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How KongaPay Saved my life Amid Naira scarcity – Trader

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A petty trader, Mrs. Bolade Inuwa, has narrated how she was spared huge embarrassments and inconveniencies in the wake of the recent policy pronouncement on the redesign of select denominations of the national currency – the Naira, specifically referencing how KongaPay, a mobile money wallet operated by Nigeria’s leading e-commerce giant, the Konga Group, came to her rescue.

Nigerians from all walks of life have had to contend with severe difficulties in the wake of the announcement by the Central Bank of Nigeria (CBN) which initially pegged January 31, 2023 as the deadline for the return of old series of 200, 500 and 1000 Naira notes.

Amid concerns raised in various quarters, the CBN had stuck to its guns, insisting there are no plans to shift the deadline, prompting some businesses to stop receiving the old series of affected denominations even ahead of the deadline for their return.

In a video from a media briefing held on January 24, 2023 after the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja, CBN Governor, Godwin Emefiele, was quoted as saying: “I must say here that unfortunately, I don’t have good news for those who feel that we should shift the deadline. My apologies.

The reason is because just as the president has said on more than two occasions, and even to people privately, that for us, 90 days — in fact, we feel it’s 100 days — is enough for anybody who has the old currency to deposit the money in the banks.

“And we took every measure to ensure that all the banks were open or remain still open to receive all old currencies; 100 days, we believe is more than adequate…’’

However, the CBN had later revised its earlier stance, announcing a 10-day extension of the deadline for the use of old naira notes across Nigeria.

Emefiele, who disclosed he had received the approval of President Muhammadu Buhari for the extension, revealed that the new deadline is now 10 February 2023 instead of the former 31 January deadline, while adding that those who are yet to change their naira notes from the old to new ones, now have an opportunity to do so.

Furthermore, the CBN Governor had urged Nigerians to utilise the opportunity because the deadline will not be extended again. In the wake of this development, events had quickly escalated.

Nigerians had intensified the process of returning their old currencies to the banks, but the new/redesigned denominations were not so forthcoming or readily available, resulting in a scarcity that saw many resort to desperate measures.

Point of Sales (POS) terminal operators led the charge, hiking their service charges astronomically for the new denominations and even the old notes, blaming the excess charges on the difficulties they face in getting cash.

A few banks also had to shut down some of their branches as a result of insufficient cash to treat the deluge of visitors who throng the halls daily, some as early as the wee hours of the morning, in search of cash.

Some branches were also subjected to attacks by increasingly desperate customers. Owing to the associated pressure from a growing number of Nigerians who now sought refuge in online transfers, several bank apps consistently recorded failures, leaving many stranded and frustrated.

Mrs. Inuwa was one of the millions of Nigerians affected.

‘‘When I learnt of the deadline for the return of the old notes, I had immediately notified my family members and made plans to have all the affected denominations with me lodged in the bank even before the initial January 31 deadline.

“It proved to be a costly move as I was now virtually cashless and unable to access either the old currencies or the new notes. For five consecutive days, I had to leave the house very early to go and queue up at a bank in my vicinity, yet I was unable to withdraw any money.

“The queues were very long and before you know it, a representative of the bank would come out to announce that they have exhausted the cash sum for the day.

‘‘Patronizing the POS operators around me also proved to be another very costly venture. Some of them were charging as high as N1000 for N5000 worth of the old notes and even higher for the new notes. Transfers initiated to and from various commercial banking apps were also failing and at best, erratic.

“My kids could not go to school and my business was suffering. It was not just a frustrating experience but one of the worst times I have experienced.’’

Succour, however, came the way of Mrs. Inuwa when a friend of hers introduced her to KongaPay.

‘‘I had stumbled across KongaPay at a party late last year when one of my colleagues used it to process a transfer to the hosts. Back then, everyone had commented on how swiftly the transfer went through and the seamless experience.

“So, when my friend cited how KongaPay has helped her navigate the difficulties with cash scarcity and failing bank transfers, I saw light at the end of the tunnel.

‘‘It was very signing up for an account at www.kongapay.com and upgrading my account after complying with the KYC document requirements.

“Thereafter, I was able to not only say goodbye to the challenges of failed transfers, but I was amazed at all the other things I could do with my KongaPay account, including purchasing airtime, paying for DSTV bills, recharging my prepaid meter line, all without extra charges. It was indeed an eye-opener.

‘‘Most importantly, I have been able to pay my suppliers and resume my business after signing up as a merchant, while my children have also been able to return to school.

“Surprisingly, I have processed well over 90 transfers since I started using KongaPay in early February and I am yet to experience one failed transfer.

“I can also access and generate my statement of account with ease. It has been a gem of a discovery,’’ she concluded.

Launched in 2015, KongaPay debuted as a pilot product in partnership with Nigerian commercial banks in response to concerns expressed by customers about the confidentiality of their details while trying to make payment for products on the Konga website.

Since inception, the platform has grown immensely and under the drive of the new management of Konga, is leading the new-found appetite for digital payments among e-commerce patrons and other subscribers, processing tons of transactions on a daily basis.

KongaPay was recently identified as the leading provider of digital payment services for e-commerce transactions in Nigeria. The rating came from Statista, a globally renowned market and consumer data firm.


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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

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5 Common Backup Mistakes and How to Avoid Them

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Are you confident that your valuable data is protected from unexpected disasters or cyber threats? Consider this: 1 in 10 computers fall victim to viruses, and a staggering 113 phones are stolen every minute every day[1].

With data loss being a sudden and potentially irretrievable nightmare, ensuring reliable backups is non-negotiable. March 31st, celebrated as World Backup Day, is a poignant reminder of this essential task. Let’s delve into the common backup mistakes people make and how to steer clear of those.

1. Skipping regular backups:

The most common mistake is forgetting to back up data regularly. Whether personal files or crucial business documents, not establishing a consistent backup routine leaves you vulnerable to data loss.

Unexpected system crashes or malware attacks can happen anytime, making your precious data inaccessible or permanently lost. But you can help avoid such a situation by setting up automatic backups.

SSD Backup Mistakes to avoid
2. Putting all faith in a single backup device:

A device can get damaged or stolen, putting your backups at risk, so depending entirely on one storage medium is playing a dangerous game with your data’s safety.

 Instead, diversify your backup storage solutions with a combination of external HDDs, NAS, and cloud storage.

Portable HDDs like those from WD like Western Digital’s My Passport offer up to 5TB for simple, cost-effective backups. For smartphones, 2-in-1 flash drives such as SanDisk Ultra Dual Drive Go USB Type-C and SanDisk iXpand Flash Drive Luxe are convenient options.

These drives, compatible with USB Type-C devices, automatically back up photos, videos, and more. Just plug and play for seamless data transfer across devices.

If you need a device to store huge amounts of data, then the desktop drive called My Book  from WD is just the product for you, with up to 22TB of storage capacity.

SSD Backup Mistakes to avoid
storage device

3. Forgetting version control:

Overlooking version control during backups is another blunder. Not keeping multiple versions of files increases the chance of saving corrupted or wrong data over previous versions.

Without a proper versioning system, fixing mistakes or retrieving older versions can become a challenge. To prevent forgetting version control, establish a system that tracks changes to your files over time.

This ensures that you can always revert to earlier versions if needed, helping protect against accidental data loss or corruption.

Regularly maintaining this system will help you stay organized and prepared for any unforeseen issues.

Additionally, it’s crucial to verify the version you’re backing up to ensure it’s the correct one.

This simple step can help prevent accidental overwriting of important data with potentially corrupted or incorrect versions.

Double-checking ensures that you’re safeguarding the most up-to-date and accurate information, minimizing the risk of errors during backups.

SSD Backup Mistakes to avoid
4. Ignoring off-site backup solutions:

Many people overlook off-site backup solutions, assuming local backups are foolproof. However, relying solely on local backups makes you vulnerable to site-specific disasters like fires or theft.

Using off-site backups means keeping copies of your data in different places so that if something bad happens in one area, your data stays safe.

As an alternative, you could use cloud storage. Cloud backup devices are popular for remote data storage accessible via the internet. Various online cloud services offer features like file synchronization, sharing, and encryption for secure data storage.

5. Underestimating encryption:

Not prioritizing encryption in backups can be a costly mistake. Storing unencrypted backups makes your sensitive data vulnerable to unauthorized access or breaches.

Implementing strong encryption ensures even if your backups fall into the wrong hands, the data remains protected.

However, it is equally important to remember not to opt for out-of-the-box encryption solutions, as they might make it difficult for you to retrieve the backed-up information later.

My Passport HDD and My Book from WD come equipped with built-in 256-bit AES hardware encryption with password protection that helps keep content secure.

Additionally, maintaining proper key management practices is essential to ensure smooth decryption and access to your data when needed.

SSD Backup Mistakes to avoid
Monitor and storage device

This World Backup Day, Western Digital urges you to back up your data safely, and at the same time, prepare for the unexpected by having a contingency plan in place for device mishaps like crashes, theft, or damage.

Worrying about losing data isn’t something you have to lose sleep over if you have an active data backup strategy.

A common rule of thumb for keeping important data from disappearing forever is the 3-2-1 Rule. It dictates that you should:

3. Have THREE copies of your data. One is a primary backup and two are copies.

   2. Save copies of your backups on TWO different types of media or devices.

   1. ONE backup copy should be kept offsite in case of disaster.

Determine where and how you’ll store backup files and identify support contacts for swift assistance.

These proactive measures ensure quick data recovery and safeguard your cherished memories for the long haul.


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Treepz Doubles Down on Corporate Mobility in Africa with Launch of a New Website

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Treepz, Africa’s leading corporate mobility startup, has expanded its corporate mobility and employee transportation services across the continent with a fresh new look for its website.

 

The company’s new website boasts a sleek, user-friendly interface with added features to better showcase Treepz’s range of services for companies looking to efficiently and sustainably move employees and clients in major African cities. From on-demand employee shuttles, and school bus solutions to intra-city group trips for events and conferences, Treepz is positioning itself as an all-in-one corporate transportation provider.

Managing transportation logistics across multiple sites has always been an operational nightmare for companies,” said Onyeka Akumah, Co-Founder and Chief Executive Officer of Treepz. “Our goal is to streamline that experience through Treepz’s powerful technology platform.”

With nearly 6,000 employees of companies daily relying on Treepz’s innovative tech and reliable fleet for employee transportation or staff bus commutes, we understand the complexities of managing corporate transportation firsthand. “Our revamped website simplifies the process, offering businesses a seamless solution to optimize their transportation needs and empower their workforce in Nigeria, Kenya, Uganda and Ghana,” Onyeka added

Key Features of the New Treepz Website

  • Trackable Dashboard for a bird’s eye view of all guests’ trips in real-time when using Treepz.
  • 24/7 customer support to assist with all mobility inquiries.
  • Wide selection of vehicle options, each with professional drivers tailored to specific needs.
  • Friendly interface for easy navigation and booking.
  • Client testimonials and case studies showcasing Treepz’s success stories.

Treepz’s mission extends beyond just transportation – they aim to revolutionize how over 1 million daily commuters experience mobility across Africa. Since its launch in 2019, the company has provided employee transit for top firms like Tekexperts, Wakanow, Somasource, and Brighter Monday across Nigeria, Ghana, Kenya and Uganda. This has resulted in the transportation of about 5 million passengers since then.

With this digital reinvention, Treepz doubles down on transforming corporate mobility through tech-driven solutions. The company welcomes businesses seeking smarter ways to move their people to explore the new website www.treepz.com.


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Nigerian Business Leaders Partner Google for Strategic Advantage, Seeks Competitive Edge in Privacy-First Era

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Leading companies from Nigeria joined Google West Africa at a roundtable to discuss the shift towards privacy-first marketing as third-party cookies are phased out. The forum brought together leaders from FairMoney, Konga, Mondelez, Stanbic IBTC, and Zenith Bank, highlighting a collective commitment to redefining consumer engagement in the digital age.

Businesses recognize that building consumer trust is essential in a world that increasingly values privacy. In this new era, adapting marketing strategies to be more privacy-focused is not just a necessity but a strategic move towards building sustainable customer relations. This transition challenges businesses to innovate while maintaining transparency and respect for consumer data privacy, turning potential constraints into avenues for deeper consumer engagement.

“Customer trust is the new currency,” noted Felicia Otolorin, Senior Industry Lead, West Africa, Google. “Consumers are demanding more control over their data, and the savviest businesses are seeing this shift as an opportunity. This is about reimagining how we engage with technology and data, ensuring that innovation and privacy go hand-in-hand.”

The discussions emphasised this point, highlighting the competitive advantage of adopting privacy-first strategies. Google showcased innovative solutions like Google Tag and Enhanced Conversions. These tools demonstrate a commitment to both high performance and privacy standards. Success stories illustrated how other businesses have successfully navigated this shift, offering valuable insights.

“We stand at a crucial juncture,” remarked Oluwadamilare Akinwunmi, Chief Data & AI Officer at Interswitch. “The winners of tomorrow will be those enterprises that strike a balance between innovative, data-driven marketing and a profound commitment to data protection and privacy-first practices. The essential dialogues we engage in, and the subsequent actions we take, set us on the path to achieve precisely this”

The roundtable underscores a pivotal shift towards privacy-first strategies in Nigeria’s digital marketing sphere, emphasising the critical role of collaboration and innovation in this transition. It marks a collective stride towards a future where consumer trust and data privacy form the cornerstone of business growth and competitive advantage.

“We are committed to empowering Nigerian brands in building a privacy-forward future. By harnessing AI and privacy-centric technologies, we aim to empower our partners to thrive amidst these changes,” stated Felicia Otolorin, Senior Industry Lead, West Africa, Google.


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