Telecom
Robust FinTech Critical for Deepening Financial Inclusion in Nigeria – Maida
Dr. Aminu Maida, Executive Vice Chairman and Chief Executive officer (EVC/CEO) of the Nigeria Communications Commission (NCC), has described the Financial Technology (FinTech) industry as a critical driver of financial inclusion of Nigerian citizens living in the underserved and unserved communities across the country.
Dr. Maida made this known in his keynote address at the 2023 edition of the annual Nigeria Information Technology Reporters Association (NITRA) FinTech Forum which focused on, “Harnessing Nigeria’s Fintech Potential: Challenges and Opportunities” and took place in Lagos recently.
The EVC, who was represented at the event by the Controller of NCC Lagos Zonal Office, Mr Henry Ojiokpota, stated that the theme of the forum was suitable at this time for a discourse about the financial industry given the significant rise in digital financial services across the nation.
The EVC said Fintech is revolutionizing Nigeria’s financial ecosystem as it represents a positive disruption to the conventional financial system. Maida stated that financial technology’s emergence to leverage technology to enhance financial services such as mobile banking, borrowing, investment, and cryptocurrency, comes as an enhancer and enabler of business and other opportunities in the sphere of innovation, job creation and investment that further stimulates economic growth.
The EVC stated that fintech applications such as robo-advisors, payment apps, peer-to-peer (P2P) lending apps, investment apps, and crypto apps, among others, create business opportunities for individuals. He also stated that the adoption of these Fintech applications for socioeconomic gains by the youth, who account for 70 per cent of Nigeria’s population, will add value to the economy.
Maida recalled recent industry statistics citing active subscriptions across mobile networks in Nigeria, which hit 220.7 million in August 2023, to demonstrate that the Nigerian Fintech ecosystem can offer an array of financial services to telecom subscribers.
He said the Commission will continue to expand and enhance telecommunications infrastructure to enable robust Fintech services, and address consumer concerns, and regulatory challenges in the sector because the optimal utilization of digital technologies will enhance the provision of financial services to rural communities and underserved segments of the population through leveraging of high mobile phone penetration in Nigeria.
“Therefore, Fintech has the potential to deepen the existing payment and financial system infrastructure to reach unserved and underserved areas and further stimulate economic growth”, Maida said.
He said the Commission has begun implementing new strategies to meet the new target of 70 per cent Broadband penetration by the year 2025 as contained in the Nigerian National Broadband Plan 2020-2025 and the blueprint released by the Honourable Minister for accelerating the growth of the digital economy sector through technology.
The EVC said these policies and strategies have huge implications for enhancing derivable benefits of the Fintech industry as well as significantly and positively impacting Nigeria’s goals on financial inclusion and the digital economy at large.
The NCC boss promised that the Commission will continue to support the Fintech industry in harnessing its enormous potential and will not rest on its oars in its strides to address the challenges in the sector, including improving the provision of secured infrastructure that support the delivery of digital financial services in efficient ways. He also reiterated the Commission’s focus on maintaining minimum standards in Quality of Service (QOS) to ensure uninterrupted connectivity to enhance sectoral contribution to the economy.
The EVC stated that the Commission, in support of its vision in this sphere, has implemented a Memorandum of Understanding with CBN on boosting payment systems and financial inclusion, which is in line with the Nigeria Payments System Vision 2025. He also informed that NCC will continue to play an important role in harnessing the potential of Fintech through maximum support for Fintech policies, enforcing regulations, and strengthening collaborations with relevant authorities.
Telecom
MTN Nigeria Expands Digital Offerings with Audiomack+ Music Subscription
MTN Nigeria, a leading ICT company, has partnered with Audiomack, a renowned music streaming platform, to introduce the Audiomack+ subscription program.
This strategic collaboration provides MTN subscribers with seamless access to premium Audiomack content, uninterrupted streaming, offline downloads, and exclusive features through convenient mobile payment options.
Audiomack+ offers three flexible subscription plans, enabling subscribers to discover emerging artists, underground music, and community-driven playlists. Music lovers can enjoy, Month Pass (N900/month): 30-day free trial + uninterrupted streaming, Week Pass (N400/week): Affordable weekly subscription and Day Pass (N100/day): Daily access to premium content.
“This partnership with Audiomack reinforces our commitment to delivering value-added services to our customers,” said A’isha Mumuni, Chief Digital Officer of MTN Nigeria.
“We’re excited to offer our subscribers an easy and affordable way to access premium music content, empowering them to explore new music and support their favorite artists.”
David Ponte, Audiomack Co-Founder and CMO, added, “Our partnership with MTN Nigeria brings us closer to making music accessible to everyone.
“With Audiomack+, we’re proud to offer affordable premium streaming options, providing users in Nigeria with the best music experience possible.”
To subscribe to the Audiomack+ monthly plan, text APM to 3134 or visit Audiomack+ Month Pass. Alternatively, customers can text APW to 3134 or text APD to 3134 for weekly or daily subscriptions.
Through its strategic partnership with music streaming platforms, MTN Nigeria reinforces its commitment to providing enhanced and innovative digital experiences to customers.
Telecom
Elon Musk’s X Slammed with $418,000 Fine in Australia for Failing to Provide Child Protection Data
An Australian court has upheld a decision requiring X, formerly known as Twitter, to pay A$610,500 ($418,000) fine after failing to cooperate with a request from the nation’s eSafety Commissioner.
The request was for detailed information about the platform’s efforts to tackle child sexual exploitation material.
X initially contested the fine, arguing that a corporate restructuring in 2022, when Elon Musk took Twitter private and merged it into a new entity, freed the company from having to comply with the request issued in early 2023. However, the Federal Court of Australia disagreed, ruling that the platform was still bound to provide the information.
Julie Inman Grant, the eSafety Commissioner, noted that if accepted, it could have set a dangerous precedent. She stated that such corporate mergers could allow international companies to sidestep regulatory obligations in Australia, undermining internet safety efforts.
The penalty relates to a current inquiry into how tech companies, including X, are managing harmful content, particularly involving child protection. The eSafety Commissioner had requested specific details on the platform’s anti-child abuse strategies, which X failed to provide. In addition to the fine, civil proceedings have also been initiated against the company due to its noncompliance.
Musk’s X has faced previous clashes with the Australian internet safety regulator. Earlier this year, the eSafety office ordered the platform to remove content showing a violent incident involving a bishop being attacked during a sermon.
X challenged that directive, arguing that regulators in one nation should not dictate what content is visible worldwide. The Australian regulator eventually dropped the case, and X kept the posts online. Musk criticised the order, labelling it as an act of censorship and linked it to a larger agenda by international bodies like the World Economic Forum.
This latest legal setback adds to Musk’s growing list of challenges in managing the platform since his takeover, particularly as it continues to face questions from regulators around the world.
Telecom
FG Hopeful Thuraya’s Relaunch in Nigeria Will Boost Fight against Insecurity, Others
Thuraya, a leading provider of satellite communication solutions, has officially relaunched its services in Nigeria, a move the federal government hope will help in the fight against insecurity, illegal mining and oil thefts in the country.
Tsat Telecommunication, Thuraya’s local service partner, spearheaded the relaunch by implementing comprehensive strategies to enhance service delivery across Nigeria.
As part of this effort, the company partnered with system integrators Cypod Solutions and Niflink, who played critical roles in ensuring the successful integration of Thuraya’s advanced satellite services into the local market.
With this relaunch, Thuraya aims to provide more reliable and accessible communication options for businesses and individuals across Nigeria, addressing the growing demand for robust satellite solutions in remote and underserved areas.
This development is expected to have a significant impact on sectors such as oil and gas, agriculture, and disaster management, where seamless communication is vital for operational efficiency.
At the event Dr Bosun Tijani, minister of Communication, Innovations and Digital Economy, expressed hope that the launch of Thuraya communication products and services will help in the fight against insecurity, illegal mining and oil thefts in the country.
The minister who was represented by Engr Farouk Yusuf, permanent secretary of the ministry, said, beyond helping in expanding the country’s broadband penetration to hinterland and hard-to-reach areas, the formal entry of Thuraya satellite communications services will help security forces in combating criminalities bedevilling the country.
“Of course, Thuraya’s solutions will not only enhance broadband access but also provide critical communication tools such as can be used in security, agriculture and disaster management, as we mentioned in previous presentations.
“We expect Thuraya’s satellite products and services to play a critical role in addressing Nigeria’s ongoing security challenges through a deliberate action.
He, however, said that while the country is thrilled with the coming of Thuraya, Nigeria expects the firm to take deliberate actions and efforts in ensuring that the partnership brings value to the country.
Earlier, Alhaji Abba Sani Abdullahi, chairman and chief executive officer of TSAT, expressed delight over the partnership that saw the re-entry of Thuraya onto the Nigerian market.
Also speaking, Faisal Mohammed Ahmed, vice president, Tech and Sale of Thuraya, said the company has range of telecommunications and satellite assets that will boost the country’s digital landscape and also help in tackling security problems.
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