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MTN Nigeria Experienced A 2.7% Decline in Its Fintech Subscribers in 2023

By
Ojukwu Emmanuel
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0

MTN, a leading telecommunications company, has revealed that it recorded a 2.7% decline to 14.5 million in its Nigerian Fintech subscribers in 2023.

The telco disclosed this in its full financial year report for the period ended December 31, 2023. According to MTN, it attributed the decline to the NIN Know Your Customer (KYC) requirement introduced in the fourth quarter (Q4) by the Central Bank of Nigeria (CBN).

Recall that last year, the CBN mandated Nigerian financial institutions to implement stricter Know Your Customer (KYC) measures, requiring all customers to provide their Bank Verification Number or a national identification number (NIN) for account or wallet opening, which be effective April 2024.

MTN in its report wrote,

“While the development of the business has been slower than anticipated, we are pleased with the progress in building our MoMo PSB wallet base. The number of registered MoMo wallet active users rose by over 3.3 million in the year to 5.3 million, indicating the underlying momentum in the Fintech space.

“We expanded our MoMo agent network by adding over 103,000 active agents, bringing the total number to approximately 327,000. Our agent network continued to play a pivotal role in our MoMo ecosystem, bringing the service closer to our customers. Our merchant business, which we started in March 2023 has reached over 324,000 by December 2023”.

MTN noted that its fintech revenue increased by 2.4 percent, with growth in Xtratime (its airtime lending product, up 2 percent) and core fintech services (wallet and super-agent business, up 22.7 percent).

The company’s result revealed that its total service revenue grew year-on-year by 22.4 percent to N2.4 trillion, mobile subscribers increased by 5.3 percent to 79.7 million, and active data users rose by 12.7 percent to 44.6 million.

“We recorded pleasing growth of 39.8 percent (up 48.7 percent in Q4) in data revenue supported by a revamp of our data bundle offerings – particularly in Q4 – as well as the significant investment in our network coverage and capacity,” it stated.

Commenting on the company’s outlook on fintech, Chief Executive Officer, MTN Nigeria Karl Toriola said,

“We will continue to drive consumer education and awareness, leveraging our distribution network, which has enabled us to grow the active wallets and scale the agent and merchant ecosystem. The company is expanding its business service from basic to advanced, including cross-border remittances, to boost adoption and monetization.”

It is worth noting that Four months ago, MTN’s 5G reached 1.8 million users, and MoMo PSB’s users rose by 53.1% YoY, reaching 3.6 million users. MTN’s MoMo PSB active wallets witnessed a rise of 53.1% YoY and 15% QoQ, reaching 3.6 million users, which accounts for 40.6% of its fintech user base.

The number of registered MoMo users has also increased to 27.9 million. Additionally, the transaction volume of MTN has experienced 47.6% YoY growth, indicating a positive trend in the ecosystem. The rise in mobile money (MoMo) users and the strong performance of MoMo PSB wallets reinforce MTN Nigeria’s continued fintech leadership.

Finixio Enjoys ‘Knockout’ ICE Conference With Stars From The Boxing World

By
TI Partners
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0

The annual ICE conference at the ExCeL in London is a chance for the best gaming companies from around the world to showcase what they have to offer – with Finixio one of the major standouts.

ICE 2024 saw as many as 600 global brands cram into the popular exhibition centre in the Capital, which is always a great place for industry leaders to show-off their products and help expand their businesses over the three-day event.

With that in mind, leading digital marketing company Finixio managed to think outside the box this year when it came to getting their stand noticed – by teaming-up with some famous faces from the world of boxing to help attract passers-by to find out more.

In recent years, Finixio has been adding to their already expansive digital media offering by signing-up top sportsmen and women from around the world to deliver unique content to their partners.

Therefore, ICE 2024 was the perfect platform to tell the world more about this.

Carl Froch Stepped Into The Finixio Ring

One such star name that Finixio have been working closely with in recent years is the former World Middleweight boxer Carl Froch, who was unveiled as the digital media company’s guest of honour at ICE.

Froch has been providing Finixio with regular interviews and was happy to help give something back and display what they have to offer.

In addition to the dozens of selfies to draw the crowds into the Finixio ring, Froch also wasted no time in talking to new customers about his tales in the ring and what he’s been up to since hanging up his boxing gloves.

Not to mention offering a Froch-signed pair of Cobra boxing gloves that a lucky ICE punter walked away with. Which has to be better than walking out of ICE with 100 branded pens, keyrings and stress balls – right?

Johnny Fisher Backing Finixio Too

Exciting Heavyweight boxing prospect Johnny Fisher has also thrown his hat into the ‘ring’ with Finixio and was another star pugilist happy to take pics and questions on their ICE stand.

Along with his TikTok star dad – Big John ‘The Boshfather’ – the pair had passers-by taking a detour into the Finixio stand to see what all the fuss was about and to grab that all important ‘selfie’ to show off to their friends with.

Fisher was also hot news at the time, having just stepped off his Las Vegas plane, where he hit the jackpot again – winning his eleventh fight in his fledgling career.

2024 promises to be a huge year for Johnny Fisher and having backed the heavyweight during his early part of his career, Finixio will be there every step of the way as his career is expected to sky-rocket over the next few years.

Fisher also joined Froch in signing a pair of his gloves for a prize giveaway.

Other Big Sporting Names At Finixio’s Disposal

At ICE 2024, it was boxing all the way at the Finixio stand, but don’t be fooled into thinking the digital media company has ring-fenced themselves in this sport.

For the past two years Finixio have also been a big backer of the popular ITV show ‘Target Fishing’ where an array of top sporting celebrities take to the lakes for an afternoon of match fishing.

The Barry Hearn-led event has grown year-on-year, with names that included David Seaman, Rob Cross, Hayley Turner, Derek Redmond, Adrian Lewis, Gary Newbon and eventual winner James Wade just some of the stars with a rod-in-hand in 2023.

Matt Le Tissier, David Capese, Ricky Hatton, Geoff Shreeves and even ex-Love Islander Adam Collard are other names that Finixio have interviewed over the last year to further enhance their growing reputation and reach.

Future Industry Conference Plans For Finixio 

Finixio, who are a digital marketing company that provides unique content and services for their clients, also unveiled at ICE that 2024 was set to be another exciting year for the company and their growing list of customers.

Their increasing portfolio of sportsmen and women, plus social media influencers has become a leading avenue to get engaging content in front of the right people – keeping both their clients and the readers/viewers wanting more.

This was backed up again at ICE 2024, with the Finixio stand certainly one of the busiest over the three-day event.

Which led many ExCeL regulars wondering about future industry conference plans and just what Finixio will have in store and the big Barcelona and London events in 2025.

At this stage it is very much ‘watch this space’ – but if ICE 2024 is anything to go by we can expect Finixio to once again ‘freeze’ out their competitors when it comes to getting the big sporting names on their stand and the conference crowds talking.

Canada’s SixDots Funds 10 Scholarships in Tekedia Mini-MBA

By
Ndubuisi Ekekwe
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1

A Canadian firm, SixDots.io, is sponsoring ten students to the next edition of Tekedia Mini-MBA (June 3- Sept 2, 2024). Our non-profit partner, Ideas Worth Billions, will help us to select professionals who work at the leadership & managerial level in primary schools (public or private) in any location in Africa.

In other words, besides being a teacher, you have a management responsibility to ensure the operations of the school are optimized. We do believe that our business program will assist you on that mission. If interested, connect with IWB!

To learn more about Tekedia Mini-MBA, go here.

Binance Laid Off 2/3 of Staff in The US, Amid Securities and Exchange Commission (SEC) Lawsuit

By
Ojukwu Emmanuel
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0

Leading crypto exchange Binance has revealed that it laid off two-thirds of its workforce in the U.S., due to the Securities and Exchange Commission (SEC) lawsuit that negatively impacted its revenue.

Binance US COO Christopher Blodgett revealed that trading volumes on the exchange have so far imploded since June as a result of the SEC’s action. This saw the sum of $1 billion asset exodus from the exchange, which forced the company to lay off more than 200 employees. The reduction in headcount has impacted the exchange’s ability to respond to discovery requests from the SEC because teams are stretched thin.

Blodgett added that the Binance revenue fell around 75% after the SEC sought a restraining order in June to freeze assets. Also, he disclosed that the exchange legal costs surged to $10 million, and its auditor expenses have skyrocketed by 10X in addition to the loss of banking relationships, which allowed customers to withdraw their digital assets into fiat.

Since then, the exchange has struggled to find new banking partners to work it. “To banks, we are radioactive. Who can blame them? The second it becomes known that they are working with Binance US, they can reasonably expect a nasty subpoena from the SEC”, he added.

In the June lawsuit, the SEC filed 13 charges against Binance, accusing the exchange of mishandling customer funds and offering registered securities, alleging that the company and founder Changpeng Zhao had engaged in an “extensive web of deception.”

The lawsuit targeted not only the global company but also its U.S. arm, which operates under an entity called BAM Trading. In separate legal complaints, both the SEC and the Justice Department claimed Binance.US which Binance had complained was independent had engaged in so-called wash trading in collusion with its parent company to artificially inflate volume on the platform.

In November, Binance settled charges with the Justice Department, the Treasury Department, and the Commodity Futures Trading Commission, agreeing to a $4.3 billion settlement, although the SEC was absent from the agreement. Binance further agreed to a complete exit from the U.S., as part of the settlement.

The SEC lawsuit which involves broader allegations of fraud is still ongoing, with Binance seeking to dismiss the suit in a motion that was argued before a D.C. federal judge in January.

As part of the SEC’s enforcement action, it took the extraordinary step of seeking to freeze the U.S. trading platform’s assets, arguing that Zhao could remove the funds from the exchange. A judge rebuffed the request in June, although it still significantly hurt Binance.US’s business, according to Binance COO Blodgett.

A recent development by the SEC reveals that the Binance U.S. arm has not been providing answers to key questions relating to customer assets and other core elements of an ongoing investigation.

In response to these allegations, Binance stated that the SEC’s claims concerning customer assets were unfounded, adding that it had gone above and beyond its obligations to the securities watchdog.

The exchange further added that it had produced thousands of documents concerning every conceivable aspect of its asset custody practices, including declarations under oath, and monthly reports, and facilitated several inspections of shared custody devices involving customer assets.

Fraudulent documentation: Ghana’s central bank Suspends First Bank, GTbank’ Forex Licenses

By
Samuel Nwite
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0

The Bank of Ghana has taken a decisive step against fraudulent practices in the foreign exchange market by suspending the foreign exchange trading licenses of two prominent Nigerian-owned banks, Guaranty Trust Bank (GTB) and First Bank (FBN).

The suspension comes amidst a wave of regulatory crackdowns across West Africa, amid efforts by regulators to enforce guidelines and transparency in the financial sector.

The suspension, announced on Monday, is slated to take effect from March 18, 2024, for one month. The Bank of Ghana cited “fraudulent documentation” in the forex operations of the two banks as the primary reason for the suspension.

According to the regulator, this action is in accordance with section 11(2) of the Foreign Exchange Act 2006, (Act 723). The Bank of Ghana emphasized the importance of adhering strictly to forex market regulations and guidelines, cautioning all market players against non-compliance.

“Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN), effective 18th March 2024, for a period of one (1) month, in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723),” the statement partly read.

“This is a result of various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations which have come to the attention of the Bank of Ghana.

“The license will be restored at the end of the one-month suspension period once the Bank of Ghana is satisfied that they have put in place effective controls to ensure strict adherence to the foreign exchange market regulations.”

This move underscores the regulator’s commitment to maintaining the integrity of the financial system and protecting the interests of investors and consumers alike.

The suspension of GTB and FBN’s forex licenses follows closely on the heels of the Central Bank of Nigeria’s (CBN) revocation of licenses for 4,173 Bureaux De Change Operators. The CBN attributed this action to widespread non-compliance with regulatory provisions, signaling a coordinated effort by regional authorities to crack down on illicit financial activities.

The suspension has reverberated throughout the financial markets, raising concerns about the stability and transparency of forex operations in Ghana.

In response, GTB (Ghana) Limited reassured customers that the suspension does not affect their deposits or other business segments. The bank affirmed its commitment to resolving the issues promptly and working closely with government agencies and stakeholders.

In a press release from its Corporate Communications Department, GTB Ghana reiterated its dedication to compliance and transparency, emphasizing that the suspension was not a result of willful non-compliance. The bank pledged to cooperate fully with regulatory authorities to address the concerns raised and uphold the highest standards of integrity in its operations.

GTB Ghana assured customers that all other products and services, including main branches, agency banking outlets, and digital banking platforms, remain fully operational. This assurance aims to mitigate any potential disruptions to customer service and maintain trust in the bank’s reliability and stability.

It stated, ‘’We refer to the Central Bank of Ghana’s press statement in which it announced the suspension of Guaranty Trust Bank Ghana’s Foreign Exchange Trading License effective from the 18th of March 2024 until 18th of April 2024 (1 month period) and received official notice of same.

“We would like to assure all our esteemed customers and stakeholders that we are currently working with the relevant Government Agencies and customers to resolve these trade-related issues timely.

“Our customers and stakeholders are our primary responsibility and, Guaranty Trust Bank Ghana would like to clarify that this development does not affect customers’ own deposits and other business segments of our operations. All other products and services, Main branches, and Agency Banking outlets are available for your convenient use at our regular opening hours and our Mobile Apps and Internet banking are available for your use at any time of the day.

“We further assure our customers that the issue was not a function of willful non-compliance by the Bank, as the Bank has a culture that endeavors to comply with regulations at all times and stringent Anti-Money Laundering CFT policies which are applied across all our operations.

“We are also in ongoing consultations and discussions with the Central Bank of Ghana to fully resolve all matters raised in the shortest possible time. Guaranty Trust Bank Ghana remains committed to being a constructive participant in Ghana’s financial markets and to contributing to its further developments in the interest of all its customers and stakeholders.’’

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