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MTN Nigeria Records Significant 39.4% Decrease in Its Fintech Customer Base in H1 2023

By
Ojukwu Emmanuel
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0

Telecommunications company MTN Nigeria has reported a significant 39.4% decrease in its fintech customer base in H1 2023, bringing the total number of users down to 7 million by the end of June.

In the company’s H1 2023 report, out of its 7 million fintech customers, 3.1 million are MoMo wallet users, which constitutes MTN’s overall fintech customers.

Meanwhile, despite the decline in MTN’s fintech customers, the company recorded a 7.8% growth in fintech revenue, reaching N43.6 billion for the first six months of the year, compared to N40.4 billion during the same period in the previous year.

Speaking on the cause of MTN’s decline of customers in its fintech business, the company’s Chief Executive Officer, Mr. Karl Toriola attributed it to the effects of cash shortages on over-the-counter (OTC) transitions during the first quarter (Q1) of 2023. As a result, the active user base experienced a year-on-year, (YoY) decline.

Nevertheless, Mr. Toriola emphasized that MTN remains committed to the growth of its fintech business, viewing it as a critical priority for the company’s growth strategy and aligned with its Ambition 2025 strategy.

MTN plans to enhance its fintech campaigns to increase awareness among users. During H1, the company implemented several measures to bolster its fintech ecosystem, including reopening the NIBSS interface for inbound and outbound transfers, strengthening control systems, and introducing the basic version of its MoMo app.

These efforts yielded momentum in the ecosystem, with fintech transaction volume showing an impressive YoY increase of 67.1%. Mr. Toriola disclosed that MTN now boasts 227,000 MoMo agents, extending their services closer to customers across Nigeria, and has onboarded 36,000 merchants into their ecosystem.

MTN experienced significant growth in its digital revenue during the same period, registering a remarkable 49.9% increase. This growth was fueled by revenue from rich media services and content VAS. The company attributed this progress to the adoption of digital products and the expansion of the active user base, which surged by 56.6% to 14 million.

Additionally, MTN’s instant messaging platform, Ayoba, an all-in-one app that allows users to chat, call, read, play, and listen to music, continued to gain traction with the addition of 2 million users, bringing the monthly active users to 7.2 million monthly active users in H1 2023.

Furthermore, the company achieved a 48.5% rise in service revenue from the enterprise business, driven by mobile and fixed connectivity services and the successful onboarding of new customers across all segments.

Notably, MTN remains committed to its 2025 Ambition strategy, which is anchored on building the largest and most valuable platform business with a clear focus on Africa.

This is underpinned by its five growth platforms which include, MoMo (FinTech Solutions), Ayoba (Digital Solutions), Enterprise Services, Network (Network as a Service), and Chenosis (API MarketPlace).

CEO Brian Armstrong Says US-SEC wants Crypto Assets Except Bitcoin Removed from Coinbase

By
Paul Ugbede Godwin
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0

Before suing Coinbase, the US Securities and Exchange Commission (SEC) requested the exchange to suspend trading in all cryptocurrencies except for bitcoin, signaling the agency’s intent to assert regulatory authority over a wider portion of the market.

Brian Armstrong, the CEO of Coinbase, revealed that the SEC made this recommendation before taking legal action against the company, accusing it of failing to register as a broker. In its case, the SEC identified 13 cryptocurrencies offered on Coinbase’s platform, mostly lightly traded, as securities, asserting its regulatory jurisdiction over the exchange for offering them to customers. However, the prior request from the SEC to delist all of the over 200 tokens offered by Coinbase, except for bitcoin, indicates the agency’s push for broader authority over the cryptocurrency industry under the leadership of Chair Gary Gensler.

Armstrong stated that the SEC insisted that every asset, except for bitcoin, should be considered a security without providing an explanation for their conclusion, leading Coinbase to have no choice but to face legal action. Compliance with the SEC’s request could have set a precedent that would force the majority of American crypto businesses to operate outside the law unless they registered with the commission.

To protect the crypto industry in the US, Coinbase decided to challenge the SEC in court to clarify the legal status of the assets in question and find out what the court’s ruling will be. According to a CoinDesk article published earlier today, Armstrong’s disclosure, made in an interview with the Financial Times (FT), sheds light on the SEC’s stance towards cryptocurrencies other than Bitcoin. According to Armstrong, the SEC’s recommendation left Coinbase with no other option but to seek legal recourse.

The Coinbae CEO apparently told FT:

They came back to us, and they said?.?.?. we believe every asset other than bitcoin is a security … And, we said, well how are you coming to that conclusion, because that’s not our interpretation of the law. And they said, we’re not going to explain it to you, you need to delist every asset other than bitcoin.”

As Tekedia reported last month, the U.S. Securities and Exchange Commission (SEC) charged Coinbase, Inc., a leading crypto asset trading platform, with operating as an unregistered national securities exchange, broker, and clearing agency. The SEC also accused Coinbase of failing to register the offer and sale of its crypto asset staking-as-a-service program, according to the SEC’s press release.

The SEC alleges that since 2019, Coinbase has unlawfully facilitated the buying and selling of crypto asset securities, intertwining the traditional services of an exchange, broker, and clearing agency without proper registration. The SEC further claims that Coinbase’s failure to register has deprived investors of significant protections, including SEC inspection, recordkeeping requirements, and safeguards against conflicts of interest.

Armstrong’s revelations suggest that the SEC viewed Ether – $ETH, the second-largest cryptocurrency, as a security before suing Coinbase. This stance is in line with SEC Chair Gary Gensler’s previous suggestions that all cryptocurrencies other than Bitcoin are securities. However, it’s important to note that the views of Gensler, the four SEC commissioners, and SEC staff do not necessarily reflect the institution’s official position unless explicitly stated as such.

ImmutableX Price on a Decline in the Last 7 Days, Can It Bounce to $1 in 2023? XDC and Pomerdoge Bullish Trend Continues

By
TI Partners
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0

Investors of the ImmutableX (IMX) cryptocurrency are worried after the cryptocurrency showcased a bearish outlook during the previous week. However, despite its decline, many analysts are now trying to speculate if it can reach $1 in 2023. However, XDC Network (XDC) and Pomerdoge (POMD) are on a bullish trend, and it has showcased no signs of stopping. Today, we will look at all three altcoins to see how far they can climb.

Summary

  • The ImmutableX crypto has declined in value significantly and left investors worried
  • The XDC Network crypto is up 73.1% in the past two weeks
  • Pomerdoge (POMD) predicted to spike in value by 4,000% at launch

Click Here To Find Out More About The Pomerdoge (POMD) Presale

ImmutableX (IMX) Price in Decline

The ImmutableX (IMX) cryptocurrency traded at a value of $0.751759 on July 29, 2023. The overall market cap for the project was $815,398,957. In the last 24 hours, its trading volume was at $30,448,645, and this marked an 80.09% decline.

Moreover, in the past two weeks, the ImmutableX price saw its low point at $0.697232, with its high point at $0.835629.

Here we can see that IMX broke past the $0.70 price barrier, and at one point, even past $0.80. Being at this threshold, it needs to go above $0.80 in order to reach a new height. According to its weekly performance, the cryptocurrency has decreased in value, and in the last year, it has been down by 25.7%. However, based on an ImmutableX price prediction, the cryptocurrency can climb to $1 by the end of the year.

XDC Network (XDC) Price Prediction

As for the XDC Network (XDC) cryptocurrency, it traded at a value of $0.056688. Moreover, within the past week, the XDC Network price had its low point at $0.04687435, with its high point at $0.064346.

In addition, during the past 30 days, XDC Network has increased by 83.9%. In the past two weeks alone, the price of XDC Network surged by 73.1%.

According to the on-chain data, its market cap is at $793,235,553, and its trading volume in the past 24 hours was at $13,463,004, marking a decrease of 10.87%. This indicates that investors are holding onto their XDC balance and that if it breaks past $0.07, it can reach new heights.

Subsequently, according to an XDC Network price prediction, it can reach $0.077 by the end of the year.

Pomerdoge (POMD) On Bullish Trend

Pomerdoge (POMD) has captured the attention of Web3 gamers and has earned a high level of attention through its innovative approach. It offers an immersive gaming experience that rewards players. It fuses together entertainment with the ability for anyone to earn while they play, and as a result, values the time spent within its ecosystem.

At the core of the ecosystem is Pomergame. This is a Play-to-Earn (P2E) game where players are able to create characters and engage in various gameplay elements.

Once the character rises to Elite status, they can unlock the opportunity to create custom items for the avatar. At the gold status level, each player can trade skins, items, and other valuable assets within the Pomerplace marketplace.

The Pomerdoge (POMD) project creates a truly unique offering where the token has completed audits by SOLIDProof and Cyberscrope.

The earliest participants will get the chance to become owners of the exclusive collection of 7,777 NFTs. Each one holds immense value and benefits, which will be revealed closer to its launch.

During the presale period, Pomerdoge (POMD) is offered at just $0.007. There are also weekly giveaways totaling $100,000 and a mega POMD prize of $50,000. Analysts predict that the POMD token can increase by 4,000% at the end of 2023.

Find out more about the Pomerdoge (POMD) Presale Today

Website: https://pomerdoge.com/

Telegram Community: https://t.me/pomerdoge

Important message to all CEOs, Business Leaders, Students on Artificial Intelligence (AI)

By
Ndubuisi Ekekwe
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0

Important message to all CEOs, Business Leaders, Students, etc: Tekedia Institute, the globally recognized temple for the mastery of the mechanics of entrepreneurial capitalism and business management, has unveiled its “AI in Business Masterclass”. This business program will educate Learners on how to win in this emerging AI era.

An engineer & inventor (co-inventor of a multi-axial robotic system licensed to the US government for use in space), entrepreneur and teacher, Prof Ndubuisi Ekekwe, is coordinating the program.

Register today (N200k or $400) here; your seat is still available.

Win with AI; master How at Tekedia Institute. We have the best faculty here.

Tekedia Artificial Intelligence (AI) in Business Masterclass focuses on how AI (artificial intelligence) will redesign the world of business, and re-architect economies even as it transforms markets, communities, and organizations.  Participants will gain the knowledge capabilities, and confidence, required to support the integration of AI systems into their organizations, and advance their professional careers.  Coordinated by Tekedia Institute Lead Faculty, Prof Ndubuisi Ekekwe (doctoral degrees in electrical/computer engineering with specialization in robotics & neuromorphic engineering, and Banking & Finance), the multidisciplinary program runs for 8 weeks.

Why You Should Use MetaTrader 4 to Make Online Trading Easier

By
TI Partners
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0

As a Nigerian trader, you’ll already know full well the challenges involved in transacting and investing within the country. In an event organised by the Nigeria-American Chamber of Commerce, Afrinvest Consulting Limited managing director Abiodun Keripe pointed out that a key area of need for inward and outward investments is foreign exchange unification, as well as other policies like infrastructure and dead capital, reviving that can help trading initiatives as well as improve national well-being in general.

But you don’t have to wait for the government to enhance your online trading success. News website Legit even noted a bus driver hustling on the side as an online forex trader. He reportedly managed it by leveraging MetaTrader 4 or MetaTrader 5, which are user-friendly and straightforward enough to improve your returns even if you can’t give trading your full attention. Both software are top-notch MetaQuotes trading platforms with comprehensive and streamlined features that can help you on your trading journey—though if you want to try out the more well-established platform, you should start out with MetaTrader 4.

Interested? Here’s more on MetaTrader 4 and why you should use it to make online trading easier.

What is MetaTrader4?

This trading platform has been assisting online traders of all levels since 2005. That’s when MetaQuotes first offered MetaTrader 4 to brokers and companies offering investment or brokerage services, complete with a brand-new system architecture and programming language. Since then, it’s become a leading trading platform with a vast array of features compatible with various trading strategies and execution modes. Using it, you’ll have access to five types of trading accounts, low spreads starting at 0 pips, six types of pending orders, and much more. Its wide-ranging proficiencies promise tremendous benefits that can improve your chances of success in online trading.

Why should you use MetaTrader 4 to make online trading easier?

It’s one of the most popular trading platforms

MetaTrader 4’s reputation as a superb and reliable trading platform has only grown throughout the years. It’s continued to star in lists of the best forex platforms and is recognised as an industry standard. This popularity not only assures you of the platform’s quality—it also means that many intermediaries and brokers are compatible with the platform, giving you a wide selection to choose from to suit your trading needs. You’ll have a better chance of finding the best broker to oversee your transactions with this trading platform.

It has an easy-to-use and customisable interface

If you’re worried that shifting to this platform will result in a steep learning curve that might put a halt to your trading, don’t fret—MetaTrader 4’s interface is extremely intuitive. Unlike other platforms, you won’t be bombarded by bells and whistles clamouring for your attention. MetaTrader 4 prioritises the most frequently-used trading functions, such as trailing stop orders, automatic triggers, and access to personal trading history—putting them front and centre so you can start trading almost immediately. You can even tweak the appearance of your MetaTrader 4 interface to your liking. If you want a dashboard that’s easier on the eyes, you can even head to the platform’s colour panel to change its format.

It allows for personalised indicators

One of the standout features of MetaTrader 4 is that you can create unique trading indicators to gather the information you want to make a trade. Previously, traders were limited to pre-installed indicators such as relative strength index, money flow index, and moving average convergence divergence. Those helpful indicators are still available on the platform. However, if you’re a seasoned trader wanting to test your own ideas on what characteristics spell out a good trade, you can use MetaTrader 4’s editing functions and the simple MQL4 programming language to get the information you need. If you don’t know how to program, you can consult a third party to help you out for a fair price. Generally, though, you can use MetaTrader 4 to push your trading knowledge to its bounds and find new and innovative ways to transact.

It’s capable of automated trading

With automated trading, MetaTrader 4 lets you execute trades—even if you aren’t on your device. No longer will you have to hover over trade offerings that might slip away in the blink of an eye because you were too hesitant. Instead, you can determine in advance your rules for entering and exiting trades via technical analysis, research, and your preferred trading strategies. Afterwards, you input these parameters into MetaTrader 4’s system. For example, you can decide to buy 100 Intel shares when its 50-day moving average goes above the 200-day average. Once this has been written in, MetaTrader 4 will place the trade on your behalf whenever these particular circumstances align. Doing this will allow you to enact your trading plans while minimising errors due to emotion—like revenge trading—and maximizing your time and speed with your transactions.

It can backtest your trading strategies

MetaTrader 4 gives you the chance to edit your indicators and trading parameters—and the ability to examine their effectiveness without losing any money. This is because MetaTrader 4 invented the backtesting function. An article from Nigerian News Today recommends backtesting—or evaluating the performance of your trading strategy by using historical data—to identify any flaws and adjustments you need to make before carrying out your plan with real trades. Doing this will allow you to spot potential risks and refine your strategy. You’ll still have to keep in mind that backtesting won’t guarantee future success—but it does set you up for it, especially if you use the high-quality and accurate historical data MetaTrader 4 has on hand.

It’s highly secure

When dealing with online trading, you’ll want to ensure that your assets don’t disappear into the digital webspace. MetaTrader 4 can give you the assurance that you need. Your data is completely protected—all communications between the server and the MetaTrader 4 platform are encrypted using 128-bit keys, including IP addresses. Additionally, MetaTrader 4 supports contracts with RSA digital signatures, which are recorded in an in-document audit trail that is recognised by almost every developed country worldwide as legal proof. With this trading platform, you’ll have peace of mind knowing that your assets are safe and ready to be used whenever you need them.

MetaTrader 4 is an excellent platform designed to allow you to make well-informed decisions about your transactions and maximise your trading aptitude. Consider the above features when evaluating if it’s right for you.

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