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Operators Lose 4m Subscribers in One Month

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  • Operators Lose 4m Subscribers in One Month

Although the telecommunications sector added about N1.5trillion to Nigeria’s economy in the second quarter (Q2), but growth of the service providers however contracted.

Checks showed that the number of active telephone lines plummeted by four million between June and July. Subscriptions to telephone services fell from 143 million in June to 139 million in July. The four million drop in active telephone subscriptions increased inactive lines to 16 million in seven months.

As expected, the continuous fall has also impacted teledensity, which fell from 110 per cent in January to 99 per cent by July. Telephone density is the number of telephone connections for every hundred individuals living within an area. It varies widely across the nations, and also between urban and rural areas within a country.

Statistics from the Nigerian Communications Commission (NCC) showed that the growth of the four GSM operators contracted collectively by a negative 21.54 per cent.

Individual statistics of the service providers showed that by the end of Q2, MTN recorded -12.08 per cent growth; Globacom saw -0.22 per cent; Airtel had -1.53 per cent, and 9mobile down by -8.15 per cent.

The NCC statistics showed that MTN still controlled the market with 35.8 per cent market share and 49.7 million subscribers. It is followed by Globacom with 37 million subscribers and 26.8 per cent market share. Airtel controls 24 per cent of the market with 34.1 million subscribers. 9mobile has 12.7 market share with 17.6 million after losing between three million and four million customers during the controversies that surrounded its protracted $1.2billion syndicated loans from 13 banks.

At a recent interaction with journalists, in Lagos, NCC’s Executive Commissioner, Stakeholders Management (ECSM), Sunday Dare, confirmed that the Commission was aware of the loss in mobile subscriptions in the country, occasioned by the economic crunch.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Interswitch is the Most Valuable African Startup

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Interswitch, the leading payment processing company headquartered in Lagos, Nigeria, is Africa’s most valuable start-up at a US$ 1 billion valuation.

Founded in 2002, Interswitch uses switching infrastructure to connect different banks in Nigeria and powered banks’ ATM cards. Presently, the company has over 11,000 ATMs on its network.

In 2010, Helios Investment Partners bought two-thirds of the company and in the following year, Interswitch bought a 60 percent stake in Bankom in Uganda.

Interswitch owns Verve, Nigeria’s most used payment card, and accounted for 18 million of 25 million cards in circulation in Nigeria. The company also owns Quickteller and recently purchased VANSO, a mobile-focused technology provider to banks.

Like Interswitch, Stripe, the company that acquired Nigeria’s Paystack for over US$200 million, is the most valuable startup in the USA at over US$70 billion valuations.

Klarna, Nubank, Paytm and Grab leads in Europe, Latin America, India and Southeast Asia with a valuation of US$10.65 billion, US$10 billion, US$16 billion and US$14 billion, respectively.

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E-commerce Black Friday Sales Estimated to Surge by 40% to 10.2 Billion

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The 2020 holiday shopping season will be unique, as the pandemic shifted consumer behavior from retail stores to online shopping. In response, many retailers moved their services online to not miss out on this year’s profits. Atlas VPN team decided to look into how e-commerce sales are set to perform in the upcoming long weekend.

Researchers predict that the US e-commerce revenue will exceed last year’s earnings by 49.5% on Thanksgiving day, totaling $6.18 billion in revenue. Black Friday is calculated to reach $10.2 billion in sales, exceeding last years numbers by 39.4%

Rachel Welch, COO of Atlas VPN, shares her tips on how to stay safe when shopping online during the holiday season:

“Watch out for too-good-to-be-true deals from unknown sellers, as cybercriminals will also expect to turn a profit during the holiday season, even though they are not selling anything, except maybe a bag full of disappointment.”

 Finally, analysis shows that on the last day of the long and full of special offers Thanksgiving weekend, consumers will go all out to bring record sales for e-commerce businesses, adding up to $12.89 billion.

To look at these five days from a wider perspective, e-commerce companies can expect to earn around 39.72% more than they did last year.

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Alibaba Merchants Sell $40B in First Half Hour of Singles Day 2020, More than 2019 Event Full Sales

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Singles Day 2020 was a roaring success, cementing its position as the world’s biggest shopping holiday. Sales across Alibaba’s platforms during the event totaled $74.1 billion, up from $38 billion in 2019.

According to the research data analyzed and published by Stock Apps, within the first 30 minutes of the event, the gross merchandise volume (GMV) surpassed 2019’s full-event sales, reaching $40.87 billion.

Moreover, instead of live events, Alibaba had 400 company executives and 30 celebrities hosting livestreams. Based on a study by Coresight, the Chinese livestream market is set to rack in sales worth $125 billion in 2020, compared to $63 billion in 2019. The US livestream market is a small fraction of that, valued at $5 billion.

China’s Tech Heavyweights Lose $280 Billion in Market Cap

Alibaba Singles Day 2020 dwarfed other major shopping holidays as has been the trend in previous years.

According to Practical eCommerce, Amazon Prime Day 2020 sales totaled $10.4 billion up from $7.16 billion in 2019. Cyber Monday sales in the US amounted to $7.9 billion in 2020 according to Statista. Black Friday and Thanksgiving added $9.7 billion to the figure to make $17.6 billion for the weekend.

Similarly, in 2018, Singles Day sold $30.8 billion while Prime Day sold $4.19 billion and Thanksgiving weekend got $14.2 billion.

However, the 2020 Singles Day event came in the wake of Ant Group’s suspension of a $37 billion listing. The suspension resulted in a $76 billion drop in Alibaba’s market cap, as the tech giant owns a two-thirds stake in Ant Group. Moreover, China’s regulators released anti-trust draft rules prior to the event, aimed at controlling monopolistic behavior.

Following the release, Alibaba shares plunged by 9.8%, as JD.com shed off 9.2%. Tencent similarly saw a 7.39% drop and Xiaomi fell by 8.18%. For the five companies, there was a combined loss of $280 billion in market capitalization.

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