Telecom
Mastercard hosts 2024 Fintech Forum: Fostering Fintech Ecosystem Collaboration and Innovation

In a noteworthy celebration of Nigeria’s dynamic financial technology ecosystem, Mastercard convened key stakeholders at its Fintech Forum on March 20, 2024. The event served as a demonstration of the leading payments technology company’s ongoing commitment to the growth and development of the fintech landscape.
Fast becoming one of the industry’s most anticipated tech gatherings, the forum brought together key representatives from the fintech community, commercial banks, microfinance banks, processors, investors, regulators, and the government, to discuss critical developments and trends in the Nigerian fintech landscape, delve into Mastercard’s strides in facilitating the ecosystem’s growth, and identify potential opportunities within the industry.
Fintech companies have been at the forefront of revolutionizing various industries, serving as powerful vehicles for locally relevant solutions, financial inclusion, and innovative partnerships between financial institutions, governments, merchants, and small and medium-sized enterprises (SMEs), both globally and locally.
This transformative role is underscored by the sustained investment in the industry, with the Nigerian fintech sector witnessing a remarkable surge, receiving over $1 billion in the last two years alone – more than triple the industry’s total figure and accounting for more than one-third of the $2.7 billion invested in African fintech since July 2021.
“Mastercard’s Fintech Forum has become an avenue to advance discussions on the development of the industry in Nigeria, and we are proud to be the vehicles of this change. The discussions this year underscored the pivotal role of collaboration and innovation in shaping the future of Nigeria’s fintech landscape.
“Mastercard remains unwavering in our commitment to power this positive change, offer support, and lead the evolution of the industry,” said Folasade Femi-Lawal, the Country Manager and Area Business Head for West Africa at Mastercard.
The event also featured a fireside chat titled “Mastercard’s Role in Fintech Ecosystem Collaboration”. During this discussion, Dimitrios Dosis, President of Eastern Europe, Middle East, and Africa (EEMEA) at Mastercard, said: “Fintechs continue to stand as the trailblazers, pushing boundaries and reshaping industries. Their penchant for innovation is not just transformative, it is integral to the very fabric of our industry and the broader economy.
“Mastercard, as a driving force, is proud to champion the pivotal role of fintechs, recognizing their significance in fostering economic progress. As a leading technology provider, we will continue to innovate, and support and collaborate with them to drive locally relevant solutions and initiatives for maximized impact.
“We’re committed to being the catalyst that propels the ecosystem forward, facilitating a future where technology empowers individuals, businesses, and economies to participate in the global economy.”
The fireside chat was followed by a panel session titled “Digitization and Its Role in Nigeria’s Economic Development”, during which speakers delved into digitization, its role in enhancing efficiency across all sectors, opportunities, and the importance of balancing innovation and inclusivity to maximize its impact on Nigeria’s economic development. During the session, Nasir Yammama, Senior Special Assistant to the President, Innovation, said: “Nigeria’s digital transformation and ever-evolving fintech and banking landscape presents exciting possibilities.
The ongoing innovation boom acts as the cornerstone for advancing digital public infrastructure, fostering financial inclusion, and propelling economic growth. As always, the government remains committed to creating an enabling environment and collaborating with key industry players to drive more impactful innovations and pave the way for a future where every individual and business can thrive in a digital-first global environment through well-informed, inclusive policies and initiatives.”
Mark Elliott, Division President, Mastercard Sub-Saharan Africa, closed the event and offered insights into the fintech landscape. He emphasised the importance of the fintech industry and highlighted the significance of inclusive innovation and collaboration in driving sustained economic development.
“Mastercard is providing fintechs with the tools, resources, and support they need to thrive in the ever-evolving digital economy. Whether it’s through innovative solutions or strategic partnerships with key players in the industry, Mastercard has demonstrated its commitment to shaping the future of fintech and contributing to the growth and success of the broader ecosystem,” said Mark Elliott, Division President, Mastercard Sub-Saharan Africa.
The Fintech Forum not only celebrated the achievements and advancements in Nigeria’s fintech sector, but also revealed a shared vision among industry leaders, which encompassed a future where strategic collaboration continues to be a driving force for positive change, innovation, and widespread financial inclusion, not only in Nigeria but on a global scale.
Telecom
Nokia Unwraps 5G Gateway for Home Internet

Nokia has introduced the FastMile Gateway 4, a new 5G indoor gateway designed to deliver high-speed internet throughout the home, powered by Wi-Fi 7 technology.
A gateway is a device that connects to a 5G network and provides high-speed internet access to homes or businesses.
The disclosure was made in a statement by Nokia, which highlighted that the device features high-gain antennas and dual-band Wi-Fi 7 to optimise coverage and boost connection speeds.
The FastMile Gateway 4 supports four carrier aggregation and up to 300 MHz of bandwidth, helping operators improve network efficiency while ensuring seamless connectivity for users.
The new gateway is powered by Nokia’s Corteca software, which enables cloud-based Wi-Fi optimisation and supports industry-standard EasyMesh technology for better network management.
To simplify installation, the device comes with a mobile app that helps users identify the best location for setup.
With the FastMile Gateway 4, Nokia expands its 5G fixed wireless access portfolio, offering multiple Wi-Fi 7-enabled models to support different operator and consumer needs.
The launch underscores Nokia’s commitment to advancing 5G home connectivity, providing faster and more reliable internet solutions.
Shiv Putcha, director for Research and Consulting at GSMA Intelligence, stated, FWA has proven to be a spectacular hit in driving broadband access in the last mile around the world.
He said, “However, there are numerous end users, many with potentially unique requirements that need servicing. Nokia has the broadest portfolio today, with multiple FastMile gateway products that combine 5G FWA with dual-band WiFi 7 indoors.
“This, combined with Corteca management software, will help operators cater to multiple segments of demand.”
Dirk Verhaegen, general manager of Broadband Devices at Nokia, stated, “Using Fixed Wireless Access to connect end customers to the internet requires more than just one type of device.
“Our extensive FWA portfolio gives operators access to a wide range of Wi-Fi 7 devices tailored to meet their unique and diverse needs. Our portfolio is even stronger with the addition of the new FastMile Gateway 4, giving operators another power option to deliver fast, reliable FWA broadband to customers – no matter where they live.”
Telecom
Senate Urges FG, Telcos to Cut Data Cost

The senate has called on the federal government to take urgent action to address the rising cost of data services in the country.
This was sequel to a motion sponsored by Senator Asuquo Ekpenyong (APC, Cross River South) during plenary.
Ekpeyong warned that the surge in data costs was a major setback for young Nigerians who depend on the internet for their livelihoods.
He argued that many young people use digital platforms for freelancing, e-commerce, content creation, and software development, making affordable internet access crucial to their economic survival.
“Telecommunication providers in Nigeria have recently increased the cost of data services by as much as 200%. A move that has placed significant financial strain on millions of Nigerians, especially young people who rely on the internet for their livelihood,” he said.
“Young Nigerians have embraced the digital economy, leveraging the internet for various income-generating activities including freelancing and remote work, direct marketing and social media management, e-commerce, content creation on various platforms, online training, software development, web design, mobile app creation, content creation of various platforms, online education, etc.
“The senate notes that young Nigerians have embraced the digital economy, leveraging the internet for their livelihood, leaving them heavily dependent on mobile telecommunications companies for internet access, and that the sudden and substantial increase in data cost threatens their economic survival and limits access to critical digital services.
“The senate is further concerned that the reasons provided by telecom providers for the data price hike, including high operational costs of favourable exchanges, are untenable, and appears that instead of addressing the root causes of the high cost of doing business in Nigeria, the burden is being unfairly transferred to end-users.
“Senate is aware that the high cost of doing business in Nigeria is driven by multiple challenges, such as increased operational risk and insurance costs.
“The senate believes that urgent government intervention is required to ensure that affordable internet access remains available to all Nigerians, particularly to the young Nigerians who are at the backbone of Nigeria’s digital economy.
“The senate accordingly resolves to urge the federal government to engage with telecommunication providers to review the recent increase in data costs and ensure the pricing remains fair and affordable for all Nigerians.”
Telecommunications operators had increased the cost of data and voice services following the Nigerian Communications Commission (NCC) approval of a 50% tariff hike, implemented on February 11, 2025.
Contributing to the debate, senator Victor Umeh (LP, Anambra Central) described the motion as timely, lamenting that apart from the hike in cost of telecommunications services, there were also a hike in the cost of electricity tariff and DSTV subscription.
“Something needs to be done fast, to regulate the high increases. Citizens have no other way to seek redress,” Senator Umeh said.
Senator Sadiiq Sulaiman Umar (APC, Kwara North), also said, “It’s very important to regulate this social crisis.”
In its resolutions, the Senate also asked the federal government to provide an enabling environment for doing business, as well as address the avalanche of challenges threatening businesses in the country.
The Senate also asked the federal government to consider making provisions for free internet hubs for young people to enhance their socio-economic well-being.
Senate President Godswill Akpabio, who presided over the session said the resolutions if implemented would assist young entrepreneurs who use internet for various businesses to grow.
Telecom
MTN Group, Airtel Africa Agree to Network Sharing in Uganda and Nigeria

Driven to extend digital and financial inclusion across Africa, MTN Group and Airtel Africa have entered into agreements to share network infrastructure in Uganda and Nigeria, while ensuring compliance with local regulatory and statutory requirements.
These sharing agreements target improved network cost efficiencies, expanded coverage and the provision of enhanced mobile services to millions of customers, particularly those in remote and rural areas who do not yet fully enjoy the benefits of a modern connected life.
MTN Group President and Chief Executive Officer Ralph Mupita said operators on the continent were seeing sustained demand for data services: “As MTN, we are driven by the vision of delivering digital solutions that drive Africa’s progress.
We continue to see strong structural demand for digital and financial services across our markets. To meet this demand, we continue to invest in coverage and capacity to ensure high-quality connectivity for our customers.
That said, there are opportunities within regulatory frameworks for sharing resources to drive higher efficiencies and improve returns.”
Airtel Africa Chief Executive Officer Sunil Taldar said: “As we compete fiercely in the market on the strength of our brand, services and our offerings we are building common infrastructure, within the permissible regulatory framework, to provide a more robust and extensive digital highway to drive digital and financial inclusion at the same time avoiding duplication of expensive infrastructure to drive operational efficiencies and benefits for our customers.”
The initiative is part of a growing global trend toward network sharing. By collaborating, telecoms operators can explore innovative and pro-competitive solutions to improve service quality while managing costs more effectively.
The sharing of infrastructure has the potential to enable the delivery of world-class, reliable mobile services to more and more customers across Africa.
Following the conclusion of agreements in Uganda and Nigeria, MTN and Airtel Africa are exploring various opportunities in other markets, including Congo-Brazzaville, Rwanda and Zambia.
Among the types of agreements considered are RAN sharing and those aimed at establishing commercial and technical agreements for fibre infrastructure sharing and, if necessary, the construction of fibre networks.
MTN Group and Airtel Africa are dedicated to working with other mobile operators within the countries in which they have a presence to achieve the advantages of network sharing.
Throughout this process, the parties will continue to function as independent market entities and will compete freely in shared markets. This engagement does not preclude the parties from collaborating with other operators in any respective market.
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