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Spotlight Stories

How to set up a Flutterwave store for your business and receive payments globally

Flutterwave Store is simple to use because it is designed to bring businesses that are offline, online with minimal hassle.

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In recent years, online shopping has become mainstream because it provides easier and more convenient ways to browse for products, compare prices from a number of vendors, make payments, and receive goods without leaving one’s comfort zone.

According to Statista, the number of online buyers in Nigeria increased steadily between 2017 and 2019. In 2019, the number of shoppers reached 76.6 million, out of a population of over 200 million people.

One of the most popular social platforms that people can leverage to sell their products is Flutterwave.

READ: Olugbenga Agboola: The making of the Co-founder of Flutterwave – Nigeria’s $1bn Startup

Flutterwave is an African-focused payments company focused on helping banks and businesses provide seamless and secure payment experiences for their customers. During the pandemic, the company launched Flutterwave Store to help businesses operate effectively wherever they are.

Flutterwave Store is simple to use because it is designed to bring businesses that are offline, online with minimal hassle.

READ: DEAL: Flutterwave raises $170 million Series C Round, now valued at $1 billion

What is Flutterwave Store?

Flutterwave Store is simply the best and easiest way to launch and manage an e-commerce business that accepts payments from anywhere in the world without creating a website.

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With Flutterwave Store, you can easily upload products, set prices, and (in some markets) have their integrated delivery partners pick up when you have an order and deliver to your customer.

READ: USSD service disruption: MTN to use Flutterwave, Opay, Kuda, other payment channels

How to set up a Flutterwave store for your business

Setting up a store on Flutterwave is quite easy;

  • Create an individual or business account on Flutterwave for free. If you already have an account, login.
  • Navigate to (Store) on your dashboard and create a store.
  • Edit the store name to a name you want to use and add a description about your store.
  • Click ‘Complete Setup’. A store link will be generated and displayed on your dashboard.
  • Add products and specifications, including images.

Once you’re done, the details of your product will immediately be available on your dashboard.

You can now share your store link to prospective customers or add it to your social media pages.

READ: Flutterwave, One pipe, and funding raised by Nigerian Tech startups

How to receive payments with Flutterwave mobile app

You can also download the Flutterwave mobile app for receiving payments. The Flutterwave mobile app turns any smartphone into a mobile POS. You can generate a payment link inside the app and share it with anyone to pay you, using their card as they would do with a physical POS.

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The benefit of also having the mobile app is that it accepts more payment types than any physical POS can accept. Card payments, bank transfers, Paga, Mobile Money, PayPal, USSD, the possibilities are endless.

You can also track fulfilled and pending orders, add new products and check your balance directly on the app.

READ: Paypal’s Venmo now permits cryptocurrency trading

Why Flutterwave store matters to your business

While the move to selling and shopping online was accelerated by the pandemic, it has now changed consumer behaviour as shoppers are more than happy to stay home and complete their purchase online.

Owning a Flutterwave store makes running your business more convenient as it eliminates certain barriers such as security risks, secured payment method, etc.

Janet John is a graduate of Chemical Engineering from the University of Uyo. She specializes in technical writing where she creates easy to read documentation, articles to clearly and efficiently explain highly complex processes. When she is not writing, she works as a freelance front-end developer

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    Market Views

    Ethereum breaks $4000 and 5 Big Takes for the week

    The 2nd week of May promises to be a profitable week, spurred on by the activities of last week.

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    What you should know before investing in Cryptocurrency

    The 2nd week of May promises to be a profitable week, spurred on by the activities last week. Here are the key events that affected the economy and markets last week.

    What are the regulators doing?

    CBN made the news in two major ways. Firstly, the apex bank indefinitely extended the Naira4dollar scheme for diaspora remittances. The initiative rewards recipients N5 for every $1 they receive through IMTOs and commercial banks. It was initially supposed to end on May 8th. Many analysts we have spoken to seem to believe this is another form of naira devaluation.

    Another interesting news from the CBN was its plans to reject the continuous importation of maize in Nigeria.

    READ: Why Ethereum is becoming more attractive than Bitcoin

    What fixed income opportunities are available?

    Last week the DMO (Debt Management Office) announced an offer for subscription of the May 2021 Federal Government Savings Bond to investors.

    The Debt Management Office (DMO), on behalf of the Federal Government has announced the offer for subscription of the May 2021 Federal Government Savings Bond to investors.

    This disclosure is contained in a circular issued by the DMO on May 3, 2021, and can be seen on its website noting that there are 2-year and 3-year savings bonds. The breakdown of the bonds shows that the 2-year FGN savings bond will be due on May 12, 2023, at 7.753% per annum and the 3-year FGN Savings Bond which will be due on May 12, 2024, at 8.753% per annum.

    The offer has an opening date of May 3, with a closing date of May 7. Although this window is closed. Portfolio diversification is critical for any investor and bonds are one of the safest asset classes.

    READ: Nigerian stocks that outperformed Bitcoin, Ethereum and Cardano in April

    Should volatility in Crypto shock anybody?

    Over the weekend, another incredible market volatility transpired with the Dogecoin going down about 21.34% for the day on Sunday. Elon Musk´s appearance on SNL seems to have had a negative effect on the crypto asset’s price.

    Ethereum at the time of writing this report is currently trading at an all-time high of $4,053, up by 2.72% in 24 hours. There are many investment opportunities in cryptocurrencies but because of the tremendous market volatility, it is important for investors to invest with caution. The rule of thumb is not to invest more than you are willing to lose.

    READ: Why Ethereum transaction fees are often expensive

    Stock market bounce?

    The Nigerian Stock Exchange made a bullish recovery on Friday. Its year-to-date stands at -2.66%. There is still a lot of upside for Nigerian stocks which remain relatively cheap compared to other emerging markets. In a Twitter Spaces conversation with Ugodre Obi-Chukwu, analysts stated that the true value of the Nigerian economy is not reflected in the NGX. ¨Out of the 166 listed companies, only about 30 are tradeable,¨ according to one analyst.

    In a period where there should be a lot of capital allocation to emerging markets like Nigeria, a major deterrence to this is our FX situation. Investors have issues getting their money out of the Nigerian economy.

    Another Corruption case

    It was reported that the FG will probe the suspended MD of Nigerian Ports Authority, Hadiza Bala-Usman for the alleged non-remittance of over N165 billion operating surplus to the Consolidated Revenue Fund by the NPA management.

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    Business

    Vaccine IP waiver: What it means for Nigerian vaccine production

    The move to support a Covid IP waiver is important to reduce the global effect of the pandemic.

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    The US government announced last week that it would support a waiver of Intellectual Property Protections on Covid-19 vaccine development, in a bid to boost the fight against the pandemic and increase access to vaccines to millions globally.

    Ambassador Katherine Tai, the US Trade Rep said: “…administration believes strongly in intellectual property protections, but in service of ending this pandemic, supports the waiver of those protections for Covid-19 vaccines.

    We will actively participate in text-based negotiations at the World Trade Organization (WTO) to make this happen.”

    The move to support a Covid IP waiver also comes beneficial to countries such as China and India. WTO’s Nigerian head has also been calling for waivers.

    READ: Covid-19: FCT to end vaccination May 14

    Dr Ngozi Okonjo-Iweala had earlier warned about the dangers of “vaccine nationalism” which could affect the much-expected pandemic recovery, as well as decimate economic growth for all countries – rich and poor.

    She added that the WTO could contribute a lot to ending the pandemic by prioritizing and implementing solutions as to how the WTO could make vaccines, therapeutics and diagnostics accessible in an equitable and affordable fashion to all countries, particularly to poor countries, citing dangers that the global economy may face through losing $9 trillion in potential output if poor countries were unable to get their populations vaccinated quickly. About half of this impact would be borne by rich countries.

    It does not come as a surprise that Okonjo-Iweala also stated that Nigeria should start looking at establishing the capacity for manufacturing vaccines locally.

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    “I’ve been in the vaccine business for last 5-6 years. You need 4-5 years to get a plant approved to produce vaccines. I’m advocating that Nigeria should start looking now at establishing capacity for manufacturing vaccines locally. This is not going to be the last pandemic,” she said in her last visit to Nigeria.

    READ: African Union signs deal for 400 million Johnson and Johnson single-shot vaccine

    FG’s response towards vaccine development

    The Nigerian government announced during the end of the first wave of Covid in 2020 that it would be setting up a vaccine production company in Nigeria to boost local COVID-19 vaccine production. Minister of Health, Dr Osagie Ehanire, added that the Health ministry would sign a PPP-MoU with a pharmaceutical company in Nigeria to set up the new company.

    The FG also was not just doing the “talking” as earlier this year, the Ministry of Finance announced the sum of N10 billion for the production of vaccines in Nigeria, to fight the coronavirus.

    “Nigeria is exploring options for licensed production, in collaboration with recognised institutions. We are also exploring the option of local production of the vaccines in the country,” The health Minister said.

    READ: Covid-19: Nigeria records over 1 million vaccinations

    Therefore it’s a no brainer that a Covid IP waiver is important to reduce the pandemic, and the countries that would benefit the most are the ones most ready with the skill and manufacturing capacity, as nobody wants to be caught napping during the next global pandemic.

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    Prince Nwafuru, an international trade lawyer at Paul Usoro & Co says waiving the IPs is beneficial to ending the pandemic, and it would benefit Nigeria immensely if all plans are followed through.

    What the IP waiver means for Asian manufacturing nations like China and India. Will western drug manufacturers oppose the move?

    “There is no contending with necessity, and we should be very tender how we censure those that submit to it. ‘Tis one thing to be at liberty to do what we will, and another thing to be tied up to do what we must,” English author Roger L’Estrange said about necessity,” Nwafuru quoted.

    He added that the IP waiver proposed by the World Trade Organization (WTO) was driven by necessity and the need to address the scourge of the pandemic which had affected the global economy. Though the world’s top five pharmaceutical companies are in the USA and Europe, China and India still play huge roles in global supply chains in the industry.

    “Therefore, the cooperation of China and India will be key to the success of the negotiation. On whether the drug manufacturers will oppose the move, it is too early to tell. And a lot will depend on the terms of the negotiations and the political will of the nations involved. It is important to add that the focus of the waiver is to aid the poor and developing countries.

    The USA and Europe will ensure that other big drug manufacturing nations like China and India do not use the opportunity to the detriment of the West. India is currently battling its worst COVID 19 crisis in the world and the priority for such a country is to get all the help available at the moment. And you know that decisions at the WTO are reached by consensus. Therefore, the cooperation of the Member States is important at this critical point. Another area of concern is whether the waiver will negatively impact innovation. Some IP experts have also expressed concern in this regard. One of such IP experts I discussed with noted that the complexities involved in making vaccines mean that waiving IP rights won’t act as the magic wand,” he said.

    With Nigeria talking about building a vaccine manufacturing sector, would this be beneficial for us?

    “Of course yes,” he said.

    Though Nigeria has not been hit hard like other developing economies such as India and South Africa, there is still the urgent need to bring in more vaccines to cater to the country’s teeming population as we cannot afford to take chances and be visited by the kind of issue going on India.

    Since receiving the first batch of 3.9 million doses of AstraZeneca’s COVID-19 vaccine in March this year, Nigeria has been battling to access more supplies to cater to its 200 million population. Even with the 84 million doses of vaccines expected from AstraZeneca and Johnson & Johnson, we are yet to cover 20% of the population. The waiver will definitely help Nigeria to develop local capacity and provide for our local needs, given the difficulty being experienced in accessing the vaccines abroad,” he added.

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    Can Nigeria use it as a form of manufactured exports for AfCFTA?

    He stated that Nigeria could tap into the opportunity provided by the waiver and incentives from the Federal Government to ramp up production that would serve not only the citizens but other nations on the continent.

    “The thing about the AfCFTA is that it seeks to make the whole of Africa one nation. However, it is too early to make projections on such possibilities until the waiver is concluded. In any case, we have to meet local needs first before talking of exporting to other nations. Charity, they say, begins at home,” he said.

    Bottomline

    The Vaccine IP waiver is an opportunity for Nigeria to achieve economic diversification and build a skilled value chain that will also address Nigeria’s youth unemployment problem. Nigeria can look at India’s pharmaceutical industry which announced exports for the FY-21 (Apr 2020 – Mar 2021) at $24.44 billion, a record growth of 18.07 %. Exports during FY 2020 were $20.58 billion with a growth rate of 7.57%.

    Nigeria will not be alone in this journey as Rwanda, South Africa and Senegal have also called for full vaccine manufacturing capacity in Africa. Rwanda’s President, Paul Kagame, said last week that: “The only way to ensure vaccine equity is to produce more vaccines where they are needed … as Africa remains dependent on other regions for vaccines, we will always be at the back of the queue whenever there is scarcity.”

    One more factor to consider, for there to be competent vaccine development, Nigeria must begin to invest more in STEM-related courses at the nation’s tertiary institutions.

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