Telecom
5G: CBN Gives Telcos Forex Priority
Central Bank of Nigeria (CBN) has placed the telecommunication sector on the priority list for access to foreign exchange.
This is coming ahead of the deployment of fifth generation technology (5G)
The Global System for Mobile Communications Association in late 2021 said Nigeria needs about $500m and 6000 base stations to roll out 5G in 10 cities.
The CBN’s decision means telcos can now access adequate forex to acquire major equipment from overseas for 5G deployment, and enhance their other forex-related activities.
In November 2021, Gbenga Adebayo, chairman, Association of Licensed Telecoms Operators of Nigeria (ALTON), said lack of seamless access to forex and other factors were affecting the growth of the sector.
However, in an interview with the Punch, Adebayo said the CBN’s latest decision meant telcos could access adequate forex to fulfill their international obligations and invest in infrastructure as well.
He said, “We are grateful to the CBN for this listing, for the priority consideration. We are also grateful to the minister for his intervention in this regard.
“This will allow players to honour our international obligations. As you are aware, international traffic is exchanged with foreign countries, so operators can honour the obligations (with equipment suppliers and bandwidth providers), all of those activities which supply support for the industry are denominated in foreign exchange.
“The other thing is that it enables procurement of equipment. It makes it easier to procure software and hardware. It will help the development of the sector. Also, now that we are talking about the 5G rollout, the players will have better access. It is for the good of all, we are grateful to the authorities for making this happen.”
According to a source in ALTON, telecommunication companies got priority access as a result of the engagements with the Federal Government through the Nigerian Communications Commission, the minister overseeing the sector and the office of the National Security Adviser.
The source said, “Prior to this time, it was very difficult as we had to source our forex. But we had to engage the Federal Government through the NCC, the minister, and the office of the National Security Adviser.
“We have been on the issue of exemption for a long time. As you know that the manufacturing and the power sector have been under the priority list, while telecoms have been left out. And most of the equipment we are using is imported. We use the same equipment as others in foreign countries.”
According to Olusola Teniola, national coordinator, Alliance for Affordable Internet, the latest development will improve network capacity across the nation. He said, “The bedrock of the digital economy is telecommunication, and it is the enabler for most modern society.
“For us in the industry, we are happy and we know this will only improve our capacity to build networks that have been delayed, slowed down, or even cancelled. This means that the network coverage of the country will be improved with the procurement of new network facilities; it also means there will be enthusiasm on the part of those looking to invest in the country. This is because investors will know that one of the impediments to investment has been removed-the ability to get forex out of the country.”
Also speaking, a source in one of the telecommunication companies said, “We are in a business that is FX denominated. We don’t produce anything locally, we import everything. Don’t also forget that 5G is around the corner, so we need to bring in a lot of equipment.”
At the recently concluded NextNow Business Forum in Victoria Island, MTN Nigeria electrified the business community with a live demonstration of its forthcoming Communication Platform as a Service (CPaaS), a solution engineered to redefine how Nigerian enterprises connect with their customers.
Unlike traditional communication systems, MTN’s CPaaS is built for the realities of a mobile-first market. The platform unifies SMS, voice, WhatsApp, email, and more into a single, intuitive interface. This approach is especially significant in Nigeria, with over 107 million internet users, 45.4% of the total population, according to Data Report. This figure underscores the necessity for businesses to meet customers where they are.
During the demo, attendees witnessed how CPaaS enables two-way, real-time conversations between brands and customers. The platform’s support for rich media, instant analytics, and seamless integration with business workflows drew particular attention. These features are designed to empower businesses with data-driven insights and the agility to personalise every interaction, whether it’s a service notification, marketing campaign, or customer support exchange.
Akinbulejo Onabolu, Head of Enterprise Segment at MTN Nigeria, articulated the vision: “CPaaS gives enterprises the flexibility to interact with their customers on their preferred platforms; whether it’s chat, voice, or messaging, in a way that feels personal and immediate. We’re looking forward to the value this will unlock for businesses across industries once it launches.”
The fireside chat added depth to the conversation, with Omowunmi Olatunbosun, Head of SME Segment at MTN Nigeria, and Stephen Agbi of Bayobab, highlighting how digital engagement bridges the gap between businesses and audiences.
They emphasised that today’s consumers demand immediacy, relevance, and ease, qualities that CPaaS is built to deliver.
The stakes for digital transformation in Nigeria are high. In a report by Punch, the country’s enterprise tech market is projected to reach $22 billion by 2027, reflecting a surge in demand for scalable, cloud-based solutions that drive efficiency and customer loyalty.
The CPAAS Acceleration Alliance have estimated that globally, the CPaaS market is expected to grow from $14.7 billion in 2025 to $72.4 billion by 2035, at a compound annual growth rate of 18.4%, a testament to the platform’s transformative potential.
The event’s closing keynote from META’s Korhan Yunak reinforced the strategic value of digital channels like WhatsApp, which are now indispensable for business communication and engagement at scale.
As MTN Nigeria prepares for the Q3 2025 launch, the anticipation is unmistakable. With its promise of flexibility, intelligence, and seamless integration, MTN’s CPaaS platform is set to become the backbone of next-generation business-customer engagement in Nigeria, enabling enterprises to not just communicate but to connect, adapt, and grow in a digital-first era.
MTN Uganda is seeking input from stakeholders on a plan to structurally separate its mobile money service, MoMo, from its core telecoms business.
According to the company, the proposed change will be discussed at the upcoming extraordinary general meeting on July 2.
If approved, the telco’s fintech business will be run by a new company controlled by MTN Group Fintech Holdings B.V. and a trust benefiting minority shareholders following a merger.
Additionally, the restructuring also aligns with MTN Group’s ambition 2025 strategy which aims to unlock value, attract new investors, and strengthen regulatory compliance by creating standalone fintech entities in Uganda, Ghana, and Nigeria.
The company’s fintech division has over 13 million customers, with an 18.4% revenue increase in the first quarter of 2025, driven by 19.0% growth in mobile money services, 19.8% growth in transaction volumes, and a 31.4% increase in transaction value.
Reports say the decision is part of the telco’s compliance with the National Payment Systems Act 2020, which mandates mobile money businesses to operate as standalone entities, and to align with MTN Group’s regional fintech strategy.
MTN Uganda, which is led by CEO Sylvia Mulinge, highlighted that the implementation of the proposed transaction will be subjected to a number of conditions and regulatory procedures.
“The implementation of the proposed transaction shall be subject to a number of conditions, including the company and MTN MoMo receiving all required regulatory approvals and no-objections and complying with any regulatory conditions,” said MTN Uganda in notice.
Netflix has announced plans to invest more than €1 billion in Spanish film and television productions over the next four years, reinforcing its commitment to Spain as a key creative hub in Europe.
The announcement was made by co-chief executive Ted Sarandos at an event held at Netflix’s production studios near Madrid, celebrating the company’s 10-year presence in the country.
Sarandos emphasized that the investment would contribute significantly to Spain’s economy, create jobs, and enable the streaming platform to produce more local content. He was joined by Spanish Prime Minister Pedro Sánchez in unveiling the initiative.
Netflix first established its international production studios in Madrid in 2019, following the success of the Spanish-language hit series Money Heist.
Since then, its 22,000-square-meter facility has become one of Netflix’s major production centers within the European Union.
The company currently supports over 20,000 jobs in Spain, highlighting the nation’s growing influence in global entertainment.
The investment reflects Netflix’s ongoing strategy to expand its presence in European markets through original content and local talent.
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