Nigeria, a developing country, is currently ahead of developed nations like the United Kingdom and the United States, and the world’s most populous nation, China, in global mobile web traffic.
The country recently recorded the highest mobile web traffic in the world for 2021.
A recent report revealed that smartphone users accessing the web in Nigeria account for 82.63% while India follows behind with 73.8%. Turkey emerged third, with 68.52 percent while Singapore, China, and the United Arab Emirates (UAE) emerged fourth, fifth, but surprisingly, developed nations were stuck in the 40%-50% bracket.
A breakdown of this analysis further revealed that Nigeria usage of the web through mobile phones surpassed that of UK (47.20%), Germany (43.81%), United States (48.77%), Spain (51.46%), Italy (49.54%), and France (48.91%).
Reacting to this, StockApps editor, Vyom Chaudhary noted that cheap data was fueling the rise of mobile web traffic among Nigeria and other developing countries.
“The disparity between different nations is down to multiple reasons. One of the major factors is the availability of cheap mobile internet in various developing economies.
“Furthermore, the relatively easier access to mobile phones over computers allows the former to become the preferred mode for internet users in developing economies”, he noted.
Investors King recalls that experts had earlier projected that 2022 will be a unique transition year for the telecom industry. The Nigerian Communications Commission (NCC) had stated that the ongoing implementation of the new Nigerian National Broadband Plan (NNBP), 2020-2025 and its Strategic Vision Plan (SVP), 2021-2025 is instrumental in driving development of new technologies and local content in Nigeria.
According to Statista, in 2021, it was estimated that mobile broadband subscriptions reached 83.2 active subscriptions per 100 inhabitants of the global population. The highest rate of mobile broadband was in Europe where there were 105.3 mobile broadband subscriptions for every 100 inhabitants.
The United Arab Emirates (UAE) and South Korea boast some of the fastest average mobile internet connections in the world, with each of these countries registering average speeds in excess of 200 Mbps as of October 2021. UAE was the fastest, with an average connection speed of 273.87 Mbps, considerably higher than the runner-up South Korea, which registered average mobile connection speeds of 214.47 Mbps.
Leatherback Set for International Growth as EFCC Drops all Fraud and Misconduct Allegations
Nigeria’s Economic and Financial Crimes Commission (EFCC) has dropped all allegations of fraud and misconduct against Leatherback, a leading financial services technology company, and the company’s CEO, Toyeeb Ibrahim Ibitade.
In November 2023, EFCC announced that it had been made aware of the possibility of fraudulent activities on the Leatherback platform, leading to an investigation into the company’s operations to establish the facts. Cooperating fully with EFCC and working transparently with the organisation’s officials to provide a forensic view of its operations, Leatherback was able to unequivocally prove its innocence, leading the EFCC to drop all allegations and take down all previous communications on its website and social media platforms (Facebook, Instagram, and Twitter) around the matter.
Leatherback supported the EFCC investigation by making over 5,000 printed documents available to officials to enable as much clarity as possible. Leatherback also filed Suspicious Activity Reports (SARs) in the UK and Nigeria.
According to Toyeeb Ibrahim Ibitade, CEO of Leatherback, “I am relieved to see the end of this arduous episode, but I am even more delighted to see that myself and Leatherback, as an organisation, have been completely cleared of all wrongdoing. With this episode firmly behind us, we are poised to accelerate our mission to provide a single access point that empowers individuals and businesses to be truly global, delivering best-in-class financial, payment, and commerce solutions that remove barriers to global growth and mobility for all citizens of the world.”
Headquartered in London, Leatherback is regulated in the United Kingdom, Nigeria, Ethiopia, Canada, India, Pakistan, Nepal, and Sri Lanka, enabling the platform to serve customers across a wide range of markets effectively. Tens of thousands of individuals and businesses already use the platform to support business and lifestyle opportunities every day. Leatherback is also FCA Authorised, PCI DSS Compliant, and ISO Certified.
Leatherback offers financial services to businesses and individuals in multiple countries with no restrictions. Users can access up to 15 currencies from 21 countries, including NGN, GBP, INR, EUR, USD, and many other currencies. Users can also send and collect money locally and internationally, with invoicing, analytics, and permissions features available for businesses.
For more information, please visit: http://www.leatherback.co
Carbon Acquires Vella Finance to Enhance SME Offerings
Digital financial services provider Carbon has completed the acquisition of Vella Finance, a Nigerian fintech company specializing in serving small and medium-sized enterprises (SMEs).
The acquisition, announced through an official statement on Wednesday, signifies Carbon’s strategic move to bolster its SME offerings.
Although the financial details of the transaction were not disclosed, Carbon’s acquisition of Vella Finance, founded two years ago under its parent company, One Credit Limited, underscores its commitment to expanding its footprint in the fintech space.
Vella Finance’s expertise in AI-powered SME banking solutions particularly caught the attention of Carbon.
Through this acquisition, Carbon aims to leverage Vella Finance’s innovative technology to provide actionable insights from financial transactions to its SME customers.
Tolu Adedayo, co-founder and COO of Vella Finance, expressed enthusiasm about the integration, noting that several team members from Vella Finance have joined Carbon following the acquisition.
Adedayo further revealed that Vella Finance’s 8,000 SME customers would be transitioned to Carbon Business in the near future.
Chijioke Dozie, co-founder of Carbon, emphasized the alignment of values and vision between Carbon and Vella Finance, highlighting the potential for synergies and growth in the SME banking segment.
The acquisition marks a significant milestone for both companies as they aim to revolutionize financial services for SMEs in Nigeria.
Alibaba Eyes Gulf Expansion, Seeks Partnerships in Saudi and UAE Markets
Alibaba Group Holding Ltd., the prominent Chinese e-commerce giant, is actively pursuing expansion into the Gulf region, notably in Saudi Arabia and the United Arab Emirates (UAE).
Alibaba’s president, Michael Evans, revealed the company’s strategy during a panel discussion at Dubai’s World Government Summit, highlighting a commitment to local partnerships as a key aspect of their approach.
Evans underscored Alibaba’s recent endeavors in Saudi Arabia, indicating a concerted effort to deepen its presence in the region’s burgeoning e-commerce landscape.
The move signifies Alibaba’s strategic pivot towards collaborative ventures following a period of strategic realignment prompted by government scrutiny and leadership changes.
The Gulf’s growing ties with China, driven by mutual economic interests and investment diversification initiatives, present an opportune moment for Alibaba’s expansion efforts.
However, geopolitical complexities, including heightened US scrutiny of China-linked entities, add a layer of challenge to Alibaba’s Gulf aspirations.
As Alibaba seeks to reclaim its leadership position in the global tech industry, the pursuit of partnerships in Saudi Arabia and the UAE underscores the company’s adaptive approach to international expansion.
The success of these ventures could potentially reshape the Gulf’s e-commerce landscape and deepen economic ties between the region and China.
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