Business

Ekeh, Zinox Boss Gives Tips On How To Make Almajiris Digital Natives, Millionaires

Published

3 years ago

1 June 2020

Serial digital entrepreneur and Chairman of Zinox Group, Leo Stan Ekeh, says Nigeria can turn the poor, nomadic children popularly called Almajiri into millionaires, employers of labour or even employable citizens if a digital solution is applied to address their peculiar plight.

Ekeh, who delivered impassioned and workable solutions to the age-long Almajiri issue which government appears yet to find a fitting solution to, spoke as one of the panellists at the Africa Independent Television (AIT) Virtual Town Hall Forum with the theme: ‘The Economic Implications of the New Normal Post-COVID-19 – Anticipated Revolution in Digital Economy, Business Re-Engineering, Government, Trade and Effects on Global Economic Recovery.’

Speaking on the impact of COVID-19, Ekeh said one of the major classes of Nigerians negatively affected by the pandemic was the Almajiri who have been tossed from state to state like articles of trade nobody wanted to buy.

A 2014 UNICEF report estimated that there are 9.5 million Almajiri children in Nigeria, which accounted for 72 per cent of the nation’s out-of-school children. Nigeria is estimated to currently harbour between 13.2 million and 15 million out-of-school children, most of them in the North.

However, Ekeh held that with a digital approach, the potential in these Almajiri that nobody wanted to have anything to do with, can be converted to treasures of gold in the vastly growing digital economy because they are young, brilliant with huge doses of energy.

“I had the privilege of engaging with some of them in Lagos and Abuja. They sound like glorious messengers and have enhanced psychology of begging which, if retrained, could make them the best salespersons of the second quarter of this century. We must not abandon them.

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“Among these Almajiris, there are smart people whom we can turn to coders (software Application developers) if they are fast-tracked under a conducive environment with a quality welfare program that influences them psychologically to anticipate a wealthy future.

“They are Nigerians on the street and they feel the power of wealth around them but are handicapped because of their circumstances and place of birth. We cannot abandon them. The world needs about one million coders yearly and through coding, they can become millionaires and employers of labour. They don’t need to go to university or secondary school.

“All they need is a special finishing school for about six years where they would be turned to nerds and that will mark the end of poverty in their lives and in their families,” Ekeh said. “The nation and their states must provide for them, else they shall provide for themselves to survive like others, and it could negatively impact on the society from generation to generation. If we can turn waste to productive use, why not human beings created by God?”

Ekeh, who likened the COVID-19 pandemic to a war, affirmed that the best way to win a war is to anticipate it, stressing that in life, “you must be prepared to win a war before the war begins.”

He emphasised that Nigeria was not prepared for the COVID-19 war, hence the seemingly difficult struggle to deal with it.

Further, he explained that the sudden rush for e-learning in the country was what he had anticipated 15 years ago but added that the Nigerian government did not buy the proposal to make e-learning a lifestyle among the people, noting that COVID-19 has validated his assertion that without digital technology as a way of life and doing business, a nation cannot be truly independent or sovereign in the 21st century.

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He warned that companies and organisations including those in the public sector that failed to take advantage of COVID-19 realities to scale up their technologies as necessary tools in the workplace will either suffer huge loss or go into extinction.

“Post COVID-19, a lot will change; a lot of companies will die. We are witnessing huge disruption with digital solutions which have taken the form of technologies worth millions of naira invested to provide teleconferencing as we used to know it. Today, it’s Zoom. That’s disruption and such incidents will continue to define mankind.”

The Zinox boss, who is credited with pioneering a series of innovative firsts in the Nigerian technology sector, insisted that Nigeria must see opportunities inherent in the post-COVID-19 economy and take advantage of them.

“I see infinite possibilities and opportunities arising from the COVID-19 pandemic. One of such is that, instead of importing face masks from China or anywhere, the government ought to have deliberately engaged Nigerians tailors, put them in school halls, give them electricity. They already have their machines.

“By the time we create such clusters in different states, we would have locally produced face masks that would serve 200 million people and that would translate to millions of naira for the tailors and indirectly for the government. The same tailors can transit to making school uniforms, underwears, ties, bed sheets and pillowcases, designer dresses etc., after the pandemic rather than having some schools import their uniforms from Asia and Europe,” he said.

Ekeh, a global advisor to renowned technology giants, Microsoft and the first to pioneer e-commerce in Africa when he launched BuyRight Africa.com, regretted that the Federal Government lost an opportunity to help grow e-commerce when it failed to initially clearly delineate e-commerce workers as persons on essential duty and e-commerce as essential service during the lockdown.

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He cited the example of Amazon which, through the support of the United States government went a long way in helping Americans observe social distancing and keeping many employed even during the lockdown.

The serial digital entrepreneur added that e-commerce is a very cost-intensive venture, noting that e-commerce companies in Nigeria such as Konga are bearing huge losses in view of the complicated and exorbitant applications which drive the business and their status as heavy employers of labour.

Nevertheless, Ekeh insists that despite the lost opportunity, e-commerce remains the future of Nigeria and Africa in terms of jobs and wealth creation. The only difference between the successes recorded here and in other climes, he disclosed, was the institutional support received by players in the sector.

Related Topics:#Almajiris #Digital Natives #Millionaires #Tips Leo Stan Ekeh Zinox

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DIGITAL CURRENCY

Hyperspace Technologies Unveils Keymaster VAULT

Keymaster VAULT is a Low-Cost, Near Field Communication (NFC) technology-Based Hardware Wallet for the African Market

Published

5 days ago

20 March 2023

Our REPORTER

Chidera Anyanebechi, General Manager, Hyperspace Technologies

Hyperspace Technologies, a Lagos-based Web3 startup specializing in next-level smart security infrastructure and key management systems, Monday announced the launch of its groundbreaking product, the Keymaster VAULT.

Designed to cater to the African market, Keymaster VAULT is a secure, NFC-based hardware wallet that stores private keys offline, offering an affordable and user-friendly alternative to expensive and complicated traditional hardware wallets.

Leveraging the simplicity of Near Field Communication (NFC) technology, the Keymaster VAULT allows users to securely access their digital assets by merely tapping their NFC-enabled devices.

Digital Times Nigeria understands that this eliminates complex installation processes, making the wallet an ideal choice for both cryptocurrency novices and experienced users.

With offline storage of private keys, the wallet significantly reduces the risk of hacks and malware attacks associated with online storage.

Chidera Anyanebechi, General Manager of Hyperspace Technologies said, “We wanted to create a wallet that combines the highest level of security with ease of use, making cryptocurrency storage accessible to a broader audience in Africa.”

“The Keymaster VAULT not only provides an affordable solution but also offers enterprise clients the ability to leverage blockchain-based identity and access management, which we believe will be a game-changer in the industry,” Anyanebechi explained.

The Keymaster VAULT’s advanced encryption technology ensures the utmost security for users’ digital assets.

Its compact design and portability make it a convenient choice for individuals and businesses looking to store their digital assets securely without breaking the bank or dealing with complicated setups.

“The African market has long been underserved when it comes to secure and affordable hardware wallet solutions,” added Anyanebechi.

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“We are excited to bring the Keymaster VAULT to our customers and empower them with a hardware wallet that not only protects their digital assets but also opens doors for innovative applications in blockchain-based identity and access management.”

The Keymaster VAULT is now available for purchase here, giving cryptocurrency enthusiasts and enterprise clients across Africa a secure, affordable, and user-friendly hardware wallet solution.

Business

IWD: TD Africa Commits N10m Seed Fund For Female Entrepreneurs

Published

2 weeks ago

10 March 2023

DigitalTimesNG

As part of initiatives to mark the 2023 edition of the globally celebrated International Women’s Day (IWD) event, TD Africa, Sub-Saharan Africa’s leading distributor of tech and lifestyle products has rolled out plans to empower women in business with seed funding up to the tune of N10m.

The landmark initiative is being executed through the aptly named “The HERwakening”, a Corporate Social Responsibility (CSR) vehicle pioneered by TD Africa aimed at supporting and empowering female entrepreneurs.

The seed fund is open to female business owners who are retailers of mobile devices and Fast-Moving Consumer Goods (FMCG) or prospective female entrepreneurs looking to start up a business in these identified areas.

Applications, which have commenced for the seed funding, will run from Wednesday, March 8, 2023 (International Women’s Day) through to Saturday, March 18, 2023.

Interested beneficiaries are urged to visit https://tdafrica.com/herwakening-2023/ to register their interest.

“TD Africa is committed to the transformation of lives in Nigeria. In line with the focus of this year’s celebration of International Women’s Day, we understand, as a business, that equal opportunities aren’t enough.

“Therefore, we are going a step further to ensure true inclusion and belonging through equitable action by granting seed funds to female entrepreneurs,’’ disclosed Coordinating Managing Director, Mrs. Chioma Chimere.

“Technology remains a male-dominated sector. However, we are hopeful that this seed funding will go a long way in promoting equity and giving more women a chance to excel in the industry. We are passionate to see dreams come true through this initiative.

“The HERwakening aims to alleviate the hardship and challenges encountered by women-owned businesses. It is also a testament to our pledge to impact and empower female-led businesses and entrepreneurs across Africa with the required resources and technical support to ensure the viability of their ventures.”

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Furthermore, she revealed that, in addition to the seed funds, TD Africa will continue to provide mentorship and training to effectively equip female entrepreneurs with the right tools to achieve business growth, profitability and sustained success.

As earlier mentioned, the seed funding is targeted at prospective and existing retailers/resellers of mobile devices and FMCG products.

After registering, business owners will proceed through two screening rounds where they will pitch their ideas. Successful participants will receive the sum of N2m each, plus free business mentorship and consultation.

TD Africa’s intervention is driven by global trends which indicate that more women are actively starting up and leading businesses, even as the company points to a visible increase in female participation in the male-dominated IT ecosystem.

Nevertheless, TD Africa is convinced that immense untapped opportunities still abound.

Business

Report: African Smartphone Market Declines

Published

2 weeks ago

9 March 2023

DigitalTimesNG

Smartphones....... Photo Credit: BBC

Latest insights from the International Data Corporation (IDC), have shown that Africa’s smartphone market declined for the sixth consecutive quarter in Q4 2022, with shipments down 17.8% year on year (YoY) to 17.6 million units.

IDC’s Worldwide Quarterly Mobile Phone Tracker shows that Africa’s feature phone market also declined in Q4 2022, with shipments down 16.2% to total 22.7 million units.

“The mobile phone industry is now challenged by constrained demand even though the supply constraints that had previously been weighing on the market have started to ease off,” says Arnold Ponela, a senior research analyst at IDC.

“Inflation and economic uncertainty have seriously dampened consumer spending, causing vendors to cut back drastically on shipments as their largest markets continue to struggle. The situation is not unique to Africa, with smartphone shipments declining across all major global markets in 2022.”

The biggest decline was seen in Egypt, where smartphone shipments were down 56.2% YoY in Q4 2022, with the introduction of new import regulations leading to device shortages and higher prices.

This situation has been further exacerbated by the Egyptian pound’s devaluation against the US dollar, the challenging economic environment, and the fact that the government has approved very few letters of credit (LCs), which are required for import payments on non-essential goods such as mobile phones.

Nigeria’s smartphone market declined 32.1% YoY in Q4 2022 due to sustained high inflation and a shortage of US dollars in the country.

South Africa was the least affected market in the region, declining just 1.8% YoY, thanks to an increased focus on the country from Chinese vendors, an improved performance from local brands, and promotional activities that took place during the festive season.

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Rising inflation and growing macroeconomic issues continue to restrict consumer spending, causing vendors to be increasingly cautious with their shipments.

Transsion brands (Tecno, Itel, and Infinix) led the region’s overall smartphone market in Q4 2022 with a 43.4%-unit share, spurred by its strong portfolio of entry-level devices. Samsung took second place with a 28.7% share thanks to the strong performance of its A04 model. Xiaomi ranked third with a 7.0% share.

Transsion brands (Tecno and Itel) also dominated the feature phone landscape, garnering a combined unit share of 78.8%. Nokia ranked third in this space with a 5.9% share.

In terms of price bands, the share of smartphones priced below $100 remained flat (from 42% in Q3 2022 to 41.7% in Q4 2022), while the share of devices priced $100-$200 increased from 41.6% to 43.8% over the same period, spurred by the performance of Samsung’s A series. The midrange segment ($200<$400) contracted slightly, from a share of 11.6% to 10.5%.

IDC expects the market’s demand constraints to improve in the mid-term and for smartphone shipments to rebound in 2023 with YoY growth of 3%.

“This is modest growth for Africa but given the level of uncertainty in the global and regional economy, there is room for cautiousness in the region’s smartphone markets,” says Ramazan Yavuz, a research manager at IDC.

“Inflationary pressures are set to persist, and the repercussions of a global economic downturn are likely to impact consumer spending and vendor appetite.

“In the worst-case scenario, any possible recovery will be pushed back to the very end of 2023.”

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