Connect with us

News

PayU moves to connect businesses to N200bn online payment market.

Published

on

PayU has rolled out strategies to intensify efforts to connect businesses to Nigeria’s online payment market. Annual online payments in Nigeria is estimated to surpass N200 billion this year from N167 billion in 2016.

Country Manager of PayU Nigeria, Ms Juliet Nwanguma,  says, “In order to pursue PayU’s aggressive expansion in the online payment market in Nigeria, we have identified businesses that can benefit from our  global expertise across 16 markets where we offer over 250 payment options.”

With over 2.3 billion users world-wide, PayU is confident it can help businesses grow their market share and help them to achieve their business objectives.

Data recently released by the Nigeria Interbank Settlement System (NIBSS) showed that 5.5 million transactions worth N46.7 billion were generated through online sales in the first quarter of 2017. This is an increase in the quarterly average of 3.5 million transactions worth N33 billion in 2016. This 58% growth is a clear indication of the increased confidence and preference for online sales amongst Nigerians.

The double digit growth, according to Nwanguma, is far below the potential of the market for online payments in Nigeria.

We have identified businesses that can benefit from our global expertise across 16 markets where we offer over 250 payment options

Nwanguma noted that in a country of over 180 million people, consisting of 61 million active bank customers and where e-payment transactions are worth N56 trillion in a year, the potential for online payments in Nigeria is huge and waiting to be tapped.

ALSO READ  Nigerian journalist detained over critical article he didn't write

She disclosed that the mission of PayU is to leverage on Nigeria’s 97 million active internet users to popularise and increase online payments in Nigeria.

“At PayU, we believe that with the deployment of appropriate strategies and products which are designed to encourage more businesses to adopt online payment, the market in Nigeria can record triple digit growth in both volume and value of online payments. This is the driving philosophy of PayU’s operations in Nigeria” she said.

Since last year when we entered the Nigerian market, we have used our globally tested products such as tokenisation, recurring payments for subscription services and single click payments for faster checkout. Our range of services according to different business categories especially the PayU Easy service allows start-ups to start selling online instantly without the need of a bank account or trading history. ”

“PayU has succeeded in successfully assisting small, medium and large organisations with their online payments. In particular, the robust and flexible features of PayU Plus and PayU Enterprise have assisted merchants to grow and expand their online payment business.”

PayU offers merchants safe, secure, online shopping.  Their products are   PCI DSS Level 1 compliant which mean they are required to meet extremely stringent security criteria. All card details are secured by secure socket layer (SSL) and transfer layer security (TLS) encryption and reinforced through various encryption processes in order to provide protection for all payment information.   They also are 3D secure enabled which gives consumers added security when shopping online.

ALSO READ  Oyo govt honours Ola Akande, named road after him

The increased preference for online payments among Nigerians offers new opportunity for businesses to increase patronage and grow revenue.

The global expertise of PayU, combined with its easy-to-use and secure online products provide the channel to leverage on this opportunity and achieve business objectives.

Advertisement
Comments

News

Kidnappers Must Be Treated As Terrorists – Tinubu Declares

Published

on

By

In a stern address at a Ramadan dinner with members of the Federal judiciary, President Bola Tinubu declared that individuals involved in despicable crimes such as kidnapping must be treated as terrorists.

The President, speaking passionately, reiterated the government’s unwavering commitment to defeating banditry, labeling those who engage in kidnapping as cowards incapable of confronting the might of the Nigerian Armed Forces.

“We must treat kidnappers as terrorists,” President Tinubu asserted, as reported by his spokesman, Ajuri Ngelale. “They are cowardly. They have been degraded. They look for soft targets. They go to schools and kidnap children and cause disaffection. We must treat them equally as terrorists in order to get rid of them, and I promise you we will get rid of them.”

The President made these remarks during the dinner attended by serving and retired judicial officers, including notable figures such as former Chief Justices of Nigeria, Justice Mahmud Mohammed, and Justice Walter Onnoghen.

The event provided a platform for discussions on various issues, including the escalating security challenges faced by Nigeria, particularly in the North-West and North-East geopolitical zones.

Nigeria has grappled with terrorism, banditry, kidnapping, and oil theft, with the aforementioned regions experiencing a surge in insurgent and bandit attacks over the last decade.

ALSO READ  At last, Makinde names Adeosun Oyo SSG

President Tinubu’s government has remained steadfast in its stance of not negotiating with bandits, despite the continued abduction of schoolchildren and residents for ransom.

The recent mass abduction of 137 schoolchildren from Kuriga in Kaduna State serves as a stark reminder of the ongoing security threats.

The President also addressed the need for judicial reforms and improved welfare for judicial officers.

Recognising the challenges faced by the judiciary, President Tinubu pledged to implement necessary reforms to enhance the welfare and working conditions of judicial officers. He emphasised the importance of fair compensation and support for the judiciary, acknowledging their pivotal role in upholding the respectability of the judicial arm of government.

In response, Chief Justice of Nigeria, Justice Olukayode Ariwoola, commended President Tinubu for his commitment to judicial reforms and for hosting the Ramadan dinner in honour of judicial officers.

The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, also expressed gratitude to the President for forwarding the executive bill aimed at addressing the stagnant state of judges’ salaries and allowances since 2007.

President Tinubu’s declaration underscores the government’s resolve to combat insecurity and hold perpetrators of heinous crimes accountable.

Continue Reading

News

Abiodun Unveils 50% Discount Rice Scheme to Aid Ogun Residents

Published

on

By

 

Governor Dapo Abiodun of Ogun State has said that his administration will commence the sale of rice at half the market price across the state to alleviate the prevailing economic challenges in the country..

Addressing attendees at a special Iftar organised for the League of Imams and Alfas in Abeokuta, Governor Abiodun emphasised the importance of alleviating the economic burden on the public, particularly civil servants.

He stated, “We have decided to commence the sale of rice. We will be selling it at the rate of 50% of the actual price.”

Highlighting the significance of restoring the purchasing power of public servants, the governor affirmed that the initiative aims to counter the impact of inflation.

He asserted, “What we are trying to do is put them in the position they were before the inflation.”

The governor disclosed the establishment of a committee to oversee the distribution of rice to residents, ensuring transparency and accessibility.

He emphasised the sustainability of the programme, stating, “If we sell at the price it was sold before it becomes expensive, it will allow us to use the money to buy more and continue to sell.”

Also, the governor pledged free rice distribution to the less privileged segments of society, including the poor, elderly, and vulnerable individuals.

ALSO READ  African Energy Chamber Welcomes Appointment of New Nigerian Petroleum Minister

Encouraging Muslims to uphold virtuous behavior beyond the fasting period, Governor Abiodun urged continuous prayers for the well-being of the state and the nation.

He reiterated his commitment to constructing a modern secretariat for the League of Imams and Alfas, promising a landmark facility that would set a standard for other states.

In recognition of his efforts towards peace and empowerment, Governor Abiodun was honoured with the title of Ambassador of Peace in Islam during the event.

Attendees also offered special prayers for the upcoming 72nd birthday celebration of President Bola Tinubu, scheduled for March 29th.

Imam Tajudeen Adewunmi, the Secretary of the League of Imams and Alfas, commended Governor Abiodun for his dedication to empowering Muslim youths and fostering goodwill within the community.

 

Continue Reading

News

Makinde’s Ibadan Circular Road Project, A Monumental Fraud – Says Oyo APC

Published

on

The All Progressives Congress (APC) in Oyo state has cried out over alleged monumental fraud which the party claimed it discovered in the partial execution of the Ibadan Circular Road Project, warning the administration of Governor Seyi Makinde that the unabated corruption being perpetrated by the ruling People’s Democratic Party (PDP) could plunge the state into irredeemable doom in the nearest future.

At the commissioning ceremony which took place at Badeku Junction on Ife-Ibadan Express Road last Friday, Governor Makinde announced that the Ibadan Circular Road Project which, according to him, was the largest investment in Oyo state in 50 years had cost a whooping sum of N300billion.

Anambra state governor, Prof. Charles Soludo, was the Special Guest of Honour at the event.

In a reaction which was contained in a statement issued today and made available to journalists in Ibadan by its Publicity Secretary, Olawale Sadare, Oyo APC queried the governor on the rationale behind the government’s redesign of the road project to occupy 425 meters as setbacks in both sides when the standard measure for any Trunk ‘A’ road does not exceed 60 meters across the globe.

“So, the ongoing indiscriminate demolition of properties of poor citizens is to serve the interest of the governor and his cronies”.

ALSO READ  Abacha loot: Mai Gaskiya, can you see your world in the open? |  By Festus Adedayo

“Many questions are begging for answers as far as this matter is concerned; how did Governor Makinde spend N300billion on less than a quarter of the whole project when his predecessor, late Senator Abiola Ajimobi, had awarded the contract for its design, construction, and completion as well as payment of compensation to those who might lose their properties to construction activities at a total cost of N70billion in June 2017 while the contractor had done about 20 percent of the work before he was sent away when the PDP government came on board in 2019?

“In July 2021, Governor Makinde announced that he had re-awarded the same project to another contractor at a total sum of N138.2billion but last Friday when a stretch representing about a quarter of the whole project was being commissioned (for suspended use by the public), the governor claimed the completed portion had gulped N300billion. The entire circular road project was designed to cover 110 kilometers and the whole world wants to know the fraction which has now cost N300billion to be done and also, how much the remaining three quarters would cost.

“Meanwhile, tongues would continue to wag on the issue of the large expanse of land forcefully acquired from the owners in the name of road construction. The fact remains that the people of the state cannot trust a government that is popular for land fraud as is the case in Ajia, Wofun, Bashorun, Bodija, and Land Lagos Express Road among others in the last four years. Those hapless landowners are accusing Governor Makinde of a surreptitious plan to seize their land and later sell it to some strangers from the East.

ALSO READ  Usman Alkali confirmed as IGP

“Another issue of concern is that of the supposed Agodi-Gate Junction Improvement project which has been identified as another conduit to siphon the resources of the state. All the state is doing is evacuating roadside traders, clearing some blocked drainages, laying light asphalt, and installing traffic lights, then later claiming several billions of naira as the cost of the exaggerated repair works on the popular junctions at Ibadan Civic Centre and Agodi-Gate.

“The sad thing is that the proceeds of these inflated contacts end up in private pockets without any trace. This kind of funds is what some governors in other states are using to rejig agriculture, fix the education sector, and address hardship among the masses among other things in their domains. Public primary and secondary schools are in dire need of subject teachers, virtually all the inner and access roads are in bad shape, no public tap water anywhere in the state, the population of the poor increases every day, and yet, Gov. Makinde mis-appropriates scarce resources to the detriment of the welfare of the people. This has to stop.” APC said.

Continue Reading
Advertisement

Tweets by ‎@megaiconmagg

Subscribe to our Newsletter

* indicates required

MegaIcon Magazine Facebook Page

Advertisement

MEGAICON TV

Trending