Economy
How Digital Wallets Are Transforming Everyday Life?
Discover how e-wallets have been changing our lives left and right and what the future holds when it comes to finance technological advancements.
The Influence of Digital Wallets on Everyday Life
Remember when we carried cash with us all the time? We thought cards made a revolution in the world of finance, but digital wallets have taken the game to the next level.
The days of moving money in our pockets around are long gone. Even if you want to have fun at your favorite online casino, you can do it in a pure Internet format. Platforms like Hit’n’spin allow you to play without ever having to leave your home or hassle about getting real money.
This is just one of the changes eWallets have brought into our lives, and below we’re exploring all the other aspects of this magnificent improvement.
What Is a Digital Wallet?
First and foremost, what should a “digital wallet” mean to one?
In its most simplified definition, it is a type of application or software on your phone or tablet, or even a computer that stores your payment information securely. It can store your credit cards, debit cards, and even loyalty cards, all in one place.
But these wallets are not just about paying. They’re increasingly becoming fully capable financial tools. You can store virtual tickets, boarding passes, gift cards, and in some, even cryptocurrency. The likes of Apple Pay, Google Wallet, PayPal, and Samsung Pay among others have led the charge, and now there are countless others jumping on board.
Convenience at Your Fingertips
Probably the biggest ways eWallets are changing everyday life revolve around pure convenience.
How many of us have stood in a line at the grocery store, struggling to find the right card, only to drop the wallet and spill coins everywhere? With a digital wallet, those days are over. Just tap your phone at checkout, and you’re good.
It’s quick, it’s easy, and you aren’t even concerned that you may have left your wallet at home because who forgets their phone?
And it is not only about in-store payments. Digital wallets make online shopping pretty easy, too. No more typing in your card details every time you want to buy something. Just select yours at checkout, confirm the purchase, and voilа – you are good to go! It’s like having your very own personal cashier who remembers all your details.
Your Money’s Safety – Peace of Mind
Now you are probably thinking: “Okay, but what about security?” After all, a wallet used to be something you kept close to you literally. The idea of storing all your financial info on a phone actually might sound quite risky. But here is the thing: digital wallets are often more secure than traditional ones.
First of all, eWallets adopt encryption and tokenization. What it means is that your actual card number is never pulled out and shared with the merchant every time you make a purchase. That being said, it is swapped out for a unique token, one that is used in the purchase and quite meaningless to anyone who may steal it.
In addition, most wallets require some type of authentication, like fingerprint or facial recognition capability, or a PIN, before they will let you make any sort of payment.
Think of it like this: the wallet thief has all they need to begin his shopping spree on you; the cell phone thief, though, has a tough time getting his hands on your money due to these extra layers of security.
Managing Your Finances
Digital wallets help you manage your money smarter, rather than simply spend it.
Many of them already have built-in budgeting tools whereby spending is tracked; they can even go as far as to categorize purchases so you see exactly where the money goes. On top of that, it can warn you if you’re overspending in some areas.
And then, of course, there’s the issue of peer-to-peer. The likes of Venmo, PayPal, and Cash App have made it so easy to split bills, pay your friend back for dinner, or even send it as a gift.
No need for any more awkward “I’ll pay you back” moments or dealing with having cash, which nobody seems to carry anymore. You can send money instantly from a phone number and/or email address quite often.
The Future of Digital Wallets?
So, what does the future hold for digital wallets? Well, they can only keep burrowing deeper into our lives. We’re already seeing an increase in further uses in areas, such as digital IDs and even, in some locales, a driver’s license.
Can you envision not carrying any cards at all since your phone does it all?
The same potentially applies to digital wallets that become central with a wide selection of cryptocurrencies. As internet forms of money begin to create some traction, a secure, accessible means of storage and portability is viewed as a central factor in management and spending.
And as technology keeps on upgrading, so will it ensure that these wallets take space in human life. With that in mind, if you haven’t joined the digital wallet trend, this may be the perfect time. After all, who does not want to make life a little easier?
By Aduragbemi Omiyale
Secure Electronic Technology (SET) Plc is planning to reconstruct its shares at the Nigerian Exchange (NGX) Limited by merging four stocks into one.
However, this exercise is subject to the approval of shareholders of the company and the board is proposing an Extraordinary General Meeting (EGM) to be held on or before April 17, 2025.
Business Post reports that the decision to reconstruct the shares of the organisation was reached at the board meeting of the firm on Friday, MArch 7, 2025.
In a notice to the stock exchange, SET Plc said it was agreed that the proposed share reconstruction and recapitalisation of the company shall be by way of one or a combination of the following; an offer for subscription, rights offering or private placement, upon terms agreed by both parties under the definitive agreement.
It further said, “The issued and share capital of the company be reduced from N2,815,770,000, represented by 1,407,885,000 ordinary shares of 50 Kobo each, subject to the approval of the Federal High Court, Securities and Exchange Commission (SEC), and relevant regulatory authorities.”
“This restructuring share result in the cancellation of 4,223,655,000 units of shares and the portion of the share capital cancelled, being valued at N2,111,827,500 be transferred to a special reconstruction reserve,” it noted.
The disclosure also said, “There shall be a proportional upward adjustment in the share price of SET on the NGX to be reflected after the conversion, so that the value of one converted share shall be equal to the market price of four pre-reconstruction shares, and at the end of the reconstruction, SET market capitalisation and each shareholder’s percentage holding shall remain unchanged.”
The company emphasised that it would “consolidate its issued shares at a basis of 1 for 4 ratio, meaning every four shares of SET Plc currently held by a shareholder shall be converted to one share and shareholdings that result in fractional shares post-reconstruction shall be rounded up to the nearest whole number.”
It was disclosed that this exercise was suggested by Gamma Civic Limited, a part of Gamma Group, a company listed on the Mauritius Stock Exchange and represented by Cruzan Investment Limited, a company incorporated in Nigerian under the Companies and Allied Matters Act 2020.
By Adedapo Adesanya
FrieslandCampina Wamco Nigeria Plc brought down the NASD Over-the-Counter (OTC) Securities Exchange by 0.06 per cent on Wednesday, March 12.
Business Post reports that the share price of FrieslandCampina Wamco Nigeria Plc slumped by N1.26 during the session to N37.45 per unit from the preceding day’s N38.71 per unit.
However, Geo-Fluids Plc gained 27 Kobo to trade at N2.95 per share versus Tuesday’s closing price of N2.68 per unit, and First Trust Microfinance Bank Plc appreciated by 3 Kobo to close at 56 Kobo per share, in contrast to the previous day’s rate of 53 Kobo per share.
When the platform ended trading activities yesterday, its value went down by N1.17 billion to settle at N1.955 trillion compared with the preceding day’s N1.956 trillion and the NASD Unlisted Security Index (NSI) decreased by 2.03 points to close at 3,385.50 points, in contrast to the previous trading day’s 3,387.53 points.
The volume of securities traded at the bourse dropped by 36.3 per cent to 298,845 units from the 469,185 units published on Tuesday, the value of securities decreased by 4.8 per cent to N10.4 million from the N10.9 million quoted at the preceding session, and the number number of deals moderated by 34.2 per cent to 25 deals from 38 deals.
At the close of business, Impresit Bakolori Plc was the most active stock by value (year-to-date) with 533.9 million units worth N520.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 12.5 million units valued at N484.0 million, and Afriland Properties Plc with 17.2 million units sold for N352.8 million.
Also, Impresit Bakolori Plc was the most active stock by volume (year-to-date) with 533.9 million units worth N520.9 million, trailed by Industrial and General Insurance (IGI) Plc with 69.9 million units sold for N23.7 million, and Afriland Properties Plc with 17.2 million units valued at N352.8 million.
By Aduragbemi Omiyale
The House of Representatives has passed Nigeria Insurance Industry Reform Act, 2024, repealing Act, Cap 117, Laws of the Federation of Nigeria, 2004; the Marine Insurance Act, Cap M3, Laws of the Federation of Nigeria, 2004; The Motor Vehicle (Third Party) Insurance Act, Cap M22, Laws of the Federation of Nigeria, 2004; the National Insurance Corporation of Nigeria Act, Laws of the Federation of Nigeria, 2004 and the Nigerian Insurance Reinsurance Corporation Act, Cap N131, Laws of the Federation of Nigeria, 2004.
At the plenary on Wednesday, the green chamber of the National Assembly approved some conditions the operating licence of an insurance company can be revoked by the National Insurance Commission (NAICOM).
The new piece of legislature, which provides for a comprehensive legal and regulatory framework for insurance business in Nigeria, was enacted yesterday after the consideration of the Senate bill.
During the presentation by House Leader, Mr Julius Ihonvbere, yesterday, for a clause-by-clause consideration, it was agreed that NAICOM can withdraw the licence of an insurer or reinsurer if it is not conducting insurance business in accordance with sound insurance principles.
In addition, this action can be carried out if the licence holder has “failed to satisfy the capital or solvency requirement as prescribed by the commission and has ceased to carry on the business of insurance and the primary purpose for which it was registered for at least one year in Nigeria.”
The lower chamber of the parliament also concurred with the Senate that for obtaining an operating licence, “An application for licensing as an insurer shall be made to the commission in the prescribed form and accompanied by such other documents or information as the commission may from time to time require.
“The commission shall publish and make available to the general public a service charter which shall provide for products and services of the commission and the complete list of requirements to obtain the products and services.”
However, no person or organisation is allowed to “commence or carry out insurance, reinsurance or related business in Nigeria unless licensed by the commission as an insurer or a reinsurer under this bill.”
NAICOM was given the power to “regulate the insurance industry [in Nigeria] in order to develop the insurance sector and to protect the interest of policyholders, prospective policyholders and other stakeholders under insurance policies in ways that are consistent with the continued development of a viable, competitive and innovative insurance industry.”
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