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Inventory Finance: The Empowering Ally of Small Businesses in Nigeria

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By Abang Emenyi, Head, Growth & Marketing, OnePipe

Amina, a small grocery store owner in bustling Lagos, Nigeria, is the embodiment of resilience. Her store is an essential hub in her local community, a place where neighbours can find everything from essential food items to occasional sweet treats for the children. It’s the place where Amina shares smiles and small talks with her customers while providing them with their daily needs.

However, running a small business like Amina’s is not without its challenges. One of the significant obstacles she faces is securing credit to purchase inventory.

Imagine this: it’s a bright new day, and Amina opens her shop, ready to serve her community. She is greeted by the warm smiles of her customers but also by the hard reality of her half-empty shelves. The market prices have been fluctuating, and her cash flow is strained. This is a predicament that many small business owners like Amina face – maintaining a well-stocked store while grappling with cash flow issues and market unpredictability.

Here enters inventory finance, a financial innovation that serves as a lifeline for entrepreneurs like Amina. This form of credit provides funds for purchasing inventory, acting as a steady bridge over the turbulent waters of cash flow challenges. With inventory finance, Amina can replenish her shelves without straining her finances.

Let’s picture the transformation this brings: Amina, once concerned about her dwindling inventory, now walks into her supplier’s warehouse with confidence. Thanks to a fintech firm offering inventory finance, she can purchase the items her customers need on credit. This makes her store a reliable one-stop-shop in her community. It’s like she has found a magic key that unlocks a door to endless possibilities for her business.

Inventory finance also arms Amina with a shield against the whims of market price fluctuations. As any seasoned business owner will tell you, prices can be as unpredictable as the weather. With inventory finance, Amina can buy more stock when prices are low, protecting her business from sudden price hikes. It’s a strategic move, a way to navigate the choppy waters of the market with a reliable compass.

However, the benefits of inventory finance aren’t confined to Amina alone. A thriving local business means more employment opportunities and more income circulating within the community. It’s akin to a tree planted in the heart of a community; as it grows, its roots spread, and its shade provides comfort to many.

While inventory finance is not a new concept globally, its penetration in many parts of Africa, including Nigeria, has been minimal. But this is changing. In Nigeria, for instance, innovative fintech companies have embraced the challenge, and are working tirelessly to drive the adoption of inventory finance among small business owners. These companies are the bridge connecting Amina and thousands of other business owners to the benefits of inventory finance. They have adapted a solution known globally to fit the unique challenges and opportunities of the Nigerian market, thus redefining the landscape of small business financing in the country.

Inventory finance is more than just a financial tool; it’s a catalyst for change. It’s transforming small businesses, invigorating communities, and reshaping economies. Behind this transformation, fintech companies like OnePipe, with their Pay4Me product on the Growtrade platform are the unsung heroes, championing the cause of small businesses, one loan at a time.

So, the next time you pass by a bustling, well-stocked small shop in Nigeria, remember that behind the abundance, there’s a story of resilience, growth, and innovation. It’s a story where small business owners like Amina are the protagonists, and inventory finance is their empowering ally. This unfolding narrative holds the promise of a more prosperous and inclusive economy where every small business can truly thrive. The journey towards this promising future is underway, with every inventory financed, every shelf stocked, and every small business supported.


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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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How to Beat DStv Price Increase with ‘Price Lock’ Feature

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In today’s fast-paced world, where every penny counts, finding ways to save on essential services is more important than ever. And as part of its commitment to customer satisfaction, DStv has reiterated its “Price Lock” feature.

DStv Price lock

This is in response to the upcoming tariff increase, which the company understands may impose some financial strain on its valued customers.

What exactly does the “Price Lock” feature entail? The “Price Lock” feature offers customers the opportunity to retain their subscriptions at the current rate for 12 months.

To use the “Price Lock” feature, customers simply need to renew their subscriptions before the due date each month, ensuring uninterrupted access to their favourite DStv content at the current rate for the next 12 months.

But here’s the catch: only customers with an active subscription by the 30th of April qualify for this offer, when the tariff adjustment comes into effect.

Make sure you don’t miss the price lock offer! Simply download the MyDStv or MyGOtv app or dial *288# to subscribe, upgrade, or set up Auto-Renewal.


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OJI Demands Ban on Netflix, TikTok, Others over Same-Sex Content

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Civil Society Organisation (CSO) under the auspices of Open Justice Initiative (OJI), has threatened to drag the National Broadcasting Commission (NBC) to court if it fails to ban Netflix, TikTok, and others over the alleged broadcast of offensive same-sex content on Nigeria’s airwaves.

OJI Demands Ban on Netflix, TikTok, Others over Same-Sex Content

The CSO, also urged NBC to ban other social media platforms, including X, formerly known as Twitter, Facebook, etc with regard to the subject matter.

Donald Ayibiowu, lawyer and programme officer of OJI, gave the warning in a letter addressed to Mr. Charles Ebuebu, director-general of the NBC.

The certified true copy of the letter titled: “Need to ban and bar the continuous broadcast of offensive same-sex contents on Nigeria’s airwaves by Netflix and other specialised broadcast outlets”, made available to newsmen in Abuja, was received by the Commission on April 23, 2024.

The letter said, “We write to draw the esteem attention of your commission to some obnoxious and repugnant same-sex contents being aired or transmitted by some broadcast outfits operating within the Nigeria broadcast space, which platforms includes Netflix and some social media entities.

“These abhorrent contents being campaigned about borders on the promotion of amorous relationships between persons of same sex on the said platforms.

“We received complaints on this topic from well-meaning Nigerians and religious organisations and further discovered that the broadcast contents/materials on these platforms are laced with embedded scenes/episodes where same-sex relationships are practically being propagated.

“We also conducted research on some social media platforms like TikTok, Twitter (X), Facebook (Meta), etc with regards to this subject, and found same hazardous and illegal same-sex content being promoted and transmitted.

“It is clear that there is an agenda to surreptitiously lure the unsuspecting young population of this country to this satanic habit/lifestyle of same-sex practice in Nigeria by subtly introducing same through entertainment and showbiz industry, albeit through the airwaves.

“It is now commonplace to see some of these illegal contents being conveyed on social media and specialised platforms in Nigeria.

“We wish to point out that these contents are clearly being aired or transmitted in contravention of our extant laws such as Sections 4(2) and 5(2} of the Same-Sex Mariage (Prohibition) Act, 2013,” he said.

The lawyer said the act being subtly propagated and promoted via the mediums was targeted at destroying the moral fibre and rectitude, erode, dislodging and polluting the society with unacceptable inhuman values.

He said it was also to erode the age-long cultural practices and sacred religious belief system of male and female gender only as created by God Almighty.

Ayibiowu said, that if the commission failed to block, restrict or scrap the same-sex promotional material/contents from Nigeria airwaves, “we shall proceed to seek further redress in pursuit of our goal of saner Nigeria airwaves”.

 

 


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FCCPC to Review Multichoice’s Tariff Hike

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Federal Competition and Consumer Protection Commission (FCCPC) has promised to review recent price increases in MultiChoice cable subscriptions to ensure subscribers in Nigeria get value for their money.

FCCPC to Review Multichoice’s Tariff Hike

Recall that the leading pay TV operator, recently announced increase in the subscriptions for its DStv and GOtv packages by at least 25 per cent.

Multichoice announced the increase in tarrifs in a message sent to subscribers on Wednesday and said that the new regime will be effective May 1.

The company stated this in the statement signed by John Ugbe, chief executive officer was titled, ‘Price Adjustment on DStv and GOtv Packages.’

The pay-TV firm cited the rise in the cost of business operations as the rationale behind the price increase.

The company said, “We understand the impact this change may have on you – our valued customer, but the rise in the cost of business operations, has led us to make this difficult decision.

“It remains our mission to provide the best entertainment and viewing experience to you and are committed to continue to deliver high-quality content and unparalleled service. So, from Wednesday, 1 May 2024, the price adjustment will take effect.”

But Adamu Abdullahi, acting chief executive officer, FCCPC, in a chat with Channels Television on its Dateline Abuja programme on Thursday, provided an update on the summons issued to the owner of a Chinese store in Abuja accused of discriminatory and sharp practices.

He also commented on the adherence to the order given to the Abuja Electricity Distribution Company, stating that sanctions are imminent for all verified infractions identified by the agency.

 


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