Voice Assistant Transaction Values To Grow By Over 320% By 2023

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Voice Assistant Transaction Values To Grow By Over 320% By 2023

…But Content Libraries Must Expand

A new study from Juniper Research has found that eCommerce transaction values via voice assistants will reach $19.4 billion by 2023; rising from just $4.6 billion in 2021.

The report predicts that the availability of voice assistant devices with screens will be imperative to increasing the monetisation of voice assistant commerce services, by improving the efficiency of the checkout process.

The new study, Voice Assistants: Monetisation Strategies, Competitive Landscape & Market Forecasts 2021-2026, identified that growing the size and accessibility of the content domain libraries will be critical to increasing the number of transactions processed by voice assistant services. In turn, this will increase the value proposition of voice commerce to third-party retailers, and generate new revenue streams for voice assistant platforms.

Voice Assistant
Photo by BENCE BOROS

Maximizing Voice Assistant Monetisation

The report encourages leaders in the voice assistants space, Amazon, Apple and Google, to open up their platform-based commerce services to third-party retailers, in addition to leveraging their own ecosystems to expand their monetization capabilities. However, a key hurdle to attracting third-party retailers is the absence of a screen in many smart speakers; limiting the contextual information presented to users.

The report recommends implementing omnichannel retail strategies, where users’ retail interactions are managed across multiple channels, to enable retailers to display further information on a product.

Report co-author Meike Escherich commented: “Users will generally use voice assistants to initially explore a product, before completing the purchase via a device with a screen. Voice assistant platforms must ensure that the user experience is so seamless that transactions are carried out via these platforms, rather than requiring additional devices.”

The report identified that the global-installed base of smart speakers will rise by over 50% between 2021 and 2023; assisting the adoption of monetization strategies. While smartphone-based voice assistants will be dominant in usage terms, the rising number of standalone smart speakers means that the potential for commerce is growing rapidly, but this must be targeted with the right partnerships to achieve success.

Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary.

Get Cash Back When You Pay With Visa

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Get Cash Back When You Pay With Visa

Remember when Visa launched the ‘Where You Shop Matters’ initiative to support small businesses in Nigeria? Well, there’s more as the company’s follow-up ‘How You Pay Matters’ campaign is offering a whole new extra value for cash back, and here’s how.

For every time you make a payment with your Visa card online or via POS, you get 10% cashback. Talk about getting paid for spending your own money.

Get Cash Back When You Pay With Visa-Brand Spur Nigeria

Exciting right? Now, that is in addition to the security and safety that you experience, using a Visa card to make payments.

So, the next time you are thinking of the most efficient way to make payment, remember that Visa has got you covered with the safest, convenient, and rewarding payment option and yes, the possibility of a cashback when you spend a minimum of N60,000 or $150 in 3 or more transactions monthly online or via POS.

Get Cash Back When You Pay With Visa-Brand Spur Nigeria
Get Cash Back When You Pay With Visa-Brand Spur Nigeria

Get your Visa card from your bank now to start spending and earning because How You Pay Matters.

Rite Foods Trains 30 Nigerian Youths In Ilase Community

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Rite Foods Trains 30 Nigerian Youths In Ilase Community

As part of efforts to promote a green and healthy environment and empower communities, Rite Foods Limited trains 30 Nigerian youths in Ilashe Community of Lagos State.

Partnering with the German Development Corporation (GIZ), and working closely with the German government, the initiative also involve the federal Ministry of Labour and Employment which identifies areas or communities where they can train people and enhance their skill sets to be better employed and earn a living so they can make an impact in their community.

The initiative termed ‘Rite on the Beach’ is a social enterprise by Pop Beach Club, which sets up recycling ecosystems in coastal communities that lack disposal infrastructure and have high rates of pollution and poverty. Local youths are trained in green jobs, environmental services, tourism as well as entrepreneurship to work in jobs created on the island and other coastal areas of Lagos.

With ‘Rite on the Beach,’ social plastics are prevented from getting into the ocean thereby stopping plastic wastes from destroying ocean life. Collection locations are set up and indigenes of the communities are employed to manage the ecosystems.

The plastics collected are sent to the city to be recycled and the proceeds are used to provide scholarship opportunities for 300 primary school students while creating green jobs for youths in the community.

His Excellency, Mr. Alexander Ernst, Deputy Consul General of the Federal Republic of Germany in Nigeria, who was also chairman at the launch of the social enterprise commended Rite Foods Limited for promoting initiatives that have huge impact and help communities strive for better lives.

“Rite Foods has really set a tone in terms of its corporate social responsibility by not only increasing awareness but proffering solutions to environmental waste, and I hope that other companies will follow suit,” Mr. Ernst stated.

Rite Foods Trains 30 Nigerian Youths In Ilase Community

Akin Disu, Founder, Pop Beach Club, an eco-resort in Lagos said at the event that Rite Foods are the wind behind the initiative’s wings. “Rite Foods Limited is the wind beneath our wings. It is because of Rite Foods we can do this because they underwrite the risks involved and allow such an initiative easy for us to undertake,” Mr. Disu added. The convener also explained further that the goal of the initiative is to go ‘plastic neutral.’ He therefore urged all stakeholders to emulate the initiative and go plastic neutral for a healthier environment.

Mienye Mimi Badejo, Head, Migrant Resource Center and Deputy Director, Federal Ministry of Labor and Employment, Lagos, lauded Rite Foods for sponsoring the initiative. According to her, “Rite Foods is doing things right. The company is identifying and bridging gaps by promoting a healthy green environment and creating opportunities in coastal areas which every stakeholder should key into. Dirt collected from the ocean and coastal areas can be used to create art, recycle and create labor indices for future training,” she said. She further stressed that such an initiative is needed to curb the growing unemployment in the country, while also adding that it is a viable and green initiative that encourages us to improve the planet, which are some factors for irregular migration.

Mr. Seleem Adegunwa, Managing Director, Rite Foods Limited reaffirmed the company’s commitment to causes that impact lives and communities. According to him, ensuring a safe environment is a key area of focus in his company’s corporate social responsibility footprint and the company would continue to promote a healthy and safe environment while also creating opportunities that make a significant impact in communities.

With ‘Rite on the Beach,’ Rite Foods Limited has demonstrated its commitment to stop ocean plastic, increase literacy and empower communities through employment. Throwing its weight behind the initiative has helped in developing ecological awareness, creating jobs, supporting grassroots education and driving economic development in underprivileged communities around coastal areas in Lagos.

 

Ecobank Nigeria Relaunch Credit Card Variants

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Ecobank Nigeria Relaunch Credit Card Variants

Ecobank Nigeria has announced the relaunch of its Credit Card products with a wide range of benefits to customers including access to International Point of Sale (POS) and Automated Teller Machines (ATM).

Korede Demola-Adeniyi, Head, Consumer Banking, Ecobank Nigeria, who made the announcement in Lagos, said the Ecobank Platinum and Gold Credit Cards would afford holders the opportunity to shop now and pay later while also ensuring customer safety by eliminating the risk of carrying cash. She added that the Ecobank credit card can be used in-store, on the web, and via all digital channels.

“Our card types include Platinum and Gold Cards both of which have a validity period of three years, however, the credit limit would be for a maximum period of 12 months, and this is renewable.

“The Ecobank credit card is cash on the go and its pricing is competitive. Our customers can have up to 45 days of interest-free usage. Interest would be applied on the unpaid amount after the grace period and not the total credit limit on the card. This product is available on a pre-approval basis to selected individual customers (new and e

Also speaking, Daberechi Effiong, Head, Consumer Products, Ecobank Nigeria listed the features of the card types and eligibility criteria. According to her, salaried customers and customers with investments are eligible for credit cards.

She added that customers with existing loan may also request for a credit card, but that their capability to take on additional credit would be considered in deciding the credit card limit.

Mrs. Effiong added that customers may request for credit cards via various channels that include Ecobank website, the Bank’s 24/7 contact centre or by simply walking into any of its 255 branches nationwide. She advised those seeking further enquiry to do so via the Bank’s social media platforms and contact centre.

Ecobank Nigeria Ltd. is a subsidiary of the Ecobank Group, the leading pan-African banking group with operations in 33 African countries and a presence in four other locations (London, Paris, Beijing and Dubai).

Ecobank Nigeria is a full-service bank providing wholesale, retail, investment, and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses, and individuals. Ecobank is a major player in the distribution of financial services in Nigeria to various segments, leveraging digital channels and an expansive agency network of more than 30,000.

Hushpuppi: The Jonathon Wild In Abba Kyari

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Hushpuppi: The Jonathon Wild In Abba Kyari

In England in the 1700s, an individual, Jonathon Wild, worked with the authorities to apprehend the bad guys. He was very effective at his ‘job’ — arresting robbers and thieves. Unknown to the authorities, he was on both sides.

He ran with the hare and hunted with the hound. He had his gang of robbers. During weekends, Jonathon, with his gang, would steal from banks. He did a perfect job of playing both sides for 7 years before the long arm, rather, the close-arm of the law caught up with him and he was hanged.

Nigeria’s own version of Jonathon Wild is Deputy Commissioner of Police, Abba Kyari, who tracked and arrested the notorious kidnapper, Chukwudumeme Onwuamadik also known as Evans. The ‘Super Cop’ is currently a person of interest in the ongoing trial of socialite, Ramon Abbas (Hushpuppi) in the United States.

Hushpuppi is facing 20 years imprisonment for impersonation, scamming, bank fraud, and identity theft — or as it is called in local parlance — Yahoo Yahoo.

According to the United States Department of Justice, Hushpuppi narrated how he used his influence with the embattled police officer to arrest, oppress and jail his co-fraudster in Nigeria, Chibuzor Vincent, over a $1.1 million scam. This was after Vincent decided to play a fast one on Hushpuppi by alerting the Qatari businessman that he was being scammed.

The damning document, one the officer cannot explain away, further revealed how Abba Kyari, through his team member, got rewarded for their treatment of Vincent that resulted in him (Vincent) being infected with rashes in jail. Abba Kyari played judge and jury at the behest of an international scammer. However, in a lame excuse typical of a man caught with his pants down, Abbi Kyari denied such.

The implication of this revelation is however lost on the casual observer whose judgement has been clouded by sentiments and the good work that will suddenly be ‘undone’ by the allegations. For one, this has brought to the fore the level of systematic corruption in the Nigerian Police Force — not that it ever went away.

Beyond that, the damage in the international community that a high-ranking police officer, touted as one of the best in the country, is in bed with Hushpuppi, is beyond imagination.

How did we get here, we ask? The answer is that we have always been here but covered it perfectly. Abba Kyari’s team, the Inspector General of Police’s Intelligence Response Team (IRT), went rogue a long time ago but who will point that out.

In 2019, his name popped up in 2019 when he took over the assets of a suspected kidnapper killed by the police, Collins Ezenwa. Amnesty International and the National Human Rights Commission (NHRC) accused him of illegal expropriation of suspected proceeds of crime. Those unfortunate to have cases with his team were milked to the last penny but they still count themselves lucky — surviving the feared Abba Kyari. The rot is so much that his boys drive exotic cars that beg the question, do they have another job aside from policing?

While not taking anything away from his stellar achievements as a police officer, further digging will reveal more dirt and shady deals typical of the Nigerian Police officer. Another ugly truth his entanglement with Hushpuppi has revealed is that anybody with money and the right connection can punish anybody in Nigeria. Many Nigerians are in jail now because someone didn’t like their faces and they have a willing tool in the police to give them the Vincent treatment.

Now that he has been unceremoniously removed as the head of the IRT and replaced with DCP Tunji Disu, it is hoped that a thorough investigation will be carried out and his Jonathon Wild side will be fully exposed. If he is innocent as he claims, a visit to the United States is another option available to him to clear his name.

The mockery in all this is that the hunter will forever remain the hunted and knowing how he treats his victims, stepping outside the shores of the country will be the last thing on his mind.

Written By Segun Akinleye

GCR Places Union Bank Of Nigeria Plc’ Credit Ratings On Review Extension

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GCR Places Union Bank Of Nigeria Plc’ Credit Ratings On Review Extension

GCR Ratings (GCR) has placed Union Bank of Nigeria Plc’s national scale long and short-term issuer ratings of BBB+(NG) and A2(NG) respectively on ‘Review Extension’. The ratings process is ongoing and GCR expects to publicly release the updated rating results by 31 August 2021.

The ratings assigned in the last review are still in effect and remain unchanged until the review process is completed.

Ratings History – Union Bank of Nigeria Plc

Rating class
 Review
 Rating scale
 Rating
 Outlook/Watch
 Date
Long Term Issuer Initial National BBB+(NG) Stable Outlook June 2015
Short Term Issuer Initial National A2(NG)
Long Term Issuer Last National BBB+(NG) Negative Outlook July 2020
Short Term Issuer Last National A2NG)

 

SALIENT POINTS OF ACCORDED RATING

GCR affirms that a.) no part of the ratings process was influenced by any other business activities of the credit rating agency; b.) the ratings were based solely on the merits of the rated entity, security or financial instrument being rated; and c.) such ratings were an independent evaluation of the risks and merits of the rated entity, security or financial instrument.

The credit ratings have been disclosed to the rated entity. The ratings above were solicited by, or on behalf of, the rated entity, and therefore, GCR has been compensated for the provision of the ratings.

The rated entity participated in the rating process via teleconferences and other written correspondence.

GCR Places TAK Logistics Limited’s Ratings On “Review Extension”

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GCR Places TAK Logistics Limited’s Ratings On “Review Extension”

GCR Ratings (GCR) has placed TAK Logistics Limited’s long-term and short-term national scale Issuer ratings of BBB(NG) / A3(NG) respectively on ‘Review Extension’.

Concurrently, the national scale long-term Issue rating of BBB+(NG) accorded to TAK Agro Infrastructure Plc’s N15bn Series 1 Fixed Rate Bond has also been placed on ‘Review Extension’.

The ratings process is ongoing and GCR expects to publicly release the updated rating result on or before 30 September 2021. The ratings assigned in the last review are still in effect and remain unchanged until the review process is completed.

Ratings History – TAK Logistics Limited

Long Term Issuer Initial National BBB(NG) Stable Outlook July 2019
Short Term Issuer Initial A3(NG)
N15bn Series1 Fixed Rate Bond Initial National BBB+(NG) Stable Outlook December 2019
Long Term Issuer Last National BBB(NG) Stable Outlook December 2020
Short Term Issuer Last A3(NG)
N15bn Series1 Fixed Rate Bond Last BBB+(NG)

SALIENT POINTS OF ACCORDED RATING

GCR affirms that a.) no part of the ratings process was influenced by any other business activities of the credit rating agency; b.) the rating was based solely on the merits of the rated entity, security or financial instrument being rated; and c.) such rating was an independent evaluation of the risks and merits of the rated entity, security or financial instrument.

The credit rating has been disclosed to the rated entity. The rating above was solicited by, or on behalf of, the rated entity, and therefore, GCR has been compensated for the provision of the rating.

The rated entity participated in the rating process via teleconferences and other written correspondence.

Tstore Dangles Freebies On Infinix, Tecno Smartphone Purchase

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Tstore Dangles Freebies On Infinix, Tecno Smartphone Purchase

TStore, a frontline retail platform, has partnered with leading telecoms giants, MTN and 9Mobile to offer bargain-hungry shoppers mouthwatering freebies on every purchase of specific models of Tecno and Infinix smartphones.

The offer, tagged Jara Sales, is available in various MTN and 9Mobile partner stores nationwide.

Equally important, shoppers who walk into any of these stores to purchase any of the specified devices instantly gets a free power bank or headset. The offer applies to shoppers who purchase either the Tecno Camon 17 series, Tecno Spark 7, Infinix Note 10 series and Infinix Note 10T series.

To benefit from the unmatched deals, customers are expected to purchase any of the smartphones at participating MTN and 9Mobile stores located in major cities across Nigeria.

The MTN stores include the following: Ibadan Service Centre, Mobil Roundabout, Ring Road, Ibadan, Oyo; Ibadan 2 Service Centre, MTN Office, Opposite NECO Office, Yidi, AgodiGate, Ibadan; Asaba Service Centre, Km. 129, Benin – Asaba Expressway, Asaba, Delta; New Port Harcourt Service Centre, 234b Aba Expressway opp Hannah Fast Food Port Harcourt; Enugu Service Centre, 34 Zik Avenue, Enugu; Kaduna Service Centre, Bank Road, Off Ahmadu Bello Way, Kaduna; Kano Service Centre, 2A Civic Center, (Behind Kano post office), Kano; Maitama Service Centre, Plot 2784, Shehu Shagari Way, Maitama, Abuja and the Sokoto Service Centre, No. 6 Sultan Abubakar Road, Opposite Women centre, Sokoto

Also, interested shoppers can grab the offer at 26 participating 9Mobile offices located across Lagos, including Ikeja Mall, Adebola House on Isaac John Str., GRA Ikeja and on Adeola Odeku at 43 Adeola Odeku, Victoria Island, among others.

With the offer only based on limited stock, interested shoppers can also call 09029174191, 09070002697, 09070002683 to take advantage.

For those in other parts of the country, the offer can also be accessed in 9Mobile stores in Abia, Abuja, Adamawa, Akwa Ibom, Bauchi, Bayelsa, Borno, Delta, Edo, Enugu, Jigawa, Kaduna, Kano, Kwara, Ogun, Osun, Oyo, Plateau, Rivers, Sokoto, Taraba and Yobe state.

Most importantly, Jara Sales also affords customers a chance to enjoy exciting discounts and price slashes on the devices on offer, in addition to the freebies accompanying each purchase.

Sterling Bank Announces a Growth of 5.1% in Profit After Tax to N5.69Bn

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Sterling Bank Announces a Growth of 5.1% in Profit After Tax to N5.69Bn

Sterling Bank Plc, a full service national commercial bank released its unaudited results for the half-year ended June 30, 2021. The lender delivered a profit after tax of N5.69 billion in the first half of the year, representing a growth of 5.1%.

In the financial result made available to Brand Spur, Sterling Bank’s gross earnings grew by 2.5% to N68.6bn from N66.9bn in the previous quarter with a decline of 4.6% in Net Assets from N136bn to N130bn.

Financial performance highlights

  • Growth in earnings supported by growth in non-interest revenue (up 33.4%) particularly from fees & commission (up 57.7%) despite a 34.8% dip in trading income.
  • The decline in interest expense by 10.5% delivered an 80 bps drop in the cost of funds as the yield on earning assets dropped by 130bps. Consequently, the net interest margin stood at 7.7%
  • Recorded a 10.0% growth in net operating income as we proactively grew credit loss provisioning.
  • Growth in OPEX by 10.5% is driven primarily by FX revaluation losses and an increase in fixed asset costs.
  • Recorded a 12.7% growth in total assets as shareholders funds declined marginally by 4.6% to N129.5 billion.
  • Maintained strong regulatory capital and liquidity metrics recording 15.0% and 30.7% respectively above regulatory benchmark.
Sterling Bank Plc Obtains the CBN’s Approval In Principle To Enable It Restructure As A Holding Company
Chief Executive Officer of Sterling Bank Plc, Mr. Abubakar Suleiman – www.brandspurng.com

Other non-financials highlights

  • Awarded ‘People First Health & Safety Award’ by The Chartered Institute of Personnel Managers of Nigeria (CIPMN).
  • Beta launch of our digital corporate lending platform, Gazelle. This platform is designed to facilitate credit to corporates leveraging digital technology and machine learning functionalities.

Abubakar Suleiman, Chief Executive, Sterling Bank Remarks:

“The pace of economic recovery in the first half of the year exceeded expectations and with it, rising consumer and corporate confidence despite looming threats of the third wave of Covid-19. This was evident in the performance of key business lines.

Consistent with the last several quarters, we reported meaningful organic deposit growth, improvement in our credit quality, and a stable core expense base. During the period, a key focus for us was to deliver innovative solutions to support businesses – SME’s and Corporates alike.

We successfully launched the Beta version of our digital corporate lending platform, Gazelle. This platform is designed to facilitate credit to corporates leveraging digital technology and machine learning functionalities. We also launched SocialPay, an innovative payment platform for SME’s.

In the second half of the year, we will continue to enhance our execution capabilities to deliver solutions that enable our customers to thrive in a dynamic environment” 

Sterling Bank Plc is a leading national commercial banking establishment in Nigeria. It commenced operations as NAL Bank in 1960. Today, with over N1 trillion in total assets, 157 business offices and over 800 ATMs nationwide, Sterling Bank has grown into a major financial institution. The Bank prides itself as ‘Your one-customer bank’ that celebrates each customer as a unique individual.

Prestige Assurance Announces the Resignation of Anjan Dey from its Board

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Prestige Assurance Announces the Resignation of Anjan Dey from its Board

Prestige Assurance Plc, a major general insurance company in Nigeria has announced the resignation of Mr. Anjan Dey, a Non-Executive Director of the Company, from the Board, effective 27th July 2021.

Mr. Anjan Dey was appointed to the Board on 29th July 2019.

Anjan Dey is an astute Insurance Professional, who has cut an edge in insurance underwriting, marketing and new products development. He joined the parent company of Prestige Assurance (The New India Assurance Company Limited) as a direct recruit on the 1st of July, 1986.

SEC Approves Extension Of Prestige Assurance Plc's Rights Issue Offer Period
Prestige Assurance

He rose through the ranks to become the Country Head for New India Assurance Co. Ltd, Aruba, Dutch Caribbean from the year 2000 to 2005. He held the unique position of Chief underwriter for the Regional office and as well served as a Member of the Regional Claims Committee from 2005 to 2008.

He is a first-class graduate from the University of Allahabad and holds a post-graduate degree from Monirba-Premier Institute under the University of Allahabad with a specialization in Marketing Research and management. He is also an Associate of the Insurance Institute of India.

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