MTN Nigeria has warned that if suitable mobile tariffs are not guaranteed, investment in the Nigerian telecoms sector could suffer.

Modupe Kadri, chief financial officer, MTN Nigeria who stated this, also warned that if appropriate pricing methods are not applied, the sector may experience a fall in investment, similar to the Nigerian oil industry.

Kadri’s comments come at a time Nigerian telecom companies have been raising their calls for higher mobile charges and have been lobbying for measures that they hope will be favourable to them and push up their ability to invest in networks.

Kadri made the fresh call at a panel discussion at the 30th Nigerian Economic Summit in Abuja, where he highlighted how rising inflation and foreign exchange concerns have harmed the industry’s operational efficiency.

According to him, the telecoms sector is significantly reliant on imported goods, which jeopardises its financial stability.

Kadri pointed out that, whereas prices in the petroleum and electricity industries have already been increased, the telecom business has yet to receive a comparable hike.

He underscored the necessity of building a fair regulatory framework to help corporate sustainability and specifically requested that the government weigh in on this.

“Our operations are significantly dependent on foreign exchange,” Kadri remarked. “For consumers to receive the services they expect, it’s essential to recognise that these come at a cost.”

He added: ”When people have to invest in the country and are not able to monetise their investment, it cannot work. The only way that this economy will thrive is if there is appropriate pricing such that investments in the sector are guaranteed.”

Telecommunications company, Globacom, has announced its sponsorship of the 2024 Ofala Festival, celebrated annually in Onitsha, Anambra State.

The company disclosed  in a press statement  in Lagos on Wednesday, that  Iru Ofala, the first day of the festival, holds on Friday  at the Ime Obi, the palace of the traditional ruler of the kingdom, Igwe Alfred Nnaemeka Achebe while  Azu Ofala is billed for  Saturday, October 19.

According to Globacom,  a Royal Banquet organized by Globacom will also hold in honour of the Onitsha monarch, Igwe Achebe, at the Ime Obi on Wednesday, October 23.

The festival, the biggest traditional festival in the South Eastern part of the country, is an occasion for the monarch to fulfil certain cultural obligations, and primarily a celebration by the Igwe and his subjects of his annual emergence from seclusion, during which period he successfully negotiates the fortunes of the kingdom.

The theme of this year’s event   is “Courage, Perseverance, and Self-Reliance” (Onye kwe, Chi’e) underscoring the traditional ruler’s message of hope and resilience in the face of prevailing hardship in the country.

“We are proud to once again partner with the Ofala Steering Committee to showcase Nigeria’s rich cultural heritage. The Ofala  is a celebration of our nation’s diversity and resilience, and we are honoured to be a part of it”, Globacom said.

As part of its commitment to driving innovation in the digital financial services sector, MoMo Payment Service Bank (PSB) and Vendy Ltd has teamed up with tech firm, Vendy Ltd to introduce WhatsApp shop, a platform which enables businesses to easily set up online stores, accept payments, and directly engage with customers through WhatsApp.

The announcement, made during the Moonshot by TechCabal tech conference, marking a new chapter in the integration of technology and commerce in Nigeria.

This partnership aims to redefine the shopping experience, leveraging WhatsApp’s widespread use to make access to products and services, simpler and more convenient for millions of Nigerians.

The collaboration merges MoMo PSB’s extensive distribution network with Vendy Ltd’s cutting-edge technology solutions to enhance financial inclusion across Nigeria. With over 19 million registered users, MoMo PSB has been instrumental in bringing digital financial services to underserved communities.

The newly launched WhatsApp shop allows users to browse, order, and pay for products directly within the app, delivering a streamlined and intuitive shopping experience for smartphone users.

Abiodun Odelola, Manager, Brand and Communications at MoMo PSB, emphasized the impact of the partnership, saying, “Our goal is to create an experience that brings financial services closer to the people while driving economic growth, and this collaboration with Vendy Ltd aligns with that vision.

“By integrating our payment solutions directly into a familiar platform like WhatsApp, we’re making everyday transactions more accessible to Nigerians.

“It’s about meeting people where they are and offering them a simple, secure way to shop and pay.

“We’re excited about how this will open up new opportunities, especially for those who may have been left out of the digital economy for too long,”

The WhatsApp shop taps into the platform’s global user base of over 2 billion, delivering a more convenient and accessible shopping experience.

As mobile communication continues to dominate in Nigeria, this strategic integration is expected to attract users from diverse backgrounds, further cementing WhatsApp’s role as a crucial tool for daily transactions.

Since its launch in April 2022, MoMo PSB has rapidly become a leader in Nigeria’s mobile money market, with a focus on accessibility and inclusion.

This collaboration with Vendy Ltd reinforces its commitment to bridging the gap for underserved populations, offering digital financial solutions that are as easy to use as sending a message on WhatsApp.