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lupine-publishers-ciacr · 5 years ago

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Lupine Publishers | Consumer’s Preference and Willingess to Pay for Organic Foods in Osogbo Southwest, Nigeria

Lupine Publishers| Agriculture Open Access Journal

Abstract

Despite millions of smallholder vegetable farmers along the market chain of subsistence agriculture in most developing countries, consumption of organic vegetables in Nigeria has been reported to be significantly low. Consumers’ preference for organic vegetable with emphasis on wareness, perception and willingness to pay was studied. One hundred consumers were randomly selected. A questionnaire was used to obtain information on socioeconomic characteristics and other relevant variables. Data were analyzed with descriptive statistics and Spearman ranking. The result showed that there was high awareness of organic vegetable in the metropolis and Consumers were mostly informed through television (27.8%), radio (23.2%) and internet (29.3%). Consumers preferred organic vegetables to conventional ones as it was perceived to be healthier (77%), of better quality (76%), tastier (66%), less harmful (66%) but expensive (30%) respectively. There was good supply of organic vegetable in the market and Okro (21.6%), Amaranths vegetables (20.4%) and tomato (19.8%) were the organic vegetables mostly consumed in the metropolis. Health concern (80%), satisfaction (79%) and safety (78%) respectively are the major reasons why consumer opted for organic vegetable. The consumers’ familiarity with organic vegetables mostly influences them to be willing to pay premium on the vegetables. Facilities to expand, proper certification and labelling of organic products were recommended to encourage continuous growth of the market.

Keywords: Awareness; Perception; Consumers; Organic-Food

Introduction

Organic foods are foods produced by organic farming. While the standards differ worldwide, organic farming in general features cultural, biological, and mechanical practices that foster cycling of resources, promote ecological balance, and conserve biodiversity [1]. Synthetic pesticides and chemical fertilizers are not allowed, although certain organically approved pesticides may be used under limited conditions. In general, organic foods are also not processed using irradiation, industrial solvents, or synthetic food additives [2]. Fruit and vegetable consumption has grown over the last few years because people are more concerned about staying healthy and eating right. Research into nutraceuticals and functional food has highlighted the health compounds found in fruits and vegetables. There has also been an increase in vegetarian diets and a stronger demand for exotic produce, resulting in a wider and dynamic market during all seasons of the year [3]. Several studies have justified that diets rich in vegetables confer health benefits and may even be protective against the risk of different types of diseases such as diabetes, cancer and strokes [4-6]. According to The World Health Organization [7], low fruit and vegetable intake is estimated to cause about 31% of Ischaemic heart disease and 11% of stroke worldwide. Overall it is estimated that up to 2.7 million lives could potentially be saved each year if fruit and vegetable consumption was sufficiently increased. Due to increasing concerns about food safety and environmental quality, organic food has rapidly emerged as an important food industry in many countries of the world and organic vegetable is gradually creating a niche for itself in global market. According to Lia [8] City and sub-district markets are more lucrative and profitable for organic vegetable traders because consumers in those locations are affluent, quality conscious and willing to pay higher prices. A perceived scarcity can result in affluent consumers increasing purchases. Frequent weekly visits indicate those consumers prefer markets as the main source of vegetables for their household [9]. Traders have responded to this opportunity by developing appropriate market chains. In response, consumers also express a willingness to pay higher prices for better quality.

This preference is particularly strong with those with a higher education, and those of a younger demographic. Most of who are under age 35 choose organics when possible but price has been found to be the primary reason that consumers preferred nonorganic vegetables. The perceived shortage of commodities and consumers’ willingness to pay premium prices for quality provides opportunities for farmers and traders to increase production, processing and marketing of quality commodities [8]. In a study by FAO [9]. The reasons consumers frequently give for not eating more organic vegetable include traditional and individual indifference, high prices and variable availability, their taste, quality and safety. It is a known fact that consumers want foods that are readily available, affordable, convenient to acquire and prepare, socio-culturally appropriate, safe and healthy. Despite the increased awareness of the importance of organic vegetables to healthy living, low intake of this vegetable has been a widespread characteristic among Nigerians [6]. Though studies have shown that many consumers prefer organic foods to conventional foods, price is often a major factor that influences their behavior as organic vegetables are especially price sensitive given its daily consumption [2,10]. In spites of the importance of organic vegetables to human health and the environment, there is still a short fall in consumption in the country and which has reduced the availability of organic vegetables in mainstream markets, thus preventing the market from expanding. Similarly, many Nigerian farmers are still hesitant to adopt the production of organic vegetables in large scale due to inadequate information on the consumers’ willingness to pay. This research therefore intends to: (a) Identify the consumers’ socioeconomic characteristics, (b) Examine the consumers’ perception of organic vegetables over conventional vegetables, (c) Assess reasons for consumers’ perception of organic vegetables over conventional vegetables (d) Analyzed factors influencing consumers’ preference for organic vegetables and (e) Analyzed factors that influence consumers’ willingness to pay for organic vegetables.

Willingness to pay (WTP)

Willingness to pay (WTP) for a commodity is the amount of money a person would be willing to pay for a higher level of environmental or commodity quality. WTP is a measure of the resources individuals are willing and able to give up for a reduction in the probability of encountering a hazard that compromises their health [11]. Spencer [12] opined that a theoretical correct measure of the value individuals attach to improvements in food safety is their ‘WTP’ for safer food. This, therefore, is the largest amount that an individual is willing to pay for a specific improvement in food safety. The notion of willingness to pay could be defined as the sum of money representing the difference between consumers’ surplus before and after adding or improving a food product attribute [11,13]. Models that estimate consumers’ willingness to pay when adding or enhancing a given quality attributes are based on the Lancaster approach [14], which maintains that consumers directly derive utility from the attributes of goods. According to James [15], tools for measuring WTP (which include the contingent valuation, travel cost and hedonic pricing) can be used to answer questions such as how much consumers are willing to pay for a quality upgrade or what effect a particular government intervention might be. In this regard, consumers’ willingness to pay (WTP) for organic food products can be measured using a direct valuation method such as the contingent valuation (CV). The procedure consists of a dichotomous choice (DC) question and a maximum WTP question. In the DC question, consumers are asked whether or not they are willing to pay a premium, to buy an organic vegetable instead of a conventional one. The amount they are willing to pay is a percentage over the price of the conventional product and differs across consumers. Consumers’ responses are YES if they are willing to pay more for an organic vegetable or NO otherwise. Consumers are then asked for the exact premium they are willing to pay.

Methodology

The study was carried out in Osogbo metropolis which is the capital and a local government in Osun State, Nigeria. Osogbo lies between 70461N 40341E. It occupies an area of 47km2 and has a population of 156,964 [16]. Osogbo is the center of commerce, trade and agriculture in Osun State. The study area is inhabited by farmers, artisans and civil servants; and the major economic activities include farming, trading, teaching, publishing, handcrafting, ect. The study adopted a two stage sampling technique. At the first stage, stratified random sampling technique was used to stratify the population into professionals in the health sector, educational sector and civil service sector. At the second stage, purposive sampling was used to select 100 respondents and primary data were collected through the use of well structured questionnaire. The questionnaire was drawn broadly to cover information about the socio economic characteristics, knowledge and perceptions of the respondents. Some of the questions asked involved some botanical names and their common names for easy identification. The analytical methods used were descriptive statistics and Spearman’s ranking method. The Descriptive statistics used frequency distribution, tables and percentages to analyze the socio-economic characteristics of the respondents. Spearman’s ranking which is a non parametric measure of statistical dependence between two variables was used to analyse the level of consumers’ awareness of organic vegetables as compared to inorganic vegetables as well as consumers’ perception of organic vegetables. The mean values represent the average values of the respondents on each factor influencing the perception of organic vegetables which ranged from Agree, Disagree to Undecided. The highest perception was chosen based on the least mean because “Agree” was allocated the least value on coding.

Results and Discussion

Socio economic characteristics of organic vegetable consumers in the study area

This was discussed in relation to the gender and age of the respondents, marital status, education, major occupation of household head, household income, household size, household income spend on food. From Table 1, consumers of organic vegetable were female dominated (60.0%) with a mean age of 33 years. This indicated that consumers of organic vegetables were young and energetic people who have high propensity to consume. The finding confirms Ohen [6] who declared that this age group of respondents has a strong influence on preference and taste habit of consumers which may in turns influence their consumption pattern for fruits and vegetables. Table 1 also revealed that consumption of organic vegetable was mostly embraced by both educated single (47.0%) and married (48.0%) people in the study area. This result is expected to have positive influence on the perception of consumers for organic vegetable. The result affirms Dipeolu [11] who declared that the higher the educational status of people, the better they will be informed and educated people have positive perception for organic vegetable because they are more informed than the uneducated. The consumption of organic vegetable was by people of different professions but more by civil servants (59.0%) and businessmen/women (18.0%) who had stable source/flow of income. Table 1 also showed that the households in the study area were low income earners and it may have negative influence on their consumption of organic vegetables. This result agrees with Essoussi [17] who reported that high price of organic vegetable was one of the major factors that influence consumers to give in for conventional vegetables. Majority of consumers of organic vegetables (63.0%) in the study area had moderate family size of 1-5 members and spend maximum of ₦ 50,000 on food per month. The indication of this was that there was high potential market for organic vegetable in the study area because the higher the population, the higher the demand for goods and service.

Table 1: Socio-economic Characteristics of Respondents.

Source: Field Survey, 2013.

Perception about organic vegetables over convectional vegetables

The survey in Table 2 revealed that most of the respondents had positive perception for organic vegetable as being healthier (77%), of better quality (76%), tastier (66%), has no harmful effects (66%). Interestingly, only 30% indicated that organic vegetables were more expensive than conventional vegetables. The indication of this result is that there is potential market for organic vegetable in the study area because perception does influence consumption as Dipeolu [11] reported in their work that positive perception of organic has the tendency of increasing its consumption while negative perception similarly decreases. Furthermore, this result agrees with Ohen [6] that despite the fact that consumers are aware of many positive sides of organic vegetables, yet, its consumption is still low because of high price and inconsistent supply to the market.

Table 2: Socio-economic Characteristics of Respondents.

Reasons for consumers’ preference for organic vegetables over conventional vegetables

The result in Table 3 showed that consumers preferred organic vegetables because of their health consciousness (80%), satisfaction derived from it (79%), safety (78%) and its taste (79%). It is also revealed in Table 3 that some respondents preferred organic vegetables to conventional ones because it is economical to them. As some respondents viewed it that the more they eat organic vegetables, the lesser would be the possibility of hospital bills and drug usage. Similarly, some consumers preferred organic vegetables because they see it as environmentally friendly (66%), encourages traditional agriculture (66%), highly preservable (57%) and aesthetically pleasing (57%). These results agreed with Petrescu (2013) and Bonti and Yiridoe [18] who reported that concern for human health and safety is a key factor that influences consumer preference for organic food (vegetables). This is consistent with observed deterioration in human health over time and, therefore, motivates consumers to buy organic food (vegetables) as insurance and investment in health.

Table 3: Reasons for Consumers Preference for Organic Vegetables over Conventional Vegetables.

Source: Field Survey, 2013.

Source of Information on Organic Vegetables

As observed in Table 4, the study showed that television (27.8) and radio (23.2) were the major sources of information on organic vegetables in the study area. 13.0% were informed through friends; 16.7% through pamphlets/newspapers and 14% heard about it from the internet. This implies that it is easy to get information on organic vegetable in the study area and but more people are likely to be informed about it through television and radio.

Table 4: Distribution of the respondents by source of information.

Source: Field survey, 2013.

The type of organic vegetables consumed by the respondents

The result in Table 5 revealed that the organic vegetables mostly consumed in the study area were Okra (21.6%), Amaranths (20.4%), tomato (19.8%) and pepper (16.1%) respectively without consideration for certification and labeling of the products. This implies that organic market in the study area is still new and underdeveloped. The result affirms Dipeolu [11] that in the event of extensive cultivation of organic vegetable, there is a ready market in the south western part of Nigeria but more education should be given on the distinction between certified and non-certified organic food.

Table 5: The types of organic vegetables consumed by the respondents.

Source: Field survey, 2013.

Factors influencing consumers’ willingness to pay for premium for organic vegetables

The willingness to pay the premium may be attributed to consumers’ knowledge and awareness and perception of organic vegetable. The results in Table 6 show that 88% of the respondents were willing to pay premium for organic vegetables because they have eaten them at one time or the other. The finding agrees with Thomson [19] who stated that every year, more people are getting attracted to organic foods and some are willing to pay premium on it for several reasons. Similarly, 87% of the respondents were willing to pay premium for organic vegetables because they had in one time bought organic vegetables. 80% said they would be willing to pay more for organic vegetables because they had prior knowledge of its many benefits to man, animals and the environments. 74% agreed to pay premium on organic vegetables because they had in one time or the other seen organic vegetables before and this may because of their belief in organic vegetables as aesthetically pleasing and has a higher shelf life. 64% stated that they will be willing to pay for organic vegetables because of their household size. This finding agrees with Lia [8] who stated that households with low household size have high tendency to pay premium for organic vegetables than those with large family size due to its high price. 59% agreed that they will be willing to pay premium for organic vegetables because of their age. This therefore confirms Khaw [10] who reported that consumers are usually more health conscious as they advance in age and are willing to pay premium for good health condition [20,21].

Table 6: The types of organic vegetables consumed by the respondents.

Source: Field survey, 2013.

Conclusion and Recommendation

There is high awareness and positive perception of organic vegetable among the consumers. The consumers are educated and have good access to organic vegetables but its high price was a constraint to its consumption. There is positive perception of organic vegetable among the respondents as being healthier, safer, and tastier and of better quality and most of the respondents are willing to premium on organic vegetable in the study area. These therefore show that there is a strong potential market for organic vegetables in southwest Nigeria. It is therefore recommended that programmes and facilities that will promote the expansion of organic market should be put in place in the study area

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projecttopicsinnigeria · 7 years ago

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PROJECT TOPIC- STRUCTURE OF THE NIGERIAN CAPITAL MARKET AND ITS IMPACT ON ECONOMIC DEVELOPMENT

PROJECT TOPIC- STRUCTURE OF THE NIGERIAN CAPITAL MARKET AND ITS IMPACT ON ECONOMIC DEVELOPMENT Abstract

The project examines the structure of the Nigerian capital market and its impact on economic development in Nigerian Stock Exchange. The study main objective is to ascertain the means of raising funds in Nigeria capital market and also to find out if the capital market has any significant…

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nirvnabj · 6 years ago

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Ilupeju Ekiti, from the top of Oke Asegun.

‘Ilupeju Ekiti is the only Yoruba town where two communities decided on an amalgamation without tribal strife or animosities” according to HRM OBA Emmanuel Olaleye Oniyelu, the Apeju of Ilupeju Ekiti who exclusively revealed that a ballot was conducted between the two princes of Eseta and Egosi Ekiti respectively for the positions of Apeju (the Oba) and Obanla (the deputy and heir apparent to the throne). On 3rd June 1974, the Ondo state government Gazette announced Prince Olaleye as the Apeju of Ilupeju Ekiti, leading to his official enthronement in February 1980. Today the current Apeju is from the Eseta family while the Obanla is from the Egosi family.

Apeju’s Palace

HRM Oba Olaleye Oniyelu and his Oloris

Presenting my underwater photo on canvas to the Apeju of Ilupeju Ekiti

Oloris of the Apeju of Ilupeju Ekiti

Current Obanla His Highness David Sunday Awe flanked by Bisi Alonge and Evangelist Ilori (our late father’s childhood friend) to the left of the picture.

https://mindscopeafrica.blogspot.com/2017/10/ilupeju-ekiti.html

Courtesy Google map

Ilupeju Ekiti (373.9 km) to Abuja via Abuja-Lokoja Road/A2 and 337 km from Lagos via Ife Ibadan Express way is a town in Oye local government area of Ekiti State. It falls within the Ekiti speaking area of Yoruba land, and is bounded in the east by Itapa Ekiti, in the west by Oye Ekiti, in the South by Ire Ekiti, and in the North by Ijomo Ekiti.

Ekiti State is in Southwest region of Nigeria, declared a state on 1 October 1996 alongside five other states in the country by the then military government under head of state, General Sani Abacha. As one of the newest states of the Nigerian federation, it was carved out of the territory of old Ondo State, and covers the former 12 local government areas that made up the Ekiti Zone of old Ondo State. On creation, it had 16 Local Government Areas (LGAs), having had an additional four carved out of the old ones. Ekiti State is one of the 36 states (inc. Federal Capital Territory (Nigeria)) that constitute Nigeria.

The State is mainly an upland zone, rising over 250 meters above sea level. It lies on an area underlain by metamorphic rock. It is generally an undulating part of the country with a characteristic landscape that consists of old plains broken by step-sided out-crops that may occur singularly or in groups or ridges. Such rocks out-crops exist mainly at Aramoko, Efon-Alaiye, Ikere-Ekiti, Igbara-odo- ekiti and Okemesi-Ekiti. The State is dotted with rugged hills, notable ones being Ikere-Ekiti Hills in the south, Efon-Alaiye Hills on the western boundary and Ado-Ekiti Hills in the centre.

Ilupeju Ekiti is a part of our family history since my late father grew up between Ile Ife and Ilupeju Ekiti, before settling in Lagos. My other siblings and myself, all born in Lagos, have always been curious to visit that legendary place that he mentioned when we were children, but never visited together.

Today Ilupeju Ekiti is a provincial town that has escaped from the fate of many other sleepy villages, thanks to the nearby Federal University of Oye Ekiti. On Wednesday morning a lively market offers local and regional produce, attracting traders and customers from wide and far. It gave us a chance to greet some of the inhabitants who remembered our father.

The trip was a wonderful opportunity to travel along meandering roads, across Ekiti-land, leading us to some lovely sights and hilltop views, and meeting old and new friends. More explorations will surely follow!

Bolaji Alonge is an artist, international photographer, actor and journalist from Lagos, Nigeria. His visual language speaks of the wonders of nature and human exchange, urban culture and searches for historical continuity in a world that is sometimes heavily fractured. He is also a globetrotter who has travelled around the world during the last decade documenting exotic culture and history. In May 2017, Bolaji organized his “Eyes of a Lagos Boy” photo exhibition at the prestigious Freedom Park in Lagos.

His second solo exhibition “Urban Culture – Historical Continuity” was held at One Draw Gallery, Ikoyi, Lagos in November 2018, establishing Bolaji’s brand of photography to a new audience, receiving great reviews from artists and art lovers worldwide

In February 2019, Bolaji showcased his work at Baza Studio in New York, The event was attended by the Nigerian Consul in New York, UN officials, art curators, musicians, artists, press and art aficionados. More projects in New York are planned for 2019.

Pictures/video by Bisi and Bolaji Alonge

https://en.wikipedia.org/wiki/Ekiti_State

https://mindscopeafrica.blogspot.com/2017/10/ilupeju-ekiti.html

Ilupeju Ekiti, roots connected 'Ilupeju Ekiti is the only Yoruba town where two communities decided on an amalgamation without tribal strife or animosities" according to HRM OBA Emmanuel Olaleye Oniyelu, the Apeju of Ilupeju Ekiti who exclusively revealed that a ballot was conducted between the two princes of Eseta and Egosi Ekiti respectively for the positions of Apeju (the Oba) and Obanla (the deputy and heir apparent to the throne).

#creativity #ekiti #images #Life #lifestyle #people #Pictures #travel #world

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my-greatseo-love · 3 years ago

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The Qualities and Traits of a Successful Entrepreneur

Entrepreneurial activities are on the rise in Nigeria. This is mainly as a result of the lack of jobs that plague many Nigerians including university graduates. A study carried out by Gallup showed that 67 percent of Nigerians are willing to start their own businesses. Furthermore, 80 percent of those interviewed believed that their businesses would be successful in Nigeria. This is a large percentage as compared to the results of other West African countries whose median for those willing to start a business was 44 percent. This trend has not gone unnoticed and the former Nigerian president, Olusegun Obasanjo even mandated that entrepreneurial skills be taught to all university students irrespective of their major.

All this is in line with the Nigerian Economic Policy for 1999-2003 whose purpose is to promote education through the use of technology. The Nigerian president also has big plans for the country one of them being to see Nigeria as one of the top 20 economies of the world by the year 2020. This, he hopes will come to pass if the policy is duly implemented. According to this policy, one other way that these ambitious goals can be achieved is by partnering up with certain agencies such as the Fate Foundation in Nigeria and the United Nations Transfer of Knowledge through Expatriate Nationals (TOTKEN) which are dedicated to encourage entrepreneurship.

Entrepreneurs in Nigeria face unique challenges that hinder their entrepreneurial spirit and encourage rampant corruption. Nigeria has been previously known as one of the most corrupt countries in the world and this discouraged free enterprise. Nigeria has also been largely dependent on the income from oil that other economic sectors have been grossly underdeveloped. During the oil boom period of between 1973 and 1980, Nigeria's GDP rose to $1,100 in 1980 from the previous $220 in 1971. However, due to inappropriate government policies Nigeria's economy was left vulnerable. Investment was made mostly with the oil industry in mind that other sectors such as the manufacturing and the agricultural sector was rendered noncompetitive.

The fall of oil prices all over the world during the 1980's combined with a general increase in the capital markets real interest rates, greatly affected the domestic and international fiscal situation of Nigeria. This led to a general economic slump which was characterized by a significant fall in GDP from 1,100 in the 1980's to $340. According to the World Development Report of 1994, Nigeria had dropped from being a middle income level country into one of the poorest countries in the world. A devaluation of this kind created very high inflation, a general spread in poverty and high unemployment rates.

Other factors that have affected entrepreneurship in Nigeria include poor infrastructure, high cost of doing business, constant political, tribal, religious and ethnic violence, gender discrimination and lack of quality education. However, measures are being taken to cub all these negative influences and to make Nigeria conducive for entrepreneurship. Despite all the challenges that have affected the Nigerian economy, business development and entrepreneurship has taken root. It is especially known that individuals from the Ibo ethnic group have great entrepreneurial skills. The number of private firms has greatly increased since the 1980's although they are quite small when it comes to employment, revenues and capital. Nigeria currently ranks second after South Africa in terms of GDP and if proper measures are taken and appropriate policies adopted then it may as well take the top spot.

Starting any type of a business requires planning, imagination or creativity, inner drive to succeed and of course hard work. However, the main traits and characteristics of entrepreneurs that make their businesses stand out from the crowd include; the desire to achieve. Entrepreneurs are people who highly desire to achieve. An entrepreneur should not wait for things to happen but should rather make them happen. They are also highly competitive and would always try to be informed about latest entrepreneurial developments. Entrepreneurs are also self starters. This is to mean that they motivate themselves to do something. They do not need an incentive to do anything but the desire to succeed is enough to get then started. They would rather make their own mistakes and learn from them

Entrepreneurship also requires hard work. As entrepreneurs, it is important to know that success does not come in a silver platter but has to be worked for. Entrepreneurs realize that they have to put in a lot of time and effort to see there dream come true. Focus is also another very essential characteristic of an entrepreneur. Entrepreneurs know what they want and will do anything to achieve that. This is related to positive thinking in that they believe that everything will turn out well in the end no matter what. Entrepreneurs are also non conformers and almost always wanting to stand out of the crowd. A successful Nigerian entrepreneur should also avoid being pinned down to anything and instead make their own goals and objectives rather than working for someone else.

Entrepreneurs are also born leaders. Good leaders inspire trust in others and motivate them to do something. A good leader efficiently influences, guides and directs people. This trait is especially important when hiring people for the newly founded business. An entrepreneur should possess good judgmental skills and be sharp and bright capable of making wise decisions. Good communication skills are also a must for an entrepreneur. This means that a successful entrepreneur can efficiently convey a message which will be clearly understood. This trait only works well if one is also a keen listener. Entrepreneurs are risk takers. Running a business in itself is a risk because if one does not make calculated choices it could easily collapse. Successful entrepreneurs therefore, take calculated risks in order to succeed. Entrepreneurship also requires dedication. Entrepreneurs tend to stick to their ventures no matter what. They do not easily give up and when they make a mistake, they learn and move on rather than obsessing on that one failure.

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magzoso-tech · 5 years ago

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New Post has been published on https://magzoso.com/tech/payment-startup-chipper-cash-raises-6m-for-southern-africa-expansion/

Payment startup Chipper Cash raises $6M for Southern Africa expansion

African cross-border fintech startup Chipper Cash has raised a $6 million seed round led by Deciens Capital.

The San Francisco-based company offers mobile-based, no fee, P2P payment services in six countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda and Kenya.

Chipper Cash will use the capital to grow its team and move into new geographic areas, according to CEO Ham Serunjogi.

“Southern Africa is an area we’re looking to expand to in 2020,” he told TechCrunch on a call. Chipper Cash won’t yet disclose which countries that could entail.

The digital finance startup’s had a busy 12 months in an eventful year overall for Africa’s fintech scene. After going live in 2018, Chipper Cash raised $2.4 million in May 2019 in a seed round that included support from 500 Startups and Liquid 2 Ventures — co-founded by American football icon Joe Montana.

In September, Chipper Cash expanded into what is now arguably Africa’s largest fintech market, Nigeria. With its latest round, the startup has raised more than $8 million in seed capital. Participants in the $6 million financing include previous investors, and a few new backers, such as Boston-based Raptor Group.

Deciens Capital co-founder Dan Kimerling confirmed the fund’s lead on the latest round and that he will continue his role on Chipper Cash’s board.

The fintech company, co-founded by Ghanaian Maijid Moujaled, now has more than 600,000 active users and has processed more than 3 million transactions on its no-fee, P2P, cross-border mobile-money payments product, according to Serunjogi.

Maijid Moujaled and Ham Serunjogi

The startup also runs Chipper Checkout: a merchant-focused, fee-based C2B mobile payment product that generates the revenue to support Chipper Cash’s free mobile-money business.

The startup’s planned move to Southern Africa — home to the continent’s second-largest and most advanced economy of South Africa — will place Chipper Cash in all three corners of the Africa’s triangle of leading digital finance markets.

There are hundreds of payments startups across Africa looking to bring the continent’s large unbanked and underbanked populations onto mobile finance applications.

Some products, such as M-Pesa in Kenya, have succeeded in reaching tens of millions. However, one characteristic of successful African fintech products is that their use has been geographically segregated, with few apps able to scale widely across borders.

Chipper Cash touts its ability to grow its P2P product in several countries in 2019, including Nigeria.

Serunjogi explained the imperative to move to the West African country earlier this year. “Nigeria is the largest economy and most populous country in Africa. Its fintech industry is one of the most advanced in Africa, up there with Kenya and South Africa,” he told TechCrunch in May.

Apparently a number of actors were on the same wavelength when he said that, as Nigerian fintech gained $360 million in VC in November — the equivalent of roughly one-third of all the startup capital raised in Africa in 2018, according to Partech stats.

Part of this venture influx was directed to potential Chipper Cash competitors.

In two separate rounds, Chinese investors put $220 million into OPay and PalmPay — two fledgling payment startups with plans to scale in Nigeria and the broader continent. That money dwarfs rounds raised by other P2P-focused fintech companies, such as Chipper Cash.

On how the startup will compete with these new players with big coffers, Serunjogi points to Chipper Cash’s gratis-payment structure, among other factors.

“Money doesn’t buy product market fit. It doesn’t buy ultimate success in this space,” he said.

“By offering our product for free, we’re not in a pricing war or competing on a dollar-to-dollar basis. We’re in a pure utility war on who can provide the most value to our users. We’re quite comfortable with our position, and our long-term value proposition will speak for itself over time,” Serunjogi added.

At the end of 2020 we can review where Chipper Cash and competitive platforms stand on country reach and volumes in the startup race to scale digital payments across Africa’s 1.2 billion people.

#Miscellaneous

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menakart · 6 years ago

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The Economics of Inequality Thomas Piketty―whose Capital in the Twenty-First Century pushed inequality to the forefront of public debate―wrote The Economics of Inequality as an introduction to the conceptual and factual background necessary for interpreting changes in economic inequality over time. This concise text has established itself as an indispensable guide for students and general readers in France, where it has been regularly updated and revised. Translated by Arthur Goldhammer, The Economics of Inequality now appears in English for the first time. Piketty begins by explaining how inequality evolves and how economists measure it. In subsequent chapters, he explores variances in income and ownership of capital and the variety of policies used to reduce these gaps. Along the way, with characteristic clarity and precision, he introduces key ideas about the relationship between labor and capital, the effects of different systems of taxation, the distinction between “historical” and “political” time, the impact of education and technological change, the nature of capital markets, the role of unions, and apparent tensions between the pursuit of efficiency and the pursuit of fairness. Succinct, accessible, and authoritative, this is the ideal place to start for those who want to understand the fundamental issues at the heart of one of the most pressing concerns in contemporary economics and politics. Think Like a Freak

With their trademark blend of captivating storytelling and unconventional analysis, Steven D. Levitt and Stephen J. Dubner take us inside their thought process and teach us all how to think a bit more productively, more creatively, more rationally. In Think Like A Freak, they offer a blueprint for an entirely new way to solve problems, whether your interest lies in minor lifehacks or major global reforms. The topics range from business to philanthropy to sports to politics, all with the goal of retraining your brain. Along the way, you’ll learn the secrets of a Japanese hot-dog-eating champion, the reason an Australian doctor swallowed a batch of dangerous bacteria, and why Nigerian e-mail scammers make a point of saying they’re from Nigeria. Levitt and Dubner plainly see the world like no one else. Now you can too. Never before have such iconoclastic thinkers been so revealing—and so much fun to read. Brick City: Lego for Grown Ups

Brick City is a model builder's festival in book form. What lends special distinction to the models is the way they're constructed. Each is made entirely of LEGO bricks! Known for decades as a favorite children's toy, LEGO bricks have entered the adult model builder's repertoire in recent years. Author and model maker Warren Elsmore presents instructions for neophyte LEGO modelers plus plans for constructing specific buildings and landmarks, along with vivid photos of completed LEGO models. The models represent landmarks from all over the world, and include-- St. Basil's Cathedral New York's New World Trade Center The Arc de Triomphe Rome's Colosseum A London taxicab Hong Kong ferries Buckingham Palace. . . and many others Featuring amazing photos of LEGO models, and scale drawings of structural details to guide model builders, Brick City presents a modeler's panorama of contemporary urban landscapes. More than 400 illustrations in color and black and white. BONUS POSTERS: Enclosed with the book are two dramatic posters featuring LEGO model photos of architectural world landmarks. The posters, which are suitable for framing, unfold to 17 1/2" x 24 3/4" business books, best business books, top business books, business books to read, best business books 2019, manage booking, best business books to read, new business books, top 10 business books, business books 2019, top business books to read

#books online dubai #online books #books online uae

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sandlerresearch · 5 years ago

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The Nigerian Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2025 published on

https://www.sandlerresearch.org/the-nigerian-defense-market-attractiveness-competitive-landscape-and-forecasts-to-2025.html

The Nigerian Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2025

The Nigerian Defense Market – Attractiveness, Competitive Landscape and Forecasts to 2025

Summary

The Future of the Nigerian Defense Industry – Market Attractiveness, Competitive Landscape and Forecasts to 2025, published by GlobalData, provides readers with detailed analysis of both historic and forecast defense industry values, factors influencing demand, the challenges faced by industry participants, analysis of industry leading companies, and key news.

This report offers detailed analysis of the Nigerian defense industry with market size forecasts covering the next five years. This report will also analyze factors that influence demand for the industry, key market trends, and challenges faced by industry participants.

In particular, it provides an in-depth analysis of the following – – The defense industry market size and drivers: detailed analysis of the Nigerian defense industry during 2021-2025, including highlights of the demand drivers and growth stimulators for the industry. It also provides a snapshot of the country’s expenditure and modernization patterns – Budget allocation and key challenges: insights into procurement schedules formulated within the country and a breakdown of the defense budget with respect to capital expenditure and revenue expenditure. It also details the key challenges faced by defense market participants within the country – Porter’s Five Force analysis of the Nigerian defense industry: analysis of the market characteristics by determining the bargaining power of suppliers, bargaining power of buyers, threat of substitution, intensity of rivalry, and barriers to entry – Import and Export Dynamics: analysis of prevalent trends in the country’s imports and exports over the last five years – Market opportunities: details of the top five defense investment opportunities – Competitive landscape and strategic insights: analysis of the competitive landscape of the Nigerian defense industry. It provides an overview of key players, together with insights such as key alliances, strategic initiatives, and a brief financial analysis

Scope

– The defense budget of Nigeria was US$2.5 billion in 2020 and registered a CAGR of 9.61% during the historical period. – Nigeria has been facing internal conflicts and issues which are affecting its growth, stability and national security. – Terrorism, drug trafficking, arms trade, and oil theft are significant security challenges.

Reasons to buy

– This report will give the user confidence to make the correct business decisions based on a detailed analysis of the Nigerian defense industry market trends for the coming five years – The market opportunity section will inform the user about the various military requirements that are expected to generate revenues during the forecast period. The description includes technical specifications, recent orders, and the expected investment pattern by the country during the forecast period – Detailed profiles of the top domestic and foreign defense manufacturers with information about their products, alliances, recent contract wins, and financial analysis wherever available. This will provide the user with a total competitive landscape of the sector – A deep qualitative analysis of the Nigerian defense industry covering sections including demand drivers, Porter’s Five Forces Analysis, Key Trends and Growth Stimulators, and latest industry contracts

#Public Sector

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buzztoon · 5 years ago

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Living in The Gambia

The information procured, can't be measured in financial terms, and I will prescribe this instructive visits to our adolescents to empower them acknowledge and endure different societies, along these lines lessening clashes and debates among neighboring nations. Elsewhere, I have composed and held a few workshops on working and living in Ghana around 11 years back.

Today, the example of overcoming adversity of Ghana is clear to all and this nation Ghana, has risen as perhaps the best economy in the subregion. Once more, I am acquainting another rising extraordinary economy with you, The Gambia.

Before the entire world flood here, and you'll be forgotten about, why not pay attention to my exhort and contribute, work, live or occasion in this excellent nation to encounter what I'm discussing? I cherish this serene nation favored with cordial individuals. Gambians welcome you with characteristic rousing grins. The Gambia is limited round by a recorded stream, wealthy in regular assets of ocean nourishments, creatures and recuperating powers. Welcome to The Gambia, the grinning bank of West Africa.

From the characteristic magnificence of Makasutu Village, verifiable locales of Kunta Kinteh town, James Island, Kachikally Crocodile pool, Kanilai Farm, thus numerous different destinations to the shorelines and individuals, you will barely need to leave. Little wonder, there are such a large number of rehash voyagers going to The Gambia for as long as 10-15 years that I've met. They originate from all over Europe, Americas, Asia and Africa. At the shoreline, the excellence of the Sea, the sand and sun will help you to remember Mother Africa.

What about the venture atmosphere, entirely great and speculator friendly.With a steady economy with a solitary digit swelling rate and cash trade of US$1.0= GMD26 (As at ninth April, 2010). The Gambia is a multicultural nation with a great deal of settlers from West Africa, Europe, America, Middle East and Asia forever living as financial specialists, working with a few NGOs, some resigned speculators while numerous others are occupied with importation organizations and possessed a few shopping malls.The Gambia is home to financial specialists, volunteers, experts seeking after their vocation, and occasion creators who has made this serene nation their goal. Welcome to The Gambia, where there is no separation dependent on religion, statement of faith, shading, race, sexual orientation, economic wellbeing, handicap and with zero resistance to debasement. Peruse on! Alsamadeh!

MARKET

The real markets are in Banjul, Serrekunda and Brikama. Here, you can search for staple sustenances like fish, meat, vegetables, clothings, jeweleries and style frill. Local people welcome individuals with regular grins in the wake of trading the religious welcome: "Asalamalekun", which means, harmony be unto you. Generally, Gambian ladies go to advertise day by day to purchase what to cook.They can be seen with the plastic bins with holders thronging to the bustling markets to search for crisp fish, meat, vegetables and set aside some effort to welcome each other asking after every others' families, relations and get refreshed about ebb and flow get-togethers and other ladies tattles. A portion of the elites, be that as it may, like to shop in shopping centers around Kairaba Avenue, and purchase sustenances in huge amounts to store at home.

Little showcases, or what some bring grocery stores are everywhere throughout the Greater Banjul territory contending with the conventional markets. There are likewise the area shops, called "Fulah Shops", claimed for the most part by Mauritanian residents and at times by Guineans. This is the spot to get the privately made bread called, "Tapalapa". This is normally a long banana formed earth stove heated bread that is generally moved on bikes by the providers promptly in the first part of the day, late morning and dusk time. I favor purchasing this, when crisp, it's delicate and more engaging than the stale solidified and uninviting ones. An entire one goes for D5 and the half is D2.50. The bread is generally sold with a pleasant spread of margarine, mayonnaises, egg, potato and spiced with large or Maggi sauce contingent upon the purchaser's inclinations.

There is likewise "Senfu", which has a piece nature and a lot less expensive, being sold for D3 for a full roll. Notwithstanding, I saw the "Senfu" isn't as filling as the "Tapalapa" that can prop me up for the entire day, similar to a bowl of "Fufu", which is the energiser for most Nigerians, Ghanaians and Sierra-Leoneans in The Gambia. The nearby "Fufu" dissimilar to the ones found in Ghana and Nigeria are produced using "Saddam Rice", as it is called locally, by processing it into powder and cooked into a strong glue in a pot. The most well known lunch feast, among Gambians, is the jollof rice, privately alluded to as " Benechin". Various kinds of stew are set up to eat the rice dinner like"Plasas", "Super ganja", "Damoda",etc. I appreciate the Gambia breakfast dinner of "Thura Girthe", which is wealthy in protein. This is a blend of all around beat rice cooked with processed groundnut and eaten with a spread of yogurt "Sharp Milk".

Gambians eat together. Little gatherings of between 5-8 individuals are normally observed eating from a similar bowl, but, when a guest shows up, the person in question is beakoned to in any case go along with them and offer out of it. This is the genuine affection, i'm yet to see anyplace. On the off chance that you think there is no free feast anyplace, you're off-base; go to The Gambia! This clarify the explanation behind low or non-existent wrongdoing rate. In any event, a lunch feast is ensured for anybody living in The Gambia. Sustenance is shared, nobody returns home hungry. The ladies likewise squander a ton of sustenance by continually setting up a ton anticipating that guests should go along with them when serving their suppers. They bundle the rice suppers in enormous wide bowls with a spread and enclose it by a conventional way with material, that will verify the nourishment from spilling and convey to their spouses at their particular working spots for them to eat with partners. Here and there, they go travel long separates, to convey the nourishments, similar to a family living in Lamin and the spouse working in Serrekunda.

WORK HOURS

The official working hours is 8am-4pm from Monday to Thursday. Friday is half day. The vast majority of Gambians are Muslims, and they go for the Friday Special petitions toward the evening. Despite the fact that, the "African time" idea is as yet predominant among the individuals, this is regular with the administration laborers, the private area is better. Most genuine business arrangements start from 9am, despite the fact that, they are booked for 8am.

The real reason some of the time for landing at work late, can be because of inaccessibility of business vehicles to ship laborers to their individual work environments. Indeed, at work environments, Gambians remember to take their Chinese home grown tea called " Atire".

Round OF FOOTBALL

A first time guest, to The Gambia will think the sport of football has it's starting point from here, due to the affection and enthusiasm appended to this game. There are a significant number of play areas that are never kept inactive due to the abounding young people that religiously train and play day by day coordinates, particularly in the nights after work or school. Additionally, on ends of the week, before anything else, you will see everybody practicing or playing the game they adore most; football.

The exchanges of the vast majority of these young people that establish half of the nation's populace is fixated on the European matches. Groups like Manchester United, Chelsea, Manchester City, Arsenal, Barcelona, Real Madrid, AC Milan and other huge groups have enthusiastic fans in The Gambia.

There are numerous Football Viewing focuses that are making a fortune demonstrating the live matches to generally Gambian. Albeit, a portion of these young people probably won't know the capital of Nigeria, they regularly disclose to me it's Lagos, yet they absolutely realize all the European Club Managers, first line ups and moves of these key players, not to discuss the most recent scores in the prevalence or title.

The Gambia's national group, called the "Scorpion" is venerated and you dare not utter a word terrible against this group all together not to acquire the fierceness of my football sweethearts. A misfortune in game when "Scorpions" play, will transform the whole nation into a cemetery, "a grieving period". In any case, with a success; the Brazilian samba artists will begrudge the move steps of both the little fellows and young ladies singing: "ho, ho, ha,ha,ha,ha..haleyomii". Consequently, to warm up to Gambians is so natural, simply get a football theme!

Shorelines

The climatic states of The Gambia is somewhat unique in relation to different ECOWAS nations. There is just one cycle of precipitation which starts around June and finishes around October. It is generally hot during the drizzling time frames, dissimilar to different nations that experience cold periods.

The Hamattan time frame begins from November to February. Nonetheless, the climate encounters whimsical changes at times. The shorelines are spotless and give aid to visiting travelers that need to encounter the excellence of the sun, the ocean and the sand of The Gambia.

There are a few shorelines to visit. From Banjul shoreline to Palma Rima, Senegambia and up to Sanyang. There are such a significant number of private shorelines along this line. Most white voyagers called "Toubabs" are normally welcome at these shorelines that have alluring conventional bars with regular juice, canned beverages, grill and unique bundles for guests.

The threat of "bumsters" have been reduced and there are traveler police watching the greater part of the bustling shorelines to hinder the "spontaneous companions". The shorelines are blockaded by practically all Gambians during merry periods or during significant melodic shows or shows.

Bubbly PERIODS

A guest arriving The Gambia around Easter or Christmas will think all Gambians are Christians, with the festival and celebrating. Correspondingly, around the Muslim celebrations of "Koriteh or Tobaski" will give one the feeling that there is no single Christian nearby.

This is the excellence and decent variety of the Gambian neighborliness and resilience of different religions in The Gambia. The individuals appreciate great music. The neighborhood craftsmen are venerated, some of whom are Jalibah Kuyateh, Titi Kololi, Freakie Joe, Asan Njie, Olugander and Sambou to make reference to a couple.

The ladies, both youthful and old

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jamieclawhorn · 6 years ago

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Two top FTSE 250 defensive dividend stocks to consider in September

The past few years have been trying ones for PZ Cussons (LSE: PZC), as trading in Nigeria, the consumer goods firm’s largest market by sales, has suffered due to rampant inflation and weak economic growth. Yet Cussons continues to perform quite well in other more profitable markets. And with unimpeachable non-cyclical characteristics, great growth potential, and a 3.65% dividend yield, I think it’s one stellar stock to consider for conservative long-term investors.

Thanks to selling everyday necessities, such as soap and shampoo via well-known brands like Carex, Imperial Leather and Original Source, Cussons’ defensive attributes are very sound. That should be of great comfort to nervous investors wondering when the next economic downturn will hit.

On top of relatively non-cyclical sales, the group also boasts potentially-transformative long-term growth prospects, thanks to its exposure to emerging markets, including Nigeria and Indonesia, that boast fast-growing populations and bumper prospects for economic growth. Although Nigeria is going through rough macroeconomic period right now, its consumers are still buying Cussons’ products in huge volumes and the company has done well to grow market share during this tough time.

So, while group-wide adjusted operating profit dropped 15.9% in constant currency terms last year to £85.7m, due to Nigerian weakness, I still see dramatic long-term potential from access to Africa’s largest economy with a fast-growing population that the UN reckons will make it the third largest country globally by 2050.

Elsewhere, highly profitable operations in the UK ran into headwinds last year as operating profits stayed flat but still did their part to ensure earnings per share came in at 11.41p per share, more than covering the 8.28p full-year dividend payout.

With management rolling out new products and refreshed marketing campaigns in the UK, I reckon Cussons’ profits should regain positive momentum soon. Coupled with long-term growth potential in emerging markets, a four-decade-long history of dividend hikes, and its defensive nature, this makes PZ Cussons one FTSE 250 stock I think investors should consider right now.

A dividend to milk for all its worth

Another mid-cap dividend dynamo that should withstand the next economic downturn well is Dairy Crest Group (LSE: DCG). This defensive nature comes from selling everyday dairy staples, such as the UK’s leading cheese brand, Cathedral City, and the country’s second most popular butter spread, Clover.

Against fragmented markets, both of these brands continue to take market share and drive revenue and profit growth for Dairy Crest. Last year, revenue rose 10% to £456.8m, while adjusted pre-tax profits bumped up 3% to £62.3m.

Looking ahead, I expect further market share gains to come as management invests in marketing, brings new brands to market, and recently raised capital to expand production from 54,000 tonnes to 77,000 tonnes of cheese annually. The company’s trading update for the six months to September was released this morning and certainly suggests this is taking place as management disclosed a year-on-year increase in revenue and profits.

This forward progress, combined with the recent equity issuance that pushed net debt down to 2.1x EBITDA, is great news for the company’s already-impressive 4.9% dividend yield that is covered by earnings.

While Dairy Crest is vulnerable to swings in the price of dairy inputs, the group is well-run and is making good progress in profitable growth. Adding in its stellar dividend and significant defensive attributes, makes me believe Dairy Crest is one stock nervous investors should keep an eye on.

But Cussons and Dairy Crest aren’t the only defensive dividend kings out there

Our top analysts have highlighted five such FTSE 100 shares in our special free report “5 Shares To Retire On”. To find out which large caps caught the eye of our analysts and why they’ve chosen them now, simply click here to view your copy of the special report right away!

Top Stories This Week

Owner Of New York Stock Exchange Mulls Over Addition Of Crypto Trading

The New York Times reported this week that the NYSE might be giving its customers the option to buy and hold Bitcoin, an assertion backed up by documents, emails, and anonymous sources that confirm these future crypto traders contracts.

Improvement Code Casper For Ethereum Network Released

A new version of Casper, a code upgrade for the Ethereum network that aims to improve the economic consensus protocol, was released this week on Github. The Casper code combines Proof-of-Work (PoW) with Proof-of-Stake (PoS), with the eventual goal for Ethereum to switch entirely to PoS.

Facebook Considers Blockchain Tech For Messaging App, Explores Cryptocurrency

The head of Facebook’s Messenger app--David Marcus, who is also on the board at crypto exchange and wallet Coinbase--announced this week that he is setting up a small working group for looking into blockchain use across Facebook. Media outlets also reported that Facebook is allegedly “very serious” about plans to launch its own cryptocurrency.

Iranians Use Crypto To Move $2.5 Bln Out Of Country

Iranians are increasingly turning to Bitcoin (BTC) and other cryptocurrencies in the wake of the US exit from a multilateral nuclear accord with the country this week. The news has plunged the country into economic turmoil, resulting in a surge of interest towards crypto.

Federal Reserve Bank Of San Fran Attributes BTC Decline To Futures Release

The Federal Reserve Bank of San Francisco wrote in an economic letter this week that Bitcoin’s decline from December’s high of $20,000 to February’s low of below $7,000 can be attributed to the natural process following the introduction of a futures market--and both the CME and the CBOE launched Bitcoin futures last December.

Best Quotes

“Suppose you could make a lot of money trading freshly harvested baby brains. Would you do it, or would you say that’s immoral? You wouldn’t trade them, would you? It’s too awful a concept. Well, to me Bitcoin is almost as bad,” — Charlie Munger, Berkshire Hathaway VP

“I feel like I’m in two different universes, I need a passport to go between the Bitcoin world and my regular world,” — Chamath Palihapitiya, founder and CEO of VC firm Social Capital

Laws And Taxes

Colorado Passes Blockchain Bill For Records, Cyber Security

The Colorado Senate passed a bill this week that requires government offices and regulatory agencies to consider blockchain use for the protection of confidential records, citing the technology’s use in preventing criminal or unauthorized exploitation and theft.

China Government Body Considers Blockchain Standards Release In 2019

The director of the Blockchain Research Office at China’s IT Ministry said this week that a working group had already begun research on producing nationwide blockchain standards, with the goal to release the standards by the end of 2019.

European Crypto Exchanges Call For Regulation...Of Themselves

A UK crypto trading platform and an Austrian crypto exchange have asked for more clear crypto regulation in order to “know where we stand.” According to the two crypto companies, the current AML/KYC regulation leaves them uncertain as to how their businesses fit into the existing regulatory landscape.

Crypto Revenue Subject To Taxes In Azerbaijan

Azerbaijan’s Taxes Ministry announced this week that crypto-to-fiat transactions will be subject to taxation, as any amount gained by selling should be recorded as income. A local news source says that the Azerbaijani crypto market saw an uptick in popularity from May-December 2017, falling in line with last fall’s global crypto craze.

Ukrainian Legislative Body Considers Recognizing Crypto As Financial Instrument

The head of Ukraine’s National Securities and Stock Market Commission said this week that the growth of the crypto industry has made it necessary to legally recognize cryptocurrencies and adapt financial regulations: “the point of no return is the past.”

Adoption

West Virginia Elections Close As First Gov’t Run Blockchain Vote In US History

Two counties in West Virginia allowed citizens this week of a certain category--members of the military and those that were eligible for absentee voting--to vote using a mobile blockchain-based platform developed by Voatz.

World’s Second Largest Software Firm Enters Blockchain Sphere

Software company Oracle will be releasing a platform-as-service product this month and decentralized ledger-based applications next month, working with both a Chilean bank and the Nigerian government in their expansion into blockchain.

Australian Blockchain Companies Repurpose Old Real Estate For BTC Mining

An unused coal plant in Australia is being turned into a Bitcoin mining operation as per a partnership between two Australian blockchain companies. The proposed mining station would occupy two hectares (almost 5 acres!) of land.

More Australia News--Gov’t Considers Blockchain For Trade Supply Chains

Australia’s government is looking into using blockchain for the country’s trade supply chain, which would improve the methods of validation and analysis of trade data, said a spokesperson for Australia's Department of Home Affairs (DHA).

Telecom Companies Work With Blockchain Startup On Proof Of Concept

A collaboration between two major telecom companies and a blockchain startup has successfully tested inter-carrier settlement of services with blockchain. The tests will now be extended to other members of the ITW Global Leaders’ Forum

Diamond Mining Giant Tracks Diamonds From Mine To Retailer With Blockchain

De Beers has announced it has successfully tracked 100 high-value diamonds from the mine to the store using blockchain tech, as part of their commitment to only deal in conflict-free diamonds.

Mergers And Acquisitions

Bloomberg Partners With Crypto Merchant Bank For Crypto Price Index

Bloomberg has announced the release of the Bloomberg Galaxy Crypto Index (BGCI), created in collaboration with former Wall Street exec Mike Novogratz’s crypto merchant bank, Galaxy Digital Management. For the start, ten coins from the “most liquid” part of the crypto market will be listed, including BTC, ETH, XRP, and others.

Gainers and losers

The crypto markets saw a slight dip this week--most likely correlated to the news of the police investigation of South Korean exchange Upbit--bringing Bitcoin below $9,000 and Ethereum below $700. At week’s end, total market cap is around $397 bln.

Top three altcoin gainers of the week:

Kin (36.52%)

Ontology (13.11%)

Skyecoin (12.84%)

Top three altcoin losers of the week:

WaykiChain (-7.93%)

Cryptonex (-4.56%)

Mithril (-4.43%)

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

FUD Of The Week

Bill Gates Slams Bitcoin, Again

Microsoft founder and billionaire Bill Gates again spoke negatively this week of Bitcoin, calling it a “greater fool” investment and he would “would short it if there was an easy way to do it.” Good news, Bill, there is an easy way to do it, and Tyler Winklevoss was kind enough to tweet you direct instructions as to how.

Dear @BillGates there is an easy way to short bitcoin. You can short #XBT, the @CBOE Bitcoin (USD) Futures contract, and put your money where your mouth is! cc @CNBC @WarrenBuffett https://t.co/4JIhF5vWsZ

— Tyler Winklevoss (@tylerwinklevoss) May 7, 2018

Bank Of America Tells Its Customers, Again, They Can’t Buy Crypto With Credit Cards

Bank of America’s chief technology officer called Bitcoin “troubling” this week due to its lack of transparency--a deliberate characteristic of the cryptocurrency, which was designed in the wake of the 2008 financial crisis--and reaffirmed the decision not to let customers by crypto with BoA credit cards.

South Korean Crypto Exchange Investigated By Police For Alleged Fraud

Crypto exchange Upbit is reportedly being investigated by local police in South Korea, who believe the exchange faked its balance sheets and deceived investors. Ten investigators will conduct an audit of the exchange’s crypto holdings.

Coinhive ‘Cryptojacking’ Code Found On More Than 300 Websites

Coinhive mining code--a non-maliciously built but often maliciously used code for mining the altcoin Monero--has been found on over 300 government and university websites globally, according to a recent cyber security report. The sites affected are mainly hosted on Amazon with domains in the US, but the common denominator across all those affected is use of the Drupal content management system.

Prediction Of The Week

Fundstrat Research Uses Bitcoin Mining Costs To Predict BTC Hitting $36K By 2019

Fundstrat’s Tom Lee has predicted that Bitcoin will hit $36,000 by the end of 2019 due to a projection based on predicted growth of the mining industry. Previously, Lee had predicted $25,000 by 2020, then $91,000 by March 2020, and most recently $25,000 by the end of 2018--none of these heights mutually exclusive.

Best Features

How to Run a Blockchain on a Deserted Island with Pen and Paper

Founder at Orbs.com tells you all you need to know if you’re trapped on a desert island with the characters from hit TV show Lost and desperately need to operate a blockchain by hand.

How We Make Decisions At Coinbase

If you’ve ever wondered how to make any kind of decision in the absolutely fairest way possible with every possible scenario thought out until the very end--related or unrelated to cryptocurrency and blockchain--wonder no longer!

Cyber Gold: Understand Cryptocurrency With ClickHole’s Guide To Bitcoin

Simple and efficient explanatory infographic on the basics of bitcoin for crypto newbies.

Source #bitcoin #news #cryptonews #cryptocurrency #dailybitcoinnew #todaynews

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richardprice-blog · 7 years ago

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Happiness Around The World

Over breakfast this morning I was wondering “Are people in Africa less happy than people in the western world?” I looked it up on Google, and found the “World Happiness Report”, which is a report affiliated with the UN, and written by a number of economists, including Jeffrey Sachs.

There are some fascinating points made in the Executive Summary of the World Happiness Report.

- People in Africa are less happy than people in the western world - People in China are no happier than they used to be 25 years ago, despite GDP growing by 5x in that time period - Curing depression would make the biggest difference to reducing global unhappiness - Having a job is key to happiness, but manual labor is systematically correlated with lower levels of happiness

Some overall points about the factors driving happiness:

“Although the top ten countries remain the same as last year, there has been some shuffling of places. Most notably, Norway has jumped into first position, followed closely by Denmark, Iceland and Switzerland. These four countries are clustered so tightly that the differences among them are not statistically significant, even with samples averaging 3,000 underlying the averages. Three-quarters of the differences among countries, and also among regions, are accounted for by differences in six key variables, each of which digs into a different aspect of life. These six factors are GDP per capita, healthy years of life expectancy, social support (as measured by having someone to count on in times of trouble), trust (as measured by a perceived absence of corruption in government and business), perceived freedom to make life decisions, and generosity (as measured by recent donations). The top ten countries rank highly on all six of these factors.”

China's happiness levels after GDP grew by 5x:

“While Subjective well-being (SWB) is receiving increasing attention as an alternative or complement to GDP as a measure of well-being. There could hardly be a better test case than China for comparing the two measures. GDP in China has multiplied over five-fold over the past quarter century, subjective well-being over the same period fell for 15 years before starting a recovery process. Current levels are still, on average, less than a quarter of a century ago. These disparate results reflect the different scope of the two measures. GDP relates to the economic side of life, and to just one dimension—the output of goods and services. Subjective well-being, in contrast, is a comprehensive measure of individual well-being, taking account of the variety of economic and noneconomic concerns and aspirations that determine people’s well-being. GDP alone cannot account for the enormous structural changes that have affected people’s lives in China. Subjective well-being, in contrast, captures the increased anxiety and new concerns that emerge from growing dependence on the labor market. The data show a marked decline in subjective well-being from 1990 to about 2005, and a substantial recovery since then. The chapter shows that unemployment and changes in the social safety nets play key roles in explaining both the post-1990 fall and the subsequent recovery.”

Thoughts on why happiness levels are low in Africa

“This chapter explores the reasons why African countries generally lag behind the rest of the world in their evaluations of life. It takes as its starting point the aspirations expressed by the Nigerian respondents in the 1960s Cantril study as they were about to embark on their first experience of freedom from colonialism. Back then, Nigerians stated then that many changes, not just a few, were needed to improve their lives and those of their families. Fifty years on, judging by the social indicators presented in this chapter, people in many African countries are still waiting for the changes needed to improve their lives and to make them happy. In short, African people’s expectations that they and their countries would flourish under self-rule and democracy appear not yet to have been met.

“Africa’s lower levels of happiness compared to other countries in the world, therefore, might be attributed to disappointment with different aspects of development under democracy. Although most citizens still believe that democracy is the best political system, they are critical of governance in their countries. Despite significant improvement in meeting basic needs according to the Afrobarometer index of ‘lived poverty’, population pressure may have stymied infrastructure and youth development.”

Thoughts on reducing misery by curing depression:

“This chapter uses surveys from the United States, Australia, Britain and Indonesia to cast light on the factors accounting for the huge variation across individuals in their happiness and misery (both of these being measured in terms of life satisfaction). Key factors include economic variables (such as income and employment), social factors (such as education and family life), and health (mental and physical). In all three Western societies, diagnosed mental illness emerges as more important than income, employment or physical illness. In every country, physical health is also important, yet in no country is it more important than mental health.

“The chapter defines misery as being below a cutoff value for life satisfaction, and shows by how much the fraction of the population in misery would be reduced if it were possible to eliminate poverty, low education, unemployment, living alone, physical illness and mental illness. In all countries the most powerful effect would come from the elimination of depression and anxiety disorders, which are the main form of mental illness.

“The chapter then uses British cohort data to ask which factors in child development best predict whether the resulting adult will have a satisfying life, and finds that academic qualifications are a worse predictor than the emotional health and behaviour of the child. In turn, the best predictor of the child’s emotional health and behaviour is the mental health of the child’s mother. Schools are also crucially important determinants of children’s well-being.

“In summary, mental health explains more of the variance of happiness in Western countries than income. Mental illness also matters in Indonesia, but less than income. Nowhere is physical illness a bigger source of misery than mental illness. Equally, if we go back to childhood, the key factors for the future adult are the mental health of the mother and the social ambiance of primary and secondary school.

Thoughts on having a job, and manual labor

“This chapter investigates the role of work and employment in shaping people’s happiness, and studies how employment status, job type, and workplace characteristics affect subjective well-being.

“The overwhelming importance of having a job for happiness is evident throughout the analysis, and holds across all of the world’s regions. When considering the world’s population as a whole, people with a job evaluate the quality of their lives much more favorably than those who are unemployed. The clear importance of employment for happiness emphasizes the damage caused by unemployment. As such, this chapter delves further into the dynamics of unemployment to show that individuals’ happiness adapts very little over time to being unemployed and that past spells of unemployment can have a 6 lasting impact even after regaining employment. The data also show that rising unemployment negatively affects everyone, even those still employed. These results are obtained at the individual level, but they also come through at the macroeconomic level, as national unemployment levels are negatively correlated with average national well-being across the world.

“This chapter also considers how happiness relates to the types of job that people do, and finds that manual labor is systematically correlated with lower levels of happiness. This result holds across all labor-intensive industries such as construction, mining, manufacturing, transport, farming, fishing, and forestry.

“Finally, the chapter studies job quality by considering how specific workplace characteristics relate to happiness. Beyond the expected finding that those in well-paying jobs are happier and more satisfied with their lives and their jobs, a number of further aspects of people’s jobs are strongly predictive of greater happiness—these include work-life balance, autonomy, variety, job security, social capital, and health and safety risks.

http://worldhappiness.report/overview/

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un-enfant-immature · 5 years ago

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Payment startup Chipper Cash raises $6M for Southern Africa expansion

African cross-border fintech startup Chipper Cash has raised a $6 million seed-round led by Deciens Capital.

The San Francisco-based company offers mobile-based, no fee, P2P payment services in six countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, and Kenya.

Chipper Cash will use the capital to grow its team and move into new geographic areas, according to CEO Ham Serunjogi.

“Southern Africa is an area we’re looking to expand to in 2020,” he told TechCrunch on a call. Chipper Cash won’t yet disclose which countries that could entail.

In September, Chipper Cash expanded into what is now arguably Africa’s largest fintech market, Nigeria. With its latest round, the startup has raised over $8 million in seed capital. Participants in the $6 million financing include previous investors, and a few new backers, such as Boston based Raptor Group.

Deciens Capital Co-Founder Dan Kimerling confirmed the fund’s lead on the latest round and that he will continue his role on Chipper Cash’s board.

The fintech company, co-founded by Ghanaian Maijid Moujaled, now has more than 600,000 active users and has processed over 3 million transactions on its no-fee, P2P, cross-border mobile-money payments product, according to Serunjogi.

Maijid Moujaled and Ham Serunjogi

The startup also runs Chipper Checkout: a merchant-focused, fee-based C2B mobile payment product that generates the revenue to support Chipper Cash’s free mobile-money business.

There are hundreds of payments startups across Africa looking to bring the continent’s large unbanked and underbanked populations onto mobile finance applications.

Some products, such as M-Pesa in Kenya, have succeeded in reaching tens of millions. However, one characteristic of successful African fintech products is their use has been geographically segregated, with few apps able to scale widely across borders.

Chipper Cash touts its ability to grow its P2P product in several countries in 2019, including Nigeria.

Part of this venture influx was directed to potential Chipper Cash competitors.

On how the startup will compete with the these new players with big coffers, Serunjogi points to Chipper Cash’s gratis-payment structure, among other factors.

“Money doesn’t buy product market fit. It doesn’t buy ultimate success in this space,” he said.

At the end of 2020 we can review where Chipper Cash and competitive platforms stand on country reach and volumes in the startup race to scale digital payments across Africa’s 1.2 billion people.

Africa Roundup: Nigerian fintech gets $360M, mints unicorn, draws Chinese VC

#TechCrunch

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okkrist-blog · 7 years ago

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BEYOND BOKO HARAM’S REACH, LOVE AND FEMINISM FLOURISH

Boko Haram kidnaps young women and girls, turns them into sex slaves and passes them around to its fighters like prizes. It forces them into battle, ties suicide bombs to their bodies and orders them to strike at the gates of the University of Maiduguri.

But on campus, just beyond the militants’ reach, the topics being batted around a giant lecture hall could hardly have been more different: Radical feminism. The end of the patriarchy. Husbands who do the dishes.

“I want a man who can make my breakfast,” said Rabi Isa, a 25-year-old student, rising to address the room. “One who will assist me in the kitchen and who can go shopping.”

To much of the world, the Nigerian city of Maiduguri is simply known as the birthplace of Boko Haram, the extremist group that kills with abandon and treats women and girls like property, forcing them to cook, clean, bear children and die on command.

Ever since the authorities killed the group’s spiritual leader and flattened its compound here almost a decade ago, Boko Haram has lashed the city, storming it with its fighters, bombing markets, flooding the streets with homeless families escaping its rage and attacking the university at least eight times this year alone, inspired by its rallying cry, “Western education is forbidden.”

Continue reading the main story

But there is another Maiduguri entirely, one that helps shed light on the ideological battle at play in Nigeria’s north: This is a regional capital recognized for welcoming people of all religions and ethnicities, a college town long known for its party scene and a vibrant city with a bold, often broad-minded youth culture that eight years of war cannot seem to extinguish.

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In fact, sometimes the war even helps nudge it along.

It wasn’t even 8 p.m. on a weeknight and the twerking had already begun. The D.J. was spinning Afrobeats. Bodies pressed together in dark corners. And then, just as the party started heating up, the gates of the hotel abruptly swung shut, sealing everyone inside.

The all-night party had officially started.

In a different war zone, a curfew like the one that descends on this city each night to protect residents from Boko Haram might stifle any hope of a social life. But here, it has given rise to extended lock-in parties behind protected walls. Instead of going home, young people end up carousing until the curfew lifts at dawn.

Then, when the parties get too popular and become a potential target, they close down until they pop up somewhere else.

Inside the party that night, lights bounced off a swimming pool dotted with flower petals. Here, no one was talking about the war, the many hundreds, if not thousands, of women abducted by Boko Haram, the millions uprooted by violence, facing hunger and despair. They were talking about love, sex and women’s liberation.

“They want to test you to know if you can do it very well,” said Rose Williams, 27, speaking openly about premarital sex, which she said was considered taboo by her parents’ generation. “And I do it very well.”

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She and her friends watched the men and women — some in brightly colored head scarves, one with a baby on her back — swaying with arms in the air. They had come for a girls’ night out, to take a break from their boyfriends.

“And maybe I’ll find a new one tonight,” Ms. Williams said.

Blessing Christopher, a 21-year-old beauty-school student, was on the dance floor celebrating her newfound freedom after her latest relationship ended, happily unencumbered and eager to focus on her career instead of a man.

“I’m not looking for a boyfriend,” she said. “I’m looking for a job.”

In many ways, the war with Boko Haram has been a clash of wildly divergent hopes and expectations for Nigerian society. Islamist militants who started their rebellion against the Nigerian state thought they could end government corruption by adopting a severe version of Islam.

Western ways, particularly in the realm of education, were deemed sinful. Imams in Maiduguri who spoke out against the militants and their harsh interpretation of the religion were assassinated.

The rise of Boko Haram “brought a lot of confusion into Maiduguri about what is the real Islam,” said Sheik Abubakar Gonimi, chief imam of the Bolori Central Mosque here. “Thank God we know our religion, and this had nothing to do with Islam.”

After the militants were chased from the city, imams became more vocal, speaking out against the extremist philosophies and practices of Boko Haram. Life eventually started easing up again, and young people have found safe spaces to let loose.

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Inside the concrete walls of the city zoo, dozens of young couples hold hands as they pass the elephants and the snake pit. They lounge on the grass or sit arm in arm on the benches in front of the raptor cage, the zoo’s most popular make-out spot.

One couple, Kefas Iliya and Ruth Joseph, sprawled out on the patchy lawn studying for exams. When they met two years ago, Ms. Joseph wanted to focus on her environmental biology studies, not romance.

Mr. Iliya won her over by reciting Gambian poetry. Now, they hope to marry in two years when they can settle into a dual-career household.

“We plan to have children and I will help out,” Mr. Iliya said. “I’ll help with housework and I’ll help take care of the children and my wife.”

For all the new freedoms, many longtime residents say the staggering violence and tenacity of Boko Haram has succeeded in crushing much of Maiduguri’s traditional spirit.

“The war destroyed the basic fibers of our society,” said Zannah Mustapha, a prominent lawyer who has acted as a mediator between the government and Boko Haram members. “We were known for peace.”

For years, people stopped holding elaborate, seven-day weddings with drumming, dancing and banquets of fried rice. Shops stopped selling alcohol. Concerts that once drew musicians from as far as Ethiopia came to a halt. A local dance troupe stopped its daily routines at an old amphitheater. Dancers practiced their moves in bedrooms, with the shades drawn.

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Before the war broke out, Mohammed Bukar and his friends were regulars at a local disco where they danced to American artists like Bobby Brown and Lisa Lisa and Cult Jam.

“I spent a lot of time trying to perfect Michael Jackson’s dance moves from ‘Thriller,’” Mr. Bukar said.

Then one night in the early days of the war, Mr. Bukar recalled, Boko Haram stormed the club and killed patrons inside. The disco closed. As the fighting continued in Maiduguri, other nightclubs and bars also were shuttered.

But in the past two years, as the military has begun making headway against fighters, a sense of security has slowly returned to the city. People are regaining their social lives in fits and starts, as security allows, and expressions of the culture Mr. Bukar once enjoyed spring up in unexpected ways.

Along the same streets where nervous security officers keep an eye out for suicide bombers, one traffic officer does his job while impersonating Michael Jackson, moonwalking across the intersection and guiding cars with his single white glove.

Security still defines many of Maiduguri’s dating spots. A Chinese restaurant set far back from the street, protected by tall steel gates and a metal detector, provides a spot where couples smoke water pipes and pick at greasy spring rolls. Vehicles are searched for explosives before entering the parking lots of hotels that serve alcohol, despite a ban on sales in much of the city.

In another part of the city, vehicles crammed onto a short dirt road, leading to a narrow hall lined with couples standing close to one another. The passage opened up into a large beer garden where no fewer than 300 young people sat around plastic tables, nursing bottles of beer and watching a group of young men bend their bodies to loud music, laughing. Soldiers still in uniform milled around in the crowd, bottles of beer in hand and rifles dangling from their torsos.

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A local photo studio lets couples transport themselves from the grimness of the war, posing for portraits in front of a selection of backdrops: a field of white horses, a palatial living room with a spiral staircase, giant floating roses or a gently flowing river. Outer space is popular.

Lillian Usa, dressed in a Clash T-shirt and dark-rimmed glasses, was there with her boyfriend, a medical student, standing near a wall decorated with lipstick kiss smears from women perfecting their makeup.

In between photo shoots and changes of outfits, she listed the things she doesn’t like about her boyfriend — chiefly his hot temper. They think about marriage but want to wait until they both have completed their studies.

“He has, let’s say, 80 percent of the characteristics I like,” Ms. Usa said. “I’m teaching him the other 20 percent.”

Another couple, Samson Luca and Prisca Ibrahim, were having portraits taken before Mr. Luca, a soldier, left on a mission to fight Boko Haram.

“I’ve been away a lot so I wanted to come here so that she can look at me and remember me,” Mr. Luca said. “I’ll be gone a long time.”

He took off his Playboy bunny T-shirt, and the couple changed into matching camouflage shirts to pose for photos.

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Some couples say they still hide their physical relationships from old-fashioned parents who would not understand, despite the fact that Maiduguri is a cosmopolitan city where televisions are tuned to CNN and Adele songs are popular ringtones on smartphones.

Many of the views here seem to come from a different planet than Boko Haram’s; the group’s leaders preach that women can earn their way to heaven by blowing themselves up alongside soldiers at checkpoints.

At the university campus, Raphael Audu Adole, a professor wearing faux crocodile loafers and carrying a laptop tucked under his arm, stepped behind the lectern to explain the roots of male oppression.

“Society is constructed to favor the interests of men, isn’t it?” he asked his class.

“Yes,” responded a chorus of 150 young men and women.

“The man is trying to dominate,” he said. “Are you following me?”

“Yes,” the students chanted.

“Women are marginalized, oppressed and abused,” he continued. “Men have taken the part of domination and force in relations in the family. This is a big problem in society and we need to do something about it.”