Feature/OPED
Digital Payments and the African Continental Free Trade Area Agreement
Humans are built to trade. Across regions, trade has connected people and communities. It unlocks human productivity. It is the precursor of commerce and the harbinger of development. Payments drive trade.
In today’s information society, digital payment is an indispensable enabler of trade. This is precisely why experts have more or less hinged the success of the African Continental Free Trade Area agreement on the success of digital payments.
“We need to put as much effort as we are putting into getting the operational blocks of the agreement and secretariat going into getting the African payments regulatory landscape similarly integrated. Payments across the continent could probably be made seamless today. The technology is there,” says Dr Augustina Odame of the Ghana Chamber of Technology.
The African Continental Free Trade Area (AfCFTA), which formally commenced operation in January 2021, has been in the works since 2018. AfCFTA was created essentially to boost trade within the African continent and among member states through the provision of comprehensive and mutually beneficial trading opportunities for both exporters and importers. The agreement covers everything from trading goods and services to investments and intellectual property rights. It equally includes competition policy between and within African countries, guidelines and framework to drive trade across the African continent.
Experts of various shades in analysing the emergence of AfCFTA see the promise of a truly connected single pan-African market. With a population tipping just over a billion people, Africa is ripe for trade.
Cross border trade holds incredible potential. It can also be opportunities for the continent; an opportunity to build new and enduring infrastructure, boost e-commerce and fast-track digital payment. Existing players in this space would provide the requisite leadership to drive digital payments across Africa thereby boosting trade. Interswitch, for instance, is providing leadership here.
Interswitch is not just creating platforms and deploying digital technologies, more importantly, it is enabling others to ride on its wings and provide innovative solutions. It is actively involved in creating solutions that enable individuals and communities to prosper across Africa. For Interswitch, Africa is the continent where digital payments should be a seamless part of everyday life. “Over the last few years, we have invested extensively in building and continuously developing a variety of payment channels which facilitate a real-time transaction through any means desirable by all parties within the payment process. Our vision at Interswitch is an Africa where payment becomes a seamless part of our everyday life,” says Interswitch’s founder and Group Chief Executive Officer, Mitchell Elegbe,
Security is a huge concern with digital payments. The rise in cybercrime is escalating apprehensions. Interswitch has shown that it adheres to best-in-class security solutions that align with global standards. According to the company, its solutions offer two-factor authentication; it is NDPR compliant with guaranteed transaction security and a secure cloud option.
Today, almost any bill payment is possible on Interswitch’s digital payment platform, Quickteller. It offers a digital banquet, in every sense of the word. Beyond payments, Quickteller users enjoy an easy connection to the activities that power their modern lifestyles, such as flights, events, and global shopping.
The company’s widely accepted card scheme connects everyday people to easy payment options that are accessible within and beyond the continent. The Interswitch Verve card is now issued and or accepted in several countries across the continent. The Verve global card also ensures that Africans making payments beyond the continent have access to over 185 countries globally.
From massive industries to small businesses, Interswitch’s payment solutions are suitable for every business size or type. The company now provides much of the rails for Nigeria’s online banking system that serves Africa’s largest economy and population of about 200 million people.
Africa’s leading corporate organisations, small businesses and individuals depend on Interswitch to power their payments. Increasingly, Interswitch leverages partnerships to drive borderless trade across the continent, collaborating with countries’ switching systems to ensure seamless payment on the continent, across multiple platforms.
The firm’s creation and sustenance of a payment ecosystem is exactly the sort of initiative that would drive the free trade agreement.
The continent must yet deal with the perennial issues of ICT infrastructure deficit, the growing digital divide, regulatory inadequacy and gaps in the policy framework. For trade to thrive across borders, initiatives such as AfCFTA are invaluable. AfCFTA is not an end in itself. It would help to flip the switch to turn things around. But it is only a start. It would need plenty of support to remain sustainable.
The often flaunted enabling environment, which actually is a euphemism for governments to step up and play their role of driving the establishment of essential facilities, including road connections, relevant policy frameworks and provision of necessary guarantees, is needed here. In relation to payments, enabling environment would include government policies that promote and encourage investment in relevant digital infrastructure. There must be deliberate actions for results to manifest.
In addressing the digital divide, the priority should be on the widespread provision of affordable high-speed broadband internet. The availability of broadband should be treated as a human right. Internet connection is needed to close the digital divide, improve access to digital services and enable electronic payments.
Experts insist that AfCFTA will drive e-commerce and digital payments across Africa. But it is equally true that e-commerce and digital payments would propel AfCFTA, ensuring its success. It is a win-win situation.
AfCFTA has massive potential. Technology would prove a major driver to enhance opportunities for cross border trade under the agreement. The availability of interoperable platforms would no doubt help to drive ease of doing business, improve effective electronic tracking systems and simplify the custom and exercise function.
The governments in the 54 countries across the continent must continue to stand behind the agreement and demonstrate good faith for AfCFTA to accomplish its set goals.
Feature/OPED
Unlocking Full Human Potential: Growth, Diversity, and Purpose
In Nigeria’s diverse workforce, the conversation around diversity and inclusion (DEI) extends beyond gender to address tribal diversity, socioeconomic representation, and other cultural nuances. Policies that promote inclusivity are crucial for fostering collaboration in Nigeria’s multicultural corporate environment.
“An organisation is only as good as its people. Ensuring those people perform to their best is the role of human capital. Today, the field has a range of tools to ensure real-time engagement and agile interventions for optimal job satisfaction and performance”, – Catia Teixeira, MultiChoice Africa Holdings Group Executive Head of Human Capital.
In both our professional and personal lives, we all strive for growth and development. These opportunities are deeply rewarding, supporting the kind of self-actualisation that makes life most fulfilling. In the Nigerian workplace, where career growth often intertwines with societal expectations and the drive for self-improvement, human capital plays an even more significant role. Opportunities to grow are not just fulfilling but are deeply rooted in our collective ambition for a better future.
Employee engagement is a reflection of how actualised individuals feel in their roles. Engaged employees are more likely to perform at their peak and contribute positively to the workplace. In Nigeria, where the “hustle culture” is celebrated, organizations must create environments that not only nurture growth but also recognize and reward the efforts of their people.
When employees feel enriched and their work aligns with their aspirations, the results are transformative. Growth and development are not just personal milestones—they are the foundation of a thriving organization and, by extension, a more productive society.
Identifying Growth Opportunities
In every workplace, some employees stand out from the first day, while others take time to grow into their potential. Talent management processes must cater to both. For instance, a twice-yearly organizational talent review can help Nigerian companies identify where employees excel and where they need support.
Interactions within the workplace also play a crucial role. In Nigeria’s highly networked professional landscape, creating opportunities for cross-departmental collaboration can open new doors for employees. Systematic development plans, supported by tailored training, ensure that these opportunities translate into tangible growth.
Take the MultiChoice Academy, for example, which offers over 4,000 online courses spanning finance, HR, marketing, and other fields. This mirrors the Nigerian appetite for continuous learning, especially as industries rapidly embrace digital transformation. While face-to-face training remains valuable, customized e-learning platforms are pivotal in bridging knowledge gaps and preparing employees for the future of work.
For any training program, balance is key. Organizations must align employee development with business goals while ensuring individuals feel empowered to pursue their aspirations. In Nigeria, induction programs that connect new hires with company visions and purpose are critical to building this alignment.
One of the most rewarding aspects of human capital management is witnessing success stories unfold. In a country like Nigeria, where talent is abundant, but opportunities may be unevenly distributed, developing talent internally can make a significant impact. Long-term employees bring invaluable institutional knowledge, and nurturing their growth ensures they continue to drive organizational success.
At MultiChoice, we are deeply committed to equipping our workforce with the skills and confidence needed to excel. Whether it’s training young leaders, empowering women in leadership, or developing heads of departments, every investment in our people enhances their value – as individuals and as indispensable assets to the company.
What Diversity Means
At MultiChoice, gender equity remains a key focus. Women make up 46% of our workforce, and 46% of leadership roles are held by women—a significant achievement in a society where women often juggle professional aspirations with traditional family roles. Our promotions policy is designed to push these numbers to 50%, ensuring equity across all levels of the organization.
When entering new markets, MultiChoice intentionally applies its culture of inclusion, empowering women to excel in leadership positions. This commitment extends to addressing barriers unique to Nigeria, such as access to resources and mentorship for women in underrepresented fields.
Data Drives Change
To drive meaningful change, data is indispensable. Nigerian companies often face challenges like high employee turnover and workplace inefficiencies. By leveraging data, organizations can address these issues strategically.
MultiChoice uses platforms like Office Vibe to generate insights into employee engagement, satisfaction, and work-life balance. Weekly surveys and random polls provide actionable feedback, enabling quick interventions and fostering a culture of continuous improvement.
In Nigeria, where trust in leadership significantly influences workplace morale, data can also help bridge gaps between management and employees. Regular focus groups, coupled with robust analytics, ensure employees feel heard and supported. When organizations align employee needs with business goals, the result is a workforce driven by purpose and achievement.
The Collective Goal
In Nigeria, where community and collective growth are deeply valued, human capital strategies should emphasize the power of shared purpose. By investing in people, organizations contribute to a larger vision of national development.
At MultiChoice, every success story is a testament to this philosophy. From training young leaders to empowering women in leadership, the organization demonstrates that growth is a journey best undertaken together. For Nigeria, this represents a powerful blueprint for building a future where individuals and organizations thrive in harmony.
Feature/OPED
Between Governor Bala and the Presidency
Abba Dukawa
Although I’ve never met Governor Bala Muhammad in person, only seeing him on television, his recent outburst against the federal government’s economic policies resonates deeply with poor citizens’ view.
His concerns stem from empathy for the citizens’ going through unbearable hardships, which have worsened due to the economic situation where millions of citizens struggling with high cost of living, poverty and hardship, reflecting the reality on the ground where citizens face significant economic challenges.
His view resonated with the people in respect of political affiliations have praised Governor Bala for speaking truth to power, acknowledging that the economic policies aren’t working. But his outburst of the economic policies has sparked a heated response from presidency.
Even though President Bola Tinubu claims to have no regrets about his economic policies, aiming to strengthen the country’s economy, policies must be empathetic.
The Tax Reform Bills, in particular, have generated widespread concern, with experts warning of negative implications and advising the government to postpone the bill and engage in further consultations.
The National Economic Council, comprising 36 state governors and led by the Vice President, had expressed reservations about the bill, emphasizing the need for adequate consultation with stakeholders.
However, the Presidency swiftly rejected the NEC’s advice, stressing that the bill is crucial for supporting President Tinubu’s administration in bolstering the country’s fiscal institutions.
Governor Bala Muhammad’s expressed his concerns when hosting Sheikh Yahaya Jangir, a frontline campaigner for the Muslim-Muslim presidency, at the Bauchi Government House.
The governor urged President Tinubu to listen to Nigerians and correct his errors, stating that it’s his duty as a leader to tell the truth.
As Governor Mohammed noted, “I am sure you have heard that we are quarrelling with the president. Yes, it is true we are quarrelling because our people are suffering, and the president has refused to listen to us.”
His comments should not be seen as a critique of the president’s policies, not a personal attack. It’s essential for President Tinubu’s administration to understand the growing concern among Nigerians about the country’s economic direction and the need for effective strategies to address the current economic hardship.
The Presidency, through his Special Adviser, Sunday Dare, responded by urging Governor Mohammed to prioritize the welfare of Bauchi citizens instead of engaging in political posturing. Dare emphasized that the President’s administration is focused on national development and collaboration with state leaders.
It’s worth noting that Governor Mohammed has implemented various poverty alleviation programs, including the Kaura Economic Empowerment Programme (KEEP), to reduce the state’s high poverty rate. He has also prioritized education, with a focus on reducing the number of out-of-school children in the state.
Additionally, Governor Mohammed has taken steps to improve the state’s healthcare system, His administration’s efforts to address these challenges echo the experiences of poor citizens in Bauchi State and across Nigeria.
Overall, Governor Mohammed’s commitment to addressing the pressing issues faced by his state and its citizens resonates deeply with the experiences of poor Nigerians..
Dukawa write it from Abuja can be reached at [email protected]
Feature/OPED
Tinubu’s Titanic Wahala
By Tony Ogunlowo
‘Titanic’ can mean something that is very big, gigantic or enormous and it was also the name of a ship that sank on its maiden voyage.
When the Titanic sank in 1912 it sank due to a number of avoidable factors: a ship deemed unsinkable that wasn’t fitted with watertight compartments, a ‘unprofessional’ seasoned captain who was apparently bullied into going at full speed through known ice-berg strewn waters, lack of common binoculars for the deck watch and the unavailability of enough life boats for all the passengers.
This all put together, as they say, was a recipe for disaster. Red flags were ignored.
Translating this to President Tinubu’s modern-day Nigeria, the avoidable factors that can sink the country are way too obvious.
Nigerians have long enjoyed the benefits of fuel subsidy. Costly as it is to maintain it’s enabled the economy to keep running by keeping the cost of things low. It’s removal, as can be seen, has created a domino effect, as the experts predicted, resulting in the prices of even the basic commodities skyrocketing as everyone passes on the additional costs.
With inflation currently at 32.7% and still rising, things are only going to keep on getting more and more expensive. As a result, the new minimum wage of N70,000 will have less purchasing power than the previous 2021 minimum wage of N30,000. If fuel subsidy removal was meant to boost the economy it has done the opposite and will stagnate any efforts to kickstart it.
The governments inability to control corruption or severely punish corrupt officials which is robbing the country’s coffers of billions and billions of Naira every year is a stumbling block for development.
If a corrupt government official who built 750 houses with stolen funds or an ex-governor accused of misappropriating N80 billion are allowed to walk around freely, supposedly on bail, without fear of eventual conviction it questions the message the government is sending out to future looters: if the culprits were in Russia or China the outcome will be totally different.
Even though an austerity economic policy may seem harsh like it was designed to rob Peter to pay Paul, it should be short, sharp hardship with green pastures in the foreseeable future – not ever! A good start will be to cut down on the number of foreign loans being obtained every year as their repayment can take a huge chunk out of the country’s annual income.
The new tax laws are long overdue and it should include that VAT earned in a state stays in that state: so, if your state doesn’t generate any VAT (- such as from the sale of alcohol products) you don’t get to share in what other states have collected.
Insecurity in the country is not something that started yesterday. Previous governments have blood on their hands for not nipping these insurrections in the bud before they grew to become monstrosities. You don’t pat yourself on the back, like the Nigerian Army likes to do believing you have the threat ‘under control’ – you eliminate the threat completely using what ever means necessary.
Unless the order (given by ‘Somebody’) is not to destroy them completely and to quote the late Sani Abacha,”…any insurgency that lasts more than 24 hours, a government official has a hand in it..”, no wonder Boko Haram continues to flourish and bandits like Turji Bello continue to taut the government. When the armed robber Lawrence Anini did something similar in 1986 he was fished out within months, tried and executed.
As I’ve written before the Nigerian Police Force is long past its sell by date and considering the ever growing population of Nigeria with its associated acts of anti-social behaviour its time to seriously consider devolving the NPF into state-run outfits. The growing popularity of state-run security outfits, such as Amotekun, proves this is feasible and effective.
Considering the fact the country is going through severe economic hardship the President, himself, should curb frivolous spending where possible: no more new Presidential yachts or planes ( – that includes the new one for the VP), a cap on ridiculous-no-real-job SA and SSA appointments and most important of all a cap on ALL politicians salaries and perks (which is to say if politicians are patriotic enough they’ll agree to a pay cut, forgo some of their benefits and pay for their own jaunts abroad).
Implementing the Steve Oronsaye Report which recommends merging and closing of ministries etc that has been passed over by every President since President Goodluck commissioned it in 2011 will cut government operating costs even further. This should not just be at Presidential level but extended to all the states: this will not just streamline the bloated and largely inefficient civil service but will also weed out ghost workers and white elephant project.
The ‘japa’ movement which the government is trying to discourage should be allowed to continue. It’s morally wrong for a government that can’t provide suitable employment for its citizens to try and prevent them from seeking opportunities abroad : ‘japa’ is not just limited to Nigerians, it’s a worldwide phenomenon.
People, British, American, Filipinos, are migrating worldwide to where ever there are opportunities for them to prosper. That’s the way the world works now: nobody is going to stay in a ‘sh*t-hole’ country if there are no opportunities for them to grow. Scr3w patriotism! It’s every man for himself! So, if a country can’t provide adequate employment opportunities people will pack their bags and ‘japa’! And if you restrict them from leaving the country what are they going to do? Get up to mischief – 419, cultism, kidnapping!
These same people send money back to their home countries all the time: Nigerians in diaspora in 2023 alone sent home more than $19.5 Billion Dollars. This is a huge injection of foreign currency for a country that desperately needs it.
So, just like the Titanic the warning signs are there and the inevitable that will happen should they be ignored. The question is which way is President Tinubu going to go. This is what I call the ‘Titanic Wahala’, ignore the obvious and the proverbial will hit the fan, sooner or later.
-
Feature/OPED5 years ago
Davos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years ago
Estranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years ago
Sort Codes of GTBank Branches in Nigeria
-
Economy2 years ago
Subsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years ago
First Bank Announces Planned Downtime
-
Sports2 years ago
Highest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN