News
Stakeholders Disagree over Approach to Interconnect Quagmire
Stakeholders in the telecommunications space have disagreed over the best way to address the lingering interconnection problems arising from indebtedness in the sector.
This is coming against the backdrop of recent truck circuit limitation MTN Nigeria had placed on Glo subscribers terminating calls to its network.
This arises as a result of interconnect debt MTN claimed Glo is owing her which amounts to N7 billion.
Ike Nnamani, group managing director, Medallion communications which is operates interconnect clearing network said that Association Telecommunications Companies of Nigeria (ATCON) has presented to Nigerian Communications Commission (NCC) a detailed report on implementation of an interconnect settlement scheme which will address the persistent issue of disconnection of operators trunk circuit as a result of interconnect debt.
“Although NCC said it is reviewing the proposal, in the face of issues like the one between MTN and Glo it is Glo subscribers that are losing and we run the risk of changing the balance in the telecommunications sector in a negative way, it can also fuel anti-competitive measure to frustrate smaller operators in the market.
“I know that its takes NCC time to grant approval for any operator to disconnect the other, but there is nothing on ground to prevent interconnection debts from pilling up,” he noted.
He cited example of Nigeria Inter Bank Settlement System (NIBSS) established by the Central Bank of Nigeria to reconcile inter- bank transactions which has been working.
However, Engr. Gbenga Adebayo, chairman, Association of Licensed Telecommunications Operators of Nigeria (ALTON) disagreeing with establishment of interconnect settlement scheme said that implementing such will add another bottleneck to the issue of indebtedness.
He explained that why it is working in the banking sector is because the reconciliation does not involve movement of cash from one bank owing to the other, but exchange of legal tender instrument.
“The issues we have in telecom sector are commercial dispute arising from commercial transactions, I advise all parties to return to negotiation table and agree on a settlement plan. I understand some are disputing the invoice given to them, I urge such operator to pay the amount that are not in dispute and negotiate the different.
“What we have today is live network where traffic is exchange on daily basis on calls, disrupting this through disconnection or limiting trunk circuit will not do the industry any good.
“I will not advocate for disconnection or limiting trunk circuit but for all the parties to honour their obligation as at when due. It won’t be fair to say ‘why are you disconnecting me? When you know you owe the other party,” he added.
Nnamani also decried the situation where operators have refused to make use of interconnect clearing houses as mandated by NCC.
“When indebtedness among operators rose to an alarming level some years back, NCC licensed interconnect clearing houses to ensure transparency in the billing process and mandated every operator to rout at least 10 percent of their traffic through the clearing platform, but, today none of the operators are anywhere close to 10 percent.
“Some are doing five percent while some are less than that, this means that more than 90 percent of traffic in the industry is exchanged directly among them which gave rise to high indebtedness as we witness today,” he said.
He explained that exchanging traffic directly among operators does not guarantee transparent billing as well gives rise to anti competition practices as we see it today.
News
Verve Partners Ali Express On Seamless Cross-Border Shopping
Verve International, Africa’s domestic payments card scheme and token brand, has announced that its cards are now accepted on AliExpress, one of the world’s largest online retail platforms.
This landmark partnership expands Verve’s global reach, offering seamless and secure payment solutions and providing millions of Verve cardholders and merchants worldwide with easy access to AliExpress’ extensive range of products, including fashion, electronics, home goods, beauty, and more.
The collaboration empowers Verve cardholders, both locally and internationally, to engage in cross-border transactions.
It also reinforces Verve’s unwavering commitment to delivering inclusive, innovative, and secure digital payment solutions that empower individuals and businesses alike, while bridging the gap in global digital commerce.
Speaking on the partnership, Vincent Ogbunude, Managing Director, Verve International, remarked: “We are excited to announce that Verve is now accepted on AliExpress, a globally recognised e-commerce leader.
This marks a significant milestone in our global expansion journey, reflecting our commitment to providing cardholders with access to more possibilities in today’s digital economy.
The addition of AliExpress to our growing network is just the beginning, there’s much more to come as we continue to innovate, expand, and deliver value to millions of Verve cardholders in Nigeria and beyond.”
Verve’s expanding global network is bolstered by partnerships with renowned brands such as Google, YouTube, Netflix, Amazon Prime, Facebook, Uber, Spotify, among others, enabling cardholders to conveniently pay for subscriptions in naira.
These alliances solidify Verve’s position as a trusted leader in the digital payments space, ensuring that consumers can access top-notch services across diverse industries.
With AliExpress joining this network and Verve integrated into its payment options, Verve cardholders can easily shop and pay for a wide range of products.
To shop on AliExpress using a Verve card, simply sign in, select the items to buy, and click ‘Buy now.’ When prompted, add a new card and enter the Verve card details. Save the information for future use, confirm the details, and complete the payment seamlessly.
News
Stanbic IBTC Asset Management Unveils Anti-scam Measures to Protect Mutual Fund Holders
Stanbic IBTC Asset Management has introduced strong measures to safeguard its customers from scams targeting mutual fund holders.
In response to this trend, the company has launched a strategic campaign to educate customers on protecting their investments and understanding the correct procedures for mutual fund subscriptions.
The Company, in a statement disclosed that recently, enquiries about the authenticity of messages for mutual fund subscription have surged. It stated: “Many of these messages contain differing and potentially incorrect account numbers, leading to confusion and concern among investors.
“In response to these concerns, Stanbic IBTC Asset Management launched a campaign to educate customers by providing accurate information and security tips to reduce the likelihood of clients falling prey to scam attacks.
“The campaign has established three main objectives: first, to educate customers about the mutual fund subscription process by providing precise and accurate information that empowers them to make informed decisions.
Second, it aims to ensure that customers verify the payment accounts for any Stanbic IBTC mutual fund investments, encouraging due diligence in confirming the legitimacy of financial communications”.
The statement further stated that the campaign seeks to raise awareness of scam attempts that may mislead customers into using incorrect account details, highlighting the tactics used by scammers to keep customers informed and vigilant.
Busola Jejelowo, the Chief Executive of Stanbic IBTC Asset Management, recently addressed the importance of a new initiative to safeguard customers in an increasingly complex financial landscape.
“At Stanbic IBTC, our top priority is our customers’ financial safety, and we are fully committed to ensuring that our clients have the security they need while managing their investments”.
News
Amnesty International Condemns Police Actions During #EndBadGovernance Protests
Amnesty International has accused Nigerian police of using excessive force against demonstrators during the #EndBadGovernance protests, which took place from August 1 to 10 across the country in response to Nigeria’s harsh economic conditions.
According to the human rights organization, the police crackdown resulted in the deaths of at least 24 people, including 20 young adults, two children, and an older person.
Amnesty’s report claims that the victims were shot by police at close range, often in the head or torso, indicating an intent to kill. Two survivors sustained severe injuries, while others suffered from the indiscriminate use of tear gas. The organization condemned the actions of security personnel, describing the violence as “unbelievable lawlessness” and accusing authorities of covering up the atrocities to downplay the death toll.
Eyewitnesses from Kano, Katsina, Jigawa, and other states told Amnesty that the protests began peacefully but escalated into chaos when police opened fire with live ammunition and tear gas. In Kano, 12 people were killed, while Jigawa and Niger states reported three fatalities each. Kaduna and Maiduguri also recorded multiple deaths.
In addition to the killings, over 1,200 protesters, including minors, were detained, and more than 146 were charged with treasonable offenses. Some detainees reported being subjected to torture. One protester, Khalid Aminu, described being beaten with sticks and iron cables while in the custody of the Department of State Services (DSS). Another detainee, Michael Adaramoye, was held for two months for participating in a protest in Abuja.
Despite mounting evidence, including eyewitness accounts, medical records, and video footage, Nigerian authorities have denied involvement in the violence, attributing the deaths to “unknown gunmen” or dismissing reports as “fake news.” Amnesty International has called on President Bola Tinubu to establish an independent and impartial investigation into the violations and to hold those responsible accountable.
The protests, triggered by widespread corruption and economic hardship, have reignited concerns about the Nigerian government’s disregard for human rights. Amnesty International stressed that law enforcement’s use of firearms against peaceful protesters violates international standards, urging authorities to end impunity and ensure justice for the victims.
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