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MTN Nigeria Records Solid Performance in H1, 2019

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  • MTN Nigeria Records Solid Performance in H1, 2019

MTN Nigeria Communications Plc posted a 12.12 percent increase in revenue in the first half of 2019.

The unaudited results for the six months ended 30 June 2019 revealed that the telecom giant generated N566.946 billion in the first half, up from N505.667 billion realised during the same period of 2018.

Operating profit grew by 39.49 percent to N190.403 billion during the same period, again higher than the N136.501 billion recorded in the same period of 2018.

MTN Nigeria grew profit before tax by 30.86 percent from N108.354 billion to N141.797 billion. While profit for the first half of 2019 rose by 34.79 percent to N98.930 billion, up from N73.395 billion recorded a year ago.

Mobile subscribers increased by 3.3. million to 61.5 million during the period, giving MTN Nigeria edge over competitors and opportunity to push new products to the existing customers.

The report showed data revenue grew by 31.7 percent, largely due to the surge in the number of smartphone users.

The company said it added 2.5 million smartphones in the first half, increasing smartphone penetration by 2.1 percent to 39.2 percent.

Also, active data subscribers grew by 11 percent to 20.7 million while data traffic rose by 67 percent year-on-year.

The fintech unit of the company rose 21.2 percent year-on-year. This was before the company announced it has been granted super-agent fintech licence to offer a wide range of mobile financial services.

This should create additional opportunities and help the telecom giant further grow its revenue.

Key Highlights

  • Service revenue grew by 12.2 percent
  • Voice revenue expanded by 11.4 percent
  • Data revenue increased by 31.7 percent
  • Fintech revenue rose by 21.2 percent
  • Digital revenue declined by 64.5 percent
  • Mobile subscribers grew by 3.3 million to 61.5 million
  • Data subscribers rose by 2.1 million to 20.7 million

According to Ferdi Moolman, MTN Nigeria CEO, “We added 3.3 million customers to our network, increasing subscriber base to 61.5 million. Pleasingly, we saw data subscribers increase in the period by 2.1 million to 20.7 million.

“We made significant network investments to improve network quality and expand our 4G coverage. Our recent effort to revamp our data prices and accelerate our 4G network put us in a strong competitive position to offer more value to our customers, supporting data and voice revenue growth which will ultimately strengthen our business.

“We are pleased with obtaining a super-agent license from the Central Bank of Nigeria, which will enable us to build agent network and accelerate the growth our Fintech business.”

The company’s market capitalisation jumped 100 percent to N2.626 trillion.

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.

Banking Sector

TAJBank Deploys NQR Solution To Ease Customer Transactions

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TAJBank, Nigeria’s non-interest bank, has announced the deployment of the NQR Payment solution, an indigenous Quick Response Code (QRC) by the Nigeria Interbank Settlement Scheme (NIBSS), for merchants and customers as the newest addition to its innovative e-business channels.

The NQR Payment solution is a secure QR-code-based payments and collections platform developed for merchants and customers to receive and make payments for goods and services in a quick, easy, contactless and secure manner.

A statement signed by the Founder/Chief Operating Officer of the bank, Mr. Hamid Joda, indicated that the ingenious solution would further drive TAJBank’s culture of innovation and create a seamless payment experience for its rapidly growing individual and corporate customers in their banking transactions.

“We are excited to have this payment channel introduced into the nation’s financial system as an addition to other innovative solutions we have deployed over the past few months.

This is a proof that, as we have said in our communications signature line, TAJBank’s interest is always in our customers”, Joda enthused.

In his remarks, the non-interest lender’s Chief Marketing Officer/Co-Founder, Mr. Sherif Idi, also maintained that the deployment of the NQR payment solution would revolutionize the e-payment experience and open new frontiers for small, medium and large scale businesses who are major stakeholders of the bank.

Since it commenced operations in the non-interest banking segment of the financial services industry, TAJBank is noted for its impeccable track record of growth and innovation, rendering exceptional quality services to customers.

The lender’s NQR solution is open to all customers of the bank, both merchants and individuals, across all its branches and digital channels globally.

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Finance

African Development Bank’s First Virtual Business Opportunities Seminar of 2021, Draws 450 Global Partners and Suppliers

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The African Development Bank hosted its first virtual business opportunities seminar (BOS) of 2021 on 6 and 7 April.

The BOS seminars offer a one-stop shop for companies, civil contractors, manufacturers, consultants, and suppliers from the Bank Group’s regional and non-regional members seeking to provide goods and services to projects or to the Bank.

Held virtually as a result of the ongoing Covid-19 pandemic, delegates were informed about the Bank’s strategy for supporting economic growth, its priority areas, rules and procedures for project and corporate procurement, and ongoing public and private sector operations.

During the sessions staff discussed the sectors that offer opportunities for partners and suppliers: climate change; infrastructure, cities and urban development; industries and trade; finance and SMEs; agriculture; health, human capital, youth, and skills development.

“The Bank’s 2021 Business Opportunities Seminar was an impressive learning experience and an open door to interact virtually with different experts and gain insights into best practices and directions for conducting effective business approaches within the Bank,” said David Andrés Rojas Mejía, Senior Business Development Specialist at Catalonia Trade and Investment Promotion Agency.

Private sector partners contributed richly to the discussion, sharing their experience around partnering and contracting with the Bank. They included Kwame Boate, country director of TechnoServe Inc., (Ghana) and Cletus Kayenwee of the Rural Enterprises Program at the Ghanaian Ministry of Trade, who shared their experience contracting with the Bank on Ghana’s “One District One Factory” Enable Youth Program. The program aims to build the entrepreneurial capacity of graduate youth. Participants also heard from Abdelillah Zenjari, Deputy General Director of TEKCIM. He shared his experience partnering and obtaining a loan of €45 million to build a cement factory with a capacity of 1.4 million tons in the region of d’El Jadida in Morocco.

Over the years, the seminars have hosted approximately 2,500 delegates from 55 countries, with an average of 75% of delegates from non-regional member countries and 90% from the private sector.

For the Bank, the seminars increase interest in Bank-financed projects and enhance competition, thereby promoting higher-quality offers that deliver optimal value for money for its regional member countries.

“The sessions have also helped me to understand how to find opportunities for my firm by being better able to navigate your procurement framework and processes,” said Dede Watkin, Business Development Manager at Beale &Co, a participant.

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Finance

Nirsal: CBN Reopens Application for N50 Billion COVID-19 Loan for Households and Small Businesses

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The Central Bank of Nigeria has started receiving fresh applications for N50 billion COVID-19 loan for small businesses and households affected by the pandemic.

The CBN through Nirsal Microfinance Bank announced it has reopened its portal for households and Micro Small and Medium Enterprises (SMEs) affected by COVID-19 to access up to N25 million.

Bashir Ahmad, the Personal Assistant to President Muhammadu Buhari on New Media, disclosed this on March 10, 2021 via his Twitter handle.

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