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Good morning!
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MTN gave a hefty $2 billion tax. Meanwhile, the NCC is calling for a comprehensive digital upgrade to strengthen the country’s telecom infrastructure. In a related regulatory move, a court has upheld ARCON’s authority over digital advertising, reinforcing its grip on the sector. Amid these developments, GTBank has increased its SMS alert fees, a move that aligns with telcos' broader push for higher tariffs.
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Got a news tip or scoop? Share it with us. If you've got the inside scoop on something big happening, let us know. We're all ears.
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Across Africa
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MTN’s $2B tax bill: MTN Group isn’t just Africa’s telecom giant, it’s a tax heavyweight too. In 2024, the company paid over $2 billion in taxes across its 16 markets, reinforcing its role in connectivity and national economies. The company has nearly 291 million subscribers and a fresh batch of annual reports themed ‘Accelerating Africa’s digital future’. MTN is laying down more than just fibre and foundations. - ITWeb
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Patricia resumes trading operations: Patricia Technologies, the Nigerian crypto exchange that faced a major security breach in 2022, has announced the relaunch of its Over-The-Counter (OTC) Desk. In an email, the company invites customers back with incentives such as VIP rates, dedicated account managers, and welcome-back bonuses for trades exceeding $500. This move follows the company's recent commencement of repayments to affected users, marking a significant step in its recovery efforts. The relaunch aims to restore trust and re-engage users by offering enhanced services and support.
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Nigeria, UK team up against cybercrime: In a bold move to tackle cross-border digital threats, Nigeria and the UK have inked a cybersecurity pact. From online fraud to ransomware, cybercriminals now face a united front as both nations pledge deeper cooperation to protect their people and industries. - ITWeb
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Bolt goes electric on three wheels: Bolt is shifting gears in Lagos with the launch of electric tricycles, marking the first time a ride-hailing platform in Nigeria is making this move. In collaboration with SGX Mobility, which handles the vehicle tech, Bolt is offering a cost-saving, eco-friendly alternative for drivers. The promise? Less fuel spent, no upfront vehicle costs, and a shot at eventual ownership. A smart pivot in a city where every naira and drop of fuel counts. - Technext
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NCC says it is time for a digital upgrade: Aminu Maida, EVC of the NCC, is calling for a reboot of Nigeria’s 22-year-old Communications Act—once a game-changer, now a digital bottleneck. At a recent legislative colloquium, he pushed for an overhaul to close the digital divide and power a future-proof digital economy. The message is clear: Nigeria can’t build tomorrow’s tech on yesterday’s laws. - The Cable
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Court backs ARCON’s digital grip: In a landmark decision, the Federal High Court in Lagos has cemented the Advertising Regulatory Council of Nigeria’s (ARCON) authority over all forms of advertising—print, broadcast, digital, and even personal social media posts. This ruling comes after Betway Nigeria and others challenged ARCON’s right to regulate ads from unregistered individuals and digital platforms. With Justice Aluko's verdict, ARCON’s oversight is no longer up for debate, it’s officially everywhere your ad can go. - Marketing Edge
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GTBank hikes SMS alert fee as telcos push tariff surge: First, telcos raised their prices. Now, your bank alerts cost more. GTBank is bumping its SMS alert fee from ₦4 to ₦6, blaming the NCC-approved telecom tariff hike. The bank says SMS alerts help fight fraud, but if you’d rather not pay, you can opt out online. Another day, another extra charge passed down the chain. - Technext
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CBEX scam: EFCC hunts Elie Bitar: Another day, another crypto con. The EFCC is on the trail of 41-year-old Elie Bitar, the alleged mastermind behind a fraudulent scheme run through the online platform Crypto Bridge Exchange (CBEX). Investors across Nigeria are counting losses, while the Commission urges anyone with leads on Bitar’s whereabouts, last traced to Lekki Phase 1, to step forward. - Punch
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CBN zaps Paystack with ₦250m fine: The Central Bank of Nigeria has drawn a clear line in the sand for fintechs: stay in your lane. Paystack, celebrated for its innovation, is now facing a ₦250 million penalty for allegedly letting Zap by Paystack venture, where only banks and microfinance institutions may tread, into the business of holding customer funds. With only a switching and processing licence, Paystack isn’t legally allowed to act like a deposit bank. The CBN’s message? Innovation is welcome, but regulation is king. - Technext
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Africa’s payment revolution just got real: In a move that could redefine how money moves across Africa, Onafriq and Circle are joining forces to break the grip of foreign intermediaries on intra-African payments. By tapping into the power of USDC and blockchain infrastructure, this partnership is about reclaiming economic agency. With over $5 billion lost annually to offshore transaction fees, this shift could finally put African payments back in African hands. - Technext
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Starlink’s price rocket blasts off again: Starlink is raising the cost of staying connected in Nigeria, again. Just months after nearly doubling its monthly subscription from ₦38,000 to ₦75,000, the company is hiking the price to ₦57,000, effective May 30, for existing users. New customers? They're already paying more. Starlink says it's all about improving infrastructure, but for many Nigerians battling inflation, the signal this sends might not be so stellar. - Technext
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Global tech watch
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