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Pension payment to Embrace E-Payment

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The payment of pension claims in Nigeria has over the years been shrouded in pains and agony. Many have died trying to collect their retirement benefits. Unfortunately the various efforts made in the past to redress this issue have snowballed in disappointment. However all that is about to change now, courtesy the outcome of a workshop which was organized recently to address the lapses. The event was the gathering of top pension professionals where about 70 senior pension industry executives from 25 Pension Fund Administrators and Custodians met to discuss and share experiences on e-Pension and e-Payment at a workshop held in Lagos. The strategic workshop tagged Remita e-Payment and e-Pension was organized by SystemSpecs for pension industry stakeholders to discuss among other things, the implications of the Central Bank of Nigeria Payment System Vision 2020 mandate on e-Payment as it relates to pension contribution remittances and retirees pension processing and payment. John Obaro, Managing Director SystemSpecs, in his speech reiterated the need for all stakeholders to continue to work together to achieve operational efficiency, optimize internal operations and empower employer organizations to meet e-Payment regulatory requirements while remitting her employees’ pension contributions.
Obaro enumerated that a true e-Payment solution should enable a user to achieve the following: view consolidated bank balances across multiple banks on a single screen, End-to-End processing of all payments electronically, conduct multi-bank activity from just one place, and replicate an existing payment workflow. He also added that Remita e-Pension provides additional capability for an employer to remit its employee pension contribution with appropriate schedules delivered to applicable Pension Administrators and Custodians electronically. Dr. Hakeem Bakare, Group Head, Corporate Strategy SystemSpecs stressed that “Remita Pension solution has the capability to deliver funds to the account of Pensions Administrators and matching schedule to relevant parties electronically. This will eliminate a major challenge confronting the pension industry in Nigeria” Some of the participants spoke of their impressions about the initiative. Dotun Adebayo, Head Contributions UBA Pension Fund Custodians said it was a “very good initiative, whose successful implementation will address core problems in the pension industry.”
Insurance Industry Premium Soars, Hits N200bn
If experts’ prediction that insurance would be a leader under the financial services regime is anything to go by, then there are indications that the premium earnings of the industry may greatly reposition the industry very shortly. According to statistics from the Nigerian Insurers Association (NIA), at its 39th Annual General Meeting (AGM)  held recently, the nation’s insurance industry has recorded a premium income of N200.6 billion for the financial year ended December 31, 2009, as against N150.3 billion which it achieved within the same period in 2008, indicating a 33.5 percent growth. Barrister Tobi Olagunju, while assessing the situation stated that the growth was largely necessitated by the various reforms and recapitalization which the industry embarked upon in the past four years.
He recalled that “soon after the capitalization the increased confidence in the industry led to enhanced investors confidence and the relative trust of the insuring public.” He added that the reforms led to a significant boost in the capital base of operators, a situation that has earned it a competing edge at least in Africa. Olagunju stated that but for the reforms, the investment drive which operators have extended to the African insurance market would have been impossible. He explained that the recapitalization raised the industry stake from less than N30 billion in 2005 to about N200 billion in 2007.
According to Wole Oshin while speaking at the meeting, the non life premium contribution to the premium base produced N161.4 billion while life business contributed 39.15 billion. He explained that motor business contributed the highest premium amounting to N41.67 billion as against N32.04 billion the previous year. This was followed by general accident insurance which contributed N30.98 billion followed by oil and gas business which generated N25.53 billion. On the other hand, marine and aviation came fourth in terms of premium generation, contributing N18.74 billion while fire business followed with a contribution of N17.3 billion.
Oshin added that that expectation of the NIA would be surpassed if insurance companies continue to evolve dynamic strategies to expand the frontiers of their businesses. He also extended his confidence to the new initiatives of the National Insurance Commission (NAICOM) in the area of product awareness and the Market Development and Restructuring Initiative (MDRI).

 


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Dufil Takes Donation of Indomie Noodles Cartons to Vulnerable Communities in Abuja and Environ

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In line with its commitment to provide critical support to indigent members of communities around the country in the face of the ongoing economic challenges, Dufil Prima Foods Limited, makers of Indomie Instant Noodles, in partnership with Golan Helps Abuja Food Bank Initiative (GHAFBI) and Meluibe Foundation on Wednesday, April 17 distributed Indomie noodles cartons to vulnerable communities in Kuje and Kubwa Local Government Areas in Abuja.

With the goal of alleviating hunger and supporting communities across Nigeria, Indomie Instant Noodles has committed to donating a substantial quantity of noodle packs to various NGOs working tirelessly to address food insecurity.

These organizations play a crucial role in reaching remote and underserved areas, ensuring that nutritious meals reach those who need them most.

“We are deeply committed to making a positive impact in the communities where we operate,” said Olusola Olayinka Idowu OON, former Permanent Secretary, Budget and National Planning, and the CEO/Founder of GHAFBI.

“At GHAFBI, we believe that everyone deserves access to wholesome and nourishing food. Our partnership with Dufil Prima Foods to donate Indomie Noodles packs is a big step towards addressing food insecurity and supporting vulnerable communities in Abuja”, said Idowu who was also the former National Conveyor, UN Food System Dialogues in Nigeria.

Speaking in the same vein, Obialunanma Nnaobi-Ayodele, Executive Director, The Meluibe Empowerment Foundation, expressed her gratitude to Indomie Noodles for the partnership. “Our vision as an NGO is to change the world one step at a time, by providing relief and support to vulnerable communities.

This is achieved through collaborations and partnerships, one of which is what we have done with Indomie Noodles. We remain grateful for their support through this food relief initiative”, she said.

By partnering with NGOs, Indomie Instant Noodles works closely with local leaders and community heads in directly engaging with rural communities to distribute noodle packs and provide immediate relief to families facing hunger and ensuring that food assistance reaches those who are most in need, especially in hard-to-reach areas.

“We are grateful for the opportunity to collaborate with NGOs and community leaders to make a meaningful difference in the lives of people facing food insecurity”, said Temitope Ashiwaju, Group Corporate Communications and Events Manager, Dufil Prima Foods Limited. “Together, we bring hope, love and relief for all”.

The community leaders and some of the beneficiaries also expressed their immense gratitude to Indomie for the support, stressing the impact the products donated will have in alleviating hunger in their communities.

Speaking at the outreach centre, His Royal Highness, Muhammed D. Jibril, Community Leader of Gbazango Community in Kubwa Local Government Area said: “I am very grateful to Indomie Noodles for coming to our aid in these challenging times. I pray for more expansion and growth for the business and may God bless Indomie Noodles”.

Other communities who benefited from the product donations include Wunmi, Tondo, Godoji and Shazhi communities in Kuje Area Council of Abuja.

Dufil Prima Food’s donation of Indomie Noodle packs underscores its commitment to corporate social responsibility and its dedication to supporting communities in need. By providing essential food relief, Dufil Prima Foods is contributing to the well-being and resilience of vulnerable populations in Nigeria.

Indomie Instant Noodles remains dedicated to bringing joy to mealtimes and making a positive impact in communities around the world.


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Empowering Nigerian Retail: The Promise of Pay on Delivery

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E-commerce in Nigeria has evolved exponentially in recent years, transforming the retail landscape and reshaping consumer habits. From the early days of skepticism and distrust to today’s thriving online marketplaces, the journey has been marked by innovation, adaptation, and perhaps most importantly, the establishment of trust and security between buyers and sellers. At the core of this transformation, Pay on Delivery (PoD) has emerged as the unsung hero of e-commerce.

The premise is straightforward: customers could place orders online and pay for their purchases only upon receipt. This innovative approach not only addressed concerns about security but also provided tangible reassurance to hesitant buyers. In countries like India, Nigeria, and Indonesia, where a significant portion of the population remains unbanked or underbanked and where distrust in online transactions and fraudulent activities were once rampant, Pay on Delivery has emerged as a lifeline for both consumers and businesses. Many consumers were understandably hesitant to part with their hard-earned money before receiving their desired goods. Pay on delivery bridges this trust gap, offering reassurance to buyers and empowering them to transact with confidence.

In Nigeria, despite the adoption of a wide range of electronic payments, cash is still king. The results of a survey conducted in 2021 show that cash remains the dominant payment method, reflecting the ongoing preference for tangible transactions over digital ones. In addition, a recent report by ongoing preference for tangible transactions over digital ones. In addition, a recent report by Oxford Business Group found that 70% of Nigerians prefer to pay with cash on delivery, while 28% use credit or debit cards, and only 12% use mobile money platforms. This has challenged e-retailers, and some companies like Jumia, to adapt by prioritizing cash-on-delivery options to cater to this consumer preference.

The Promise of Pay on Delivery in Nigeria

With consumers in mind, Jumia, the leading e-commerce platform in Nigeria, has made Pay on Delivery a cornerstone of its business model. Understanding the local market dynamics and the importance of trust and convenience, the company has invested heavily in ensuring a seamless Pay on Delivery experience for its customers.

One of the key benefits of Jumia’s Pay on Delivery service is its flexibility. Customers have the option to inspect their purchases before making payment, ensuring satisfaction and reducing the risk of fraudulent transactions. This added layer of security not only enhances the overall shopping experience but also builds long-term trust and loyalty among customers.

Moreover, Jumia has implemented rigorous quality control measures to ensure that products meet customer expectations upon delivery. This includes partnering with reputable brands and implementing stringent verification processes to prevent counterfeit goods from entering the marketplace. By prioritizing customer satisfaction and product quality, Jumia has solidified its reputation as a trusted online retailer in Nigeria.

Beyond enhancing trust and security, Pay on Delivery has also played a crucial role in driving financial inclusion in Nigeria. By providing an alternative payment method for those without access to traditional banking services, Jumia has expanded the reach of e-commerce to a broader segment of the population. This not only benefits consumers by providing greater access to goods and services but also stimulates economic growth by fostering entrepreneurship and driving demand for products and services.

In all, the future of e-commerce in Nigeria looks promising, with Pay on Delivery poised to remain a key enabler of growth and expansion. As technology continues to advance and consumer preferences evolve, innovative solutions like Pay on Delivery will continue to drive the transformation of the retail landscape, empowering Nigerian consumers and businesses alike.

 


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Verra Certifies d.light’s Clean Cookstove Projects in Sub-Saharan Africa

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A series of pioneering projects by d.light, the global provider of transformational household products and affordable finance for low-income households, to distribute 600,000 energy-efficient clean cookstoves in Kenya, Nigeria, and Uganda have been officially certified by global verification body Verra.

This certification confirms the d.light projects as trusted, verified sources of high-quality carbon credits in the voluntary carbon markets (VCMs).

The d.light projects aim to simultaneously reduce carbon emissions, tackle indoor air pollution, and reduce deforestation through the sale of highly efficient biomass cookstoves subsidized by the revenues from the sale of carbon credits.

Since their launch in late 2022, the projects have positively impacted more than one million lives and are projected to transform more than three million lives by 2025.

Commenting on the news, Karl Skare, d.light’s Chief Product and Strategy Officer, emphasized the projects’ positive impact, “With these projects, we’re not just addressing environmental concerns but also enhancing quality of life for millions.

“Each project underscores d.light’s commitment to practical, innovative solutions that address both environmental and social challenges, as part of our mission to transform the lives of one billion people by 2030.”

Each year, domestic cooking emissions contribute more than two percent of total global GHG emissions and up to 25 percent of anthropogenic black carbon emissions.

Highly energy-efficient cookstoves solve this problem by reducing biomass use by up to 70 percent compared to traditional cooking methods, cutting emissions of both carbon dioxide and black carbon.

The d.light projects are expected to reduce emissions by up to 12 million tons, contributing to climate change mitigation. These emissions reductions will be registered as carbon credits in the voluntary carbon market.

As well as reducing emissions, clean cookstoves are also a benefit to public health. According to the World Health Organisation, exposure to smoke from cooking fires causes an estimated 3.2 million premature deaths worldwide each year and is still one of the predominant causes of pollution-related illness and death in Africa.

In Uganda, for example, less than one percent of the population has access to clean cooking, household air pollution is the one of the largest risk factors for death and disability.

In addition, switching from traditional three-stone open fires to cleaner, energy-efficient cookstoves significantly reduces deforestation and reduces threats to wildlife and biodiversity caused by habitat loss.

Skare explained, “By subsidizing energy-efficient cookstove costs through carbon financing, d.light makes clean cooking accessible to more households, which in turn leads to healthier living conditions and conserves natural resources as well.

“Our projects in Kenya, Nigeria and Uganda are models of how sustainable investments can yield multiple co-benefits, aligning with global efforts to combat climate change and also promoting socio-economic development.

Skare added, “d.light now has projects certified by both Gold Standard and Verra, the world’s two leading certifiers of carbon credits. Organizations looking for ways to offset their own emissions can be confident that when they purchase carbon credits in d.light’s clean cooking projects in sub-Saharan Africa, they are investing in transformative initiatives that reduce harmful emissions, improve people’s health and quality of life, and help conserve the environment as well.”

 


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