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Online Businesses On The Rise In Nigeria

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online-shoppingNetplus Advisory hosted the connect Commerce Conference in Lagos on Tuesday, the conference focused on small businesses adopting online business platforms. According to them, internet based businesses have attracted 200 million US dollars in private capital over the last three years.

Speaking to CNBC Africa, Wole Faroun, CEO of Webmall on the expanding scope of online businesses in Nigeria said it is the beginning of a revolution in the Nigerian business world which focuses on a trade expansion across the world.

Businesses are setting up online portals to enable merchants to reach local customers. The technology evolution will focus more on solving the issue of payments, store management, inventory, logistics management and exposure of local merchants to the international communities, Faroun said.

Speaking of the opportunities in the online business space, Faroun said it reduces the huge costs of transportation and export. He also stressed the advantage of getting a refund or transaction reversal from financial institutions if the products ordered do not come through.

Sunkanmi Olowo , Head of SME Banking at Ecobank also present at the event talked on how banks are embracing the online business revolution. He said the young generation has grown to be technology savvy and they are always online. Banks are now pushing for more online presence to get them closer to their customer base.

On disruptions in the market, Olowo told CNBC Africa that online businesses have impacted the traditional businesses in Nigeria, many local businesses have moved online and one can place orders for food and products needed online.

Speaking on fraud, he said, before the advent of technology, there was so much noise about fraud but as technology is improving, plans should be put in place to innovate, upgrade and put systems in place to detect fraud and nip it in the bud.
He concluded by saying both small and large businesses have begun to adopt online platforms in Nigeria.


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