many ordinances which factors of production must interact with.

It is this understanding that puts companies ahead of humans in market systems.  Companies accumulate costs just for being active, and those costs must be settled. And based on that, if you send an invoice with a corporate account number “a Company”, you have a better chance of being paid compared with when you send a personal invoice with your personal bank account number. The recipient sees the company as an entity that has bills to pay because the ordinance of trade upon which the factors of production operate make it that way. But if the invoice is in your name, he does not see any cost, and possibly could assume that you can forget the payment!

If your landlord does not want to pay for the work done for him, next time in 2020, send him your company invoice (with corporate bank account), NOT your personal bank account. Once he sees that, he will likely move faster to settle that bill. 

Get a business name – and operate as a company! As a company, you are “bigger” than a carpenter, geek, plumber, etc. A Great New Year ahead.

Unlock Your Abundance in 2020 By Acquiring a Unique Capability

How the Education System Fails Nigeria

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It is obvious that a lot of Nigerians have lost hope in the country. The reason behind this isn’t something that could be easily analysed because a lot of things have gone wrong with the system, starting from the simplest to the most complex.

I told someone recently that our education system doesn’t encourage students – primary to tertiary – to think outside the box. Teachers and lecturers expect students to give them back exactly what they were given. Any addition or subtraction from a student automatically lands him failure and its consequent lower grade. As a result, Nigerian education system continues to revolve around obsolete information and knowledge without allowing students to add new things from their wealth of personal experiences and imaginations.

But the greater consequence of this method of teaching and learning is that the students become living zombies, who only think through their teachers. They no longer have minds of their own and they believed that their experiences, ideas, thoughts and opinions are all wrong, or inconsequential. When these students leave school and move into the larger society, they wait for their parents, employers (if they manage to get one) and government to think and act for them, after all, zombies don’t think, they just do.

This piece is spurred by the reactions that followed Prof. Ndubuisi Ekekwe’s post on LinkedIn, which can be found here. These reactions showed that though a lot of things have gone wrong with the Nigerian system, many people still blame the government for all their problems. Yes, the government has its own blame, but so do the individuals within the country. And that is why I hold teachers responsible for pushing out zombies into the system to manage the affairs of the country – both in the private and the public sector.

To explain this further, I would like to invite you to share in different experiences that can tell of the mentality of some Nigerians, which need to be quelled as soon as possible.

Tale 1

I was in a cybercafé on Tuesday, 17th December, 2019 to scan and send some documents to someone in Abuja. While there, an elderly man walked in and struck a conversation with a woman there. I wasn’t paying attention to what they were discussing until the woman started yelling.

She was screaming about how she has been submitting applications upon applications since 2015 and none of them has been approved because they said she doesn’t have the required educational qualifications. According to her, she has heard that some people in some places who did not meet up to the desired requirements were considered and their applications approved.

To her, she is suffering because government officials are corrupt and tribal. She may be right, especially since I don’t know what she was applying for. But do you think she should accuse government officials of corruption when she does not attain the basic requirements for whatever she is pursuing?

I quickly finished what I came for and left because I know if I stay longer I might tell the woman that she is also corrupt for hoping that somebody should accept her for what she is not.

We have a lot of Nigerians that think like this. They want to cut corners knowing full well they will become the proverbial square peg in a square hole. I don’t really blame them because our system allowed and encouraged that. If these people have been taught from school not to dish out half measures, I believe they wouldn’t expect to be where they don’t belong.

Tale 2

This happened around October, 2019. I was in a commuter and soon I realised the men on the bus were discussing recent occurrence in the country’s political system (sorry I’ve forgotten what). They got to a stage where they became so worked up and turned abusive on the government. Then everything they said turned into “this country is useless”, “there is nothing good about this country”, “this country should just break up let everybody go his way”, “this country can never be good again” and so many other heart-wrecking expressions.

As far as this group is concerned, Nigeria is dead and buried. They have all lost hope in Nigeria. It is people in this group that wouldn’t mind leaving the country to do menial and illegal jobs in other countries.

The major concern raised by people like this is that they can easily be turned into human weapons. They have been so brainwashed that they believed nothing good can ever come their way as long as the system remains the way it is. Even if you tell these people that there are ways out of their predicaments they won’t listen because they are better off blaming someone or something for their problems. These set of persons are the worst and most dangerous analysts I’ve ever seen.

Tale 3

This happened on Monday, 16th December, 2019. I was in a salon when a female marketer from one of the banks walked in. She came to market a special account that qualifies its holders for December raffle draw, where the winner goes home with one million naira or so. This account, according to her can remain inactive for up to 2 years before it goes dormant (I don’t know how true this is anyway). What touched me was that one of the salon workers said she won’t open the account because she can’t afford to keep it active within the next two years. In her words, “What if I open it and after two years it goes dormant because I won’t have money to pay into it?”

To say I was surprised by such an utterance would be an understatement because here I saw someone who has given up on herself. She didn’t see her future as bright or even meaningful. She has already assumed the position of the downtrodden and has decided it’s the place for people like her. Rescuing someone like this needs more than motivational talks from me and the banker.

Tale 4

This happened sometime in June or July this year. Someone came to me for some career advice. She’s a graduate but has been unemployed for years. In fact she hasn’t worked since she finished her NYSC and she hasn’t gone into any business.

I asked her what she aspires to be but she has no idea. I asked what she studied, she told me. Then I asked the industry people with her qualification work in, but she had no idea. I was in a fix because I needed to help her out.

Well, I told her the only thing I tell graduates that really needed to get something doing but have no idea where to start. I told her to find a teaching job and allow it to navigate her. She told me plainly that she won’t be a teacher because they are not well paid. Well, I told her I’m a teacher and I still manage with what I’m paid. The long and short of it is that she came to me to give her my “connection” so she too could get a federal job.

I don’t know how to say this but it is quite unfortunate that most Nigerians believe without “connection” they won’t get good jobs. Maybe we should know the difference between “connection” and “referral”. You might be highly connected without landing that dream job, but a good referral is all you needed to be where you desire – and that’s how to land a federal government job. And if you don’t meet up to expectation, no amount of connections or referrals can get you there (even though federal character policy is undermining this).

The essence of this is just to state that there is need to rescue those people that remained unemployed because they are waiting for someone to give them “connections” to land jobs. They should start up something and then find out where they truly need to be. By the time they have navigated their career properly, they can then seek out referrals for their dream jobs.

We still have a group of people that don’t even know what is happening in the country. There are people that can’t tell you different occupations that exist in Nigeria and how to get them. This group really needs all the help they can get from us. If I meet any of them, I simply direct them to LinkedIn and ask them to “endure” the professionalism in the social media until they find their bearing. Permit me to say that most of them run off and never come back.

The truth is that there are so many things that need to be done to get Nigeria working as it should be. We may first start with our education sector, which needs to be overhauled. This doesn’t really need money; it’s just a matter of adjusting the way teachers are trained so that they could adjust the way they teach students. What Nigeria actually needs are people who can independently think for themselves and believe in themselves – be it in the private or in the public sector.

Justin Emereni Shares The Secret of Landing A Job And Creating A Good Resume

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You can get a job with less stress. Yes, I mean, you can apply for a job and be sure of getting an invitation for the interview.

Justin shared how he transitioned from one career into another. He decided to help many job seekers and employees out there.

Can you introduce yourself to the audience?

I am Emereni Justin Osinachi, a graduate of Banking and Finance from the University of Nigeria Nsukka, Enugu Campus.

I also happen to be the Founder of Justin Consulting, which is basically an initiative born out of sheer passion to educate young graduates on the basic things they need to know in order to ensure they are better prepared to seize opportunities as they come. I’ve been doing this for over 3 years and I would say I’ve lectured over 3,000 graduates since inception. 

I currently work at the National Assembly where I provide technical assistance to the Special Adviser on Legislative Matters to the Hon. Speaker, but I find myself doing what I love most, imparting knowledge and helping young graduates become confident while facing the labour market. 

I also provide professional and technical assistance in the area of CV Writing, Cover Letter Writing, and LinkedIn Optimization which is all in a bid to ensure that job seekers are better prepared to seize opportunities as they come.

Thanks for the great introduction. I’m very pleased to have you on this segment. You studied Banking and Finance, but you are working with the Special Adviser, how are you able to fit into that role considering your course of study?

Well, I served at the Senate Committee on Banking, Insurance, and Other Financial Services during my NYSC, after which I got a job with an honourable member where I gained the needed experience in carrying out various functions such as drafting of Legislative Brief, Motions, and all the process that leads up to the passage of Bills.

I later got employed by the S.A Legislative Matters to the Hon. Speaker where I assist in drafting various documents deemed necessary for the speaker through the S.A Legislative Matters. 

Although I read Banking and Finance, I was able to learn fast both during my service year and also while working with a Legislator. The ability to learn quickly is indeed integral if you want to succeed in any given environment, and so I have learnt to adapt and I did that through dedication and hard work.

You are definitely right. One must be versatile in this tough economic situation in the country. While introducing yourself, you mentioned your company. Can you share more about it, please?

Thank you!

Justin Consulting is more like an initiative I started over two years ago. It started more like a WhatsApp group where I added up fresh graduates and job seekers alike and I lecture them on a variety of topics which I feel would help boost their job search. 

I lecture them on various topics ranging from CV Writing, Cover Letter Writing, LinkedIn Optimization, Applicant Tracking System, Job Interview Tips etc. And i did all these for Free. 

For me, it was more about sharing knowledge while I improved upon myself through constant research so as to ensure that I give them information that is in touch with reality. 

I decided to expand my brand and so I offer professional services to clients both at home and abroad. I’ve recorded success stories from clients and nothing gives me joy that hearing a client say he/she got the job. 

Recently, I’ve incorporated a few varieties to the services rendered, I also teach young graduates graphic design which could serve as a source of income to them. 

I am all about creating a meaningful change in those I meet, helping them feel more confident in a society ravaged by gross unemployment.

You often talk more about CV and Resume, is there any difference between the two?

Thank you for this question, the word resumé is of French origin and it means “to sum up”, in other words, a resumé is more of a brief summary (overview) of an applicants work history. A resume could be one or two paged, it should be concise and targeted to suit the job applied for. 

A CV, on the other hand, is a more detailed document as compared to a resumé, it is more comprehensive. It contains information ranging from your professional summary, Core Competencies and Achievements, Education, Certification, Awards, Publications, etc. 

Although here in Nigeria we use the word interchangeably he is basically the core difference between the two. And so i would say, Yes, there is a difference but not that much difference at that.

Which one do you recommend for a job seeker?

Although most organizations do specify, i recommend a CV for job seekers. Recruiters what a concise, focused, and targeted CV. 

The issue with most job seekers is that they fill up their CV with so much irrelevant information all in the bid to impress the recruiter no knowing they are doing the direct opposite. 

A hiring manager would read your CV in just 20 seconds,  if your CV is concise it saves him the stress and makes decision making easier.  

I advise job seekers to always make sure their CV is well woven to fit the job description, it’s important to carry out regular editing of their CV while applying for a job.

That leads me to this question, what makes a recruiter consider a CV?

Thank you for the question Chinedu.

A recruiter sends out a job advert with the hope that qualified candidates would apply, also, the recruiter takes out time to enlist the job description which states emphatically what the role of the intended candidate would be. 

A fundamental question that comes to the mind of the recruiter when your CV is read is, “Are you qualified for the role”? How you go about justifying this claim would ultimately determine if you would be called up or not. 

What makes your CV worth considering is simply how well you are able to showcase beyond a reasonable doubt that you are indeed qualified for the role.

Pay attention to your Professional Summary as this section gives the recruiter a glimpse of your level of experience and the core traits that makes you stand out, it also states what you are bringing on board. A recruiter is a buyer of skills and so he/she is more interested in what you have to offer. 

Also, the way your job description is listed matters a lot, it’s important to list out your past job responsibilities in a way that portrays you more like an ” Achiever” instead of a “doer”. When a recruiter reads through your work history, he/she is concerned about how you were of value to your past employers, so make sure to showcase how valuable you are.

You have been doing a lot for job seekers, with testimonials to back it. How can you be contacted if your service is required?

I could be contacted over here on the LinkedIn platform just by sending me a direct message of which I would be glad to respond to you, I can also be reached via email consultjustintoday@gmail.com, or you could call or WhatsApp me with the number +2348023510934. Thank you!

What platform would you recommend for job seekers and why?

I recommend LinkedIn a thousand times over, all job seekers need to have a LinkedIn account that’s well optimized to ensure they get seen by the right audience when a search is conducted by a third party. 

It doesn’t stop at having a well-written LinkedIn profile, as Bill Gates says, “Content is King”, and so without them sharing content on the LinkedIn platform it would all amount to nothing. 

Job seekers need to learn how to form a content strategy, share valuable and engaging content that would be of benefit to their connections, engage productively on other persons post that meets their interest, and form a habit of consistency as the LinkedIn algorithm rewards consistency. 

LinkedIn is a haven for professionals, I would advise job seekers to feel free and interact on the platform, they’ve got to showcase the stuff they are made of, and by so doing improve upon their overall self-development. 

You never know who is reading, you never know whose interests you may capture. Concentrate on sharing value and opportunities would find you.

Thank you, Justin. You have shared a lot of value in this interview. I wish you a wonderful holiday.

Thank you so much Chinedu for the opportunity, I do appreciate.