MTN Group has released its financial statements result for the first quarter ended 31st March 2018
MTN Nigeria reported an additional 2.3 million subscribers in the quarter as against 2.0 million additions in 4Q17. This was as a result of an increase in its SIM registration footprint across the country.
Highlights of the result show
- The Group voice revenue growth of 5.4% caused by a strong growth in Nigeria and Ghana of 15.2% and 20.6% respectively.
- Subscriber base increased by 1.9 percent quarter-on-quarter with net additions of 4.1 million, while the group’s data revenue was up by 26.9 percent.
- The result also noted that MTN Nigeria continued with the positive momentum of 2017, increasing service revenue by 14.4% YoY, led by a 73,2% increase in data revenue and 15.2% growth in voice revenue.
- The increase in voice revenue was encouraging, it was supported by the lower customer spend on VAS. As growth in its digital services is expected to resume in the latter part of the year, this may impact growth rates in voice revenue.
- It also rolled out 298 3G and 174 4G sites in the quarter. The 4G rollout remains centered on the top 10 cities across the country.
MTN Group President and CEO, Rob Shuter said
“During the quarter, the group continued to focus on operational execution across our markets, leveraging off the strong network investment of the past few years. This allowed us to deliver an acceleration in service revenue growth to 9,1% (constant currency), led by MTN Nigeria and MTN Ghana.”
The Group noted that it has made tremendous progress on the IPO processes in Nigeria and Ghana, assuring that the process will be concluded in 2018.
MTN is the leading mobile network operator in Africa serving 221,3 million people in 22 countries across Africa and the Middle East.
CAC sets 3-hour time line for company registration in 2021
The CAC is prioritising the reduction of the registration circle for new companies to just 3 hours before the end of the year 2021.
The Corporate Affairs Commission (CAC) has said that following the successful deployment of an end-to-end registration module, it was now prioritising the reduction of the registration circle for new companies to just 3 hours before the end of the year 2021.
This is coming after CAC had in November 2020, announced the implementation of new technology that will change the face of business registration including allowing customers to print their certificates with verifiable QR code from anywhere in the world.
This disclosure was made by the Registrar-General of the commission, Garba Abubakar, at a dinner in honour of the Chairman, Governing Board, CAC and Nigerian Ambassador-Designate to the Kingdom of Spain, Ademola Seriki.
In order to achieve this target, the Registrar-General said the commission was making arrangements to empower over 400 approving officers with working tools to process and approve registration applications either from home or anywhere necessary,” the agency stated.
Abubakar noted that the challenges of the Covid-19 pandemic had adversely hampered CAC’s delivery timeline.
He, however, pointed out that CAC was resolutely committed to serving its customers despite being forced to operate with less than 50% of its workforce.
While bidding farewell to Seriki, the Registrar-General said he received the news of his appointment with mixed feelings as CAC was going to miss his tremendous support and guidance.
Also speaking at the event, the Minister of Industry, Trade and Investment, Niyi Adebayo, described the outgoing CAC Chairman as a man of immense pedigree and endowed with enormous potential to justify the confidence reposed in him by the president.
In case you missed it
- The CAC recently announced the upgrade of its website and online registration portal to include features, which allow for the automation of some selected services and processes, in line with the Federal Government’s mandate of improving the ease of doing business in Nigeria.
- The selected services and processes include Electronic search of company records, Upgraded Companies Registration Portal for Pre-incorporation filings and Post incorporation filings.
The Corporate Affairs Commission (CAC) says following the successful deployment of an end-to-end registration module, it is now prioritizing the reduction of the registration circle for new companies to just 3 hours before the end of year 2021. pic.twitter.com/mMGjLN1JeS
— Corporate Affairs Commission (@cacnigeria1) April 11, 2021
DEAL: Nigerian fintech software provider, Appzone raises $10m to scale its products and services
Appzone platforms are used by 18 commercial banks and over 450 microfinance banks in Africa.
Appzone a fintech software provider that builds proprietary solutions for financial institutions and their banking and payments services announced that it has closed $10 million in Series A investment.
The Series A round was led by CardinalStone Capital Advisers, a Lagos-based investment firm. Other investors include V8 Capital, Constant Capital, and Itanna Capital Ventures. New York-based but Africa-focused firm Lateral Investment Partners also participated.
Founded in 2008 by Emeka Emetarom, Obi Emetarom, and Wale Onawunmi, Appzone functions as an enabler (at payment rails and the core infrastructure) within banking and payments.
Appzone platforms are used by 18 commercial banks and over 450 microfinance banks in Africa. Together, they amass a yearly transaction value and yearly loan disbursement of $2 billion and $300million.
Before now, Appzone closed a $2 million deal from South African Business Connexion (BCX) in 2014. Four years later, it raised $2.5 million in convertible debt and bought back shares from BCX in the process. But overall, the company says it has raised $15 million in equity funding.
This new funding will be used to scale its products and services and expand across more African countries. The startup also plans to achieve scale by growing its engineering team.
What they are saying
Yomi Jemibewon, the Co-Founder and Managing Director of Cardinal Stone Capital Advisers, said the firm’s investment in Appzone is further proof of Africa’s potential as the future hub of world-class technology.
“Appzone is building a disruptive fintech ecosystem that will be the backbone of Africa’s finance industry with products across payments, infrastructure, and software as a service. The impact of Appzone’s work is multifold — the company’s products deepen financial inclusion across the continent whilst providing best-fit and low-cost solutions to financial institutions. Its emphasis on premium talent also helps stem brain drain, rewarding Africa’s best brains with best-in-class employment opportunities.”
Nairametrics | Company Earnings
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