E-Business
Emerging Markets are Money Savvy and Ready for Change – Says Luno
The adoption of cryptocurrencies in developing countries has been well documented and the anomaly is often flagged that people who have less appear to take greater financial risks.
Initial findings from the Luno ‘Future of Money’ survey, which took the views of more than 7000 respondents across Europe, Africa and South-East Asia helps explain this phenomenon. As large global tech firms start to move into blockchain and altcoins, the research shows why early adopters, the most important audience for these firms, will probably come from emerging markets.
Marcus Swanepoel, Luno CEO said: “As some of the world’s largest tech giants announce they are launching cryptocurrency coins we believe developing markets will be the lead adopters. Our research shows that in these markets people are more financially savvy because they have to be, which means that they need and understand the benefits the new coins can offer.”
When asked the question “Do you think a single global currency would make the current financial system better or worse?” almost three times as many respondents from Nigeria and South Africa said it would make it better, compared to the UK.
“The data also identified why money is such a focus in emerging markets. When asked why money is important to them, the respondents said that it was ’to secure my family’s well-being (60%) or to ‘pay for my education’ Nigeria 25%, compared to 8% in the UK.
A further question regarding the setting of a monthly expenditure budget found that 80% of people in Malaysia; 65% in Nigeria; 73% in South Africa and 74% in Indonesia, do, compared to 54% in the UK. And, 33% in Indonesia compared to 0% in the UK, are more likely to stay within the budget they set.”
“It is very clear that if money is not simply a ‘nice to have’ and is vital for your future, then you spend more time understanding it, managing it, preserving it and to an extent being creative with how you maximise the use of it. Therefore if a cryptocurrency can provide a secure and cheaper means of exchanging value, better than the existing system, it will be used.
This is why we believe that as new cryptocurrencies, linked to global brands are introduced they will find an important audience in emerging markets.”
“These markets are also more likely to exhibit grassroots level adoption (vs institutional)” said Swanepoel.
“In almost every emerging market country surveyed, over half of the people said they would turn to family, friends or colleagues for financial advice over government organisations which shows that people in these markets rely on information from those closest to them”
This survey presents an overview of a study conducted by Dalia Research for Luno between 17/05/2019 and 07/06/2019 about the future of money. The sample of over 7,000 individuals with internet access was drawn in France, Indonesia, Italy, Malaysia, Nigeria, South Africa and the United Kingdom.
Calculated for a sample of this size and considering the design-effect, the average margin of error would be +/-3.1% at a confidence level of 95%.
E-Business
NITDA, NIMC Partner for Seamless Data Exchange Capabilities
National Information Technology Development Agency (NITDA) and the National Identity Management Commission (NIMC) have announced a collaboration on National Public Key Infrastructure (PKI) and Digital Public Infrastructure (DPI) to enhance synergy between digital identity, payment ecosystems and secure seamless data exchange capabilities for Nigeria.
NITDA, which made the announcement on its X handle, said that the collaboration was to further strengthen Nigeria’s digital economy in line with President Bola Tinubu’s Renewed Hope Agenda,
During the meeting, Kashifu Inuwa, director general of NITDA, and Bisoye Coker-Odusote, director general of NIMC, with some management staff of both organisations, discussed various initiatives, which include building DPI stacks for a secured and seamless data exchange and forming partnerships to transform the national identity system.
This collaboration also aims to harness the potential of the innovative ecosystem and emphasise the use of public-key infrastructure (PKI) to drive digital transformation in Nigeria.
To ensure a smooth implementation, a 12-man committee was set up.
This committee will play a crucial role in kickstarting and harmonising the initiatives and is expected to deliver a comprehensive implementation report within the next 4 weeks.
E-Business
Expert Urges FG to Harmonise NIN, BVN to Tackle Crimes
Noble Ajuonu, head, Sydani Technologies Ltd., has urged the Federal Government to harmonise National Identification Number (NIN) and Bank Verification Number (BVN) to tackle crimes and insecurity in the country.
Ajuonu made the call at a media roundtable, organised by Sydani Group in Abuja.
The News Agency of Nigeria (NAN) reports that the roundtable focuses on driving sustainability through a comprehensive analysis of Nigeria’s key development areas.
Ajuonu said that Nigeria could overcome its security challenges and pave the way for a safer, more secure future for all Nigerians by embracing technology and implementing practical solutions,
“We need to harmonise data, prioritise seamless integration of databases like NIN, BVN, and security agency records, establish clear protocols for data sharing and access, with robust safeguards against misuse,’’ expert said.
According to him, the unified data pool will empower intelligence gathering and targeted operations.
He also called for investments in smart surveillance, intelligent video analytics software, training of personnel in data analysis, interpretation of data in real-time to combat crimes.
“There is need to implement a legal framework for call interception in criminal investigations, with strict oversight to prevent abuse, encourage community cohesion, training of tech savvy security personnel with tech-enabled tools.’’
Ajuonu also urged the government to address infrastructure deficit in technology, saying that technology was all encompassing to address insecurity.
“According to the National Identity Management Commission (NIMC), as of December 2023, only 104.2 million Nigerians had been enrolled for the National Identity Number (NIN).’’
Ajuonu added that over 122.2 million citizens left uncaptured for NIN were people in rural areas where enrolment centres, digital services were limited.
“Most crimes are being perpetuated from rural communities and this lack of comprehensive identification creates a gap where elements not captured in the national database can constitute public nuisance, crimes.
“There is the inadequacy in the integration of NIN, BVN and Voters Identification Number (VIN).
“Advanced call interception and analysis tools, used successfully in other countries, could provide invaluable insights into criminal networks and operations but infrastructure is lacking,’’ he said.
Also, Mr Godfrey Petgrave, the Agricultural Expert, Sydani Group, called for empowerment of smallholder farmers with access to finance and training to enhance productivity.
According to Petgrave, Nigeria requires policy reform and institutional strengthening to improve agricultural practices and embrace digital agriculture solutions to address food insecurity.
Mr Akolade Jimoh, another expert of the group on health, advocated for expanded community-based health insurance programmes for rural and underserved areas.
Jimoh added that the country needed to encourage Public Private Partnership to revolutionise products design and quality improvement on health services.
E-Business
Konga launches Infinix Brand Week with Incredible Deals
Konga, Nigeria’s leading composite e-commerce group, is thrilled to announce the launch of amazing deals at its Infinix Brand Week. Infinix, a leading global smartphone brand known for its innovative products and cutting-edge technology promises exclusive discounts and special offers on select smartphones, marking an exciting milestone in the realm of online shopping.
Shoppers can expect nothing short of extraordinary deals on a wide range of Infinix products, all available exclusively on the Konga online platform. With discounts of up to 30% off, this partnership between Konga and Infinix aims to redefine the shopping experience for tech enthusiasts across Nigeria.
Konga Brand Week has become synonymous with excitement and unbeatable deals, and this year’s edition is no exception. In addition to exclusive discounts on Infinix smartphones, shoppers can explore a diverse array of products across various categories, including electronics, fashion, home essentials, and more.
“At Konga, we are dedicated to providing our customers with the best shopping experience possible,” said Rita Ohaedoghasi, VP Marketing at Konga. “The Infinix Week during Konga Brand Week allows us to continue delivering on that promise by offering incredible discounts and special offers on some of the most sought-after smartphones in the market.”
To stay updated on the latest developments and exclusive deals during Konga Brand Week, shoppers are encouraged to connect with Konga across all platforms, including social media and the Konga website. Don’t miss out on this opportunity to score big savings and elevate your tech game with Infinix and Konga.
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