Author: Lucy Akokotu

What Is An Emergency Fund And Why Having One Is A Priority?
Life often throws unexpected challenges and unforeseen financial bumps our way. This can disrupt our financial stability. However, understanding financial matters can be a key decider between whether you have financial cushion or you sell your properties or you go begging.

In this guide, we’ll explore the importance of having an emergency fund, how much to save, and when to use it when the unexpected happens.

According to the International Labour Organization, the unemployment rate in Africa increased from 7.3% in 2019 to 8.0% in 2020. Additionally, a recent survey by Bankrate in the United States found that one in four Americans do not have up to a $1,000 emergency fund.

Key Takeaways
- Emergency funds acts as a cushion when facing job loss, car troubles, home repairs, or medical emergencies.
- The recommended target for an emergency fund is 3 to 6 months of living expenses.
- Replenishing the fund after using it for unforeseen expenses is essential for financial stability.
- Build your emergency funds by saving, budgeting, prioritizing, setting up automatic transfers, and keeping it in a high-interest savings account.
- Strike a balance between accessibility and the temptation to spend impulsively.
What Is an Emergency Fund?

An emergency fund, sometimes referred to as a rainy day fund or emergency savings is like a financial safety net. It’s the money you set aside to cover unexpected emergencies or unplanned financial expenses. Well, think of it as your financial cushion for when life takes an unexpected twist.

Why You Need An Emergency Fund
1. Your emergency fund acts as a financial shock absorber, protecting you when you face:
2. Job Loss
3. Car Troubles (Auto Theft or Breakdown)
4. Sudden Home Repairs
5. Medical Emergencies
How Much Is Enough For An Emergency Fund

Aim to save enough to cover between 3 to 6 months of your living expenses. If your monthly living expenses amount to 150,000 naira, then you should maintain nothing less than 450,000 naira in your emergency funding account. However, the more you save, the better it is for you.

It’s important to note that you should reserve this money for genuine financial crises, not for impulse buys like new shoes or a fancy dress for your best friend’s wedding.

Getting Started with Your Emergency Fund

If you’re considering building one, here’s a step-by-step plan:

Step 1: Calculate the specific amount you need to have in your rainy day fund.

Step 2: Open a separate savings account, ideally one with a high-interest rate.

Step 3: Set a savings goal for daily, weekly, or monthly contributions.

Step 4: Start small if necessary, but keep the contributions consistent.

Step 5: Periodically review your how much you have, especially when you experience significant life changes like a raise, bonus, or a new addition to your family.

Only use your financial cushion for a genuine unforeseen expense, be sure to replenish it as soon as you regain financial stability.

How To Build Your Emergency Fund
- Save windfalls or bonuses directly in your emergency backup.
- Create a budget and cut down on unnecessary expenses to boost your savings.
- Make having an emergency savings a financial priority.
- Set up automatic transfers to your fund until your goal is reached.
- Keep savings net funds in a high-interest savings account for maximum growth.
Bottom Line

Lastly, remember, your rainy day fund savings should reside in a secure savings account, making it easy to access when needed, but not so accessible that you’ll be tempted to spend it on a whim.”
May 2, 2023
How To Protect Your Money From Scammers.
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Scammers are everywhere, coming up with different tactics to scam people of their hard-earned money and you are your best defense against them.

NowNow takes your security seriously and is doing everything to protect your money from scammers. We also want to educate our users about the tactics these fraudsters are using and share security tips on scams.

Red Flags For Financial Scams

If you get a DM or chat from social media(especially Facebook) and see any of the following, there’s a good chance it’s a scam:
- We are doing a wallet upgrade for 2023. To verify your account, send me the six-digit code that we sent to your phone.
- You have won a cashback . We need your 6-digit PIN to confirm you are the authentic owner of the wallet.
- We will send you a link so you can upgrade your POS device or become a merchant.
- You qualify for a loan with us. Send me the six-digit OTP you have received so we can process a loan for you.
- Your wallet has been blocked due to a failed sign in request from an unknown device.
How To Stay Safe And Protect Yourself

No genuine NowNow employees will ever ask you for your OTP, BVN, mPIN, or Card details via chat, sms, phone, or email

Here are some security tips you can use to protect your money from scammers
1. Guard your personal information
Never share your OTP, Pin, or your NowNow debit card details (your card number, expiry date, PIN, and CVC) with anyone.

2.Pay the safest way.

Debit cards, especially Virtual Cards, are the safest way to pay for online purchases. Activate yours today!

3. Be cautious about unsolicited emails.

Never download any suspicious link via sms or email from any source.

4. Stay safe online

Watch out for websites without the ‘s’ in “https” or the tiny padlock symbol.

5. Resist Social Media Pressure

Keep personal information personal. Hackers may use them to guess your password or answer security questions.

Remember:

None of our representatives will ever ask you for your personal account details over the phone. Be cautious and alert us to any suspicious activities that you may come across.

If you encounter any suspicious activity, drop the call or stop the chat and reach our team at customercare@nownow.ng or call us at 07000-669-669 to confirm. Also, if you think your information has been compromised, you should change your password immediately.

What Is NowNow Doing About This?

While we work at shutting down fake social media accounts as quickly as possible, we encourage you to guard your personal information carefully. Set up biometric details on your NowNow wallet for additional security.

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April 27, 2023
Smart Ways To Clear Out Excess Inventory or Stock From Your Store

If you are in retail business, you may find out at some point in time your business has excess inventory in your store. When you bought the products, you thought they would sell fast like during the holiday Christmas sales, but for some reason, they haven’t. Now you are stuck with goods that are tying down cash, obsolete, and taking up storage space. Whatever the case, don’t fret. In the blog post, we will show you 6 smart ways you can use the excess stock in your business.

What is Excess Stock?

Excess inventory, also known as overstock, refers to having too many products that haven’t sold yet and aren’t expected to sell anytime soon. This could be from several reasons including incorrect forecasting, lack of customer demand, or knowledge of the product.

Often this surplus stock has stayed long for weeks, months, and even years without being sold.

How To Clear Out Excess Inventory or Stock?

1. Remarket, Refresh

When an item isn’t selling, the issue may not necessarily be the product itself but the marketing. So, the first step is to remarket the product. For a physical store, make an effort to refresh the shelf arrangement, replace worn-out tags, and place slow-moving or old inventory in a more visible area in your store. If you are online, run more ads on them, etc. All these will give a new sense of life to older products that customers view as outdated.

2. Sell at a discounted price

If the above doesn’t work, it may be time to sell at a discounted price- but be strategic about it. Start small with a 25% discount or you can run a flash sale in-store or online on those slow items. If successful, you can use your old inventory to attract new customers that would become regulars for your business.

3. Bundle products or Services

Bundling items together is a major marketing strategy to try out.

Consider putting complementary products as a package, then sell them at a slightly lower price than if bought separately. This also applies to bundling slow-moving products with fast-selling ones. Whatever the case, it’s a win-win situation for your business as customers are satisfied and you get to clear out yourout the your excess inventory.

4. Offer Buy Now, Pay Later option

Another strategy to consider is to offer buy now, pay small small. Offering this payment option to customers will lure customers who are on a budget and want to make small payments over time to buy. However, remember to only sell to customers you know and have proven to have good repayment credibility.

However, remember to consider the formal and informal credit scoring of the customers as in only sell to customers you know and have proven to have good repayment credibility

5. Sell online

If you’ve only been selling in-store, it’s time to get online. Sell excess inventory on WhatsApp, Facebook, Instagram or major eCommerce websites or marketplaces to help sell out excess inventory. Note, that marketplace requires creating a storefront and uploading images and they also have terms and conditions on those platforms.

6. Offer freebies

This works best for low-cost products. If a product is tough to sell, offer it as a free gift or incentive to encourage higher purchases from customers.

Bottom Line

Finally, the best way to manage excess inventory is to avoid it in the first place. If you register as a merchant MyBiz by NowNow, you can use the tool to manage your inventory and get clear insights on which products are selling well and how to forecast customer demands so you don’t end up having excess inventory in your store.

April 25, 2023
How to Add Products on MyBiz
Managing your inventory, keeping track of available product variants, and knowing when it’s time to restock can be a major task for any business owner. The good news is, the MyBiz solution is here to make your life easier and your business more efficient.

MyBiz, is a business in a box solution. It makes it easy to manage your inventory and product listings right from your mobile phone. And here’s the best part – it’s incredibly simple, thanks to the “Add Products” feature.

Get Started with MyBiz

To take advantage of this powerful tool, you’ll need to follow a few straightforward steps. First, you need to register or login to your app, to create a storefrontif you haven’t already and then add products to your store. Having a virtual space to showcase your products is crucial in today’s digital marketplace.

Adding Products Made Easy

Now comes the exciting part – adding your products to your store. MyBiz by NowNow makes this process a breeze, and we’re here to guide you through it step by step.

Step by Step Guide on How To List Your Product On MyBiz

If you’d like to watch a video, here it is
- - Login to MyBiz
  - Select Product Details
  - Click Add Product
  - Enter Product Details and click the Next button
  - Select Product Amount and Save
  - Add Variant (if any)
  - Click on the Save button
You have successfully listed a Product on MyBiz.

The Payment Page will automatically publish. You can repeat these steps to add more products and you can start managing your product inventory from your phone with ease.

BottomLine

MyBiz by NowNow is your trusted partner for making your business operations smoother and more efficient. With the “Add Products” feature, you can take control of your inventory, create a compelling online storefront, and offer your products to a wider audience, all from the convenience of your mobile phone.

Simplify your business and enhance your online presence with MyBiz. Get started today and experience the convenience of efficient product management.
April 4, 2023
How To Set Up A MyBiz StoreFront
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MyBiz by NowNow is the ideal solution for you as a merchant to manage your store and receive payments from customers. After revamping and Introducing MyBiz in 2022, one of the features available to business owners is the ability to create a dedicated MyBiz storefront for FREE.

Let’s get started while we take you through the step by step process of how to set up your store in 5 mins.

Why MyBiz StoreFront?

MyBiz Storefront allows you to own a customized web store to display all your products and increase your brand awareness through an easy to use interface. With your MyBiz store, you can add multiple products at a time, images, descriptions, create variants and more.

How To Set Up A StoreFront

If you’d like to watch a video of how to create a storefront on MyBiz, check the video out!

First, you need to open a MyBiz merchant account. If you don’t have one already, you can register here. To set up a store:
- Login to your MyBiz
- Select store details
- Enter in store name
- Fill in store description
- Enter Pickup address
- Click on store address and fill in store address details
- Click on upload image and upload
- Click on the arrow button
Congratulations you have successfully created your store

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March 14, 2023
How To Create A Merchant Wallet on MyBiz By NowNow
Gone are the days when creating a merchant account on MyBiz required a member of our team to physically help with the process. With the introduction of MyBiz platform, the entire process has been revolutionized. As a result, you can seamlessly become a registered merchant and create a merchant wallet on MyBiz in just five short minutes.

Why Register As A Merchant on MyBiz?

MyBiz is a secure mobile wallet designed for merchants and business owners in Nigeria, enabling seamless transactions, payment processing, and bill payments. With MyBiz, merchants can access fast, secure, and convenient payment solutions to grow their businesses

Furthermore, merchants can accept payments with the newly improved NowNow POS, bank transfers, cards, QR codes, and contactless payments. This ensures that customers can easily make payments in-store, online, or on the go, enhancing convenience and accessibility.

Now, let’s see the step-by-step guide on how to create your merchant account. But first, let’s explore what you need to successfully set one up.

What You Need To Create A Merchant Wallet on MyBiz
- Phone number
- Email address
- Address
- Valid ID card (either a Driver’s license, National ID card, Int’l passport, or Voters’ card)
- A passport photograph or upload Selfie
- Proof of Address (Utility bill e.g. PHCN, LAWMA, etc.)
How To Signup On MyBiz in 5 Mins

Once you have all your documents ready, you are ready to create an account

Here is a step by step guide on how to create an account on MyBiz by NowNow in 5 minutes

Download MyBiz by NowNow from Playstore

Click Signup & Choose the Merchant option

Add your Phone number

Enter the 6-digit OTP sent to your phone

Add BVN details

Take a selfie photograph, verify and click yes

Create a 4-digit PIN

Fill in your details(Address, Utility bill)

Click Create account

That’s it!

Bottom Line

In conclusion, after creating a merchant account on MyBiz, you can start setting up your store details. Next, configure your dashboard, upload images and descriptions of your products, and begin to enjoy all the features MyBiz has to offer.
March 8, 2023
6 Proven Ways To Increase Productivity At Work
Do you always feel like you never complete your daily tasks? Then you have to be more deliberate about what you do and how much time you spend on them. If you are struggling with how to increase productivity at work, then try these 6 strategies.
- Focus On One Task At A Time
If you want to increase workplace productive, quit multitasking. The juggling going back and forth between tasks will slow you down. According to America Psychological Association, mental blocks created by shifting between tasks can cost as much as 40 percent of someone’s productive time.

Instead, focus on one task at a time, complete it before moving on to the next one. Additionally, if you can’t do without multitasking, consider prioritizing the things that are urgent and important. That way you streamline work processes.
- Take Regular Breaks
Working long hours at a stretch can cause fatigue or burnout fast. If this happens, it declines your performance. Practice the habit of taking 5-to-15-minute breaks during your work day. You can use that time to stretch your legs, get a water break before going back to the task. These breaks will help improve your creativity and improve our productivity.
- Set Small Goals To Enhance Workplace Output
Got a big project that sounds overwhelming? Break it into smaller tasks. You can use small daily objectives to achieve bigger and more time-consuming work. That way you feel in control and make the bigger projects seem less overwhelming.
- Track And Limit Time On Tasks
It’s good to attempt to perfect a task but the reality is nothing is ever perfect. So just give up on the illusion of perfection. Rather than wasting so much time on a single project when you need to complete several, do the task to the best of your ability (while conscious of the amount of time) and move on. If you are still not satisfied with the result, you can always come back and improve it later.

Do The Hardest Tasks When You Are Most Alert And Energized

Identify when you’re most alert and energized and tackle the big tasks. Focusing on your biggest and most time-consuming tasks during your peak productive period of the day can help you achieve more. Also, consider planning your day the night before. That way, you can maximize your time when you first arrive at work or at a time of day when you feel the most productive. This rule will help you to increase your productivity at work.

Limit Distractions

There will always be distractions or interruptions but you have to be deliberate to minimize them to the best of your ability. Social media, emails, or chats with friends and colleagues can be distracting. Practice staying away from your

Bottom Line

Everyday will not be a perfectly productive one, so don’t beat yourself over it. Just work on practicing these tips and you will be able to increase productivity at work -whether you are working from the office or at home. The most important thing is to work smarter, not harder.

What other tips do you use to stay productive?
March 8, 2023
Update: Unlock NowNow Mobile App With Biometrics
We have released a new version of NowNow mobile app . With the latest update, you can now login to your NowNow mobile app using your biometrics; fingerprint or face ID recognition. It’s fast, easy and adds an extra layer of privacy against the latest security threats.

You can also turn on automatic updates for iOS and Android to update your device with the latest updates as soon as possible. Automatic updates can be turned on by default, but turned off depending on your preference.

To use the feature, you have to enable the biometrics feature on your phone, then grant permission from your phone settings by following these simple steps:
- On iPhone: Go to Profile > Settings > Face ID/Touch ID for authentication
- On Android: Go to Profile > Settings > Use fingerprint for authentication
How to Sigin Using Your Biometrics
1. Login to your NowNow app
2. Click on the menu bar
3. Choose Biometric settings
4. Enable login with Biometrics
5. Click Set up
Bottom Line

The NowNow mobile app is designed to suit your lifestyle. It gives you control to mange your money however, whenever and wherever-on your terms. You are the boss of your money. To make it better, we have included the biometric figure, giving you additional security. If you don’t want to use Face ID or your fingerprint or if your phone does not support biometrics, you can continue to login to your NowNow mobile app with your 4-digit PIN instead.
February 21, 2023
6 Tips to Cope with Money Worries this Christmas
There’s a common saying that Christmas is the most wonderful time of the year. It’s a time when there’s lots of fun, enjoyment and parties galore. Guess what? It can also be a very stressful period. Worrying about the impact the Christmas festival will have on your finances or how to prepare business to boost sales can cause anxiety. So here are some tips that can help you cope with money worries this Christmas season.

Key Takeaways
- Shop early to avoid the last-minute rush and higher prices.
- Create a realistic budget covering all expenses, such as gifts, clothing, and entertainment.
- Consider buying secondhand clothing and shoes to save money.
- Focus on creating memorable experiences rather than spending on extravagant places.
- Take advantage of offers, discounts, and promotions to reduce costs.
- Learn to say no to additional spending, explaining your budget constraints to friends and family.
1. Shop Early

The closer it is to Christmas, the more expensive things get. Let us not forget to add rowdy too. So try not to leave your shopping till the last minute. If you can start your shopping early, do so.

2. Create a Budget

While we all want to do Detty December and paint the town red, sometimes it’s not possible. That’s why you need to create a realistic budget for yourself and your family and stick to it. Make provision in your budget for every expenses like fuel, gifts, clothes, cinemas, etc. By writing down these items, you will know whether you can afford the budget or whether you need to cut down on anything.

3. Try buying Secondhand

Another way to limit your spending this Christmas is to reduce how much you spend on clothing and shoes. If you can afford designers, go ahead. If can’t, look for good second-hand clothes and shoes popularly called Okrika. You can look good wearing them without breaking the bank.

4. Focus More on Experience than Places.

Do things differently this year by focusing more on creating memorable experiences than actual places. For instance, instead of going out, eat-home cooked food. You could involve your loved ones in baking or preparing the meal. That way, it becomes a fun activity where everyone bonds. Other ideas could be decorating the Christmas tree together, playing games, and so on.

5. Make Use of Offers and Discounts

During the festive season, you might take advantage of companies that offer promos, cashback, free deliveries or discounts to see a movie, a trip to Dubai, lunch hangout with a celebrity and so on. Participating and winning in any of these offers could help you spend less while having fun!

BONUS TIP

Say No to Additional Spending.

The holiday season encourages generosity but that does not mean you should overspend and go into debt. Once you start to feel pressured to spend more on hangouts with friends or buy that aseobi cloth that you really can’t afford, then say No. Explain to your close friends and families that you have a budget and need to stick to it.

Bottomline:

Christmas is a time to relax and have fun. You will hardly relax if you have money worries this Christmas or during the holidays periods. If you find yourself feeling overwhelmed because of too much to do with less money, you might want to use these tips so, you do not put yourself under unnecessary pressure.
February 21, 2023
Grow Your Business With the New NowNow POS Machine

Imagine you are at your place of business. After huddling with a potential customer and the price has been determined, the customer leaves because you only accept cash or there are network issues with your bank app and you are unwilling to risk selling a product without confirming payment. If you have been in this situation where you rely on only one means of payment, your business needs the new NowNow POS device.

Why NowNow POS device?

NowNow POS device helps you accept cashless payment methods for your business. Additionally, you can sell anywhere with your POS or mobile POS and issue receipts with an inbuilt printer. The new POS device is fast, secure and easy to use for any business to provide a quick payment option for you to meet the demands of your 21st-century customers. You can get the NowNow POS with ease.

How NowNow POS Machine Can Help Grow Your Business

1. All-in-One Payments Solution

Accept multiple payments depending on how your customer chooses to pay you using the NowNow all-in-one POS device. You can receive instant payment from debit cards, bank transfers, mobile wallets and QR codes.

2. Host Multiple Platforms

The new and improved POS allows you to host multiple platforms. You can keep track of both the merchant and the agent platform on a single device. Additionally, you get access to the online and in-store payment view on one dashboard.

3. Manage Store Operations

It’s an easy task to manage the products in your store with the NowNow POS. With this feature, you never have to worry about theft from shop assistance as every product is accounted for.

4. Track Your Sales Performance

Get business insights on how well your business is performing. Know your monthly sales, top buying customers and your top-selling products.

5. Same Day Settlement

All payments received from daily sales will reflect and enter your wallet balance instantly without delay.

6. Send Invoices

Customers receive payment invoices instantly making it easy for them to access them anytime. You as a merchant also get to save additional costs on paper rolls.

7. Secure Payments

Security is of utmost importance to us and our device ensures that all transactions made from the POS are safe and secure.

Bottom Line

Smart merchants are upgrading to the new POS all across the country to meet the demands of the 21st century. You too should be thinking along the same line. So what are you waiting for? Get your NowNow POS today. Call our customer experience team on +234 0700-066-9669 or email customercare@nownow.ng to apply for a NowNow POS today.

February 21, 2023