Nielsen’s Consumer Confidence Index notes growth in Nigeria and Ghana
The global data and information firm, Nielsen, has released the results from its final quarter of 2017 West Africa Consumer Confidence Index (CCI).
The findings indicate that both Nigeria and Ghana showed positive growth, rising five and eight points respectively, reaching 122 and 120.
Ghana’s CCI increase is anticipated to be linked to job prospects, with 69% of locals believing the state of their prospects in the next 12 months to be either “Good” or “Excellent”.
The quarter’s high percentage is the highest since the first quarter of 2014, and 9% higher than the third quarter of last year.
Ghanaian’s perceptions of personal finance being either “Good” or “Excellent” in the coming 12 months also grew, reaching 79%.
It is believed the nation-wide perceptual growth could be due to the oil and gas sector’s recovery, as well as the agricultural industry and monetary policies.
Regarding the same job prospects and personal finances categories, Nigeria also noted growth – increasing 3% to reach 65%, and increasing 9% respectively.
“The economic outlook in both Ghana and Nigeria is turning positive, spurred by a recovery in non-oil sectors, healthier agricultural production, favourable monetary policies, and a slight easing in inflationary pressures,” stated Abhik Gupta, Managing Director of Nielsen West Africa Maghreb.
“This positive attitude is also seen in the consumer confidence level, which has risen quarter on quarter. Overall the economy is expected to inch forward in a positive direction, with growing optimism translating into consumption.”
5 minutes with... Janthana Kaenprakhamroy, CEO, Tapoly
Founder and CEO of award-winning insurtech firm Tapoly, Janthana Kaenprakhamroy heads up Europe’s first on-demand insurance platform for the gig economy, winning industry awards, innovating in the digital insurance space, and leading with inclusivity.
Here, Business Chief talks to Janthana about her leadership style and skills.
What do you do, in a nutshell?
I’m founder and CEO of Tapoly, a digital MGA providing a full stack of commercial lines insurance specifically for SMEs and freelancers, as well as a SaaS solution to connect insurers with their distribution partners. We build bespoke, end-to-end platforms encompassing the whole customer journey, but can also integrate our APIs within existing systems. We were proud to win Insurance Provider of the Year at the British Small Business Awards 2018 and receive silver in the Insurtech category at the Efma & Accenture Innovation in Insurance Awards 2019.
How would you describe your leadership style?
I try to be as inclusive a leader as possible. I’m committed to creating space for everyone to shine. Many of the roles at Tapoly are performed by women and I speak at industry events to encourage more people to get involved in insurance/insurtech. Similarly, I always try to maintain a growth mindset. I think it’s important to retain values to support learning and development, like reliability, working hard and punctuality.
What’s the best leadership advice you’ve received?
Build your network and seek advice. As a leader, you need smart people around you to help you grow your business. It’s not about personally being the best, but being able to find resources and get help where needed.
How do you see leadership changing in a COVID world?
I think the pandemic has proven the importance of inclusive leadership so that everyone feels supported and valued. It’s also shown the importance of being flexible as a leader. We’ve had to remain adaptable to continue delivering high levels of customer service. This flexibility has also been important when supporting employees as everyone has had individual pressures to deal with during this time. Leaders should continue to embed this flexibility within their organisations moving forward.
They say ‘from every crisis comes opportunity’, what opportunities do you see?
The past year has been challenging, but it has also proven the importance of digital transformation in insurance. When working from home was required, it was much harder for insurers to adjust who had not embedded technology within their operating processes because they did not have data stored in the cloud and it caused communication delays with concerned customers at a time when this communication should have been a priority, which ultimately impacts the level of customer satisfaction. This demonstrates the importance of what we are trying to achieve at Tapoly in driving digitalisation in insurance and making communication between insurers and distribution partners seamless.
What advice would you give to your younger self just starting out in the industry?
Start sooner, don’t be afraid to take (calculated) risks and make sure you raise enough money to get you through the initial seed stage.