Report: House Hold Income in Nigeria Stands at $218

Ugo Aliogo

Data from World Remit has stated that the average household spends in Nigeria on Christmas expenses on Christmas expenses is $218, adding that average household spends on Christmas expenses in Kenya is $215.

In a statement, it was noted that the average household spends $1,717 on Christmas expenses in Canada, $1,205 in the United States of America, and $1,042 in the United Kingdom.

The statement also stated that interestingly, these numbers are expected to increase by 23.71 percent in Nigeria and 7.73 percent in Kenya.
The statement revealed that as a result of this, for businesses to fully partake in the economy of the holiday season, there is a need for a payment infrastructure that is reliable, secure, financially efficient, and accessible to consumers across extended distances and diverse locations.

According to the statement, “Unfortunately, these ‘needs’ remain relatively unattainable and inaccessible for traditional payment systems, inhibiting businesses from fully participating in the high-volume, sales-intensive holiday period.

“The global business landscape is undergoing a revolutionary transformation to mitigate these inhibiting factors, thanks to the emergence of Web3 payments.
“This sentiment has been effectively conveyed by multiple surveys, a stand-out reference being a 2022 Visa survey that reports 73% of businesses accept new digital payment forms. The global transition to Web3 payments is on the horizon, and what better time to jump on the Web3 train than the cash-intensive holiday season?

“Amidst this groundbreaking shift is Fuse Network, an innovative platform that operates not only as a payment infrastructure but as a conduit for a redefined, secure, and engaging experience for both businesses and consumers alike. How can Fuse Network power the holiday shopping experience with Web3 payments, and what do businesses and consumers stand to benefit from the platform during the festive season?

“Cryptocurrencies such as Bitcoin, Ethereum, and FUSE have gained substantial traction over the years, offering decentralized frameworks, heightened security, and the promise of seamless global transactions. Web3 payments take this a notch higher, allowing businesses to streamline their payment processes and broaden their market reach like never before.

“Simply put, Web3 payments are the future of financial transactions, and for cash-intensive periods like the holiday season, this system portends immense benefits for businesses and consumers alike.

“Fuse Network distinguishes itself by providing businesses with plug-and-play APIs, mirroring the capabilities of an in-house tech team. This cutting-edge infrastructure, supporting Account Abstraction ERC4337, allows companies to craft tailored user experiences while ensuring top-notch security measures are in place.

“Additionally, e-commerce trends are rapidly evolving, and Web3 payments have the potential to catapult businesses ahead with seamless and cost-effective transactions, which are highly beneficial, especially during the holiday shopping spree.

“As such, embracing Web3 technology with Fuse Network as the conduit can leapfrog a business in the ever-changing e-commerce landscape, offering a competitive edge and a pathway to optimal consumer engagement and financial efficiency.

“Web3 payments aren’t just about convenience; they represent a symbiotic relationship between savvy consumers and forward-thinking businesses. This is because, at the core of this transformation lies the concept of smart shopping, a paradigm shift benefiting consumers and businesses. In line with this, companies can harness Fuse Network’s infrastructure to lower merchant costs — less than $0.001 — gain access to larger consumer bases across diverse locations through seamless cross-border transactions, and stand out in a crowded marketplace for competitive advantage. That’s not all. Fuse Network’s suite of solutions doesn’t just stop at payment integration; it extends to a robust loyalty program to foster customer engagement and loyalty during the festive rush.

“On the flip side, for consumers, Web3 payments unlock a world where each transaction is not merely a purchase but a gateway to rewards and a personalized shopping experience. By leveraging Web3 technology, the possibilities for consumers are boundless, with shoppers possibly earning loyalty rewards, gaining access to exclusive digital collectibles, and participating in gamified initiatives—all powered by Fuse’s Web3 technology. As such, the consumer’s holiday experience becomes more than a mere shopping spree; instead, it becomes an immersive, rewarding experience tailored to individual preferences.
“Web3 payments are the future of digital payments, and Fuse Network is leading the way. For future-forward businesses seeking to streamline their payment processes, Fuse Network is the go-to partner or first choice to gain access to the numerous benefits of Web3 payments. Its seamless integration, mobile-first approach, and fortified security measures make it the partner for businesses seeking to redefine the holiday shopping experience.

“Fuse Network’s Web3 payment infrastructure also boasts a seismic shift by radically reducing traditional transaction fees to less than a cent per transaction. This revolutionary move eliminates financial barriers, fostering a marketplace where businesses flourish, and consumers benefit, especially during the holiday season.

“The platform’s commitment to enhancing cross-border transactions is also exemplary. Leveraging advanced cryptographic techniques, Fuse Network fortifies cross-border transaction security, aligning seamlessly with global standards. Its robust delegated proof-of-stake consensus mechanism and Fuse Smart Wallets ensure user-owned accounts, upholding the highest security standards.

“Moreover, Fuse Network’s Web3 payment infrastructure addresses the perennial challenge of prolonged settlement periods in cross-border payments.

“With an impressive 5-second block time and a staggering capability to process up to 60 transactions per second for ERC-20 assets and an unprecedented 120 transactions per second for Fuse-based tokens, Fuse Network accelerates financial operations. This efficiency reduces costs and ensures businesses using the Fuse infrastructure can access wider customer bases across the globe using the platform’s cross-border transaction mechanisms, even during the festive season rush.

“In all, for businesses and consumers, choosing Fuse Network is embracing the future of payments. This holiday season, elevate your transactions, harness the power of Web3, and transform your shopping experience with Fuse Network’s unparalleled infrastructure.”