Financial expert urges entrepreneurs to leverage digital payments

He said that entrepreneurs would be experience increase in sales with the adoption of digital payments.

 

Mr Kenneth Ugwuanyi, the Head Payments and Partnerships, United Bank for Africa (UBA) Plc, has advised entrepreneurs to leverage digital payments to grow their businesses.

Ugwuanyi gave the advice at a webinar organised by UBA with the theme “Understanding and Leveraging Digital Payments for Growths’’, on Wednesday in Lagos.

He said that entrepreneurs would be experience increase in sales with the adoption of digital payments.

Ugwuanyi added that it was a huge market that anybody who wanted to scale business must pay close attention to.

“Between 2015 and 2020, there was massive compounded annual growth rate of 10 per cent in terms of online and offline transactions and Nigeria is the 33rd largest market as far as e-commerce is concerned, with a year-on-year growth of over 20 per cent.

“Total money made by companies for using e commerce platform was seven billion dollars in the year 2021 and again for global e commerce, there is an increase of 140 per cent in sales in the past five years.

“So, it is a huge market and anybody who wants to scale business must pay close attention to this,’’ Ugwuanyi said.

He said that demography, cultural preferences and transport infrastructure, among others were some of the factors affecting acceptance of digital payments.

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Ugwuanyi added that online business in spite of its huge advantage makes one to be vulnerable to fraud.

He, however, assured entrepreneurs that the bank would help them with tools at no cost to manage their businesses efficiently in the area of cahsflow and reporting.

Ugwuanyi noted that UBA with its footprints in 24 markets and other continents outside Africa was committed to the growth and development of small businesses.

He said:“with its drive by a strong technology that engages all these different countries plus its consistent performance, year-on-year, UBA should be a bank that you should consider when looking for a strong payment partner.”

 

 

(NAN)

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