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Six Nigerian Cities Get 5G Network as Telecom Firm Plans to Add More

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Telecommunications - Investors King

Exactly six major cities in Nigeria have become hosts to the fifth-generation network, popularly known as the 5G Network.

The cities are Abuja, Kano, Port Harcourt, Lagos, Enugu and Kaduna even as the network provider, Mafab Communications has disclosed efforts to expand the network in other cities.

On Thursday, the 5G was launched in Lagos State while Abuja, the nation’s capital territory, formally welcomed the fifth generation network.

However, the telecommunications firm has said it was yet to make the 5G public for commercial purposes whereby residents of the affected cities would be enjoying its services.

Investors King reports that presently, the fourth generation of broadband cellular network technology is the one that is being majorly used.

4G succeeded 3G network even as Nigerians have been yearning for upgrade in the broadband system.

Speaking at the recent launch in Lagos, Mafab Communications said it was leveraging already existing infrastructure for its 5G launch.

The Chairman of the firm, Dr Mushabu Bashir, said the telecommunications industry made history on Tuesday with the launch of its 5G Network in Abuja.

Bashir said the firm was motivated by the launch in FCT to choose Lagos for the installation of the facility.

Bashir said Mcom is desirous of having more coverage for Nigerians and accelerating its broadband services.

While noting that the firm’s plans are quite ambitious and realistic, Bashir reiterated the preparedness to take the latest network to other sites and cities across Nigeria.

It was gathered that the firm presently has less than 100 live 5G sites, but is targeting 100 live 5G sites in February, this year, to boost its coverage to other states.

The Public Relations Officer of Mafab’s Communications, Adebayo Onigbanjo, said the firm wants to concentrate on voice packages before improving its effort on the 5G coverage.

Onigbanjo said he was making efforts at having rollout across the country and expressed difficulty in disclosing certain number of transceiver stations.

He pointed out that voice is from day one of the launching date, adding that the opportunity that exists to do voice from day one is the existing infrastructure.

Mafab’s spokesperson said the national roaming would allow the firm to offer its customers voice services from day one while it rollout continuously the 5G infrastructure.

According to him, other operator that rolled out 5G lack nationwide 5G and that Mafab would ensure that the network circulates.

He said the firm was searching for markets to install base stations in those areas and continue to expand as traffic moves forward.

Speaking at the Lagos launch of the network, the Governor of the state, Babajide Sanwo-Olu, said more than 500,000 jobs have been provided by the telecommunications firm.

The governor, who was represented by the Lagos State Commissioner for Science and Technology, Hakeem Fahm, noted that the economy of the state has appreciated significantly owing to contributions and efforts of Mafab.

Specifically, for the economy of Lagos State in particular and Nigeria as a whole, Fahm said the telecommunications industry has contributed more than $70bn aside its job creation efforts.

According to him, there are many gains and prospects that the 5G network would usher to the state.

Describing 5G network as next level technology, the Commissioner expressed high optimism that the different sectors of the state economy, most especially in the security sector would have much improvements owing to the latest network.

 

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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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