The payment service subsidiary of MTN Nigeria, MoMo PSB, recorded a 53.1 per cent year-on-year increase in active wallet users to 3.6 million in Q3 2023. MTN disclosed this in its Q3 financial statement released on Monday. Quarter on quarter, the growth represented a 16 per cent increase compared with the 3.1 million active wallets the company recorded in the previous quarter. The increase in MoMo wallets boosted MTN’s fintech business in the quarter. According to the company, MoMo users now account for 40.6 per cent of its fintech customers. However, the number of active MoMo wallet users is…
Author: Elvis Eromosele
Social media giant, Meta, has said Facebook and Instagram users in Europe and Switzerland will be able to opt for paid subscriptions to stop seeing adverts from November 1. Users in the region will be paying €9.99 per month if buying a subscription on the web, and €12.99 per month on iOS and Android. The price is different due to the fees imposed by Apple and Google. The subscription is meant to address concerns by the European Union about Meta’s ad targeting and data collection practices. By making users choose between paying for the service to remove ad targeting or…
First Bank of Nigeria Limited, last week, kick-started its 50,000 tree planting campaign as part of activities to mark its yearly Corporate Responsibility and Sustainability Week. In partnership with Nigeria Conservation Foundation (NCF), employees and partners of the bank led by Dr Adesola Adeduntan, Managing Director/Chief Executive Officer, FirstBank Group, started the activity targeted at 50,000 trees aimed at galvanising its operations across the globe to champion sustainable development. The tree planting programme, according to Adeduntan, is one of the bank’s flagship initiatives to reduce its carbon footprints and promote environmental sustainability as part of its overarching sustainability and environment,…
Sahara Group Limited, a global energy conglomerate, has revealed that it is set to invest at least $1 billion in the production of Liquefied Petroleum Gas, popularly called cooking gas. It disclosed this during a learning session organised by the company for energy editors in Abuja, where it explained that the firm was also investing in the production of Compressed Natural Gas. Ejiro Gray, Director, Governance and Sustainability, Sahara Group, said the oil giant was increasing its vessels to boost the supply of gas in Nigeria and across Africa. “For LPG in particular, we are doing a lot of that.…
Nigerians seeking admissions to foreign universities spent $340.84m to fund their application between January and June 2023, findings by have shown. This figure is according to the Central Bank of Nigeria’s data on the amount spent on educational services under the sectoral utilisation for transactions valid for foreign exchange. The apex bank said that in April 2023, a total of $40.54m was spent on foreign education, while noting that $48.81m was spent in May 2023. However, in June 2023, there was a significant decrease as the bank stated that $32.61m was spent. When compared with $218.88m recorded in the first…
The Federal Executive Council (FEC), has approved a supplementary budget of ₦2.17 trillion for 2023. Atiku Bagudu, Minister of Budget and Economic Planning disclosed this on Monday while briefing the State House Journalists after the weekly FEC meeting presided over by President Bola Tinubu, at the Presidential Villa, Abuja He revealed that the N2.17 trillion supplementary budget will be used to fund urgent national issues, including N605b for security and national defence to sustain gains of security. Others include ₦200 billion for the supply of agricultural production, N210b for wage awards recently approved for Nigerian workers covering the period from…
The Lagos State government and the Chinese car manufacturing company, CIG, last week marked the completion of assembling the first 2000 vehicles in the Ogba area of Lagos. The assembling plant is the first to be built in Lagos by a Chinese company in partnership with the state government. Lagos plans to make the state industrial hub. While inspecting the plant, governor Babajide Sanwo-Olu commended the motor manufacturing company for its bold decision to open an assembling plant in Lagos. He said the development would create more jobs in the state and Nigeria. He described the assemblage of 2000 vehicles…
Government and policy interventions are critical in supporting the rollout of 4G networks in Nigeria and other parts of Africa. This is according to an insight from Ookla, a global leader in network intelligence and connectivity insights. Ookla said operators need more than ever support amid the challenging macroeconomic, operating conditions, and shrinking consumer disposable income. The Nigerian Communications Commission (NCC) said as of August, 4G penetration in the country stood at 28.07 per cent. It puts 2G at 60.32 per cent; 3G, at 10.78 per cent and 5G, at 0.83 per cent. The Ookla report, which analysed 4G performance…
In a significant move to advance key sectors, the Federal Government has greenlit a $3.45 billion loan, primarily focused on powering the nation’s industries, renewable energy, empowering girls’ education, women’s initiatives, and state resource mobilization. This funding, with a 10-year moratorium and payments commencing in 2033, opens avenues for growth and development. Wale Edun, Minister of Finance, highlighted that the approved projects cover vital areas like power and renewable energy sectors. Additionally, funding for states’ resource mobilization programs aims to boost their internally generated revenue efforts. Another vital aspect is the adolescent girls’ initiative, designed to empower young girls with…
L – R: Chairman, Lagos NIPR, Comfort Obot Nwankwo; Managing Director, Hill+Knowlton Strategies Nigeria, and Goodwill Ambassador, Lagos Digital PR Summit, Tokunboh George-Taylor; Founder and CEO of Duke of Shomolu Productions, Joseph Edgar; Head, Marketing and Communications, Stanbic IBTC Holdings, Bridget Oyefeso-Odusami; PR Consultant and Founder, Mosron Communications, and Nigerian Women in PR, Tolulope Olorundero; and President, Upticomm Marketing Company, Segun McMedal, at the 8th Lagos Digital PR Summit held at the Sheraton Lagos Hotel Public Relations professionals have disclosed that artificial intelligence-powered tools have come to stay and will continue to impact communication practices due to their pervasiveness. They…