NNN: Mr. Kenneth Ugwuanyi, Head of Payments and Partnerships, United Bank for Africa (UBA) Plc advised entrepreneurs to leverage digital payments to grow their businesses.
Ugwuanyi gave the advice during a webinar hosted by UBA on “Understanding and Leveraging Digital Payments for Growth” on Wednesday in Lagos.
He said entrepreneurs would experience an increase in sales with the adoption of digital payments.
Ugwuanyi added that this is a huge market that anyone looking to expand their business should pay close attention to.
“Between 2015 and 2020, there was a massive compound annual growth rate of 10% in online and offline transactions and Nigeria is the 33rd largest market when it comes to e-commerce, with annual growth by more than 20 percent.
“Total revenue generated by businesses for using the e-commerce platform was seven billion dollars in 2021 and again for global e-commerce there has been a 140% increase. sales over the past five years.
“So it’s a huge market and anyone who wants to expand their business should pay close attention to it,” Ugwuanyi said.
He said demographics, cultural preferences, and transportation infrastructure, among others, were some of the factors affecting the acceptance of digital payments.
Ugwuanyi added that online trading, despite its huge advantage, makes it vulnerable to fraud.
He, however, assured the entrepreneurs that the bank would help them with free tools to effectively manage their businesses in the area of treasury and reporting.
Ugwuanyi noted that UBA, with its footprints in 24 markets and other continents outside of Africa, is committed to the growth and development of small businesses.
He said: “With its momentum through strong technology that engages all these different countries and its consistent year-on-year performance, UBA should be a bank you should consider when looking for a strong payment partner. “.