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Competing for Service – a Customer’s Choice

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Ask any staunch modernist and you’ll hear them say that the last 100 years have far outpaced the previous 1000 in terms of human invention. They will say that to define modernity is to acknowledge recent advancements in technological innovation, urbanisation, and globalisation and how they have accelerated financial exchange through fintech and other inventions.

We live in a time where the same generations who are always ready to whip out their cheque books and those who grew up completely digital bank with the same service provider or shop at the same retailer. So while we see today’s innovations across the retail, technology, banking, and travel sectors, for example, it begs the question of whether today’s innovations compete with traditionality.

When UNCTAD released its findings on e-commerce sales earlier this year, it described the growth of online sales as having increased “markedly in value”. At the same time, 46% of respondents in Raydiants 2022 Consumer Behaviour Report said that given the choice, they still prefer to shop in-store.

Finance

Like in online retail and in-store shopping, the biggest difference between traditional forms of payment or traditional banking and online banking is physical presence. As it goes, the same consumers who prefer shopping in physical stores likely still prefer the human interaction that goes with traditional banking.

That said, not everyone has access to a personal bank or financial advisor who can help with savings and investment decisions. However, data released by mobile industry insights company Global System for Mobile Communications (GSMA) shows that smartphone adoption stands at 64 percent in Sub-Saharan Africa, and is expected to grow to 75 percent by 2025. The report also reflects that $155BN of economic value added will be generated by mobile technologies and services by 2025. In 2020, transactions on mobile money platforms reached $490 billion.

“It’s not surprising that we have seen a proliferation of established players in mobile banking and payments. We expect these mobile solutions to extend to savings options, with an emergence of platforms that will make it easier for anyone with access to a smartphone to explore various investment and saving options,” says Tony Mallam, managing director of upnup, a micro-savings and investment platform.

Services

There are, of course, still businesses and consumers that prefer using cash. And for consumers who prefer making payments using bank notes, the old saying of ‘nothing is more powerful than habit’ remains king. Eventually, as a home services marketplace, SweepSouth’s co-founder Alen Ribic comments, market forces and market demand will be the deciding factors behind the financial behaviour of businesses and consumers.

“Our offering has always been a case of creating products according to customer needs and what the market demands. We don’t assume to know a customer and then launch new products or offerings based on that,” notes Ribic. “We know that a different market will add new variables into the equation and using a combination of market data with local, on the ground, team presence we assess what is in demand and what would be a suitable additional offering for our customers.

In fact, the very way that brands and consumers interact and learn with each other has changed. Today, most consumers will have researched a product online before making a purchase. More brands are using customer data gained from online behaviour and purchases to dictate their offerings.

Travel

Salesforce reports that while 66% of customers expect companies to understand their unique needs and expectations, only 32% of retail executive respondents say their organisations have the full ability to turn data into personalised prices, offers, and products in real-time across channels and touchpoints.

Head of Marketing and Communications at online travel booking platform Jurni, Tshepo Matlou.says, “Innovations are coming in thick and fast but the key is to meet your suppliers and customer base where they are. Each generation has their own way of approaching business, but to stay on the pulse – you have to meet them where they are most comfortable.”

Google’s Travel Insights portal notes that destination popularity can change in an instant. For the most current information on those changes, travel businesses should rely on travel data to determine service offerings. Today this type of trend analysis is far more useful than gauging the number of customers physically visiting travel agencies to pick up travel brochures.

Weighing up the benefits of traditional versus digital should not be seen as a war of which is better, but rather pose the question of how businesses can leverage mixed customer demand for services. Business owners should use data to educate themselves on trends and preferences for the generational mix of consumers with purchasing power that we see today. Whether you choose to be exclusively online or to satisfy various markets, there’s no doubt that, for now at least, both traditionality and modernity are here to stay.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

General News

EFCC Declares Tejuosho, City Boys Movement’s Women Leader Wanted over “419”

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Economic and Financial Crimes Commission (EFCC,) has declared Halimat Adenike Tejuosho, a women leader of the City Boys Movement, wanted.

EFCC Declares Tejuosho, City Boys Movement’s Women Leader Wanted over "419"

Halimat Adenike Tejuosho,

A notice issued by the EFCC on Monday via X said Tejuosho has been declared wanted over an alleged case of obtaining money by false pretence.

The notice was signed by Dele Oyewale, head of Media and Publicity for the EFCC.

The anti-graft agency called on members of the public with useful information about her whereabouts to contact any of its offices nationwide.

The Commission also urged the members of the public to reach out via its official phone lines or email, or report to the nearest police station or other security agencies.

Recall that the City Boy Movement recently appointed Tejuosho as the South-West Zonal Women Leader.

According to a statement signed by the Movement, Tejuosho is to provide strategic leadership and coordination for women-focused activities in the zone, driving political mobilization, civic engagement, and advocacy.

 


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Afreximbank to Fund 3 New Refineries in Nigeria

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African Export-Import Bank (Afreximbank) has disclosed plans to finance three additional refineries in Nigeria as part of a broader push to reduce the country’s reliance on imported petroleum products and strengthen local refining capacity.

 Afreximbank to Fund 3 New Refineries in Nigeria

Denys Denya, senior executive vice president of the bank, made the disclosure on Monday during a virtual media briefing focused on the institution’s 2025 financial performance, crisis response initiatives, and long-term industrialisation strategy.

“We are also financing refining on the continent, which will alleviate the importation of refined products. We are not only supporting Dangote; we’re supporting three other refineries in Nigeria,” Denya said.

The briefing, which focused on the bank’s 2025 financial performance, crisis response initiatives, and industrialisation strategy, also featured a question-and-answer session with journalists across Africa.

Denya explained that the push into refining is driven by recent disruptions in global supply chains, particularly linked to tensions in the Middle East, which have raised the cost and complexity of fuel imports for African economies.

According to him, Afreximbank has adopted a dual approach of supporting immediate trade finance needs while investing in long-term productive capacity to reduce structural import dependence.

He said, “For import-dependent economies, the cost of import is very high… so we have taken a proactive approach of engaging with financial institutions on the continent to increase their facilities so they can issue high-value letters of credit.”

The bank’s intervention is backed by a $10bn Gulf Crisis Response Programme, designed to stabilise access to essential imports such as fuel, food, fertilisers, and pharmaceuticals, while also supporting sectors exposed to global shocks.

Denya noted that the facility is already seeing uptake from countries including Kenya, Ethiopia, and Tanzania, warning that demand could accelerate if geopolitical tensions persist.

Beyond short-term interventions, the Afreximbank executive stressed that financing refining projects across Nigeria and other African countries remains central to the bank’s long-term strategy of industrialisation and export development.

He said the bank’s support for large-scale industrial projects, including the Dangote Group refinery, reflects its commitment to reducing Africa’s reliance on imported refined products and strengthening regional value chains.

“Our support for industrialists who are making a difference on the continent is testimony to this approach. We will continue to champion projects that reduce Africa’s reliance on imported refined products,” he added.

Denya further disclosed that the bank is financing similar refining projects in Angola as part of a continent-wide push to achieve self-sufficiency in petroleum products.

The shift towards local refining, he explained, is also expected to improve macroeconomic stability by reducing foreign exchange pressures associated with fuel imports.

 


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MTN Powers the Ultimate Youth Link-Up with the Launch of Live It 100 Youth Campaign

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The Gathering on 100 has officially concluded its pilot edition, closing out 100 continuous hours of culture, creativity, and community engagement at the National Stadium, Surulere. At the climax of the five-day immersive youth experience, MTN Nigeria and the gatherers of the event unveiled the defining message of the movement: “Live It 100.”

MTN Powers the Ultimate Youth Link-Up with the Launch of Live It 100 Youth Campaign

The event brought together thousands of young Nigerians in a massive convergence of music, sports, gaming, and creative sessions. From watching the sunrise for four consecutive mornings to actively shaping culture in real-time, attendees experienced a shared journey rooted in endurance and expression.

Operating under a partnership model rather than a traditional corporate sponsorship, MTN stepped back to let the youth lead. The techo embraced the primary narrative that “The Gathering is the fire; MTN is the oxygen”.

Karl Toriola, Chief Executive Officer, MTN Nigeria, said: “The energy we have witnessed here in Surulere over the past 100 hours is proof of the unstoppable spirit of the Nigerian youth. Our strategic intent was to position MTN as the critical engine behind this vibrant youth movement, ensuring the brand is seen as an enabler, not an intruder. The Gathering is the fire; MTN is the oxygen. ‘Live It 100’ is our commitment to powering the platform where the conversation happens. We are giving them the autonomy to lead, while we listen.”

A focal point of the event was the high-stakes Pitchathon segment, which provided a structured arena for startups to showcase working products. Rather than a traditional, heavily branded corporate event, the space felt authentic, unscripted, and transparent, allowing founders to interact directly with expert judges, potential investors, and a live audience.

Onyinye Ikenna-Emeka, Chief Marketing Officer, MTN Nigeria, shared: “The ideas and partnerships formed over these 100 hours show exactly what happens when corporate Nigeria is finally listening to young Nigerians. We recognise that traditional business engagement doesn’t always work for this generation, which is why we empowered the youth to lead. By supporting The Gathering, we are not just celebrating culture; we are fueling the young Nigerian through youth-led innovation and actively investing in their economic potential.”

Beyond business activity, the event recorded consistent engagement across its programming, providing deep insight into the evolving role of youth within Nigeria’s economy. The sustained 100-hour activity highlighted a growing, resilient base of digitally engaged participants who own their lanes and actively create their own opportunities.

As the event closed, MTN reaffirmed their commitment to expanding the platform, ensuring that The Gathering on 100 will continue to evolve as a vital space for both cultural expression and youth-led economic opportunity.


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