Chioma Okeke

Relevant skills every African tech enthusiates could acquire.

 Technical skills are the specialized knowledge and expertise required to perform specific tasks and use specific tools and programs in real world situations. Diverse technical skills are required in just about every field and industry, from IT and business administration to health care and education. 

25 Relevant tech skills in todays world.  

1.Audio production
2.Industrial design
3.Cyber security
4.Artificial intelligence
5.Cloud computing
6.Software engineering
7.Software development
8.Project management
9.UI/UX design
10.Data analytics
11.Data science
12. Programming
13.Computer graphics
14.Digital marketing
15.Translation
16.Mobile development
17. Virtualization
18.Business analysis
19.People Management
20. Technical writing
21. Block chain
22.Quantum computing
23. Robotics
24.Video production
25.Game development  

   Having a tech skill is critical at the level of civilization the world is at,young africans are encouraged to learn a tech skill as this will keep them relevant in this fast changing generation (Genz).

     Business-to-business (B2B), also called B-to-B, is a form of transaction between businesses, such as one involving a manufacturer and wholesaler, or a wholesaler and a retailer. Business-to-business refers to business that is conducted between companies, rather than between a company and individual consumer. Business-to-business stands in contrast to business-to-consumer (B2C) and business-to-government (B2G) transactions.

B2B transactions tend to happen in the supply chain, where one company will purchase raw materials from another to be used in the manufacturing process.

B2B payments play an important role in the economy since they facilitate the seamless exchange of transactions between businesses, which helps in smooth flow of production and distribution of goods and services.

B2B marketing impacts economic growth on a company, community and national level.

1.Reduced operational costs

A natural byproduct of B2B orders is lower operational costs. One single order of more than 100 units needs fewer labels and shipping boxes, and therefore, lower operational costs than if you were selling individually to the end customer.

2. Minimal B2B marketing costs

With B2B ecommerce, on the other hand, marketing is done on your behalf. Resellers will make your product appear in the window of retail locations, on the shelves of busy department store shelves, and in digital marketing campaigns. In all cases, your B2B customers do the promotion for you, rather than using your own brand’s marketing dollars.

3. Increase brand recognition


The same is true even if you’re a legacy B2B retailer who typically sells in-person. Shifting to B2B ecommerce allows you to increase brand recognition by selling to the mass market at scale. Instead of facilitating B2B wholesales through manual processes, an online storefront allows B2B buyers to self-serve.

4.Research and Development

B2B companies are responsible for the research and development of innovative solutions to problems that impact a wide range of industries. Successful B2B businesses drive economic growth by providing their clients with products and services that allow them to work more efficiently, provide better service and grow their businesses.

The more B2B customers you can serve, the more places your products will be visible to the general public.


  Inconclusion,50% of our economy is generated by B2B transactions and 82% of companies derive some or all of their income from B2B.

B2B payments play an important role in the economy since they facilitate the seamless exchange of transactions between businesses, which helps in smooth flow of production and distribution of goods and services.

Cyberattacks put your money, data, and IT equipment at risk. If a hacker gains access to your network, they can inflict significant damage with what they find.

      It's important to protect your business from cyberattacks, but with the cyber landscape evolving all the time, it can be daunting to know where to start. Here’s a guide to help small businesses navigate the world of cyber threats.

1:Secure Your wifi-networks

Businesses can protect their Wi-Fi network from breaches by hackers by changing the name of their wireless access point or router, also known as the Service Set Identifier (SSID). They can use a complex Pre-shared Key (PSK) passphrase for additional security.

2:Guard against physical theft

While businesses need to be mindful of hackers trying to breach your network, they mustn't forget that  hardware can be stolen too. Unauthorized individuals should be prevented from gaining access to business devices such as laptops, PCs, scanners, and so on. This may include physically securing the device or adding a physical tracker to recover the device in case of loss or theft. Ensure all employees understand the importance of any data that might be stored on their cell phones or laptops when out and about.

3: Ensure third parties who deal with your Business are also secured.

Be wary of other businesses such as partners or suppliers who may be granted access to your systems. Make sure they are following similar practices to you. Don’t be afraid to check before you grant access to anybody.

4: Training Employees.

Invest in cyber security trainings for the employees,for instance they can be educated with the importance of strong password and how to spot phishing emails.And also educate  them on the different types of cyber attacks and how to avoid and navigate them.

5: Deploy Anti-virus software.

Choose softwares that can protect business devices from viruses.keep antivirus updated to avoid latest cyber threats.

Businesses can also employ the service of cyber security experts to help the business remain secured.

6:Back up business files regularly.

When you cyber attacks occur,files and data can be compromised or lost/deleted.But if the business has been current in backing up it's files and data it might avoid the end of the business due to loss of important files or data .

Also choose a program that gives you the ability to schedule or automate the backup progress.

7:Limit access to sensitive data.

Restrict the number  of people in a business  environment with access to critical data to a minimum.so as to avoid the impact of bad faith actors in the business.set up strategies that will help assign important task to individuals or groups that are identifiable and can be held responsible and accountable.

    Cyber threats aren't just a problem for big corporations and governments – small businesses can be targets too. In fact, there is evidence that small businesses are more vulnerable to cyberattacks, not least because they sometimes lack the resources to protect themselves effectively.

     Search engine optimization is the science of improving a website to increase its visibility when people search for products or services. The more visibility a website has on search engines, the more likely it is that brand captures business.

SEO means Search Engine Optimization and is the process used to optimize a website's technical configuration, content relevance and link popularity so its pages can become easily findable, more relevant and popular towards user search queries, and as a consequence, search engines rank them better.

Benefits of SEO to tech startups are outlined as follows,so as to display and encourage their adoption.

1.Builds trust and credibility

Businesses that are the highest ranked on SEO tend to be considered as offering the highest quality of the product and gives confidence to the searcher that the are trust worthy.

2.Provides competitive advantage

Businesses that adopt SEO strategy have and build a competitive advantage over those other businesses who do not.

3.Expands Reach

It helps businesses to reach more people beyond just their locality to the global world at large.The use of SEO helps a business become global no matter how small it is at the time.

4.Supports content marketing

Content marketing and SEO work in harmony, because keywords can be used to build contents which will make the business more visible,when searchers use the search engines.

5.Helps businesses adapt to web environment

Businesses who employ SEO strategy are kept up to date,and always informed to as to make better and we'll informed decisions about their business environment.

6.Relatively inexpensive

A business with the right team can reduce the cost of hiring SEO experts,therefore reducing the cost of utilizing SEO for their business.

    Finally,Search engine optimization is an essential marketing activity to make a website or business visible on the web. But it also provides several other benefits to companies,therefore businesses are encouraged to adopt SEO in there businesses to as to remain competitive in the global market.

   E-commerce has changed the business world into  a digital market.which has been achieved through technological advancements,and increase in small capital start up Businesses.

   There is need therefore a break down of simplified and precise measure to take so as to start up an online business or store

1.Choose what to sell

     this is usually the most difficult task to achieve in starting an online business, because, now there is need to decide by considering several factors,which could include the availability of the product,the desirability of the product e.t.c and this could be a very herculean task.

 2.Evaluate the sellability of your product

    who are the targeted audience for your products and how much are they willing to buy,and at what rate are they buying.its is important that we decide the desirability of the product you want to sell,so as no to invest your capital in products that will stagnate your capital.

3.Availability of the product

   How fast and how easily accessible are your products,don't sell a product that you are not sure where to restock from when you run out of products,and also don't sell products that's their raw materials are relatively scarce.tbis could be detrimental if not thoroughly considered.

4.Thoroughly study your competitors

    Here the SWOT analysis could be very strategic to execute this,so as to have a competitive advantage and not be thrown out of business by your competitors.

 this also helps you to differentiate your business from your competitors business and amplify to your audience the benefits of your own brand overs theirs.

5.Write a business plan

     A business plan helps you bring your ideas together,so as to present your business in a much more organized form.it arranges priorities of a business, highlights the mission of the business,thereby showing potential investors and employees the core values of your brand.

6.Choose a business name and logo

   this is aimed at helping you give your brand it's own distinct identity,and also make it easier for your customers to identify and locate your own brand with complications.

   An online business or store can be very easy and yet complicated to start if the right measures are not taken,so build your brand through these precise and yet simplified ways.

            The tech ecosystem in Africa is proof that there will continue to be a growing population of software developers coming out of Africa. Since the start of the covid-19 pandemic, the world has leaned toward remote, hybrid work, which enables African talent to be considered globally. Further, with the development of new technologies and software not slowing down anytime soon – as more countries are adopting technology and innovating faster – African developers are an attractive asset for remote teams.

 *Cost effective

While the global average for software developers ranges between USD 80,000 - 120,000, senior developers in Africa are seeing an increase in their income from USD 11,000 - 55,500 on average. The global salary range for junior developers is around USD 65,000 - 91,000, compared to junior software developers from Africa who earn much less – especially considering they mostly work remotely,also there is no office space cost since they work remotely.

*Diversity in teams

 having a team located across the globe improves your product and service and opens your eyes to different perspectives.therefore employers hire developers from across the globe to gain ground and also have a rigid stand in the global tech world.

*Creating employment

When tech companies hire from Africa it helps to pull help to increase employment and development in that area.so many African tech talents who have been hired by foreign tech companies have gain personal development and exposure,and this could help them bring more development to their areas and regions.

*Contributing to local development

hiring of African talents will help improve the quality of talent and equip them for global relevance.International companies can contribute to local development by hiring developers from those areas.

*Language and communication

Many African countries either speak English or French, therefore it bridges the gap in communication problem as many international companies are also  English and French countries.this majorly increases the number of tech talents hired from African countries globally.

*Technology adoption and solving the global IT talent shortage

the tech industries globally has been growing and a lot of new tech companies are still springing up , therefore more developers are needed to fill those new roles as new tech Start ups are still being founded,and Africa has a very large population and tech developers are also increasingly rising from africa.thereby drawing the attention of foreign tech companies.

Conclusively

  Most developers are resilient, and you begin to understand how resilient they are when you hire software developers from Africa. Not only have they been able to overcome barriers frequently experienced in Africa, like infrastructure issues, but they have also trained themselves to become world-class communicators and software developers. This makes them independent, agile, and self-motivated, which is a great advantage to employers. 

        Knowing that there has been a recent tech awakening across Africa and that youths are more heavily invested in this change,the global economy has felt the impact of African tech personnels, through it's contributions to the tech world.

    *. Africa's high population

This has  been a major factor that has contributed to the impact of Africa's Tech Talent to the global economy, because Africa has a high population,and there has been an awakening in  tech, thereby leading to many Africans going into the tech world.

    *The increase in new tech players in Africa

The massive increase in the growth of tech players from Africa has contributed to the boost on the economy.

     this has also attracted the attention of international companies and venture capitalists (Vcs)to the region to hire tech talents to work in these international companies,and also helped in the funding of tech ideas in the African region.

     *African developers are resilient

Africans are resilient in their pursuit, therefore they tend to learn fast and adapt to any environment they find themselves.this has be confirmed by many international organizations that have African talents in their team.

  *Overcoming obstacles

Tech Talents in Africa have overcome infrastructural challenges to become visible in the global tech stage,these has made their efforts visible in the economy.

Africans train themselves to become world class communicators and software developers.they are independent,agile and self motivated.

Conclusion

As Africa continues to be a major destination for tech investors, with the volume of venture capital flowing into the continent tripling over the past years, software developer openings continue to grow. Tech companies are setting up new offices across Africa and hiring local software developers to fill the available tech roles,Not only does this expansion create more jobs, but it also impacts the economy – both on a local and global scale.  It will be interesting to see the impact African software developers continue to have on the global economy in the coming years.

        Artificial intelligence is the simulation of human intelligence processes by machines, especially computer systems. Specific applications of AI include expert systems, natural language processing, speech recognition and machine vision.

            The technology handles tasks at a pace and scale that humans can't match. At the same time, by removing such tasks from human workers' responsibilities, AI allows those workers to move to higher-value tasks that technology can't do. 

          Businesses in Africa,can become  Leading AI experts and  expound on areas where artificial intelligence technologies can improve their business operations and services.

       These areas could includes the following and more;

1. AI Technology Enhances Productivity

When you reduce tasks from your employees’ to-do list, they are likely to focus on excellence in what they do.

With AI technology, you will not have to pile a lot of work for your employees to handle since AI will do the most work. This allows your workforce to do what they are best in, thus boosting productivity.

If your business involves constant communication with customers throughout the day, AI will offer real-time assistance. For example, in the travel industry, which has millions of thousands of passengers every day, AI can pass important travel information to passengers.

2. Enhancing Smart and accurate decision making

  In the modern economy, data is an invaluable resource in any business. However, if you cannot make any sense of it, your business data will be useless.

AI machines are efficient at quick data processing to generate relevant answers to any question arising in the business. They offer accurate predictions, and customers’ needs based on what they learn.

No human will be fast and yet perfect, as the AI technology in predictive analytics.

3. Improving Customer Experience

AI-driven chatbots allow businesses to provide customer care services 24/7. AI has enabled companies to automate communications through emails, online chats, and even telephone calls.

The good thing with AI is that they can interact with many customers simultaneously and respond to their questions effectively on websites or apps.

4.Reducing Errors

While artificial intelligence is not error-free, it is by far more accurate than human beings.

Mostly, the AI technology accuracy ranges from 99 to 100 percent, even for very urbane systems.

In any company, the most time-consuming process yet prone to human error is cash flow forecasting. AI technology can help in increasing accuracy in forecasting cash flow without manual interference. This gives the business a higher chance of achieving success.

Artificial intelligence is one of the most incredible techs that will transform lives in almost all facets of modern society.

This technology provides significant development opportunities that many businesses and companies have already been fast to grab.

      In conclusion,As businesses continue to deploy artificial intelligence technologies within their operations, they are starting to reap tangible benefits, including material gains.

        It is also pertinent to ensure that even as African businesses should want to adapt to the use of AI technologies,it is also important to carefully consider the potential ethical and social implications of AI and ensure that its development and deployment are done in a responsible manner.

Fastest Growing Businesses Industries In Africa

      Africa is the second-fastest-growing and most lucrative payments and banking sector in the world, only behind Latin America.Over 500 financial technology companies are based on the continent, with the majority in Nigeria, South Africa, and Kenya.

     Africa is gaining grounds in the business world, through some major industries which are fast rising and making waves in different African countries.

   These industries include the following industries as outline in this article,but are not limited to these, because there are still so many other industries,springing up from different African countries,and they are gainnig grounds and dominating the business world.

 Agritech

Agri-tech is the use of technology for farming that is developed to improve efficiency and profitability. While most commonly used in horticulture and agriculture, agri-tech is also found in forestry, aquaculture and viticulture.

The food industry is one of the sectors on the continent with an increasing growth percentage, with many investors profiting from its resources. Business Standard reports that the food industry in Africa saw growth of 3.6% in 2020–21 and 3.9% in 2021–22.

The demand for packaged and processed meals is skyrocketing, and there is a significant increase in the consumption of frozen and dairy products. Other growth-related causes include the expansion and innovation of the food and beverage industry.

E-Commerce Business

Ecommerce is a method of buying and selling goods and services online. The definition of ecommerce business can also include tactics like affiliate marketing. You can use ecommerce channels such as your own website, an established selling website like Amazon, or social media to drive online sales.

    African businesses in e-commerce are expanding quickly as a result of innovation and technological advancement. Businesses in this sector enable the online trade of products and services between people and companies.

Africa’s real estate market worth is anticipated to reach USD 180 billion by 2025, according to Vanguard Newspaper. The report also revealed that funding for African eCommerce projects reached over USD 256 million in 2021, an increase of 40% from 2020.

Africa Business Communities said that by 2025, the e-commerce sector is anticipated to produce USD 46.1 billion in annual sales.

Logistics Business

     Logistics companies help their clients move goods from one place to another. Some cover the entire journey from pick-up to delivery to the end-user, while others help with part of the process—such as transportation, warehousing, packaging, shipping, or even disposal.

    In many African nations, the logistics industry is profitable and growing at a quick pace. No matter where they operate—in Mauritius, South Africa, Ethiopia, Ghana, Kenya, or Nigeria—entrepreneurs reap huge financial benefits.

Africa’s logistics market, according to Market Watch, increased from millions to multi-million dollars between 2017 and 2022. According to Sawya reports, the Suez Canal in Egypt brought in USD 704 million in revenue in July 2022, an increase from the USD 531.8 million reported in July 2021.

With the rise of delivery companies collaborating with both traditional and online merchants, the industry is successful in many African countries.

Real Estate Business

   Real estate is defined as the land and any permanent structures, like a home, or improvements attached to the land, whether natural or man-made.

Real estate is a form of real property. It differs from personal property, which is not permanently attached to the land, such as vehicles, boats, jewelry, furniture, and farm equipment.

    Due to Africa’s substantial population, there is a considerable demand for both commercial and residential real estate. The Nigerian real estate market expanded by 1.77% in 2021 and 10.84% in the first quarter of 2022, according to Nairametrics. USD 10 billion, or an 8% increase, was generated by the Egyptian real estate industry in 2021.

Nairametrics projects that Egypt’s real estate market would rise by 6.5% in 2022. Kenya’s real estate market increased by 5.2% in the third quarter of 2021, and 5.9% growth is anticipated in 2022. African entrepreneurs profit by leasing, purchasing, and renting out commercial and residential properties, making the real estate industry one of the most lucrative in the continent.

        Conclusively,any Aspirant of business in Africa can grow and build on any of this industries and expand because of the growing pace of these industries in the African continent.

      Africa has produced a lot of prominent business icons in the business world through these industries and still expanding it's impact through the help of these sky rocketing business adventures.

     Cybersecurity is the protection of internet-connected systems such as hardware, software and data from cyberthreats and attacks. These measures are taken by individuals and enterprises to protect against unauthorized access to their data centers and other computerized systems.

      Cybersecurity strategy that are rigid, can provide a good security posture against malicious attacks designed to access, extort, delete or destroy an organization's or user's systems and sensitive data. Cybersecurity is  paramount in preventing attacks that aim to disable or disrupt a system's or device's operations,thereby lead the businesses to losses that are difficult or impossible to recover from.

   Maintaining cybersecurity in a constantly evolving threat landscape is a challenge for all organizations. Traditional reactive approaches, in which resources were put toward protecting systems against the biggest known threats, while lesser known threats were undefended, is no longer a sufficient tactic. To keep up with changing security risks, a more proactive and adaptive approach is necessary. Several key cybersecurity advisory organizations offer guidance. For example, the National Institute of Standards and Technology (NIST) recommends adopting continuous monitoring and real-time assessments as part of a risk assessment framework to defend against known and unknown threats.

   The benefits of implementing and maintaining cybersecurity practices include:

* Business protection against cyberattacks and data breaches.

* Protection for data and networks.

* Prevention of unauthorized user access.

* Improved recovery time after a breach.

* Protection for end users and endpoint devices.

* Regulatory compliance.

* Business continuity.

* Improved confidence in the company's reputation and trust for developers, partners, customers, stakeholders and employees.

 What are the different types of cybersecurity threats?

Keeping up with new technologies, security trends and threat intelligence is a challenging task. It is necessary in order to protect information and other assets from cyberthreats, which take many forms. Types of cyberthreats include:

1.Malware is a form of malicious software in which any file or program can be used to harm a computer user. Different types of malware include worms, viruses, Trojans and spyware.

2.Ransomware is another type of malware that involves an attacker locking the victim's computer system files -- typically through encryption -- and demanding a payment to decrypt and unlock them.

3.Social engineering is an attack that relies on human interaction. It tricks users into breaking security procedures to gain sensitive information that is typically protected.

4.Phishing is a form of social engineering where fraudulent email or text messages that resemble those from reputable or known sources are sent. Often random attacks, the intent of these messages is to steal sensitive data, such as credit card or login information.

5 Spear phishing is a type of phishing that has an intended target user, organization or business.

6.Insider threats are security breaches or losses caused by humans -- for example, employees, contractors or customers. Insider threats can be malicious or negligent in nature.

7.Distributed denial-of-service (DDoS) attacks are those in which multiple systems disrupt the traffic of a targeted system, such as a server, website or other network resource. By flooding the target with messages, connection requests or packets, the attackers can slow the system or crash it, preventing legitimate traffic from using it.

8.Advanced persistent threats (APTs) are prolonged targeted attacks in which an attacker infiltrates a network and remains undetected for long periods of time with the aim to steal data.

9.Man-in-the-middle (MitM) attacks are eavesdropping attacks that involve an attacker intercepting and relaying messages between two parties who believe they are communicating with each other.

Conclusively,Other common attacks include botnets, drive-by-download attacks, exploit kits, malvertising, vishing, credential stuffing attacks, cross-site scripting (XSS) attacks, SQL injection attacks, business email compromise (BEC) and zero-day exploits.

             The most problematic elements of cybersecurity is the evolving nature of security risks. As new technologies emerge, and as technology is used in new or different ways, new attack avenues are developed. Keeping up with these frequent changes and advances in attacks, as well as updating practices to protect against them, can be challenging. Issues include ensuring all elements of cybersecurity are continually updated to protect against potential vulnerabilities. This can be especially difficult for smaller organizations without adequate staff or in-house resources.

         Currently in Africa there are so many e-commerce platforms or site's one can use in purchasing different types of products and services.

    There is need for those who want to make online purchases to know the most popular and best platforms to explore.So i will list out these platforms and the necessary knowledge  or things to know about them.

Major E-commerce Platforms in Africa

1.Jumia

     Launched in 2012 in Nigeria, the site has solidified a footprint in over 23 African countries, with a network of over half a million sellers since its inception. Jumia has managed to create a stellar reputation for being a hub for products and services spanning across the retail, food and hospitality, talent recruitment, concierge and the hotel and catering industries. Apart from servicing the needs of consumers and businesses, Jumia has also been upskilling and aiding employment for many Africans who are qualified in areas such as Engineering, IT and online marketing and web development.

      Jumia operates in over 10 African countries including Egypt, Tunisia, Uganda, Kenya, Nigeria, and more. It is one of the largest ecommerce companies in Africa. Products sold here such as décor items, groceries, clothes, electronics, books, health and beauty products must be new, legal, and of good quality.

       Jumia: Headquartered is in Nigeria, Jumia's average monthly website traffic is 32 million.

2.Konga E-commerce

       Konga is one of the best ecommerce site in Nigeria dealing in a wide range of products such as home décor, electronics, fashion and beauty products. As a seller on Konga, you decide your pricing, preferred shipping method, and the payment mode.

            Konga has come a long way since its humble beginnings in 2012 as a Lagos-only e-commerce site that specialised in baby and beauty care. The online platform has morphed into a major online retailer, often dubbed “The Amazon of Africa.” In 2015, Konga joined forces with leading Nigerian banks to launch KongaPay, a safe and convenient online payment method to tackle the issue of trust in Africa when it came to online payments.

The online marketplace was one of the first in Africa to create a system of payment that was integrated with world banks – an innovation that uses click system that eliminated the sharing of sensitive information during payments.

With a backing from the South African media giant, Naspers, Konga is now a major player in the e-commerce space. In 2014, Naspers, which has a 50% stake in Konga, invested US $50 million in the online store.

3.Kilimall

              Kilimall is one of the best ecommerce platforms that has gained popularity in Kenya, Uganda, and Nigeria. However, most of its traffic (79%) is from Kilimall in Kenya. Products for sell include phones, tablets, fashion, electronics, home appliances, baby products, and more.

       Kilimall, Based in Kenya, Kilimall's average monthly site visits is 500, 000.

4.Afrikrea

        Afrikrea is an online African marketplace dealing in African fashion, arts and crafts. The products available on the platform include fine art, fabrics, jewelry, bags, etc. It serves clients in over 100 countries globally and has over 5000 shops. Afrikrea online store has over 250,000 visitors every month.

5.Zando

Zando is a South African ecommerce platform where sellers can sell beauty products, fashion brands, homeware, etc. It receives around 3.5 million visitors every month.

6.TAKEALOT

       South Africa’s Takealot is the go-to online retailer for the shopper that seeks a convenient and simplified online buying and user experience. The site has been around for over a decade, having been established in the year 2002. Its broad catalogue and variety of products in entertainment gives it an impressionable edge. Customers can shop anything from books to games, computers and TVs.

Part of what makes Takealot an e-commerce success story is that the online retailer strives to provide its customers with the very latest products in the market, coupled with up-to-date product specification.

In April 2017, Takealot scored a significant investment of over US $69 million from Naspers, one of Africa’s biggest digital companies. This came after the online retailer received US $100 million investment from investment firm Tiger Global Management in 2014. Naspers boasts a 53,5% stake in Takealot, while Tiger Global owns about 34%.

       Takealot.com in South Africa

7.BIDORBUY

Established in 1999, South Africa’s online store Bidorbuy is one of the oldest online marketplaces in Africa. What makes the site unique is that buyers don’t only get to purchase what they want, but they can also make a bid for products, functioning as an online auction. The site provides a platform to facilitate trade between buyers and sellers. Previously owned items such as antiques and collectables are some of the most popular on Bidorbuy, making up 40% of all items sold. Other second-hand products shoppers prefer include high-end DSLR cameras and lenses, laptops, books, as well as video games.

Over the years, Bidorbuy has made several acquisitions of South African online businesses. These include popular sites such as online jobs portal, Jobs.co.za and e-commerce company uAfrica.com.

Takealot.com in South Africa

8.Souq in Egypt

     Souq was originally founded in 2005 by Syrian entrepreneur Ronaldo Mouchawar, as an eBay-style auction site. It transitioned to an Amazon-style ecommerce model from 2010 and became the largest ecommerce platform in the Arab world, serving the UAE, Saudi Arabia and Egypt. In 2017, Souq was acquired by Amazon.

Souq has been rebranded as Amazon in the UAE and Saudi Arabia but continues to use the Souq name in Egypt, where it has almost ten million visits per month. It sells a wide range of items including electronics, appliances, homewares, groceries, fashion, books, toys and fitness products. Souq is a retailer in its own right as well as a marketplace. The website currently retains the Souq design and branding, which is similar in style to Amazon.

Souq Egypt retains its own seller registration system. All orders are shipped by Souq, not the seller, so businesses need to provide a warehouse or store address in Egypt where the courier can collect orders. Commission fees vary from 5-20%

Souq also offers a fulfillment service, called “Fulfilled by Souq”, which is very similar to Amazon FBA. Products that are fulfilled by Souq have a higher ranking in search, higher priority for the Buy Button, and qualify for customer pickup and international shipping. They can also participate in “White Friday”, Souq’s equivalent to Black Friday.

Souq is also covered in Online Marketplaces in the Middle East: It’s Only Just Getting Started.

         Conclusively,these different e-commerce sites or platforms are most popularly used in some  African countries more than others, and also most at times these platforms offer a particular commodity or services better than others.

    So the knowledge of these different e-commerce sites and platforms will help consumers and e-commerce vendors to know  which platform or site is better and more preferable for whatever purpose they want to use an e-commerce service.

     E-commerce has been a massive development medium for many African Countries and it's business individuals.

       So i would therefore be breaking down the major e-commerce models and types to help us better understand,how e-commerce activities are carried out through these models.

       These outlined models and types are those which i have found to be most significant, through my research process,therefore the models or types of e-commerce are not limited to these listed models.

   E-commerce business models can generally be categorized into the following categories:

Business-to-Business (B2B)

Business-to-Consumer (B2C)

Consumer-to-Consumer (C2C)

Consumer-to-Business (C2B).

Business-to-Administration/Government (B2A)(B2G)

Consumer-to-Administration (C2A)

Government - to - Business (G2B)

Government -to- Citizen (G2C)

    These models are further explained in details as follows:

1.Business - to - Business(B2B)

       A website following the B2B business model sells its products to an intermediate buyer who then sells the product to the final customer. As an example, a wholesaler places an order from a company's website and after receiving the consignment, sells the end product to the final customer who comes to buy the product at one of its retail outlets.

    Business-to-Business (B2B) e-commerce encompasses all electronic transactions of goods or services conducted ​​between companies. Producers and traditional commerce wholesalers typically operate with this type of electronic commerce.

2.Business-to-Consumer (B2C)

        The Business-to-Consumer type of e-commerce is distinguished by the establishment of electronic business relationships between businesses and final consumers. It corresponds to the retail section of e-commerce, where traditional retail trade normally operates.

    These types of relationships can be easier and more dynamic, but also more sporadic or discontinued. This type of commerce has developed greatly, due to the advent of the web, and there are already many virtual stores and malls on the Internet, which sell all kinds of consumer goods, such as computers, software, books, shoes, cars, food, financial products, digital publications, etc.

When compared to buying retail in traditional commerce, the consumer usually has more information available in terms of informative content and there is also a widespread idea that you’ll be buying cheaper, without jeopardizing an equally personalized customer service, as well as ensuring quick processing and delivery of your order.

        A website following the B2C business model sells its products directly to a customer. A customer can view the products shown on the website. The customer can choose a product and order the same. The website will then send a notification to the business organization via email and the organization will dispatch the product/goods to the customer.

3.Consumer-to-Consumer (C2C)

 E-commerce encompasses all electronic transactions of goods or services conducted ​​between consumers. Generally, these transactions are conducted through a third party, which provides the online platform where the transactions are actually carried out.

     A website following the C2C business model helps consumers to sell their assets like residential property, cars, motorcycles, etc., or rent a room by publishing their information on the website. Website may or may not charge the consumer for its services. Another consumer may opt to buy the product of the first customer by viewing the post/advertisement on the website.

4.Consumer - to - Business(C2B)

     In this model, a consumer approaches a website showing multiple business organizations for a particular service. The consumer places an estimate of amount he/she wants to spend for a particular service. For example, the comparison of interest rates of personal loan/car loan provided by various banks via websites. A business organization who fulfills the consumer's requirement within the specified budget, approaches the customer and provides its services.

.Consumer-to-Business (C2B)

           In C2B there is a complete reversal of the traditional sense of exchanging goods. This type of e-commerce is very common in crowdsourcing based projects. A large number of individuals make their services or products available for purchase for companies seeking precisely these types of services or products.

Examples of such practices are the sites where designers present several proposals for a company logo and where only one of them is selected and effectively purchased. Another platform that is very common in this type of commerce are the markets that sell royalty-free photographs, images, media and design elements, such as iStockphoto.

   5.Business-to-Administration (B2A)/(B2G)

This part of e-commerce encompasses all transactions conducted online between companies and public administration. This is an area that involves a large amount and a variety of services, particularly in areas such as fiscal, social security, employment, legal documents and registers, etc. These types of services have increased considerably in recent years with investments made in e-government.

          Business - to - Government

B2G model is a variant of B2B model. Such websites are used by governments to trade and exchange information with various business organizations. Such websites are accredited by the government and provide a medium to businesses to submit application forms to the government.

6.Consumer-to-Administration (C2A)

The Consumer-to-Administration model encompasses all electronic transactions conducted between individuals and public administration.

7. Government - to - Business(G2B)

Governments use B2G model websites to approach business organizations. Such websites support auctions, tenders, and application submission functionalities.

8.Government - to - Citizen(G2C)

Governments use G2C model websites to approach citizen in general. Such websites support auctions of vehicles, machinery, or any other material. Such website also provides services like registration for birth, marriage or death certificates. The main objective of G2C websites is to reduce the average time for fulfilling citizen’s requests for various government services.

     Finally,a better understanding of these Models and Types of e-commerce help us to be able to differentiate between them and also for us to know which of these models we function under.

        With the comfort our mobile phones and devices present, the world is beginning to enjoy doing everything from the comfort these devices present. E-Commerce is a huge platform that is growing at an unprecedented rate all over the world. People from every age whether they are children, young adults, or old love to shop from different e-stores. Online shopping provides more convenience as compared to physical shopping stores.

E-commerce has improved the efficiency of businesses over time and in the African continent as it streamlines the process between purchase and delivery. It has also helped to save time, increase revenue, and improved customer service.

        There are so many benefits of E-commerce in African countries,which i would buttress on,but the benefits of E-commerce are not at all limited to the outlined or listed points.

      Major Benefits Of E-commerce In African Countries

1.   Breaching geographical barrier:

            An online store will have a relatively larger market it can reach,as it is not limited by the barrier of geographical location.

The number of people an online seller can reach a website cannot be compared to the about this same seller can reach by owning a physical store or by running local adverts.

        So it is very important for any seller who wants to increase his/her business or expand the a number of person's they can reach with their products.

       The availability of your products online creates the opportunity to meet customers from around the world. Here, you can make sales from all around the world.

2.Sustainable Development

           With action, e-commerce can become a force for sustainable development. One example is gender. Women entrepreneurs increasingly use digital tools to drive businesses, where previously social norms or family duties may have kept them out of the workforce.Just 37% of women in Sub-Saharan Africa have a bank account, compared to 48% of men. In some cases, fintech can help bring financial services directly to women that may otherwise have faced legal or cultural barriers through more traditional routes.

       Online marketplaces could drive inclusive growth across Africa, with e-commerce likely to create as many as 3 million jobs by 2025. 

        E-commerce can drive sustainable development, also because it is very convenient to operate.Therefore so many individuals could take advantage of it,and could build wealth through it.

 3.Shop at Any Time

         Regardless of your work schedule,even If you work odd hours or are just extremely busy, you can still buy products online at any time of the day or night. A website can be open 24/7, even though most stores close at night.

       Most e-stores could take your orders at any time of the day then have it delivered to you at a time of your own convenience.

     These also includes Making money any time of the day,Store timings are now 24-7-365. E-commerce websites can run all the time. From the merchant’s point of view, an always-open store is more convenient.

4.Lower Costs of Business Operation

         An e-commerce business doesn’t have to pay rent or pay to maintain a physical storefront and make it appealing to customers. An online vendor may be able to handle orders on their own and might not need to hire employees until their business has already had some success,and expanded to reach more customers,thereby requiring the services of these workers.

         The cost of management and maintenance is relatively low and this is a very good opportunity for young entrepreneurs with little capital.

5.Oppurtunity for Versatility

     Online vendors can easily expand their  niche/market.

 Retailers who wants to introduce a new product, a lot of things are taken into consideration. But with an online store, things are very different as you can always and easily expand your range and be very versatile.

Since you are not dealing with a confined number of people in a particular location but rather the whole world, you can introduce new products and expand your market easily.

     The Bottom Line

E-commerce customers and businesses can save time and money. Customers can find more products to choose from, and businesses also get a wider range of customers who can shop at their stores.

       E-commerce is also has its disadvantages, and customers may not be able to get their products as quickly as they could at a physical store. Regardless, e-commerce is a rapidly growing industry that businesses will continue to invest in and more and more new entrants into the business world will wants to explore.

           Africa's e-commerce businesses have continually faced these challenges,most especially new entrants into this various industries, as they gain more industry exposure. But not all are able to make it as these challenges have led many new businesses  to their end even before they are able to grow. So it's best to acknowledge and be prepared for them before you get started,also take measures to tackle these challenges so as to grow and gain grounds in the market.

                 Africa as one of the most underdeveloped continents in the world,has a lot of barriers that has caused e-commerce not to thrive as it should in the different countries in the continent.these challenges are still major barriers to the growth of e-commerce,these includes the following, substandard products, poor delivery infrastructures, cybercrimes,generating Traffics on your products,lack of trust of African brands,but are not limited to these challenges.

           If e-commerce is sustained and well developed in Nigeria,by tackling these challenges, it will promote direct retail of goods and services thereby creating more opportunity for retail business to flourish.This will greatly improve the lots and social well being of millions by bringing in professionals, business administrators and managers thereby  improving the social economic activities of Nigerians.

Challenges/Barriers Of E-commerce In The African Continent

1.What I Ordered VS What I Got Syndrome

           Inability to examine the products physically.

         In this case one has to depends on the description give by the manufacturer.and this has really been a major barrier in the African continent as it has been observed that most times the sellers description doesn't match the quality of the product or commodity,when it is eventually received,and this has really reduced the level at which people purchase goods online and it has largely discouraged electronic purchases in the African continent, because after one must have spent so much to get what they want they end up receiving substandard products not worth or equivalent to the money the spent.

2.. Logistics

           A great challenge limiting e-commerce in Nigeria is the method of delivery of goods. In some cases, some houses have no address as compare to houses in developed countries.

As a result it is difficult to use the poster service for delivery of goods. Some online stores  have to devise means of delivery of goods thereby increasing the cost price of goods.

         Also The challenge of bad roads in most African countries,thereby limits the easy access of person's in these areas to the products they must have ordered,this may therefore require them to go to distant places to get the ordered products,thereby limiting the comfort e-commerce offers and discouraging further online purchases.

       Also, the methods of delivery of goods still depend majorly on the efforts of the private sectors. The government has to compliment the effort of the private sectors on goods delivery in several ways which include; an effective and efficient courier system that will provide delivery of goods to homes and offices. Such courier service should be affordable to the masses and also ensure that goods are delivered at the time expected. There should be good address system for houses and offices.

3. Sourcing The Products

       The third most common challenge faced by new e-commerce businesses is sourcing the selected products.

Most e-commerce businesses have to make do with a limited budget when getting started. This makes it difficult for them to source the selected products due to the cost of warehousing.

That's why most e-commerce businesses resort to dropshipping as it allows them to fulfill their orders without having to keep the products they sell in stock.

But, even if you choose to go with dropshipping, finding reliable third-party suppliers can be extremely difficult.

4. Targeting A Relevant Audience/Building Customers Confidence On The Brand.

       when you've just started an e-commerce store, finding a relevant audience can be challenging, identifying and directing your product awareness to the targeted audience be a very challenging task.At this stage there is need to build your customers confidence on your products and brand so as to increase sales,this aspect requires lots of experience and exposure to the industry you are in.e.g Hair Industry,fashion industry,skincare industry e.t.c. A few years back, people readily made impulsive buying decisions and purchased things on a whim. And this made targeting easier for e-commerce businesses.

Back then, e-commerce stores invested heavily in paid marketing campaigns and leveraged social media for conversions. However, a lot has changed since then.

Now, most people research products online and seek reviews before making a purchase decision. They consider multiple options and choose one that best serves their needs. And that has made it a bit more difficult for new e-commerce stores to target a relevant audience.

E-commerce businesses that have been operating in the industry for quite some time now have gotten acquainted with pinpoint targeting tactics through trial and error. But new entrants generally grapple with targeting challenges due to limited knowledge and industry exposure.

5.Generating Traffics

           Generating traffic is a huge problem to most people doing online business. It’s one step building your website and another is generating traffic.

 Online marketing is evolving and you can’t rely on one source of traffic to your website like the popular social media.

        As an internet marketer you must be willing to leverage SEO Marketing, PPC, email, social, display ads, retargeting, mobile, shopping engines and affiliates to help drive qualified traffic to their online store.

     All your products must be visible where their audience is paying attention e.g  WhatsApp, Facebook, LinkedIn,slack, Instagram e.t.c

6.: Cybercrimes

Cybercrime is one of the trending challenges of e-commerce in Nigeria and the sole reason online businesses are tagged as scams in Nigeria.These crimes cut across several areas online and can be done anytime, anywhere and anyway and the rate at which it’s increasing is alarming.

      An  Average Nigerian won’t prefer to pay for service online before they receive their value or product which is drastically affecting e-commerce as a whole in Nigeria.

 So as to build your customers trust in you brand,make use of payment on delivery services,so as to avoid this before it start affecting your business and reputation.

This is particularly for those selling physical products.for those selling digital products, make sure your website is SSL secured. SSL protects the exchange of payment details on your website.

       This means your customer details won’t be exposed to hackers when they are making use of their cards to make payments on your website.

           It's A Wrap

Over time, businesses learn to overcome these challenges as they gain more industry exposure. But not all are able to make it as these challenges have led many to their demise. So it's best to acknowledge and be prepared for these challenges.

    Several measures could be taken to tackle these challenges.e.g supply of standard products,good delivery infrastructures,finding and knowing your niche in the e-commerce sector,being trust worthy, knowing where to find your target audience, government helping to cub the challenge of cybercrimes and so on.

 As Nigeria grapples with unemployment, poverty and other challenges, it is cheering that e-commerce platforms are opening up opportunities for youths in the country to explore their talents and thrive as a recent report points to job creation as the largest benefit of Africa’s growing digital economy.

             Nigeria as a very highly populated country in the African continent,has been severely challenged by the level of poverty and unemployment suffered by it's citizens.

  This has been a major set back on its economy.

  The Nigerian youth have now in our era been 

 continually encouraged and empowered to create jobs for both themselves and others even before the end of their tertiary Educations,so as not to join the high population of unemployment graduates seeking daily for jobs in the labour market and then constituting nuisance in the society due to the unavailability of jobs, idleness and frustration. 

      Many youths and Advanced persons now exploit the benefits of E-commerce as it requires little or no capital at all.So many business person's also now exploit this opportunity to expand the reach of their businesses thereby bringing it to the E-market.this has really been of great impact to the Nigerians and also the economy, because E-commerce has helped get a lot of Nigerian youth busy ,there by also reducing the crime rate and also insecurity level due to theft and arm robbery.

       So many youth in Nigerian now make lots of  money at the comfort of their homes,schools and even work places,and supply commodities all around the nation and the world at large with only little or no need for knowledge on how these commodities are produced or the finance needed to get them available and sellable .

                The impact of E-commerce on the level of unemployment  can not be over emphasized,though this doesn't imply that there is no longer the challenge of unemployment in Nigeria,but that it has greatly helped reduce the level of unemployment and it's rapidly increasing rate. 

       E-Commerce, which remains, in my opinion, a futuristic sector that has the capacity to bring Nigeria shoulder-to-shoulder with the rest of the advanced world. However, a deep understanding of the immense economic power of e-Commerce, lacking as it is, on the part of political office holders in Nigeria, is one of the major leadership deficits we endure here.

              For instance,Alerzo, a business to business e-commerce firm which commenced operations less than three years ago is truly making impacts especially in this regard as it directly employs more than 3,000 youths in its operational chain.

With its presence in different parts of the country including rural areas, the tech firm which allows local retailers to improve their businesses and become profitable and thus encourages them to hire more staff to support their production and/or distribution activities, assured of its continuous impacts on local businesses and support of government’s job creation efforts by employing young talented youths.

In Kano for example where it also operates, the company is helping many youths including retailers, as they have testified of the emergence of Alerzo bringing them good tidings.

Notably, Kano state is one of the 36 states of Nigeria, located in the northern region of the country. In 2016, the National Bureau of Statistics reconfirmed Kano as the largest state in Nigeria by population. Nearly half of the population are between the ages of 15 and 54 years.

With its diverse economy and having established itself as a center for industry, agriculture, and islamic banking, Kano is the second-largest industrial centre after Lagos state and the largest in Northern Nigeria.

Despite its industrial ranking the state’s unemployment rate was at 31.2 percent as of Q4 2020, according to statistics. Through its N-Power programme, the Federal Government was reported to have employed over 16,000 youths in the state in the first quarter of 2022.

A youth in the state, Nura Muhammad who is part of Alerzo business development team, did say: “We thank God that the arrival of Alerzo in Kano has brought many opportunities. In addition to the joyful expressions of the customers, the young people of Kano are benefitting from the presence of Alerzo as a result of the employment opportunities it has created.

“Several Kano youths are now working because of Alerzo. We are happy that Alerzo has come, everyone here is happy; not only the customers, even the retailers and wholesalers. The youths of Kano are entirely happy with Alerzo; it is our hope that the company will continue to thrive.”

             e-Commerce can create jobs directly or through logistics services and other aspects of the wider e-Commerce ecosystem. e-Commerce could improve household consumption, boost rural economies and reduce inequality especially among people in rural communities.

              Conclusively,more businesses and individuals are urged to take advantage of the futuristic potentials of e-commerce.

    Government can also help increase it's citizens standard of living  and economic development through e-commerce,thereby creating empowerment programs to empower, students,youth and many business person's on how they can expand their businesses further through e-commerce.

      The evolution of commerce in Africa has come a long way from the era of trade by barter, which was simple but had numerous shortcomings, such as the indivisibility of goods and double coincidence of wants. The introduction of money took care of these shortcomings but also came with its own challenges as transactions still happened in the physical world with the added risks of loss and theft.

 Running a business is difficult, and doing business in Africa is even more difficult, so the era also saw a plethora of failed e-commerce attempts,at the time e-commerce was introduced into the continent.

      Many were convinced that e-commerce couldn't stand a chance in most African countries as most of them were still underdeveloped.

       They had to deal with the reality of a small addressable middle-class market, a lack of functional addressing systems, poor road networks, a general preference for cash payments, the lack of payment rails and logistics networks, worries about fake products, and escalating security concerns, an uphill battle African e-commerce companies are still fighting to this day.

                 This first phase of e-commerce start-ups in Africa caused many to question the viability of e-commerce in Africa, but improving market conditions, the necessity for e-commerce, and the huge potential market size made up of a large population of people under forty years of age, led many to keep trying with hopes of attaining some level of success.

      When Amazon came in 2017, it seemed like a validation of sorts. The e-commerce giant expanded into the Middle East and North Africa (MENA) region by acquiring Souq, a leading MENA e-commerce company, for $580 million.

Ever since this happened, Amazon has increased its presence in Africa with the commencement of its sub-Saharan Africa fulfillment center being built in Cape Town, South Africa, and a possibility of more acquisitions into black Africa with a likely expansion into Nigeria by 2023, being the largest market in Africa in the immediate future.

The next noteworthy activity came two years later, in 2019 when Jumia was listed on the New York Stock Exchange. This move was seen as validation for African companies and the e-commerce sector. This validation is also evident in the growth of e-commerce users on the continent.

More recently, we’ve seen a third wave of e-commerce startups that are digitizing offline commerce for restaurants and mom-and-pop shops, Students dropshipping, by providing them with tools to enable them to come online and do more. Startups such as Orda, Kippa, and Sabi are providing e-commerce enablement tools.

TOP THREE FACTORS FOR THE GROWTH OF E-COMMERCE IN AFRICA

      The growth of e-commerce users in Africa over the years is due to a number of factors.

 1.The increase in payment services 2.Penetration of the internet in the continent 3.The proliferation of cheap smartphones.

          There are now more than 400 million internet users in Africa, compared to over 100 million users at the end of 2010. This makes Africa the second largest internet user population on the planet, just after China.

The increase in internet users, which has largely been driven by a rise in smartphone penetration and a reduction in data plans by telcos and internet service providers, implies that more members of Africa’s middle class can access e-commerce platforms.

4.INCREASED SUCCESSFUL ONLINE PURCHASING EXPERIENCE

Over the years, there has been a surge in customer confidence in e-commerce due to an increasingly successful online purchasing experience, despite a few cases of fraud. The availability of more online payment options with fewer failed transactions has also contributed to the increase in consumer trust.

Logistics players such as Gokada, with more than 2,000 bikes being used as of 2020; Safeboda, with over 10,000 riders in Ibadan; as well as the ride-hailing giants Uber and Bolt, with a network of hundreds of thousands of drivers in Africa, are making it easier for business-to-consumer (B2C) e-commerce players to conduct last-mile deliveries. It’s worth noting the contributions of other logistics players such as Tibikes Express, Tollgate Logistics, GiG, ACE (Perseus Limited), Skye net, Speedaf, and Fez.

Business-to-business (B2B) players such as Trade Depot, which serve 100,000 merchants across Africa, and Wasoko, which has delivered 2.5 million orders to more than 50,000 active retail customers (mostly informal retailers) in its network since 2016, are attacking the logistics challenge head-on.

5.DISEASES

  Interestingly,diseases have also been pivotal to e-commerce’s uptake in the continent.

Over the past decade, outbreaks of diseases have necessitated an improvement in hygiene, as well as how important online shopping is. Jumia experienced massive growth as a result of the Ebola outbreak in 2014; the same happened in 2020 due to the coronavirus pandemic. This was primarily due to the demand for hygiene products and groceries, as well as a need to avoid physical clusters.(Social distancing).

In April 2020, during the global lockdowns, Flutterwave launched the Flutterwave store, its own e-commerce solution for African businesses. Six months later, Interswitch’s Quickteller was next with a Quickteller Storefront digital shop and payment solution for merchants. By December of that year, Paystack finally joined with Paystack Storefront, its own e-commerce solution that also allowed merchants to own digital stores and accept payments.

Granted, sudden spikes cannot be interpreted as a recipe for long-term sustainability, but they’re a pointer to what’s possible, and a resurgence of e-commerce in Africa is imminent.

Africa’s growing middle-class population — 313 million people (approximately 34% of the continent’s population) — and the steady growth of private consumption (3.7% per year) are making e-commerce appealing.

6.ADVANCEMENT IN TECHNOLOGY

         The advancement of technology, with huge access to funding by startups on the continent, and economies of scale enjoyed by manufacturers which have led to the reduction in the price of items such as smartphones, will continue to make access to e-commerce a game changer.

As of the end of 2022, the e-commerce share of global retail sales is expected to be 21%, growing to 25% by 2025. For Africa, the e-commerce industry is estimated to grow at a compound annual growth rate of 24.7% between 2017 and 2024 according to Statista. The e-commerce users in Africa are expected to grow to 338 million users in 2022 and 519 million users by 2025.

This rise in e-commerce sales and users will only continue as e-commerce is the key growth engine for retail.

         Finally,E-commerce evolutionalized,from the era where majority of the African population saw it as a medium for fraudsters to extort individuals,to the era where very few individual were willing to partake in it's process,then the this era where almost all purchases could be made online .         

        E-commerce is obviously breaking new grounds in Africa as the continent is speedily growing in it's technological advancement and other factors which have already been earlier outlined.

The Concepts of Payment and Remittance are both basically used in the financing System,they are both concepts centred on finance,but can be used in the financial System for the better explanation of different terms in finance.

WHAT IS PAYMENT?

      A payment is the voluntary tender of money or its equivalent or of things of value by one party (such as a person or company) to another in exchange for goods or services, provided by them or to fulfill a legal obligation. The party making the payment is commonly called the payer, while the payee is the party receiving the payment.

POSSIBLE WAYS IN WHICH PAYMENT CAN BE MADE:

1.MONEY,

 2.CHEQUES

3.DEBIT

4.CREDIT

5.TRANSFER OF VALUES(Barter system)

6.BANK TRANSFERS

     For instance Bank Transfers, whether through mobile payment or otherwise,As has been the order of the day in Nigeria,ever since the Naira notes limited supply in the country.

   Many Nigerians have resulted to making bank  transfers for the payment of the  smallest and even cheapest commodities in the market such as Biscuits,water, pepper etc.

WHAT IS REMITTANCE?

      since the late 1990s, remittances have exceeded development aid and in some cases make up a significant portion of a country's gross domestic product (GDP).

According to the World Bank's Migration and Development Brief, $508 billion in remittances were sent to low- and middle-income countries in 2020. This was followed by $605 billion in 2021. In 2019, they reached a then, all-time high of $548 billion but declined thereafter due to the Covid pandemic.

       Remittance therefore is money that is sent from one party to another. Broadly speaking, any payment of an invoice or a bill can be called a remittance. However, the term is most often used nowadays to describe a sum of money sent by someone working abroad to their family back home. 

UNDERSTANDING REMITTANCE

1.Remittances can be money sent as payment for a bill. However, most remittances involve sending money to relatives. They are often sent by foreign workers to family members in their home countries.

2.The most common way of making a remittance is by using an electronic payment system through a bank or an electronic money transfer service such as Western Union. People who use these options are generally charged a fee. Transfers can take as little as ten minutes to reach the recipient.

3.Remittances play an increasingly large role in the economies of small and developing countries. They also play an important role in disaster relief, often exceeding official development assistance (ODA). They help raise the standard of living for people in low-income nations and help combat global poverty.

HOW DOES A PAYMENT REMITTANCE TRANSACTION WORK?

There are different ways a remittance payment can work. Circumstances for choosing a payment path include bank account access, payment preferences, desire for quick transaction, or the cost of the transaction. No matter the method, transactions take a basic route to complete the payment cycle. 

When executing a remittance, funds of the remittance amount must be present in the sender’s bank account. After the transaction has been issued, the funds will be transmitted to the recipient’s bank for processing. Once the money is at the bank, a foreign exchange rate and banking fee are applied. The funds are now available as local currency, minus the fees, for the recipient to access.

CAN REMITTANCES BE TAXED?

Yes, though different countries have different rules. This is especially true for businesses remitting payment, though individuals are subject to taxation as well, cited as a “non-business tax remittance” according to the OECD. Since the remittance is a form of income, whether compensation or a gift, it must be noted on federal tax returns. The percentage and stipulations will vary between nations, so whether you’re transferring money or accepting the transaction, both parties are responsible for documenting the exchange. It’s important to keep up with current tax laws for countries involved in potential remittance in order to file properly.

HOW TO REMIT PAYMENT AND SEND MONEY ABROAD

Most remittance transactions are sent by wire transfer, however, electronic transfer is common as well. There are many options for wire transfers, though popular choices are Western Union and Society for Worldwide International Financial Telecommunication (SWIFT). Remittance senders must ensure their bank works with the same transfer companies as the recipient’s bank. On occasion, the recipient’s bank cannot directly receive a transfer. In this case, an intermediary bank will accept the incoming funds, and then deliver them to the recipient’s bank, and, of course, change a fee for their service. Because of this process, wire transfers tend to take up to 5 business days to process. 

An alternative to the wire transfer is an electronic funds transfer (EFT). This is a much more efficient process, often completed in just one business day. EFTs are done through phone and tablet apps and internet sites through a computer network, eliminating the paperwork that a wire transfer or other payment methods may require. 

Money transfer services may have lower rates and faster transfer times, depending on the service you choose and the countries involved in the transaction. This is an option best used for a person you know, according to the U.S. Federal Trade Commission, as scam artists commonly use this system.

REASONS YOU MIGHT SEND MONEY OVERSEAS:

There are many reasons a person or business may want to remit money overseas. 

     A common need is to financially support family in one’s home country. In this global economy, individuals will work abroad for better work opportunities in order to provide for their family. Money is transmitted to loved ones through remittance payments. Fees can be quite high for these transactions. 

Other reasons include hiring a contractor abroad. Because business today is often internationally focused, many companies will hire a professional in a foreign country to assist on a temporary or project basis, and the best way to compensate the contractor is through a remittance payment. This case typically involves a company issuing remittance to a person. 

It can come to pass that an individual will want to pay an organization through international remittance. This scenario typically comes in the form of a charitable donation or gift for a purpose, like a disaster fund. In many cases, remittance payments are made to developing countries in the form of financial aid.

WHICH PAYMENT METHODS CAN I USE FOR MAKING A REMITTANCE?

There are several ways to send a remittance payment. The most popular method is through a traditional bank transfer. This simple process requires two bank accounts. The transfer may necessitate a third party or partner bank, in which case an additional fee will be applied to compensate their involvement. Bank remittance typically comes in the form of ACH payments and wire transfers. 

Checks and money orders are a common method of remittance. The process is slow and involves many steps for banks to complete. Currency exchange rates and fees will apply with this type of transaction. However, this is likely the cheapest money transfer, outside direct cash remittance. 

As mentioned above, money transfer services are a great way to electronically pay for a remittance. Funds are exchanged through linking accounts, which includes options for credit card or debit card payments. Credit cards are an expensive but reliable remittance method. It is possible to go to the service provider in person with cash or a card, if desired. This is a good method for those without bank accounts. 

Other options include blockchain and remittance apps. Paying through an app is convenient and likely the way of the future. Security is an issue for electronic exchanges, however, the processing is instant and can be confirmed through text message and other immediate confirmation methods. 

CONCLUSION

    The Concepts of Payment and Remittance are the same,just that the latter( Remittance) can be a payment sent in response to receiving a bill, it's a term that's also used to describe funds sent internationally.

The rapid development of technology and the growth of the digital world have led to significant changes in the African continent. With the increased use of digital technology, cyber threats have become a major challenge for governments, businesses, and individuals across the continent. As the world becomes more interconnected, cybercriminals can target anyone, anywhere, at any time. Therefore, it is essential for Africa to take cybersecurity seriously and adopt measures to protect itself.The rapid development of technology and the growth of the digital world have led to significant changes in the African continent. With the increased use of digital technology, cyber threats have become a major challenge for governments, businesses, and individuals across the continent. As the world becomes more interconnected, cybercriminals can target anyone, anywhere, at any time. Therefore, it is essential for Africa to take cybersecurity seriously and adopt measures to protect itself.

CYBER SECURITY THREATS IN AFRICA

Cybersecurity threats in Africa range from cyber cyber terrorism, Esponiage,ransomware attacks, phishing scams, identity theft, and cyber fraud. These threats are not only targeted at governments and businesses but also individuals who may have valuable personal and financial data. Cybercriminals exploit weaknesses in computer systems, software, and networks to access confidential data and steal sensitive information.

These cybercrimals can reduce a multi-million dollar company,to a bankrupt one.

SOME OF THESE CHALLENGES INCLUDES:

1.A significant challenge facing cybersecurity in Africa is the limited resources available to governments and businesses. Many African countries do not have the necessary financial and technological resources to invest in cybersecurity infrastructure. As a result, they may not have the capacity to protect themselves adequately from cyber threats.

2.One of the significant cybersecurity threats in Africa is the lack of awareness about the dangers of cybercrime. Many individuals and organizations are unaware of the risks associated with using digital technology and the importance of cybersecurity. This lack of awareness makes them more vulnerable to cyber threats and Attacks.

HOW TO FIGHT CYBER SECURITY THREATS IN AFRICA

To fight cybersecurity threats in Africa, governments, businesses, and individuals need to take proactive measures. Here are some strategies that can help:

1.CREAT CYBER SECURITY POLICIES AND GUIDELINES: Governments and businesses should create and enforce cybersecurity policies and guidelines to ensure that everyone is aware of the standards expected of them. This includes policies on password management, email security, and data protection.

2.RAISE AWARENESS:Governments, businesses, and individuals should raise awareness about the dangers of cybercrime and the importance of cybersecurity. This can be achieved through public campaigns, training programs, and workshops.

3.ENCOURAGE RESEARCH AND DEVELOPMENT: Governments and businesses should encourage research and development in cybersecurity to stay ahead of the latest threats and technologies.

4. COLLABORATION WITH INTERNATIONAL ORGANISATIONS:African governments and businesses should collaborate with international organizations, such as the African Union, to share knowledge, expertise, and resources on cybersecurity.

5.DEVELOP A CYBER SECURITY CULTURE: Governments and businesses should develop a cybersecurity culture that prioritizes security and protection of data. This can be achieved by creating a security-conscious culture, where everyone takes responsibility for cybersecurity.

6.CREAT CYBER SECURITY EDUCATION PROGRAMS: Governments and businesses should create cybersecurity education programs to teach individuals about cybersecurity and best practices for protecting themselves online.

7.INVEST IN CYBER SECURITY INFRASTRUCTURE: Governments and businesses should invest in cybersecurity infrastructure to protect their networks, systems, and data. This includes implementing firewalls, intrusion detection and prevention systems, and data encryption techniques.

CONCLUSION

Cybersecurity threats are a significant challenge facing Africa, and it is essential for governments, businesses, and individuals to take proactive measures to protect themselves. By implementing the stated guidelines,Africa can protect itself from cyber threats and ensure a safer digital world.

It is a thing of popular knowledge that Africa has been lagging behind in technological development, Even with the recent change and improvement in Africa's technology, it will still take a long time before Africa will be able to revolve to the level of technological innovations most continents have attained.

There are major reason why Africa face challenges in the  cyber security Industry,these includes the following but are not limited to these:

1.LACK OF SKILLED PERSONNELS: this is the biggest challenge facing the cyber security Industry in Africa.there is a massive shortage of trained and experienced professionals or experts in Africa.

many African countries does not have adequate educational infrastructure or training programs in place to meet the need of the industry .this therefore is leading to over reliance on foreign experts,and these foreign experts are very costly for the businesses and organisations to maintain.

  Africa needs initiatives such as scholarship,internship, training programs e.t.c to help them get more trained and skilled personnels.

2.LACK OF REGULATIONS:lack of regulations, which is one of the biggest cybersecurity challenges facing Africa. The continent has no unified approach to tackling cybercrime, which makes it difficult to enact and enforce effective laws and regulations. This lack of regulation leaves African countries vulnerable to a wide range of cyber threats, including data breaches, internet fraud, and online scams.

3.IGNORANCE/LACK OF AWARENESS:lack of awareness about the importance of cybersecurity. This is especially true for small businesses and individuals who are not aware of the risks posed by cyber-attacks. While there are many initiatives to raise awareness about cybersecurity, more needs to be done to reach the widest possible audience. 

    In Africa, this problem is compounded by the fact that many people are not aware of the risks posed by cybercrime. This lack of awareness means that many small businesses and individuals are not taking steps to protect themselves from attacks.

   So there is need for cyber security to be taught in both secondary and tertiary institutions.

4. AFRICA'S DEPENDENCE ON INTERNATIONAL AID FOR CYBER SECURITY:this dependence on foreign aid comes with risks. Africa has been the recipient of large amounts of foreign aid for many years. This aid has been used to fund various development projects, including cybersecurity initiatives. As a result, African countries have become increasingly reliant on this external support. There are several risks associated with this dependence on foreign aid.    which includes:

a. It can make African countries vulnerable to the whims of donor nations and organizations.

b.this dependence can also lead to a lack of accountability.

c.Donors may have a different agenda from the organization.

5. STRIKING A BALANCE BETWEEN SECURITY AND PRIVACY: While several applications offer convenience to users’ daily lives, different organizations also gather information regarding the users, which is necessary to customize the service rendered to bring convenience. The behavioral data collected about individuals might be used even without the consent of an individual, which results in customer information security and privacy concerns.