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Fintech boom in Nigeria: How Mobile Money is Changing the Financial Landscape

Fintech boom in Nigeria: How Mobile Money is Changing the Financial Landscape

Fintech boom in Nigeria: How Mobile Money is Changing the Financial Landscape

The Fintech revolution in Nigeria is using cellphone penetration to disrupt the financial system, providing more accessible and empowering financial services to the masses. The change is most visible in mobile money services, which are the backbones of Nigeria’s digital economy and offer a wide range of financial services to the excluded and the unbanked.

The Driving Forces of the Fintech Boom in Nigeria

Several factors have contributed to the growth of the fintech industry in Nigeria, including:

Digital Adoption

Due to the fact that most Nigerians have mobile phones, digital technology has provided an easier route of accessing financial services for the majority of this population. The growth of the fintech ecosystem has been fueled by the increased adoption of financial services by startups that offer various financial services across the country.

Venture Capital

The global era of venture capital interest towards fintech is witnessing a decline, but Nigeria’s fintech is the only startup industry that continues to lead in terms of the highest capital investment. This investment signifies the investors’ faith in innovative solutions that are geared toward solving real issues in lending, wealth management, insurance, and expense management.

Support from Government

The Nigerian government has come up with laws and programs that promote the fintech sector’s growth, providing a suitable environment for fintech companies to innovate and grow.

Fintech Startups Supporting the Economy to Grow and Financial Inclusion

In addition to boosting economic growth, they are also making it possible for financial inclusion and literacy to catch up in the whole of Nigeria.

Fintech, through its provision of such products and services, is able to reach out to the unbanked and underserved, thus promoting human capital development and creating solutions within education and health sectors that can solve societal issues.

The ability of the fintech sector to create a multiplier effect in the economy, stimulate the inflow of Foreign Direct Investment, and increase productivity through the digitalization of financial services is a clear demonstration of its critical role in Nigeria’s economic outlook.

Fintech Complementarity with Modern Financing

Forex Exchange

Nigeria’s financial landscape is changing, and the FX market is vital to it. The degree to which traders and investors rely on fintech platforms for their transactions highlights the significance of this.

Platforms that integrate fintech innovations and global forex market trends, such as JustMarkets and their MT4 Webtrader, set themselves apart. With this combination, customers can easily get important trade details, like economic timetables and currency strength, straight from the Internet. This accessibility helps traders make informed decisions. Check out the JustMarkets website for more comprehensive details on platforms such as the MT4 Webtrader.

Fintech and Forex Trading Integration for Improved Financial Solutions

Combining fintech and conventional forex trading demonstrates how contemporary technology may revolutionize antiquated financial practices. Modern financial technology offers sophisticated tools that make managing money and assets easier wherever in the world. Financial services become more widely available as a result, and forex trading becomes easier for everyone to understand.

Fintech as the Spine of Digital Commerce

The fast expansion of Nigeria’s e-commerce sector is mainly driven by fintech innovations. Payment gateways and digital wallets provided by companies have made online buying and selling a less complex procedure, which has increased the level of trust between consumers and vendors.

Fintech startups have become key components of the e-commerce ecosystem, providing the backbone for secure and effective transactions and a smoother customer experience.

Catalyzing E-commerce Growth

Online shopping is becoming more popular in Nigeria, and consequently, the demand for secure and user-friendly payment solutions is rising. Financial technology companies are doing this by developing more advanced and secure platforms that support a wide variety of payment options, such as mobile money and bank transfers.

This mutually beneficial relationship between fintech and e-commerce is anticipated to be the main driver of growth in both industries as fintech innovations continue to eliminate the hindrances to online purchases in Nigeria.

Transformative Capacities of Mobile Money

Mobile money has revolutionized financial transactions in Nigeria by offering:

  • Easy Access to Financial Services: Mobile money gives users the chance to conduct a number of financial transactions using their mobile phones, which leads to financial inclusion, especially in rural areas.
  • Enhanced Security: Mobile money platforms provide a safe way of doing money transactions without the need to carry cash, thus reducing the risk of theft and loss.
  • Support for Small Businesses: The customer base of SMEs has been broadened by digital payments, and their operations have been enabled.

Conclusion

With the development of the Nigerian fintech landscape, the incorporation of platforms such as forex trading will most likely become necessary to determine the future of the financial services industry while offering users a full suite of solutions for financial management.

 

 

 

 

“Germany meets Qingdao – Together at the Spring Festival” was successfully held in the partner city Regensburg

“Germany meets Qingdao – Together at the Spring Festival” was successfully held in the partner city Regensburg

“Germany meets Qingdao – Together at the Spring Festival” was successfully held in the partner city Regensburg

 

On February 10 (local time), the “Germany meets Qingdao – Together at the Spring Festival”, which was initiated by the Information Office of the Qingdao Municipal People’s Government, organized by CICG Academy of Translation and Interpretation, and co-organized by Regensburger Verein für Deutsch-Chinesische Freundschaft und Kulturaustausch, was held in the partner city Regensburg. The purpose of this event is to give the German people an opportunity to better understand Chinese cultures in connection with the Spring Festival and Qingdao, to perceive Qingdao and to expand the influence of Qingdao in the German partner city.

The participating guests of honor experienced Chinese calligraphy before the event, using the brush pen to write the Chinese character for blessing “福” to express their good wishes for the Year of the Loong and to send Chinese New Year wishes in Chinese to the citizens of their partner city and to wish everyone a happy new year and much success.

The participating guests of honor watched the short video “Spring Festival” together. Through the short video, the participating guests of honor got to know the traditional customs of the Chinese spring festival: sacrificing the god of cooking, buying New Year’s goods, writing spring festival couplets, putting up posters with blessings, sending red envelopes and so on.

Participating guests of honor also watched the video of “City Landscape of China’s Qingdao”. They had gained a preliminary understanding of the history, culture, economy and other areas of Qingdao through the video, enjoyed Qingdao’s beautiful landscape with red bricks and green trees, the blue sea and sky as well as the unique charm of the modern international metropolis.

The event also distributed promotional materials carefully prepared by the city of Qingdao, which deepened the guests’ intuitive understanding of Qingdao through materials such as Qingdao postcards, Qingdao post-it notes, and Qingdao landscape stamps.

 

Contact: Sun Jing

Tel: 0086-532-85911619

E-mail: zhewen8112@163.com

GDToday: 2024 Guangdong “First Conference of Spring” focuses on promoting high-quality development through industrial science and technology

GDToday: 2024 Guangdong “First Conference of Spring” focuses on promoting high-quality development through industrial science and technology

GDToday: 2024 Guangdong “First Conference of Spring” focuses on promoting high-quality development through industrial science and technology

On-site of the event

On February 18, 2024, the first day after the Spring Festival of the Year of Loong in China, Guangdong once again held the “Guangdong Province High-quality Development Conference”. Guangdong’s “First Conference of Spring” focuses for two consecutive years on the same theme, which shows the province’s emphasis on promoting high-quality development.

Guangdong’s economic strength surged in 2023, and the province’s regional GDP has broken through 13 trillion yuan, ranking first in the country for 35 consecutive years. Its industrial fundaments are solid, making it the largest manufacturing province in the country and an important manufacturing base in the world. There are more than 71,000 industrial enterprises above the specific scale, more than 75,000 high-tech enterprises, and more than 1,500 SNEs of “small giants”. The level of its scientific and technological innovation is high and Guangdong has been the reigning champion in the country in respect of the comprehensive capacity of regional innovation for 7 consecutive years. The number of its R&D personnel, the effective amount of invention patents, the number of high-value invention patents, the number of effective registered trademarks, and the number of PCT international patent applications all rank first in the country.

In the context of the new round of scientific and technological revolution and the accelerated evolution of industrial reform, Guangdong is deeply aware of the urgent need to promote industrial innovation with scientific and technological innovation in order to realize the mutual promotion of industry and science and technology, and to inject new momentum and add new advantages for high-quality development. In 2024, Guangdong will focus on the theme of high-quality development as industrial science and technology, adhere to the scientific and technological innovation on the enterprise, industry, development, focus on the service manufacturing industry and the real economy, and strive to seize the industrial development opportunities.

Talents are the key of technological innovation. The Chinese Academy of Sciences and the Chinese Academy of Engineering announced in November 2023 the results of the additional election of academicians that year, where Guangdong ushered in a “great harvest”. Among them, there are not only Ma Jun, He Hongping, Zheng Hairong, Xing Feng, and Liu Chao, who have gradually grown up in Guangdong, but also well-known scientists such as Yan Ning, president of the Shenzhen Medical Academy of Research and Translation (SMART), and Han Enhou, director of the ICOST Guangdong, who have been attracted by Guangdong’s environment of scientific innovation and have come to lead the construction of scientific research institutions.

As a major province of finance, Guangdong has preliminarily established a science and technology financial service system, and continuously strengthened its support for the high-quality development of the manufacturing industry as well as the construction of a strong province of science and technology innovation. In 2023, the growth rate of loans to manufacturing enterprises, high-tech enterprises and science and technology enterprises in the province was more than twice the average growth rate of credit. The enterprises in manufacturing as well as science and technology have received financing aids of 1.2 trillion yuan, reaching a record high.

2024 shall witness the 75th anniversary of the founding of the People’s Republic of China. Guangdong will unswervingly promote the high-quality development and “strive” to make Guangdong’s future better.

 

Contact: Yuan Zixiang

Tel: 0086-15099961640

E-mail: 376468540@qq.com

 

GDToday released the video of the 2024 Chinese New Year Address from the Governor of Guangdong 

GDToday released the video of the 2024 Chinese New Year Address from the Governor of Guangdong 

GDToday released the video of the 2024 Chinese New Year Address from the Governor of Guangdong 

On the occasion of the Chinese New Year in 2024, Wang Weizhong, the Governor of Guangdong has extended sincere greetings and festive wishes to overseas Chinese, Hong Kong, Macao and Taiwan compatriots, and friends from all over the world on behalf of the Guangdong Provincial People’s Government and the people of Guangdong Province through GDToday!

2023 is a landmark year for reform and development in Guangdong. Guangdong has been given a strategic pivot for the new development pattern of the Guangdong-Hong Kong-Macao Greater Bay Area, a demonstration site for high-quality development, and a new positioning for the leading place of Chinese-style modernization.

2023 is a year that Guangdong’s popularity continues to flourish and exchanges become more convenient. The economy of Guangdong has accelerated its recovery and development, and Guangdong’s population has exceeded 150 million. Streets here are crowded with people and vehicles, scenic areas are filled with touring enthusiasts, and shopping areas are thriving with vigor and vitality. The fellow citizens have enjoyed more convenience in the international travelling, rejoiced deeply in the gathering with their relatives and friends, and witnessed the development and changes of their hometown. In a series of exciting major events such as the Overseas Chinese Entrepreneurs Convention, the Convention of Overseas Chinese in Guangdong-Hong Kong-Macao Greater Bay Area, and the World Hakka Entrepreneurs Convention, the active engagement of the overseas Chinese is to be found everywhere.

In 2023, the GDP of Guangdong ranked first in the country for 35 consecutive years, becoming the first province exceeding 13 trillion yuan. The No. 1 project, “High-quality Development in Numerous Villages in Thousands of Towns and Hundreds of Counties”, is in full swing, and the high-quality development of counties, towns and villages has become a reality and its prosperity can be expected. Guangdong’s regional innovation capacity has been the reigning champion for seven consecutive years among domestic competitors. The “manufacturing industry” is full of confidence and has taken the lead. A chain of industrial parks and major projects are ready to be launched. The new mobile phones produced in Guangdong are hard to get. One out of every four new energy vehicles in China is “Made in Guangdong”.

In 2023, the Canton Fair and the Global Investment Promotion Conference have gathered many merchants and achieved fruitful results. Guangdong was rated as the province with the best business environment for four consecutive years, and the province’s various business entities have exceeded 18 million. Guangdong’s openness is more profound in the process of embracing the world.

The year of 2024 marks the 75th anniversary of the founding of the PRC. Guangdong will further take good advantages of “overseas Chinese” and regard them as a bridge to expand its high-level opening-up to the outside world. We sincerely welcome everyone to make some tours back here, share development opportunities, build beautiful cities and create a better future together!

 

 

Contact: Yuan Zixiang

Tel: 0086-15099961640

E-mail: 376468540@qq.com

https://youtu.be/wNzzX28mx9E

 

 

China Matters’ Feature: What Makes Hakka Cuisine?

China Matters’ Feature: What Makes Hakka Cuisine?

China Matters’ Feature: What Makes Hakka Cuisine?

Have you ever tasted Hakka food or known a bit about Hakka culture? Do you know which place is a must-visit to find some old-fashioned, authentic Hakka meals in China?

Hakka people, who are now dispersed in over more than 80 nations and regions worldwide, are known for their memorable cuisine and distinctive cooking techniques. As the saying goes, “Where there are Chinese, there are Hakka people.” In particular, in Markham, Ontario, many of the residents are Hakka people, making it the unofficial Hakka capital of North America. Zhongshan, the sister city of Markham, is an additional important settlement for Hakkas, and a definitely ideal place to try authentic home-cooked Hakka food in China.

In this video, our host Jack takes a culinary adventure in Guinan, the biggest Hakka village in Zhongshan, and finds himself so lucky to taste the “crispy roast pork”, a Hakka culinary delight that would only be offered twice a year in the village — one for the temple fair and the other for the Chinese New Year. How has this city cultivated such incredible cuisine? To understand this question, Jack also attends a class at Zhongshan Technician College to learn more about some special Hakka dishes.

What are the other Hakka dishes that Jack has an opportunity to taste in this home-cooked meal? Will Jack succeed in figuring out the time-honored, unique Hakka recipe for good cooking and finally show up with an acceptable Hakka meal on his first try?

 

Contact: Feng Kehui

Tel:008610-68996566

E-mail: chloefeng@foxmail.com

Tianjin International Language Services Center was inaugurated

Tianjin International Language Services Center was inaugurated

Tianjin International Language Services Center was inaugurated

 

Tianjin International Language Services Center (TILSC), the first ever of its kind in China, was inaugurated at Tianjin Foreign Studies University (TFSU) on Jan. 30, 2024.

Joint agreement on TILSC is signed
Joint agreement on TILSC is signed

TILSC, jointly established by the Academy of Translation and Interpretation of China International Communications Group (CICG), the Publicity Department of the CPC Tianjin Municipal Committee, the Foreign Affairs Office of Tianjin Municipal People’s Government and TFSU, functions as a mechanism to improve the country’s capacity for engaging in international communication, and exchanges and mutual learning among civilizations, while facilitating Tianjin’s opening up to the outside world on its way to becoming a highly developed modern metropolis.

TILSC is dedicated to translator training and language services providing, policy consultancy, and international communication, encouraging a high degree integration of industry, academia, research and application empowered by new technologies.

In the panel session following the unveiling ceremony, guest speakers from universities, industries, and media of international communication shared their insights on language services and advice for TILSC.

Tianjin International Language Services Center(TILSC)is unveiled.
Tianjin International Language Services Center(TILSC)is unveiled.

 

Contact: Li Jing

Tel.: 0086-13820770703

E-mail: lijing@tjfsu.edu.cn

 

My China Story’s Feature: Foreign Vloggers’ Discovery Tour of Beijing’s Central Axis

My China Story’s Feature: Foreign Vloggers’ Discovery Tour of Beijing’s Central Axis

My China Story’s Feature: Foreign Vloggers’ Discovery Tour of Beijing’s Central Axis

 

Beijing not only surprises many foreign vloggers by its rapid modernization today but also arouses their interest in the city’s historical part.

Recently, some international vloggers posted new vlogs about Beijing’s Central Axis, a north-south line that runs through the center of Beijing. They took a tour to the historical buildings located along the axis and expressed their understanding of the Central Axis in their videos.

Jack, an American vlogger, took a trip to Beijing Ancient Architecture Museum (Xiannongtan Temple), a historical site at the southern end of the Central Axis. In his vlog, Jack is astonished by the unique structure of Chinese historical buildings.

Jack’s vlog is watched and praised by many Chinese internet users. They said in their comments to the vlog that “Xiannongtan Temple was a big part of our childhood memory because our primary school had a lot of activities there in 1970s ranging from sports meeting to seeing outdoor movies and training of weightlifting athletes.”

Yenny, a vlogger from Indonesia, went shopping to the Qianmen Street, a century-old commercial street on the Central Axis. After having a taste of the local food Beijing noodles with soybean paste and tanghulu (a stick of sugar-coated haws), Yenny said in her vlog that “you can find a lot of shops with old and famous reputations on Qianmen Street. The street is a must-visit site in Beijing.”

In the following comments of the vlog, some international internet users said that they got the knowledges of Beijing’s Central Axis from Yenny’s vlog and encouraged her to continue promoting Indonesian culture and Chinese culture.

David Symington (with a vlogger name of Sixuwanqian), a British vlogger made a tour to Altar of Land and Grain (Zhongshan Park) and the Bell Tower. After visiting the two historical sites along the Central Axis, Symington said, Chinese always give traditional cultural connotations to the common things, which reflects the wisdom of the Chinese people.

Internet users commented under the vlog that they expect Symington to make a series of vlogs about Beijing’s Central Axis.

The Temple of Heaven, a 600-year-old historical site, is one of the most important historical and cultural heritages of the Central Axis. After a visit to the Temple of Heaven, British vlogger Adam said in his video that the buildings in the temple are perfectly symmetrical. It’s hard to imagine that all these buildings were built from 1420 onward. It’s amazing!

Some internet users who watched the video praised in their comment that Adam’s vlog presents the charm of these historical buildings.

In their videos, these international vloggers not only show splendid views of Beijing’s Central Axis, but also help people know more about the history and culture of Beijing. The way they look at Beijing and tell stories of the city draws wide attention and comments.

 

Contact:Li Dixuan

Tel:008610-68996991

E-mail:mychinastory@cnmatters.com

China Matters’ Feature: Zhongshan – Embracing Sustainable Living

China Matters’ Feature: Zhongshan – Embracing Sustainable Living

China Matters’ Feature: Zhongshan – Embracing Sustainable Living

 

Zhongshan and Burnaby, with a sister city relationship spanning 12 years, share much in common when it comes to environmental consciousness. They both have a strong commitment to enhancing air quality and protecting the ocean. In recent years, a growing number of young individuals, including new graduates from prestigious colleges, have been drawn to Zhongshan by the city’s pursuit of innovative urban eco-fashion.

What measures has Zhongshan taken to create ubiquitous green areas? How are youngsters in Zhongshan making a difference?

In this video, our host Deniz visits a Zhongshan downtown park that retains the industrial elements of the former shipyard while serving as a natural oxygen bar with a lush green landscape. Apart from the city center, Deniz also travels to Qixi village in southern Zhongshan to witness the innovative ecological practices that the locals have embraced. After speaking with Mr Hao, head of the Qi Xi live farm, Deniz finds that the village is actually more than just a village; rather, it is a brand-new, distinctive community founded by a group of nature-loving youngsters who value sustainable living.

What makes Zhongshan’s Qixi so enticing to young people? How does this youthful group work together to fulfill their shared ambition of revitalizing the countryside?

 

 

Contact: Feng Kehui

Tel: 008610-68996566

E-mail: chloefeng@foxmail.com

Betting Boom: Nigeria’s Time to Roll the Dice on Policy Change

Betting Boom: Nigeria’s Time to Roll the Dice on Policy Change

Betting Boom: Nigeria’s Time to Roll the Dice on Policy Change

Unveiling the Odds

Nigeria, a nation renowned for its vibrant culture and fervent love for sports, is standing at a pivotal juncture. The pressing question: Should the government double down on betting regulations or is it time to switch up the playbook? Let’s reveal the odds in this high-stakes game. 

In Nigeria’s pulsating cities and pastoral villages, betting has become a favorite pastime. From English Premier League to local football matches, the thrill of wagering injects life into sports spectatorship. However, stringent policies and laws governing the sector have stifled its potential. Although any citizen can still go through the guide for the 22bet app download and use a phone to freely place a bet, there are a lot of limitations for the companies. To determine whether now is the opportune moment for deregulation, we must analyze the intricacies surrounding Nigeria’s betting landscape.

 

Betting on Prosperity

The economic considerations underpinning this issue are compelling. As the global betting market skyrockets, Nigeria has a prime opportunity to get a piece of the pie. By investing in betting, the government could diversify revenue streams beyond oil and agriculture. According to the research outlets, the online gambling market is projected to reach $127 billion by 2027, with a CAGR of 11.5%. Nigeria is well-positioned to capitalize on this growth. 

The projected market growth and potential for job creation further sweeten the deal. A thriving betting industry could create thousands of jobs – from software developers to build betting platforms, to analysts interpreting data, to marketing and advertising roles. Underemployment is a chronic issue in Nigeria, so new job opportunities are sorely needed.

It’s time for the Nigerian government to switch gears on regulation. Excessively rigid controls could force the betting industry underground, whereas balanced oversight will encourage innovation and responsible gambling. The government must find the middle ground that allows betting to flourish while protecting consumers.

Crunching the Numbers

The data reveals immense upside for Nigeria to capitalize on betting. Countries with liberal betting policies like the UK and Malta have reaped economic dividends. Nigeria can learn from their playbooks.

Here’s a wild stat – over 60 million Nigerians aged 18-40 bet regularly! With such avid participation, even a small excise tax could generate billions in revenue. A report by PricewaterhouseCoopers found that the Nigerian betting market generated $58 million in taxes in 2017. With smart policies, that number could easily triple.

It’s clear Nigeria is holding a strong hand, but the policies must change to maximize returns. South Africa provides a blueprint – according to the National Gambling Board, betting contributes around $85 million in taxes annually thanks to a lower turnover tax and better industry regulation. Nigeria could be raking in similar revenues if given the chance.

Concerns Around Problem Gambling 

While the economic potential is immense, concerns around gambling addiction cannot be ignored. Studies show that easier access to betting tends to increase problem gambling rates. As such, any policy changes must emphasize responsible gambling through public awareness campaigns, age restrictions and helplines for addicts. Operators in legal markets should also be trained to identify problematic patterns.

With proper consumer protections in place, the benefits can far outweigh the risks. Most citizens enjoy casual betting without issue. Blanket prohibitions punish the majority for the problems of a minority. There are ways to allow betting while limiting harm.

Conclusion

In conclusion, the time has come for Nigeria to roll the dice on betting. With a balanced regulatory framework that protects consumers while encouraging growth, Nigeria could hit the jackpot. The government must place their bets strategically, but the payout for Nigeria’s economy could be astronomical. Sports-loving Nigerians are ready to ante up. It’s time to deal them in.

 

China Matters’ Feature: Birding Pals’s Project X in Zhongshan

China Matters’ Feature: Birding Pals’s Project X in Zhongshan

China Matters’ Feature: Birding Pals’s Project X in Zhongshan

 

The white tern, with black eyes and a black, sharp bill, is a scarce migrant seabird that is completely white. Although widespread around the Pacific, white terns breed only in and around the urban area of Honolulu, Hawaii, which explains why they are called “the official bird of Honolulu”. In Zhongshan, a sister city of Honolulu, nearly 250 bird species have been recorded so far, and this number is expected to rise year on year thanks to its perfect location in Guangdong province, home to the longest coastline in China. It serves as an important refueling station for shore birds.

Have white terns ever visited Zhongshan? How does Zhongshan preserve its ecological environment to attract so many birds to stop by, settle down and breed there?

In this video, China Matters and bird photographer Nicholas Ludovic Green head to Zhongshan Cuiheng National Wetland Park, which boasts a sizable shorebird record, eager to look for the figure of white terns. During the visit, they are learning more about the measures the wetland park has taken to enrich the diversity of species. Also, it’s intriguing that they manage to find some others who are wanting to engage in and support them in completing their mission.

Will they be fortunate enough to find the mysterious, rarely-seen little white terns? What is there to look forward to in other rare but well-known wild animals in Zhongshan?

 

 

Contact: Wu Xuanni

Tel: 008610-68996566

E-mail: chloefeng@foxmail.com

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