Feature/OPED
How COVID is Teaching us to be Better Communicators
By Olga Arara-Kimani
After years of having served as a senior communications practitioner, I’ve learned that the most important attribute of any effective communicator is being able to look at yourself – your people and brands – through the lens of your most important stakeholders.
When we do that, we can ask ourselves: what do I need to be doing to instil trust, to inspire, to energise, or to re-assure? Communications is essential to doing all of these things –more so during times of uncertainty.
Amid the current pandemic, communicators need to intimately understand how perceptions and expectations of their organisations and brands have changed – accelerated by fear, anxiety, changing priorities, and all the uncertainty that comes with physical distancing and a future that for many is on hold or ill-defined.
Through our own experience at Standard Chartered and by watching how other organisations have navigated the pandemic, we believe the current crisis is heralding a new era of communications underpinned by an even more relentless focus on the alignment between the needs and interests of our clients, and our own interests.
But more than simply re-aligning what we do and what we say, we need to adjust the lens through which we think about communications – and re-think what makes us relevant in these uncertain times. This means being more sensitive – to clients, partners and employees – more transparent in communicating why we’re doing what we’re doing, being more authentic and human in how we talk to our stakeholders, engaging in the difficult conversations, and being more agile.
Communications as a lasting facilitator of trust
Communicators and marketers serve as the main driver of a corporation’s messaging and play an instrumental role in fortifying existing and potential brand-client relationships. This role was further amplified amid growing concerns surrounding the pandemic as consumers attempted to navigate a ‘new normal’.
The pandemic beckoned a fundamental shift in the way brands communicated with consumers, wherein emphasis was placed on establishing and maintaining trust in brands and what they stand for.
At Standard Chartered, we’ve adapted to the ‘new normal’ by inviting clients, many who are deeply concerned about their finances and their ability to manage them through the pandemic, to take advantage of our wide array of digital services and have marketed these as an efficient method for consumers to conduct their day-to-day banking needs.
At the same time, we’re continuing to share regular updates on the status of our operations across our various markets, including our call centre hours, branch closures and our timely transition back to the office.
During the pandemic, we have seen the digital adoption rate for mobile fixed income products has increased dramatically since we introduced wealth management solutions on our digital bank platforms this year.
In Africa alone, the average growth rate was 43 per cent in April. The diversification of digital product offerings in investments has given clients the option to choose where to invest based on market volatility during the COVID-19 situation.
However, customers still care for an experienced professional who will translate and explain the strategies proposed by the systems, while offering support in the decision-making process.
Without the luxury of face-to-face meetings, Standard Chartered has conducted 30 webinars reaching over 17,500 wealth management clients in AME during COVID-19.
The webinars were conducted by the bank’s economists and investments specialists since April 2020 to keep clients abreast of market developments and investment strategies without the need to meet face to face.
Similarly, we’ve shifted our focus to deliver our suite of external engagement activities through digital platforms. Across our various markets in Africa and Middle East (AME) region, we’ve hosted virtual roundtables and panel discussions that engage our full range of clientele and facilitate interactions between our industry experts and consumer base.
Shift in internal efforts
This shift in our external strategy was also mirrored in our internal communications efforts, as during uncertain times, employees will rightfully look for guidance, reassurance and information from senior leadership on ongoing developments.
Ensuring that employees receive valuable information while mitigating against panic and misconception across the wider corporation is absolutely essential. Leaders that practice frequent and transparent communications with employees, through words of encouragement and reassurance, are able to instil faith and provide comfort under unclear conditions.
At the bank, we’ve adopted a communications strategy that facilitates robust two-way engagement between employees and the wider team, during a time where a staggering 90 per cent of our personnel were working remotely.
We’ve been able to share important messages through digital channels and mobile applications, such as WhatsApp and SMS, while organising internal sessions that congregate the wider corporation through accessible platforms, such as Blue Jeans, where we hosted a regional Townhall with over 300 participants across Africa and the Middle East.
We’ve also prioritised the creation and dissemination of content that’s of interest, while conforming to physical barriers imposed by the pandemic, to ensure our employees are continuously engaged with the bank’s ongoing activities.
In turn, the bank was able to connect thousands of employees through content that drives our key messaging, further inciting confidence in our wider strategy.
Future of communications is underlined by the COVID era
Moving forward, brands will be obliged to navigate a post-COVID consumer-brand dynamic that is underpinned by an emphasis on greater credibility and awareness.
The pandemic has uncovered a series of consumer-driven considerations that will undoubtedly decipher how brands communicate with their consumers hereafter.
It’s becoming increasingly evident, for example, that consumers are looking to engage with brands that move beyond virtue-signalling and take meaningful action in support of the communities in which they operate.
Studies have shown that consumers across the globe are responding increasingly well to acts of kindness and generosity undertaken by their brands of choice, which directly translates to increased engagement.
According to a recent survey, over 40 per cent of millennial participants believe brands play an important role at this time. What’s more, one in four millennials surveyed believes brands may be as impactful in addressing societal needs as the government.
This is equally true for the approach a brand takes to its communications, wherein these acts of kindness and genuine community support must be shared in a manner that is sensitive, yet impactful.
The current crisis has further accelerated the need for corporations to evaluate which messages continue to bolster their value propositions, and which messages impede their ability to practice impactful communications with consumers.
The unprecedented challenges incited by the pandemic have placed corporations under a microscope, wherein their communicative efforts and ability to support consumers is heavily scrutinised.
Open and continuous communication is more important than ever, not only for our customers but for employees, too.
Never has communication had a more important role in businesses than today.
Olga Arara-Kimani is the Regional Head of Corporate Affairs, Brand & Marketing, Standard Chartered AME.
By Luke Kyohere
The global payments landscape is undergoing a rapid transformation. New technologies coupled with the rising demand for seamless, secure, and efficient transactions has spurred on an exciting new era of innovation and growth. With 2025 fast approaching, here are important trends that will shape the future of payments:
1. The rise of real-time payments
Until recently, real-time payments have been used in Africa for cross-border mobile money payments, but less so for traditional payments. We are seeing companies like Mastercard investing in this area, as well as central banks in Africa putting focus on this.
2. Cashless payments will increase
In 2025, we will see the continued acceleration of cashless payments across Africa. B2B payments in particular will also increase. Digital payments began between individuals but are now becoming commonplace for larger corporate transactions.
3. Digital currency will hit mainstream
In the cryptocurrency space, we will see an increase in the use of stablecoins like United States Digital Currency (USDC) and Tether (USDT) which are linked to US dollars. These will come to replace traditional cryptocurrencies as their price point is more stable. This year, many countries will begin preparing for Central Bank Digital Currencies (CBDCs), government-backed digital currencies which use blockchain.
The increased uptake of digital currencies reflects the maturity of distributed ledger technology and improved API availability.
4. Increased government oversight
As adoption of digital currencies will increase, governments will also put more focus into monitoring these flows. In particular, this will centre on companies and banks rather than individuals. The goal of this will be to control and occasionally curb runaway foreign exchange (FX) rates.
5. Business leaders buy into AI technology
In 2025, we will see many business leaders buying into AI through respected providers relying on well-researched platforms and huge data sets. Most companies don’t have the budget to invest in their own research and development in AI, so many are now opting to ‘buy’ into the technology rather than ‘build’ it themselves. Moreover, many businesses are concerned about the risks associated with data ownership and accuracy so buying software is another way to avoid this risk.
6. Continued AI Adoption in Payments
In payments, the proliferation of AI will continue to improve user experience and increase security. To detect fraud, AI is used to track patterns and payment flows in real-time. If unusual activity is detected, the technology can be used to flag or even block payments which may be fraudulent.
When it comes to user experience, we will also see AI being used to improve the interface design of payment platforms. The technology will also increasingly be used for translation for international payment platforms.
7. Rise of Super Apps
To get more from their platforms, mobile network operators are building comprehensive service platforms, integrating multiple payment experiences into a single app. This reflects the shift of many users moving from text-based services to mobile apps. Rather than offering a single service, super apps are packing many other services into a single app. For example, apps which may have previously been used primarily for lending, now have options for saving and paying bills.
8. Business strategy shift
Recent major technological changes will force business leaders to focus on much shorter prediction and reaction cycles. Because the rate of change has been unprecedented in the past year, this will force decision-makers to adapt quickly, be decisive and nimble.
As the payments space evolves, businesses, banks, and governments must continually embrace innovation, collaboration, and prioritise customer needs. These efforts build a more inclusive, secure, and efficient payment system that supports local to global economic growth – enabling true financial inclusion across borders.
Luke Kyohere is the Group Chief Product and Innovation Officer at Onafriq
In a heartfelt statement released today, the Conference of Nigeria Political Parties (CNPP) has extended its warmest congratulations to Ghana’s President-Elect, emphasizing the importance of learning from Ghana’s recent electoral success as Nigeria gears up for its 2027 general elections.
In a statement signed by its Deputy National Publicity Secretary, Comrade James Ezema, the CNPP highlighted the need for Nigeria to reclaim its status as a leader in democratic governance in Africa.
“The recent victory of Ghana’s President-Elect is a testament to the maturity and resilience of Ghana’s democracy,” the CNPP stated. “As we celebrate this achievement, we must reflect on the lessons that Nigeria can learn from our West African neighbour.”
The CNPP’s message underscored the significance of free, fair, and credible elections, a standard that Ghana has set and one that Nigeria has previously achieved under former President Goodluck Jonathan in 2015. “It is high time for Nigeria to reclaim its position as a beacon of democracy in Africa,” the CNPP asserted, calling for a renewed commitment to the electoral process.
Central to CNPP’s message is the insistence that “the will of the people must be supreme in Nigeria’s electoral processes.” The umbrella body of all registered political parties and political associations in Nigeria CNPP emphasized the necessity of an electoral system that genuinely reflects the wishes of the Nigerian populace. “We must strive to create an environment where elections are free from manipulation, violence, and intimidation,” the CNPP urged, calling on the Independent National Electoral Commission (INEC) to take decisive action to ensure the integrity of the electoral process.
The CNPP also expressed concern over premature declarations regarding the 2027 elections, stating, “It is disheartening to note that some individuals are already announcing that there is no vacancy in Aso Rock in 2027. This kind of statement not only undermines the democratic principles that our nation holds dear but also distracts from the pressing need for the current administration to earn the trust of the electorate.”
The CNPP viewed the upcoming elections as a pivotal moment for Nigeria. “The 2027 general elections present a unique opportunity for Nigeria to reclaim its position as a leader in democratic governance in Africa,” it remarked. The body called on all stakeholders — including the executive, legislature, judiciary, the Independent National Electoral Commission (INEC), and civil society organisations — to collaborate in ensuring that elections are transparent, credible, and reflective of the will of the Nigerian people.
As the most populous African country prepares for the 2027 elections, the CNPP urged all Nigerians to remain vigilant and committed to democratic principles. “We must work together to ensure that our elections are free from violence, intimidation, and manipulation,” the statement stated, reaffirming the CNPP’s commitment to promoting a peaceful and credible electoral process.
In conclusion, the CNPP congratulated the President-Elect of Ghana and the Ghanaian people on their remarkable achievements.
“We look forward to learning from their experience and working together to strengthen democracy in our region,” the CNPP concluded.
By Kenechukwu Aguolu
The proposed tax reform, involving four tax bills introduced by the Federal Government, has received significant criticism. Notably, it was rejected by the Governors’ Forum but was still forwarded to the National Assembly. Unlike the various bold economic decisions made by this government, concessions will likely need to be made on these tax reforms, which involve legislative amendments and therefore cannot be imposed by the executive. This article highlights the purposes of taxation, the qualities of a good tax system, and some of the implications of the proposed tax reforms.
One of the major purposes of taxation is to generate revenue for the government to finance its activities. A good tax system should raise sufficient revenue for the government to fund its operations, and support economic and infrastructural development. For any country to achieve meaningful progress, its tax-to-GDP ratio should be at least 15%. Currently, Nigeria’s tax-to-GDP ratio is less than 11%. The proposed tax reforms aim to increase this ratio to 18% within the next three years.
A good tax system should also promote income redistribution and equality by implementing progressive tax policies. In line with this, the proposed tax reforms favour low-income earners. For example, individuals earning less than one million naira annually are exempted from personal income tax. Additionally, essential goods and services such as food, accommodation, and transportation, which constitute a significant portion of household consumption for low- and middle-income groups, are to be exempted from VAT.
In addition to equality, a good tax system should ensure equity and fairness, a key area of contention surrounding the proposed reforms. If implemented, the amendments to the Value Added Tax could lead to a significant reduction in the federal allocation for some states; impairing their ability to finance government operations and development projects. The VAT amendments should be holistically revisited to promote fairness and national unity.
The establishment of a single agency to collect government taxes, the Nigeria Revenue Service, could reduce loopholes that have previously resulted in revenue losses, provided proper controls are put in place. It is logically easier to monitor revenue collection by one agency than by multiple agencies. However, this is not a magical solution. With automation, revenue collection can be seamless whether it is managed by one agency or several, as long as monitoring and accountability measures are implemented effectively.
The proposed tax reforms by the Federal Government are well-intentioned. However, all concerns raised by Nigerians should be looked into, and concessions should be made where necessary. Policies are more effective when they are adapted to suit the unique characteristics of a nation, rather than adopted wholesale. A good tax system should aim to raise sufficient revenue, ensure equitable income distribution, and promote equality, equity, and fairness.
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