Economy

QNET Assists Entrepreneurs in Tanzania

Published

9 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

Selling Pressure Sinks NASD OTC Exchange by 1.1%

Published

12 minutes ago

13/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange succumbed to selling pressure on Tuesday, May 12, sinking by 1.1 per cent.

This brought down the NASD Unlisted Security Index (NSI) by 46.05 points to 4,156.52 points from 4,202.57 points, and battered the market capitalisation by N27.55 billion to N2.486 trillion from N2.514 trillion.

The loss suffered by the NASD OTC exchange was influenced by three securities, led by FrieslandCampina Wamco Plc, which lost N12.40 to sell for N133.60 per share compared with Monday’s N146.00 per share. Food Concepts Plc depreciated by 9 Kobo to N2.50 per unit from N2.59 per unit, and Industrial and General Insurance (IGI) Plc declined by 6 Kobo to 60 Kobo per share from 66 Kobo per share.

Yesterday, the volume of transactions surged by 1,041.6 per cent to 2.7 million units from 236,921 units, the value of trades jumped by 294.6 per cent to N65.2 million from N16.5 million, and the number of deals climbed 55 per cent to 31 deals from 20 deals.

Great Nigeria Insurance (GNI) Plc closed the session as the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion. The second position was occupied by Central Securities and Clearing System (CSCS) Plc with 60.5 million units exchanged for N4.1 billion, and Okitipupa Plc transacted 27.8 million units for N1.9 billion to claim the third spot.

The most active stock by volume on a year-to-date basis was GNI Plc with 3.4 billion units sold for N8.4 billion, followed by Resourcery Plc with 1.1 billion units traded for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units valued at N1.2 billion.

Economy

Naira Weakens Further to N1,375/$1 at Official FX Market

Published

19 minutes ago

13/05/2026

Adedapo Adesanya

By Adedapo Adesanya

For another trading session, the Naira further depreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, May 12, by N2.46 or 0.18 per cent to N1,375.62/$1 from the previous day’s N1,373.16/$1.

It was not a different situation for the local currency in the same market window against the Pound Sterling yesterday, as it lost N3.35 to trade at N1,874.42/£1 versus Monday’s value of N1,871.07/£1, and declined against the Euro by N2.90 to settle at N1,621.31/€1 versus N1,618.41/€1.

However, in the parallel market, the Naira remained unchanged against the US Dollar during the session at N1,385/$1, and maintained stability at the GTBank forex counter at N1,375/$1.

The poor performance of the Naira was driven by dampened foreign portfolio investment inflows into Nigeria’s FX market, resulting in weaker supply conditions during the month.

Nevertheless, the currency’s performance remains relatively stable compared with previous periods of FX shortages that often resulted in sharp currency depreciation.

Also, escalating geopolitical tensions in the Middle East have disrupted global supply chains and altered international trade flows, prompting many importers to delay procurement orders and reduce transaction volumes.

The rising uncertainty surrounding shipping routes, logistics costs, and delivery timelines has made importers more cautious about committing to new orders, which is not putting much pressure on the local currency.

Meanwhile, the cryptocurrency market was mostly down after the April US Consumer Price Index came in at 3.8 per cent year-over-year, hotter than economists had estimated, with petrol prices doing most of the lift since the Iran war began.

Cardano (ADA) weakened by 1.7 per cent to $0.2730, Solana (SOL) lost 1.4 per cent to sell at $95.23, Ripple (XRP) shrank by 0.6 per cent to $1.45, Ethereum (ETH) went down by 0.5 per cent to $2,297.25, and Bitcoin (BTC) slipped by 0.2 per cent to $80,986.71.

On the flip side, Binance Coin (BNB) jumped 2.4 per cent to $678.01, Dogecoin (DOGE) gained 1.5 per cent to close at $0.1120, and TRON (TRX) appreciated by 0.1 per cent to $0.3490, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.

Economy

Stock Market Indices Remain Green as Investors Mop up Unilever, Others

Published

3 hours ago

13/05/2026

Dipo Olowookere

By Dipo Olowookere

The positive momentum seen at the Nigerian Exchange (NGX) Limited lately continued on Tuesday, as it further appreciated by 0.77 per cent at the close of business.

This was mainly driven by demand for energy, consumer goods and banking stocks by investors, according to data from Customs Street.

The energy space gained 3.40 per cent, the banking counter appreciated by 1.87 per cent, and the consumer goods index improved by 1.71 per cent. But the insurance segment lost 1.40 per cent, and the industrial goods sector shrank by 0.49 per cent.

The sell-offs in those two sectors did not impact the outcome of the bourse, as the All-Share Index (ASI) grew by 1,676.81 points to 252,158.23 points from 250,481.42 points, and the market capitalisation went up by N1.359 trillion to N161.613 trillion from N160.254 trillion.

Business Post reports that 41 equities ended on the gainers’ chart and 38 equities finished on the losers’ log, indicating a positive market breadth index and strong investor sentiment.

The quartet of Unilever Nigeria, University Press, Union Homes REIT, and Ikeja Hotel gained 10.00 per cent each to sell for N165.00, N4.40, N84.70, and N39.60, respectively, while Zichis rose by 9.98 per cent to N40.35.

Conversely, Custodian Investment lost 9.52 per cent to trade at N81.25, Honeywell Flour decreased by 8.11 per cent to N17.00, AIICO Insurance crashed by 7.74 per cent to N4.41, Fortis Global Insurance depreciated by 7.02 per cent to N1.06, and Secure Electronic Technology dipped by 5.38 per cent to 88 Kobo.

The busiest stock for yesterday was CWG with a turnover of 431.6 million units valued at N9.5 billion, UBA traded 403.1 million units for N16.6 billion, C&I Leasing transacted 152.1 million units worth N1.0 billion, Fidelity Bank sold 81.7 million units worth N1.7 billion, and Honeywell Flour exchanged 72.4 million units valued at N1.2 billion.

In all, investors bought and sold 2.0 billion units for N87.7 billion in 80,888 deals compared with the 1.5 billion units worth N68.5 billion traded in 94,834 deals on Monday, showing a surge in the trading volume and value by 33.33 per cent and 28.03 per cent, respectively, and a shortfall in the number of deals by 14.71 per cent.