Telecom
Lagos FI Chapter Graduates 21, Changes to Stanbic IBTC-Founder Institute Lagos
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Founder Institute, Lagos Chapter, in its maiden edition of Velocity, graduated its first cohort of entrepreneurs, after a rigorous 14-week class.
The graduation ceremony which took place, on Saturday, November 16, 2019, at Victoria Island, Lagos, saw a huge the turn out stakeholders in the industry event.
The atmosphere at the Commerce House, where the graduation took place, was lit, as the graduates, (founders), start-up mentors, entrepreneurs, captains of industries, top bank executives and potential start-up founders all graced the occasion.
Delivering the welcome address of the day, Demola Sogunle, deputy managing director, Stanbic IBTC Bank, who was represented by Wole Adeniyi, executive director, Personal and Business Banking, Stanbic IBTC Bank, emphasised the role of technology, in enhancing business.
“Technology is about enabling business, making it easier and convenient, to make progress and just like what we are set to do daily, making progress with our customers is part of the alignment in several fonts”, Sogunle observed.
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A cross-section of Mentors and FI Directors
The DMD expressed his delight, at being part of the Founder Institute project. “There are many other projects that can be done going forward; so many opportunities for growth and most important is, in adding value, but we take it a step at a time”, he emphasized.
“We are confident that, the start-ups have been empowered to deliver value. We are very proud to be part of the story and we believe that, you will do well”, added Demola, as he congratulated the graduates and the management of Founder Institute.
Delivering the keynote speech, John Obaro, founder, SystemSpecs and developer of Remita, the payment platform, titled his keynote address; “My 27 pence”. Obaro noted that, problems are opportunities, waiting to be unraveled, emphasising the need to fail forward, in pursuit of success. “According to Stanbic IBTC, over 80% of Nigerian start-ups fail, within their first five years”, he noted.
John Obaro, Founder, SystemSpecs, delivering the keynote address
Obaro expressed some valuable points in his keynote speech. Some of these include the following:
- The need to get hungry, to provide a working solution and make an impact
- The need to build a strong team
- The power of focus, (identifying a clear problem and having a solution)
“There are too many “technologies” and “solutions” out there, looking for a problem to solve.”
- The need for quality products and services
- The need for brainstorming and balanced thinking
- Building a good business policy, with values
“Be aware of trends and adapt your business models and practices, to suite the same. Relevance is the currency of the digital age. Consistently seek it – through innovation!”, stressed Obaro.
Obaro concluded by emphasising the need for the graduates, to collaborate as the partnership formed with others, will be used to harness strengths and extend the opportunity window.
There was, also, a panel session that had a discussion on start-ups and the Nigerian market.
Present among the panelists were, Onyema Akumah, Founder and CEO, Farmcrowdy, Peter Obadare, co-founder, Digital Encode, Tosin Faniro-Dada , Head, Lagos Innovate, LSETF and other guests.
Highlights from the panel discussion include:
- The importance of business networking
- Startu-ps collaboration with others
- Creating platforms that would foster online and offline presence
- The need for founders, to continue learning
21 Founders out of the initial 46 that started the class, graduated, in the first cohort of the Lagos Founder Institute Chapter.
They are Colord tees, Corrents, DiGita, Eazycheck, EscroWallet, Osteena Organics, LaborHack, Baller Zone, LaserPay, Lime start, Scrapays, Agenpo, Athlst, Cargo-L,Padimi, Paperloops, Rentit, Sabiteach,Tokeeto,Tres Melanin and Zowasel.
A cross-section of the founders, Mentors and FI Directors
They all presented their pitch, in the course of the event and got presented with certificates, at the end of the graduation ceremony.
It was announced by the Directors, that Founder Institute, Lagos, has been renamed, Stanbic IBTC-Founder Institute Lagos.
Telecom
Starlink Becomes Nigeria’s Second-Largest ISP, Overtakes FiberOne
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Elon Musk’s Starlink has become the second-largest Internet Service Provider (ISP) in Nigeria, surpassing FiberOne in customer numbers while Spectranet remains the market leader.
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Elon Musk
This was revealed in a recent report by the Nigerian Communications Commission (NCC).
According to NCC’s Q3 2024 data, Spectranet maintained its top position with 105,441 active subscribers, despite losing over 8,000 users since December 2023.
Meanwhile, Starlink, which launched in Nigeria in January 2023, grew rapidly to 65,564 subscribers, adding 41,667 users in just nine months.
This pushed FiberOne to third place with 33,010 customers.
The report also showed that out of 241 licensed ISPs in Nigeria, only 124 had active users in Q3 2024, collectively serving 307,946 subscribers.
However, these numbers remain far below the dominance of mobile network operators such as MTN, Airtel, Globacom, and 9mobile, which together accounted for over 130 million internet users as of September 2024.
Starlink’s expansion has been driven by its satellite-based internet service, which provides coverage in remote areas where traditional ISPs struggle.
By the end of 2023, the company had already secured the third position with 23,897 users, marking a 113% growth from the previous quarter.
Its growth has also been supported by partnerships with Nigerian companies like TD Africa and Konga.
In 2023, Starlink briefly stopped accepting new orders in major cities, including Lagos, Abuja, and Port Harcourt, due to capacity issues.
Telecom
FG Commits $2Bn to Digital Infrastructure
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The Federal Government says it has committed $2 billion to enhance Nigeria’s digital infrastructure, aiming to boost the nation’s economy and safeguard the digital identities and rights of its citizens.
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Bosun Tijani, Minister of Communications, Innovations and Digital Economy
Bosun Tijani, Minister of Communications, Innovations and Digital Economy disclosed in Abuja on Tuesday while briefing newsmen on the forthcoming International Telecommunication Union, (ITU) Summit holding in Abuja from Wednesday to Thursday this week.
The ITU International Submarine Cable Resilience Summit will feature over 250 participants from 194 ITU member countries, with key representatives from the private sector and academia expected to attend.
Tijani who addressed journalists alongside Tomas Lamanauskas, the Deputy Secretary General of ITU,said the present administration was not making two billion dollars investments in digital infrastructures for the fun of it.
He said the present administration is committed to digital connectivity for the people to make lives more meaningful and impactful, adding that the investments would ensure that Nigerians enjoy the best quality of digital services and protection in the nearest future.
The ITU International Submarine Cable Resilience Summit aims to foster global collaboration, secure innovative solutions, and engage leaders from government, industry and international organisations to strengthen the global digital infrastructures.
“This investment is part of a larger vision to provide every Nigerian with access to high-quality digital services, while safeguarding their digital identities,” Tijani said.
The ITU International Submarine Cable Resilience Summit, co-hosted by Nigeria and Portugal, will explore innovative strategies to strengthen the security and resilience of submarine cables—vital infrastructure for global digital connectivity.
The summit is bringing together government leaders, industry experts, and international organizations to discuss ways to safeguard submarine cable networks, which are increasingly vulnerable to disruptions.
Tijani emphasized that the discussions at the summit will focus on finalizing a global declaration on submarine cable resilience, calling for heightened action from both governments and private sectors to protect digital infrastructure worldwide.
In his words, “Nigeria is not just solving local issues; we are taking a global leadership role in securing submarine cables, which are essential for digital connectivity”.
The summit will address the growing concern of disruptions in submarine cable networks, with an average of 150 to 200 cables being damaged or cut annually, severely impacting global digital connectivity.
To tackle these challenges, the summit will include key international organizations such as the International Maritime Organization (IMO) and the Food and Agriculture Organization (FAO), promoting coordination across industries such as telecom, shipping, and fishing, which impact submarine cable integrity.
Tijani also highlighted Nigeria’s leadership in the digital space, stating that while the country already boasts a robust submarine cable network, with around eight or nine cables landing in Nigeria, the key challenge now is expanding these networks inland and ensuring reliable, high-speed internet access for all Nigerians.
“We are committed to connecting every Nigerian, ensuring that digital infrastructure benefits all citizens,” he added. Tomas Lamanauskas, Deputy Secretary-General of ITU, praised Nigeria’s forward-thinking investments in digital infrastructure.
He highlighted that Africa is experiencing rapid growth in digital traffic, and Nigeria’s investments will play a pivotal role in ensuring the continent remains competitive on the global digital stage.
According to him, “This region is the fastest-growing for international digital connectivity, and Nigeria’s leadership is critical to ensuring Africa’s success in the global digital economy.
The summit is expected to provide a platform for robust discussions on enhancing submarine cable security, a critical pillar for the global digital economy, with over 50 countries participating in this essential dialogue.
Telecom
Network International Partners with MTN Group to Enhance Digital Payment Solutions Across Africa
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Network International, a leading enabler of digital commerce across the Middle East and Africa (MEA), has been appointed as a Payment Processor – Issuing partner for MTN Group Fintech, Africa’s leading mobile financial services provider.
This partnership marks a significant extension of Network’s portfolio of issuer processing collaborations throughout the African continent.
With a footprint spanning over 50 countries and serving over 250 financial institutions, Network International brings its expertise to this partnership which will enhance MTN Fintech’s cutting-edge mobile services and provide even greater value to stakeholders and customers across Africa.
The partnership will focus on rolling out card issuance products across key MTN Fintech markets, starting with Rwanda which is already operational. Soon Uganda, Ivory Coast, and Nigeria will also be covered under this collaboration.
Network International will provide a comprehensive range of services, including transaction processing, card management and online fraud prevention. MTN Fintech users will benefit from a seamless experience accessing both traditional mobile services and innovative digital payment solutions.
Dr. Reda Helal, Group Managing Director – Processing, Africa and Co-Head Group Processing at Network International commented: “Our collaboration with MTN Group Fintech marks a major milestone for our outsourced payments services in Africa.
“It demonstrates our ability to successfully serve Mobile Network Operators (MNOs) via our fully-fledged processing solutions and our continued dedication and commitment to the African region.
“We are excited to support MTN Group Fintech’s growth strategy, and its business development plans across the continent.”
Cedric N’guessan, Executive for Payment and E-commerce at MTN Group Fintech added, “This collaboration with Network International is pivotal in enhancing financial inclusion across Africa and beyond.
“It enables our customers to actively engage in the global economy, aligning perfectly with our strategic goals alongside Mastercard to broaden access to digital financial services across the continent.”
MTN Group provides voice, data, fintech, enterprise wholesale and API services to more than 288 million customers in 14 African markets.
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