Telecom

MTN Plans to be Africa’s Biggest Bank with Mobile Money Service

Published

7 years ago

January 20, 2018

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MTN, Africa’s biggest mobile operator, is gunning to become Africa’s biggest bank.

The ambitious business strategy was revealed by Rob Shuter MTN CEO during the Deloitte Africa in 2018 Outlook conference in Woodmead.

The company is encouraged by the progress made by its Mobile Money offering in other geographies that it operates in. This is despite MTN Mobile Money failing to gain traction in the South African market, with the telco eventually killing it off in 2016 due to lack of commercial viability.

MTN Mobile Money allows anyone with a mobile phone to send and receive money quickly, safely, affordably and conveniently.

“The core digital service that we have decided to put our money on is Mobile Money,” said Shuter. “Mobile Money is really about leveraging the strength of the brand and leveraging the strength of the distribution because we have built a huge informal distribution network for prepaid airtime to bring customers into a transactional banking system.”

He pointed out that MTN has deployed Mobile Money across 14 markets and “if we look at our 30-day active users, which is the most important matric, we are growing by half a million customers a month. I think that’s pretty cool and today we are sitting at 21 million subscribers.

“We are a new age transactional banking provider and it’s a very big imperative for us, and the key thing we want to do is to scale it rapidly.”

According to Shuter, MTN wants to build Mobile Money into a 60 million customer business in the next three to four years.

“We will be the largest bank in Africa, leveraging scale, network, brand, infrastructure and distribution,” he noted.

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Related Topics:Deloitte Africa Mobile money MTN

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Telecom

Unforgettable Moments and Big Wins at the TECNO SPARK 30 City Tour

Published

4 hours ago

November 28, 2024

Ugo Onwuaso

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TECNO SPARK 30 city tour made a memorable stop at Ikeja City Mall on November 15th, bringing with it an infectious energy that electrified the entire city.

As the event unfolded, it was clear that this was more than just a product showcase – it was an immersive experience designed to thrill and delight.

The day’s festivities kicked off with the iconic TECNO SPARK 30 transformer bus, painted in bold red and blue hues, rolling into action.

The bus served as the hub for a games grotto, where fans immersed themselves in thrilling digital games and adventures.

Outside, the excitement spilled over, with attendees engaging in friendly competitions of Jenga, Monopoly, Ludo, and chess.

These games sparked laughter, playful banter, and a sense of camaraderie among strangers.

As the games heated up, so did the rewards. Purchasers of the TECNO SPARK 30 Pro enjoyed a N20,000 discount and a chance to win up to 100% cashback by participating in the games.

The atmosphere was electric, with cheers of victory, enthusiastic applause, and celebratory high-fives.

The excitement reached a fever pitch with the arrival of tech and lifestyle creator Kagan, accompanied by Big Brother Naija Season 9 stars Victoria and Ruthee.

The trio dove into the action, competing in games and claiming victory. They were awarded TECNO-branded gift items, earning cheers and applause from the thrilled crowd.

The event was an unforgettable experience, leaving a lasting impression on all who attended.

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Telecom

Sophos Report Highlights Cyber Risks During Holiday Shopping Season

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4 hours ago

November 28, 2024

Ugo Onwuaso

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With Black Friday and Cyber Monday around the corner, we’re entering a high-risk period for cybersecurity.

A recent Sophos report highlights that malicious emails were the second most common root cause of ransomware attacks in critical sectors, responsible for 25% of cases.

During peak shopping days, this threat intensifies.

Here’s what happens: with the surge in online deals, more employees may be shopping from their work computers, feeling that Cyber Monday is a legitimate time to do so.

This increases the risk of them clicking more freely and potentially exposing the organization to malicious links or phishing attacks.

To keep your organization safe, encourage your team to follow these simple tips:

• Use an ad blocker – Advertisements are not only tracking your every movement and collecting enough information on your habits to make the FBI blush, but they are also a major source of malicious links and deceptive content on the internet. Not only is your browsing safer, but also faster and uses less bandwidth. Two of our favorites are uBlock Origin and Ghostery.

• Use private browsing or incognito mode – To prevent your shopping habits and interests from following you around from site to site (and potentially revealing what gifts you might be purchasing to others using your device, bonus!), you should enable private browsing (Firefox) or incognito mode (Chrome). This will block tracking cookies and help the internet forget your travels as the waves wash away your footprints in the sand.

• Make your browser “privacy smart” – The Electronic Frontier Foundation (EFF) provides a browser extension called Privacy Badger designed to automatically make all the right choices around browsing whilst maintaining our privacy and blocking invisible trackers.

• Avoid using one account on multiple services – When logging into an e-commerce site it is often tempting to use the “Sign in with Facebook” or “Sign in with Google” button. While it takes a few more minutes to create a new login, it will provide more privacy as you are not sharing all of the sites you shop at with these tech giants.

• Use guest login when available – In addition to letting you use an account from other websites, many have an option to use a guest login rather than creating a new account. This is a great option if you don’t expect to need technical support or to do business on a recurring basis. Fewer passwords, fewer personal details, fewer problems if they get hacked.

• Don’t save card details – Many e-commerce sites will default to storing your credit card information in your profile for your “convenience” (or their hope you’ll shop there again). They can’t lose what they don’t have, so tell them not to store your credit card unless it is absolutely necessary.

• Use temporary card numbers – Many financial institutions now offer temporary or one-time use credit card numbers. You can open the app on your phone or in your browser and get a single-use disposable credit card number preventing card fraud and tracking when merchants share card processors. Sometimes you’re even able to specify a card limit per temporary number to further protect your account.

• Use credit, not debit – All of us need to be wary of overspending during the holidays, but it is best to leave the debit card at home. Credit cards offer significantly more protection against online fraud, and you are in the power position in a dispute. You can simply not pay your bill while disputing the charge, rather than having criminals directly drain your bank account of your hard-earned cash.

• Beware of direct messages via social media/chat apps – With modern generative AI technology it is almost trivial to create an entire fake online store and lure people to share their personal information and payment data with you. It’s safest to shop at established sites or those personally recommended to you by friends and family. Many unsolicited messages lead to data collection or theft.

• Don’t click deals in email that look too good to be true or are from businesses you don’t have accounts from – these could be phishing emails hoping to bait you into clicking links to bogus, malicious web sites.

This season, small steps can make a big difference in protecting against cyber threats.

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Telecom

MTN Nigeria Shops for N50Bn Commercial Paper to Boost Working Capital

Published

1 day ago

November 27, 2024

Comms Week

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MTN Nigeria Communications Plc has announced plans to issue up to N50bn in Series 13 and 14 Commercial Paper Notes under its N250bn Commercial Paper Issuance Programme.

MTN Nigeria Shops for N50Bn Commercial Paper to Boost Working Capital

This proposed issuance aligns with the company’s strategy to broaden its funding sources and strengthen its liquidity position.

The proceeds from the issuance are earmarked to support MTN Nigeria’s short-term working capital needs, enabling the company to sustain its operations and meet financial obligations effectively.

In a statement to the Nigerian Exchange Limited (NGX) and the investing public, MTN Nigeria emphasized its commitment to maintaining financial stability and operational efficiency.

According to the statement signed by Uto Ukpanah, company secretary, further details regarding the structure, pricing, and timeline of the issuance will be disclosed to the market in due course, as MTN Nigeria continues to engage with stakeholders and regulatory authorities.

MTN Nigeria recently completed its series 10 commercial paper issuance under its upsized N250bn commercial paper issuance programme.

The telecom giant said 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 to continue diversifying its funding sources and reducing its average cost of debt. The proceeds will be applied towards 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.

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