Economy

QNET Assists Entrepreneurs in Tanzania

Published

8 years ago

22/09/2017

By Modupe Gbadeyanka

A company of Asian heritage and a part of the US $200 billion global direct selling industry, QNET, is entering the buoyant direct selling sector in Eastern Africa, and expects to offer world class quality consumer products and to elevate standards of living by garnering the spirit of entrepreneurship to all individuals, even those with little business background.

QNET’s product offering include a wide range of world-acclaimed lifestyle and wellness products such as personal care, nutrition, cosmetics, home care and body, water energies, jewellery and watches as well as holiday packages.

QNET, optimizing its existing e-commerce platform currently has three easily accessible local agents in West Africa, namely Mali, Cote d’Ivoire and Burkina Faso. These agents serve as the liaison between QNET, its Independent Representatives (IRs) and customers with their enquiries, delivery of products and the display of product range so as to enable people to view for themselves some of the products sold online. QNET is planning to engage a local agency in Tanzania soon to provide the best customer service in the country.

“QNET is proud to be in Tanzania and is committed to working closely with the local government officials and authorities to create more entrepreneurial opportunities for the local community. Direct selling which is the marketing and selling of products directly to consumers away from a fixed retail location, provides people a great alternative platform to join entrepreneurship” said Mr. David K Sharma, Advisor to QNET Board of Directors.

In addition to offering quality consumer products, ranging from health and home care to online education courses, and more, QNET firmly believes that there is nothing more empowering to individuals than the financial freedom that a career in the direct selling industry provides, and believes that the people of Tanzania, with their ambition and strong sense of entrepreneurship, will appreciate the quality consumer products that QNET offers and the business opportunities for self-development.

QNET started getting online purchases for its products from Africa since 2007. Today there are thousands of Tanzanian citizens who have also registered to market and promote QNET online products as IRs. The top selling products for QNET in Tanzania are Wellness products, household items such as water filtration systems, health and wellness products, online education learning (such as business courses, marketing courses and business English courses) as well as luxury products like watches and jewellery.

“Our best selling Products include HomePure, a water filtration system as well as AirPure, our air purifier, addresses a real need for clean water and clean air in many developing countries. In developed markets QVI Holidays, a vacation membership and holiday getaway product, tends to be quite popular with those wanting to take rejuvenating breaks. For busy professionals who are interested in continuing their education but have no time, we offer e-learning courses on a number of topics. We also have an expert selection of lifestyle-friendly food supplements for long life and vitality called LifeQode which we recently introduced in Tanzania” explained Mr Sharma.

“QNET is always respectful of the local laws and is fully obliged to the commercial laws and consumer laws of Tanzania. QNET also has policies and procedures that all its IRs must strictly adhere to its code of marketing and promotion of QNET products ethically,” noted, Mr. Sharma.

Mr Sharma assured potential entrepreneurs in Tanzania of QNET’s continued support through training and education of IRs with a view to developing their professional skills with special focus on personal growth and development.

“We believe that financial success alone is not enough. In order for us to make an impact, we need to develop people to be better human beings so that they can use their success to contribute to their local communities”, he added.

Globally, the World Federation of Direct Selling Associations (WFDSA), which QNET is affiliated through the Direct Selling Associations of Singapore, Malaysia, the Philippines and Indonesia, reported unprecedented sales and engagement with 6.4% growth generating close to US$ 200 billion in 2015. WFDSA said that in the past three years, the industry has seen a compound annual growth rate of 6.5 percent. It also noted that behind direct selling’s positive growth trend are millions of entrepreneurs marketing an array of products and services.

With direct selling gaining popularity, Tanzania is seen to have huge potential to become a leading market in the African region.

Economy

Food Concepts Return NASD OTC Exchange to Danger Zone

Published

8 hours ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.

Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.

This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.

Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.

Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.

At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.

InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.

Economy

Investors Gain N97bn from Local Equity Market

Published

8 hours ago

05/12/2025

Dipo Olowookere

By Dipo Olowookere

The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.

This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.

UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.

On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.

Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.

Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.

A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.

This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.

For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.

Economy

Naira Loses 18 Kobo Against Dollar at Official Market, N5 at Black Market

Published

9 hours ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.

At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.

It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.

Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.

Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.

Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.

“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.

Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.

Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.

If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.

Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.