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Running an Informal Retail Shop in the Digital Age

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Operating in every nook and cranny, informal retailers are life savers in Nigeria. They are often the go-to people for everyday essentials for the majority of Nigerians.

As a Nigerian, either rich, average or poor, you must have patronised them at one point or the other for a last minute purchase to meet a pressing essential need.

While these enterprises fill this crucial gap, they put in a lot for every kobo of their profit. The process of restocking their shops is not as easy as the quick dash customers make for purchases.

For many of them, a trip to the market takes a whole day. The fares also eat deep into their profit. However, being an informal retailer is becoming easier with e-commerce.

With communication technology putting smartphones at the fingertips of millions of Nigerians, an informal retailer can do much more to make life and business easier and smoother.

For instance, there are business-to-business e-commerce platforms linking retailers in the informal market to manufacturers. Alerzo, Omnibiz, TradeDepot to mention a few, are providing reliable links. With app download on their mobile phone, retailers can place orders.

“We are empowering retailers in the informal sector through our ecosystem of digital products, so they are equipped to run profitable and sustainable businesses.  We believe that technology has the potential to transform the way informal retailers conduct their businesses, by using it to facilitate – with just a click of a button – fast & easy access to a wide assortment of consumer products at zero delivery cost to the retailers,” said Adewale Opaleye, Alerzo Limited CEO.

Market prices are hardly stable, hence retailers are forced to buy less than they planned on a market day. Joining e-commerce and restocking directly from manufacturers will save them such constant market inflation. These savings, in turn, provide the needed boosts for their businesses and widen their profit margins.

Some b2b platforms go as far as offering additional free delivery service to their customers. Another added advantage is that business-to-business shopping platforms are run by professionals with apt business knowledge which they can impart on informal retailers to help grow their businesses.

Adopting a digital shopping network also frees up more customers/family time for these sellers, majority of whom are women who run hole keeping duties along with business.

Running informal retail in the digital age is becoming easier, retailers only need to open their minds to more possibilities. A lot is there to benefit from digital commerce, and everything is just a click away on a smartphone.


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E-Business

.NG Domain Registrations Cross 215,000 as NiRA Pushes for Increased Adoption

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The .ng domain name, Nigeria’s Internet country code top-level domain (ccTLD), has continued to garner popularity in usage for websites and email addresses.

Mr. Adesola Akinsanya, the president of the Nigeria Internet Registration Association (NiRA), dropped the hint in his message to stakeholders who gathered [physically and virtually] at the association’s 16th Annual General Meeting (AGM), in Lagos, recently.

Giving account of the Executive Board of Directors (EBoD’s) stewardship in the past one year, Mr. Akinsanya said that as of February 2024, NiRA registrars have registered 215,441 .ng domain names.

He said that .ng as Nigeria’s Internet country code top-level domain (ccTLD) has become increasingly popular for use in websites and email addresses.

The number of .ng domain names reached 212,890 as disclosed in the NiRA Audited Account for the year ending December 31st 2023, which also shows an increase by 29,098 when compared to 183,792 recorded as at December 2022.

Mr. Akinsanya also applauded President Bola Tinubu’s administration on the Renewed Hope agenda aimed at leveraging the digital economy to better the worth of the citizens.

He also commended Dr. Bosun Tijani, the Minister of Communications and Digital Economy who has shown understanding of the need to intensify the adoption of Nigeria country code top-level domain (ccTLD), .ng within and outside the government circle, adding that NiRA as a multi-stakeholder-led organization has enjoyed support from the Kashifu Inuwa led National Information Technology Development Agency (NITDA), especially in the crusade for both public and private organisations to switch over to .ng.

“The need for both the government and private institutions to switch-over to .ng brand is no longer negotiable in view of the significant role it plays in the country’s digital economy agenda”.

He said that NiRA supports the Minister in his efforts to ‘promote transparency in governance, protecting the Nigerian cyberspace, and promotion of the Digital Nigeria agenda’.

NiRA has been pushing for the government to accelerate the adoption of the second-level domain (. gov. ng, .edu.ng, .mil.ng) under the country code Top Level Domain (ccTLD.ng).

Speaking further, the NiRA chief said that a total of twenty-two new registrars were accredited last year, “showing the collective efforts of NiRA Accredited Registrars and their Resellers, which we duly acknowledge and appreciate.

“Our commitment to nurturing a robust partnership with our accredited registrars remains unwavering. The establishment of the Registrar’s Relationship Manager position exemplified this dedication, as it provides a specialized resource to address registrars’ needs and to cultivate stronger bonds among stakeholders.

“Together, we are poised to further elevate the .ng domain and advance our collective objective”, the NiRA President said.

Earlier in her goodwill message, Mrs. Ibukun Odusote, chairperson, Board of Trustees of NiRA, said: “Having gone through the documents associated with this meeting, I am filled with a profound sense of gratitude and appreciation for each one of you.

“Your dedication, commitment, and contributions to our organization have been instrumental in our continued success and growth.

“It is a time for us to come together as a community, to share ideas, insights, and experiences, and to reaffirm our shared vision and mission.

“As Chairperson of the Board of Trustees, I am inspired by the passion and enthusiasm that each of you brings to this body. Your unwavering support and commitment to our cause have been the driving force behind our accomplishments, and I am confident that together, we will overcome any obstacles that may lie ahead”.

 


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NDPC Empowers Institute to Certify Data Protection Professionals

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Nigeria Data Protection Commission (NDPC) has said the certification of data protection professionals in the country will significantly reduce capital flight and create more than 500,000 jobs in the sector.

NDPC Empowers Institute to Certify Data Protection Professionals

L-r: Dr. Vincent Olatunji, executive commissioner, NDPC and Dr. Oyedokun Oyewole, president of the Institute of Information Management,

Dr. Vincent Olatunji, executive commissioner, NDPC, stated this at the presentation of the certificate of licence to the Institute of Information Management (IMF) in Abuja.

He said the certification of data protection professionals would not only enhance the protection of personal data, but also boost the country’s economic growth and development.

The projection comes as the commission intensifies efforts to promote data protection and privacy in Nigeria’s rapidly growing digital economy.

According to Dr. Olatunji, the move aims to enhance the capacity of organisations to protect personal data and promote compliance with Nigeria’s data protection regulations.

Establishing a local institution to train and certify Nigerians would significantly enhance local content in the sector, the NDPC boss hinted.

The commission, he assured his audience, was already exploring the possibility of implementing the licencing framework across Africa—a move that could potentially harmonise data protection standards and expertise across the continent.

Dr. Oyedokun Oyewole, president of the Institute of Information Management, said the licence would effectively address the existing gap in the data protection ecosystem, providing a much-needed solution.

Recalling that the certification process began in 2021, Dr. Oyewole reaffirmed the institute’s dedication to excellence, pledging to provide top-notch education in data protection and set a benchmark for the country’s education system in this field.

The IIM’s certification programmes will cover essential topics such as data protection principles, risk management, and compliance with the Nigeria Data Protection Regulation (NDPR).

The initiative is expected to boost the confidence of organisations and individuals in the country’s data protection landscape.

 

 


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CrediCorp Partners FintechNGR to Drive Consumer Credit Initiative

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Nigerian Consumer Credit Corporation (CrediCorp), has partnered Fintech Association of Nigeria (FinTechNGR) to drive consumer credit scheme initiative through a robust payment platform that would be provided by members of FinTechNGR.

Speaking at a Social Meet in Lagos, organised by FinTechNGR, with the theme: “Augmenting the Future, AI, Credit and Transformation of Nigerian Finance,” the Chairman, CrediCorp Board of Directors, Aderemi Abdul-Bojela, said members of FinTechNGR would have specific roles to play in the partnership, in the areas of providing robust platform for money transfer, technology evaluation, among others.

“Today, CrediCorp is engaging with members of FinTechNGR in a social interactive gathering to discuss collaboration and support for the growth of Consumer Credit Corporation in Nigeria. We want to interact to understand how technology will drive the crediCorp initiative in Nigeria and also to understand the role that members of FinTechNGR will play in all of these initiatives around CrediCorp,” Abdul-Bojela said.

Describing the partnership as a welcome development that will enhance savings culture among Nigerians, the Chief Operating Officer (COO) of FinTechNGR, Dr. Babatunde Obrimah, said: “FinTechNGR is an enabler of technology advancement in Nigeria. We bring the players together to drive technology innovation.

“Our role in the FinTechNGR-CrediCorp partnership is to ensure that our members support the growth of consumer credit in Nigeria, by providing the relevant payment platforms for all financial transactions among the banks who are the lenders, the customers who are the burrowers and the CrediCorp who is the guarantor.”

Speaking about the benefits for Nigerians, Obrimah said the Consumer Credit Corporation in Nigeria would enhance the country’s credit culture and enable Nigerians to save and plan well with their savings. “The initiative will address inflation, help in liquidity flow, build trust in customers’ borrowing, boost credit culture and enhance the culture of savings among Nigerians,” Obrimah said.

Addressing the issue of risk and consumer trust, Abdul-Bojela said the CrediCorp has put measures in place to ensure that the banks that would be involved in lending, would be protected and guaranteed of the repayment of the loans within the CrediCorp ecosystem.

He said there would be an independent management that would ensure that the right technology is put in place to recover all monies.


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