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The growing embrace of mobile financial transactions continued in January and February as bank customers in the country transferred a total of $5 billion (N2.1 trillion) over mobile. The two months record represented 168 per cent growth between January and February this year, New Telegraph has learnt.
This represents 164 per cent growth over N798 billion recorded in the same period last year. Last year, total mobile transfers across the country hit an all-time high of N8.06 trillion. With the two months record for this year, a new height may be recorded as more Nigerians embrace electronic payment. According to statistics released by the Nigeria Inter- Bank Settlement Systems (NIBSS), the volume of mobile inter-scheme transactions also rose from 30.2 million in the first two months of 2021 to 68.5 million in the same period this year… More details through: https://www.newtelegraphng.com/mobile-transfers-hit-n2-1trn-in-two-months/ https://punchng.com/e-payments-rise-by-45-n55tn-transferred-in-two-months/
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Telecom firm, MTN, has received final approval from Nigerian regulators to run a payment service bank, the wireless carrier said in a regulatory filing on Monday.
“The date of commencement will be communicated to the CBN (Central Bank of Nigeria) in accordance with its requirements,” the telco heavyweight said of the bank to be known as MoMo Payment Service Bank Limited in a note to the Nigerian Exchange. The approval, the fruit of well over two years of waiting for the permit, gives the local unit of Johannesburg-headquartered MTN Group Limited the leave to operate virtually all the services offered by conventional commercial banks with the exception of granting credit and processing foreign exchange transactions… More details through: https://www.premiumtimesng.com/news/headlines/523144-breaking-mtn-nigeria-diversifies-into-banking-gets-final-approval-for-momo-bank.html https://punchng.com/mtn-gets-final-approval-to-operate-payment-service-bank/ https://www.channelstv.com/2022/04/11/mtn-gets-cbn-approval-to-operate-payment-service-bank/ American firm, Equinix, a digital infrastructure company, yesterday, sealed its deal to acquire West African data centre and connectivity solutions provider, MainOne, for an enterprise value of $320 million. The deal marks its strategic expansion into the African market.
The completion of the acquisition augments Equinix’s long-term strategy to become a leading African carrier-neutral digital infrastructure company by being able to bring a full range of transformative technologies and connectivity to Nigeria, Ghana and Cote d’Ivoire. According to a document made available to The Guardian, yesterday, this acquisition will extend Platform Equinix into West Africa, giving organisations based in and outside Africa access to global and regional markets. Nigeria has both the largest population as well as economy, with approximately 142 million active Internet subscribers… More details through: https://guardian.ng/business-services/equinix-seals-320-million-mainone-acquisition-deal/ After months of constituent losses, telecommunications operators in the country gained 3.2 million broadband subscriptions between November 2021 and January 2022. The three months gain brought the country’s total subscriptions for high-speed internet to 79.4 million as of January end.
According to the latest industry data released by the Nigerian Communications Commission (NCC), the increase in subscriptions also brought the broadband penetration in the country to 41.61 per cent from 39.89 per cent recorded in October 2021. Despite the ongoing implementation of the country’s National Broadband Plan (2020-2025) with a target of 70 per cent penetration by 2025, subscriptions for the service had been declining for months… More details through: https://www.newtelegraphng.com/nigerias-broadband-subscriptions-surge-by-3-2m/ Communication giant, MTN, is to spend $1.5 million (N640million) on broadband access in Nigeria in the next couple of year.
Mr Karl Toriola, CEO of MTN Nigeria, disclosed this plan when Nigeria embassy official visit MTN Group office in Roodeport, Johannesburg. He said this was in line with the Federal Government’s 2020-2025 National Broadband Plan and in support of MTN Group’s strategy… More details through: https://independent.ng/mtn-to-spend-1-5m-on-broadband-expansion/ Subscriptions for highspeed internet, otherwise known as broadband, increased marginally in November 2021 as operators added 168,027 new subscribers. This brought the subscriptions database to 76.3 million from 76.1 million in the preceding month.
According to the latest industry data released by the Nigerian Communications Commission (NCC), the increase in subscriptions also brought the broadband penetration in the country to 39.98 per cent from 39.89 per cent recorded in October. Despite the on-going imple mentation of the country’s National Broadband Plan (2020- 2025) with a target of 70 per cent penetration by 2025, subscriptions for the service had been declining for months. From a peak point of 45.93 per cent in October 2020, broadband penetration in Nigeria slipped to 39.79 per cent in July 2021… More details through: https://www.newtelegraphng.com/broadband-subscriptions-hit-76-3m/ MTN Nigeria and Mafab Communications have been awarded Nigeria’s first 5G high-speed spectrum licences at an auction held by country’s telecoms regulator on Monday.
The licences are in line with Nigerian Communications Commission’s promise in July to start auctioning spectrum for the next-generation 5G network in the fourth quarter of this year… More details through: https://www.reuters.com/article/idUSL8N2SY20B Telco giant MTN Nigeria Communications Plc (MTNN) posted revenue in excess of $2.9 billion (N1.2 trillion) for the period from January to September on the back of Nigerians’ fast-increasing demand for data, according to the unaudited financial statement of the company issued Thursday
That implies MTNN has reached a milestone that makes it the first ever public company in Nigeria to record a revenue that high for a nine-month period putting it on track to surpass this year its full-year sales figure for 2020 when it reported N1.3 trillion. Data is having its moment in Nigeria on account of the country’s large, vibrant and digital-savvy youthful population and an explosion of fintech services targeting that social category… More details through: https://www.premiumtimesng.com/business/492306-mtn-nigerias-nine-month-sales-hit-record-n1-2-trillion-on-booming-data-market.html Nigeria currently has the highest smartphone penetration in Africa, even as it is projected to have 169 million users by 2025. According to the latest GSMA Mobile Economy report on sub-Sahara Africa, the country’s largely youth population continues to drive the growth in smartphone usage. Next to Nigeria in sub- Saharan Africa smartphone usage is South Africa, which is projected to have 89 million smartphone connections by 2025, followed by Kenya with 52 million. Led by Nigeria, GSMA said smartphone adoption in sub- Saharan Africa more than doubled between 2015 and 2020.
The body of GSM operators, however, noted that smartphones still only account for around half of total connections. “Smartphone affordability, particularly of 4G devices that enable a better user experience, is a major factor behind the relatively low smartphone adoption rate and, by extension, the mobile internet usage gap in sub-Saharan Africa,” it said. Going by current growth, GSMA projected that 64 per cent of all connections on the continent will be through smartphone by 2025… More details through: https://www.newtelegraphng.com/gsma-nigerias-smartphone-access-to-hit-169m/ The Lagos State Infrastructure Maintenance and Regulatory Agency has said it is working towards ensuring that more telecommunication cables are installed underground, even as it aims to have facilities in place that will enable electricity and gas operators to follow suit.
The acting General Manager, LASIMRA, Mrs Bisoye Coker-Odusote, said the state’s Unified Duct Infrastructure Project would be completed before the end of this year, adding that it would improve Internet connectivity in the state. “The Sanwo-Olu-led administration is really focusing on its THEMES agenda, and the Smart City project is part of the agenda. The purpose of the smart city is to ensure that there is simple access and connectivity to the Internet with minimum or not interruption,” she said on Thursday at a press briefing ahead of the agency’s forthcoming stakeholders’ conference… More details through: https://punchng.com/lagos-plans-underground-electricity-communications-cables/ |
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