Telecom
MFS Africa Acquires Baxi, Expands into Nigeria

MFS Africa, has announced a signed agreement to acquire Nigeria’s super-agent networks, Baxi.
“Nigeria is home to one of the most dynamic markets on the continent; it is Africa’s largest economy and home to the largest number of SMEs. It is also the largest remittance market in Africa and home to one-third of intra-Africa remittance flows.”
MFS Africa’s presence in Nigeria to date has been limited given the country’s small number of mobile wallets. With the acquisition, MFS Africa will expand its pan-African network into Nigeria, connecting Nigerian businesses to the continent and the rest of the world.
“This deal is a pivotal step in our journey. By combining Baxi’s network of SMEs operating as agents with our pan-African network, we aim to take Nigeria’s SMEs to the rest of Africa and the world. Our expansion into Nigeria brings us one step closer in our mission of making borders matter less,” said Dare Okoudjou, MFS Africa founder and CEO.
Founded in 2014 by Degbola Abudu and Folu Majekodunmi, Baxi is one of Nigeria’s largest independent SME-focused electronic payment networks.
Baxi provides a cash-in/cash-out offering as well as value-added services including account opening, money transfer, bill payment, among others, to the last mile. Through its network of more than 90,000 agents, Baxi has already processed over $1 billion in transactions this year.
Following the acquisition’s close, MFS Africa will build Baxi into a key node on its digital payment network, allowing customers to make regional and global payments to and from Nigeria.
MFS Africa will also expand Baxi’s proposition for offline SMEs to select markets within MFS Africa’s footprint of 320 million mobile wallets across more than 35 African countries.
Previous restrictions to mobile network operators’ participation in mobile money services have restrained the sector’s growth in Nigeria.
To serve the more than 55% of Nigerian consumers currently excluded from formal financial services, Nigerian fintech that has built strong agent networks are the crucial interface to reach Nigeria’s 31,000,000 financially underserved and 67,000,000 financially unserved populations.
Supporting and nurturing SMEs is crucial to Nigeria’s economy, as they contribute 50% of Gross Domestic Product and provide 76% of jobs. With its presence in 36 Nigerian states, Baxi fills a critical gap by providing unbanked Nigerians and informal SMEs access to financial services.
The focus areas of both companies are complementary. Baxi simplifies and integrates online and offline payments for SMEs and merchants in Nigeria through its omni-channel distribution network. MFS Africa simplifies cross-border payments, integrating payments via one hub.
“We’re thrilled to partner with the MFS Africa team to expand our service offering for individuals and SMEs. We believe that we’ve barely scratched the market’s potential. Only 3% of Nigerian SMEs have access to credit products. By teaming up with MFS Africa, and with the strong support of our local commercial banking partners, we can offer more value-added products and services, such as cross-border payments, to support Nigerian SMEs in their growth,” said Degbola Abudu, Baxi CEO.
Following the acquisition of Beyonic in 2020, MFS Africa continues to accelerate and lift its growth with strategic investment and acquisition, which are actively supported by its shareholders. LUN Partners Financial and FT Partners served as financial and strategic advisors to MFS Africa in this transaction.
PWC Nigeria and Nihilent advised MFS Africa on Commercial, Product and Technological due diligence. Da Hui and TNP were legal advisors to MFS Africa. Baxi was advised by financial advisor Verdant Capital and DAI Magister. Their legal counsels were Udo Udoma & Bello-Osagie (UUBO) in Nigeria and Akin Gump Strauss Hauer & Feld LLP in London.
Telecom
NigComSat Eyes $3Bn Annual Revenue – DG

Jane Idehen, director-general of Nigeria Communication Satellite Limited (NigComSat), has said that the organisation is projecting an average annual revenue of three billion dollars as it expands its scope of operations.
disclosed this in Abuja at the July edition of DevsInGovernment MDA workshop series organised by the Ministry of Communications, Innovation and Digital Economy, with a focus on NigComSat.
The programme supported by Galaxy Backbone and World Bank was tagged: “Driving Operational Excellence through Technology at NigComSat.”
DevsInGovernment is a community that aims to create a group of technologists and tech enthusiasts within the civil service who are actively contributing to digital transformation across all government agencies.
The DG said that for NigComSat to grow, it had to explore new ideas and increase product life, which can lead to significant revenue increases.
“Currently we are projecting to average about three billion dollars in revenue year.
“If we can think about ideas, we can do more than that because if you can increase your product life, you can provide more solutions to problems,” she said.
She said that there were other revenue streams beyond broadcasting, which could double or triple the existing broadcasting revenues.
According to her, creating awareness about the programme’s services and solutions was crucial for its success.
Abiodun Attah, executive director of Technical Services at NigComSat, said the agency was charting a new course in its operations with a view to increasing its revenue earnings and serving the country better.
Attah said that one of the things the agency had done with the Mobile Network Operators (MNOs) was to carry 2G, 3G, and 4G traffic in rural areas where there was no connectivity.
“In the past, NigComSat was shying away from going into enterprises; it was shying away from doing business outside the government sector.
“Now we have gone beyond that,” he added.
Telecom
Airtel Backs Global Hepatitis Fight with Health Education and Free Employee Vaccination

As the world commemorates World Hepatitis Day, Airtel Nigeria is taking bold steps to combat the global health challenge by equipping its employees with knowledge and access.
Reinforcing its ongoing commitment to employee wellness and public health advocacy, the leading telecommunications and digital services provider hosted a companywide Health Talk and announced a free hepatitis vaccination rollout across its offices across the country.
This year’s health and wellness theme at Airtel, “Stay Aware, Get Tested, Vaccinated & Seek Treatment,” aligns with global efforts to eliminate hepatitis and underscores the company’s belief that well-informed, healthy employees are the foundation of a thriving organisation.
In collaboration with its healthcare partner, Leadway Health, Airtel Nigeria brought together staff from across the country for an educational session titled: “Healthy Habits, Healthy Liver: Ending Hepatitis Starts with You!” Led by esteemed medical consultant Dr. Obioma Anomneze-Chima, the session offered critical insights into the causes, symptoms, and prevention of hepatitis, along with practical lifestyle habits to safeguard liver health.
In his remarks at the programme, Airtel Nigeria CEO, Dinesh Balsingh, highlighted the company’s holistic wellbeing philosophy.
He said, “Our people are the heart of our organisation, and when they are healthy, they bring their best selves to work. We’re not just investing in employee performance; we’re investing in their complete wellbeing. From mental wellness to preventive healthcare, our programmes are designed to offer real, meaningful support.”
Speaking during the session, Dr. Anomneze-Chima emphasised the importance of proactive prevention and early testing, “Hepatitis doesn’t always announce itself; it creeps in quietly and can cause lifelong complications. Conversations like this help us catch it before it catches us. I applaud Airtel for giving its employees not just facts, but tools and access to protect their health.”
Director, Human Resources and Administration, Airtel Nigeria, Adebimpe Ayo-Elias, noted that events such as the Hepatitis education and vaccination activity are a firm part of the company’s corporate mission. “This hepatitis campaign is a reminder that corporate responsibility goes beyond business metrics; it’s about actively participating in global health conversations and making a difference where it counts: among our people,” she added.
To sustain the impact of the educational talk, Airtel Nigeria is launching a free hepatitis vaccination programme across its premises, allowing employees nationwide to get vaccinated on-site with ease. This initiative reflects the company’s human-first approach to workforce wellness—prioritising both immediate care and long-term health security.
With this initiative, Airtel Nigeria once again demonstrates its leadership in advancing workplace wellness and health advocacy in the corporate sector. From supporting mental health through its Employee Assistance Programme (EAP) to promoting physical wellbeing with preventive screenings and vaccinations, Airtel is setting the standard for what it means to truly care for its workforce.
Telecom
MTN Nigeria Bounces Back with 414.9Bn Profit in H1 2025, Targets Full Recovery by Q3

MTN Nigeria Communications Plc has reported robust financial and operational results for the first half of 2025, signaling a promising turnaround for the telecom giant amid improving economic conditions and strategic initiatives.
Karl Toriola, ceo MTN Nigeria, said the company’s performance reflected the successful execution of earlier strategies and a more stable business environment. “We are excited by the progress made in the first half of 2025,” he said, highlighting a 54.6 percent growth in service revenue and a remarkable recovery in profits.
MTN’s subscriber base grew to 84.7 million, adding nearly 4 million users despite regulatory changes limiting SIM registrations by third-party agents. Active data users reached 51 million, fueling a surge in data revenue, which rose by an impressive 69.2 percent.
The operator has been investing heavily to meet rising demand and improve service quality. Among its major projects is the $240 million Dabengwa Tier 3 Data Centre—West Africa’s largest—which was launched in July and promises to drive digital transformation for businesses across the region.
On the fintech front, MTN made solid strides by adding over half a million new digital wallets in Q2 alone. Customer deposits grew fivefold since December 2024, pointing to renewed confidence and expanding usage of MTN’s mobile money services.
Economically, Nigeria showed signs of recovery during the period, with the naira exchange rate remaining stable and inflation easing to 22.2 percent. These factors helped strengthen MTN’s financial position and allowed the company to renegotiate tower leases, resulting in significant cost savings.
As a result, MTN swung from a loss after tax of N519 billion in the first half of 2024 to a profit after tax of N415 billion this year. Free cash flow also improved, hitting N409.8 billion, which the company plans to leverage for further network investments.
Looking ahead, MTN Nigeria has raised its full-year guidance, targeting service revenue growth at least in the low 50 percent range and an EBITDA margin above 50 percent. The firm anticipates positive retained earnings and shareholders’ equity returning by the end of Q3.
The company also remains committed to nurturing tech talent and innovation in Nigeria, pledging over N3 billion to support skills development. An accelerator programme offering funding and mentorship aims to empower African startups and drive future digital growth.
Despite some regulatory and macroeconomic uncertainties, MTN Nigeria’s leadership expressed confidence in the company’s ability to adapt and deliver sustained value to shareholders and customers alike.
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