Ongoing voting for brands on the Consumers Value Awards portals, consumers expressed brand satisfaction with their votes.

Over 40 categories of brands are listed based on consumers’ nominations on the Consumers Value Awards portal for voting as Value-for-Money brands in the 2024 edition of the award.

Consumers cast votes for brands to express satisfaction among various brands.

Presenting the one-month result, Akonte Ekine, CEO of BrandXchange, said the initiative is transparent and objective. It’s the consumer position on brands as nomination and voting drive the platform.

According to him, in the Telecommunications category (MNOs), MTN leads with 51.1% of the votes recorded in the first month, Spectranet has 47.6% of the votes in the Internet Service Provider segment, and MTN has 69.2% votes for ISP under the MNOs.

In the ongoing 3rd edition voting, two new categories of sanitary pad and Ice Cream are experiencing consumers’ attention as Always Sanitary Pad leads the segment with 63.6%, Just Delight Ice Cream at 36.2% and Viva Detergent at 41.7%.

Other leaders on the voting platform of Consumers Value Awards based on consumer preferences in the first month under home appliances (Television, Refrigerator, Air conditioner and washing machine) are Samsung 40%, Haiier Termocool 40%, Lontor 40% and Haier Termocool 42.9% respectively.

Trophy leads Alcohol Beverage with 50% of the votes, and Pepsi takes 62.5% of ⁠Carbonated Drinks. It is a tie among consumers on the cooking oil and regular Toot paste as Kings Oil and Power Oil achieved the same vote of 50%, Colgate Toothpaste and Close Up Toothpaste also tied with 26.7% votes each in the categories while Dabur Toothpaste leads in the herbal toothpaste category with 55.6%.

Lafarge Cement leads with 62.5% in the Cement, Dangote Sugar has 55% of the votes in Sugar, Leadway Insurance has 57.1%, Eva leads the Table water category with 38.5%

Other leaders in various segments based on consumer votes on the Consumers Value awards platforms are Maltina 40%, Dettol 37.5%, Peak Milk 80%, Golden Penny Spaghetti 80%, Indomie Noodle 85.7%, Checkers 90%, GTB 66.7%, OPay 62.5%, Morning Fresh 62.5%, and Gala Sausage Roll 94.4%.

Also, knorr Cube 57.1%, Lipton Tea Bag 83.3%, Vaseline 71.4% and Golden Morn lead their sectors, Milo and Bournvita tied with 50% of the vote each as leaders alongside MTN and Cadbury tying with 40% votes under Consumer-Friendly brands.

Vitafoam 44.4%, Guinness Stout 83.3%, Mobil Engine oil 100% (International Engine Oil Brand), Oleum Oil 100% (Made in Nigeria Brand), Hypo and Harpic 50%, Fearless 33.3%, Abidec 80%, Reload Kids 60% Reload Adult 66.6%, and Bet 9ja 50%

The voting will close on 30th June 2024.

Access Bank Group, one of Nigeria’s leading multinational bank has launched an innovative solution in collaboration with Mastercard to expand access to cross-border payments and remittances to and from the continent, bringing Africa closer to the global economy. By leveraging the network and treasury capabilities of Mastercard Move, Access Bank, through its cutting-edge Access Africa platform, shall empower individuals and businesses to enjoy instant, traceable, seamless, and cost-effective international transactions.

L-R: Folasade Femi-Lawal, Country Manager, West Africa, Mastercard; Mr. Roosevelt Ogbonna, Group Managing Director, Access Bank; Mark Elliott, Division President, Africa, Mastercard, and Chizoma Okoli, Deputy Managing Director, Access Bank, at the Mastercard and Access Bank Cross-Border Payments Solution Media Briefing on May 8, 2024, in Lagos, Nigeria.

Effective today, the newly launched solution will be operational across Africa, with expansion plans in place for further penetration across the continent. The solution offers a global gateway for businesses and individuals that are leveraging Access Bank Group’s deep understanding of the African markets and forward-looking vision that aims to realise customers aspirations through innovative product sets. Stitching together Mastercard’s multiple complementary network assets and the treasury capabilities of Mastercard Move, this collaboration offers customers more choices with their payment means.

Cross-border remittances continue to play an important role in Africa’s economy, with flows to Sub-Saharan Africa increasing by approximately 1.9% in 2023 to $54 billion as a result of strong remittance growth in Mozambique, Rwanda and Ethiopia, with Nigeria accounting for 38% of the remittance flows. In 2024, remittance flows to the region are projected to increase by 2.5%. B2B Cross Border payments serve as a lifeline to a large section of businesses who are reliant on regional and international trade to fuel the growth of the African economies.
“We are thrilled to collaborate with Mastercard to advance financial inclusion in Africa through the Access Africa initiative,” said Robert Giles, Senior Advisory, Retail Banking, Access Bank. “By combining our strengths, we can unlock new opportunities, bridge the financial divide, and create a more inclusive and prosperous future for all Africans.”

Customers in Access Bank’s operating countries in Africa, are now enabled to send and receive cross-border payments globally through to and from various channels including bank accounts, mobile wallets, cards, and cash.

“Empowering Access Bank customers with innovative solutions that prioritize choice, security, and flexibility is an achievement that fills us with great pride. This collaboration signifies our commitment to transforming payment experiences as it not only brings cutting-edge payment solutions to the bank’s diverse clientele, but also extends the reach of Mastercard’s financial and digital ecosystem, ensuring millions from underserved communities can actively participate in the evolving financial and digital economy,” adds Mark Elliott, Division President for Africa at Mastercard.

Fable Fintech, an Express Partner of the Mastercard Move Partner Program, was the technical implementation partner of the solution, effectively collaborating with both Access Africa and Mastercard Move experts. Naushad Contractor, Co-Founder and CEO of Fable Fintech added: “We were fortunate to be the fulcrum of the seamless multi-country integration of one of the largest banks in Africa using the network and resilience of Mastercard’s cross-border assets. We look forward to working on more innovative solutions that will empower the lives of African customers and businesses.”

This groundbreaking collaboration represents a significant step towards creating a more inclusive financial ecosystem in Africa, with both parties determined to continue actively leveraging their collective strengths, resources, and expertise to drive meaningful change and financial inclusion for millions across the continent.

The Cloud Network Foundation ( CNF) has called on the federal government to immediately rescind the decision on the implementation of the 0.5 per cent tax on cybersecurity.

In statement released today by the Non-governmental Foundation and signed by its chairman, Mr Abimbola Tooki, the foundation said the tax will further make life more unbearable for Nigerians.

CNF is a technology focused Foundation that ensures the well being of the technology ecosystem and Netizens.

The FG announced recently that the Central Bank of Nigeria will begin the implementation of an amended 2015 Cybersecurity Act that will levy a 0.5% fee on all electronic transactions on May 20.

It will be noted that the levy is an increase of 900% from an earlier levy of 0.005%.

CNF is also worried that the cybersecurity levy would be charged in addition to existing fees like stamp duty, a ₦50 charge on electronic receipt or transfer of money in any deposit money bank or financial institution on the sums of ₦10,000 or more.

The new levy if implemented, will constitute a burden on Nigerians, especially low-income earners who rely on electronic transactions for daily activities.

At a time the President Bola Tinubu government should be easing the burden on Nigeria as a result of the already high cost of living occasioned by high prices of goods and services the government chose to inflict more pain on people by introducing more taxation on the people.

The statement further said it considers the new cybersecurity levy like a reenacting of the days of Israel under king Rehoboam when the people thought the new king would ease their burden which his father Solomon put on them, he turns out he was set to increase it to an unbearable proportion through imposition of much taxes.

CNF said it considers the latest tax extortionary more so as the new levy will be imposed on all bank transactions.

The Cybersecurity Act was first passed in 2015 and introduced a 0.005% levy on electronic transfers.

A June 2018 CBN memo directed banks to collect the levy on “electronic transactions occurring in a bank or on a mobile money scheme or any other payment platform that have an accompanying service charge.”

In 2024, the Act was amended and the levy was increased by 900% to 0.05% and it also extended the levy to cover fintechs, payment service providers, and other financial institutions.

On May 3, the National Security Adviser, Nuhu Ribadu called for an implementation of the amended act, highlighting the increased influence of the NSA. The cybersecurity levy will be remitted monthly to the National Cybersecurity Fund

The Central Bank of Nigeria on Monday, issued a circular to all commercial, merchant, non-interest, and payment service banks, among others; noting that the implementation of the levy would start two weeks from Monday, May 6, 2024.

The circular stated partly, “The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy.”

Thereafter, the levy will be deducted by financial institutions and then remitted to the National Cybersecurity Fund administered by the Office of the National Security Adviser.