Galaxy Backbone Limited (GBB), has said it needs N35 billion funding to provide connectivity services at a minimum broadband speed of 2 megabits per second (2Mbps) to all Ministries, Departments and Agencies (MDAs).
The managing-director/CEO of GBB, Prof Muhammad Bello Abubakar, disclosed this while receiving the National Assembly’s joint committees on ICT and Cybersecurity on oversight visit to ‘GBB National Shared Services Centre’ yesterday in Abuja.
Abubakar said that he needs the assistance of the National Assembly so that the agency can operate without bureaucracy, adding that he wants the National Assembly to make laws that will enable the agency to compete with other business outfits that provide similar services.
According to him, “To provide connectivity services at a minimum broadband speed of 2Mbps to all MDAs nationwide as mandated, funding in excess of N35 billion will be required, while more than N200 billion will be required for broadband connectivity at National Broadband Plan (NBP) recommended speed.”
“Despite the state-of-the-art infrastructure, Galaxy is finding it increasingly difficult to compete with private sector because of bureaucracy.”
“Despite 40 per cent increase in Annual Service Contract, the provision fails to match steep rise in demand for Galaxy’s services. Additional increase will be required to keep up with MDAs’ demands and needs.
MTN Targets $6 Billion Valuation for Mobile Money Business
MTN Group CEO Ralph Mupita said the company is targeting a valuation of between $5 billion and $6 billion for its mobile money arm, as it prepared the sale or listing of a minority stake in the unit.
Mupita outlined basic details about the future of its mobile financial services arm, which is set to be separated as part of a strategy to help it cash-in on various assets unveiled in March.
The company, which operates across several of Africa’s largest markets, has long prized its mobile money offer with the segment often cited as one of the major growth areas in the business.
Mupita said MTN planned to structurally separate the business within the next year. Funds raised from its money and infrastructure assets will go towards further cuts in MTN’s debt pile, adding to disposals of a number of parts of the business deemed non-core in the last two years.
MTN is also in the process of selling-up in the Middle East as it plans to focus its efforts on Africa.
Mobile Money: YDFS Expands Cardless Cash Withdrawal Service to 44 Financial Institutions
Mobile money service provider, Y’ello Digital Financial Services (YDFS) has announced the expansion of its MoMo Agent cardless cash withdrawal service to over 40 banks and other financial institutions nationwide, providing seamless financial solutions to more people.
Initially exclusive to Access Bank, the service has now been extended to include First Bank of Nigeria, Zenith Bank, GTBank Plc, United Bank of Africa and other tier-one commercial banks.
Using the service, customers can visit MoMo Agents nationwide to access funds in their bank accounts without requiring an Automated Teller Machine (ATM) or ATM card. The service utilises a secure gateway that protects customers against fraudulent transactions and requires transaction validation using their bank PIN.
Commenting on the expansion, Chief Executive Officer, Y’ello Digital Financial Services, YDFS, Usoro Usoro said, “We all must play our part in the Federal Government’s financial inclusion drive, which we know is essential for every Nigerian. With this, more MoMo users can walk up to the nearest MoMo Agent to withdraw cash from their bank account without visiting a bank or an ATM.”
Launched in 2019, MoMo Agent expanded its financial services in 2020 for underbanked and unbanked communities to include bill payment, cash deposit and withdrawal, data and airtime purchase and bulk disbursement services. With an agent base of over 150,000 spread across over 700 local governments, customers on the MTN network can dial *223# to locate the nearest MoMo Agent.
Why it matters
With the cardless cash withdrawal service, MoMo Agents’ sustained innovation aligns with the Central Bank of Nigeria’s (CBN) financial inclusion target of 95% by 2024. This target was reviewed in 2019 as part of a five-year strategy to sustain inclusive economic growth.
To achieve this, Nigeria must attain an inclusive financial sector that has closed the gender gap. As at 2018, Enhancing Financial Innovation and Access (EFInA) revealed that only 59.1% of women compared with 67.5% of men were financially included representing a gender gap of 8.4%. The nature of mobile money makes it easier for women in rural areas to access financial services, which in turn stimulates economic growth.
The cardless cash withdrawal is a good initiative to deepen this inclusion. With the service, residents in rural areas can perform financial transactions without worrying about or using an ATM card. It is another major collaborative step between the mobile money service provider, YDFS and commercial banks in Nigeria.
List of Financial Institutions
- First Bank of Nigeria
- Zenith Bank
- GTBank Plc
- Access Bank
- Access (Diamond) Bank
- Ecobank PLC
- Standard Chattered Bank
- Fidelity Bank
- United Bank for Africa (UBA)
- Unity Bank
- Union Bank
- Sterling Bank
- First City Monument Bank (FCMB)
- Skye Bank
- Wema Bank
- Enterprise Bank
- Keystone Bank
- Jaiz Bank
- Stanbic IBTC Bank
- Suntrust Bank
- Heritage Bank
- Citi Bank
- Coronation Merchant Bank
- Access Money
- Eco Mobile
- Fidelity Mobile
- GT Mobile
- Zenith Mobile
- Money Box
- Safetrust Mortgage Bank
- Covenant Microfinance Bank
- NPF Microfinance Bank
- Fortis Microfinance
- Omoluabi Mortgage Bank
- Sterling Mobile
- Page MFB
- Stanbic Mobile Money
- Fortis Mobile
- FBN Mobile
GSMA, Spain Agree International Travel Authorisation for MWC21 Barcelona
The GSMA and Ministry of the Interior of the Government of Spain have announced details of an agreement to allow all MWC21 Barcelona registrants – including exhibitors, attendees, sponsors, and partners – to enter Spain to attend the in-person event.
Whilst there is a current denial of entry to Spain for any national from a country outside the EU, exceptions apply to specific groups of people, including ‘highly qualified workers’. The decision from the Spanish government now includes MWC21 Barcelona registrants in this category.
John Hoffman, CEO GSMA Ltd, said: “The health and safety of everyone involved in MWC Barcelona, both in Spain and beyond, continues to be our utmost priority as we navigate rapidly shifting circumstances. This decision is a resounding vote of confidence in the careful planning undertaken to date, and our strong partnership with the Host City Parties. We will continue to work closely with our partners to deliver a safe and enjoyable experience.”
The GSMA will share details of MWC21 Barcelona registrants with Spanish authorities to facilitate entry into the country. This shift allows entry to those registrants who are currently denied entry, including those from China and the USA, to enter Spain for the purposes of attending and doing business at MWC21.
The GSMA will adapt its registration process, to accommodate this international business travel policy. All individuals participating in the event from outside of the European Union and Schengen Area must follow this process to facilitate entry into Spain:
- Complete your online registration for the event using the MWC21 Barcelona Registration System
- All individuals seeking entry to Spain must be fully registered for MWC21 Barcelona
- After completing registration, the GSMA will provide relevant information to the Spanish government for visa and border control purposes
- On completion of registration, you will receive a MWC Barcelona 2021 Attendance Confirmation. Please have this to hand when contacting your consulate or visa issuing authority and with you when you travel to attend the event
- The registration system will be updated in the coming weeks to reflect the updated process. Anyone already registered will be contacted and advised when to complete this additional information
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