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Tech News

MTN acquires additional 800 MHz spectrum

MTN Nigeria has announced the acquisition of additional 10MHZ spectrum in the 800MHz band.

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UACN appoints Toriola as new Director 

MTN Nigeria has announced its acquisition of an additional 10MHZ spectrum in the 800MHz band from Intercellular Nigeria Limited.

This was disclosed in a press release by the company, where it was also revealed that the transaction had been signed by the Nigerian Communications Commission (NCC), and the frequency had been assigned to MTN Nigeria.

The 800MHz spectrum is a technology developed to enhance service delivery and also overcome the challenges and costs of digging trenches and right of way issues. The CDMA technology operating in the 800MHz band is capable of full mobility, which means easy connectivity.

READ: United Capital Executive Director acquires 2 million additional shares worth N12.4 million

MTN acquired its first 10MHz from Visafone in 2019 and the telecom company has been able to use the technology to expand its 4G LTE services in the country since then.

With this additional spectrum, MTN expects that customer experience will significantly improve in line with its commitment to deliver excellent service quality to its subscribers.

While commenting on the acquisition, the CEO of MTN Nigeria, Karl Toriola, said that the acquisition would deepen their broadband penetration in the country and that the additional resources would help them provide better internet connectivity.

READ: Finance and Insurance Sector contributes 3.36% to GDP in 2020

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What you should know

  • Based on the most recent data released by the NBS, MTN has the highest number of mobile subscribers with over 80.76 million mobile subscribers as at Q4 2020. This represents 39% of the total number of mobile subscribers in the period.
  • MTN also led in terms of the number of internet subscribers in Q4 2020. A total of 65.36 million people were subscribed to MTN’s internet within the period. This represents 42% of the total market size.

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Fikayo is a first class graduate of economics with experience in investor relations, strategy and research. She is also a member of the Institute of Chartered Accountants of Nigeria (ICAN). She has interest in macro and microeconomics, research, finance and strategy.

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    Business News

    Airbnb and two other companies that could follow Twitter’s Ghanaian playbook

    After Twitter, these companies might be moving to Africa next.

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    Twitter to update privacy policies globally , Twitter to remove tweets wishing Trump dies of COVID-19.

    On the back of Twitter’s monumental announcement to situate its regional headquarters in Ghana, Germany announced that it was choosing the Gold-Coast as the location for its German-West African Centre for Global Health and Pandemic Prevention – another critical blow for Africa’s most populous country and self-acclaimed ‘giant of Africa.’

    Despite Nigeria’s burgeoning reputation in technology, its propensity for government and regulatory interference, rising insecurity, inflation, poor capital repatriation policies, and infringement on free speech have been identified as reasons why foreign organizations are increasingly overlooking the country. So, we examine 3 organizations ripe for African expansion that could follow in Twitter’s footsteps.

    READ: TikTok to relocate headquarters to London following approval by UK ministers

    Airbnb

    The $75bn online vacation rental marketplace has quietly made inroads into Africa over the last couple of years allowing listings from Kenya, Nigeria, Ghana, South Africa, and other African countries as part of the 220+ countries and regions it operates.

    Over the past few years, destinations across Africa have emerged to become some of the fastest-growing Airbnb markets in the world.

    However, the rental giant continues to operate a remote presence in Africa as none of its 23 offices is situated on the continent. But that may soon change as Africans increasingly adopt the service.

    READ: Why investing in Airbnb might be worth it

    Apple

    Despite iPhone sales largely growing year on year, Apple doesn’t have a physical office in Africa. In 2015, it was rumoured that Apple was looking to establish a South African office in an effort to grow its presence in the continent’s local market but not much has been heard about this.

    In countries where the tech giant doesn’t have a physical office, Apple works with the local resellers to service its numerous customers.

    The African market is driven more by the demand for Apple products like mobile phones, tablets, and laptops. With this high demand, it is highly probable that the company will consider a physical location in Africa in the near future.

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    READ: Apple to start producing cars by 2024

    Shopify

    Another company that is likely to have a physical presence in Africa in the near future is Shopify. The multinational e-commerce platform that allows you to host your store online already has an online presence in Africa and has partnered with leading payment providers on the continent to allow users pay for services in their local currency. Shopify powers over 1.7 million businesses in more than 175 countries.

    What this means

    Africa currently has the youngest and second-largest population in the world. Massive population growth and a rising middle class have created millions of new consumers hungry for products and services. This is a large market for tech companies that are already operational in other countries to tap into. Currently, Twitter, Google, Microsoft, and several others are already exploring this opportunity.

    Stanbic 728 x 90

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    Billionaire Watch

    TikTok’s 38 year-old founder is worth $35.5 billion – Here’s what we know

    At 38 years old, Zhang Yiming is the 39th richest man in the world.

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    TikTok a video sharing app was named the most downloaded app of the first quarter of 2021 but not much is known about its founder. The app now has over 689 million active users worldwide according to statistics from oberlo.com. It has also been downloaded over 2 billion times on App Store and Google Playstore. It is arguably the most popular video-sharing app out there and the numbers keep growing.

    TikTok was able to grow at a faster rate than Facebook and Instagram since its startup. The man behind this massive success is currently worth $35.5 billion and he is our person of interest today.

    READ: TikTok to relocate headquarters to London following approval by UK ministers

    Meet Zhang Yiming, the founder of Bytedance 

    38-year-old Zhang Yiming is the CEO and Founder of ByteDance, the parent company of TikTok. Zhang Yiming majored in microelectronics and software engineering at Nankai University. He worked for various tech startups including Microsoft before settling to start his own company.

    The billionaire leads a very secretive lifestyle. He founded ByteDance back in 2012 and steered it all the way to financial success. He is currently worth $35.5 billion but his net worth is well on its way to doubling based on recent valuations.

    ByteDance has two main flagship products – Toutiao, an AI-backed news aggregator and TikTok which he founded later after the success of Toutiao.

    READ: US government to ban WeChat and TikTok from app stores

    Revisiting the success of  TikTok 

    Last year Zhang Yiming’s ByteDance was regarded as the most valuable startup in the world. TikTok became the most downloaded iOS app worldwide in the first quarter of 2019, according to the US research app Sensor Tower.

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    TikTok is available in 155 countries and in 75 languages.

    READ: Folorunsho Alakija’s net worth drops below $1bn. A few things to know about her

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    Impressive valuation 

    Bytedance’s first major valuation was in 2018 where it was valued at $75bn according to Forbes. This was followed by another valuation which put it at $140bn according to CB Insights.

    The latest 2021 valuation places ByteDance at over $250bn according to the South China morning post.

    Zhang Yiming owns a quarter of ByteDance and with this recent valuation, his net worth is set to grow to $60bn according to experts in the field.

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    READ: China will not accept any Microsoft-TikTok deal

    Donald Trump scare 

    The former president of the United States was on the verge of banning TikTok in the country. He claimed the App has ties to the Chinese government. This would have been a setback giving that the application is quite popular among US millennials and Gen Z. Donald Trump lost his re-election bid and very little has been said by the Biden administration on the issue.

    What you should know 

    • At 38 years old, Zhang Yiming is the 39th richest man in the world. His parents were civil servants.
    • The popularity of TikTok in the United States has raised concerns from US regulators.

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