Connect with us

Brands/Products

Why SMEs Must Develop Risk Strategies for Payment Security—Kemi Okusanya

Published

on

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.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Brands/Products

Chicken Republic Introduces Improved Smokey Jollof Recipe

Published

on

Chicken Republic smokey jollof

By Aduragbemi Omiyale

To further reinforce its commitment to continuous enhancement of customer experience through menu innovation and quality improvements, Chicken Republic, Nigeria’s leading quick-service restaurant brand and a flagship brand of Food Concepts Plc, has improved its Smokey Jollof recipe across restaurants nationwide.

As a customer-centric brand, Chicken Republic regularly evaluates consumer feedback, dining trends, and product performance to ensure its menu continues to deliver the quality and value to which customers have become accustomed.

The updated Smokey Jollof is part of this ongoing commitment to continuous improvement.

The refreshed recipe represents the latest evolution of one of the brand’s most popular offerings.

Developed with a focus on richer flavour, greater consistency and an even more satisfying eating experience, the improved Smokey Jollof reflects Chicken Republic’s dedication to meeting the evolving tastes and expectations of its customers.

“At Chicken Republic, our customers are at the heart of every decision we make. We are constantly listening, learning and looking for ways to improve the experience we deliver.

“The improved Smokey Jollof is a reflection of that commitment. We’ve refined the recipe to deliver an even richer, more enjoyable taste experience while maintaining the flavour profile our customers know and love,” the Managing Director of Food Concept, Mr Olumide Aniyikaiye, stated.

“Great brands evolve with their consumers. This update is not about changing what people love, but about making it even better.

“We are confident that customers will enjoy the improved recipe and appreciate the attention we continue to invest in delivering quality meals every day,” Mr Aniyokaiye added.

The improved Smokey Jollof is now available at Chicken Republic outlets nationwide, allowing customers to experience a more flavourful and consistent version of a fan-favourite menu item.

This latest enhancement underscores Chicken Republic’s broader commitment to innovation, quality and creating memorable meal experiences for customers across Nigeria.

Continue Reading

Brands/Products

NAFDAC Busts N42m Expired Baby Wipes Warehouse

Published

on

baby wipes

By Adedapo Adesanya

The National Agency for Food and Drug Administration and Control (NAFDAC) said it has uncovered a warehouse stocked with expired baby wipes intended for illegal revalidation and sale to unsuspecting consumers.

In a statement shared on X (formerly known as Twitter) on Monday, the agency said the value of the products is estimated at N42 million.

The agency said during the operation, its officers discovered over 240 cartons of expired baby wipes that had already been revalidated and repackaged, alongside approximately 20,000 additional expired wipes, equivalent to 625 cartons, awaiting revalidation.

NAFDAC said one suspect was apprehended at the scene, while the warehouse was sealed and the products evacuated for further investigation.

“The distribution and use of expired baby wipes pose significant health risks, particularly to infants and young children, including skin irritation, skin infections, allergic reactions, worsening of eczema or dermatitis, and an increased risk of diaper rash due to the reduced effectiveness of preservatives that inhibit microbial growth.

“The seized products are valued at approximately N42 million.

“We reaffirm our commitment to protecting public health by preventing substandard and expired regulated products from re-entering the market.

“Members of the public are urged to remain vigilant and report suspicious activities involving regulated products to the nearest NAFDAC office or call 0800 1 623322,” it stated.

Continue Reading

Brands/Products

ALTON Supports NCC Call for Made-in-Nigeria Smartphones

Published

on

ALTON

By Adedapo Adesanya

The Association of Licensed Telecommunications Operators of Nigeria (ALTON) has backed the call by the Nigerian Communications Commission (NCC) for local smartphone manufacturing to accelerate digital inclusion.

The ALTON Chairman, Mr Gbenga Adebayo, described the proposal as a practical measure capable of accelerating broadband adoption and expanding digital inclusion across the country.

He said Nigeria must deliberately transition from being predominantly a technology consumer to becoming an innovator, designer and manufacturer of digital technologies.

According to him, Nigeria’s large telecommunications market and youthful population provide the scale and human capital needed for world-class technology manufacturing.

The ALTON chairman said the country’s ambition should extend beyond assembling smartphones to developing complete technology capabilities across the value chain.

“Our ambition should extend beyond assembling devices. We must pursue genuine knowledge transfer, research and development, product engineering, software development, semiconductor capabilities and large-scale manufacturing,” he stressed.

He said the objective should be producing devices and digital technologies for Nigeria, Africa and the global market.

Mr Adebayo said the emergence of Artificial Intelligence had further strengthened Nigeria’s opportunity to become a competitive technology manufacturing hub.

He said Artificial Intelligence was transforming product design, manufacturing, quality assurance, supply chain management, customer experience and software innovation.

According to him, investing in AI-enabled manufacturing will improve productivity, create high-value jobs and strengthen Nigeria’s competitiveness across Africa.

NCC’s Board Chairman, Mr Idris Olorunnimben, at a Digital Africa Summit Roundtable in Shanghai, called for local smartphone production and innovative financing to tackle the proliferation of counterfeit and non-type-approved devices through stronger market integrity.

The ALTON boos described the grey market as a major challenge affecting consumers, Original Equipment Manufacturers (OEMs) and the wider telecommunications ecosystem.

According to him, robust local manufacturing supported by strong quality standards will provide credible alternatives to grey-market imports.

He said effective type approval, competitive pricing and consumer confidence would encourage wider acceptance of locally manufactured smartphones.

“This will strengthen consumer protection, improve network performance, retain greater value within our economy, and stimulate industrial growth,” he said.

Mr Adebayo also endorsed innovative smartphone financing, stronger device management systems and identity-enabled credit frameworks.

He added that the initiatives would enable more Nigerians to acquire quality smartphones through affordable payment models.

According to him, telecom operators remain ready to partner with the government, manufacturers, financiers, academia, investors and development partners to build sustainable local manufacturing.

The ALTON boss described the initiative as a national economic transformation agenda capable of creating jobs and strengthening Nigeria’s position in the global digital economy.

Continue Reading

Trending