Technext Technext
  • Home
  • Stories
    • You Can’t Get Your NIN Slip Through the NIMC App but Here are 3 Things You Can Do With it
      You Can’t Get Your NIN Slip Through the NIMC App but Here are 3 Things You Can Do With it
      15 hours ago 0
      81
    • Netflix Surpasses 200 Million Subscribers, Says It no Longer Needs External Financing
      Netflix Surpasses 200 Million Subscribers, Says It no Longer Needs External Financing
      17 hours ago 0
      46
    • Tech4Dev Partners UK Govt to Promote Basic Digital Literacy Training in Northern Nigeria
      Tech4Dev Partners UK Govt to Promote Basic Digital Literacy Training in Northern Nigeria
      19 hours ago 0
      86
    • With Growing Interest in Forex Trading, Here are 5 Best Forex Brokers in Nairaland, Nigeria
      With Growing Interest in Forex Trading, Here are 5 Best Forex Brokers in Nairaland, Nigeria
      1 day ago 0
      72
    • Bitcoin Meets Football: Ex-Real Madrid Striker Becomes the First-ever Footballer Bought with Bitcoin
      Bitcoin Meets Football: Ex-Real Madrid Striker Becomes the First-ever Footballer Bought with Bitcoin
      1 day ago 0
      99
    • 84% of Mobile Subscribers Still at Risk of Sim Blocking as NIMC Deadline Draws Near
      84% of Mobile Subscribers Still at Risk of Sim Blocking as NIMC Deadline Draws Near
      1 day ago 0
      71
    • Kenya Overtakes Nigeria as Africa’s Favorite Investment Destination
      Kenya Overtakes Nigeria as Africa’s Favorite Investment Destination
      2 days ago 0
      153
    • App Review: Omomi Gives Mothers and Guardians Access to Excellent Child Healthcare
      App Review: Omomi Gives Mothers and Guardians Access to Excellent Child Healthcare
      2 days ago 0
      66
    • Sim Shagaya’s uLesson Raises $7.5M Series A Funding, Set to Launch iOS App
      Sim Shagaya’s uLesson Raises $7.5M Series A Funding, Set to Launch iOS App
      2 days ago 0
      125
  • Features
    • 5 Tips to Make Your Business More Popular on Social Media
      5 Tips to Make Your Business More Popular on Social Media
      1 week ago 0
      180
    • Analysts Forecast Bitcoin to Hit $100k in 2021, But is This Really a Good Time to Start Buying?
      Analysts Forecast Bitcoin to Hit $100k in 2021, But is This Really a Good Time to Start Buying?
      1 week ago 0
      341
    • Top 5 Most In-Demand Tech Jobs for 2021 — and Skills Required for them
      Top 5 Most In-Demand Tech Jobs for 2021 — and Skills Required for them
      2 weeks ago 0
      399
    • Financial Strategies for Surviving 2021 with Ayo Akinmade, Vice Chairman, Regus
      Financial Strategies for Surviving 2021 with Ayo Akinmade, Vice Chairman, Regus
      2 weeks ago 0
      368
    • ‘Expect Aggressive Expansion in 2021’- PlentyWaka’s Johnny Enagwolor on Surviving 2020 and What the Future Holds
      ‘Expect Aggressive Expansion in 2021’- PlentyWaka’s Johnny Enagwolor on Surviving 2020 and What the Future Holds
      3 weeks ago 0
      417
    • After a Poor 2020, Here are the Top Cinema Trends to Watch Out for in 2021
      After a Poor 2020, Here are the Top Cinema Trends to Watch Out for in 2021
      3 weeks ago 0
      365
    • “How we survived 2020” with Fehintolu Olaogun, CEO, CredPal
      “How we survived 2020” with Fehintolu Olaogun, CEO, CredPal
      3 weeks ago 0
      399
  • Reviews
    • You Can’t Get Your NIN Slip Through the NIMC App but Here are 3 Things You Can Do With it
      You Can’t Get Your NIN Slip Through the NIMC App but Here are 3 Things You Can Do With it
      15 hours ago 0
      81
    • Netflix Surpasses 200 Million Subscribers, Says It no Longer Needs External Financing
      Netflix Surpasses 200 Million Subscribers, Says It no Longer Needs External Financing
      17 hours ago 0
      46
    • With Growing Interest in Forex Trading, Here are 5 Best Forex Brokers in Nairaland, Nigeria
      With Growing Interest in Forex Trading, Here are 5 Best Forex Brokers in Nairaland, Nigeria
      1 day ago 0
      72
    • Kenya Overtakes Nigeria as Africa’s Favorite Investment Destination
      Kenya Overtakes Nigeria as Africa’s Favorite Investment Destination
      2 days ago 0
      153
    • App Review: Omomi Gives Mothers and Guardians Access to Excellent Child Healthcare
      App Review: Omomi Gives Mothers and Guardians Access to Excellent Child Healthcare
      2 days ago 0
      66
    • Women Entrepreneurs Fare Better in Ghana, South Africa, Botswana than Nigeria – Mastercard Report
      Women Entrepreneurs Fare Better in Ghana, South Africa, Botswana than Nigeria – Mastercard Report
      2 days ago 0
      79
    • Nigerians Spent Over $60 Million on Mobile Apps in 2020 – APP ANNIE
      Nigerians Spent Over $60 Million on Mobile Apps in 2020 – APP ANNIE
      2 days ago 0
      145
  • Women in Tech
  • Videos
  • Contact Us
Go to...

    ‘Money in the Bank Won’t Help You’ – Victor Asemota Prepares Businesses and Individuals for Life After Covid-19

    Adenike AdebowaleAdenike Adebowale
    10 months ago
    ‘Money in the Bank Won’t Help You’ – Victor Asemota Prepares Businesses and Individuals for Life After Covid-19

    Serial investor and co-founder of multiple businesses, Victor Asemota, yesterday shared some insights on what to expect as individuals and businesses during the pandemic period and in its aftereffects.

    On the surface, it looks as if work has stopped in major areas of the economy, but it has not. But behind the surface, some people are thriving and working harder than ever. This, according to Asemota, is the reason why having more than one area of work is important.

    “Work has not really stopped. It has actually increased. I … now understand why diversity of activity is more important than doing one thing as we have always been told. It is the plan B And C thriving now”.

    'Money in the Bank Won't Help You' - Victor Asemota Prepares Businesses and Individuals for Life After Covid-19
    More people are working from home

    The economic impact of the pandemic is putting the focus more on helping the less-privileged and encouraging philanthropic activities. However, Asemota is of the viewpoint that the longer the pandemic plays out, the more every individual will become less-privileged.

    Therefore, he brought a new approach to helping, saying that it is better to give the less-privileged a job that pays them and also pays you back, as an investment.

    This is especially important, because of the need to keep money flowing in as we give some part of it out. Working from home is a major part of what keeps the money flowing in. However, that also comes at its own costs. This implies that money kept in the bank will only depreciate as we dip into it to meet rising costs.

    This further reinforces the need to have several channels up and running to ensure the inflow of money. According to Victor Asemota, his second and third plans are currently working for him, in the face of present-day economic realities.

    Money in the bank won't help you as you’ll only see it dwindle as costs increase. Your anxiety will increase as well if you aren't thinking of a plan B or C right now. It is not about donating money to the less privileged but giving them a job that also pays you back – investment

    — Victor Asemota (@asemota) March 30, 2020

    Will the government be a financial balm for the people?

    The answer is no.

    Governments need taxes to run and taxes majorly come from businesses majority of whom have shutdown now to halt the spread of COVID-19. According to Asemota, this might eventually put the government’s attention more on digital services, causing an increase in the taxes paid by operators in the sector.

    An increase in taxes on digital service providers will lead to a higher cost on the consumers. This will negatively impact on the consumers spending ability, and ultimately decrease the quality of life of the majority.

    Sharing on sensible practices that could be solutions in the eventuality, Victor Asemota advised people to become deliberate about growing their food. Those who do have a better chance of mitigating the effects of the coming inflation.

    Those who have land and grow food or those who take hydroponics seriously will come out better for this as the basics now matter more than ever before. I really worry about the coming inflation. People will depend more on government but most governments aren't nice. They need tax

    — Victor Asemota (@asemota) March 30, 2020

    Another way to prepare ahead is to invest in businesses with huge prospects despite the season instead of stashing away funds in bank accounts.

    “This is the time to invest in the right things and not hoard cash. This is the time to buy up smaller businesses and help them become more efficient”, he said.

    Perhaps one of the most important things that working from home has shown, according to Asemota, is that decentralized businesses are more resilient than large centralized ones.

    This is because decentralized ones are capable of functioning in sub-units and tap into resources closer to them for better productivity, as opposed to having everyone come to a general source for everything pertaining to the business.

    The present economic realities make it necessary to have financial backup and investments in the right places because each day that passes is one that sucks up more resources while bringing in practically zero.


    If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.


    SUBSCRIBE

    Get latest Technology news, reviews, business-related content with a deliberate emphasis on the African narrative and insightful analysis in Nigeria – straight to your inbox.


    Comments

    Share :
    • Facebook
    • Twitter
    • Google+
    • Pinterest
    • Linkedin
    • Email
    Adenike Adebowale

    Adenike Adebowale

    Captivating books, cups of tea, sparkling friendships, strong trust in God...not just living. Alive :)

    Zoom, Hangouts Meet, Other Video Conferencing Apps Hit a Record 62M Downloads in the 3rd Week of March
    Next article
    Zoom, Hangouts Meet, Other Video Conferencing Apps Hit a Record 62M Downloads in the 3rd Week of March
    Microsoft Teams Breaks Down Despite Modifications to Handle Surge in Users
    Previous article
    Microsoft Teams Breaks Down Despite Modifications to Handle Surge in Users

    Related Posts

    • Reviews, Stories 15 hours ago

      You Can't Get Your NIN Slip Through the NIMC App but Here are 3 Things You Can Do With it

      You Can’t Get Your NIN Slip Through the NIMC App but Here are 3 Things You Can Do With it
      Reviews, Stories 17 hours ago

      Netflix Surpasses 200 Million Subscribers, Says It no Longer Needs External Financing

      Netflix Surpasses 200 Million Subscribers, Says It no Longer Needs External Financing
      Stories 19 hours ago

      Tech4Dev Partners UK Govt to Promote Basic Digital Literacy Training in Northern Nigeria

      Tech4Dev Partners UK Govt to Promote Basic Digital Literacy Training in Northern Nigeria
    • Reviews, Stories 1 day ago

      With Growing Interest in Forex Trading, Here are 5 Best Forex Brokers in Nairaland, Nigeria

      With Growing Interest in Forex Trading, Here are 5 Best Forex Brokers in Nairaland, Nigeria
      Stories 1 day ago

      Bitcoin Meets Football: Ex-Real Madrid Striker Becomes the First-ever Footballer Bought with Bitcoin

      Bitcoin Meets Football: Ex-Real Madrid Striker Becomes the First-ever Footballer Bought with Bitcoin
      Stories 1 day ago

      84% of Mobile Subscribers Still at Risk of Sim Blocking as NIMC Deadline Draws Near

      84% of Mobile Subscribers Still at Risk of Sim Blocking as NIMC Deadline Draws Near

    Bitcoin Recent Prices

    Brandest

    Sign up for Newsletters

    Popular News

    • Mastercard Report: 5 Ways Pay on Demand Can Help Nigeria Reach its 80% Financial Inclusion Target in 2020
      Mastercard Report: 5 Ways Pay on Demand Can Help Nigeria Reach its 80% Financial Inclusion Target in 2020
      11 months ago 0
    • Wellvis COVID-19 Triaging App Could Help Determine Your Chances of Having Coronavirus
      Wellvis COVID-19 Triaging App Could Help Determine Your Chances of Having Coronavirus
      10 months ago 0
    • After Months of Speculation, Econet Group will Cash Out by Selling Kwesé TV
      After Months of Speculation, Econet Group will Cash Out by Selling Kwesé TV
      August 26, 2019 0
    • NCC Stats: Nigeria Now has over 200 Million Mobile Subscribers
      NCC Stats: Nigeria Now has over 200 Million Mobile Subscribers
      4 months ago 0
    • Interswitch Partners American Express to Expand Use of AMEX Cards in Africa
      Interswitch Partners American Express to Expand Use of AMEX Cards in Africa
      11 months ago 0

    Follow Us

    Latest Tweets

    • technextdotng There are still three (3) key things you can do using the NIMC mobile app, with linking up to 7 mobile numbers to y… https://t.co/FsGpJAof2O
      about 7 hours ago
    • technextdotng RT @masilac: Temie Giwa-Tubosun Wins Global Citizen Prize for Her Fight Against COVID-19 - https://t.co/4tBNjFARKE via @Technextdotng
      about 9 hours ago
    • technextdotng As can be clearly seen from the picture above, neither section displays any icons to load your INS, let alone downl… https://t.co/DYATEiLDPg
      about 9 hours ago
    • technextdotng @Netflix has passed another major milestone. The company reported on Tuesday that its subscriber base has surpassed… https://t.co/o8NgwCQNDU
      about 11 hours ago

    Instagram

    technextdotng

    Technext.ng is the go-to site for news, reviews and insightful analysis in the Nigerian tech space.
    http://ow.ly/ayTM30mSlGS

    Top App Downloads in Africa (2020) 1. Egypt - 2.3 Top App Downloads in Africa (2020)
1. Egypt - 2.3 billion
2. S/Africa - 680 million
3. Nigeria - 640 million

Read more at technext.ng
#Payments #Africa #Fintech #Finance #Innovation #Technology #Nigeria #SouthAfrica #Egypt #Consumer #Kenya #Report #Gaming #Gamers
    Highest In-app Spending in Africa (2020) 1. S/Afri Highest In-app Spending in Africa (2020)
1. S/Africa - $210 million
2. Egypt - $120 million
3. Nigeria - $60 million

Read more at technext.ng
#Payments #Africa #Fintech #Finance #Innovation #Technology #Nigeria #SouthAfrica #Egypt #Consumer #Kenya #MobileApp #App
    According to our latest poll results, the ride hai According to our latest poll results, the ride hailing battle in Nigeria is still between Uber and Bolt, with both clinching 77.8% of the votes.

#RideHailing #Nigeria #Polls
    Happy birthday to the in-house "techie", @Tommy_bl Happy birthday to the in-house "techie", @Tommy_blanc.
Best wishes from all of us at Technext. @te

#WeAreTechnext #HappyBirthday
    RIP David Ntekim. Our thoughts are with your famil RIP David Ntekim.
Our thoughts are with your family.

#Tribute #RIP
    A dream is your creative vision for your life in t A dream is your creative vision for your life in the future.
You must break out of your current comfort zone and become comfortable with the unfamiliar and the unknown.

#WeAreTechnext #MondayMotivation
    Load More... Follow on Instagram

    Random News

    • Business on WhatsApp is About to Get Better as Facebook Looks to Introduce Product Catalogue Feature to Business Accounts
      Business on WhatsApp is About to Get Better as Facebook Looks to Introduce Product Catalogue Feature to Business Accounts
      May 1, 2019 0

      Facebook held its annual F8 developer conference yesterday and gave its WhatsApp users something to look forward to. The social ...

      Read More
    Copyright 2020 technext.ng | Privacy Policy | Media Policy