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IFC Invests in AXIAN Telecom Bond to Support Digital Connectivity in Africa

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To scale up access to quality mobile connectivity for millions of individuals and businesses across Africa and to further support the continent’s digital economy, IFC has invested in a maiden bond issuance by AXIAN Telecom.

The bond, the first issued by AXIAN Telecom, will refinance the company’s existing debt and support its digital infrastructure network expansion, primarily in Tanzania and Togo.

By scaling up its digital infrastructure, AXIAN Telecom will continue to promote Africa’s growing digital economy and digital finance by bringing accessible, reliable and secure digital services in markets where access to affordable, quality mobile connectivity remains challenging.

IFC subscribed to 12 percent of the bond (equivalent to $50 million) as an anchor investor in a total issuance of $420 million.

“IFC’s anchor investment will help us fulfill our ambition to be an end-to-end partner in Africans’ digital transformation journey and to secure their affordable access to digital infrastructure and services,” said Hassanein Hiridjee, AXIAN Telecom’s Founder and Chairman of the board.

“With internet access in Africa largely relying on mobile networks, providing affordable and reliable mobile connectivity is an important way to bridge the digital divide,” said Makhtar Diop, IFC’s managing director. “IFC’s investment in AXIAN Telecom’s bond is consistent with the World Bank Group’s efforts to establish a more competitive and reliable telecommunications sector as part of the Digital Economy Initiative for Africa (DE4A), which aims to support the African Union (AU) digital transformation strategy for Africa.”

African countries, on average, spend about 1.1 percent of GDP annually on investments in digital transformation, including digital infrastructure, compared to 3.2 percent for developed countries.

Capital markets are critical for filling the infrastructure investment gap in emerging and developing markets. Since 2019, IFC has supported digital infrastructure and other infrastructure companies with public bond issuances totaling over US$3 billion with more than US$500 million of IFC’s own funds and by mobilizing an additional US$2 billion in capital.

AXIAN Telecom represents IFC’s second recent bond investment in Africa’s digital economy. This investment follows IFC’s participation in a bond issued by Liquid Intelligent Technologies, Africa’s largest independent fiber, data center and cloud technology provider.

IFC is also an active investor globally in green and sustainability-linked bonds including Continuum Green Energy’s first green bond and IFC’s first sustainability-linked bond investment with Sembcorp.

Surging demand for digital connectivity during the COVID-19 pandemic led IFC’s commitments to the telecoms, media and technology sector in emerging markets to exceed US$1 billion in the fiscal year ending June 2021. Almost three-quarters of the commitments were made in Africa.


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Nigerian Journalists Recount Experiences @QNET’s 2024 V-Convention

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The 2024 V-Convention held in Penang, Malaysia has come and gone but its sights and sounds is still reverberating as Nigerian Journalists who had the rare opportunity of attending the event shared their experiences and the immense opportunities QNET is providing to people through direct selling.

The event, which brought together over 8,000 participants from 30 countries, showcased the global reach and cross-border partnerships, which are crucial for direct selling businesses to thrive, particularly in emerging markets like Nigeria.

While speaking at the 2nd VCON 2024 Media Experience webinar on Thursday, the two journalists that witnessed the event shared their personal experiences, insights and take away from the convention in Penang, Malaysia.

Recounting his experience at the event, Sulaiman Aledeh, A TV journalist with Arise, described the experience as thrilling. “The V-Convention was more than a business event,” he remarked.

“It was a gathering of individuals united by their passion for personal growth, entrepreneurship, and wellness. The energy and enthusiasm were unmistakable, and it was inspiring to witness so many people coming together to support one another’s goals.”

He further highlighted QNET’s business strategies while lauding their efforts in supporting education and law enforcement partnerships.

Aledeh added, “One of the things that struck me most about the V-Convention was the sense of community and camaraderie among the attendees. Everyone was there to learn, grow, and support each other, and it created a truly inspiring atmosphere.”

Peter Oluka, Editor of TechEconomy and another attendee of VCON 2004, echoed similar sentiments, describing the event as more than just a business convention.

For him, the gathering of entrepreneurs from diverse backgrounds created a powerful network of like-minded individuals passionate about innovation and entrepreneurship.

He was particularly impressed by QNET’s focus on environmentally friendly products, signaling that the direct selling industry has much to offer in terms of sustainable development.

He praised the diversity of the attendees, the informative workshops, and the focus on innovation and sustainability, and highlighted the opportunity to explore Penang and experience Malaysian culture.

According to Oluka, “The V-Convention was a life-changing experience for me. It opened my eyes to the possibilities of direct selling and entrepreneurship, and I am now more motivated than ever to pursue my own business goals.”

Earlier, Theodocia Quartey, QNET’s Senior Legal Counsel for Sub-Saharan Africa, highlighted the importance of the VCON media webinar, noting that “The event offered participants a chance to expand their product knowledge, interact with experts, and take advantage of vibrant networking opportunities. It reflects QNET’s steadfast commitment to innovation and sustainability.”

“Twice yearly, we brings together a diverse assembly of marketing professionals, experienced business leaders, and global entrepreneurs associated with the QI Group’s flagship business in Penang, Malaysia.

“During V-Conventions, QNET extends invitations to selected journalists from media outlets in Nigeria to experience this important event.

“The just-concluded V-Convention in September 2024 brought together over 8,000 attendees from over 30 countries. The theme of the event was “Unstoppable,” emphasizing QNET’s unwavering commitment to innovation and sustainability.

“V-Convention continues to provide a platform to empower individuals and communities worldwide and champion innovation and sustainability through deepening product knowledge, engaging with experts, and experiencing dynamic demonstrations.

“Attendees benefit from business training sessions, motivational speeches, and product exhibitions, providing them with invaluable personal and professional growth opportunities”.

Mr. Akeem Ajisafe, Managing Director of Transblue Limited, QNET’s legal partner in Nigeria, emphasized the significant potential of the direct selling industry for Nigerian entrepreneurs during the second VCON 2024 Media Experience sharing webinar.

Ajisafe emphasized the importance of direct selling as a path to personal and financial empowerment, and pointed out the industry’s rapid expansion, with the global market expected to reach $204.89 billion by 2032.

“Direct selling provides entrepreneurs with a unique opportunity to harness their skills and build successful businesses with minimal investment,” he stated.

Ajisafe also discussed the misconceptions about direct selling in Nigeria, stressing the need to differentiate between legitimate direct selling companies and pyramid schemes. “QNET is dedicated to ethical practices and transparency,” he affirmed.

“We are working to educate the public about the benefits of direct selling and to dispel negative stereotypes. We believe that Nigeria has a bright future in the direct selling industry. By embracing this model, entrepreneurs can create jobs, generate wealth, and contribute to the country’s economic growth.”

 

 


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MTN Nigeria Expands Digital Offerings with Audiomack+ Music Subscription

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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.


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Elon Musk’s X Slammed with $418,000 Fine in Australia for Failing to Provide Child Protection Data

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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.


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