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How to Start Keke Napep Business In Nigeria

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Keke Napep Business

Keke Napep Business: Thinking of starting a business in Nigeria today. I introduce to you another secretes to financial freedom. So, today, the topic for discussion is how to start Keke Napep business in Nigeria.

Keke Napep Business in Nigeria is one part of transportation business that is making waves right now. As the number of people in Nigeria continue growing daily. The need to transport people from one place to the next is also on the increase.

The transportation measures taken by governments don’t seem to have any failures. Proof of inadequate transport mediums like bus stop and rail stations.

For example, it is always common to spot individuals hanging on buses and Train, and other transport medium around the axis of Lagos state. This is as a result of few transportation medium around.

Keke Napep Business:
The people experiencing this situation don’t have joy nor do they have fun doing it or taking chances with their lives.

Imagine the need to return home is difficult when they think or consider the risk to be taken hanging in a vehicle or bus.

But never to worry, am going to show you how to start Keke Napep business in Nigeria.

But to be frank, Nigerian government does not have what it takes to balance the shortage in the transportation framework.

As such, numerous organizations have attempted one way or the other to sort this out.

Keke Napep Business: A Case Study of Lagos State, Nigeria.
For example, when the Lagos state government commenced BRT in 2008, individuals in Lagos thought that there have been answers to their transport issues at last.

However, that measure has helped to lessen the negative effect of poor transport framework to a certain degree. Even with this measure put in place. The BRT transports cover just few significant regions of Lagos, most especially Mainland Island regions.

Now the question one needs to ask is: – What about those whose businesses are not located or close to the BRT axis? Will they depend on private transport vehicles to archive their goals at the end of the day?

The responses to this question is yes.

Because of the present economic circumstance is not urging many to get their own particular ride.

Many people rely on upon Privately worked business vehicles to move from one road to the next.

What’s more, this where Keke Napep Business becomes possibly the most important factor.

Read also: How to Start Taxi Business in Nigeria

Keke Napep Business:
The Evolution/History Of Keke Napep Business In Nigeria
President Olusegun Obasanjo brought in Keke Napep enterprise in Nov 6, 2002 in Nigeria. As parts of his poverty alleviation scheme.

From that angle now, it has turned into a process of livelihood to people as the can now feed their self and their family likewise.

In the circumstance where many state governments saw the need to ban the use of Okada (business motorcycle) Keke Napep turned into a more secure option.

Nigerian youth (a large portion of the graduates) have gotten into Keke Napep business.

The simple reason is that it gives them better option of not staying in their houses.

Moreover, it gives any individual who is ready, the ground to put resources into this lucrative business of transportation.

 

Keke Napep Business:
How Does Keke Napep Business Work In Nigeria? How To Get into The Business:
Buy Your Tricycle:
The cost of Purchase of Keke Napep in nigeria is about N400,000.

Register Your Tricycle:
what follows is to get your Tricycle registered.

You have to pay your Tricycle operators registration fee in the Keke Napep association with N5,000. This price could fluctuate from to town to town.

So, try to find out what applies in your town. The first port

What follows after buying your Keke Napep is to get your Tricycle registered.

You have to pay your Tricycle operators registration fee in the Keke Napep association with N5,000.

This price could fluctuate from to town to town.

So, try to find out what applies in your town.

The first port of call however, when it comes to business registration is the Corporate Affairs Commission of Nigeria, CAC.

Renting Your Tricycle:
You might want to rent your tricycle if you can’t purchase one on your own.

Renting of Keke Napep could be at the cost of N650,000.

You can pay for your Keke Napep or the tricycle Week by week.

Installment of 15,000 for the length of 10 months.

Take Note: Terms and some conditions may apply.

You may work out something like agreeing on something between you and your contract buyer.

See also: Top 20 Business Loan Givers in Nigeria

Why Join Tricyce (Keke Napep) Operators Association?
Registration and joining of the tricycle group of company will grant you some level of benefits such as security.

Now, going back to the renting aspect of tricycle, it is your obligation to make satisfactory discoveries about your contract buyer.

It’s much better to ask people around about him to be sure you both have a healthy level of trusts.

The way people are behaving today has made has made people not to recognize and distinguish the good dealer or customer from the other.

You might have such feelings. If not, do not wait any longer.

Then, begin with one, I will suggest and recommend tricycle for you to start with because its highly lucrative.

Make More Money Renting Keke Napep Tricycle:
How it works will help you to decide if to go rent one or not.

However, it is highly productive to purchase as many quantities as your hands can carry to purchase, since that will give room for long term profits.

Case study, if you rent 5 Tricycles at the cost of six hundred and fifty thousand naira (N650.000).

Your will be making massive benefits in a year estimated to be around one million-two hundred and fifty thousand naira (N1,250,000).

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10 Best Loans Platforms In Nigeria Without Collateral

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Best Loans Platforms In Nigeria Without Collateral

A loan is money given to someone or businesses to cater to its financial needs. Most lenders need some form of collateral as security, before giving out loans.

Not every Nigerian can provide substantial collateral in order to receive loans, this is where loans without collateral comes in. Thankfully, there are now online platforms where individuals and businesses can apply for loans without the need to provide collaterals.

One major problem businesses face in Nigeria is the unavailability of capital. With these innovative online platforms, lenders can assess applicants and their ability to pay back the loans within the given time frame, and then go on to approve certain amounts of money for loan, based on their assessments.

Best Loans Platforms In Nigeria Without Collateral

One of the Best Loans Platforms In Nigeria Without Collateral, FASTCREDIT

Now, let me review ten most popular collateral-free loan platforms in Nigeria for individuals and small businesses.

  1. PAYLATER

Paylater is an online platform that provides loans to small businesses and individuals to cover urgent needs or unexpected expenses.

Clients can access up to N500, 000 worth of loan without collateral. Funds are delivered within 1 – 3 working days once approved. Endeavour to repay your loan on time to help increase your credit limits and grant you access to higher loan sums in subsequent loan applications.

  1. LYDIA.CO

This online platform gives businesses access to funding. LYDIA.CO Offers unsecured loans ranging from $500 to $15,000 to SMEs.

According to the founders, Lidya uses technology and algorithm for risk assessment that allows them offer financial services to their clients at low cost.

  1. QUICKCHECK

QuickCheck is an online lending outlet for small businesses and individuals. It helps individuals and small businesses to access financial credit by using mobile technology

According to the platform, customers can quickly and easily receive loans of up to N30, 000 without any collateral to repay within 15 – 30 days.

  1. SMEDAN

SMEDAN is more or less a federal government of Nigeria loan service or a government-backed enterprise for Small and Medium Enterprises (SMEs), hence the name (SMEDAN Small and Medium Enterprises Development Agency).

They offer quick and easy business loans to SMEs in need of funding. Their main aim is to promote entrepreneurship and provide startup capitals for businesses in Nigeria

SMEDAN also provides hands-on training and support to business owners. If you’re looking to apply for SMEDAN loan, then visit SMEDAN website and apply on the application portal – https://smedan.gov.ng/.

  1. AELLA-CREDIT

AELLA-CREDIT has been creating mediums to make funds easily accessible to individuals in Nigeria. The company is associated with 3 leading Credit Bureau Agencies in Nigeria to provide timely and affordable loans to clients. Employee empowerment and lending for business startup is the main focus of AELLA-CREDIT.

AELLA-CREDIT employs credit scoring algorithm, built after five years of market data and analysis had been gathered by the team, to assess the creditworthiness of applicants. The algorithm processes applicants’ eligibility by taking social and demographic factors as well as debit to income ratio of the applicants, into consideration.

  1. SPECTA

Specta is an online lending outlet that offers loans of up to N5 million in one deal, within the space of five minutes, without paperwork, collateral, or visit to any office. They enable users to cater for any urgent business or personal need, whenever and wherever.

Specta offers two loan services, which are (1) MySpecta which provides loan services for individuals and (2) Specta4Business which provides loan services for corporate and business owners.

  1. KIAKIA.CO

KIAKIA, taken from the Nigerian pidgin means “fast-fast” is an online lending platform for businesses in Nigeria. They employ the use of machine learning, psychometric, digital forensics, big-data, for credit risk assessments and proprietary credit scoring algorithm to help them provide immediate and compatible loans to numerous individuals without credit information.

Their services are highly efficient and effective in addition to being very simple and fast, hence their name which was derived from a Nigerian language, meaning ‘fast-fast ‘.

  1. ZEDVANCE

Zedvance is a client finance company geared toward providing individuals with consumer credit. They offer loans up to N3 million under 24 hours.

Their services are particularly for salary earners, but you could apply if you’re a salary earner with a side business.

  1. FAST CREDIT

Loan application on FastCredit is backed by guarantors although the loan itself is collateral-free. The validity period for the loan is 6 months maximum. If you are a micro, small and medium enterprises (SMES), then you are eligible to apply for this loan and use the funds to enhance the growth of your business

  1. GROFIN

If you are a small and medium enterprises (SME) in Africa and the Middle East, you may want to consider GROFIN as your choice loan platform.

Looking to grow your business rapidly and you are confident that your business meets the necessary requirements? Then, try GROFIN. This may be the perfect fit for you.

Business can access loans ranging from US$100,000 to US$1.5 million through GROFIN. You need to contact GROFIN and get the requirements. Upon reviewing the requirements and your business meets those requirements, go ahead and apply for the loan online on GROFIN website – https://grofin.com/business-loans/.

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How To Start Keke NAPEP (Tri-Cycle) Business In Nigeria

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keke napep business

Mass Transportation by Tricycles popularly known as “Keke NAPEP” was introduced on November 6, 2002, by the former president of Nigeria, Olusegun Obasanjo, as part of the government’s poverty alleviation programme called, “National Poverty Eradication Programme (NAPEP)” in a 2001. Also, the introduction of “Keke NAPEP” was a strategy by the Government to meet the ever-increasing demands for public transportation in Nigeria.

Since its introduction, the Keke NAPEP has come become a source of income for many Nigerians. It also became a safer alternative to commercial motorbikes (Okada), which were banned in many places, and is used to convey people over short distances all over the country.

Most people in Nigeria prefer the commercial tricycles to Buses and Mini-buses because the commercial tricycles have the capacity to move into the nooks and crannies of a town faster and easier compared to Buses and Mini-buses.  For example, in 2008, the Lagos State government kicked off the Lagos Bus Rapid Transit System (BRT), thinking that the transport needs of Lagosians will finally be met. The reality on ground is that that is far from it. The BRTs only reduced the problem of poor transportation by a small amount. This is so because the BRT only catered for major parts Lagos State, especially Mainland and Island routes.

If the BRTs only served those parts of Lagos, we might then ask, how will people living outside these areas fair? Knowing that low income and horrible traffic will prevent many people from getting their own vehicles, many are left with no choice but to use privately-owned commercial vehicles for movements within the city? Yes. Here is where Keke NAPEP comes to the rescue.

Some Nigerian graduates without jobs have wholeheartedly accepted riding Keke as a business. They use it to raise money for self and family and see riding keke as a better alternative to staying at home doing nothing. Also, Keke NAPEP business creates opportunities for lucrative investments and helps to lessen the burden of the poor transport network in the country presently. So, would you like to start Keke NAPEP business and make money like others? Below is a breakdown of the how-to of Keke NAPEP business.

Now, there are two parts to the Keke NAPEP riding business: either you ride it yourself or you lease it to a rider.

keke napep business

Tricycle (keke NAPEP) conveying passengers to their destinations

Option 1: Leasing Your Tricycle to a Rider (Hire Purchase)

First, you have to get the Keke, register it and lease it out to a rider. See the breakdown of how this is done below.

Price of a new tricycle: ₦400,000

Registration with the Keke riders’ union: ₦5,000

The tricycle is leased at ₦720,000

Here, you will receive a weekly payment of ₦15,000 from the rider (or hire purchaser) for a period of 12 months, that is 48 weeks making it ₦15,000 x 48 = ₦720,000

Note that this is not a hard and fast rule: some terms and conditions may be applied in your situation and things may look a bit different with the hire purchaser you’re working with.

Registration with the NAPEP riders’ union allows you to enjoy some form of freedom, support and security.

Make sure that your hire purchaser is trustworthy, has a good track record and preferably has some referees under his belt.

Doubts have held some people back and stopped them from trying out this venture. If you want to test the waters, start with one tricycle. This will help you to know whether this business is something you can comfortably go into or not. However, the most lucrative thing to do is to buy as many as you can afford at the time because that will increase your remuneration in the long run. For example, if you lease five tricycles, you can expect up to ₦1,600,000 as returns in a year.

This price analysis and breakdown is based on the realities of Lagos State at this time.

Doing it Yourself

If you choose to ride the tricycle yourself, you will be very much impressed at the outcome. In a day, you can be making anything from ₦4,000-₦7,000, depending on the number of passengers you commute.

Apart from the ₦5,000 union registration fee, you’re also expected to pay between ₦500-₦1,000 daily (known as owo itaa). Part of this daily fee goes to the government’s coffers.

Tricycle maintenance is cheap, spare parts are readily available and fuel consumption is low. One thousand naira worth of fuel can take you a whole day if you have a good carburetor.

Always remember that maintenance is the key to a long-standing tricycle. So, maintain the vehicle regularly to lengthen is lifespan.

With ₦5,000 daily earnings while operating it yourself, you can easily earn ₦1.5 in a year (grossly calculated at ₦150,000 monthly) after expenses have been made.

After a year or more of doing this business, you can decide to continue, expand, or change your line of business.

Things to Note When Putting Your Tricycle for Hire Purchase

How soon you will receive your complete returns on the tricycle depends on the following factors:

  1. The status of the tricycle when you bought it. Was it new or second hand?
  2. Does your tricycle operate during the weekends? What is the money earned during those days for (maintenance money, etc.)?

How payments are made

  1. Hire purchase. In this method, the driver takes care of routine service, minor repairs, maintenance and fueling.
  2. Daily balance.

I will not advise you to lease your Keke NAPEP on daily balance.

There is no brother in business. Be wise and open your eyes.

Hire purchase is the preferred method of payment in the North and in most parts of the country. It is the best method of receiving returns for your tricycle(s).

In Niger and Katsina states for example, daily returns are between ₦2,000 and ₦3,000 for a new tricycle. For second hand tricycles, daily returns are negotiated, but in Niger State, ₦1,500-₦1,700/1,800 is the amount paid.

Note that these are just estimates based on the present realities.

In Lagos, riders pay between ₦2,000-₦3,500.

  1. Negotiated.
  2. Standard: paying double the price. This is most popular in the North for second hand tricycles.

That is all on Keke NAPEP and how to start and operate it successfully in Nigeria. I hope you learned from this? Leave a comment below and let me know what you think about this.

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10 Popular E-commerce Websites You Can Shop on in Nigeria

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ecommerce websites

The development of technology on a global scale brings everything closer to us, making things easier and faster, just like shopping. E-commerce is a fast-growing industry. Many businesses are tapping into and are now creating ecommerce websites to boost thier businesses.

E-commerce is a lucrative sector which every business should be taking advantage of today. However, if you are just starting out, your focus should be on how to attract customers to your online store. So, instead of launching your ecommerce website, it is better to “test the waters” on a known e-commerce platform first before creating and launching your ecommerce store.

ecommerce websites

Someone trying to make a purchase from an ecommerce website in Nigeria

Nigeria has a lot of e-commerce websites and it might be confusing while trying to pick one to start with. This list of the 10 most popular e-commerce websites in Nigeria will help you narrow your search and pick the one that is best suited to your needs.

  1. Jumia Nigeria

Nicknamed the ‘Amazon of Nigeria’, this online store is the most popular on this list. It is so popular that it garnered an Alexa report as being the most visited e-commerce website in Nigeria.

Established in 2012, Jumia is patronized by thousands of Nigerians and offers a marketplace where sellers can showcase all kinds of goods to the public. You may want to visit the site to see things for yourself.

  1. Konga

Konga is an e-commerce store that allows small and big businesses alike to sell their products on its site. It has enormous warehouses in major cities in Nigeria like Lagos, Abuja, and Port Harcourt to serve its customers easily. This is done in line with its vision to deliver goods “with speed and precision” to its customers.

  1. PayPorte

‘Nigeria’s preferred online retail store’ as it calls itself, Payporte was launched in 2014 as an online store to reach a wide audience that is not restricted by age or preferences. The retail giant also collaborates with small businesses and puts them in front of a wide audience. The company provides the needed logistics to reach their customers and assist them to succeed.

  1. VConnect

Known as Nigeria’s premier business listing website, Vconnect has also grown to an e-commerce store where it avails business owners the opportunity to sell their products. The website also facilitates payments and provides logistics for goods to get to their respective customers.

  1. Kara

This e-commerce store is one of the best in Nigeria, recording thousands of visitors daily. Kara offers a wide range of products from electronics, phones, to fashion items. Additionally, it hosts a marketplace where business owners can post products and sell to the public.

  1. Printivo Store

Printivo is an online shop that is specially designed to meet the needs of those that need printing materials. Bring the most popular in this niche, Printivo also gives users the chance to access free templates crafted by graphic designers.

It allows those in the print industry to make money off their designs by giving them a platform to display and sell their items.

  1. OLX Nigeria

OLX Nigeria is a classified advertisement website. Although an online e-commerce website, OLX Nigeria does not function as a regular e-commerce website. Instead, it gives users the opportunity to design and publish ads to their taste.

This way, buyers and sellers can interact with each other directly and easily. With the categorization of ads, each buyer or seller can go specifically to their area of interest and transact.

8. Jiji Nigeria

In 2014, Jiji came into being providing buyers and sellers with an easy way to connect and carry out transactions, under highly secure conditions.

Jiji Nigeria, in addition to being a classified advertisement website, goes a step further by giving users the opportunity to post ads on any product of their choice on the store.

  1. CartNG.

You can find virtually anything on CartNG. It is an amazing e-commerce website that can meet any of your need s. You can shop category by category on the site, and enjoy a speedy delivery in your order.

  1. Obiwezy

Obiwezy is an online e-commerce store that sells fairly used gadgets like phones, tablets, and laptops. Obiwezy was established in 2010. The intention behind its establishment was to provide users with goods and services at highly affordable prices. Doubtless, they have met this purpose.

Besides sales, Obiwezy also offers its customers technical support like the repair of damaged products, product advice, and recommendations.

So, there you have it on the 10 popular e-commerce websites in Nigeria. Go ahead and start shopping now.

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