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EXCLUSIVE: Touch and Pay Targets Contactless Payments for Danfos, Others
By Adedapo Adesanya
Nigeria-based fintech, Touch and Pay (TAP), which processes microtransactions across Africa, such as paying for bus journeys, is planning on making it easier for users of public transportation popularly called Danfo to begin paying fares using its near-field technology (NFC) products.
This was disclosed by Mr Micheal Oluwole, the co-founder and chief growth officer of the company, who noted that the $50,000 prize money it won at the Ecobank Fintech Challenge in 2022 has helped the company focus on its core target of helping Africans process cash-based transactions digitally as well as advancing the country’s cashless policy and providing true credit facilities for merchants, retailers, and customers.
“In one year, that $50,000 has gone a long way and you will begin to see the effect from January 2024,” he told Business Post, adding that, “We’ve been able to pilot, for the first time payment digitisation in the informal space. From 2024, you will start seeing Danfos accept payment digitally,” he told Business Post.
He said the popular buses will come with their acceptance devices and commuters will be able to pay by tapping to pay. This is already a feature with the popular Bus Rapid Transit (BRT) vehicles in Lagos.
“So, you have danfos going digital, which is the first of its kind in Africa. We have done our research and that $50,000 went a long way to pilot and we have been able to learn so much from that market.”
He also told this newspaper that a few other innovations would be rolled out in the coming months, adding humorously that, “We will also soon start paying for Gala and Coke digitally,” referring to a snack and a beverage popularly consumed on commutes, especially during traffic.
With over 2 million users who help 500,000 people make payments daily, Touch and Pay boasts of clientele ranging from the Lagos State and Sokoto State Governments to the National Union of Road Transport Workers (NURTW), which is the body regulating public transportation workers in the county.
With a massive potential, NFC – a short-range wireless technology that enables communication between devices when they are close to each other, remains largely untapped in the Nigerian financial space. If utilised, it can authenticate credit cards, unlock doors, transfer files, and jumpstart more capable wireless links without much hassle.
The Central Bank of Nigeria (CBN) in June released its guidelines on contactless payments and directed that individuals would be able to conduct financial transactions using wireless payment instruments such as cards, stickers, wearable devices, and mobile electronic devices. Payments can be made when these devices come in proximity with contactless-enabled payment terminals — stipulated at 2cm by the regulator.
By Adedapo Adesanya
The Lagos State Government has reiterated its commitment to creating an eco-friendly state with fewer cars on the roads in the future.
The Lagos State Commissioner for Transportation, Mr Oluwaseun Osiyemi, said this during a presentation at the closing of the fifth Lagos Real Estate Marketplace Conference and Exhibitions in Lagos.
Mr Osiyemi said that the commitment is in line with the T.H.E.M.E.S Agenda of Mr Babajide Sanwo-Olu’s led administration, expressing concerns that traffic congestion costs the state trillions of Naira in budget deficits annually.
The transportation commissioner noted that the heavy reliance on road transportation, which accounts for 90 per cent of travel in Lagos, is unacceptable and unsustainable.
The Commissioner stated that water and rail transportation account for only two per cent of the means of transportation, highlighting their gross underutilisation.
Mr Osiyemi emphasised that every sector in the state must be robust enough to contribute significantly to the wellbeing of its residents, as Lagos accounts for 30 per cent of the nation’s gross domestic product.
He expressed the state’s readiness to maximise the use of intermodal transportation system, to help upscale socio-economic activities in the metropolis and reduce man-hour loss to traffic.
In a panel discussion, the Special Adviser to Governor Sanwo-Olu on Climate Change and Circular Economy, Ms Titilayo Oshodi, emphasised the need for the state and its stakeholders to adopt a purposeful approach to waste management.
Ms Oshodi highlighted the importance of a circular economy in recycling, repurposing and reusing waste effectively.
She noted that several policies were already in place in the state for managing waste, urging producers and manufacturers across various sectors to collaborate with the state government to contribute to carbon reduction efforts.
Other panellists including Ms Stella Okengwu, Chief Executive Officer of Winhomes, said that the current economic situation calls for housing to be built based on clear demand that aligns with people’s budgets while Mr John Oamen, Co-founder of Cutstruct, urged the state government to promote the digitisation of construction procurement.
This, he added, would enhance the efficiency and practices of the construction and real estate sectors.
By Modupe Gbadeyanka
There are plans by Heirs Insurance to introduce insurance products tailored for vehicle owners, a statement from the underwriting firm has disclosed.
According to the subsidiary of Heirs Holdings, this low-cost motor insurance package known as the Flexi Comprehensive Motor Insurance Plan will provide the benefit of a comprehensive motor insurance plan for a fraction of the cost, addressing the financial realities many Nigerians face.
The underwriting company announced the plan to introduce this package as it launched a new campaign designed to reward its customers.
This initiative themed Unwrapping Smiles will bring hope to individuals, families, and communities this holiday season, and will run from December 10 to December 31, 2024.
It will feature community-focused outreaches, including Christmas gifts and exciting rewards to put smiles on the faces of Nigerians. It will also include the launch of a holiday-watch web film known as The Underwriters for all Nigerians to enjoy.
“At Heirs Insurance Group, we are committed to providing much more than insurance. In a season when many Nigerians seek hope and reasons to smile, we are proud to offer initiatives that inspire and uplift,” the Chief Marketing Officer of Heirs Insurance, Ms Ifesinachi Okpagu, said.
By Adedapo Adesanya
Nigeria’s Presidential Compressed Natural Gas Initiative (PCNGi) claims that investments in championing the CNG value chain have hit $450 million.
This was disclosed by Mr Michael Oluwagbemi, Project Director and Chief Executive Officer (CEO), PCNGi, during the 9th Edition of the Nigeria Energy Forum (NEF2024) Day 2, Virtual Event themed Energising Sustainable Industrialisation.
According to the PCNGi CEO, the amount goes into things like mother stations, daughter stations and refuelling stations as well as conversion centres which are starting to spring up across the nation.
Mr Oluwagbemi, represented by Mr Tosin Coker, the Head of Commercial, PCNGi, said the initiative had successfully converted more than 10,000 vehicles from petrol to CNG.
“By 2027, the initiative will have converted more than one million vehicles using petrol to CNG,” he said.
On incidents of explosion of vehicles using CNG, the CEO assured Nigerians that it had taken precautionary measures with different agencies of government to ensure safety.
Mrs Ibironke Olubamise, National Coordinator of the GEF Small Grants Programme (SGP), managed by UNDP, said the SGP was investing in youth energy innovation for economic growth and environmental sustainability.
Mr Daniel Adeuyi, NEF Group Chairman, said, “The event featured three super sessions on Energising Industrial Revolution, Community Climate Action by GEF-SGP UNDP and Clean Energy Innovations.
“The sessions are to share lessons learnt from real-life projects and build capacity of young entrepreneurs and cross-industry professionals.”
Mr Joseph Osanipin, the Director General of the National Automotive Design and Development Council (NADDC), said that the council had trained more than 4,000 auto technicians on how to convert petrol vehicles to CNG.
He said the council had started campaigns to sensitise Nigerians on the advantages of using CNG to power their vehicles.
“CNG can guarantee a cleaner environment, it is cheaper and affordable,” he said.
Mr Oluwatobi Ajayi, the Chairman and Managing Director of Nord Automobile Ltd., said the company was established to tackle the growing demand for vehicles in Africa and reduce import dependency.
He said that because of the Federal Government’s CNG initiative, the company had incorporated it into their vehicle production to meet up with the government policy.
Mr Armstrong Tankan, the Managing Director and Chief Executive Officer, Ministry of Finance Incorporated (MOFI), said that MOFI was set up in 1959 as the statutory vehicle to hold all the assets owned by the federal government.
“Today, we’ve been able to identify the assets the federal government owns and we are trying to track them.
‘We actually do have assets, not just locally but globally as well and we must establish visibility over what the federal government owns before we can start talking about managing them.
“So, we want to try to minimise the waste, minimise the overlaps and help to improve output,” he said.
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