Sometimes, building a business to serve the lowest segment of the market could be problematic if there is an economic turbulence which ends up affecting those customers significantly. Glo, a leading telecom company in Nigeria, is experiencing an asymmetric threat in its business. Recall that this company used to be #2, behind MTN, in Nigeria. But now, with its largely lowest segment affected economically, its active subscriber base has dropped.
March 2024: 62.1 million subscribers
September 2024: 19.1 million ACTIVE subscribers (those users in revenue-generating activities or line active in 90 days)
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Lesson: when you build a business, even if you can begin at the “bottom of the pyramid”, try moving up to give you a little cushion on your customer base. Of all the three big telcos – MTN, Airtel and Glo – Glo has been the most affected by the economy, looking at the active subscriber numbers, as reported by NCC, and analyzed by TechCabal.
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