- Galaxy Backbone, NigComSat Sign MoU on Internet Provision
Two companies owned by the Federal Government, Galaxy Backbone Limited and the Nigerian Communications Satellite Limited, on Tuesday signed a Memorandum of Understanding for the provision of Internet service to government Ministries, Departments and Agencies.
With the MoU, Galaxy Backbone, which has invested in metropolitan fibre infrastructure, is expected to serve the MDAs within the reach of the infrastructure, while the others will be served by NigComSat, which has a communications satellite in the orbit.
Under the MoU, the Galaxy Backbone is also expected to secure its satellite bandwidth requirements from NigComSat. It can obtain bandwidth from other satellite operators outside NigComSat for redundancy purposes only.
There have been accusations that the MDAs, including Galaxy Backbone, are bypassing NigComSat to buy satellite bandwidth from other operators outside the county. This practice has been blamed for significant capital flight from the country.
The Managing Director/Chief Executive Officer, Galaxy Backbone, Yusuf Kazaure, explained that the partnership between the two companies was in keeping with the government’s commitment to leverage ICT for job creation, improved security, economic diversification and social inclusion.
He said the partnership would as well support the National e-Government master plan as a tool to improve governance and efficiency in the delivery of quality public services.
Kazaure said, “With the increasing impact of disruptive technologies, the provision of modern, efficient and adequate ICT infrastructure, facilities and services to public institutions in the country will accelerate the Ministry of Communications’ pole vaulting strategy of turning Nigeria into a 21st century economy and society.
“The transformative role of ICT for improved delivery of public services provides the basis for the continuing investments in infrastructural assets that Galaxy has been making over the years in order to empower the MDAs towards meeting their mandates and making life easier for the citizens whom they serve.”
He explained that under the terms of the partnership, Galaxy Backbone would be responsible for all terrestrial and last mile connectivity services to the MDAs.
Whilst still responsible for its hub operations, Galaxy would also purchase all its required satellite space segment bandwidth from NigComSat on agreed payment terms, he added.
The Managing Director, NigComSat, Abimbola Alale, said the company’s goal was to provide excellent and secure connectivity solutions to all its customers, while conserving capital flight and improving local content development in the ICT sector.
According to her, with its satellite, NigComSat-1R, the company provides a regional beam over the African continent with strong footprints
The MoU, which spans five years in the first instance, is a cost-cutting tool for the Federal Government.
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Fintech Company, Grey, Unveils New Look to Support its Global Expansion Strategy
Grey, a leading cross-border fintech company, has embarked on a significant global brand rebranding initiative, revealing a fresh logo and website design.
This strategic move aligns with the company’s dynamic plans to expand its footprint in the global market.
The company’s transformation was unveiled on its social media platforms on Monday, November 27, 2023. Grey aims to leverage this fresh identity to reach a broader audience and solidify its international presence. The updated brand assets visually represent Grey’s commitment to innovation, excellence, and global connectivity.
The rebranding initiative follows closely on the heels of Grey celebrating a milestone achievement of surpassing 500,000 users. The company’s rapid growth and expanding user base have spurred this bold step towards rebranding, symbolizing success and underlining its dedication to remaining at the forefront of global fintech innovation. Furthermore, the previous logo was not usable in some foreign markets due to trademark conflicts with another company.
Idee Obong, The CEO and founder of Grey, shared insights into the rationale behind the rebranding, stating, “As we chart our course toward serving a global audience, we recognized the need for trademarks and related processes. We identified similarities with existing marks during this evaluation, prompting a deliberate rebrand. The new logo and website signify our forward trajectory, emphasizing global connectivity and our commitment to creating a more interconnected world. Our focus remains on being people-centric and cultivating a lasting community.”
Grey’s brand evolution is occurring at a crucial juncture for the fintech industry, which is positioned for significant opportunities despite recent economic uncertainties. The fintech sector has faced challenges in the past year; notwithstanding, Grey has rapidly scaled, adeptly responding to the heightened demand for its services.
The company has also established key partnerships across both B2B and B2C sectors across Africa over the past months, solidifying its reputation as a trusted and reliable cross-border payments company.
Femi Aghedo, Co-founder of Grey, emphasized the strategic timing of the brand evolution, stating, “The timing simply felt right to evolve our brand. Our growth and evolution as a business needed to be reflected tangibly. We are dedicated to ongoing innovation, adapting our services to meet the dynamic needs of our customers. Our core mission is to provide seamless and secure cross-border payment solutions, empowering businesses and individuals in the global economy. We eagerly anticipate the future of fintech and the opportunities it presents for us to impact the industry positively.”
Furthermore, customers can expect a more innovative and interconnected user experience when engaging on their platforms. As Grey ventures into this exciting new chapter, the team remains committed to providing cutting-edge and secure cross-border payment solutions, fostering global connectivity, and contributing to the evolving landscape of the fintech industry.
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