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Ndubuisi Ekekwe To Keynote the Africa Fintech Festival, Nov 2019 in Kampala, Uganda

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I have accepted the invitation of the Africa Fintech Festival to deliver the Keynote during its event scheduled Nov 5-6 2019 in Kampala, Uganda. The theme of the event is the Role of Fintechs in Africa’s Digital Economy. 

The Africa Fintech Festival: The annual Africa Fintech Festival – is an annual point of convergence of ideas, trends, innovations, key debates on wide ranging issues ranging from reg-tech , consumer protection, disruption of savings, credit, insurance and pension value chains, to borderless operations, non-traditional partnerships, and game-changing business models.

This year, Uganda hosts the Africa Fintech Festival. Representatives from over 25 African nations – from regulators, policy makers, Fintechs, investors, banks (traditional, digital and neo ) and more, will examine “the role of Fintech’s in Africa’s digital economy.”

The Africa Fintech Festival 2019 is being brought together by the Financial Technology Service Providers Association of Uganda (FITSPA) and Financial Sector Deepening Uganda (FSDU)

I will be speaking on a topic I have titled “Fintech – Africa’s New Growth Operating System”. This keynote will examine the evolution of financial services and how financial services have reshaped kingdoms and empires, from the barter system through cowry to paper, and now the digitals! Yes, if supply chain powers commerce and industry, financial services drive supply chain because in the central nervous system of any economy, financial services are components of the bloodstream.

Africa is emerging with evolutionary redesigns which will become evident by 2022 when immersive connectivity and smartphone penetration will drive a new level of abundance in our continent. Financial services are already transformed as technology layers are anchoring new redesigns, enabling better efficiencies in the utilization of factors of production, across regions and markets. The end result is a new species of entities called fintech.

Fintech is a new operating system for Africa’s growth. Since the Tang Dynasty (A.D. 618-907) when the Chinese invented paper money, nothing has promised more opportunities and disruptions in finance than fintech. Technology RUNning financial services provided huge productivity gains for decades, but fintech living on a big network called the internet, will unlock new domains of value. That fintech will TRANSFORM financial services, fixing frictions in African trade and commerce, especially in this age of AfCFTA where borderless unification will engineer new shared prosperity and wellbeing.

Fintech is the operating system of the mechanics of African growth, but it has to evolve.  My talk will examine the constructs and more; I hope you will join us.

5 SEO Tactics That Will Get You In Trouble

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In your bid to put your work on the first page of Google, you need to avoid some scenario that could put your site in trouble.

One of the scenarios to avoid is outdated SEO techniques because it can hurt your site rather than helping it. Outdated SEO techniques can cause search engines to punish you.

Here are 5 SEO tactics that will get you in trouble:

  • Concentrating on Keywords over User Engagement

One of the most essential parts of SEO is Keywords. Its function is to show search engines what your content is about so they can rank you for the right search terms. Recently, the way users interact with your site is getting more important in SEO. This is the reason why you need to make out time towards catering for your users. To do this, you need to concentrate on attracting clicks by people and not pleasing search spiders.

  • Making use of Exact-Match Domains (EMD)

EMD is a process where you include an exact key phrase you are aiming to target within your domain name e.g. poolsforsmalldogs.net. Before now, it is used as a famous technique to grow quickly in the SERPS as it permits you to rank more easily than with a normal, branded domain. Additionally, it is an awesome way to produce a network of microsites targeting exact phrases. However, presently, it can be considered to be spam or untrustworthy and which is the reason why you have to go into a single domain.

  • Putting Meta Keywords in your content

Meta Keywords are pieces of information you can attach to web content just like title tags and Meta descriptions. Due to how people are abusing Meta Keywords in the hopes of ranking for more search phrases, it is now a problem. Thus, it does not affect your standings in the search results. Instead of investing in it, you can invest in title tag and Meta description.

  • Engaging in comment spamming

Spam comments are comments that are devoid of valuable information. Aside from that, it contributes nothing to the discussion. Before now, it was a legitimate way to create a backlink to a site but presently, it can get you in trouble. Professional websites are now using WordPress plugins to eliminate spam comments. Instead of spam comments, you can produce high quality and special content that people can link to.

  • Making use of link and article directories

Sometimes ago, link directories are used to function as a way to uncover content. You could find stuff you are interested in because of the way they categorize websites. Likewise, article directories permit you to share valuable information with an audience and earn links and traffic in the process. Nevertheless, they rapidly turned into repositories for spun articles that didn’t provide a lot of value. This is wrong. The solution to this is to produce and publish content that others want to link.

Final Word…

Even though it is not easy to follow up the latest development in Search Engine Optimization (SEO), you need to constantly check for tactics that can get you in trouble. However, the most important thing to do is to produce a user-friendly website with content that is valuable.

5 Killer Marketing And Branding Tips To Scale Your Online Business

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The aim of every business owner whether online or offline is to make profits every time. And for them to do that, they need to sell more. Naturally, online business has its own issues due to the fact that business owners are dealing with virtual people. Irrespective of the challenges, it also allows for instant and overnight success.

If you are a business owner and want to make profits or build a strong business presence online, make use of the following marketing and branding tips given below:

  • Tweet To Your Audience

In today’s world, Twitter is one of the important platforms any business owner can use. It is easier to follow your clients through hashtags. Additionally, engage with your customers whenever they make use of the hashtags. Finally, you don’t have to sell or pitch your product directly since you can become a subject matter expert or authority on your niche.

  • Start Blogging

You need to start blogging because it is the best online marketing tool. You can either optimize your site for SEO or link your blog directly to your website. The benefit of creating a platform is that – your clients can come to seek real information about your industry or niche. Professionals all over the globe agreed that creating free e-books or documents that your clients can download will create huge value in the long run. Additionally, you can accommodate guest blog on other website related to your product.

  • Start a Giveaway

You need to start a giveaway on your social media channels especially Instagram. You will involve your customers in the giveaway just by requesting them to tag their few other friends on your business profile. By doing so, it will motivate other prospective clients to view your online business page. Additionally, make use of partner with large influence and give out prizes or giveaways through them. However, the best gifts are your own products. Be careful when executing your plans so that you won’t invest in other rivals product.

  • Pull In Influencers

When you pull in influencers, they will help you to showcase your product. First and foremost, you need to send in your product samples and request an honest review from them. However, most of those influencers do paid promotions for a small amount. That way, you can reach out to your target audience.

  • Begin An Affiliate Marketing Channel

One of the great ways to increase sales is Affiliate Marketing. This is effective for high-value products and high involvement products. You can make use of influencers such as bloggers to plug your product in their content. Special discount codes which can be used by their followers can be used to track their sales. Aside from that, special hyperlinks can also be used.

Final Word…

Your online business can scale up through the above 5 killer Marketing and Branding tips. Carefully study it and make use of it.

Nigeria Should Focus on Expanding Tax Base, Not Raising Taxes

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Great feedback on my piece on the need for Nigeria to be careful on raising taxes/fees. Some here have asked what could be done. Sure, I have suggested that many times: focus on expanding the tax base over raising taxes on the few compliant citizens and companies. 

As of 2017, only 14 million Nigerians were paying taxes out of about 70 million people which were economically active. In our model, we estimate a total of 17 million (extracting data from National Bureau of Statistics) of both companies and citizens to be tax-compliant (here, at least pays something, not necessarily full).

For a nation of nearly 200 million people, not many Nigerians pay taxes. Indeed, as of May 2017, only 14 million—or one in five—of Nigeria’s estimated 70 million economically active citizens were paying taxes. As such, Nigeria’s government has typically earned much less than it could have from taxes.

Back in June, Nigeria’s finance minister revealed only 214 people in the country pay more than 20 million naira ($55,600) in taxes.

Like several other African countries, Nigeria has seen its economy slow down due to the drop off in commodity prices over the last two years. Africa’s largest economy is under pressure from multilateral organizations like IMF and World Bank to diversify its revenue base away from an over-reliance on oil and gas export revenue. The IMF suggests “better balancing income taxes and indirect taxes, and broadening the tax base to improve the resilience of tax revenues.”

To deal with this issue of lack of tax compliance in Nigeria, we need to return to National Identity Number project which NIMC (National Identity Management Commission) is managing. If you get NIMC working within six months, even Mr. President can from his laptop check Nigerians who are not tax-compliant (sure, he cannot do that due to legal issues; but you get my point!). Simply, the government through the tax agency, FIRS, can put tax liens on the assets (bank accounts, lands, businesses, etc) of tax defaulters.

But we are not doing that – a reason since 2007 NIMC has not covered 100% of Nigerians. So, if we raise taxes on the few compliant citizens and companies, we may tax them out of Nigeria as I noted in my article: “Stripe Atlas” clone for Africa with destination Ghana. As I noted in my Platform speech, people willingly pay taxes when taxes are working in their lives. Yes, some can pay the current rates but if you jack them up, Ghana becomes a playbook for Nigerian companies especially the digital platforms.

Comment from Community

I received this even better perspective on this topic.

The Muhammad Buhari led administration is seeking to generate revenue internally to deliver on his ”Next-Level” campaign promises.

This is evident in the rise of VAT from 5% – 7.5% come next year and the revenue target given to revenue generating agencies. This move is not sustainable and its effect will be huge on the economy and unemployment at large.

The way out is TAX CUT!

High tax rate would make it impossible to build capital in any country. Nigeria inclusive. With Nigerians been one of the lowest paid workers in the world, building capital would be practically impossible.

We cannot cut the rate of unemployment down with oppressive tax rate and expect foreign investors to be attracted to our economy. Taxes strangle start ups and stagnate the economy.

Taxes have killed any possibility of economic development.

What is the supposed need for high tax?

– To fund the budget (Capital and recurrent expenditure).

– To pay back loans,

– Debt servicing (Pay back loan) and perhaps

– Boost foreign reserves.

Taxes cannot raise any money if we kill the economy with unnecessary tax. So, it turns out to unintended consequences. A gruesome economic depression.

If we don’t urge our leaders and policy makers to cut down the tax rate, they will never grow the Nigeria economy.

People will live a lifetime of unemployment, disease will be rampage, poverty will permanent and the population will be hungry.

No amount of Bill and Melinda Gate Foundation input, it will never be enough.

How to Manage Your Bad Employees

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For a long time now, focus seems to be more on employers than on employees. There are several outcries towards bad bosses. You even hear things like “people leave bad bosses, not their jobs”. I agree that we have some terrible bosses, but we also need to remember that some employees are nothing to write home about.

When I talk of bad employees here, I’m not focusing on those that have hard times adjusting to company’s demands but on those that deliberately do things that will affect their employers negatively. But because they (the employees) care only for themselves, they are not bothered by the effects of their actions on their employers. To them, so long as their salaries come by the end of the month, they are ok. Their employers can suffer for all they care.

Examples of bad employees include:

a. The Complainants: Of course workers have rights to express their dissatisfaction about decisions of the management that affects them negatively, so long as they follow the right procedures for that. But these ‘bad’ employees seem to derive joy in finding something negative about every decision made by the management. When you give them chance to contribute ideas towards the growth of the company, you will be surprised that they have almost nothing to offer.

b. The Double-Faced Agents: These ones are the green snakes in a green grass. They are so hard to spot. If you have them in your office, you will notice that things are not going well but you won’t know where your problem is coming from. They will befriend you, act as your very good ally, telltale on their colleagues, give you selfish advices on how to run your company, and then, go behind you to kill your image before their colleagues. The worst thing about this type of employee is that both you and your workers will see him as a hero. You may even place him in a position that will give him much authority because you thought he’s ‘your person’. When you discover how damaging he has been to both you and your company and decide to strip him of the power you have erroneously bestowed on him, he will pull all your workers, and maybe customers too, against you. Be careful with all those sweet-tongued staff until you are sure of their motives.

c. The Bullies: Some employers have already met this type of workers. They try to bully their bosses into submission. They use threats, outbursts of emotions, string-pulling and blackmail to get what they want. The bad thing about them is that they get to a stage where they let other employees and customers know that they can bully their bosses. Of course, like other bullies, they test the water first to find out if they can carry out their acts there. So, once you see someone with that trait, do something fast.

d. The Voluntary-Redundant: This group always have reasons for not being in the office. They are so crafty that they give reasons that will touch and melt the hearts of their bosses. But if you really pay attention and study their movements, you will notice that they usually work far less than half of a month. The excuses they will give you is always something between life and death – if someone is not sick, they themselves are sick; if someone didn’t die, they themselves almost met death. In fact, I don’t know how these people manufacture their stories; all I know is that their stories always pull them through. These people are the most unproductive workers I’ve ever known.

e. The Siddon-Look: ‘Siddon Look’ is Nigerian Pidgin coined from ‘sit down and look’ (meaning to be inactive). These employees are different from the Voluntary-Redundant because they (the Siddon-Look) are always in the office. In fact, they come to work early and leave at the right time. Their problem is that they are there not to work but to clock in and clock out. Any duty assigned to them suffers. They may sit on just a little duty and keep shouting “I’m busy” till they clock out. Their supervisors already know them and don’t bother giving them works to do unless every other person is busy. Just ask around for this type of workers and you will be surprised that you have so many of them.

Leaving bad employees in your establishment isn’t good. They can discourage other workers, who really want to work. They can also turn your workers and customers against you, just like the Double-Faced Agents do. And above all, they can destroy your business by conniving with your competitors to sabotage your company. Don’t give them a chance to do that.

Well, I’m not an expert, but I believe the following tips can help you manage some of these bad employees.

  • Tip #1: Document their bad behaviours. Once you suspect truancy in any worker, start documenting what they do in the office. Queries given, permissions taken and untaken, targets unmet, and every other form of irregularities should not be overlooked. This will help you when you decide to dismiss, demote or mete out any punishment on them.
  • Tip #2: Withhold their salaries and other financial benefits. This method works so well with the Voluntary-Redundant and the Siddon-Look. When they know their salaries may not come if they continue to play their ‘smart’ move, they will sit-up.
  • Tip #3: Transfer them out of the branch or section. This method works with the Bullies and the Complainants. When they are transferred to another section or branch, they tend to ‘pipe low’ and study their new environments. Ensure that you notify the section or branch you are sending them to of their behaviours so they will know how to handle them.
  • Tip #4: Invite them to management meeting. I’m not suggesting that they become a part of the meeting. Here, invite them in for a few minutes to have a talk with the management. Let those that complain state their grievances and let those that avoid work be talked to. Use that opportunity to tell them of what you have discovered about their behaviours and your dissatisfaction with their jobs.
  • Tip #5: Demote them. This technique works so well with the Double-Faced Agents and the Bullies. What it does it is that it automatically strips them of all their powers and authorities and brings them under their junior officers. Another good thing about this method is that it is the easiest way to dismiss bad employees.
  • Tip #6: Make them redundant. I like this method a lot. I used it so much when I was managing a school (especially for the Double-Faced Agents and Bullies). It is not easy to pay someone for almost doing nothing, but its worth is seen when the person takes the cue and leaves by himself without raising much dust. This method works well because the bad employee wishes to assume a position of authority and is therefore frustrated when he is starved of information and made to feel incompetent because no work is assigned to him. This method plays on the bad employees’ egos.
  • Tip #7: Dismiss them. Double-Faced Agents should not be given an opportunity to infest your organisation with their diseases before you kick them out. However, you have to be very tactical if he has already formed a gang among your workers and have won the sympathy of your customers. If that is the case here, consider demotion, transfer or redundancy.