Elon Musk’s satellite internet service, Starlink has been revealed to be more expensive than the local internet services in Nigeria.
This was revealed after the Nigerian Communications Commission (NCC) granted Starlink the license to function in Nigeria.
In a statement contained by the NCC, it was learned that the service had been granted two licenses to operate in the country.
Investors King gathered that the two licenses include the International Gateway license and Internet Service Provider (ISP) license, of which both will be trading as Starlink Internet Services Nigeria Ltd.
Further findings revealed that the International Gateway license is valid for ten years, whereas the ISP license is valid for five years, according to NCC. Both licenses become effective from May 2022.
The tech billionaire, Elon Musk affirmed the operation in Nigeria with a tweet stating “Starlink approved by Nigeria and Mozambique.”
Starlink provides much-needed competition to Nigerian telecom providers MTN, Globacom, Airtel, and 9Mobile, which have been forced to compete against one other without upgrading their internet service.
However, Starlink is a more expensive choice than existing equivalent internet services in Nigeria, which cost an average of N20,761 ($50). It costs ($599) N248,716 for a full kit, which includes a terminal, mounting tripod, and Wi-Fi router, plus $110 (N60,500) for purchase and monthly membership. The whole kit costs around $2,500 (1.375 million) and $500 (275,000) per month for its premium service.
This price range is considered to be out of reach for the average Nigerian unless it presents a unique offering for the Nigerian market.
The first 60 Starlink satellites were launched by SpaceX in 2019. Since then, over 2,000 have entered orbit, forming part of a constellation of over 12,000 stars. The initiative, dubbed Starlink, promises to offer high-speed internet to every part of the globe.
In January 2015, Elon Musk, revealed the Starlink concept, indicating that the business planned to launch only around 4,000 broadband satellites into low-Earth orbit to provide low-cost internet. Before Starlink, there were only roughly 2,000 operational satellites in orbit, and humanity has only launched around 9,000 vessels into space throughout history.
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.
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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