Brands/Products
Why SMEs Must Develop Risk Strategies for Payment Security—Kemi Okusanya
By Modupe Gbadeyanka
The need for businesses to develop risk strategies that promote payment security has been emphasised by the Vice President, Cluster Country Head of Visa, Ms Kemi Okusanya.
In this interview, she explained businesses, especially those in the small and medium-scale enterprises (SMEs) sector, are very critical of the economy and must make efforts to remain alive at a time the global health crisis is posing a serious threat to them.
Why have you focused on SMEs?
According to a study commissioned and published by PWC, SMEs contribute 48 per cent of national GDP, account for 96 per cent of businesses and 84 per cent of employment in Nigeria.
This means that SMEs are the backbone of our communities. Their significant value in the community positions them as an essential factor, contributing to the growth of the Nigerian economy.
Unfortunately, SMEs were most affected by the COVID-19 pandemic, as the change in consumer behaviour took a toll on their revenue.
As a result, providing extraordinary support to help small businesses navigate this extraordinary time became expedient for us at Visa. This is why we decided to support SMEs through our Where You Shop Matters initiative
Tell us more about the Where You Shop Matters Initiative?
The Where You Shop Matters initiative enables entrepreneurs by providing them with the tools and information required to start, run, and grow small businesses online while encouraging consumers to support small businesses.
At its core, the initiative is a movement. A call for merchants to tap into the expertise of thought-leaders to shape their future. A call to the consumer to understand the power of spending and the importance of supporting the local economies. It is also a call to the industry and the ecosystem to do what we can to support these businesses. This is about everyone coming together to support small business owners around the country.
What are the key focus areas for Visa to drive SME growth in Nigeria?
We are focusing on promoting digital commerce and economic growth, with plans to continue to create products and services as the needs of entrepreneurs change over time. We are committed to empowering digital-first businesses.
To see to the realization of this, we have built localized online resource centres, providing tools, partnership offers, and information on how to start, run and grow small digital-first businesses.
Also, we are encouraging digital payments as well as advocating neighbourhood support for local businesses. We want customers to be conscious of the importance of shopping locally.
More online transactions mean more fraud cases. How is Visa ensuring consumers’ security?
We take security very seriously and we continue to provide and improve on solutions necessary to protect both our merchants and consumers. For nearly 20 years, we have been helping online merchants and issuers identify potentially fraudulent transactions.
As e-commerce in Nigeria is growing rapidly, consumers expect always-on connectivity with mobile devices and rely on retailers to provide payment experience, both secure and frictionless.
As a result, we recently introduced Visa Secure (previously known as Verified by Visa), an updated program to help make online payments more secure.
This solution provides rules and policies that merchants and issuing banks have to follow to authenticate e-commerce transactions and verify cardholders’ identity before a transaction can be authorized.
Consumers can benefit from a smoother and consistent user experience across multiple payment channels, including mobile web, in-app and digital wallet payments, without any compromise in security.
What are your key learnings from the impacts of the pandemic and how would you advise SMEs to position for economic recovery?
As a result of the COVID-19 pandemic, we have witnessed an unprecedented acceleration of digital adoption throughout our industry and the broader society at large.
While the near-term response has focused on maintaining business continuity, we think businesses should develop risk strategies that promote payment security and strengthen the trust foundation necessary for long-term recovery and growth.
As more consumers have tilted towards the online method of shopping, we believe that there’s a need for SMEs to embrace digital commerce. We have quality resources available for free on our website – visa.com.ng.
By Modupe Gbadeyanka
Another award has been added to the shelves of Airtel Nigeria for the quality service it offers its numerous subscribers.
At the 14th Nigerian NewsDirect Awards held at the Lagos Oriental Hotel on Friday, December 6, 2024, the company went home with the Most Preferred and Admired Telecommunications Brand award.
The chief executive of Airtel Nigeria, Mr Dinesh Balsingh, thanked the news platform for the recognition, reiterating the dedication of the organisation towards the growth of Nigeria.
“At Airtel, we remain steadfast in our mission to enrich lives and contribute to the sustainable growth of our nation, and we are proud to receive this award as the Most Preferred and Admired Telecommunications Brand.
“This recognition reaffirms our commitment to connecting Nigerians, driving digital inclusion, and empowering communities through innovative solutions,” he said.
The ceremony, themed Achieving Economic Prosperity: The Role of Human Capacity Development, Fiscal Prudence, and Revenue Generation, celebrated outstanding contributions made by individuals and corporate organisations to national development across sectors and industries.
The chairman of Odu’a Investment Limited, Mr Bimbo Ashiru, thanked all participating entities for their “continuous contributions and support to the nation’s growth.”
“You have demonstrated excellence and have significantly contributed to Nigeria’s progress and we believe this platform will continue to highlight and encourage best practices across industries,” he stated.
The event attracted several persons, including the chairman of the Lagos State Internal Revenue Service (LIRS), Mr Ayodele Subair; and the Registrar-General of the Corporate Affairs Commission (CAC), Mr Hussaini Ishaq Magaji; among others.
By Modupe Gbadeyanka
The second edition of the Ibadan Chops and Chills Festival held on December 1, 2024, received the backing of Rite Foods Limited.
It was a platform for young entrepreneurs, food vendors, and entertainers to showcase their talents and promote the rich cultural heritage of Oyo State in particular, and Nigeria in general.
Rite Foods used the event to foster growth and innovation among enterprising youths in society in demonstration of its commitment to youth empowerment and community engagement.
The Corporate Communications Manager at Rite Foods, Mr Innocent Adulugba, said, “As a manufacturing company driven by innovation, Rite Foods Limited believes in the power of young people and the importance of providing platforms that enable them to showcase their skills and talents.”
“The Ibadan Chops and Chills Festival aligns with our mission to inspire, support, and add value to talents and entrepreneurs across Nigeria,” he added.
“Rite Foods Limited recognizes the Ibadan Chops and Chills Festival as a platform for growth and that is why the company is here today to leverage support so the participating food exhibitors can benefit via joint marketing efforts, co-promotions, and expanded distribution channels under one roof,” Mr Adulugba stated.
“We are partnering with food vendors to offer consumers a more comprehensive and enjoyable experience, such as pairing beverages like Bigi, Sosa or Fearless with complementary food options of their choice,” he noted.
Also speaking, the convener of the programme, Ms Chinwendu Festus of Wendy’s Kitchen, said, “The first edition of Ibadan Chops and Chills was a success, which inspired us to aim higher this year.
“Our goal is to provide young people with the space to showcase their culinary talents, grow their businesses, and connect with a broader audience.”
The Commissioner for Youth and Sports, Ms Wasilat Adefemi Adegoke, stated, “This initiative is one of the best I have seen. It aligns perfectly with our administration’s goals of empowering the youth, promoting cultural heritage, and fostering talent.”
It was gathered that the festival featured cooking competitions, entertainment shows, guest tours and vendor exhibitions, which highlighted the diversity and ingenuity of participants and the diversity of food options on display.
In this economy, you can’t be paying for things and not getting the full value. Unfortunately, that’s how most cable TV subscribers feel. It’s like there’s a lot on TV, but nothing for you. Here’s a solution to that problem. We’ve taken the time to sieve through everything, so you don’t have to. Here are a few tips to help you make the most of your GOtv subscription during the holidays.
Take Advantage of the Golden Window Offer: The best entertainment sits on GOtv Supa Plus – and there’s an easy step to get there. To celebrate, GOtv is extending the Golden Window deal for Supa+ subscribers. Instead of paying the regular ₦15,700, you can now enjoy the Supa+ package for just ₦13,900. That’s where all the Premier League games sit. There’s a game almost every day this period. You also get Africa Magic Showcase for a little family drama – relive the easy-to-watch TV series, suitable for the family. Don’t miss out on this premium offer; take advantage of the savings while you can.
Check Out New Channels: Why not try something new and explore different channels this Christmas? It’s a great chance to step outside your usual picks and discover some festive gems and fresh content you might not expect. From comedy specials to music concerts. For example, the Holiday Pop-Up Channel will have the most recent stand-up comedy show from Nigeria’s best stand-up Comedian – Bovi — Christmas with Bovi (December 24th–26th). It’s also better to watch the Calabar Rocks Music Concert, Naija Most Wanted, and the Akwa Ibom Christmas Carols Festival 2024 on TV than under the sun.
Set Reminders for Special Movies and Shows: With all the festive activities going on, it’s easy to forget and get lost in pointless scrolling online. A simple reminder can remind you to take a break from triggering social media posts and enjoy wholesome entertainment on TV. From new Africa Magic originals like ‘The Jump’ and ‘10th Anniversary’ to classic favourites like Bad Moms and Problem Child – a classic, there’s so much to enjoy. Set those reminders so you can enjoy all the festive cheer without the fear of missing out.
Host Watch Parties: The holidays are all about spending time with loved ones, and what better way to do that than by hosting a watch party? With your GOtv subscription, you’ve got everything you need for a fun-filled day. Picture this: Christmas Day, surrounded by family and friends, all gathered together to enjoy the Bovi Comedy Special—Christmas with Bovi. Whether it’s a comedy special, a classic holiday movie, or the latest Africa Magic original, there’s something to bring everyone together. So, make it a date, prepare the Christmas rice and chicken, and enjoy.
Stream Online via the GOtv App: During the festive season, homes are often buzzing with family members coming together to celebrate. If your household is anything like this, the battle for control of the remote and deciding what to watch can get intense. To avoid the remote wars, you can make use of the GOtv Stream app. The real owners of the remote can watch what they want while you stream yours – everyone wins.
So, go ahead and subscribe now or upgrade to unlock the cheer and excitement of the season with GOtv. Take advantage of the GOtv Supa Plus Golden Window and pay just N13,900 instead of the usual N15,700.
To upgrade, subscribe, or reconnect, simply download the MyGOtv app or dial *288#. To catch up and for on-the-go viewing, don’t forget to download the GOtv Stream App and enjoy your favourite shows anytime, anywhere.
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