The Nigerian Fintech space has witnessed unprecedented growth, proving its resilience amid global economic pressures and fierce industry competition. As 2024 unfolds, the future of Fintech lies not just in buzzwords but in expertise-driven innovation that solves real-world problems for everyone. In the last decade, Fintech has emerged as the fastest-growing industry in Africa - led by South Africa, Nigeria, Egypt and Kenya - and the ecosystem is projected to rise to $65 billion by 2030.

Driven by a growing population of tech-savvy professionals, sizeable underbanked sectors, and an innovative mindset, the Nigerian Fintech space is poised to redefine the African Fintech ecosystem. It's crucial to understand the key trends shaping the industry to stay ahead of the curve.

1. Mobile Payments Explosion
The surge in mobile payments is set to reach new heights in 2024, fuelled by the release of the federal government's grip on crypto laws. With crypto wallets regaining mainstream acceptance, mobile payments is set to grow beyond the ₦ 63 Trillion valuation of 2023. This explosion will also see other industries leverage the many possibilities now available beyond regular p2p transactions into other financial digital verticals such as insurance, micro-lending, expense trackers, BNPL options, personalised investment opportunities, etc

2. Strategic Partnerships for Collaborative Commercial Success
As the saying goes, "If you want to go fast, go alone; if you want to go far, go together." 2024 is set to be the year for collaborative commercial success. Collaborations with Fintech solution providers have now become a strategic initiative for not just financial institutions but eCommerce, logistics, travel, etc industries; Everyone wants a piece of the pie. This collaborations, majorly as API/SDK integrations ensures the swift incorporation of innovative fintech solutions without straining internal resources, keeping pace with new and emerging technologies.

3. AI is here to stay
The AI rave of 2023 keeps expanding and staying relevant irrespective of industries and regulations. The Fintech sector is not left behind in this as it also experiencing a revolutionary shift marked by continuous innovations and advancements in AI and ML. These technologies will play an increasingly important role in risk assessment, fraud detection, e-bookkeeping and personalised financial experiences.

4. Cybersecurity for Cyber-reliance
With cyberattacks impacting one in every two businesses, robust cybersecurity measures are essential. The continual rise of AI implementations also adds an extra layer of complexity. A comprehensive cyber resilience strategy, including automated cyber defence, integrated frameworks, and a well-prepared PR plan, is now considered essential for every businesses, especially Fintechs. The industry is not new to various fraudulent schemes with over NGN30billion lost to internal and cashback fraud cases in 2023 alone.

5. ESG for Sustainable Finance
There's a significant push towards sustainable finance, with institutions incorporating ESG criteria into their decisions. Embracing ESG-centric technologies in 2024 is not just a matter of staying ahead but a strategic imperative. Integrating ESG considerations into everyday operations, such as utilizing FinTech solutions for sustainable supply chain financing or adopting green payment processing methods, becomes a powerful differentiator. As consumers increasingly prioritize ethical and eco-conscious practices, businesses that align with ESG values gain a competitive edge.

Conclusion
In navigating this ever evolving Fintech ecosystem, businesses must reduce payment hurdles, streamline their processes for optimal output, and cut costly administrative overhead. Choosing a strategic partner to guarantee easy integration is key to achieving these goals, and Thepeer, with its easy to use and integrate SDKs is committed to enabling businesses to thrive. Thepeer's suite of payments tools; Checkout, Direct Charge and Payment Links is every business owners best bet to experience secure and seamless collections from customers.

Book a free demo session here to join the digital wallet payments revolution and make 2024 a year of commercial success.

Take a moment to imagine a world where manufacturers don’t test their products to perform as intended. When no tests are run, apps and systems will fail, and their functionality will be impaired. While this is far from being a dystopian nightmare, it’s not ideal.

We wouldn’t ride a bike, take the escalator, or even take the bus if it weren’t for Quality Assurance, and only the bravest among us would purchase a car, crossing our fingers that nothing spontaneously ignites or the brakes malfunction. In the end, there will be faults, malfunctions, and problems.

Our lives have become increasingly digital over the years and people expect websites and mobile apps to run smoothly. It’s no surprise that 40% of visitors quit websites that take longer than three seconds to load. You can introduce all the customer acquisition strategies you want, but if you don’t have a team to monitor and manage the quality of the products and services you supply, you won’t be able to retain valuable clients.

https://prunedge.com/a-business-owners-guide-to-quality-assurance
QUALITY ASSURANCE: What Is It?
Its function is obvious from the name. The QA team ensures that a company’s services and products offer the best possible standard for any given product. They are responsible for planning and monitoring every step of the production process. This team is necessary for all types of business, they can be responsible for checking that a factory labels their products correctly and also detecting faults in apps to be launched. It’s important to remember that QA is an integral part of any manufacturing process.

Through audits and tests, the QA team can detect and solve issues to ensure that products are performing within company standards. They can implement different testing methods depending on the company’s needs and its products. For example, agile testing is a great way to supervise IT services. Instead of trying to fix problems, the Quality Assurance strategy tries to avoid them in the first place.

Our QA experts monitor every stage of the production process to ensure that there are no delays later on. If a problem is discovered too late, it will take longer to fix.



Is QA Really Necessary?
Seven seconds is all it takes for someone to establish an opinion of you when they meet you for the first time. This same rule applies to any new customer who visits your website or makes a purchase from you for the first time.

For smaller businesses and startups, a bad beginning can stop you from realizing your company’s full potential. If you’re trying to fight off the competition, your best weapon is a QA team with a strong eye for detail. They take the time to ensure your services are close to perfection. One of the many useful tools to do this is knowledge management software, Our QA experts at Prunedge can carry out all necessary tests and analyses to ensure your product/service is fit for the market, solves your customer needs, and appeals to your target audience.



You may lose money and new customers if your organization goes to market with a shoddy app. It’s not worth the risk, given that the current app uninstall rate is approximately 50%. Many entrepreneurs make the mistake of abandoning quality control in order to save money. Poor quality and performance might result in significant losses in revenue. According to a survey of top IT executives, QA testing accounts for 23% of their yearly IT expenditure.

One of the most significant aspects of modern society to consider is the importance of continuity. When websites are unavailable due to software upgrades, we find it aggravating. The QA team is responsible for preventing blackouts caused by bugs or mistakes.



The Benefits of QA
1. Customer Loyalty
Keeping clients happy is essential to the success of any organization. We do everything we can to ensure that our software and systems are error-free, which enables us to retain customers who know they can rely on our services. A pleased customer may help your business develop by spreading the word about it.

2. Improved User Experience
We are constantly on the hunt for new QA monitoring methods, we ensure our user’s experience evolves and keeps up with the necessary and latest tech advances. By introducing monitoring and automation, you can secure your app’s improvement for a better user experience.


3. Brand Identity
Your products, whether they be applications or physical commodities, are a vital part of your company’s identity. A service that works well is your closest ally. Your company’s reputation will be enhanced if you place an emphasis on QA testing. If there’s one thing your brand shouldn’t be renowned for, it is errors and a defective system.

4. More Revenue
This is simple math. Clients who receive high-quality services are more likely to recommend such businesses to others. Customer satisfaction leads to increased income. Quality assurance is essential for gaining positive ratings and increased sales when individuals pay for a service.



Conclusion
There is no greater duty for any establishment than to ensure the quality of its products. Preventing mistakes by doing thorough testing, supervision, and oversight before launching a service is critical. Investing in a top-notch QA team is essential to ensure your product’s success.



https://prunedge.com/a-business-owners-guide-to-quality-assurance/

Take a moment to imagine a world where manufacturers don’t test their products to perform as intended. When no tests are run, apps and systems will fail, and their functionality will be impaired. While this is far from being a dystopian nightmare, it’s not ideal.

We wouldn’t ride a bike, take the escalator, or even take the bus if it weren’t for Quality Assurance, and only the bravest among us would purchase a car, crossing our fingers that nothing spontaneously ignites or the brakes malfunction. In the end, there will be faults, malfunctions, and problems.

Our lives have become increasingly digital over the years and people expect websites and mobile apps to run smoothly. It’s no surprise that 40% of visitors quit websites that take longer than three seconds to load. You can introduce all the customer acquisition strategies you want, but if you don’t have a team to monitor and manage the quality of the products and services you supply, you won’t be able to retain valuable clients.

https://prunedge.com/a-business-owners-guide-to-quality-assurance
QUALITY ASSURANCE: What Is It?
Its function is obvious from the name. The QA team ensures that a company’s services and products offer the best possible standard for any given product. They are responsible for planning and monitoring every step of the production process. This team is necessary for all types of business, they can be responsible for checking that a factory labels their products correctly and also detecting faults in apps to be launched. It’s important to remember that QA is an integral part of any manufacturing process.

Through audits and tests, the QA team can detect and solve issues to ensure that products are performing within company standards. They can implement different testing methods depending on the company’s needs and its products. For example, agile testing is a great way to supervise IT services. Instead of trying to fix problems, the Quality Assurance strategy tries to avoid them in the first place.

Our QA experts monitor every stage of the production process to ensure that there are no delays later on. If a problem is discovered too late, it will take longer to fix.



Is QA Really Necessary?
Seven seconds is all it takes for someone to establish an opinion of you when they meet you for the first time. This same rule applies to any new customer who visits your website or makes a purchase from you for the first time.

For smaller businesses and startups, a bad beginning can stop you from realizing your company’s full potential. If you’re trying to fight off the competition, your best weapon is a QA team with a strong eye for detail. They take the time to ensure your services are close to perfection. One of the many useful tools to do this is knowledge management software, Our QA experts at Prunedge can carry out all necessary tests and analyses to ensure your product/service is fit for the market, solves your customer needs, and appeals to your target audience.



You may lose money and new customers if your organization goes to market with a shoddy app. It’s not worth the risk, given that the current app uninstall rate is approximately 50%. Many entrepreneurs make the mistake of abandoning quality control in order to save money. Poor quality and performance might result in significant losses in revenue. According to a survey of top IT executives, QA testing accounts for 23% of their yearly IT expenditure.

One of the most significant aspects of modern society to consider is the importance of continuity. When websites are unavailable due to software upgrades, we find it aggravating. The QA team is responsible for preventing blackouts caused by bugs or mistakes.



The Benefits of QA
1. Customer Loyalty
Keeping clients happy is essential to the success of any organization. We do everything we can to ensure that our software and systems are error-free, which enables us to retain customers who know they can rely on our services. A pleased customer may help your business develop by spreading the word about it.

2. Improved User Experience
We are constantly on the hunt for new QA monitoring methods, we ensure our user’s experience evolves and keeps up with the necessary and latest tech advances. By introducing monitoring and automation, you can secure your app’s improvement for a better user experience.


3. Brand Identity
Your products, whether they be applications or physical commodities, are a vital part of your company’s identity. A service that works well is your closest ally. Your company’s reputation will be enhanced if you place an emphasis on QA testing. If there’s one thing your brand shouldn’t be renowned for, it is errors and a defective system.

4. More Revenue
This is simple math. Clients who receive high-quality services are more likely to recommend such businesses to others. Customer satisfaction leads to increased income. Quality assurance is essential for gaining positive ratings and increased sales when individuals pay for a service.



Conclusion
There is no greater duty for any establishment than to ensure the quality of its products. Preventing mistakes by doing thorough testing, supervision, and oversight before launching a service is critical. Investing in a top-notch QA team is essential to ensure your product’s success.



https://prunedge.com/a-business-owners-guide-to-quality-assurance/

Take a moment to imagine a world where manufacturers don’t test their products to perform as intended. When no tests are run, apps and systems will fail, and their functionality will be impaired. While this is far from being a dystopian nightmare, it’s not ideal.

We wouldn’t ride a bike, take the escalator, or even take the bus if it weren’t for Quality Assurance, and only the bravest among us would purchase a car, crossing our fingers that nothing spontaneously ignites or the brakes malfunction. In the end, there will be faults, malfunctions, and problems.

Our lives have become increasingly digital over the years and people expect websites and mobile apps to run smoothly. It’s no surprise that 40% of visitors quit websites that take longer than three seconds to load. You can introduce all the customer acquisition strategies you want, but if you don’t have a team to monitor and manage the quality of the products and services you supply, you won’t be able to retain valuable clients.

https://prunedge.com/a-business-owners-guide-to-quality-assurance
QUALITY ASSURANCE: What Is It?
Its function is obvious from the name. The QA team ensures that a company’s services and products offer the best possible standard for any given product. They are responsible for planning and monitoring every step of the production process. This team is necessary for all types of business, they can be responsible for checking that a factory labels their products correctly and also detecting faults in apps to be launched. It’s important to remember that QA is an integral part of any manufacturing process.

Through audits and tests, the QA team can detect and solve issues to ensure that products are performing within company standards. They can implement different testing methods depending on the company’s needs and its products. For example, agile testing is a great way to supervise IT services. Instead of trying to fix problems, the Quality Assurance strategy tries to avoid them in the first place.

Our QA experts monitor every stage of the production process to ensure that there are no delays later on. If a problem is discovered too late, it will take longer to fix.



Is QA Really Necessary?
Seven seconds is all it takes for someone to establish an opinion of you when they meet you for the first time. This same rule applies to any new customer who visits your website or makes a purchase from you for the first time.

For smaller businesses and startups, a bad beginning can stop you from realizing your company’s full potential. If you’re trying to fight off the competition, your best weapon is a QA team with a strong eye for detail. They take the time to ensure your services are close to perfection. One of the many useful tools to do this is knowledge management software, Our QA experts at Prunedge can carry out all necessary tests and analyses to ensure your product/service is fit for the market, solves your customer needs, and appeals to your target audience.



You may lose money and new customers if your organization goes to market with a shoddy app. It’s not worth the risk, given that the current app uninstall rate is approximately 50%. Many entrepreneurs make the mistake of abandoning quality control in order to save money. Poor quality and performance might result in significant losses in revenue. According to a survey of top IT executives, QA testing accounts for 23% of their yearly IT expenditure.

One of the most significant aspects of modern society to consider is the importance of continuity. When websites are unavailable due to software upgrades, we find it aggravating. The QA team is responsible for preventing blackouts caused by bugs or mistakes.



The Benefits of QA
1. Customer Loyalty
Keeping clients happy is essential to the success of any organization. We do everything we can to ensure that our software and systems are error-free, which enables us to retain customers who know they can rely on our services. A pleased customer may help your business develop by spreading the word about it.

2. Improved User Experience
We are constantly on the hunt for new QA monitoring methods, we ensure our user’s experience evolves and keeps up with the necessary and latest tech advances. By introducing monitoring and automation, you can secure your app’s improvement for a better user experience.


3. Brand Identity
Your products, whether they be applications or physical commodities, are a vital part of your company’s identity. A service that works well is your closest ally. Your company’s reputation will be enhanced if you place an emphasis on QA testing. If there’s one thing your brand shouldn’t be renowned for, it is errors and a defective system.

4. More Revenue
This is simple math. Clients who receive high-quality services are more likely to recommend such businesses to others. Customer satisfaction leads to increased income. Quality assurance is essential for gaining positive ratings and increased sales when individuals pay for a service.



Conclusion
There is no greater duty for any establishment than to ensure the quality of its products. Preventing mistakes by doing thorough testing, supervision, and oversight before launching a service is critical. Investing in a top-notch QA team is essential to ensure your product’s success.



https://prunedge.com/a-business-owners-guide-to-quality-assurance/

Take a moment to imagine a world where manufacturers don’t test their products to perform as intended. When no tests are run, apps and systems will fail, and their functionality will be impaired. While this is far from being a dystopian nightmare, it’s not ideal.

We wouldn’t ride a bike, take the escalator, or even take the bus if it weren’t for Quality Assurance, and only the bravest among us would purchase a car, crossing our fingers that nothing spontaneously ignites or the brakes malfunction. In the end, there will be faults, malfunctions, and problems.

Our lives have become increasingly digital over the years and people expect websites and mobile apps to run smoothly. It’s no surprise that 40% of visitors quit websites that take longer than three seconds to load. You can introduce all the customer acquisition strategies you want, but if you don’t have a team to monitor and manage the quality of the products and services you supply, you won’t be able to retain valuable clients.


QUALITY ASSURANCE: What Is It?
Its function is obvious from the name. The QA team ensures that a company’s services and products offer the best possible standard for any given product. They are responsible for planning and monitoring every step of the production process. This team is necessary for all types of business, they can be responsible for checking that a factory labels their products correctly and also detecting faults in apps to be launched. It’s important to remember that QA is an integral part of any manufacturing process.

Read Also: Why You Should Adopt IoT Into Your Business in 2022
Through audits and tests, the QA team can detect and solve issues to ensure that products are performing within company standards. They can implement different testing methods depending on the company’s needs and its products. For example, agile testing is a great way to supervise IT services. Instead of trying to fix problems, the Quality Assurance strategy tries to avoid them in the first place.

Our QA experts monitor every stage of the production process to ensure that there are no delays later on. If a problem is discovered too late, it will take longer to fix.



Is QA Really Necessary?
Seven seconds is all it takes for someone to establish an opinion of you when they meet you for the first time. This same rule applies to any new customer who visits your website or makes a purchase from you for the first time.

For smaller businesses and startups, a bad beginning can stop you from realizing your company’s full potential. If you’re trying to fight off the competition, your best weapon is a QA team with a strong eye for detail. They take the time to ensure your services are close to perfection. One of the many useful tools to do this is knowledge management software, Our QA experts at Prunedge can carry out all necessary tests and analyses to ensure your product/service is fit for the market, solves your customer needs, and appeals to your target audience.



You may lose money and new customers if your organization goes to market with a shoddy app. It’s not worth the risk, given that the current app uninstall rate is approximately 50%. Many entrepreneurs make the mistake of abandoning quality control in order to save money. Poor quality and performance might result in significant losses in revenue. According to a survey of top IT executives, QA testing accounts for 23% of their yearly IT expenditure.

One of the most significant aspects of modern society to consider is the importance of continuity. When websites are unavailable due to software upgrades, we find it aggravating. The QA team is responsible for preventing blackouts caused by bugs or mistakes.



The Benefits of QA
1. Customer Loyalty
Keeping clients happy is essential to the success of any organization. We do everything we can to ensure that our software and systems are error-free, which enables us to retain customers who know they can rely on our services. A pleased customer may help your business develop by spreading the word about it.

2. Improved User Experience
We are constantly on the hunt for new QA monitoring methods, we ensure our user’s experience evolves and keeps up with the necessary and latest tech advances. By introducing monitoring and automation, you can secure your app’s improvement for a better user experience.

Read Also: How Can Organizations Ensure Their Networks Stay Cyber-Secure?

3. Brand Identity
Your products, whether they be applications or physical commodities, are a vital part of your company’s identity. A service that works well is your closest ally. Your company’s reputation will be enhanced if you place an emphasis on QA testing. If there’s one thing your brand shouldn’t be renowned for, it is errors and a defective system.

4. More Revenue
This is simple math. Clients who receive high-quality services are more likely to recommend such businesses to others. Customer satisfaction leads to increased income. Quality assurance is essential for gaining positive ratings and increased sales when individuals pay for a service.



Conclusion
There is no greater duty for any establishment than to ensure the quality of its products. Preventing mistakes by doing thorough testing, supervision, and oversight before launching a service is critical. Investing in a top-notch QA team is essential to ensure your product’s success.



https://prunedge.com/a-business-owners-guide-to-quality-assurance/

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This is an opportunity for you to win lots of airtime. What you have to do is simple

1. Join our telegram group here (https:///+xqUwktG_ZJAxNDY0)
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3. Vote!
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5. Get your airtime.


click this link to join group https:///+xqUwktG_ZJAxNDY

Vote and Win!

Yes, you read that right!

This is an opportunity for you to win lots of airtime. What you have to do is simple

1. Join our telegram group here (https:///+xqUwktG_ZJAxNDY0)
2. Follow the instructions to vote
3. Vote!
4. Send us proof of vote
5. Get your airtime.


click this link to join group https:///+xqUwktG_ZJAxNDY

According to data from Nigeria Inter-Bank Settlement System (NIBSS), Mobile payments grew astronomically in the year 2020. Asides a 391% increase between May 2019 and April 2020, NIBBSS also recorded that Nigerian merchants and mobile money operators processed over 655 million points of sale (POS) transactions valued at ₦4.7 trillion ($13 billion) in 2020. This presents a 50% increase from the previous year, 2019. Similarly, Statista reports that as of December 2020, about 10 percent of digital payments in Nigeria were transacted through e-wallets. This monumental surge represents a huge win for digital payments adoption in Nigeria.

This kind of numbers in a predominantly cash-based economy calls for scaling opportunities, Financial Institutions towing the digital payments route ought to capitalize on these insights to explore and push for more digital payments options for their customers.

The adoption amongst customers is growing and, in an economy dominated by a youthful population, increasing smartphone penetration, and a focused regulatory drive to increase financial inclusion and cashless payments, the perfect recipe for a thriving digital payments sector is near ripe for harvest.


It cannot be denied that COVID-19 presented the greatest challenge for cash transactions. The industry has never seen such a drastic change in payment options with the replacement of cash payments with digital alternatives. Mobile and contactless payments were the protagonists of 2020, offering solutions that go beyond the hygiene issue linked to the use of cash. The adoption of new means of payment allowed people and businesses around the world to access the digital economy. But Nigeria is only at the beginning of what will be the reinvention of payment experiences.

As a Business, Digitizing payments has never made more sense than now. Besides its numerous advantages, it also means less hands-on tracking and management of ledgers. Payments are received instantaneously and processed via a PSP, then automatically recorded, this means you can focus on growing your business, rather than maintaining the details. There is also increased security in processing payments via digital methods, eliminating the risk of checks lost in the mail, or issues when cashing them.

Looking forward to 2021, we see a rise in payment technologies that will make purchasing even easier on customers and merchants alike. Let’s have a look at our predictions for 2021 in payments, and what we expect to see as growing trends coming up this year.

So, what are the new insights we’re getting that advised this article, kindly find below;

Contactless Payments
Multi-Currency Wallets
Diverse Payment offerings/ Collection points from Retailers
The emergence of virtual accounts for wallet transactions

1. Contactless payments

The most intriguing trend for me so far is the concept of contactless payments because this module takes away the cash mentality in its entirety. Yes, Nigerians can be quite a chore to things like this but then again Nigerians are easily excited about a solution they’ve never used but assured works perfect for their daily needs, all you need is one person to pilot.

Nigerians are largely a cash-based society and despite the CBN directive to go cashless since 2014 we’re yet to see the actualization of that. Let me give you this; picture paying for your groceries at the local store or your bus fares by just tapping your card or smartphone. Take a moment, picture that scenario …easy, convenient, contactless!

COVID-19 has been the catalyst for governments, institutions, and individuals around the world to adopt digital payment services and this is becoming particularly visible in transportation, where we are beginning to see that individual ticket sales systems with a fragmented approach are already digitizing elements of the infrastructure and being replaced by end-to-end services.

2020 saw a rise in touchless payments, whether it’s through phones enabled with the technology, or cards that can be tapped on the payment terminal to complete a transaction. This payment type is easy and safe, allowing customers to make purchases with ease. Most new smartphones are enabled with touchless payment technology, and Visa’s Tap&Go is accepted widely. Merchants should invest in terminals that accept touchless payments, allowing their customers to swiftly make their purchases.


The implementation is poised to be massive in emerging markets, where the use of cash is massive. The benefits of paying with a simple touch will go far beyond maintaining social distancing, as we hope to see a greater willingness of citizens to use cashless payment methods.

2. Multi-Currency wallets

The surge in the adoption of mobile payments has led to a consistent increase in e-wallet usage and penetration as well. By now, you may be familiar with e-Wallets – digital wallets that store your credit cards, allowing payments to be made via mobile phone. As these Wallets become more widely used, new features are being added to make this form of digital payment even more convenient for their carriers. One of these features is the ability to handle not only multiple cards, but multiple currencies.

New Tingg
e-Wallets can be used online or in-store with a device enabled for tapping for payment. With multiple currencies in a single wallet, shoppers save the high fees associated with currency exchange when making purchases.

It’s also great for travel, multi-currency wallets eliminate the need to exchange cash and keep it on hand. The balances can be managed online, and many of these wallets allow for currency exchange from within the app itself. Merchants using a multi-currency eWallet can receive cross-border payments with ease from their customers, in the currency they prefer. All with the safety and security features of a digital device. This is already in place but its adoption is still low, I see a surge in the multi-currency wallet system in 2021 and beyond barring government regulations.

3. Diverse Payment offerings/ Collection points from Retailers/Merchants

Merchants (i.e Vendors, retailers) reacted to the pandemic to the pandemic by moving to e-commerce, leveraging on internet banking to receive payments but the work is just beginning. Diversification of payment methods and /or collection points will be the crucial step to take in 2021. As consumers continue to embrace e-commerce, regularly interacting with merchants they have not bought from before, we will see a growing demand for new digital payment methods capable of meeting customers’ safety and security concerns. The ability to pay on delivery, ‘tokenization’, biometric cards, p2p payments, along with a variety of more traditional card payment options, will help create a landscape where the consumer can make decisions based on convenience, personal preferences, and knowing that they are protected against financial fraud.


4. Emergence of virtual accounts for wallet transactions

Like VR games, you’re immersed in a virtual environment where you can perform certain tasks, but you’re not there in reality.

Virtual Accounts are a series of dummy accounts used to make and receive payments on behalf of a real account. Essentially, virtual accounts are a digital representation of your regular bank accounts such that account holders/customers can have stored value without the hustle and bustle of registering a traditional account; these also extend to virtual cards (and virtual wallets) which is a very convenient alternative to the use of cash and cheques. It gives card users direct access to funds in your operative or wallet accounts.


These accounts can be used for making collections and payments online, businesses also use virtual accounts to manage cash flow. The virtual account numbers can be used by companies and businesses to reroute outgoing and incoming payments through the original account number, track expenses per each number, create a loyalty and reward system for employees, etc

When done right, virtual bank accounts also ease regulatory stress on digital banks because the virtual account provider will typically provide all compliance needs on their behalf by underwriting them — so even non-regulated companies can offer these virtual accounts with the right partner.

Individuals can retain these accounts and use them to pay for goods and services, subscriptions, and general daily expenses – without owning a traditional bank account. That’s the catch.

COVID-19 may have prompted the early adoption of digital payments techniques that generate alternatives to the use of cash but 2021 is the year for consolidation as a real alternative in the day-to-day financial activities of the Nigerian.

According to data from Nigeria Inter-Bank Settlement System (NIBSS), Mobile payments grew astronomically in the year 2020. Asides a 391% increase between May 2019 and April 2020, NIBBSS also recorded that Nigerian merchants and mobile money operators processed over 655 million points of sale (POS) transactions valued at ₦4.7 trillion ($13 billion) in 2020. This presents a 50% increase from the previous year, 2019. Similarly, Statista reports that as of December 2020, about 10 percent of digital payments in Nigeria were transacted through e-wallets. This monumental surge represents a huge win for digital payments adoption in Nigeria.

This kind of numbers in a predominantly cash-based economy calls for scaling opportunities, Financial Institutions towing the digital payments route ought to capitalize on these insights to explore and push for more digital payments options for their customers.

The adoption amongst customers is growing and, in an economy dominated by a youthful population, increasing smartphone penetration, and a focused regulatory drive to increase financial inclusion and cashless payments, the perfect recipe for a thriving digital payments sector is near ripe for harvest.


It cannot be denied that COVID-19 presented the greatest challenge for cash transactions. The industry has never seen such a drastic change in payment options with the replacement of cash payments with digital alternatives. Mobile and contactless payments were the protagonists of 2020, offering solutions that go beyond the hygiene issue linked to the use of cash. The adoption of new means of payment allowed people and businesses around the world to access the digital economy. But Nigeria is only at the beginning of what will be the reinvention of payment experiences.

As a Business, Digitizing payments has never made more sense than now. Besides its numerous advantages, it also means less hands-on tracking and management of ledgers. Payments are received instantaneously and processed via a PSP, then automatically recorded, this means you can focus on growing your business, rather than maintaining the details. There is also increased security in processing payments via digital methods, eliminating the risk of checks lost in the mail, or issues when cashing them.

Looking forward to 2021, we see a rise in payment technologies that will make purchasing even easier on customers and merchants alike. Let’s have a look at our predictions for 2021 in payments, and what we expect to see as growing trends coming up this year.

So, what are the new insights we’re getting that advised this article, kindly find below;

Contactless Payments
Multi-Currency Wallets
Diverse Payment offerings/ Collection points from Retailers
The emergence of virtual accounts for wallet transactions

1. Contactless payments

The most intriguing trend for me so far is the concept of contactless payments because this module takes away the cash mentality in its entirety. Yes, Nigerians can be quite a chore to things like this but then again Nigerians are easily excited about a solution they’ve never used but assured works perfect for their daily needs, all you need is one person to pilot.

Nigerians are largely a cash-based society and despite the CBN directive to go cashless since 2014 we’re yet to see the actualization of that. Let me give you this; picture paying for your groceries at the local store or your bus fares by just tapping your card or smartphone. Take a moment, picture that scenario …easy, convenient, contactless!

COVID-19 has been the catalyst for governments, institutions, and individuals around the world to adopt digital payment services and this is becoming particularly visible in transportation, where we are beginning to see that individual ticket sales systems with a fragmented approach are already digitizing elements of the infrastructure and being replaced by end-to-end services.

2020 saw a rise in touchless payments, whether it’s through phones enabled with the technology, or cards that can be tapped on the payment terminal to complete a transaction. This payment type is easy and safe, allowing customers to make purchases with ease. Most new smartphones are enabled with touchless payment technology, and Visa’s Tap&Go is accepted widely. Merchants should invest in terminals that accept touchless payments, allowing their customers to swiftly make their purchases.


The implementation is poised to be massive in emerging markets, where the use of cash is massive. The benefits of paying with a simple touch will go far beyond maintaining social distancing, as we hope to see a greater willingness of citizens to use cashless payment methods.

2. Multi-Currency wallets

The surge in the adoption of mobile payments has led to a consistent increase in e-wallet usage and penetration as well. By now, you may be familiar with e-Wallets – digital wallets that store your credit cards, allowing payments to be made via mobile phone. As these Wallets become more widely used, new features are being added to make this form of digital payment even more convenient for their carriers. One of these features is the ability to handle not only multiple cards, but multiple currencies.

New Tingg
e-Wallets can be used online or in-store with a device enabled for tapping for payment. With multiple currencies in a single wallet, shoppers save the high fees associated with currency exchange when making purchases.

It’s also great for travel, multi-currency wallets eliminate the need to exchange cash and keep it on hand. The balances can be managed online, and many of these wallets allow for currency exchange from within the app itself. Merchants using a multi-currency eWallet can receive cross-border payments with ease from their customers, in the currency they prefer. All with the safety and security features of a digital device. This is already in place but its adoption is still low, I see a surge in the multi-currency wallet system in 2021 and beyond barring government regulations.

3. Diverse Payment offerings/ Collection points from Retailers/Merchants

Merchants (i.e Vendors, retailers) reacted to the pandemic to the pandemic by moving to e-commerce, leveraging on internet banking to receive payments but the work is just beginning. Diversification of payment methods and /or collection points will be the crucial step to take in 2021. As consumers continue to embrace e-commerce, regularly interacting with merchants they have not bought from before, we will see a growing demand for new digital payment methods capable of meeting customers’ safety and security concerns. The ability to pay on delivery, ‘tokenization’, biometric cards, p2p payments, along with a variety of more traditional card payment options, will help create a landscape where the consumer can make decisions based on convenience, personal preferences, and knowing that they are protected against financial fraud.


4. Emergence of virtual accounts for wallet transactions

Like VR games, you’re immersed in a virtual environment where you can perform certain tasks, but you’re not there in reality.

Virtual Accounts are a series of dummy accounts used to make and receive payments on behalf of a real account. Essentially, virtual accounts are a digital representation of your regular bank accounts such that account holders/customers can have stored value without the hustle and bustle of registering a traditional account; these also extend to virtual cards (and virtual wallets) which is a very convenient alternative to the use of cash and cheques. It gives card users direct access to funds in your operative or wallet accounts.


These accounts can be used for making collections and payments online, businesses also use virtual accounts to manage cash flow. The virtual account numbers can be used by companies and businesses to reroute outgoing and incoming payments through the original account number, track expenses per each number, create a loyalty and reward system for employees, etc

When done right, virtual bank accounts also ease regulatory stress on digital banks because the virtual account provider will typically provide all compliance needs on their behalf by underwriting them — so even non-regulated companies can offer these virtual accounts with the right partner.

Individuals can retain these accounts and use them to pay for goods and services, subscriptions, and general daily expenses – without owning a traditional bank account. That’s the catch.

COVID-19 may have prompted the early adoption of digital payments techniques that generate alternatives to the use of cash but 2021 is the year for consolidation as a real alternative in the day-to-day financial activities of the Nigerian.

Lotto in Nigeria is synonymous with an easy way of "cashing out" with your knowledge of what numbers could win. It is a game of opportunity in which players try to match the numbers on their cards with the numbers the Lotto company picks out of a lottery machine or releases via various communication platforms.

Even though the lotto dated back to 1539 with the first lottery practiced by King Francis 1 of France, the Lottery business in Nigeria began in 2001 ( although the Lottery Act of Nigeria was established in 2005).

The industry has been so successful in the past couple of years that several innovative companies have shown great tech initiative tip ensure that the playing processes are as smooth as possible.

This article feature's the top 10 lottery companies in Nigeria based on their relevance in the Lottery Industry. A subsequent prerequisite for this list is the fact that the listed companies have been registered under the body that certifies lottery companies in Nigeria, Nigeria Lottery Regulatory Commission (NLRC).

1. BABA IJEBU: Baba Ijebu which transitioned from a game played only in the kiosk and small centers in 2001 to a game played via mobile phone or computer today has come a long way indeed. Originally known as Premier Lotto, Baba Ijebu was incorporated in and established to carry out the Lotto business in Nigeria. The founder and current Chief Executing Officer of the company is Chief Kessington Adebukunola Adebutu.
Baba Ijebu holds this title due to its long time existence and relevance in today's Lottery industry

2. WINNERS GOLDEN CHANCE: Founded in February 2015, Winners Golden Chance Ventures Limited which is also known as Golden Chance Lotto is a Lottery business organization set up to engage in Lotto services. With over 11,000 Point of Sale (POS) terminals across South Western Nigeria, Winners Golden chance boasts of the highest lottery network reach in southwest Nigeria.
The lottery on Golden Chance Lotto can be played both offline and online.

3. WESTERN LOTTO: When talking about the Lotto company with the buzz both online and offline, we can't but mention Western Lotto. Western Lotto which started in 2017 also offers International games from Europe, the United States and Ghana.
Western Lotto can be played offline and online

4.LOTTO 9ja: Lotto9ja which is sister to Western Lotto began in 2019. Unlike Western Lotto, Lotto9ja is played only online because it targets people who find it hard to play lotto games offline.

5. INTERNATIONAL LOTTERY AND GAMES LIMITED: Founded in 2012, International Lottery and Games Limited operates as a lottery and gambling company. It is also known as Naijalottery and is played only offline.

6. SECURE ELECTRONIC TECHNOLOGY: Incorporated in 2001 with an Exclusive 30-year license granted by the Federal Government to operate the National Lottery in Nigeria. Secure Electronic's core competence can be found in its provision of infrastructure and technical know-how in the Lottery and Gaming, Trivia Promo syndication, central database for data and information processing.

7. FORTUNE GAMES LIMITED: Established in 2010, Fortune games limited (which is also known as Quicklotto) dwells more on its POS terminals and USSD channels than its online platforms.
It offers exciting games that people can play and win and has earned its credibility through transparency and consistency.

8. MYHOURLOTTERY: MyHourlyLottery is an end-to-end bespoke Lottery solutions company where everyone stands a chance to win everyday. With its site's user-friendly interface and quality customer service, the company walks an extra mile to help players stay ahead of their game.
Myhourlottey's mission is to build a world-class lottery business that will empower the common man. It is the lottery company to look out for as they favourably compete with leading brands in the Global Lottery industry.

9.MLOTTO: The Mobile Lottery Nigeria Limited is a lottery brand that offers not only lotto games but also sport betting games. MLotto games can be played Online but has more players offline.

10. GAB LOTTO COMPANY: GAB Lotto company which was incorporated in MAITAMA, Nigeria is a Limited Liability company involved in the Lottery business. You can only okay GAB lotto in kiosks and stores as they are not online.
In conclusion, we can identify that over the years since lottery became legalized in Nigeria, the game has evolved from a gathering of people at small kiosks and centers to a high tech-driven activity where individuals place stakes from the comfort of their homes.
Want to play a Lotto today? Check out one of the listed platforms.

First off, what is KYC? 

KYC simply means Know Your Customer. It is important to note that many people in Nigeria lack formal means of identification. Where they want to obtain such, the procedure to acquire them is quite tiring and expensive, effectively out of their financial means. This makes financial services go beyond the level of the poor. To curb this and aid financial inclusion amongst the underbanked and unbanked, the Federal Government initiated a regulation that requires all financial institutions to obtain adequate information about their customers to enable them to have a robust overview of their activities.

The KYC is a process that all businesses are required to carry out to be able to identify the customers they are doing business with. Some form of KYC is done before businesses enter a business relationship with the customer, and incremental KYC is done during the period of the business exchange.

KYC helps financial institutions to know everyone they are transacting with and also enables us to provide information about these people if required to do so. It also helps prevent businesses (financial and non-financial) from being used by criminal elements for money laundering, fraud, and other corruption-related activities. As a responsible and law-abiding financial institution, Cellulant ensures to have all or some PII of a customer before activation.

What does KYC look like?

Financial institutions are expected to record some Personally Identifiable Information (PII) of their users and examples of PII are verified phone number, full name, gender, date of birth, house address, passport, NIN, etc. the receipt of this data shows that the business has carried out good KYC on their customers. At the very least, businesses should have the following information about their customers:

First name
Last name
Email address
Phone number

How do I Know my KYC

Firstly, there are 3 levels to KYC. Depending on the information a Cellulant wallet customer is able to provide, government regulation requires that all Cellulant wallet accounts (Tingg) should be categorized based on transaction/balance limits below:

How To Increase Your Limits

Due to COVID-19 guidelines, Cellulant does not welcome customers to its office for KYC limit upgrades. However, Upgrading your KYC has been made simple. kindly reach out to your account manager to put you through or send an email to customerservice@cellulant.com.ng

We’re here to help you

If you still have any questions or need help figuring things out, you can check our frequently asked questions on Instagram or reach out to our Customer Experience Team via email Customerservice@cellulant.com.ng

Don’t have a Tingg account Yet?

Click here to download the app, register for free, and start earning today.

It’s no news that the Federal Government has announced closure on all land borders across the Nation. The border closure was in a bid to strengthen the agricultural sector and urge Nigerians to buy local Farm produce and reduce the dependency on foreign products. Nigerians import foreign Agric products in millions of tons daily through its various borders but an estimated 3.4 million metric tons of rice through the seme border, making Nigeria one of the world’s largest importer of rice, a farm product that is locally made in several parts of the country.



The local farm produces rarely makes it to the shelf of major supermarkets, retailers, and markets all over the country, especially the metro cities like Lagos, Abuja and Port Harcourt. The influx of imports has seen many embrace foreign products over locally made farm produce due to long-standing belief of poor production techniques, low quality of products and so on, the average Nigerian will rather buy foreign than patronize the local farmer despite being a cheaper and readily available alternative.



Local rice has not gained much traction in the country as it is seen as a low budget, not good enough option meant for the lowest class of society who can’t afford to buy exported rice. The Federal government has placed an indefinite date to the re-opening of the border, which has seen thousands groan as rice traders and food sellers nationwide call for a better option of managing the situation.



FG’s initiative to close the borders is no news to the trading world as countries like China, the USA, and others have made similar decisions in years past to boost local revenue and grow the economy. Such a decision has been beneficial to the countries listed, why not Nigeria?



While the timing of the ban seems wrong to some, others feel that there is no better time to enact such a policy than before the yuletide season. Christmas is fast approaching and millions of tons of rice are consumed in this period, generally, rice is the meal for festivities. Weddings, birthdays, house warmings, workshops, conferences, seminars, and all sorts of anniversaries just name it, event hosts will rather serve rice to its well-wishers and participants over local delicacies. Rice is widely accepted and is said to be the second most consumed food in the country after bread.



FG’s decision to limit the flow of foreign rice in the country has however handed the bargaining power into the arms of rice merchants. These local farmers and traders now have the autonomy to decide how much they want to sell their products. Traders with foreign rice in their barns will sell at an astronomical rate, while local rice prices are said to be shooting up as the weeks go by. Although this price hike is synonymous with festive periods in
The average Nigerian may have to pay over his head/earning to get rice, the price hike in foreign rice may lead to low consumption of the product as many are forced to look into alternatives and buy local. Local rice sells at N19,000-N25,000 per 50kg bag and is near certain to increase before Christmas. The border closure may have been the government’s way of helping locals but it is not going to make many smile this Christmas. Do you think FG has a grip on rice sellers’ supposed price hike in response to border closure?



Kindly leave your thoughts in the comment section.

Original post was published on http://cellulant.com.ng/publications/border-closure-how-much-rice-can-you-really-eat-this-christmas/

Six years ago, Babatunde had just graduated from university. The sheer exuberance and zeal to change the labor market could be seen in his eyes. Burning with desire, this youth was ready to take the accounting sector by storm. Babatunde ticks all the right boxes to succeed in Nigeria, or so he thought. A year down the drain, Babatunde started to understand why qualified graduates could not get jobs. The system is flawed and the opportunities were few and not recurring.

In 2016, statistical reports revealed that approximately 47% of graduates are thrown into the unemployment basket yearly. Another report suggests only 51% of graduates get to practice their course of study after spending years in the university getting certified.
Babatunde started thinking of how to diversify into other businesses. In 2015, He decided to join the Agency Banking Business because in his words, “if you’re in this country you must understand that everybody with his own head o, we can’t keep waiting for job opportunities to come to you. You have to be innovative and get something doing.”

''We all know what is happening around the country, there are really no jobs out there for all the unemployed youths. We must find something to do and that’s why youths are now Learning jobs and trades you won’t have thought of years ago. It is important to persevere because it takes a lot of patience and hard work to succeed.'' Babatunde added.

He seized the opportunity to use his father’s shop right in front of the house as his business center. He began operations as an agency banker in his Iju community in the Far East of Lagos state.

He applied his knowledge of accounting into the business as he built steadily over the next months. Today, he has outgrown his “fathers shop” and aims to open his 4th outlet by the end of the year. Babatunde has gone from being an unemployed graduate to being an employer of labor. He has employed and trained 4 youths on the Agency Banking Business and has Tingg terminals in all his shops.
Like Babatunde, Hundreds of thousands of willing youths and capable graduates are being granted the opportunity to move from unemployment to becoming their own bosses as Tingg agents. Tingg is dedicated to playing its part in the eradication of unemployment amongst the Nigerian populace.

As of the time of publication, the unemployment rate in Nigeria has risen from 4.3% in 2015 to 27%. This also shows that there’s a pool of capable minds out there to be empowered and given an opportunity to make a living for themselves and their families. One youth at a time, Tingg is connecting willing and capable youths to employment opportunities in the agency banking sector.
By 2025, Tingg aims to have empowered and employed 500,000 youths into the agency banking sector as we continue our efforts to ensure unemployment in Nigeria is history.

Click www.tingg.com.ng/agents to become an Agent