Nigeria’s Internet Subscriptions Rose by 2.7% in Q1 2022
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The National Bureau of Statistics has said the number of active internet subscriptions in Nigeria rose quarter-on-quarter (QoQ) by 2.7 per cent.
This is a rise to 145.8 million in the first quarter of 2022 from 141.9 million in the fourth quarter of 2021.
NBS disclosed this in its ‘Telecoms Data: Active Voice and Internet, Porting and Tariff Information’ for Q1’22, stating that the number of active voice subscribers also rose QoQ by 2.09 per cent to 199.5 million in Q1’22 from 195.4 million in Q4’21.
The report also showed that Lagos had the highest number of active voice subscribers and internet subscriptions in Q1’22, with 24.2 million and 17.8 million, respectively.
“In Q1’22, a total of 199.5 million active voice subscribers were recorded compared to 192.4 million in Q1’21. This represents a 3.71 per cent rise in voice subscriptions Year-on-Year (YoY),” stated the report.
On a QoQ basis, growth stood at 2.09 per cent. Similarly, a total of 145.8 million active internet subscribers were recorded in Q1’22 compared to 144.9 million in Q1’21.”
This represents a 0.62 per cent increase in active internet subscriptions YoY.
Based on state analysis, Lagos had the highest number of active voice subscribers in Q1 2022 with 24.2 million, followed by Kano with 11.6 million and Ogun with 11.5 million, while Bayelsa had the least with 1.45 million, followed by Ekiti with 1.78 million.
Lagos stood top for active internet subscriptions recorded at 17.8 million, followed by Ogun with 8.53 million and Kano with 8.36 million.
CBN Releases Cybersecurity Guidelines
The Central Bank of Nigeria has recently released a new set of cybersecurity guidelines to improve the operations of Other Financial Institutions (OFIs) in Nigeria, starting January 1, 2023.
The draft guidelines have been issued further to aid CBN’s effort in strengthening the cyber resilience of OFls, following the increase in the number and sophistication of cybersecurity threats and attacks against them.
In a letter to the OFIs, which was accompanied by a copy of the new framework, the CBN explained that the guidelines have become imperative amid increasing cybersecurity threats currently facing financial institutions in the country.
The letter stated, “As a result of recent increase in the number and sophistication of cybersecurity threats against financial institutions, especially Other Financial Institutions (OFIs), it has become mandatory for institutions to strengthen their cyber defences if they are to remain safe and sound.”
The bank stated, “Consequently, the CBN hereby issues the attached Risk-Based Cybersecurity Framework and Guidelines for OFIs, which represent the minimum requirements to be put in place by all OFIs. The effective date for full compliance with the provisions of the guidelines is January 1, 2023.”
It added, “In recent times, threats such as ransomware, targeted phishing attacks, and Advanced Persistent Threats (APT) have become prevalent, demanding that financial institutions, including OFIs, strengthen their cyber resilience and take proactive steps to secure their critical information assets to ensure their safety and soundness.”
Payment App, Abeg, Rebrands to PocketApp
As part of its commitment to growth in the fintech space, a social payments company, Abeg, has rebranded to Pocket by Piggyvest.
With the acquisition, the fintech company has been approved in principle by CBN to operate as a Mobile Money Operator (MMO) to drive digital payments and inclusion for micro-entrepreneurs in Nigeria.
The Mobile Money Operator licence will enable the company to carry out activities around like, Wallet creation and management, e-money issuing, USSD, agent recruitment and management, pool account management, non-bank acquiring as stipulated in the regulatory requirements for non-bank merchant acquiring in Nigeria, card acquiring, and any other activities that the CBN may permit.
In a statement, co-founder and COO of PiggyTech Global Limited, Odunayo Eweniyi, said, “We’re incredibly pleased that PocketApp has been granted an approval in principle as a Mobile Money Operator in Nigeria. We will now work closely with the Central Bank to meet all its conditions to receive the full operating license, enabling us to continue growing and expanding the scope of our social payments, social commerce, and other digital financial products to reach millions of Nigerian micro-entrepreneurs.”
She added, “PocketApp affirms its commitment to the financial inclusion agenda of the CBN and the Federal Republic of Nigeria and will continue to make it easier for our teeming young population to seamlessly carry out their transactions while saving them costs and giving them more access to get paid.”
Moove Receives $20m Funding from British International Investment
Mobility fintech startup, Moove has received a $20 million four-year structured credit from the British International Investment (BII), the UK government’s development financing agency.
This investment will enable the company to purchase and import brand new fuel-efficient automobiles into Lagos, which will then be leased to drivers who will work their way to asset ownership over a three to four-year period.
This move is also targeted at removing one of the major impediments to developing ride-hailing transportation infrastructure in Nigeria’s commercial metropolis.
According to the co-founder and co-CEO, Moove, Ladi Delano, the new funding has placed the platform in a stronger position to use its technology and productivity data in creating a more inclusive financing ecosystem.
“We’re incredibly proud to welcome onboard a world-class partner such as BII, whose strategic support will play a key role in our mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs whilst also tackling the unemployment problem affecting over a third of Nigerians by generating the opportunity for more seamless and sustainable employment,” said BII’s Chief Executive, Nick O’Donohoe.
He added, “In Moove, BII has a partner that aligns with our commitment to back dynamic tech-enabled businesses that can help accelerate impact in Nigeria by strengthening the country’s informal transport industry. I am delighted that not only will BII’s investment help to create jobs and provide entrepreneurial self-starters with the means to own their vehicles, but Moove’s clear focus on gender diversity will foster inclusive economic opportunities for women, both within the company’s workforce and among its drivers.”
The investment represents BII’s focus on mobilising resources to assist Nigeria in establishing self-sufficiency and market resilience, expand access to inclusive economic opportunities and catalyse the country’s unlimited entrepreneurial ambition.
Flutterwave Appoints New Chief Technology Officer
Africa’s payments technology company, Flutterwave, has announced the appointment of former Goldman Sachs’ Managing Director, Gurbhej Dhillon, as its chief technology officer (CTO).
Gurbhej joins at a key time for Flutterwave, following its recently completed Series D funding round, valuing the company at over $3 billion and maintaining its rapid expansion.
According to the company, the new CTO will further develop Flutterwave’s innovative technology platform, which currently supports integrations with key technology partners lie VISA, Mastercard, and Discover Card Networks, and customers like Uber, Flywire, Booking.com etc. He will focus on improving the architecture and infrastructure and providing leadership, enabling other engineering and product leaders to create the best solutions that support customer business growth.
In his role as CTO of flutterwave, Gurbhej hopes to support the Community to attain higher levels.
Founder and CEO, Flutterwave, Olugbenga Agboola, said: “I look forward to working closely with Gurbhej as we continue to expand rapidly. With the needs of our customers constantly evolving, we remain focused on driving further innovation across the business and continuing to develop our innovative technology platform that simplifies payments and connects the African market with the world. Gurbhej’s experience and deep expertise in developing financial technology platforms will be instrumental in Flutterwave’s further growth.”
Tech Personality of The Week:
Chijioke Dozie
This week’s tech personality is the CEO and co-founder of Carbon, Chijioke Dozie. He also doubles as the CEO of OneFi.
Carbon is a pioneer fintech provider of micro-loans in Nigeria, now turned into a full-fledged digital bank with a mission to empower all people with the financial access they need to pursue a life of dignity and prosperity.
It is a company with operations in Nigeria and Ghana. It provides simple payment solutions, high-yield investments, easy-to-use tools for personal financial management, and empowers individuals with credit access through its mobile app ‘Carbon’.
Onefi is an African Mobile-First Consumer Lending Business tech startup offering Nigerians loans, bill payments, and high-interest savings. It started as a digital lender and has morphed into a platform that provides several financial services.
Pulse (www.Pulse.africa), an innovative media company, appointed Chijioke Dozie as chair of its Pan-African board of directors in 2021.
