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Chief Commercial Officer of Itex, Adekunle Adebiyi Highlights Role of Fintech in Financial Inclusion

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Adekunle Adebiyi, Chief Commercial Officer at Itex Integrated Services Ltd, spoke extensively on the impact of fintech and Nigeria’s financial inclusion goals, in a recent interview on popular Lagos radio station, Nigeria Info FM.

Adebiyi shed light on the role of fintech in the country’s financial inclusion strategy, and how a focus on rural distribution can help reach more unbanked Nigerians. “Fintechs work with traditional banks to improve the sustainability and accessibility of the services they offer to the public.

“Because of this, distribution is crucial if we are to reach Nigerians without bank accounts. Rural areas, where more unbanked people reside, must become the focus instead of metropolitan and semi-urban areas.

“As a country, we have made progress toward financial inclusion, but if we are to meet our goal, we must use financial technology.”

Rural communities continue to suffer as banks cut operational costs by reducing the number of ATMs and branches, focusing instead on getting more customers to embrace digital banking through smartphones. Yet, 40 percent of adults living in rural areas have no formal bank account and limited smartphone access.

Thankfully, PoS terminals and mobile money agents are increasing, providing financial services and, in some cases, acting as an agent through which the unbanked can open tier 1 bank accounts requiring only passport photographs.

It was important to understand that traditional banking and fintech were both sides of the same coin. “Traditional banking and financial technology are not on either side of the divide; I see a convergence. Fintech is about using technology to enhance the process of financing, making it easier, accessible and sustainable.

For example, Itex has made buying electric bills easier; with a mobile device you can top up and pay for power without leaving the comfort of your home, that’s the effect of financial technology.”

Although Nigeria has the largest economy in Africa and is home to five of Africa’s seven unicorns, its target for financial inclusion as stated in the National Financial Inclusion Strategy (Revised) in 2018 had a goal to reach 80% financial inclusion in the year 2020, but only 64% of Nigerian adults were financially included by the end of 2020.

According to World Bank’s 2021 Global Findex, Nigeria was one of seven nations that contributed to half of the world’s unbanked population. By the end of 2021, the number of financially excluded persons in Nigeria was estimated to be 38 million, even though the gap between banked and unbanked people has been closing since 2011.

These numbers are not surprising given that 47.25 per cent of the Nigerian population live in rural areas and cannot get efficient financial services because most traditional banks do not have extensive branch networks.

However, Nigeria is progressively narrowing the gap between the banked and unbanked, and the Central Bank of Nigeria’s goal for financial inclusion no longer feels like a far-off dream since the rise of fintech and agent banking in the financial sector.

Following the COVID-19 pandemic, digital financial transactions increased by 325 per cent to ₦704.04 trillion in 2020 from ₦165.8 trillion in 2019.

According to NIBSS data as of August 2022, the volume of financial transactions in a month had reached an all-time high, totalling ₦238.7 trillion. Nigerians may support the CBN’s cashless strategy, but that does not necessarily mean that the unbanked have increased access to these financial services. As a result, fintech is crucial in Nigeria’s effort to achieve financial inclusion.

The Central bank of Nigeria has set a target to reach 95 per cent financial inclusion by 2040. With innovations spearheaded by fintech, an increase in mobile money operators, the recent increase in Nigeria’s financial inclusion rate, and collaboration among stakeholders, the projection is not nearly as unachievable as it may have seemed years ago.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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MTN Nigeria to Issue N50Bn Commercial Paper

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MTN Nigeria has proposed issuing up to N50bn series 11 and 12 commercial paper notes to raise funding for its operations, according to the company’s notice to the Nigerian Exchange Limited.

MTN Nigeria to Issue N50Bn Commercial Paper

The notes issuance is under the company’s N250bn commercial paper issuance programme.

According to the statement signed by Uto Ukpanah, company secretary, the issuance is part of the company’s strategy to diversify its financing options with the funds being deployed towards short-term working capital requirements.

MTN Nigeria recently completed its series 10 commercial paper issuance under its upsized N250b commercial paper issuance programme.

Ukpanah, the telecom giant it sought to raise N72.1bn and the offer recorded 149 per cent subscription with N72.1bn issued.

The 266-day commercial paper was issued on 29 November 2023 at a yield of 16 per cent.

The CP issuance aligns with MTN Nigeria’s strategy of continuing to diversify its funding sources and reduce its average cost of debt. The proceeds will be applied to short-term working capital requirements.

Karl Toriola, chief executive officer, MTN Nigeria, said, “We are pleased with the support received from the investor community, having recorded a 149 per cent subscription from a broad range of investors. This reflects NTN Nigeria’s robust financial capacity, brand strength, and market leadership amidst the upward pressure on interest rates”

Stanbic IBTC Capital Limited played the role of Arranger and Dealer with ARM Securities Limited. Chapel Hill Denham Advisory Limited, Coronations Marchant Bank Limited, FCMB Capital Markets Limited, Quantum Zenith Capital &Investments Limited, Rand Marchant Bank Limited, and Vetiva Capital Management Limited played the role of Joint Dealers on the transaction.


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MTN Nigeria Receives Award for Contributions to Media Development

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MTN Nigeria has received a “Media Capacity Development Support Award” for its immense contributions towards the growth and development of media practitioners across Nigeria.

The award was presented by the Media Career Development Network, at its inaugural conference held at the University of Lagos on October 31, 2024.

Held at the Biodun Shobanjo Auditorium Centre for Excellence, the Media Career Development Conference saw the coming together of seasoned media practitioners who shared insights on opportunities for growth and career advancement in the ever-evolving digital landscape.

Executive Director of the Media Career Development Network, Lekan Otufodunrin noted that the conference aligns with the organization’s commitment to promoting media excellence and advancing the careers of media professionals in Nigeria.

Speaking on the award, Chief Corporate Services & Sustainability Officer, MTN Nigeria, Tobe Okigbo appreciated the Media Career Development Network for the initiative, while also affirming MTN’s commitment to supporting the media.

“On behalf of MTN, I’d like to extend gratitude to the network for the recognition.

“At MTN, we believe in investing in institutions that bring value to the society and this includes the media.

“Journalists and other media professionals play a crucial role in telling authentic stories and shaping the image of our nation globally.

“So we’re committed to helping them gain the requisite skills and exposure needed to thrive in their profession”, he stated.

MTN Nigeria has consistently shown dedication to training world-class media professionals in Nigeria, particularly through its Media Innovation Programme (MIP).

Since 2022, the ICT firm has partnered with Pan-Atlantic University to enable media practitioners across various platforms gain insight into the rapidly evolving media environment.

Convener and Executive Director of the Media Career Development Network, Lekan Otufodunrin acknowledged the impact of the telecommunications giant’s efforts in upskilling Nigerian media professionals.

“The 6-month Media Innovation Programme created by MTN in partnership with Pan-Atlantic University has afforded media practitioners in-depth training on the media space and even the opportunity to gain more insights in South Africa.

“We hope that MTN Nigeria will continue to champion this programme for the development of professionals”, he said.

The Media Capacity Development Support Award joins a long list of awards MTN Nigeria has received for its contributions towards institutions beyond the telecommunications sector and the general society.


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MobileCoreX Taps Wireless Technology Labs in Multi-Million Dollar Deal to Build New Mobile Core Network across Nigeria

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Wireless Technology Labs (WTL) today announced that it has been chosen by MobileCoreX Ltd (MCX), Nigeria’s premier Mobile Virtual Network Enabler (MVNE), to spearhead the development of the country’s first mobile virtual network in a landmark deal valued at millions of US dollars over the next three years. 

This initiative aims to enhance mobile connectivity for Nigeria’s 220+ million residents, addressing the current challenges of low broadband penetration and poor quality of service.

Nigeria’s telecom sector is predominantly dominated by four major operators—MTN, Airtel, Globacom, and 9Mobile – with only 29% of Nigerian’s 220+m population regularly accessing the mobile internet, (GSMA figures) due to poor coverage and a variety of other issues.

In Q2 of 2023, the Nigerian Communications Commission (NCC) adopted a new strategy to boost coverage and adoption, it issued 43 Mobile Virtual Network Operator (MVNO) licenses to amplify service coverage, particularly in unserved and underserved regions.

Amongst the licensee’s was MCX which obtained a tier 4 MVNE license aimed at constructing new mobile network infrastructure to provide capacity for emerging MVNOs as a platform as a service.

“Coverage, poor quality of service, costs and inflexible value propositions in Nigeria have persisted for too long.

“We are committed to leveraging innovative technology to create more competitive networks that reduce costs for consumers and provides value propositions that suite that needs,” stated Mr. Habib Ahmed, CEO of MCX.

He emphasized WTL’s pivotal role in delivering the carrier-grade core systems required for a comprehensive suite of mobile services, encompassing voice, data, and value-added features to meet the diverse needs of MVNO clients.

WTL, headquartered in Belgium, with over 20 years of experience, has been active in Nigeria and across Africa, working with operators of all sizes to rollout both urban and rural networks, work which has garnered it widespread recognition and industry awards.

The company has already partnered with two of the 43 new MVNOs licensed by the NCC, showcasing its commitment to enhancing telecom infrastructure in the region.

Mr. Satya Mekala, CEO of WTL “This partnership is about empowering a new entrant to make significant impact in the telecom market.

“We are committed to supporting MCX in its journey from a newcomer to a major player in the industry.

“Our advanced Core systems will ensure that MCX can offer reliable, scalable, and innovative mobile services from day one”.

As the telecom industry in Nigeria undergoes transformative changes, this collaboration signals a promising future for mobile connectivity and digital adoption in the country.

WTL will be showcasing its capabilities at upcoming events including MVNO Nation 2024 in Valencia, 6-8 November and The Africa Tech Festival in Cape Town, 12-14 November, further reinforcing its commitment to driving digital adoption across the continent and the globe.

To learn more about how WTL can help with the rollout of MVNO/E urban and rural networks in Africa, please email [email protected]


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