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

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2 years ago

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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

US Continues to dominate Global FinTech Landscape in Q3 2024, Witnesses Funding of $2.7B

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4 days ago

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October 18, 2024

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fintech - Investors King

The US boasts of a bustling FinTech landscape with more than 7K funded companies and 137 active FinTech Unicorns. Though the US ranks first globally in terms of funding in the FinTech sector in Q3 2024, this is the least funded quarter in the past five years.

Q4 2021 was the highest funded quarter in this space, after which the funding started to experience a steady decline.

Tracxn, a leading global SaaS-based market intelligence platform, stated in its Geo Quarterly Report: US FinTech Q3 2024.

The US FinTech startup ecosystem raised $2.7 billion in Q3 2024, a 30% decline compared with $3.9 billion raised in Q3 2023 and a 40% decline from $4.5 billion in Q2 2024.

Late-stage funding in Q3 2024 fell 32% to $1.3 billion, from $1.9 billion raised in Q3 2023. Early-stage investments stood at $1.2 billion in Q3 2024, a drop of 29% from $1.7 billion in Q3 2023. Seed-stage funding, too, fell 49% to $186 million from $364 million in Q3 2023.

Three companies attracted funding of $200 million and above. Human Interest raised $267 million in a Series D round at a post-money valuation of $1.33 billion, while FLYR raised $225 million in a Series D round. Earned Wealth secured $200 million in a Series B round.

Three other companies reported $100M+ rounds, with Aven becoming the only new unicorn in the third quarter of this year, after raising $142 million at a valuation of $1 billion.

Finance and Accounting Tech, Payments and Investment Tech were the top-performing sectors based on funding in Q3 2024 in this space.

The Finance & Accounting Tech segment witnessed total funding of $643 million in Q3 2024, a drop of 34% compared to $967 million raised in Q3 2023.

Funding raised by the Payments sector fell 22% to $573 million in Q3 2024 from $737 million in Q3 2023. Investment Tech companies raised a total funding of $547 million in Q3 2024, 18% lower than the $669 million raised in Q3 2023.

The third quarter of 2024 was weak in terms of exits. None of the companies from the US FinTech sector went public in Q3 2024, as against one IPO each in Q3 2023 and Q2 2024.

The number of acquisitions too, fell to 48 in Q3 2024 from 54 in Q3 2023 and 62 in Q2 2024. ShareFile was acquired by Progress at a price of $875 million, and Stronghold Digital Mining was acquired by Bitfarms for $175 million.

Among US cities, San Francisco and New York City together accounted for 50% of the total funding raised by the sector in the third quarter of this year.

FinTech startups based in San Francisco raised $750.2 million, while those headquartered in New York City and Santa Monica raised $610.1 million and $225 million.

Y Combinator, Techstars and a16z are the overall top investors in this space. Y Combinator, Castle Island Ventures & Plug and Play Tech Center were the top seed-stage investors in Q3 2024, while Curql, Redpoint Ventures and Brewer Lane Ventures took the lead in early-stage investments.

The US government is taking several initiatives to stimulate investment and innovation in the FinTech sector, which could give a boost to these startups in the coming years.

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E-commerce

South Africa, Tunisia Record Job Losses as Jumia Shuts Down Outlets Over Diminishing Returns, Hopes on Nigeria, Others

Published

5 days ago

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October 17, 2024

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Jumia - Investors King

Africa-focused e-commerce retailer Jumia Technologies has announced its decision to shut down its South African online fashion retailer Zando and its Tunisian operations by the end of the year.

The development, Investors King gathered, followed diminishing returns in the countries which has been having significant impacts on the firm.

Francis Dufay, the Chief Executive Officer of the retailer giant, expressed strong confidence in Nigeria’s market, saying the firm will refocus on more profitable markets such as Nigeria.

Dufay said Jumia is aiming at more profits, hence, its decision to implement aggressive cost-cutting measures, which include reducing its workforce, exiting the everyday grocery and food delivery sectors, and scaling back delivery services unrelated to its core e-commerce business.

He said the trajectory of the South Africa and Tunisia did not align with the strategy of the group, citing complex macroeconomic conditions, a competitive landscape, and limited medium-term growth potential in these regions.

Stressing that the group’s exit plan is the right decision, Dufay emphasised that the move will allow the company to concentrate its resources on the other nine markets including Nigeria, where growth prospects are more promising.

Jumia’s remaining markets include Egypt, Kenya, Morocco, and Nigeria.

Dufay maintained that success in these regions could help recover volumes lost from the closures in South Africa and Tunisia.

Giving more facts on the level of shortage Jumia incurred in South Africa and Tunisia, he noted that Zando and the Tunisian operations contributed only 2.7% of total orders and 3% of Gross Merchandise Value during the first half of the year.

Zando.co.za, founded in 2012, has established itself as a prominent online fashion platform in South Africa. Meanwhile, Jumia’s Tunisian operations have been running under the Jumia brand for a decade, offering general merchandise.

Dufay confirmed that there are no plans to sell either operation, which will hold clearance sales before their shutdown.

Findings by Investors King revealed that no fewer than 110 persons will lose their jobs in the affected countries once the closures take effect.

Although some employees may be relocated within the company’s other divisions.

This decision comes shortly after South Africa’s largest online retail group, Takealot, announced the sale of its fashion subsidiary, Superbalist, amid rising competition from fast-fashion e-commerce giants like Shein and Temu. Dufay acknowledged that the growth potential in South Africa is increasingly challenging due to the highly competitive environment.

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Telecommunications

MTN, Telecom Firms Urge Government Support for Tariff Hike Amid Economic Downturn

Published

5 days ago

on

October 17, 2024

By

Telecommunications - Investors King

MTN Nigeria and other telecommunication companies have requested that the federal government support their plan to increase tariffs to ensure business continuity.

The request was made due to the current economic downturn that has hindered the operations of many companies.

During a panel session at the 30th Nigerian Economic Summit on Tuesday in Abuja, titled Navigating Business Growth in a Volatile Environment, MTN’s Chief Financial Officer (CFO), Modupe Kadri, highlighted that Nigeria’s economy, impacted by foreign exchange fluctuations, has affected the effective functioning of the telecommunications industry, including MTN.

Kadri noted that with the current economic situation, the electricity and fuel sectors have experienced increases.

He therefore said for the telecom sector to remain viable, the federal government must allow similar adjustments in the telecom industry.

According to him, the telecommunications industry is also facing challenges because much of their equipment is heavily import-dependent. Despite this, the sector has not received regulatory approval to adjust its prices for over a decade.

“For ten years now, telecommunication companies haven’t been permitted to increase prices, and this regulation is not providing us with a level playing field to operate. If we are to stay in business, this policy must be reviewed, similar to how electricity and fuel prices are adjusted to reflect current economic realities,” he stated.

“Our business is mainly dependent on foreign exchange, so customers need to understand that for them to receive the services they desire, it costs money,” he added.

He noted that just like the electricity and fuel industries contribute to the nation’s GDP, the telecommunication industry also contributes to the nation’s GDP, and similar measures should be applied across sectors.

“The telecommunications industry contributes 16 percent to the GDP, and it is not something that you can mess around with,” he reiterated.

Kadri therefore sought government intervention to increase tariffs to ensure business continuity.

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