Monthly Archives: April 2019

How Digital Payment is Disrupting Traditional Payment System

How Digital Payment is Disrupting Traditional Payment System

Digital payment is no doubt the future as more and more Nigerians embrace it. This is because whether we like it or not, the era of carrying or paying cash will soon come to an end.

The interesting thing here is that even in the rural areas, fintechs are setting up small shops where rural dwellers can send and receive money thus promoting financial inclusion and supporting the government’s cashless policy. This is perhaps why you don’t need a soothsayer to tell you that the traditional payment system is under threat.

There is still a lot of work to be done as Nigeria’s economy is still largely a cash-based economy despite the efforts of the Central Bank of Nigeria. Regardless, there has been so much progress. So, we will look at some of the progress being made and how the digital payment system encouraging Nigerians to carry little or no cash around to settle transactions.

Convenience

Your PayTv subscription was suddenly suspended while watching a top league match in the night. What will you do? You can’t visit a physical store to renew your subscription. The next reasonable thing to do is to grab your phone, download the Jumia One App and pay for your subscription. And immediately your payment is confirmed, it will be renewed. This process takes less than 5 minutes. It is very very convenient.

Safe and secure

Banks and fintech companies now understand the importance of assuring their customers of the security of their transactions. This is why they budget and spend millions of naira on ensuring that their systems are impenetrable. Today, in Nigeria, you can send and receive money, buy a prepaid card and pay for a transaction without worrying about losing your money. This is not the case with the traditional payment system where you are unsure of who would swap your money, and the number of hours spent counting money can be used for something else.

Supports the economy

Excess liquidity (too much cash) can raise inflation and impact the exchange rate, and interests rates. This is why the Central Bank of Nigeria usually have no choice than to mop-up cash so as to limit the cash exchanging hands. Also, this is the reason why the CBN place a limit on cash withdrawals and if you are going above that withdrawal barrier, there is a penalty. There is no doubt that digital payments support and grow the economy.

Payments are easily traceable

If you demand from your bank to see your bank statement, you will get it or alternatively, you log into your internet banking to see your statement. Also, if a transaction goes wrong, the mistake can easily be traced and appropriate corrections made. Any of these does not apply to cash transactions or the traditional payment system. You only need to lay a complaint.

Provision of discounts

Going digital can benefit the users in terms of discounts provided to them for various purchases. For example, for encouraging people to use a digital payment, Jumia Pay will give you 5% cash back. Such incentives and measures will help people be more digital-friendly.

Can’t Imagine Spending My Life With Anyone Else” – Davido’s Love Letter Chioma on Her Birthday – Video

Today April 30th is Davido’s girlfriend, Chioma Rowland’s birthday.
The singer took to his Instagram page to express his unflinching love for her as he celebrated her on her birthday.

”Happy Birthday TO THE LOML  @thechefchi It’s your Birthday All week !!?? WHERE WE GOING ??!! God bless you for me ! Can never Imagine Spending the Rest of life With any one ELSE !! I love you BABY !! GREAT THINGS AHEAD !! Davido wrote

Watch the video Davido shared on Instagram below.

Indian boy runs over chicken, takes it to hospital with his pocket money

The 6-year-old boy who ran over the chicken, was praised by his school for his actions after a post detailing his efforts went viral on Facebook. The viral post was shared by Facebook user Sanga Says on April 2.

“This young boy from Sairang, Mizoram, accidentally ran over his neighbour’s chicken. He took the chicken, ran to a nearby hospital and with all the money he had, asked for help,” says the post.

Online Jobs You Could Do & Earn Up To N80,000 Monthly

Before landing your dream job, one of the most flexible and rewarding online jobs you can do from your home today is to execute virtual gigs on iProo. You could earn up to N80,000 on a monthly basis working from home.

Working from home isn’t for everyone, but if you are confident, disciplined and self motivated – freelancing may just be the exact thing you need to consider.

BBNaija Angel weds his Canadian Girlfriend, Flaunts his Ring!

Big Brother Naija Star, Angel has gracefully wedded his Canadian Girlfriend, Felicia, today, April 30th at a registry in Port Harcourt, Rivers state.

The star who was excited through out the ceremony in the state was also pictured flaunting his ring!

Boko Haram Fighters Are Usually Paid $3,000 Daily – Sidi Ali Mohammed

A member of the Presidential Committee on the North East Initiative (PCNI) Dr. Sidi Ali Mohammed has disclosed Boko Haram fighters were being paid $3,000 daily.
He made this disclosure at the Presentation of the International Monetary Fund (IMF) Sub-Sahara Africa’s Economic Outlook Report, in Abuja on Monday.

Doctor Shares Experience With An Employer In Abuja, rejects N70K salary

A Nigerian doctor who rejected a N70k salary from an employer in Abuja, took to Twitter to share his experience in which he ended up being called rude. According to the Doctor who rejected the N70K salary from an employer in Abuja, he saves lives and should be well paid. He further revealed that he asked the Chief Medical Director if he can receive same N70K salary he is offering him. Read his tweet below;

Billionaire Arthur Eze shows off his money moves at an event, dances GBE body- Video

Billionaire Arthur Eze shows off his money moves at an event, dances GBE body.
According to the video making rounds online, the billionaire danced like David as people cheered him.

Forgive Churchill” – Fans Comes For Tonto Dike After Dropping This Post

After dropping a post on her Social media page that preaches forgiveness, Tonto Dike’s fans didn’t come easy on her as they related the post to her ex husband, churchill.

Some said she should Forgive him, others said she should practice what she preach.

Oluwaseyi Shorinola, Emmanuel Balogun, Rufus Akinyemi Get $391500 Research Grant

3 Nigerians, Others Each Get $391,500 Research Grant To Develop Africa

Nigerian-born scientists, Oluwaseyi Shorinola, Emmanuel Balogun, Rufus Akinyemi and 27 other early career African scientists were last week in Naivasha, Kenya honoured with $391,500 each for a two- year research project aimed at developing the continent.