Telecom
Interswitch Partners Slum2School Africa to Improve Qualitative Education & Build Skills Around STEM
Interswitch Limited, an integrated digital payment, and commerce company, who is pursuing an ambitious but achievable goal to grow the standard of STEM education in Africa, has partnered Slum2School, a leading volunteer driven community development organization in Africa to build a STEM and Innovation Lab in the Makoko area of Yaba. Lagos State.
The ‘Slum2School STEM and innovation lab, Powered by Interswitch, seeks to build skills and talents base around STEM.
But most importantly, choosing to set this up in Makoko, a community of over a hundred thousand people, where access to such opportunities are unavailable, sends a clear message that reminds us all, that talent abounds everywhere and every child irrespective of their socio-economic class should have access to qualitative education and have opportunities to develop their talents and aspirations.
Speaking at the commissioning of the STEM and Innovation Lab, on Thursday, in Makoko, Mitchell Elegbe, CEO/GMD, Interswitch Group, said “we are faced with a reality that requires us to take deliberate efforts to improve STEM education in Africa, if we are to solve the challenges that we face as a society.
“The development and transformation of any society today is largely dependent on a relevant skilled workforce and innovation, two factors that require strong STEM knowledge and application”.
Mitchell further explained that “STEM help students learn things like critical thinking and problem solving, so they can be the next generation of leaders and innovators.
“And at Interswitch, we want everyone to have that opportunity. That is why we are rolling out initiatives at different levels in the country that support and promote STEM education in Africa, from the InterswitchSPAK national science competition, to working with Slum2School to build STEM and Innovation labs across Africa, that will ignite, increase, and reward interest in STEM education.”
Otto Orondaam, the founder of Slum2School, an organization that has provided scholarships and various learning centers to over 1000 children from the Makoko community and is committed to providing access to quality education and psycho-social support for disadvantaged children in slums and remote communities lauded Interswitch for trusting and partnering with Slum2School to deliver this standard of facility in a community that has so much to offer in terms of talents.
He also lauded the Lagos State Education Board for creating an enabling environment for partnerships like this to be fostered.
Orondaam added that “Working with thousands of children from this community over the past 6 years, we have seen some of the brightest minds you could imagine and we know that the facility will enhance learning for every child who engages with it not just from Makoko but across Lagos state.
“Interswitch and Slum2School are on the right track to ensuring access to updated and relevant knowledge is provided for every child; we believe that this will be the first of many more STEM and Innovation Labs for children living across underdeveloped communities across Africa.” He concluded.
In an interactive session with the stakeholders’ present, the students from various Secondary Schools Around Makoko and Lagos mainland Who are beneficiaries of Slum2School Scholarship program, thanked Interswitch and Slum2School for building the facility in their community.
In the words of ‘Miss Deborah Honsugan“ an SS1 student at Birrel Senior High School, “this is beyond an educational facility for us, it is also a physical symbol of hope to us that we can dream big, and now we have an opportunity to work on our dreams, and maybe one day we too can give back as you have given to us”.
Interswitch is an Africa-focused integrated digital payments and commerce company that facilitates the electronic circulation of money as well as the exchange of value between individuals and organizations on a timely and consistent basis.
Slum-2-School (S2S) is a volunteer driven developmental NGO that is focused on improving access to quality education for children who live in hard-to-reach communities and slums across Africa.
Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have ordered Deposit Money Banks and Mobile Network Operators to settle the long-standing N250bn USSD debt dispute before January 2, 2025.
The CBN and NCC also directed banks to pay the pre-Application Programming Interfaces (API) debt before July 2, 2025.
They also ordered that post-API debts be settled before December 31, 2024.
The directive was issued in a joint cirular titled, “2nd Joint Circular of the Central Bank of Nigeria and the Nigerian Communications Commission on the Resolution of the USSD Debt Issue Between Deposit Money Banks and Mobile Network Operators.”
The circular dated December 20, 2024, was signed by Oladimeji Taiwo, acting director of the Payments System Management Department, CBN, and Chizua Whyte, head of Legal and Regulatory Services, NCC.
The regulators said, “In view of the foregoing, the CBN and the NCC hereby direct DMBs and MNOs as follows: 1. That 60 per cent of all pre-API invoices must be paid as full and final settlement.
“Payment plans (lump sum or installments) must be agreed upon between a concerned DMB and MNO by January 2, 2025. Installments must be based on equal monthly payments, with full payment due by July 2, 2025.
“DMBs must pay 85 per cent of all outstanding invoices issued after the implementation of APIs (i.e., February 2022) by December 31, 2024.
“Similarly, 85 per cent of future invoices must be liquidated within one month of service.”
According to the regulators, the transition to end-user billing will be activated only for DMBs and MNOs that comply with the payment conditions cobtained in the circular.
CBN and the NCC said they would provide further guidance on public enlightenment initiatives related to the transition.
The regulators also directed MNOs to implement the “10-seconds rule” for USSD invoicing.
This implies that any session lasting less than ten seconds will not be billable.
The regulators added, “Failure to comply with the terms outlined in this directive will attract necessary sanctions, ensuring that both DMBs and MNOs uphold their obligations.”
Nigerian Communications Commission (NCC) has unveiled a draft regulatory framework aimed at addressing fraud, spam, and other challenges in the Application-to-Person messaging sector.
The telecom regulator made this announcement in a statement.
The proposed framework, which was introduced during a virtual Stakeholders’ Forum, is said to be a key step towards enhancing the sector’s integrity and ensuring a fair, transparent environment for all parties involved.
The draft framework, presented by Aminu Maida, executive vice chairman, NCC, who was represented by Chizua Whyte, NCC’s acting head of legal and regulatory services, seeks to regulate the A2P messaging space.
The A2P messaging, used for notifications such as bank alerts, promotional campaigns, and government updates, has become a vital communication tool in Nigeria.
However, the sector faces significant challenges, including consumer protection concerns, fraud, and data privacy issues, as well as an unequal distribution of value within the ecosystem.
“The international A2P messaging space in Nigeria faces gaps that have led to issues such as fraud, spam, and data privacy concerns. These challenges threaten the sustainable growth of this communication tool,” the NCC said.
The proposed framework aims to address these challenges by protecting consumers, promoting fair competition, and holding service providers accountable.
“This forum marks a pivotal step towards addressing these challenges. We are here to engage with all stakeholders—operators, aggregators, businesses, service providers, and consumers—to refine the framework and ensure it meets the needs of the entire ecosystem.”
The NCC stressed the importance of inclusivity and collaboration in creating an effective regulatory environment.
Airtel Africa, a provider of telecommunications and mobile money services, has announced the commencement of a second share buyback programme that will return up to $100m to shareholders.
The share buyback reflects the Board’s confidence in the Company’s continued growth potential, the strength of its balance sheet, and the consistent cash accretion at the holding company level.
Furthermore, the buyback remains in line with the Company’s existing capital allocation policy.
According to the company, the programme will be executed in accordance with applicable securities laws and regulations.
The share buy-back programme is expected to be phased over two tranches, with the first tranche commencing today and anticipated to end on or before 24 April 2025.
The first tranche will amount to a maximum of $50m.
The Company has entered into an agreement with Barclays Capital Securities Limited (Barclays) to conduct the first tranche of the buy-back and carry out on-market purchases of its ordinary shares with the Company subsequently purchasing its ordinary shares from Barclays.
Under this agreement, Barclays will act as riskless principal and will make decisions independently of the Company.
The sole purpose of the buy-back programme is to reduce the capital of the Company.
It noted that as such, all shares purchased under the buy-back programme will be cancelled.
In a statement signed by Simon O’Hara, group company secretary, the company noted that the share repurchase process will adhere to pre-set parameters agreed upon with Barclays Capital Securities Limited (Barclays), the executing partner for the first tranche of the buyback programme.
This partnership ensures that purchases are conducted transparently and in compliance with all regulatory requirements.
The buyback will be executed under the authority granted by shareholders during the Annual General Meeting held on July 3, 2024, which permits the repurchase of up to 374,141,187 ordinary shares.
Following the completion of a prior buyback programme, the remaining authority allows for the acquisition of up to 328,842,995 shares.
Additionally, Airtel Africa confirmed its commitment to adhering to the Financial Conduct Authority’s UK Listing Rules 9.6 and the provisions of the Market Abuse Regulation (EU) No. 596/2014, as incorporated into UK domestic law.
The company also clarified that share purchases may occur during closed periods, consistent with these regulations and the agreed parameters.
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