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‘Collaboration, Key to Achieving Broadband Penetration’

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Nigeria Internet Users

The Nigerian Communication Satellite Limited (NIGCOMSAT) has expressed optimism about the country achieving and surpassing the 30 per cent broadband penetration that had been set by the country for this year.

The country is currently at 22 per cent broadband penetration.

The Managing Director and Chief Executive of NIGCOMSAT, Abimbola Alale, noted that through determined collaboration between NIGCOMSAT and telecoms industry stakeholders, Nigeria would surpass the 30 per cent target in the next few weeks.

Alale, who spoke at the stakeholders’ collaborative meeting between NIGCOMSAT and the Association of Telecommunications Companies of Nigeria (ATCON), in Lagos recently, said such collaboration with industry stakeholders would speed up the process of broadband penetration in the country and open opportunities for businesses to have unlimited access to internet, thereby boosting online transactions and e-Commerce business in the country.

According to Alale, “NIGCOMSAT has all it takes to speed up broadband penetration in the country, since it operates Nigeria’s foremost satellite, NigComSat-1R that operates on the Ka-band payload consisting of eight active transponders with a bandwidth of 120 MHz each for communication and broadcasting services.”

According to her, “The collaborative gathering between NIGCOMSAT and telecoms stakeholders, emphasises our collective desire to critically examine the prospects, challenges and future plans in our attempt to redefine the relationship between telecoms operators and NIGCOMSAT in deepening broadband penetration nationally.

“Whilst I appreciate the business focus and contribution of ATCON in taking services to urban and sub-urban areas, I also believe that our collective efforts will yield better results across all parts of the country in order to boost the overall business environment.”

The President of ATCON, Mr. Olusola Teniola, said the initiative was borne out of the need to bring NIGCOMSAT’s services to ATCON’s members because it has shown that majority of ATCON members did not know that they could buy capacity from NIGCOMSAT and those who know do not patronise NIGCOMSAT because they thought NIGCOMSAT’s prices are very high.

“ATCON’s primary focus with respect to pervasive broadband is to see how our members can leverage on satellite technology for the deployment of broadband for socio-economic development of our country,” Teniola said.

Executive Director, Business Development at NIGCOMSAT, Samson Osagie, said the provision of last-mile connectivity through satellite, was key to addressing Nigeria’s digital divide gap. “With over 40 transponders on our satellite, with eight of them active and others redundant, NIGCOMSAT has enough headroom to drive speedy development of broadband services,” Osagie said.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Fintech

From Trading to Credit: Robinhood Launches No-Fee Credit Card with Gold Membership Perks

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Robinhood

Robinhood Markets Inc. has announced the launch of its highly anticipated no-fee credit card and it was accompanied by exclusive perks for Gold membership subscribers.

This bold move is a step in the company’s mission to evolve into a comprehensive financial services provider.

The Robinhood Gold Card boasts an array of enticing features. Chief among them is the absence of annual costs or foreign transaction fees, positioning it as an attractive option for consumers seeking financial flexibility.

Moreover, cardholders stand to benefit from a generous 3% cash back on all categories of purchases, a competitive offer in comparison to industry rivals.

Vlad Tenev, CEO of Robinhood, emphasized the company’s commitment to innovation and industry leadership in an interview.

He expressed the intention to not merely introduce a credit card, but to revolutionize the market with a product that sets new standards for customer satisfaction and financial empowerment.

The announcement has sparked enthusiasm among investors, with Robinhood’s shares witnessing a 6.9% surge in early market trading following the news.

This surge further underscores the market’s confidence in the company’s strategic direction and its potential to disrupt traditional financial services.

Beyond the credit card venture, Robinhood has been steadily diversifying its offerings. With the introduction of retirement products and the expansion of commission-free trading services internationally, the company is positioning itself as a formidable player in the global finance landscape.

As Robinhood continues to innovate and expand its suite of services, its trajectory suggests a promising future as a leading force in democratizing access to financial tools and services.

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Telecommunications

NCC Files Copyright Infringement Charges Against MTN Nigeria and Others

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Karl O Toriola - Investorsking.com

The Nigerian Copyright Commission (NCC) has taken legal action against MTN Nigeria Communications Ltd. and four individuals, including its Chief Executive Officer, Karl Toriola, over alleged copyright infringement.

The charges, filed in the Federal High Court, Abuja Division, revolve around the unauthorized use of musical works belonging to artist Maleke Idowu Moye.

According to the NCC, the defendants are accused of offering for sale, selling, and trading musical works of Maleke without his consent between 2010 and 2017. These works were allegedly used as Caller Ring Back Tunes without proper authorization.

The musical pieces in question include popular tracks such as “911,” “Minimini-wanawana,” and “Stop racism,” among others.

The commission further alleges that the defendants distributed these musical works to subscribers without authorization, infringing upon the rights of the artist.

The charges are based on provisions of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

As the case awaits assignment to a judge and a fixed date for mention, it marks a significant development in the ongoing efforts to uphold copyright protection in Nigeria’s telecommunications sector.

This legal action underscores the NCC’s commitment to safeguarding the intellectual property rights of artists and creators within the country.

MTN Nigeria, a major player in the telecommunications industry, now faces a legal battle that could have broader implications for how intellectual property rights are respected and enforced within Nigeria’s digital landscape.

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Telecommunications

MTN’s MoMo Sees 32.2% Surge in Transaction Volumes

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MTN Nigeria - Investors King

MTN Group’s mobile money platform, MoMo, has experienced a 32.2% surge in transaction volumes.

With 72.5 million active users, MoMo continues to solidify its position as a leading fintech service provider in Africa, tapping into the continent’s burgeoning mobile banking sector.

The company’s success underscores the growing trend of Africa’s young and tech-savvy population embracing mobile technology to address financial needs.

Mobile phones are increasingly becoming a tool for bridging gaps in services, particularly in banking, presenting a lucrative opportunity for wireless carriers like MTN to capitalize on the burgeoning fintech market.

MTN’s achievement comes as it finalizes a deal with Mastercard Inc., valuing its fintech business at an impressive $5.2 billion.

This strategic partnership further enhances MTN’s position in the digital finance space, positioning it for continued growth and innovation.

However, MTN is not alone in its fintech endeavors. Rivals such as Airtel Africa Plc, Safaricom Plc, and Vodacom Group Ltd. are also making strides in digital transformation, with plans to separate and monetize their fintech businesses in the long term.

Airtel Africa, for instance, is reportedly considering an IPO for its mobile money unit, indicating the high stakes and intense competition within the sector.

Despite the remarkable success in its fintech ventures, MTN faced challenges in its core telecommunications business, with service revenue growth slowing to 6.8%.

Inflation and currency devaluation in key markets, particularly Nigeria, impacted profitability, highlighting the complexities of operating in diverse African markets.

As MTN continues to expand its fintech footprint and invest in infrastructure to enhance connectivity across the continent, it remains poised to capitalize on the immense potential of Africa’s digital economy.

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