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Nigeria’s Internet Subscribers Hit 119.5m in April



  • Nigeria’s Internet Subscribers Hit 119.5m in April

More Nigerians are taking advantage of growing internet opportunities and comfort that comes with mobile and financial technologies.

The number of internet subscribers in Nigeria rose from 115.9 million in March to 119.5 million in April, the Nigerian Communications Commission (NCC) reported. This represents an increase of 2.9 percent or 3.6 million new internet subscribers.

Breaking down the numbers, the newly listed MTN Nigeria gained the most in terms of numbers, gaining 6.9 percent or 3.5 million new internet subscribers in April to take its total internet subscribers to 50 million.

Followed by Nigeria’s indigenous telecommunication company, Globacom. Glo added 0.7 percent or 191,005 new internet subscribers to 28.4 million recorded in March to 28.6 million in April.

Airtel Nigeria impressed additional 94,472 new internet subscribers to take its total internet subscribers to 31.3 million, slightly ahead of Globacom.

Visafone added 9,570 new internet subscribers or 12.9 percent in April to increase its subscriptions to 73,646. The highest increase in terms of percentage.

The embattled 9mobile, however, lost 201,050 internet subscribers in April, plunging its total subscriptions by 2.1 percent to 9.4 million.

Growing internet opportunities and efficiency of financial technologies are compelling more Nigerians to subscribe to internet service.

A recent report put Africa’s internet users at 240 million, suggesting that Nigerians account for about 50 percent of the total number of Africans connected to the internet.

Dapo Alade, a software engineer and digital entrepreneur, attributed the increase to affordability.

He said: “This could be a result of affordable Android phones in the market. If you look at the statistics of accessibility channels, a large number of Nigerians access the internet through their mobile phones.”

Therefore, he said as more Nigerians continue to acquire internet-enabled mobile devices, internet subscription service will continue to flourish and with technology companies building engaging and easy to use mobile applications, minutes spend online will also increase.

Despite the surge in internet users, subscribers are complaining of the high cost of staying connected to the internet in Nigeria.

Bethel Ikoro, a business and economic researcher at Investors King, said internet subscription is still a challenge to many Nigerians going by the current rate of subscriptions.

According to her, a look at MTN Nigeria comment section on social media will show one that most of the quoted internet subscribers are not happy with their current service despite paying huge to stay connected.

She, however, said networks that “gives more data for the same rate like Glo, have sluggish networks.”

“Service providers need to do more to deepen internet growth in Nigeria. It is not enough to increase the number but efficiency through affordable and fast internet service can help ease the unemployment rate,” she stated.

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


Nigeria’s Fintech Startups Raised $122 Million in 2019




Financial Technology Startups in Nigeria Raised $122 Million in 2019

Financial Technology (fintech) startups in Nigeria raised a combined $122 million in 2019, according to the Nigerian Stock Exchange (NSE).

Mr. Olumide Bolumole, the Divisional Head of Listings Business, NSE, disclosed this while speaking on the fintech industry and its growth in recent years.

“The Fintech industry in Nigeria continues to gain increasing popularity after taking the lead in Africa and attracting $122 million in funds in 2019.

“At the exchange, we recognise the opportunity to provide a platform where players in the Fintech landscape can have easier access to right-sized capital to fulfil their organisational objectives.

“The NSE is, therefore, committed to developing multiple solutions to address the needs of the Fintech community in Nigeria such as the provision of the NSE Growth Board.

“The exchange will also prioritise collaborations with organisations such as FinTechNGR to ensure solutions from this webinar are implemented for the benefit of the sector,” he said.

However, with just about 200 fintech companies in Nigeria, the sector is still young and just emerging with room for growth, considering the fact that most Nigerians are still unbanked.

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Fintech Companies Raised $554 Million in Investment Last Week




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




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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