OPINION

  • All
  • Opinion
will-ai-replace-software-developers

Will AI replace software developers?

byTechnology Times Contributor
16/03/2023
0
101

financial-success-how-traders-can-step-up-games

How small businesses, traders can up their game for financial success

byTechnology Times Contributor
24/02/2023
0
105

why-change-management-matters-in-workplace

Why change management matters in evolving workspaces

byTechnology Times Contributor
24/02/2023
0
106

business-cybersecurity-strategy

Why humans should lead your business cybersecurity strategy

byTechnology Times Contributor
22/02/2023
0
123

chinenyen-mba-uzoukwu-convocation-lecture

Finding the Boundaries of the Possible, Venturing Beyond | UNILAG Convovocation Lecture by Chinenye Mba-Uzoukwu

byTechnology Times Contributor
21/02/2023
0
125

how-to-spot-online-romance-scams

From dating to defrauding: Online romance scams surge as criminals cash in on lonely hearts

byTechnology Times Contributor
08/02/2023
0
111

malware-cybercrime-trends-2023-emmanuel-asika

Rise of ₦7,000 malware kits and cybercrime trends coming our way in 2023

byTechnology Times Contributor
02/02/2023
0
118

cloud-security-whose-fault-is-it

Cloud Security: Whose fault is it? 

byTechnology Times Contributor
31/01/2023
0
112

ryan-mer-on-fraud-trends-2023

‘It’s easier to hack people than to hack machines’ and other frauds trends every CFO should know 

byTechnology Times Contributor
31/01/2023
0
111

kaspersky-chatgpt-will-influence-cybersecurity

Kaspersky: How ChatGPT will influence cybersecurity

byTechnology Times Contributor
25/01/2023
0
116

technology-bolster-africas-growth-moses-muthui

How technology can bolster Africa’s growth and competitiveness

byTechnology Times Contributor
25/10/2022
0
113

cloud-services-bring-automation-to-printing

Cloud services can bring the benefits of automation to every print business

byTechnology Times Contributor
12/10/2022
0
132

Load More
  • Home
  • BIG STORY
  • Digital Transformation Series
  • ARTICLE SECTIONS
    • Tech News
    • Consumer Tech
    • Opinion
    • Interviews
    • Tech Market Updates
    • Promoted
Friday, March 24, 2023
No Result
View All Result
  • Login
Technology Times
Technology Times
No Result
View All Result
Home Opinion

How small businesses, traders can up their game for financial success

Zunaid Miya, MD of fintech company Hello Pay, gives these tips to set your small business up for financial success.

Technology Times ContributorbyTechnology Times Contributor
24/02/2023
in Opinion
Reading Time: 3 mins read
1 0
A A
0
financial-success-how-traders-can-step-up-games

Zunaid Miya is MD of fintech company, Hello Pay.

ADVERTISEMENT
Share on FacebookShare on TwitterShare on LinkedinShare on WhatsAppShare on Telegram

Zunaid Miya, MD of fintech company Hello Pay, gives these tips to set your small business up for financial success.

The better financially educated business owners are, the stronger the foundation of their business will be. Financial literacy has been proven to not only affect both saving and investment behaviour, but also debt management and borrowing practices. Financially savvy traders and SMEs are more likely to accumulate wealth, get better returns on investments, and cover emergency expenses. On the other hand, financial illiteracy is associated with more indebtedness, costly lending practices, and higher transaction costs and fees.

·         Stay on trend: Technology is advancing rapidly in all fields and finance is no different. For small businesses and informal traders, who often lack access to traditional financial services, this is good news. Digital banking and payment services not only simplify financial processes but include those who have previously been excluded. Simple, easy-to-use, and cost-effective payment solutions provide these businesses with access to basic financial services such as receiving and making payments, without incurring high costs or requiring complex infrastructure. This can improve their financial stability, increase their sales, and provide a more convenient payment option for customers. Additionally, digital payment solutions can also offer more transparent and efficient record-keeping, reducing the risk of financial fraud and improving overall financial management.

·         Don’t exclude yourself: Some business owners prefer to only trade in cash because they might have a misconception about financial services and products. Often, people simply assume that these products are reserved for higher-income individuals and formalised businesses when that’s not the case. Such misconceptions can be harmful, leading to fewer opportunities for personal and business growth as well as increased risk. People who don’t have insurance, for example, expose themselves to both financial and physical risk. By avoiding formalised financial services, you’re excluding yourself from the opportunities they present.

Related Articles

Will AI replace software developers?

Why change management matters in evolving workspaces

Why humans should lead your business cybersecurity strategy

Finding the Boundaries of the Possible, Venturing Beyond | UNILAG Convovocation Lecture by Chinenye Mba-Uzoukwu

From dating to defrauding: Online romance scams surge as criminals cash in on lonely hearts

Load More

·         Don’t fear (all) debt: There are different kinds of debt – bad debt is often unnecessary, while good debt can improve your financial standing. When a business owner borrows money to build assets or buy stock, this debt can lead to increased income and wealth, job opportunities for their community, and an enriched economy. Lending money to buy personal consumer products such as unnecessary clothing, however, is not income-generating and often ends in a debt trap where the borrower is exploited by microlenders and loan sharks. If you do take on debt, make sure it can improve your standing.

·         Think long-term: Don’t get tunnel vision when faced with business expenses. Payment devices are a great example: Small businesses often avoid these machines because there is an upfront cost, but don’t realise that offering their customers these payment solutions can boost sales and lead to lower transaction rates in the long run. Always take the bigger picture into account when making financial decisions.

About Author: Zunaid Miya is MD of fintech company, Hello Pay.

Share19Tweet12Share3SendShare

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
ADVERTISEMENT
Technology Times Contributor

Technology Times Contributor

Related Articles

will-ai-replace-software-developers
Opinion

Will AI replace software developers?

byTechnology Times Contributor
16/03/2023
0
101

Since its launch in November last year, the artificial intelligence (AI)...

Read more

Why change management matters in evolving workspaces

Why humans should lead your business cybersecurity strategy

Finding the Boundaries of the Possible, Venturing Beyond | UNILAG Convovocation Lecture by Chinenye Mba-Uzoukwu

From dating to defrauding: Online romance scams surge as criminals cash in on lonely hearts

Rise of ₦7,000 malware kits and cybercrime trends coming our way in 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

eleven − ten =

ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

LATEST ARTICLES

5g-airtel-makes-5g-growth-drivers-league

5G: Airtel makes league to drive market growth to $792.7b

23/03/2023
identity-and-access-management-market

Identity and Access Management market to reach $53.1b by 2032

23/03/2023
aws-fintech-africa-accelerator-opens

AWS FinTech Africa Accelerator opens, targets African talents

23/03/2023
nigeria-cyber-attacks-peak-during-guber-polls

Minister: Cyber attacks crossed 3.8m during Guber polls

22/03/2023
ixpn-lowers-bandwidth-cost-nigeria

NCC: IXPN now drives higher bandwidth at lower cost in Nigeria

22/03/2023
ADVERTISEMENT
ADVERTISEMENT

Popular News

  • inec-suffered-cyber-attack-nigeria-computer-society

    Presidential Election 2023: INEC server suffered cyber attack, was not robust, Nigeria Computer Society says

    101 shares
    Share 40 Tweet 25
  • PC: How to spot symptoms of CPU failure

    134 shares
    Share 54 Tweet 34
  • Elon Musk bows to NCC order to charge Starlink Nigeria subscribers in Naira

    86 shares
    Share 34 Tweet 22
  • Nigeria General Election 2023: Buhari sets up cybersecurity team as 622 hotline goes live

    61 shares
    Share 24 Tweet 15
  • Flutterwave: We were not hacked 

    59 shares
    Share 24 Tweet 15

Recommended

  • Tech News
nigeria-cyber-attacks-peak-during-guber-polls

Minister: Cyber attacks crossed 3.8m during Guber polls

22/03/2023
106
ixpn-lowers-bandwidth-cost-nigeria

NCC: IXPN now drives higher bandwidth at lower cost in Nigeria

22/03/2023
103
harmonised-short-codes-nigeria

Harmonised Short Codes: Mobile operators get May 17 deadline

22/03/2023
101
mba-uzoukwu-inec-sowed-tech-distrust-nigeria

Mba-Uzoukwu: With 2023 General Election, INEC sowed seeds of technology distrust in Nigerians  

20/03/2023
110
nigeria-hit-by-cyber-threats-election-day

Minister: Nigeria hit by 6,997,277 cyber threats on Presidential election day

15/03/2023
107
starlink-nigeria-under-mtn-nigeria-watch-ceo

Starlink: MTN Nigeria places new ‘competitor’ under close watch, CEO says  

14/03/2023
106
Load More
ADVERTISEMENT
Facebook Twitter Youtube LinkedIn RSS

ABOUT TECHNOLOGY TIMES

Technology Times

Nigeria Technology Media Group

Founded in 2004, Technology Times’ trusted technology news, market intelligence, views and business services reach readers and partners across Nigeria, Africa and beyond.

Contct Us

LEGAL & COMPLIANCE

Home

Privacy Policy

Terms & Conditions

Disclaimer

Guest Post Guidelines

 

TOP ARTICLES

  • oswald-guobadia-on-nigerian-startup-act-2022

    Guobadia, President’s Digital Transformation SSA, says new Nigerian Startup Act 2022 is ‘welcome initiative that will address japa 100%’

    149 shares
    Share 60 Tweet 37
  • PC: How to spot symptoms of CPU failure

    134 shares
    Share 54 Tweet 34
  • LAGOS | Website to verify vehicle numbers now live

    123 shares
    Share 49 Tweet 31
  • WhatsApp users in Nigeria ‘hit by new virus spreading across Africa’

    106 shares
    Share 42 Tweet 27
  • Presidential Election 2023: INEC server suffered cyber attack, was not robust, Nigeria Computer Society says

    101 shares
    Share 40 Tweet 25

ITU PP-22: Watch Ministers from Nigeria, 99 Member States deliver policy statements

w

©2022 Technology Times is powered by Digital Transformation Media Limited, Nigeria.

No Result
View All Result
  • Home
  • Offline with Shina Badaru
  • Analysis
  • Interviews
  • Big Story
  • Columns
  • Tech @ Work
  • Digital Transformation Series

©2022 Technology Times is powered by Digital Transformation Media Limited, Nigeria.

Welcome Back!

OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Go to mobile version