The preliminary theme of the most competitive analysis is a question: Who is your competition? That’s because most companies view their competition as another brand, product, or service. However, insightful leaders and establishments go extensive.
The question is not who your competition is but what it is. The realistic response to this is this: Your competition is any and every difficulty your consumers bump into along their journeys to using your company’s products. To reinforce my point, I will give a little illustration.
When I read about the fintech industry in Nigeria – I see a lot of work done from all the top players in the sector. I am particularly impressed by what I read and perceive Renmoney on the country’s media. So when I visited Nigeria, I wanted to get a first experience of the brand. I was going to review from afar the work that fintechs in Nigeria do. In fact, Renmoney was top of the mind for me.
Renmoney operates under the licence of a Microfinance bank but is in practice a fintech lending company. I must say that to have communicated their brand as fintech was indeed a customer-centric idea that I found creative. How else do you want to effectively approach and cater to the public if you drag the tag microfinance around you? Everyone knows how it is such a turnoff.
During my last visit to Lagos, sometime in March this year, I was impressed by the firm’s advertising strength but then that was not all. In fact, much more than that, I was impressed with the perception of most people interacted with about the brand.
Having a combination of a mobile kiosk, an online platform and the usual brick-and-mortar are clear indications that this fintech company is headed for a more disruptive 2020. A clear indication of this is Renmoney’s mobile kiosk that I saw around some parts of Lagos from Surulere to Ajah and some other locations. These are the locations I can recall. This service was singularly bringing credit to the public. Imagine, thinking you need the money and as you turn around, you sight a Renmoney mobile lending kiosk. Brilliant, right?
At the end of the day, it’s your customers who have the ultimate idea of what is good and bad about your services. It’s your customers who buy your products; and in all truth, it’s your customers who will keep you in business. There are four good questions to answer in learning about your customers.
- Who are they?
- What motivates their behaviour?
- Where do they spend most of their time doing and at where?
- What are they saying about you?
Let’s start getting to know your customers, as intimately as possible. In fact, obsess over them.
Amazon CEO Jeff Bezos once said, “If we can keep our competitors focused on us while we stay focused on the customer, ultimately we’ll turn out all right.”
(Audio) CIBN scores Buhari administration high on banking regulation
DMO raises N66.9bn at July bond auction
, The Debt Management Office (DMO), says the Federal Government raised N66.9 billion at its bond auction on Wednesday, as part of moves to finance the 2018 budget.
The DMO said on its website that the bonds were auctioned in three tenors of five, seven and 10 years.
This, it said, was to give its diverse investor base an opportunity to choose their preferred tenors.
It said investors showed a strong preference for the 10-year bond with a total subscription of N50.51 billion compared to the N40 billion that was offered.
However, N46.39 billion was allotted.
“The Federal Government bonds at the auction were allotted at 13.69 per cent for the five year, 14 per cent for the seven year and 14.2 per cent for the 10-year bond.”
According to the auction results posted on the website, DMO stated that out of the N25 billion offered for the five year bond, subscriptions to the value of N12.93 billion was received, while N8.93 billion was allotted.
It also said that for the seven year paper, N13.58 billion subscriptions were received for the N25 billion on offer. However, N11.58 billion was allotted.
Nigeria issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.
FEC okays N15.7bn for Enugu-Anambra road project
“The contract was awarded in 2012 and they were spurs off the Enugu-Onitsha Highway to six different communities, Ebenebe, Agba, Umana-Ndiagu, Nkpodu, Ekeagu and Ugwuoba.
“Because of lack of appropriate budgeting and funding all of these projects could not be completed.
“There were failures in the implementation as we inherited it; there was also the need to provide for erosion control measures and drains.
“That has led to the revision of the existing contract awarded in 2012 from N10.3 billion to 15.734billion.”
Fashola said that it was the revision to enable the contract to be completed that was presented and approved by the council.
edited by Sadiya Hamza
Annan lived a great life, says Moghalu
By Chioma Ugboma
Lagos Aug. 19, 2018 A former official of the United Nations (UN), Prof. Kingsley Moghalu on Saturday described the late Kofi Annan as a man who lived a great life.
The Nigeria News Agency reports that Annan, the 7th UN Secretary General between 1996 and 2007, died on Saturday at the age of 80.
The late Ghanaian diplomat, was a recipient of the prestigious Nobel Peace Prize and led the UN through some of its biggest reforms in order to build a stronger, more capable organization.
In a tribute sent to NAN in Lagos, Moghalu said: “In April I started my tribute to Kofi Annan on his 80th birthday with this quote: “To live is to choose. But to choose well, you must know who you are and what you stand for, where you want to go and why you want to go there.
“These are the powerful words from Mr Annan himself; words that have made an indelible mark on both my professional and personal lives.
“On a personal note, I have long admired his adventurous spirit, one that he encouraged in me and others, to seek divergent career paths that ultimately would make for a better employee, and a better organization.
“He himself had taken a circuitous route to his role as leader of the world’s most important body, and he left a strong mark. Long after Mr Annan left, he was spoken of fondly by staff who remembered not just his work, but his calm, intellectual personality that was a much-needed influence in the organization.
“In my tribute, I wrote that his was a “life of consequence”, not merely because he, like, Nelson Mandela, had achieved the feat of projecting a positive role model for black African excellence like few others had, but because he also sought to change the world—and did.
MTN Nigeria denies CBN claims on illegal repatriation of $8.1b
MTN Nigeria denies CBN claims on illegal repatriation of $8.1b
By Chiazo Ogbolu
Lagos, Aug. 30, 2018
MTN Nigeria on Thursday refuted the claims by the Central Bank of Nigeria that it illegally, in collusion with four Nigerian banks repatriated $8.1billion from its Nigerian operations to offshore investors.
The CBN said the remittances between 2007 and 2015, in tranches of of 2.63 billion dollars, 1.766 billion dollars and 348 million dollars were done in flagrant violation of the rule that says it can only be done with regular ‘Certificates of Capital Importation (CCIs)’ issued by the apex bank.
The CBN said MTN did the repatriation after illegally converting shareholders’ loan of $399, 594,146 to preference shares.
As part of the sanctions, four banks, Stanbic IBTC Nigeria, Citibank Nigeria and Diamond Bank Plc, were fined by the CBN.
Standard Chartered Bank would pay a fine of N2.47 billion, Stanbic IBTC, N1.88 billion, Citibank Nigeria, N1.26 billion and Diamond bank, N250 million.
“MTN Nigeria received a letter on Aug 29 from Central Bank of Nigeria (CBN) alleging that Certificate of Capital Important (CCIs) issued in respect of the conversion of shareholders’ loans in MTN Nigeria to preference shares in 2007 had been improperly issued.
`As a consequence they claim that historic dividends repatriated by MTN Nigeria between 2007 and 2015 amounting to $8.1 billion need to be refunded to the CBN.
“MTN Nigeria strongly refutes these allegations and claims.
“No dividends have been declared or paid by MTN Nigeria other than pursuant to CCIs issued by our bankers and with the approval of the CBN as required by law,” he said.
Aina said that the issues surrounding the CCIs had already been the subject of a thorough enquiry by the Senate of Nigeria.
He added that in September 2016 the Senate mandated the Committee on Banking, Insurance and other Financial Institutions to carry out a holistic investigation on compliance with the Foreign exchange (monitoring and miscellaneous) Act by MTN Nigeria & Others.
He said that in its report issued in November 2017, the findings evidenced that MTN Nigeria did not collude to contravene the foreign exchange laws and there were no negative recommendations made against MTN Nigeria.
“MTN Nigeria, as a law-abiding citizen of Nigeria, is committed to good governance and to abide by the extant laws of the Federal Republic of Nigeria.
“The re-emergence of these issues is regrettable as it damages investor confidence and, by extension, inhibits the growth and development of the Nigerian economy.
“We will engage with the relevant authorities and vigorously defend our position on this matter and provide further information when available.
CBN’s spokesperson, Isaac Okorafor, said the apex bank has written MTN Nigeria demanding a refund of the $8.13 billion, repatriated.
The Bank resolved to sanction the commercial banks following investigations in March 2018, which confirmed allegations of remittance of foreign exchange with irregular Certificates of Capital Importation (CCIs) issued on behalf of some offshore investors of MTN Nigeria.
Edited by Fela Fashoro