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Agriculture’s Ten (10) Most Recent Innovations/Technologies in Nigeria

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Agriculture’s Ten (10) Most Recent Innovations Technologies in Nigeria

Agriculture’s Ten (10) Most Recent Innovations/Technologies in Nigeria

According to Food and Agriculture Organization (FAO), Nigeria is rich with 70.8 million hectares of agricultural land, and the most popular crops grown on Nigeria’s soil are rice, yam, millet, and corn. Nigeria boosted its rice production from 3.7 million tons in 2017 to 4.0 million tons in 2018. Despite this, just 57 percent of the 6.7 million tons of rice consumed in Nigeria each year is produced locally, leaving a 3-million-ton gap that must be imported or smuggled into the country illegally. To enhance domestic production, the Nigerian government prohibited rice importation to the country in the year 2019.

In Nigeria, which is the most populous country in Africa, food insecurity is on the rise; according to World Bank development indicators, nearly 8% of the population was undernourished in 2015, up from 6% in 2007. Besides, The United Nations’ Food and Agriculture Organization (FAO), availed that the agriculture business in Sub-Saharan Africa will grow from US$200 billion in 2015 to US$1 trillion in 2030, posing both a challenge and an opportunity for small farmers and investors in the continent.

Agriculture’s Ten (10) Most Recent Innovations Technologies in Nigeria

Agriculture in Nigeria is in desperate need of reform, yet it remains a critical component of the country’s economic development. Nigeria, with its rich agricultural resources, needs a diversified economy rather than one that is heavily reliant on petroleum. It is unjust for a country with such agricultural potential to rely solely on crude oil to sustain its economy. Innovations to strengthen the agriculture sector should be adopted for Nigeria to effectively diversify its economy and avoid the consequences of just relying on oil. Nigeria was rated 119th on the 2017 Global Agricultural Innovation Index, according to a recent study published by the Global Innovation Index. Last year, the country was rated 114th. Apart from noting Nigeria’s lack of inventive prowess, particularly in the agriculture sector, the Global Agricultural Innovation Index also raises worries about the country’s food industry’s low level of exploitation.

Nigeria has therefore transitioned from a traditional corporate model to a startup economy during the last five years. However, it appears that relatively few entrepreneurs have looked into or operated in the agriculture market. According to the 2014 Hunger Index, it was revealed that Nigerians are facing food shortages leading to a high increase in hunger among Nigerian citizens, and the Speaker of the House of Representatives, Yakubu Dogara, acknowledged hunger and poverty in the country in 2017. Given that agriculture accounts for 24% of Nigeria’s GDP and was the primary driver of the economy previous to the discovery of petroleum.

Additionally, Agriculture was once thought to be the profession of a poor and uneducated man in Nigeria. However, as more people turn to agriculture as a source of income, attitudes are changing; the sector now employs nearly two-thirds of the workforce and accounts for 37% of GDP rise in Nigeria’s economy. Subsistence farmers are increasingly turning to innovative technologies to increase their production and marketing. This includes everything from collaborating with companies that provide drone technology and remote sensing to using social media to interact with other companies in the industry. With a population of over 200 million people, Nigerian farmers, businesses, and governments face a huge demand for their products.

 

Agriculture’s Ten (10) Most Recent Innovations/Technologies in Nigeria

Smallholder farmers in Nigeria are turning to innovative technology to enhance food productivity and marketability as the food crisis deepens. Food insecurity is expected to climb by 2 billion people by 2050, with Sub-Saharan Africa accounting for more than half of the increase.

  1. Recent Irrigation Techniques:

Using improved water control techniques, modern water system strategies have made it possible to increase farm output. Many types of water system hardware, such as siphons, dams, and sprinklers, are now in use in Nigeria. The River Basin and Rural Technology Development Authority ought to be supported by the Nigerian government to help increase agricultural productivity in Nigeria. Surface irrigation, localized irrigation, drip irrigation, sprinkler irrigation, sub-irrigation, and manual irrigation are some of the most prevalent methods of irrigation used by farmers for the artificial delivery of water to the soil in Nigeria. The current irrigation system plans in Nigeria include; Bakalori, 13,557 hectares, Zamfara; Hadeja Valley, 6,000 hectares, Jigawa; and Kano River, 15,000 hectares, Kano, others are Dadin Kowa, 2,000 hectares; Middle Rima, 4,333 hectares; and Gari, 2,114 hectares water system plans arranged in Gombe; Sokoto and Kano/Jigawa state individually.

 

  1. Improved Holding, Manufacturing, and Transportation Modes:

Advances in science and technology have made it easier to move farm goods throughout Nigeria. Transporting fish and meat in refrigerated trucks is one example. Chemicals are often employed to extend the life of crops. Farm storage is a significant part of farming in agriculture, this is because not all of the farm’s output is consumed or sold immediately. Other agricultural items must also be stored to be used as needed, as a result, farm storage is vital for the preservation of farm goods for future consumption. Types of farm storage include; barns, trenches storage system, silos system of storage, cribs method of storage, bags and sacks method of storage, and shelves storage system.

  1. 3. The Use of GIS Technology in Nigeria:

As fields depend on location, GIS software is becoming a very important tool for precision farming in Nigeria. Educated farmers can use GIS software to map current and future changes in rainfall, temperature, crops, plant health, and other variables. It also allows farmers to use GPS-based treatments with smart machines to optimize the application of fertilizers and pesticides; because they do not have to treat the whole field. Another significant advantage of GIS-based agriculture is the use of satellites and drones to obtain vital data from a bird’s eye view of plants, soil conditions, weather, and topography. Such information greatly increases the accuracy of decision-making in Nigerian agriculture, although GIS has been used in Nigeria for other uses, it has become an important tool in agriculture in Nigeria, and the Nigerian Ministry of Agriculture has used GIS technology to improve agriculture in Nigeria. There are various GIS platforms used in Nigeria, including; ArcGIS, QGIS, and SAGA GIS are all utilized in agriculture in Nigeria.

  1. Modern Drones usage in Nigeria:

Farmers may use drones to precisely quantify crop biomass, plant height, weed presence, and water saturation on specific field sections. Drones deliver better and more accurate data with higher clarity in resolution than satellites. When drones are handled locally, they offer critical information faster than scouts. Drones are also regarded as unequaled allies in the fight against insects; the invasion is avoided by spraying pesticides on the hazard areas with drones, all while decreasing the risk of chemical poisoning from direct contact. Even though of the fact that drones are easy to operate and can capture massive amounts of data in a short amount of time farmers in Nigeria still find it difficult to use GIS for precision in farming. Two types of drones are suited for agriculture: fixed-wing and multi-rotor drones.

  1. Better agricultural tools and equipment used:

Recently in Nigeria, the days of utilizing simple agricultural implements are long gone. Agriculture has become significantly slower and less productive as a result. Halos, manual fertilizer drills, combine harvesters, tractors, and manual planters are examples of machines that have helped boost output agricultural production in Nigeria, and also make farming operations in Nigeria a lot easier and faster, thereby creating a convenient and suitable way for farmers to engage in agricultural activities and promote the productivity of crops in Nigeria.

  1. Soilless Farming:

Another modern agricultural invention employed in Nigeria is soilless farming, which involves dangling the roots of crops in the air and misting them. The process, which takes place in a controlled environment, has several advantages, including the fact that it uses very little water, energy, and manpower. Crops are also easy to harvest and pests are few. Plants may be grown without soil in soilless farming. Any method of growing plants without the need for soil as a rooting medium, in which the nutrients taken by the roots are given by irrigation water is classified as soilless farming, Hydroponics, aeroponics, and aquaponics are examples of soilless agricultural systems used in Nigeria.

  1. Soil and Water Sensors

Nigerian farmers have also employed soil and water sensors, which are critical in today’s agriculture. These sensors are durable, discreet, and affordable. Even smallholder farmers in Nigeria are finding that soil and water sensors are cost-effective not only to use, but also to deploy on their farms, and offer a variety of advantages. These sensors, for example, can monitor moisture and nitrogen levels, allowing the farm to use this information rather than relying on a pre-set schedule to determine when to irrigate and fertilize. This not only results in more efficient use of resources and cheaper costs but also contributes to the environmental sustainability of the farm by saving water.

 

  1. Satellite Imagery:

Satellite imagery has become a veritable tool not just in environmental management both also in the management of natural resources and monitoring of agricultural products in Nigeria. They are many satellite imagery platforms used in Nigeria which are Land sat, ESRI imagines, and hyperspectral. Real-time crop imagery has become possible as remote satellite imaging has become more advanced. It’s not just bird’s-eye photos; these are photos with a resolution of up to 5 meters. the use of satellite imagery has allowed the farmer to observe the crops as if he/she were standing next to their farm, but without having to do so. Even a weekly aerial photo view can save the farmer a lot of time and money. This system/ remote sensing technique can also be linked to crop, soil, and water sensors, allowing farmers to receive reports as well as appropriate satellite photos when hazard thresholds are reached.

  1. Weather Condition Monitoring:

Regardless of the way that we poke fun at our neighborhood meteorologists, automated weather conditions technologies are getting increasingly advanced. farmers utilize dedicated onboard and portable farm technologies, as well as mobile apps that run on almost any consumer smartphone, which are used to access internet weather services that are solely focused on agriculture. This technology can provide enough prior warning of frost, hail, and other weather events for farmers to make preparations to safeguard their crops or at the very least limit losses. The use of weather prediction platforms is very important in the Nigerian agricultural system, especially in the northern part of Nigeria, it can help farmers detect the weather system and how it may influence their crop production or their farm yield, as well as help farmers know what type of crops to grow in a particular period.

  1. Pervasive Automation and Biotechnology:

In the agricultural technology business, the term pervasive automation refers to any technology that minimizes operator load. Autonomous vehicles driven remotely via terminals, as well as high-precision navigation technologies such as RTK navigation systems that optimize seeding and fertilization routes, are examples. The ISOBUS standard has already been adopted by most agricultural equipment, putting us on the cusp of an agricultural reality where balers, tractors, and other agricultural equipment can communicate and even function in a plug-and-play fashion. Biotechnology in agriculture is another modern technology used in Nigeria and it is utilized in agriculture to boost plant growth and yields, increase pest and disease resistance, and improve the nutritional value in fact, biotechnology-derived chemicals are thought to be present in up to 80% of all processed foods today. Examples of biotechnology in agriculture range from genetically modified crops to the Sterile Pest Technique (SIT) for insect control on fruit trees and grapevines.

It is important to note that the are many other advanced agricultural innovations and technology not been used in Nigeria, due to a lack of necessary funds to buy the latest agricultural technology used by developed countries all around the world, and another reason why Nigeria is also precedented with the shortage of modern agricultural technology is that Nigeria government shift their attention towards the use of crude oil, its exploration, exploitation, and importation of crude oil which it serves as the main source of income generation to the Nigerian economy.

 

Importance Of Agricultural Technology

Agricultural innovations and technologies have enormous benefits to the use of agriculture in Nigeria, during the prehistory, classical, and middle ages era of human existence, the method of farming involved the use of excessive effort, energy, and a lot of time consumption for the cultivation of crops and plants for man survival and these made agriculture in the ancient time a difficult task, due to lack of mechanized equipment to make agriculture more efficient, but now with the advancement of modern equipment in agriculture, it has made agriculture more efficient and easier to undertake all over the countries in the world with Nigeria not exempted, the use of modern technology has helped Nigeria in the production of large agricultural products with limited time and in an enormous quantity.

Agriculture technology provides several benefits which include;

  • Agricultural innovations/technologies in Nigeria have increased crop yields and these in return have helped in the production of food crops and cash crops in large quantities in the country, thus making Nigeria the seventh-ranked in the most recent World Bank assessment of African nations’ agricultural and farming performance in the world.
  • The use of agricultural innovations and technologies in Nigeria has helped the Natural environment to be less harmed since less water, fertilizer, and pesticides are needed, resulting in reduced food prices, therefore making the agricultural process in Nigeria much more Eco-friendly and less harmful to the environment leading to sustainability of the environment for the present and future generation.
  • More worker-friendly amenities; less chemical discharge into rivers and groundwater. Thus, the use of agricultural technologies and innovations has helped improve the water quality in Nigeria due to less pollution of water bodies, therefore aiding in the protection of aquatic life from extinction.
  • Agriculture in Nigeria has benefited from robotic technology through the use of drones and other sophisticated technologies for farm use. These technologies make monitoring and managing natural resources such as air and water quality easier. It also gives farmers more control over plant and animal production, processing, distribution, and storage.

In due course, it is important to note that Agriculture accounts for over 22% of Nigeria’s GDP and more than 90% of employment, with the potential to boost the country’s GDP by 21 trillion naira in three years. Because the Nigerian government, corporate sector, and computerized biological systems are all focused on agriculture, there is no better moment than today to begin investing in or practicing farming. Even investors are now supporting a wide range of agricultural activities. Agriculture is also a focus for social business organizations like the Tony Elumelu Foundation. Additionally, agriculture like practically every other aspect of our life today is being revolutionized by technological advancements. Agricultural production will arrive sooner, fresher, and more cost-effectively thanks to cutting-edge agricultural technologies being used recently. Finally, agricultural technology will become increasingly computerized shortly.

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BANKING

The Impact of Supply Chain Disruption on Business Operations and Financial Performance 

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The Impact of Supply Chain Disruption on Business Operations and Financial Performance

Supply chain disruptions are very commonplace in today’s interconnected global economy, affecting organizations in a variety of industries. These interruptions may have far-reaching effects on a company’s financial performance in addition to its commercial operations. In addition to offering techniques to reduce the risks involved, this article seeks to give readers a thorough grasp of how supply chain interruptions affect corporate operations and financial performance.

MEANING OF SUPPLY CHAIN DISRUPTIONS 

Any incident or event that prevents information, services, or items from smoothly flowing through the supply chain network is referred to as a supply chain disruption.

It describes any situation or incident that stops the movement of products, services, or data inside a network of supply chains. These interruptions may happen at any time during the supply chain, from suppliers of raw materials to final consumers, and can lead to disruptions, shortages, higher expenses, and eventually affect the chain’s overall effectiveness and performance.

Disruptions to the supply chain can be divided into two categories: internal disruptions that occur within the company and external interruptions that occur outside the company.

TYPES OF SUPPLY CHAIN DISRUPTION

Disruptions to the supply chain can come from a variety of sources and take many different shapes. Typical forms of supply chain disruptions include the following:

  1. Natural Disasters: Incidents like hurricanes, floods, tsunamis, and wildfires can cause damage to transportation networks, destroy infrastructure, and force the closure of manufacturing and distribution facilities.
  2. Geopolitical Events: The movement may be impacted by trade disputes, tariffs, sanctions, war, terrorism, political instability, and changes in governmental policy. moving commodities across international borders, sour commercial ties, and cause bottlenecks in the supply chain.
  3. Supplier Issues: Delays in the delivery of components or raw materials might result from issues with suppliers, such as bankruptcy or sudden changes in production capacity.
  4. Transportation Disruptions: The supply chain as a whole may be impacted by delays in the delivery of goods caused by strikes, fuel shortages, accidents, port congestion, and other transportation-related problems.
  5. Demand Surges or Drops: Unexpected fluctuations in customer demand, such as sudden increases in orders or decreases in sales, can result in mismatches between supply and demand, which can cause delays in manufacturing and delivery.
  6. Cybersecurity Breach: Information technology system malfunctions, cyberattacks, or data breaches can impair critical data, interrupt the flow of products and services, and offerings.
  7. Quality Control Issues: Recalls, manufacturing halts, and supply chain interruptions may result from issues with product quality, safety, or compliance.
  8. Pandemics and Health Crises: Situations like the COVID-19 pandemic can result in worker shortages, manufacturing closures, travel restrictions, and interruptions to international supply chains.

IMPACT ON BUSINESS OPERATIONS

Disruptions to the supply chain can have a big effect on how businesses operate, impacting many different parts of what they do. Among these effects are the following:

  1. Production Delays: Supply chain disruptions may cause delays in the delivery of components, finished goods, or raw materials, which may cause production to halt or slow down. This may affect a business’s capacity to reach production goals and promptly complete orders from customers.
  2. Increased Costs: Expenses associated with carrying excess inventory, accelerating shipments, finding alternate suppliers, and putting emergency plans in place can all rise as a result of supply chain interruptions. These extra costs have the potential to weaken profit margins and lower overall financial performance.
  1. Customer Dissatisfaction: Customers may become dissatisfied and lose faith in the business as a result of delays in the delivery of goods or services. Customer loyalty and the company’s reputation may suffer as a result.
  2. Inventory Management Problems: Disruptions in the supply chain may result in inventory levels that are out of balance, with an abundance of certain commodities and a deficiency of others. This may result in ineffective inventory management, a lockup in working capital, and higher carrying costs.
  3. Operational Disruptions: When important vendors or partners in logistics are unable to deliver merchandise services as anticipated, it may cause daily operations of a business to be disrupted, affecting departmental productivity and efficiency.
  4. Risk of Loss of Market Share: Prolonged supply chain interruptions increase the likelihood that a company may miss out on sales opportunities, lose market share, and experience other negative effects. Those with more dependable supply chains could have an advantage over rivals.
  5. Legal and Regulatory Issues: When a supply chain is disrupted, there may be legal repercussions, including breaking contracts, missing deadlines, and breaking rules. Legal issues, fines, and reputational harm to a business may arise from this.
  6. Long-term Business Impact: A company’s financial performance, competitive position, and general viability may all be negatively impacted by protracted or severe supply chain disruptions. It might impair the business’s capacity to sustain connections with clients, vendors, and other business associates.
  7. Communication and Collaboration Challenges: Interruptions can make it difficult for supply chain participants to coordinate, make decisions, and solve problems. Both efficient crisis management and general operational efficacy may be hampered by this.

IMPACT ON FINANCE PERFORMANCE

A company’s financial performance can be significantly impacted by supply chain disruption in a number of ways, including:

  1. Increased Expenses: Supply chain interruptions frequently result in greater expenses for items like faster shipment, purchasing from more expensive alternative suppliers, keeping extra inventory on hand, or putting emergency preparations in place. The company’s profitability may be directly impacted by these added expenses.
  2. Revenue Loss: Supply chain disruptions may cause delays in completing client orders, which may result in a potential loss of revenue because lost chances to close deals. If there are delays or product shortages, customers can also look for other suppliers, which would mean fewer sales for the business.
  3. Inventory Write-offs: When there are disruptions in the supply chain, inventory levels might become unbalanced, with certain items having excess stock and others lacking. As unsold or outdated inventory builds up and negatively affects the company’s financial condition, this may lead to inventory write-offs.
  4. Contractual Penalties and Legal Expenses: If supply chain disruptions cause a party to miss contractual obligations, there may be penalties and legal expenses. Conflicts involving partners, suppliers, or customers may lead to legal action and more expenses.
  5. Long-Term Financial Impact: Extended or severe disruptions to the supply chain may have a long-term effect on the financial performance of the business, limiting its capacity to produce revenue and sustain long-term profitability. Stock performance and investor confidence may potentially be impacted by this.
  6. Working Capital Restraints: In order to minimize disruptions caused by supply chain disruptions, the business may need to store excess inventory or pay in advance for faster transportation. Money that may have been spent for other company endeavors is diverted by this.
  7. Business Continuity Costs: In order to avoid or lessen supply chain interruptions, businesses may need to make investments in business continuity and risk management techniques. These costs can have an adverse effect on their bottom line.
  8. Stock Market Reaction: When businesses see significant interruptions in their supply chains, investors may react negatively, which could lead to a drop in stock prices. The market capitalization of the company could be impacted if investors lose faith in its capacity to handle risks.
  9. Legal and Regulatory Repercussions: Disruptions to the supply chain may result in legal and regulatory repercussions, such as breaking contracts or neglecting to fulfill duties to customers. A company’s reputation and financial performance can be severely impacted by lawsuits, fines, penalties, and compliance expenses.

STRATEGIES FOR MITIGATION

Businesses can handle supply chain disruption and reduce its impact on operations and financial performance by implementing a number of mitigation techniques, such as:

  1. Diversify Your Supplier Base: Dependence on only one source might make disruptions more likely. Increasing the variety of suppliers helps lessen the effect of interruptions from a particular source.
  2. Supply Chain Insight: Put in place systems and technology that offer real-time insight into every aspect of the supply chain, including transportation, production status, and inventory levels. This visibility aids in identifying anticipate possible problems and make proactive mitigation strategies possible.
  3. Risk Assessment and Management: Perform thorough risk analyses of the supply chain to find possible weak points and put risk management plans in place to lessen their effects.
  4. Contingency Planning: To handle and minimize supply chain interruptions, create and update backup suppliers, logistics routes, and alternate sourcing choices.
  5. Cooperation and Communication: Create effective channels for cooperation and communication with consumers, logistical partners, and suppliers. Having solid connections and open channels of communication will make it easier to deal with interruptions in a cooperative and efficient manner.
  6. Inventory Management: Use agile inventory management techniques to balance supply and demand, keep ideal inventory levels, and lessen the effects of shortages and surpluses brought on by disruptions.
  7. Adoption of Technology: Invest in Supply chain resilience and agility can be improved by utilizing technology like blockchain, supply chain management systems, and predictive analytics.
  8. Financial Risk Management: To lessen any financial effects, assess your exposure to financial risk as it relates to supply chain interruptions and take into account risk transfer strategies such supply chain insurance.
  9. Technology Adoption: Supply chain visibility, traceability, and control can be improved by utilizing cutting-edge technologies like blockchain, data analytics, automation, artificial intelligence, and the Internet of Things (IoT). By facilitating real-time monitoring, predictive analytics, and prompt decision-making, these technologies improve resilience and lessen the effects of disruptions.
  10. Scenario Planning: Create and maintain scenario plans that take into account a range of possible interruptions and how they can affect financial performance and business operations.

CONCLUSION

Disruptions in the supply chain significantly affect financial results and commercial operations. Companies need to proactively identify risks, improve teamwork, use technology, and create strong contingency plans in order to successfully traverse these issues. Businesses may reduce the effects of disruptions, enhance financial performance, and preserve a competitive edge in the complex and unpredictable business world of today by putting these mitigation techniques into practice.

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BANKING

Five Ecobank affiliates win Bank of the Year 2023 awards and Ecobank Zimbabwe wins Global Award for Financial Inclusion in The Banker’s Awards 2023

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Five Ecobank affiliates win Bank of the Year 2023 awards and Ecobank Zimbabwe wins Global Award for Financial Inclusion in The Banker's Awards 2023

Five Ecobank affiliates win Bank of the Year 2023 awards and Ecobank Zimbabwe wins Global Award for Financial Inclusion in The Banker’s Awards 2023

Ecobank Benin, Ecobank Guinea, Ecobank Liberia, Ecobank Mali and Ecobank Togo were all named ‘Bank of the Year 2023’ in their respective countries.

Ecobank (www.Ecobank.com), the leading pan-African Banking Group, is proud to announce that Ecobank Zimbabwe has won the ‘Global Award for Financial Inclusion’ in The Banker’s Awards 2023. In addition, Ecobank Benin, Ecobank Guinea, Ecobank Liberia, Ecobank Mali and Ecobank Togo were all named ‘Bank of the Year 2023’ in their respective countries.

Five Ecobank affiliates win Bank of the Year 2023 awards and Ecobank Zimbabwe wins Global Award for Financial Inclusion in The Banker's Awards 2023

Ecobank SADC Cluster Head, Mr. Moses Kurenjekwa (2nd right) and Zimbabwe’s Head of Customer Experience, Mr. Tichaona Gandanhamo (2nd left) with The Banker’s Bank of The Year Award trophies for Benin, Guinea, Liberia, Mali and Togo. The five affiliates defied stiff competition to emerge the best in their respective markets. They were flanked by officials from The Banker Awards team.

Jeremy Awori, Chief Executive Officer, Ecobank Group, said: “These awards reflect the hard work of all Ecobankers across our Group and could not have been won without the support of our customers and partners. Ecobank Zimbabwe’s Global Award for Financial Inclusion 2023 also reflects the runaway success of its partnership with CARE Zimbabwe and UN Women. It is delivering financial inclusion to over 50,000 rural Zimbabwean women by enabling them to create commercially viable formal enterprises that are boosting local economies. I am also immensely proud of our affiliates in Benin, Guinea, Liberia, Mali and Togo for winning Bank of the Year 2023 awards. I am confident that they, along with all our other affiliates, will continue to deliver excellent banking experiences to all our customers.”

Five Ecobank affiliates win Bank of the Year 2023 awards and Ecobank Zimbabwe wins Global Award for Financial Inclusion in The Banker's Awards 2023 .

Ecobank SADC Cluster Head, Mr. Moses Kurenjekwa (2nd right) displays the first ever ‘Global Award for Financial Inclusion 2023’ trophy won by Ecobank Zimbabwe. Mr. Kurenjekwa was accompanied by Zimbabwe’s Head of Customer Experience, Mr. Tichaona Gandanhamo

Ecobank Zimbabwe’s programme provides financial inclusion and revolving loans to Zimbabwean women’s village associations engaged in grower’s schemes, grocery shops, horticulture and more. The sustainability of the initiative is guaranteed as it revolves funds repaid through its programme of flexible lending/credit terms and low interest rates. The runaway success of the scheme enabled it to expand its women entrepreneur beneficiaries from 7,500 to 52,500 during the first six months of 2023. The bank has created a financial ecosystem, with producers, buyers and suppliers using Ecobank’s digital channels for their transactions. In addition, it has created single market trade hubs at local levels, which will eventually be transformed into a regional market trade hub once the businesses grow to export level.

The judges of The Banker’s awards took account of numerous factors in their decision-making.

  • For the Financial Inclusion Award, they assessed banks globally – across both industrialised and developing economies – on how they address the challenge of including the poorest members of society in the financial system. They also took account of how the banks serving this segment perform a social function and their ability to potentially transform these customers into the high-margin customers of the future.
  • The Bank of the Year Awards focused on rewarding and promoting excellence in the banking community and the criteria assessed also included banks’ abilities to deliver returns, gain strategic advantage and serve their markets.

Ecobank’s awards were presented at The Banker’s 2023 Awards Ceremony, which was held on 30 November 2023 at the Sheraton Grand Hotel, London, UK.

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BANKING

How Kora Payment Link Helps Online Businesses To Grow

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How Kora Payment Link Helps Online Businesses To Grow

The advent of technology with the COVID-19 pandemic has increased the adoption and popularity of online businesses. This is owed to the ability to operate small and medium-sized businesses from anywhere across the globe – which alludes to the fact that the world is now a global village: How Kora Payment Link Helps Online Businesses To Grow.”

Therefore, there has been a meteoric increase in the number of online shoppers seeking products or services from the available businesses in the digital space.

This is evident in the emergence of e-commerce platforms that operate as an online marketplace for both buyers and sellers. It is also playing out in social commerce through the use of platforms like Facebook, Instagram, or X (Twitter) that people continuously use for their shopping experience.

By and large, online business is today a thriving venture that continues to generate a staggering income for businesses and the local economy.

One of the major perks of online businesses is the flexibility of their payments, such that merchants can offer a range of payment methods. The most common options are bank transfers or card payments, in which businesses provide their customers with bank account details to pay.

But as innovation continues to meet the evolution of online businesses, Kora is making payment strategy seamless for both merchants and their customers. This is through the Kora Payment Link.

What Is Kora Payment Link?

A Kora Payment Link is a clickable link that enables business customers to complete a purchase. This is offered as a digital link, which can be used across various social media platforms, websites, or other messaging tools.

How this works is that a customer is directed to a merchant’s online checkout page to complete their transaction anytime they use the Kora Payment Link. This link can be used for both a single transaction, as in a customer invoice and for multiple transactions, as a buy button on social media platforms.

It should be noted that the Kora Payment Link facilitates simple online payments as it does not require a website or code to create and use the link. Therefore, online businesses can easily create a payment link that takes customers directly to the online checkout page of the merchant.

Furthermore, the Kora Payment Link can be used for fundraising, donation, and subscription purposes.

Benefits Of Kora Payment Link To Online Businesses

  • Accept Payments Anywhere

You can receive payments from your customers across the globe through the payment link that you can easily share on social platforms or websites. This is also a “call to action” strategy to compel your customers to complete their purchase with you without delay.

  •  Keep Payments Simple

Customers do not have to log into a mobile app or website before paying. This is because they can easily click the link anytime and from anywhere to take them to the checkout page to complete their purchase.

  • Flexible Payment Options

Kora Payment Link provides online businesses various payment options tailored to their preferences. This can be bank transfers, payment cards, or other digital payment methods like Apple Pay or Google Pay.

Therefore, it is the volition of online businesses to design their payment links towards their preferred payment options. Hence attracting customers to complete their purchase with the knowledge that they can use certain payment gateway.

How Online Businesses Can Use Kora Payment Link

Here is a quick step for using the Kora Payment Link:

  • Create a Kora account and log in.
  • Navigate to “Payment Link.”
  • Enter your details and customize your link with certain preferences.
  • Preview your link and activate it.
  • Share your Kora Payment Link on social media platforms and other messaging tools.
  • Start receiving payments.

Conclusion

We can not overemphasize the importance of having a sustainable payment strategy for online businesses to attract more customers who would complete purchases with them. That is why Kora introduced a payment link which merchants can easily share with their customers for transactions.

Kora Payment Link is easy and free to use, and you can get started by creating a Kora account now. [site]

 

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