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Stakeholders Seek investment, Active Participation in Nigeria’s ICT Sector

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ICT

Stakeholders have reiterated the need for investment in Nigeria’s Information and Communications Technology sector to boost its economy.

The views were expressed at this year’s Financial Services Innovators and Nigeria Association of Computing Students’ Innovative Challenge, tagged ‘#TechonDemand’ hackathon, according to a statement on Monday by Plexus Media Interlinks, the public relations agency for FSI.

The FSI and NACOS challenge held virtually from October 1 to 9, and physically from October 12 to 14, 2021.

The competition was organised to provide solutions in the digitisation of key sectors such as education, health, transport and financial services.

According to stakeholders at the event, Nigeria needs to invest in infrastructure and human capital development as well as promote indigenous contents in the ICT sector to boost its economy.

The Director-General, National Information Technology Development Agency, Kashifu Abdullahi, said, “The [Nigerian] government has rolled out initiatives to see how we can invest in our people, as we realise that our greatest assets are our people.

“The Ministry of Communications and Digital Economy’s policy is aimed at promoting indigenous content and helping Information Technology businesses to grow and thrive in Nigeria.”

The NITDA DG, therefore, called on Nigerian students to be innovative and to think of ways to use technology to solve problems and create wealth for themselves.

Abdullahi also urged them to leverage the FSI innovative challenge to create jobs.

“You do not need to start thinking of jobs after graduating. For you, the computer students, this is an opportunity to key into this,” he added.

The dream to build a global technology enterprise, the Executive Director of FSI, Mrs Aituaz Kola-Oladejo, said, would involve the active participation of every stakeholder, financial and non-financial institutions, fintechs and government agencies.

“I strongly believe that if we create an enabling platform for young innovators to thrive, we can make Nigeria a global leader in innovative technology,” she added.

The President, Nigeria Computer Society, Prof Adesina Sodiya, said NCS would continue to support and promote technological development and IT business for sustainable development of Nigeria.

On his part, the President of NACOS, Olamilekan Abolade, said, “We want to use our power as students to push for the rebirth of technology, which is the enabler for adequate innovations and ensuring productivity.”

Meanwhile, Wakanda, AAU and STEMInnovators emerged winners of the competition and the teams were awarded N1m, N500,000 and N300,000 prize money respectively.

FutureTrek, The Bells Team, Start Vest, GodHands, Halal Invest, Team KPT and Adashi, who came 4th to 10th positions also got a consolation prize of N100,000 each.

Team Wakanda presented a DigiPay, a USSD-based payments collection system, to clinch the star prize.

Presenting their solution, team Wakanda described DigiPay as a collection system that could allow merchants and associations in higher institutions to collect electronic payments from customers and members.

“The solution will enable the collection of payments for goods sold online, in physical stores or via social media, as well as for the collection of payments for associations in higher institutions,” the team added.

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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