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4G Has 4% Users in Nigeria -Report

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Despite the hype about the ubiquity of 4G connections by the telcos in the country, 44 per cent of mobile subscribers in the country are using 3G technology while only four per cent use 4G technology as compared to over 18 per cent 4G penetration in South Africa and 16 per cent in Angola, a new report, Jumia Mobile Report, unveiled has shown.

According to the Nigerian Communications Commission (NCC), the country has more than 63million subscription on broadband while in the voice segment, there are 173million lines as at March this year which translates to 91 per cent teledensity.

According to the report, the country will be the only one in Africa to contribute 700 million new global subscribers by 2025.

Telecommunications and Information Services, a sub-sector of the Information Communications Technology (ICT), contributed 77 per cent of the entire sector’s contribution to the gross domestic product (GDP). Overall, the mobile telecoms sub-sector contributed 7.4 per cent to the country’s total GDP last year, compared to 5.5 per cent in 2017.

Nigeria’s mobile broadband penetration is forecast to rise to 55 per cent of the population by 2025, with 70 per cent having 3G connectivity and 17 per cent having access to 4G networks.

The report noted that 5G network with the 26 gigahertz (GHz), 38 GHz and 42 GHz spectrum bands will be rolled out by 2020 while some 700 million new mobile subscribers from various countries across the world will push the total number of global mobile subscribers to six billion between now and 2025.

Interestingly, Nigeria has been identified among these countries, with others being India, China, Pakistan, Indonesia, United States (U.S.), and Brazil. “It is predicted that Nigeria will contribute four per cent of the estimated 700 million new global mobile subscribers, making it the only country in Africa marked with a significant contribution to increasing mobile penetration in the world. By this quota, it is expected that 28 million new mobile subscribers will emerge from Nigeria between 2019 and 2025, that is, an average of seven million new mobile subscribers annually, if the country is to meet its quota,” the report said.

It said Asian brands have consistently enjoyed massive patronage because of their Africa-specific strategy of introducing lower price point smartphones into the Nigerian market. In 2018, Fero, Samsung, Nokia, Infinix and Tecno remained the customers’ favourites and the top-selling mobile brands on Jumia. “It is interesting that a one-time king of mobile phone, Nokia is gradually returning to the limelight, riding on its durability claim. Infinix continues to lead the pack, year on year. The average price of smartphones continues on a downward trajectory, as it dipped to $95 in 2018, from $117 in 2016, and $216 in 2014. This development is laudable as again, the major driver of this trend is attributed to the influx of Asian brands specifically targeted for the Nigerian market,” it added.

During the period under review, across the globe, there were over five billion unique mobile subscribers, and 60 per cent of the connection was through smartphones. Internet users peaked at 3.6 billion, that is, almost half of the world population had mobile internet access.

“In Nigeria, there were over 172 million mobile subscribers, accounting for a penetration rate of 87 per cent of the population. This figure represented a 6.4 per cent growth increase, compared to 162 million subscribers in 2017.

“Over 112 million Nigerians had access to the internet in 2018, representing 56 per cent of the population. This accounted for an increase of 14.32 per cent year-on-year from 2017. The availability of lower price point phones still remains the major driver of smartphone penetration. At the end of 2018, there were over 36 million smartphone users, representing a penetration of 18.37 per cent. While the number of smartphone users might have increased year-on-year, its penetration is still very insignificant.

“Internet connectivity and the availability of affordable smartphones continue to drive an increasing uptake of social media networks. The number of active social media users rose from 17 million in 2017 to 24 million at the end of 2018. This represents a 12 per cent penetration of the country’s population,” the Jumia Mobile Report said.

In 2018, Chrome continued to lead the pack among the four major browsers Jumia customers use to access the website, taking up 43 per cent. The reason for this is simple: Chrome has higher system requirements, which make customers’ browsing experience faster. Eighteen per cent of Jumia customers accessing the website did so via Android Webview. Opera Mini on the other hand, is a lighter browser in terms of data usage and is popular among new mobile internet users who have lower incomes and can’t afford costly internet data packs; and took up 16% per cent. Other browsers used, accounted for 23 per cent.

Notably, 57 per cent of Jumia customers visited the website via mobile web, 28% via the mobile App and 15 per cent via the Desktop in 2018.

There is however, an increasing migration from shopping on the mobile web to the Jumia App. This shift, although gradual, is attributed to the fact that the App consumes less data, is more convenient and more affordable due to the frequent discounts offered. It is a commendable development, and a higher conversion is expected in 2019.

Nigeria’s largest commercial city, Lagos, had the highest number of mobile phone orders in 2018, followed by Abuja, Rivers (Port Harcourt), Edo, and Delta. The mobile phone category still remains one of the top selling categories on the Jumia website

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Fintech Companies Raised $554 Million in Investment Last Week

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Financial Technology Firms Raised $554 Million Investment Capital Last Week

Financial Technology (Fintech) companies raised a combined $554.17 million from investment rounds last week.

A data compiled by Finbold showed the top 25 fintech firms were led by Razorpay and Wealthsimple.

Razorpay, a payment platform, raised $100 million to account for 18.04 percent of the total amount raised during the week. This was followed by Wealthsimple’s $87 million.

Deepwatch came third with $53 million while NYDIG and M1 Finance came fourth and fifth with $50 million and $45 million, respectively.

Other noteable fintechs include Extend $40 million; FOSSA $30.55 million; +Simple $23.75 million; Finexio $23 million; and Sonrai Security $20 million.

On the other hand, Evolve Credit was the last among the 25 companies. It raised $0.025 million while Upside Saving raised the second least fund at $0.42 million. Also, they were the two firms that raised below $1 million in the week under review.

Oliver Scott, a Finbold editor, who spoke on funding in the fintech sector, said “Notably, venture capital is still the primary source of funding for fintech startups. However, new trends indicate a high level of private equity and debt financing. Additionally, more funding activity is concentrated around later funding rounds. The sector is also witnessing a rise in IPOs and acquisitions. Such trends are pointing to a maturing market.”

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Snapchat Adds 39 Million Daily Active Users YoY Representing 18% Growth

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Snapchat Daily Users Increase by 39 Million YoY, a 18 Percent Increase

Data presented by Buy Shares indicates that Snapchat daily active users have grown by 39 million on a Year-Over- Year basis. The addition represents a growth of 18.57%.

Pandemic spurs Snapchat’s DAU growth

During Q3 2019 the daily active users stood at 210 million while the figure was 249 million as of Q3 2020. Between Q3 2018 and Q3 2020 Snapchat’s daily active users have grown by 33.87%.

After witnessing a rise in daily active users the numer slumped between Q1 2018 and Q4 2018 with a percentage drop of 2.61%.

The research also overviewed Snapchat’s number of daily active users based on regions. As of Q3 2020, North America recorded the highest number at 90 million, a growth of about 7% from a similar period last year.

Commenting on the recent surge in Snapchat’s daily active users, Buy Shares researcher Justinas Baltrusaitis said:

After taking a dip in users around 2018 Snapchat began witnessing a steady rise from the end of last year. The platform’s 2020 numbers have been boosted by the coronavirus pandemic.During the health crisis, most people were confined to their homes and turned to social platforms like Snapchat for entertainment.”

Europe has 72 million active daily users as of Q3 2020, a growth of 10% from Q3 2019. Elsewhere during Q3, 2020 the rest of the world had 87 million daily active users.

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UK Imposed €132.7 Million of GDPR Fines, more than Germany and Italy Combined

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UK Imposed €132.7 Million of GDPR Fines, more than Germany and Italy Combined

The General Data Protection Regulation (GDPR) continues causing hefty fines and penalties for businesses and organizations across European countries even two years after coming into force.

According to data presented by Buy Shares, the United Kingdom tops the list of the most expensive data breach penalties with €132.7 million in total value of GDPR fines, more than German and Italy combined.

Cumulative Value of GDPR Fines Hit €344 Million, a €119 Million Increase in 2020

The primary reason for such a high cumulative value of GDPR fines in the United Kingdom is the data breach penalty imposed by the UK’s data protection authority, ICO, to Marriott International. In November 2018, the American multinational company was fined with €110.4 million after reporting a cyber incident that exposed nearly 340 million guest records.

Last week, the ICO fined British Airways €22 million for failing to protect the personal and financial details of more than 400,000 of its customers, the second-largest GDPR fine in the United Kingdom. The penalty is considerably smaller than the €204.6 million that the ICO initially said it intended to issue back in 2019 after the Magecart group used card skimming to collect the personal and payment information of British Airways` customers.

Far below the United Kingdom, Germany ranked as the second-leading country in Europe with €61.6 million in the cumulative value of GDPR fines, revealed the GDPR Enforcement Tracker data. On October 1st, 2020, H&M Hennes & Mauritz Online Shop was fined with €35.2 million for the insufficient legal basis for data processing, the severest GDPR penalty in the country.

Italian data protection authority (Garante) imposed €57.3 million worth of GDPR fines so far, ranking in third place among European countries. On January 15th, 2020, telecommunications operator TIM was fined €27.8 million for unlawful data processing, non-compliant aggressive marketing strategy, and invalid collection of consents, the steepest penalty in Italy.

France ranked fourth among the European countries with €51.3 million worth of GDPR fines. Austria, Sweden, and Spain follow, with, €18 million, €7million, and €3.9 million, respectively.

Statistics indicate the cumulative value of GDPR fines and penalties hit over €344 million in October, with almost €119 million worth of new fines imposed in 2020.

Top Five GDPR Penalties Account for 70% of Cumulative Fine Value

Behind Marriott’s €110.4 million worth GDPR fine, Google holds second place on the list of the highest data breach penalties. The US tech giant was fined €50 million by France’s data protection regulator, CNIL, for not providing enough information to users about its data consent policies and control in using their data.

H&M Hennes & Mauritz Online Shop ranked third on this list with €35.2 million worth GDPR fine. Italian telecommunications operator TIM and British Airways round the top five list with €27.8 million and €22 million, respectively.

Statistics show the five biggest data breach penalties cost more than €245 million, or 70% of cumulative GDPR fine value.

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