Carbon, a Nigerian leading digital bank, has said it processed ₦96.54 billion or $240 million payments in the 2020 fiscal year.
This represents an increase of 89 percent when compared to the same period of 2019.
In the startup’s ‘a year in review’ released in January 2021, it said disbursement for its lending arm was ₦25.21 billion or $63 million, an increase of 9.1 percent from FY2019.
Also, investments estimated at ₦13.02 billion or $32.55 million was made during the period under review, representing a whopping 365 percent increase from FY2019.
The ‘a year in review’ is usually before the annual report.
“Our annual report will be released in the second quarter after our financial audit has been concluded. If you recall, we released a year in review in January 2020 before we released the fiscal year of 2019 report,” he told media.
Carbon attributed the strong performance to the iOS app launched last year helped drove customer acquisition and also the launching of USSD banking for lower-income customers. It added that a social chat feature that enables faster transactions as well contributed to growth in the 2020 fiscal year.
Founded by Chijioke Dozie and Ngozi Dozie in 2012, Carbon is backed by a $15.8 million VC company and the only unlisted company or fintech company transparent enough to reveal its financial statements.
NCC Announces Airtel as the Sole Bidder for the Second 5G Spectrum Auction
The Nigerian Communication Commission (NCC) has announced Airtel Network Limited as the sole bidder for the 5G spectrum scheduled for auction on December 19, 2022.
Airtel has since deposited $27.36 million ahead of the auction.
According to the NCC, only two telecom companies, Airtel Africa and Standard Network & Connections Limited expressed interest in the auction as of the stipulated deadline which was Monday, December 5, 2022.
Therefore, the NCC noted that there would be no auction as Airtel would be assigned one of the available lots of 100 MHz TDD Spectrum in the 3.5 GHz band.
Investors King understands that the $27.36 million deposit is 10 percent of the reserve price for the spectrum fixed at $273.6 million. The same price was paid by MTN and Mafab Communications before the 5G spectrum was allocated to them individually.
MTN on its part has since launched its 5G network in some cities which include Abuja, Lagos and Ibadan. The 5G network promised to enhance connectivity and stimulate broadband penetration in Nigeria.
NCC further stated that an extension sought by Standard Network can not be granted owing to the auction timetable which had earlier been published.
The statement by NCC partly read “Only Airtel paid the Intention to Bid Deposit as stipulated in the Information Memorandum (IM) whereas, Standard Network sent an email appeal for the deadline to be extended by 12 working days which was not acceptable in view of the auction timetable”.
“Having met all the provisions in the IM, Airtel has, therefore, emerged as the sole bidder. Consequently, there shall be no further bidding and the Commission will proceed to the assignment stage in line with the published Information Memorandum guiding the licensing process,” the statement added.
M-Pesa Rallonge, Financial Inclusion Takes Another Step
M-Pesa Rallonge service, M-Pesa is simultaneously facilitating the process of financial inclusion for all while also improving lives for the better
VodaCash, in partnership with Access Bank, launched its new service M-Pesa Rallonge this Tuesday, December 6th, 2022.
A joint press conference was hosted at Silikin Villag before officially launching the product. Pamela Ilunga, Deputy Managing Director of Vodacom Congo, and Hashim Mukudi, Managing Director of VodaCash, were present along with Access Bank Commercial Director, Adrien Chensham Mbele.
With the M-Pesa Rallonge service, M-Pesa is simultaneously facilitating the process of financial inclusion for all while also improving lives for the better. Currently, over 20% of the daily transactions are canceled due to insufficient balance. For customers, this can be frustrating, especially in emergency situations.
In her opening speech, Pamela Ilunga, Deputy Managing Director of Vodacom Congo, stated, “M-Pesa has been on a journey since its introduction in 2012. Undeniably, M-Pesa has been a solution to financial inclusion for the population of the DRC as well as complementing our different customers’ lifestyles. This has made us the mobile financial institution of choice.”
This partnership with Access Bank allows VodaCash to advance on its mission to provide accessible financial services to remote areas and ensure all Congolese have access to basic necessities. Initially, the focus was providing fundamental services such as domestic money transfers and the purchase of airtime. Over time, M-Pesa has expanded to include services such as forex, paying TV, and bills.
Hashim Mukudi, Managing Director of VodaCash, also announced that “several more collaborations with M-Pesa are coming up, each tailored towards advocating inclusivity and improving customers’ lifestyles, aligning with the 2030 SDGs ‘No poverty’ and ‘reducing equality’. “
Pamela Ilunga added, “At Vodacom, we believe that ‘Together We Can’. We can make an impact on the economy. We can participate in and promote the digital revolution that is currently taking place in the DRC. M-Pesa Rallonge is only the first of several more services we are developing to improve lives and facilitate access to financial services using eco-responsible processes.”
The Deputy Managing Director of Vodacom Congo closed her speech by commending their partner, Access Bank, for sharing the same vision of “responding to the real needs of the Congolese population to financial inclusion and providing a platform that will allow its customers to use this new product.”
Airtel Africa Receives $194 Million Loan Facility From IFC
Airtel Africa partners with IFC, a member of the World Bank Group to connect even more Africa
Africa’s leading telecommunications and mobile money services, Airtel Africa has signed a new $194 million credit facility with the International Finance Corporation (IFC), a subsidiary of the World Bank.
According to the telecommunications giant, the new financing facility is in accordance with the company’s strategy to improve debt within its operating firms and support operations in key African markets.
The eight years tenor credit facility will help Airtel Africa support operations and investments in the Democratic Republic of Congo, Kenya, Madagascar, Niger, Republic of Congo and Zambia.
Also, it would help provide more diversified access to local funding, the company stated in a statement signed by Simon O’Hara, Group Company Secretary and obtained by Investors King.
In line with IFC requirements for a loan facility, Airtel Africa is expected to deepen its Social and Environmental Sustainability and has put in place a dedicated Environmental and Social Action plan.
This, Airtel said would deepen its commitment to changing the lives of people in the communities in which it operates and provides clarity on how the Group can help address inequality and support economic growth in these communities.
Commenting on the facility, Segun Ogunsanya, Chief Executive Officer, Airtel Africa said: “I am very excited to announce the signing of this new facility with IFC. Not only does it align with our focus on improving our balance sheet through localising debt within our OpCos, but as we make progress on our sustainability journey it also supports our commitments and ability to meet strong ESG criteria. I look forward to working closely with IFC in the coming years as we explore further opportunities to support the economies and communities where we operate.”
On the part of IFC, Sérgio Pimenta, IFC Vice President for Africa, has this to say: “The COVID-19 pandemic has made mobile connectivity even more urgent for both social and economic development. Helping more people connect to affordable and fast internet networks is a priority for IFC in Africa, especially in the continent’s lower-income countries. The partnership with Airtel Africa will help achieve this.”
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