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Covid-19 Pandemic: Top Business Gainers and Losers
CoronaVirus Header- Image credit: furma.edu
In early 2015, one of the most adorable personalities in the world, Bill Gates held a session on TED about “The Next Outbreak? We’re not ready”. This was immediately after the world survived the outbreak of Ebola. He explained how we reacted to the epidemic with detailed statistics but also stated that despite our efforts the world was far from being ready for another epidemic or a pandemic!
Fast forward to the year 2020: COVID-19 has become a flame without a fire that has engulfed the entire world and brought us all to a standstill, with “compulsory holidays” being declared in most countries and no logical end in sight to the pandemic! If Bill Gates were a religious leader, the entire world would have become his congregation by now and of course, with plenty prophet offerings!
According to Wikipedia, coronavirus disease 2019 (COVID-19) is an infectious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The disease was first identified in December 2019 in Wuhan, the capital of China’s Hubei province, and has since spread globally with common symptoms including fever, cough and shortness of breath. Other symptoms may include fatigue, muscle pain, diarrhea, sore throat, loss of smell and abdominal pain. The time from exposure to the manifestation of symptoms is typically around five days, but may range from two to fourteen days. As of 10 April 2020, more than 1.6 million cases had been reported in more than 200 countries and territories, resulting in more than 100,000 deaths!
The virus is mainly spread between people during close contact, often via small droplets produced during coughing, sneezing, or talking. While these droplets are produced when breathing out, they usually fall to the ground or surfaces rather than being infectious over large distances. People may also become infected by touching a contaminated surface and then their face. The virus can survive on surfaces for up to 72 hours. Coronavirus is most contagious during the first three days after onset of symptoms, although spread may be possible before symptoms appear and in later stages of the disease.
The Effect of COVID-19 Pandemic on Business Environment
The emergence of the mighty COVID-19 has definitely altered lifestyle on a global scale. The business environment has now become more challenged especially as no one knows how long the pandemic would last. But even in the current challenging reality, further opportunities have been created for some industries that now are enjoying tremendous cashflow despite the suffering of the world.
Imagine what the current situation would have been without access to information communication technology. Imagine what it would have been without online platforms for e-commerce, trainings and financial services.
Definitely, the financial industry has helped tremendously to stabilise the economy from collapsing through their various payment channels such as Internet Banking, Point of Sales (PoS) Terminals, Automatic Teller Machine (ATM), Mobile Banking Application and USSD. This management of the demand and supply flow is steadying various economies of the world and preventing another global economic recession.
In complementing the efforts of the financial industry, fintech companies are deploying innovative solutions for greater convenience in the performance of electronic payment transactions. Of late, one of such innovation is Paylink, a payment solution for anyone to receive money INSTANTLY into their bank account from anyone, anywhere, anytime! This particular payment solution has become the delight of SMEs, crowd funder, social entrepreneurs, religious organisations, individuals and others at this time of restricted movements and social distancing.
The Biggest Business Losers
For industries that the pandemic negatively affected, the list is almost unending. But to kick-start discussions, here are the possible top losers:
- Aviation
This industry is one of the most capital intensive in the world and its operational cost is not a joke! The nature of the business involves continuous maintenance, high taxation, increasing operational and administrative costs which are the reason most airline operators utilise debt financing or are currently in huge debt with only bailout or liquidation as options.The outbreak of COVID-19 has complicated the struggling cashflow (revenue) of the airlines with several operators finding it difficult to survive!
- Small & Medium Enterprises
SMEs have been the backbone of many economies as their activities have created employment opportunities and facilitated daily livelihood of many. However, with the lockdown, most SMEs have struggled to adjust as closure of business premises and markets has reduced patronage and sales. Although once business operations resume, it might be a slow start for them, but their recovery will definitely be short term.
- Religious Organisations
Their major sources of income are donations and contributions of members and followers in terms of voluntary and mandatory giving through their various beliefs and principles. Many of such leaders have become richer than organisations in the real business world!
Definitely, they were shocked that such an outbreak could turn their worship centres into ghost sites with many of them now embracing and adopting technology to reach to their members. As their members are also affected financially, the impact would reach the religious organisation. However, their recovery could be medium term as they would need time to convince their members to continue in belief and obedience of the doctrinal principles of giving!
- Entertainment
They were one of major cashcows before the COVID-19 with several shows, albums and events for brand visibility and definitely more money. The industry has produced more celebrities and overnight millionaires with little or no knowledge of wealth or fame management!
The belief is that all you need is just to have a talent and the world would be at your feet.But the reality is that the industry is a Red Ocean with several people struggling for the same audience. At the moment, it is even difficult because the lockdown and social distancing measures have put shows and events on hold.
Regardless, the industry would still continue to survive through innovation that can create a new path to Blue Ocean within the medium term but definitely not in the short term!
- Transportation & their Unions
It was necessary to specifically separate this from Aviation Industry and combine it with unions especially if you are from this part of the world where National Union of Road Transport Workers (NURTW) is a major stakeholder in the affairs of the state. Outsiders think its members are illiterates but majority of its leaders have their family abroad and their children schooling overseas. Yet, we think they are not that smart but they milk money through extortion and harassment of motorists.
However, since governments across several states have ordered a lockdown to limit the spread of the pandemic, it has been very challenging for the transport operators and their unruly unions to eke a living. But once this period phases out, their business would resume as usual and their recovery will definitely be a short term!
Top Business Gainers and Next Emerging Opportunities!
While some will definitely find it hard to recover immediately after normalcy returns, a few will reach huge opportunities as the “Next Cashcow Industries” They include:
- Food & Beverages
The demand in consumption will increasing as people would put survival as a priority – and access to market will increase demand for food items.
- Communication
There will be a change in culture and attitude in some areas such as work pattern, education, commerce and access to information, with more preference for online channels which in return would increase demand for data.
- Lending
With many current loans going bad due to collapsed businesses and loss of jobs, the lending business would be receive huge patronage by people looking to start all over again.
- Logistics and Distribution
Commerce and demand for commodities across locations as a result of the impact of current situation and fear of the unknown would create an increasing need for logistics and distribution of commodities.
- Lottery
People will be desperate for quicker ways of making money and lottery would give hope even when such people might end worse off.
So, while we can’t change the reality of the challenges that would arise from the COVID-19 pandemic, we can at least apply wisdom to prepare towards joining the “Cashcows” when the season changes for good!
The next season is just around the corner! Are you Ready?
Article by:
Oluwaseun Adesanya: An international consultant with great wealth of experience across several countries with special interest in fintech, financial inclusion, insurance, innovation, financial services, strategy, social impact, business transformation and technology. He is currently, the Group Head, Strategy & Innovation of SystemSpecs, leading financial technology and human capital management firm.
Visit: SystemSpecs
Meta recently hosted its first Youth Summit in Lagos, Nigeria, bringing together over 200 young professionals, students, recent graduates, creatives, tech enthusiasts and aspiring entrepreneurs.
Themed ‘Empowering Youth Through Technology, Innovation and Entrepreneurship’, the summit included a series of thought-provoking panel discussions, a mentoring session and an interactive workshop designed to equip young Nigerians with the skills, insights and networks needed to thrive in today’s tech-driven world.
Commenting about the event, Phil Oduor, Head of Policy Programs, Sub-Saharan Africa said, “At Meta, we believe that today’s youth are tomorrow’s change-makers. Through initiatives like the Youth Summit, we aim to foster innovation, promote digital literacy and empower young Nigerians with the tools and opportunities to realise their potential and contribute to Nigeria’s growing digital economy.”
Delivering the keynote address, Femi Aluko, CEO/Co-Founder, Chowdeck, shared his journey of breaking barriers to achieve success in tech. He encouraged attendees to embrace the limitless opportunities within today’s technology ecosystem.
A panel discussion, led by Chinny Francis, Public Policy Manager at Meta, featured panellists Nifemi Akinwamide, Head of Operations, Alt School; Adaora Mbelu, Co-Founder of Lumination Global and Obaloluwa Adeagbo, Marketing Lead at Talstack. They shared valuable insights about the future of work, emphasising the importance of storytelling to build a personal brand, practicing self-awareness, developing soft skills, lifelong learning and honing problem-solving skills to thrive in a digitally transformed world.
Francis Sani, Technical Adviser for Innovation, Entrepreneurship & Capital at the Federal Ministry of Communications, Innovation & Digital Economy, spoke at the event. He highlighted the 3 Million Technical Talent (3MTT) program, emphasising that the program aims to build Nigeria’s technical talent backbone to drive the digital economy and position Nigeria as a net talent exporter. He encouraged youth to take advantage of this opportunity.
Another panel of industry experts took the stage during the ‘Lunch and Learn: Navigating Entrepreneurship in a Rapidly Changing Landscape’ session, moderated by Sade Dada, Head of Public Policy for Anglophone West Africa at Meta. Seye Bandele, CEO of PaidHR and Damilola Teidi-Ayoola, Head of Platform and Networks at Ventures Platform Fund, shared their invaluable insights. Seye highlighted the importance of grit, curiosity and candour, while Damilola reinforced the need to understand one’s target audience, deliver value through their business and embrace data-driven decision-making in the dynamic entrepreneurial landscape.
The event also featured inspiring conversations with leading figures in the creative industry. Miss Techy, an award winning tech content creator and Salem King, a creator, storyteller, author and speaker, shared their experiences and advice on achieving long-term success. Attendees also benefited from an interactive workshop and a mentoring session, where industry experts shared practical advice and strategies for entrepreneurs and tech enthusiasts.
Meta’s Youth Summit 2024 highlights a commitment to driving positive change, championing youth empowerment and advancing economic opportunities in Nigeria. Through investments in key areas—such as the creative industry, digital literacy, economic impact and youth job training—Meta is dedicated to empowering young Nigerians to thrive in today’s tech-driven world.
Cross-section of some of the attendees at the Meta Youth Summit 2024 in Lagos
L-R: Chinny Francis, Public Policy Manager, Meta; Nifemi Akinwamide, Head of Operations, Alt School; Adaora Mbelu, Co-Founder of Lumination Global and Obaloluwa Adeagbo, Marketing Lead at Talstack.
L-R: Sade Dada, Head of Public Policy, Anglophone West Africa, Meta; Damilola Teidi-Ayoola, Head of Platform and Networks, Ventures Platform Fund, and Seye Bandele, Chief Executive Officer, PaidHR during the Lunch and Learn: Navigating Entrepreneurship in a Rapidly Changing Landscape panel session.
Salem King, a creator, storyteller, author and speaker and Miss Techy, an award winning tech content creator
During a mentoring session workshop
Femi Aluko, Chief Executive Officer and Co-founder, Chowdeck.
Francis Sani, Technical Adviser to the minister of communications and digital economy of Nigeria
Novotel Director Sales and Marketing Joesph Kimondo, PR and Marketing Manager Ivy Irungu, General Manager Fabio gonsalves, During the Media Briefing at the hotel (L-R).
Novotel, one of Accor’s flagship brands and a champion of balanced living, is proud to announce the opening of Novotel Nairobi Westlands, Kenya.
Situated in the vibrant Westlands area, the new hotel seamlessly balances moments of adventure, relaxation, business, and pleasure, offering a truly reenergising experience just 20 minutes from Jomo Kenyatta International Airport (JKIA). Guests can explore multiple attractions with ease such as the Nairobi National Park, modern shopping malls, entertainment spots, the Giraffe Centre, and the Maasai traditional Market. The hotel caters to business travellers and families eager to share quality moments.
Novotel Nairobi Westlands offers 347 stylish rooms and suites, all featuring the brand’s signature design concept by RF Studio, which emphasises adaptability and sustainability, creating a comfortable, modern atmosphere. For business travellers, the hotel offers 13 versatile, intuitive meeting and event spaces, including a ballroom that can host over 100 guests – ideal for conferences, corporate functions, and social gatherings.
For guests seeking relaxation, the hotel’s state-of-the-art spa offers a range of curated signature massage therapies, designed to provide the ultimate rejuvenation experience. Each treatment is crafted to melt away stress and restore balance. For those looking to stay active, the fitness centre provides expert-led individual and group training sessions, offering a mix of tailored workout routines to suit all fitness levels.
“We are excited to introduce Novotel to Nairobi, a city that beautifully blends rich cultural heritage with modern dynamism,” said Fabio Gonsalves, General Manager of Novotel Nairobi Westlands, Kenya. ‘’Our goal is to create a welcoming space for business travelers and families alike, where quality moments lead to a more balanced life. At Novotel Nairobi Westlands, where modern living meets the pulse of cultural fusion, we offer flexible workspaces and relaxed dining options to suit everyone. It’s a place where guests can truly unwind, connect, and leave feeling invigorated.
The hotel’s four distinct dining concepts take guests on a culinary journey. The rooftop Trunk & Tandoor Gastro Bar offers Indian-inspired cuisine paired with breathtaking views of Nairobi’s skyline, creating the perfect setting for a relaxed evening. Gemma’s Italian Kitchen & Bar provides an all-day dining experience with rich Italian flavours in a welcoming atmosphere. Located at the heart of the lobby, the Safari themed Social Hub coffee lounge and bar adds a unique local flair, inviting guests to connect and unwind. For those seeking a more laid-back experience, the rooftop Pool Bar serves light bites and refreshing drinks, perfect for unwinding under the sun while enjoying the stunning panoramic city views.
Whether complementing a safari adventure or enjoying a family getaway, Novotel Nairobi Westlands offers travellers and locals the perfect environment to connect with family, friends, and colleagues and share quality moments.
“With the opening of Novotel Nairobi Westlands, we are proud to reaffirm our commitment to Africa. The hotel offers a gateway to Nairobi’s vibrant experiences and marks a significant milestone in our growth strategy, as we continue to expand our footprint in key markets across the continent while enriching local communities.” said Paul Stevens, Chief Operating Officer Premium, Midscale & Economy Division, Middle East & Africa for Accor.
Following a longstanding commitment to support its guests’ pursuit of balance in their lives, Novotel announced a three-year agreement with World Wide Fund for Nature (WWF) to champion the protection and restoration of the world’s oceans, the greatest source of balance for the planet’s climate, through science-based action and conservation projects. Novotel has built a three-year Positive Impact Plan, rooted in three of the United Nations’ priority ocean-related actions, namely: reducing marine pollution and ocean acidification, particularly from land-based activities; fighting overfishing and promoting sustainable fishing models; and increasing scientific knowledge and research for ocean health.
To celebrate the opening, Novotel Nairobi Westlands is offering rates from Kes 20,000, including breakfast. True to the Novotel Family Promise, up to two children under 16 can stay for free in their parents’ room.
Members of the brand’s ALL loyalty programme, can unlock 4X Reward Points when booking on all.com until 24/11/2024, for stays up until 12/01/2025. Guests can join the loyalty programme for free and earn points towards a number of benefits, including free hotel stays.
Novotel Nairobi Westlands is Safe Hotels Certified, ensuring our guests peace of mind with globally recognized safety standards. This certification highlights our commitment to a secure, comfortable, and welcoming stay.
FOO, the award-winning B2B Software as a Service (SaaS) solutions provider, has partnered with eNovate (formerly known as eCards), Egypt’s premier provider of cutting-edge digital payment solutions, to build upon eNovate’s existing portfolio of products and services.
eNovate is an independent subsidiary of eFinance Investment Group (EFIG), Egypt’s leading investment management firm. Originally established in 2009 as EFIG’s card services division, it has since evolved to deliver comprehensive, integrated digital payment solutions for a range of clients, including fintechs and financial institutions; ministries and governmental entities; transportation authorities; and NGOs.
With more than 55 million cards issued to date, and millions of transactions processed annually for Meeza, VISA and Mastercard, eNovate continues to position itself at the forefront of Egypt’s digital payment ecosystem.
eNovate has strategically partnered with FOO to enhance its portfolio by leveraging FOO’s expertise, extensive range of services, and innovative approach to product development. FOO’s modular platform, built on a customizable suite of micro-services, enables the delivery of SaaS products across the financial services spectrum – from digital onboarding to digital banking – with unparalleled levels of flexibility, scalability and security.
Through this partnership, eNovate will also deliver Fintech as a Service (FaaS) solutions. Designed to help fintechs rapidly launch and scale their operations, FOO’s advanced ‘out-of-the-box’ FaaS solution streamlines the development process. This approach drastically reduces the time and resources needed to bring fintech products to market, enabling companies to move from concept to deployment within months, rather than years. By providing a comprehensive, scalable platform, this collaboration empowers fintechs across Egypt to focus on innovation and growth, accelerating their path to success in the country’s dynamic financial sector.
Both companies share a strong commitment to driving digital transformation, both within Egypt and the broader payment ecosystem. This collaboration will build on eNovate’s success to date, to further the delivery of fully compliant, end-to-end solutions that meet the diverse needs of its clients and their customers.
This ongoing partnership between FOO and eNovate includes several key projects, the first of which is an end-to-end digital solution for universities across Egypt. Integrated with each university’s learning management system, it will enable students to complete a range of actions – from payments to identity verification – via one easy-to-use app.
Further significant projects are to be announced in due course.
Ghady Rayess, Co-founder and Managing Director at FOO, commented: “At FOO, innovation is integral to our approach. We are proud to partner with eNovate, a true industry trailblazer, to contribute to the remarkable transformation taking place in Egypt’s financial services sector. With the support of the Central Bank of Egypt (CBE), we are committed to delivering robust financial solutions that will not only strengthen eNovate’s position as a leading innovation hub, but also further digital transformation across Egypt.”
Nashwa Kamel, CEO at eNovate, commented: “We are delighted to be working with FOO. Their commitment to cutting-edge technology and innovation aligns with our vision for providing digital payment solutions in Egypt and across the region. This partnership represents a milestone in our mission to revolutionize the financial landscape, providing our clients and their customers with unparalleled opportunities and enhanced experiences. By combining eNovate’s expertise with FOO’s pioneering solutions, we are positioned to set new benchmarks in the industry, driving forward digital transformation and reinforcing our role as a leader in the global payment ecosystem.”
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