Hello there,
Welcome to a new month. 3 months left in 2021
Sorry, you're receiving this newsletter, one day later because we got into a bit of a snag yesterday and couldn't publish on time.
eNaira's Postponed launch
Sometimes things don't go as we planned.
What happened?
October 1 was supposed to be the official launch date for Nigeria’s Central Bank Digital Currency - the eNaira - but it was postponed by the country’s central bank. The launch was initially planned to coincide with Nigeria’s Independence Day anniversary.
Wait, why?
The mood just wasn't right.
CBN’s spokesperson, Osita Nwasinobi explained that the suspension of the launch was due to other key activities lined up to commemorate the country’s 61st Independence Anniversary.
FYI: We've explored how the eNaira will work a few weeks ago
Hmm, but there was a lawsuit
Yeah, a few days ago, the CBN was served a lawsuit by a firm called eNaira Payment Solutions Limited. CBN was accused of trademark infringement and was notified to desist from using the proposed name-eNaira. There hasn’t been any official statement from the apex bank concerning the lawsuit. The CBN has also gone ahead to launch the official eNaira website totally neglecting the accusation.
Moving forward: On Friday evening, the Federal High Court gave a nod for the CBN to roll out the eNaira as it dismissed the case against it.
Now that the coast is clear, it looks like the launch will happen next wave.
A Ugandan beverage business
Running a business is a heck of a lot of work to do. Having to hire the right staff, manage resources and make other decisions can be daunting for any business owner or entrepreneur within or outside Africa. One very important aspect of running a business is knowing when to pivot at the point of new information or opportunity.
Hot Flushes
While going through waves of heat during menopause, Regina of Rena Beverages Solutions, an enthusiastic farmer, decided to seek other solutions. One of which was investing in the production of Hibiscus beverages.
Starting Out
The initial idea was to use passionfruit but she made a change to Hibiscus because she realized that within 2 - 3 months, products would turn sour without the use of artificial additives.
Target Market
It started out by offering free samples to females in high schools within Uganda who suffered from menstrual cramps. From then on, it was able to key into the health and wellness trend across Uganda through the organic nature of its product.
Right now
The company has managed to diversify into products of Hibiscus Juice, Hibiscus Powder and Hibiscus Wine which all contribute significantly to its $7000 monthly revenue. Through supermarkets, health centres, pharmacies and restaurants, it's looking to expand to other parts of Uganda as well as the UK and Germany.
Plagues
Just like most African businesses, the company still suffers from cost and irregularity of electricity in the processing plant as well as logistics issues and a shortage of packing solutions.
Public perception of global brands such as Pepsi and Coca Cola which have the edge in superior bottling also prove to be worthy competition.
Investing in quality
To deal with this, It has managed to partner with about 400 smallholder farmers which it provides training to, on how to produce quality Hibiscus calyces for its beverages. This includes technology on how to separate petals from Hibiscus seeds and dry the flowers.
Worth reading 📚
Quote 💭
You only need to know the direction, not the destination. The direction is enough to make the next choice.
James Clear
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