MTN Nigeria has proposed issuing up to N50bn series 11 and 12 commercial paper notes to raise funding for its operations, according to the company’s notice to the Nigerian Exchange Limited.

The notes issuance is under the company’s N250bn commercial paper issuance programme.

According to the statement signed by Uto Ukpanah, company secretary, the issuance is part of the company’s strategy to diversify its financing options with the funds being deployed towards short-term working capital requirements.

MTN Nigeria recently completed its series 10 commercial paper issuance under its upsized N250b commercial paper issuance programme.

Ukpanah, the telecom giant it sought to raise N72.1bn and the offer recorded 149 per cent subscription with N72.1bn issued.

The 266-day commercial paper was issued on 29 November 2023 at a yield of 16 per cent.

The CP issuance aligns with MTN Nigeria’s strategy of continuing to diversify its funding sources and reduce its average cost of debt. The proceeds will be applied to short-term working capital requirements.

Karl Toriola, chief executive officer, MTN Nigeria, said, “We are pleased with the support received from the investor community, having recorded a 149 per cent subscription from a broad range of investors. This reflects NTN Nigeria’s robust financial capacity, brand strength, and market leadership amidst the upward pressure on interest rates”

Stanbic IBTC Capital Limited played the role of Arranger and Dealer with ARM Securities Limited. Chapel Hill Denham Advisory Limited, Coronations Marchant Bank Limited, FCMB Capital Markets Limited, Quantum Zenith Capital &Investments Limited, Rand Marchant Bank Limited, and Vetiva Capital Management Limited played the role of Joint Dealers on the transaction.

Salesforce’s latest State of the AI Connected Customer research reveals consumer trust in companies is at a record low and that AI is raising the stakes for brands.

Today, 60% of consumers believe that advances in AI make trust even more important, and with AI agents on the rise, the findings point to real opportunities for companies to win back consumers with trustworthy AI agents this holiday season. This opportunity is greatest with Gen Zers, with almost a third of Gen Z consumers saying they’d be comfortable having an agent shop for them.

Faced with a challenging holiday shopping season and sinking consumer trust, brands can’t afford to get AI wrong—especially as more than $200 billion in global online sales will be influenced by AI this holiday season.

AI agents, or intelligent software that understands and responds to customer inquiries without human intervention, can help companies drive higher margins and keep consumers buying by delivering incredible customer service. From alleviating clunky purchase experiences to difficult return processes, there’s an agent for that. But to build trusted customer relationships, brands need trusted AI agents that are grounded in transparency and the right data.

Consumers trust less, expect more

Consumer trust is at its lowest point in eight years, and advances in AI make earning that trust more critical than ever.

• Nearly three-quarters (72%) of consumers trust companies less than they did a year ago

• 65% feel companies are reckless with customer data

It’s not just about trust; consumers also expect best-in-class experiences.

• 69% of consumers expect consistent interactions across departments

• Nearly 60% of consumers prefer using fewer touchpoints to get information or complete a task

While better deals are a top driver for consumers to switch to a new brand, customer service experience, convenience, and consistent product or service quality drive more long-term brand loyalty.

• 43% of consumers say poor customer service experience will stop them from making a repeat purchase from a company or brand

• More than a third of consumers say that inconvenience, such as a difficult return process or clunky purchase experience, will cause brands to lose them

Younger consumers are most open to AI agents

The research shows Gen Zers and millennials are more willing than older generations to use AI agents to improve their customer experience by creating more personalised, or useful content.

Younger generations, in particular, hold companies to a higher standard when it comes to adapting to and anticipating their needs—43% of Gen Zers and millennials say AI raises the bar for customer experiences compared to just 32% of baby boomers.

Gen Z and millennial consumers are more likely than older generations to consider the benefits provided by agents.

Transparency is key to building consumer confidence in the AI agent era

Despite the promise of young shoppers, many consumers haven’t made up their minds on AI yet. Nearly half of consumers are neutral about AI’s impact on their lives, whether personal or professional.

In fact, many consumers feel a mix of suspicion (44%) and curiosity (41%) about the future of AI —revealing a ripe opportunity for companies to help consumers see and understand the benefits of AI agents.

• Over a third of consumers would work with an AI agent instead of a person to avoid repeating themselves

• 30% of consumers—even more among Gen Z and millennials (37%)—would work with an AI agent instead of a person for faster service

• A quarter of consumers — even more among Gen Z and millennials (roughly one-third)—would share their personal information with an AI agent so it can better anticipate their needs

To build confidence in the agent experience, businesses need to bridge the trust gap through more transparency.

• Nearly 75% of consumers want to know if they’re communicating with an AI agent

• 45% are more likely to use an AI agent if there’s a clear escalation path

• 44% are more likely to use an AI agent if its logic is clearly explained

“Retailers face a much more competitive shopping season this year, as they look to deliver higher margins in the midst of increasing customer demands. AI agents can help brands deliver consistent, personalised experiences for shoppers across every channel – deepening customer loyalty and ultimately driving more sales,” says Linda Saunders, Salesforce Director Solutions Engineering Africa.

MTN Nigeria has received a “Media Capacity Development Support Award” for its immense contributions towards the growth and development of media practitioners across Nigeria.

The award was presented by the Media Career Development Network, at its inaugural conference held at the University of Lagos on October 31, 2024.

Held at the Biodun Shobanjo Auditorium Centre for Excellence, the Media Career Development Conference saw the coming together of seasoned media practitioners who shared insights on opportunities for growth and career advancement in the ever-evolving digital landscape.

Executive Director of the Media Career Development Network, Lekan Otufodunrin noted that the conference aligns with the organization’s commitment to promoting media excellence and advancing the careers of media professionals in Nigeria.

Speaking on the award, Chief Corporate Services & Sustainability Officer, MTN Nigeria, Tobe Okigbo appreciated the Media Career Development Network for the initiative, while also affirming MTN’s commitment to supporting the media.

“On behalf of MTN, I’d like to extend gratitude to the network for the recognition.

“At MTN, we believe in investing in institutions that bring value to the society and this includes the media.

“Journalists and other media professionals play a crucial role in telling authentic stories and shaping the image of our nation globally.

“So we’re committed to helping them gain the requisite skills and exposure needed to thrive in their profession”, he stated.

MTN Nigeria has consistently shown dedication to training world-class media professionals in Nigeria, particularly through its Media Innovation Programme (MIP).

Since 2022, the ICT firm has partnered with Pan-Atlantic University to enable media practitioners across various platforms gain insight into the rapidly evolving media environment.

Convener and Executive Director of the Media Career Development Network, Lekan Otufodunrin acknowledged the impact of the telecommunications giant’s efforts in upskilling Nigerian media professionals.

“The 6-month Media Innovation Programme created by MTN in partnership with Pan-Atlantic University has afforded media practitioners in-depth training on the media space and even the opportunity to gain more insights in South Africa.

“We hope that MTN Nigeria will continue to champion this programme for the development of professionals”, he said.

The Media Capacity Development Support Award joins a long list of awards MTN Nigeria has received for its contributions towards institutions beyond the telecommunications sector and the general society.