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Nigeria’s Internet Subscribers Hit 119.5m in April

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Internet Users - Investors King
  • Nigeria’s Internet Subscribers Hit 119.5m in April

More Nigerians are taking advantage of growing internet opportunities and comfort that comes with mobile and financial technologies.

The number of internet subscribers in Nigeria rose from 115.9 million in March to 119.5 million in April, the Nigerian Communications Commission (NCC) reported. This represents an increase of 2.9 percent or 3.6 million new internet subscribers.

Breaking down the numbers, the newly listed MTN Nigeria gained the most in terms of numbers, gaining 6.9 percent or 3.5 million new internet subscribers in April to take its total internet subscribers to 50 million.

Followed by Nigeria’s indigenous telecommunication company, Globacom. Glo added 0.7 percent or 191,005 new internet subscribers to 28.4 million recorded in March to 28.6 million in April.

Airtel Nigeria impressed additional 94,472 new internet subscribers to take its total internet subscribers to 31.3 million, slightly ahead of Globacom.

Visafone added 9,570 new internet subscribers or 12.9 percent in April to increase its subscriptions to 73,646. The highest increase in terms of percentage.

The embattled 9mobile, however, lost 201,050 internet subscribers in April, plunging its total subscriptions by 2.1 percent to 9.4 million.

Growing internet opportunities and efficiency of financial technologies are compelling more Nigerians to subscribe to internet service.

A recent report put Africa’s internet users at 240 million, suggesting that Nigerians account for about 50 percent of the total number of Africans connected to the internet.

Dapo Alade, a software engineer and digital entrepreneur, attributed the increase to affordability.

He said: “This could be a result of affordable Android phones in the market. If you look at the statistics of accessibility channels, a large number of Nigerians access the internet through their mobile phones.”

Therefore, he said as more Nigerians continue to acquire internet-enabled mobile devices, internet subscription service will continue to flourish and with technology companies building engaging and easy to use mobile applications, minutes spend online will also increase.

Despite the surge in internet users, subscribers are complaining of the high cost of staying connected to the internet in Nigeria.

Bethel Ikoro, a business and economic researcher at Investors King, said internet subscription is still a challenge to many Nigerians going by the current rate of subscriptions.

According to her, a look at MTN Nigeria comment section on social media will show one that most of the quoted internet subscribers are not happy with their current service despite paying huge to stay connected.

She, however, said networks that “gives more data for the same rate like Glo, have sluggish networks.”

“Service providers need to do more to deepen internet growth in Nigeria. It is not enough to increase the number but efficiency through affordable and fast internet service can help ease the unemployment rate,” she stated.

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.

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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