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Moniepoint Study Reveals How Strong Cultural Bonds, High Levels of Trust Drives Nigerian Family Businesses
Against the urgent need to deepen the Federal Government’s economic agenda – financial inclusion, job and wealth creation and fiscal growth, the critical role played by family businesses as the heartbeat of Nigeria’s economy has once again been spotlighted and thrust into sharp focus.
Africa’s leading digital financial services provider, Moniepoint Inc has released its latest case study – How families power Nigeria’s economy, a reflective chronicle of how the legacy of family businesses, from centennial conglomerates to bustling local eateries, are a living narrative and solid testament to Nigeria’s entrepreneurial spirit.
It will be recalled that the Special Adviser to the President on Presidential Enabling Business Environment Council (PEBEC) and Investment, Dr Jumoke Oduwole recently revealed that there are approximately 23.8 million family businesses, responsible for millions of jobs, dispersed throughout the country and collectively they contribute around $200 billion annually into the nation’s economy. Closely aligned to this disclosure is the oft-stated data that with over 40 million micro, small and medium enterprises (MSMEs) contributing nearly 50% of the national GDP; accounting for over 84% of total employment as well as 96% of businesses in Nigeria. These figures reflect the glaring significance and the impact that family businesses have on Nigeria’s economy.
According to the Moniepoint study, which provides deep insights into what has kept these businesses going across generations, how they navigate challenges, and opportunities for growth and innovation, more than half of Nigerian family businesses don’t have strong digital capabilities with very few seeing it as a priority area.
The lack of clear governance and business management structures, as well as poor succession planning are some of the challenges that undermine the scalability of family businesses in Nigeria.
Key drivers that undergird a lot of these enterprises include, strong cash flow with a view to ensuring that they remain profitable, high levels of trust driven by shared vision and business objectives and cohesive cultural bonds where one out of every two Nigerian businesses bear the distinction of being a family business.
Furthermore, the study avers that the story of Nigerian family businesses is one of resilience, adaptation, and enduring legacy. It posits furthermore that the future of Nigerian family businesses is bright with potential even as more enterprises embrace the tools and strategies for success in a digital age, supported by innovative driven solution partners.
It contends that as they evolve, family businesses will remain at the heart of Nigeria’s economic and cultural identity, powering the nation’s economy and shaping its future for future generations while ushering in a new era of growth, sustainability, and global competitiveness.
Speaking to the rationale behind this latest study, Vice President, Communications and Public Relations, Moniepoint Inc, Edidiong Didi Uwemakpan noted that the decision to focus on family businesses was driven by their significant contributions to Nigeria’s economy despite their varying sizes and sectors.
“At Moniepoint, we pride ourselves on being more than just a financial services provider; we are an astute partner to business owners, helping them to be financially happy while ensuring that our innovative solutions power the dreams of these enterprises.
“We believe that the growth of family businesses directly supports the entire economy, which in turn essentially extends our ability to positively impact everyone else which aligns with our brand’s mission,” she said.
Stating Moniepoint’s commitment to helping these businesses embrace digitization, “Our services have helped several family-owned businesses improve their operations through simplified payment collection, cash flow management, and access to capital.
“Our recent partnership with the CAC will further catalyze technology adoption for these businesses while providing a foundation for them to adopt better record keeping, financial reporting and governance practices which are pivotal for their efficiency, productivity and long-term viability, and also drive market access and trade facilitation into regional and global value chains for them.”
In 2023, Moniepoint MFB, was honored with the prestigious Rising Star Family Business Award in recognition of the giant strides made by the firm over the years and their contribution to the Nigerian economy at the Businessday, My Family My Business, and PwC Nigeria Family Business Summit.
MoMo PSB has announced a partnership with Leadership Strategy Sustainability Business Innovation (LSSBI) Advisory to enhance financial inclusion and streamline tax payments in Ekiti, Nasarawa, and Rivers states.
This collaboration introduces MoMo as the official payment platform for taxpayers, enabling easy and convenient payments via the USSD code *5229#.
Nigeria CommunicationsWeek report that the partnership aims to boost compliance, drive revenue development, and promote financial autonomy for marginalised communities. Key stakeholders highlighted the significance of this collaboration in closing the financial gap and promoting economic growth.
Read Also: MTN Nigeria takes full control of MoMo bank for $4.6m
With this initiative, MoMo PSB reaffirms its commitment to providing accessible and user-friendly financial services to all Nigerians, particularly the unbanked and underbanked populations.
The launch of the USSD code *5229# demonstrates MoMo PSB’s dedication to expanding financial inclusion and promoting digital payments.
Ekiti State officials lauded the partnership, commenting on the convenience of using the MoMo payment platform, while emphasising its potential to increase tax compliance and benefit local communities.
The collaboration is part of a broader initiative to empower citizens with financial autonomy, encourage saving, and promote responsible money management.
As the rollout begins in Ekiti, Rivers, and Nasarawa, MoMo PSB and LSSBI Advisory aim to expand the initiative nationwide, encouraging other states and private sector partners to explore similar collaborations, leveraging technology to improve access to financial services. This partnership marks a new era in tax payment solutions, prioritising efficiency, inclusivity, and financial empowerment for all Nigerians.
MoMo PSB, established in May 2022 as the fintech division of MTN, continues to focus on delivering user-friendly, accessible, and affordable financial services to both new and existing customers across Nigeria.
Globacom has unveiled a new device acquisition scheme to enable Nigerians own smartphones and pay conveniently over several months. The scheme is dubbed: “Buy Now, Pay Small Small” and is available in Gloworld shops across the country.
The scheme aims to bridge the digital divide by enabling individuals and businesses have access to the latest smartphones and devices more conveniently. This, Globacom claims, will make customers more connected and more productive.
A press statement released by Globacom explained that it is offering flexible payment options to its customers so they can acquire devices of their choice and spread the cost of these new devices over several months through instalment payments that is manageable for them.
The scheme has a wide range of smartphones and other smart devices from top brands that customers can chose from.
This device financing is available to all new and existing Glo customers who can avail the benefits of the programme when purchasing new devices from Gloworld stores across Nigeria.
Moreover, customers can choose from various payment plans to suit their budget, with tenures of up to six months and special interest rates on all flagship devices.
Globacom said customers who purchase devices under the programme will also be given a data bonus of 18GB for six months, adding that it is focused on customer satisfaction, through ensuring a convenient system of smartphone acquisition for Nigerians.
Starlink Week at Konga, an exceptional opportunity to acquire reliable satellite internet at a significantly discounted price, ends tomorrow, Saturday, August 31, 2024.
Nigeria CommunicationsWeek gathered that customers now have chance to secure a Starlink kit at an exceptional price and experience the transformative power of high-speed internet.
Throughout the week, Konga has been dedicated to making Starlink’s cutting-edge technology more accessible to Nigerians.
Read Also: Konga Announces Starlink Week: An Opportunity To Own High Speed Internet Kit
The e-commerce giant offered Starlink kits and accessories at reduced prices, along with perks that have made this offer hard to resist.
In addition to the unmatched prices, Konga included free nationwide delivery to ensure that customers from every corner of Nigeria benefited from this offer.
Konga also provided free same-day delivery in major cities like Lagos, Abuja, and Port Harcourt, ensuring that customers can start enjoying their Starlink experience almost immediately.
As Starlink Week draws to a close, this is the final call for those who still need to take advantage of this limited-time offer.
The discounted prices, combined with the exceptional delivery options, represent a rare opportunity to invest in a technology that has revolutionized internet accessibility across the globe.
Konga’s Starlink Week has been more than just a promotional event; it has been a gateway to connectivity, offering Nigerians a reliable solution to their internet needs.
Starlink provides the service you need to stay connected wherever you are in Nigeria.
Take advantage of this exclusive opportunity. Visit Konga.com today or walk into any of Konga’s retail stores to secure your Starlink kit before the campaign ends.
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