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Mastercard, MTN, and Arifu Launch Digital Skills Program for African Small Businesses

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Mastercard Center for Inclusive Growth, MTN Group Fintech and Arifu have partnered to support about one million small businesses in Cote’ D’Ivoire and Uganda, to digitize their operations, increase the use of digital financial services and access digital marketplaces through the MoMo Coach chatbot.

This program, part of the Center’s global Mastercard Strive initiative, aims to enhance the resilience and growth of small businesses by providing essential digital skills. It is one of the ways Mastercard Strive has disseminated chatbot-ready business building content for small businesses in the region, which is currently also available in Kenya and Nigeria.

Small businesses in sub-Saharan Africa, especially those impacted by the pandemic, have faced significant barriers in adopting digital tools. As of December 2022, only 27.65% of businesses in sub-Saharan Africa had adopted digital tools to enhance their efficiency, showing a slight improvement from 19.44% in August 2020. A lack of relevant skills continues to limit their growth and access to essential financial services. MoMo Coach addresses these gaps by providing free, accessible upskilling content via popular messaging platforms.

Supported by the Mastercard Center for Inclusive Growth and delivered by Caribou Digital, this program equips small businesses with digital skills, enabling them to adopt digital tools, access capital, and engage more effectively in digital marketplaces. The program aligns with Mastercard Strive’s broader goal of reaching 18 million small businesses around the world to go digital, get capital, and access networks and know-how.

“Small businesses are vital to Africa’s growth and create opportunities for a more resilient and inclusive regional economy. We are delighted to catalyze a partnership between MTN Group Fintech and Arifu to equip almost one million small business owners with the digital skills and knowledge essential for thriving in an increasingly digital economy, setting them up for success.” said Subhashini Chandran, Senior Vice President of Social Impact for Asia Pacific, Europe, Middle East and Africa

The MoMo Coach solution, powered by Arifu’s Grasp Platform, uses mobile messaging to deliver micro-learning experiences. It is accessible across multiple channels, including WhatsApp, Telegram, Facebook Messenger, SMS and MoMo. This gives small business owners and entrepreneurs flexibility in accessing practical, actionable tips to unlock growth opportunities in the digital economy.

Serigne Dioum, CEO of MTN Group Fintech, further adds: “Empowering small businesses with digital skills is key to driving inclusive growth in Africa. Through MoMo Coach, we are unlocking opportunities for entrepreneurs to thrive in the digital economy, strengthening communities, and shaping the future of business across the continent.”

The program has been rolled out in Côte d’Ivoire and Uganda, reaching over 930,000 MTN customers, merchants, and agents, with more than 75,000 small business owners accessing free digital courses and over 45,000 actively engaging with MoMo Coach. Courses offered include “How to Start Your Business,” “Money Management,” and “Grow and Secure Your Business.” These courses are based on insights derived from MoMo merchants and agents, and they address key challenges like affordability and access to relevant business knowledge—enabling small business owners to navigate the digital landscape.

Aminata, a 31-year-old business owner from Gôh-Djiboua, Côte d’Ivoire, is one of the many beneficiaries of MoMo Coach. Selling shoes and clothing since 2022, she says: “There’s a lot of competition, but MoMo Coach helps me sell better. Before, I used all my profits to buy new stock, which left me using my capital for expenses. Now, I split my profits: one part for business growth, another for expenses, and some savings for other projects.” She has also started using WhatsApp to increase her sales, noting: “My income has increased. When I post my goods, I sell more.”


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General News

MTN Nigeria’s AGM Highlights Strong Q1 2025 Performance and Future Growth

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MTN Nigeria Communications Plc held its 2025 Annual General Meeting (AGM) in Lagos today, where shareholders reviewed the company’s full-year financial performance and endorsed its strategic priorities for the future.

The AGM came on the heels of a strong first quarter in 2025, during which MTN Nigeria invested a record ₦202.4 billion in capital expenditures and posted ₦133.7 billion in profit after tax, marking a major turnaround from a ₦392.7 billion loss in Q1 2024.

This 159% year-on-year surge in Q1 CAPEX—the company’s highest-ever quarterly investment—has gone into expanding network capacity, boosting data speeds, and enhancing service quality nationwide, in response to rising demand for digital services.

The Chairman of the Board, Dr. Ernest Ndukwe (OFR), addressed shareholders, saying: “On behalf of the MTN Nigeria family, I am proud to affirm that our business remains deeply rooted in strength and resilience.

“Our foundation remains solid, and our role within the broader economic landscape is unwavering, even amidst the challenges we encountered over the past year.

“As we reflect on this journey, I am inspired by the resilience of the Board, management, and staff of our Company, backed by the unwavering confidence of our shareholders, the valued support of our customers, and the immense potential of our nation, Nigeria.”

Dr. Karl Toriola, chief executive officer stated: “The year 2024 undoubtedly tested our resilience as we navigated a challenging operating environment marked by severe macroeconomic conditions.

“At MTN Nigeria, we viewed these challenges as catalysts for innovation and decisive action.

“We focused on what mattered most, strengthening the resilience of our network, prioritising customer experience, and accelerating the growth of our commercial operations through our customer value management initiatives.”

However, the company reported a ₦400.4 billion net loss for the year, largely due to ₦740.4 billion in foreign exchange losses from the devaluation of the naira, alongside elevated operating costs, and higher interest expenses. Due to negative retained earnings, the Board was unable to recommend a final dividend for FY 2024, consistent with regulatory requirements.

Looking ahead, MTN Nigeria remains optimistic, citing tariff increases, currency stabilisation, and easing inflation as key factors that will support the company’s return to positive equity in 2025.

Chief Financial Officer, MTN Nigeria, Modupe Kadri, commenting on this optimism said, “Our Q1 2025 results reflect strong operational execution and financial discipline, with service revenue up 40.5% and EBITDA growing by 65.9%.

“We delivered N133.7 billion in profit after tax, marking a significant turnaround from the prior year, while maintaining a healthy cash position and robust balance sheet metrics.”

During the AGM, all resolutions were passed by shareholders, including the adoption of the 2024 financial statements, the re-election of directors, and approval of remuneration policies.

The Q1 2025 report shows the company has returned to profitability and remains committed to strengthening network investments, accelerating digital inclusion, and delivering sustained value to its customers and shareholders.


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NITDA Inaugurates Start-up Consultative Forum

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Nigeria has taken a bold step toward deepening its innovation ecosystem with the official launch of the Start-up Consultative Forum, an initiative designed to accelerate the implementation of the Nigeria Start-up Act (NSA) and strengthen the country’s tech startup ecosystem.

While addressing the forum, NITDA’s Director General, Kashifu Inuwa CCIE, who was represented by Barrister Emmanuel Edet, the Ag. Director, Regulation and Compliance described the platform as more than just a stakeholder meeting.

“It is a commitment to building a stronger tech ecosystem through collaboration, inclusion, and data-driven governance, marking a new phase in the implementation of the Nigeria Startup Act,” he said.

He noted that the Nigeria Startup Act is more than legislation—it is a framework for national development. “Startups are not fringe players. They are central to Nigeria’s economic future,” he asserted.

Inuwa further mentioned that over the past eight months, NITDA has driven key activities under the Act. These include stakeholder workshops across 10 states, roadshows at tech events like Lagos Tech Week, the Omniverse Summit, Moonlight Conference and the Akwa Ibom Tech Week, and awareness campaigns through digital and direct engagement.

The forum, according to Inuwa, will serve as a feedback engine, spotlighting regulatory gaps, guiding policy improvements, and shaping a startup-friendly environment.

Under the Renewed Hope Agenda and the guidance of the Federal Ministry of Communications, Innovation and Digital Economy, NITDA continues to support startups through initiatives like the Startup Portal, tech infrastructure deployment, and digital skill training across the country.

The DG emphasised that for startups to thrive, policies must be inclusive and responsive. “Inclusion is not charity. It is a strategy,” he said, calling for equal representation across gender, region, and sector.

While inaugurating the members if the Conservative Forum on behalf of the Director-General, the Director of IT Infrastructure Solutions, Oladejo Olawunmi, ignited the forum with a call to action, envisioning it as a vital nexus for collaborative breakthroughs.

He inspired the members, saying, “We remain deeply committed to nurturing a space where innovation can flourish, and I call upon each of us to embrace the task ahead by shaping ideas into concrete policy and outcomes that leave a lasting impact.”

Earlier, Victoria Fabunmi, National Coordinator of the Office for Nigerian Digital Innovation (ONDI), in her opening address called the Forum, a “structured dialogue between those building the future and those enabling it.”

She outlined five key pillars for success: access to funding, capacity building, supportive policy, inclusive innovation, and global competitiveness.

She urged startups to speak boldly, private sector players to offer more than capital, development partners to scale what works, and government to harmonize efforts. “This Forum must be a problem-solving platform, not another talk shop,” she concluded.

With the Startup Consultative Forum now launched, NITDA aims to turn policy into action, ensuring startups are no longer on the sidelines, but at the center of Nigeria’s innovation journey.

The virtual event was attended by private sector players, development agencies, verified Ecosystem Support Organisations (ESOs), angel investors, venture capital firms, and labelled startups from across the country.


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NFIU Alerts Nigerians of Rising Ponzi Schemes, Unregulated Crowdfunding Scams

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The Nigerian Financial Intelligence Unit (NFIU) issued a detailed advisory on yesterday, warning Nigerians about the growing threat of Ponzi schemes and unregulated crowdfunding scams, particularly in digital assets, agriculture, and real estate.

These sophisticated scams, often disguised under appealing brand names, promise unrealistically high returns, exploiting vulnerable citizens facing economic hardship between 2022 and 2025.

Digital asset scams, like Crypto Bridge Exchange (CBEX) and Chinmark Group, leverage cryptocurrencies’ anonymity and limited regulation. CBEX, promising 100% returns in 30 days, collapsed with over ₦1.3 trillion in losses, using blockchain to obscure funds.

Chinmark, posing as a conglomerate, defrauded investors of over ₦10 billion via social media and religious endorsements. “We are committed to saving Nigerians from the troubles associated with Ponzi schemes,” the NFIU stated, pledging to pursue major actors.

Agricultural Ponzi schemes, such as Farmforte Ltd and Green Eagles Agribusiness, promise unsustainable farming returns, with one Lagos operator collapsing after processing ₦400 million with 16% monthly return pledges. Red flags include guaranteed high returns, unlicensed operations, and reliance on referrals.

The Investment and Securities Act (ISA) 2025 imposes fines of ₦20 million and up to 10 years’ imprisonment for promoting Ponzi schemes, empowering the Securities and Exchange Commission (SEC) to regulate digital assets. The NFIU urged licensing for Virtual Asset Service Providers, advanced fraud detection, and stronger KYC/AML compliance by financial institutions.

It advised the public to verify platforms with the SEC, question return mechanisms, and report suspicious schemes promptly.


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