Business
Firm Plans To Tackle Metering Gap With Tech
Sequel to high electricity tariff, particularly with Band A consumers, a firm, Hexing Nigeria, has said it is committed to providing affordable and renewable electricity for Nigerians.
This was as the firm launched technologies to close Nigeria’s metering gap, reduce line loss, and enhancing the renewable energy landscape.
Hexing, in a statement made available to journalists, noted that it had supplied and installed over 12 million smart devices across different countries.
The company, through its Nigeria representative, Timmy Shi, in the statement, said the company was ready to address Nigeria’s energy poverty and enhance the renewable energy landscape, saying that the firm was proud to be at the forefront of deploying cutting-edge technologies that would revolutionise the renewable energy sector.
”Our latest technologies help to tackle the problem of electricity, especially with the increase in tariffs among Band A users. Using our solar products can reduce their dependence on the national grid.
“We are set up to support local installers, stores and people who are in the solar market space with installation, technological and marketing support.’
“Our focus areas include providing high-quality solar PV panels, inverters, batteries, and energy management systems. These solutions are tailored to meet the unique energy needs of Nigerian households and businesses, promoting the adoption of clean and renewable energy sources”, she noted.
The statement also disclosed that the Vice President of Hexing Group, Simon Ye, said Hexing Nigeria would continue to enhance technologies to combat line loss effectively.
“Hexing’s IoT technology, integrated into most prepaid meters in Nigeria, is specifically designed to combat line loss, by enabling real-time monitoring and management of energy consumption.
“Our IoT solutions detect and prevent unauthorised access and tampering, ensuring that energy distribution remains fair and efficient.
“We are committed to providing accessible and affordable energy and clean water to the people of Africa. Our comprehensive portfolio of solutions includes high-quality solar products, smart water systems, and innovative energy management technologies”, he declared.
Corlins Walter
Business
E-Commerce Platform Revolutionises Online Businesses, Empowers SMEs
A revolutionary online marketplace launched in December 2023, Naijamart.com, is shaking up the landscape for Nigerian businesses.
The multi-platform ecosystem is designed to empower businesses of all sizes and connect them with a wider audience at zero cost.
It offers diverse range of platforms on catering to specific business needs, and its product platform allows the buying and selling of a vast array of products, from electronics and fashion to home ware and groceries.
Naijamart Motors provides a dedicated space for seamless transactions, including buying, selling, or leasing a car, motorcycle, or any other vehicle, and also provides a dedicated space for seamless transactions.
According to the facilitators, Mr. Olalekan Emmanuel Odusanya and Mr. Moses Omhekono Owolabi, the platform was created to fill a significant void in the e-commerce industry, bridging the gap between vendors and buyers while providing enhanced security.
“Our vision is to create a platform where everyone benefits. We have meticulously designed the platform with an array of innovative tools and features to ensure that every user, regardless of their role, enjoys a seamless and rewarding experience.
“The platform is user-friendly, ensuring that even those with minimal technical skills can easily create and manage their online storefronts, and guarantees triple sales through its comprehensive support system and innovative features designed to maximise visibility and customer engagement.
“This multifaceted platform has also been the bedrock and backbone for many SMEs, providing support to the underserved and less privileged and grants to businesses”, Odusanya said.
Business
Analysts Fear Bank Recapitalisation May Worsen SMEs’ Funding
Analysts have said that the ongoing recapitalisation in the banking sector was pushing the industry towards greater consolidation, with significant implications for lending practices, especially for small and medium enterprises (SMEs).
They also noted that the Central Bank of Nigeria’s directive for banks to increase their capital base was not only reshaping the landscape by encouraging mergers among smaller banks, but also raising concerns about restricted access to credit.
According to the Head of Research at a financial market infrastructure group warehousing, FMDQ, Vincent Nwani, the recapitalisation was likely to lead to a wave of mergers and acquisitions, as smaller banks may find it difficult to meet the stringent capital requirements on their own.
“The recapitalisation will undoubtedly lead to further consolidation in the banking sector.
Smaller banks may struggle to meet the new requirements independently, prompting more mergers and acquisitions. This consolidation is likely to create a more competitive environment but may limit credit access for smaller enterprises,” Nwani explained.
Meanwhile, a Professor of Economics at Babcock University, Olusegun Ajibola, warned that while the recapitalisation might strengthen the overall banking sector, it could also result in tighter lending conditions, particularly for SMEs.
He noted that banks, in their effort to meet the new capital requirements, might prioritise capital accumulation over lending, which could temporarily reduce the availability of credit for SMEs.
“While the recapitalisation will strengthen the banking sector, the immediate effect will be a tightening of lending, particularly to small and medium-sized enterprises.
“Banks are focused on shoring up their capital, which could temporarily crowd out credit availability for SMEs, crucial to our economy,” the former president of the Chartered Institute of Banking of Nigeria noted.
The Tide’s source reports that the Association of Securities Dealing Houses of Nigeria(ASHON) has accused banks of bypassing licensed stockbrokers as receiving agents in the fresh recapitalisation exercise.
The Chairman of ASHON, Sam Onukwue, and its Secretary, Athan Ogbozor, stated that the association was empowering their staff members, including drivers and receptionists, to issue and receive share subscription forms.
Business
FCMB Moves To Empower Nigeria’s Female Tech Entrepreneurs
First City Monument Bank (FCMB) has launched a female friendly programme called “FCMB’s HERccelerate programme”, aimed at promoting startups’ growth, funding, mentorship, and training to help female founders.
FCMB’s Managing Director (MD), Yemisi Edun, who said this during the launch of the programme, said the initiative, which is driven by the Bank’s SheVentures and Hub One innovation hub, is executed in collaboration with 8th Gear Hub and Venture Studio.
The programme, according to the MD, seeks to equip female founders with the necessary skills, knowledge, and networks to secure funding and ensure sustainable growth.
She noted that applications for the programme, which targets women-led startups across various sectors, including Fintech, Agritech, Healthtech, Edtech, and E-commerce, offers them the chance to compete for funding and other strategic benefits and would be closing on September 30, 2024.
The MD said participants will undergo rigorous training, including office hours, site visits to successful local startups, and networking events with seasoned entrepreneurs.
“This robust support structure is designed to provide participants with access to knowledge, resources, investors, markets, and networks.
“The programme will culminate in a showcase event where winners will receive grant funding and gain exposure to potential investors.
“The bank is commited to fostering innovation and supporting women-led businesses, particularly SMEs in the tech sector.
“This initiative reaffirms our dedication to empowering women entrepreneurs to pursue their ambitions and make significant contributions to the tech ecosystem and Nigeria’s economic development.
“We understand the unique challenges faced by female-led tech ventures, from funding constraints to biases that hinder growth. HERccelerate is our platform to drive innovation and open more funding avenues for these businesses.
“We urge women entrepreneurs to take advantage of this opportunity to leave a lasting impact”, She said.
The Tide’s source reports that Nigeria’s tech sector has experienced notable growth in recent years, with women-led startups making significant inroads across various industries.
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