President Bola Tinubu has reiterated his administration’s dedication to fostering the growth of financial technology companies that are crucial for providing payment infrastructure to Nigerians and the broader African continent.

This commitment was made during a meeting held on Saturday in Abuja with leaders from Flutterwave and Alami Capital. The discussions come at a pivotal time as Flutterwave, a prominent Nigerian fintech firm, prepares for a listing on the Nigerian Exchange (NGX).

Founded by a group of young Nigerian entrepreneurs and headquartered in Lagos, Flutterwave operates across more than 30 African countries and has expanded its reach to the United States, Canada, and several other nations, including Kenya, Uganda, Ghana, and South Africa.

A statement from Bayo Onanuga, Special Adviser to the President on Information and Strategy, detailed the meeting’s attendees, which included Flutterwave’s CEO Olugbenga Agboola, Co-founder Adeleke Adekoya, Oluwabankole Falade, and Mitesh Popat, as well as Oluseun Olufemi-White, CEO of Alami Capital. The delegation was led by Wale Edun, Minister of Finance and Coordinating Minister of the Economy, alongside other officials such as Dr. Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated (MOFI), and Dr. Inuwa Kashifu Abdullahi, Director General of the National Information Technology Development Agency (NITDA).

President Tinubu emphasized his commitment to creating a conducive business environment by eliminating barriers to growth for companies. He commended Flutterwave’s leadership in the digital economy and acknowledged the significant contributions of Nigeria’s dynamic youth. “The leadership Flutterwave offers in the digital space is exactly what Nigeria needs to grow its economy and improve the lives of its citizens,” he stated.

Minister Edun praised Flutterwave’s impact over the past decade, highlighting its role in job creation and economic diversification through innovative payment solutions across Africa.

During the meeting, Flutterwave CEO Olugbenga Agboola showcased the company’s milestones, including facilitating naira payments for global services and enabling Nigerians in the diaspora to send money home seamlessly. He also sought the President’s support for Flutterwave’s upcoming listing on the Nigerian Exchange, noting that the company is valued at over $3 billion and employs more than 1,000 Nigerians.

Dr. Armstrong Ume Takang from MOFI underscored the importance of supporting local companies like Flutterwave to bolster Nigeria’s status as Africa’s largest economy. He advocated for the promotion of local hosting services, such as Galaxy Backbone, to retain revenue currently spent on foreign digital infrastructure.

By John Audu, Abuja

Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has urged telecommunications operators to enhance local production capabilities and reduce their reliance on foreign exchange. This call came during a recent meeting with Airtel Africa’s management team in Abuja, where he emphasized the importance of backward integration in the industry.

In a statement released by the CBN, Cardoso highlighted the necessity for telecom firms to localize key supply chains by producing essential components such as SIM cards, cables, and towers within Nigeria. He explained that such measures would alleviate pressure on dollar demand, create job opportunities, and bolster the national economy.

Cardoso stated, “The CBN is committed to ensuring that financial services reach more Nigerians, especially in rural and underserved communities. Through collaboration with relevant agencies and industry players, we aim to build a more inclusive and digitally-driven financial ecosystem.”

During the meeting, Sunil Taldar, CEO of Airtel Africa, acknowledged the CBN’s recent efforts to stabilize the foreign exchange market and strengthen the naira’s competitiveness, which have improved investor confidence. Taldar expressed support for the CBN’s initiative to promote local production in the telecom sector, asserting that reducing reliance on foreign currency would yield long-term benefits for both telecom operators and the broader economy.

The CBN’s statement also noted plans for a high-level summit to engage stakeholders in developing strategies for enhancing financial accessibility, particularly in rural areas. This initiative aligns with Cardoso’s broader agenda to deepen financial inclusion and expand digital payment solutions across Nigeria.

••Telecom Giant Appeals for Forgiveness After Customer Outcry Over 15GB Bundle Increase.

By Anastasia John E.
Nigeria’s largest telecom operator, MTN, has publicly apologized to its customers following widespread outrage over a sudden 200% price increase on its popular 15GB data bundle. The hike, which saw the weekly plan jump from N2,000 to N6,000, sparked significant backlash on social media Wednesday.
In a message shared on social media Thursday, MTN acknowledged customer frustration, adopting an informal and conversational tone. “To our 15G digital bundle lovers. You dey vex. We know. We know how upsetting it must have been to suddenly wake up to a 200% increase on your favourite digital bundle,” the message read.
“We could share several reasons, and provide explanations, but omo, all that one na story. We don cast. We get it and admit it. Let’s just say na mistake.” The company then appealed for understanding, saying, “In this love season, don’t stay angry with us. Please forgive and forget. You matter die and we will never stop showing you how much. Let’s continue our relationship. Thank you for your understanding.”
While only MTN has currently increased prices, Airtel and Globacom are expected to follow suit after the Nigerian Communications Commission approved a 50% tariff increase in January. The Nigeria Labour Congress has condemned the planned increases and demanded their immediate reversal.

By John Audu, Abuja.

The House of Representatives has called on the Minister of Communications, Innovation and Digital Economy, Bosun Tijani and the Nigerian Communications Commissions (NCC), to suspend the impending hike in telecommunications tariffs until their service improved.

The call followed the adoption of a motion of urgent public importance moved by Rep. Obuku Offorji at the plenary on Tuesday.

Presenting the motion, he recalled that the minister had, after a stakeholders meeting on Wednesday, 8th January, announced that telecommunications tariffs would soon be increased by the telecom operators in the country.

According to the minister, consultations are ongoing as there have been agitations from some of these companies to increase tariffs to as high as 100 percent.

He however said it would not be a 100 percent increase and that the NCC would approve the new tariffs and announce them in due course.

However the lawmaker faulted the arguments of the telecommunications companies for the hike which include, the cost of investment, better networks, increasing demand for digital services across sectors such as education, banking and healthcare.

Offorji said, “The telecommunications companies have been advocating for the hike for the last 11 years, according to the Association of Licensed Telecom Operators of Nigeria (ALTON) and the Association of Telecommunication Companies of Nigeria (ATCON). They argued that the telcos need cost-reflective tariffs in the face of adverse economic reality like a record inflation of 34.6 percent in November 2024 and losses resulting from foreign exchange fluctuations.

“The National Association of Telecoms Subscribers has rejected the proposed increase in tariffs, describing it as insensitive and a further burden on consumers already grappling with economic hardship, and poor network service delivery.

“It is imperative that the telecommunications companies improve on their service delivery, which Nigerians have been yearning for, before embarking on the increase in their tariffs.

“The far reaching effects of these price hikes will deepen financial struggles for the average Nigerian, threaten the country’s vision of leveraging technology to drive economic revival, exacerbate poverty and widen existing inequalities, hitting lower income families the hardest.

“Affordable connectivity is a must for progress in critical sectors like digital banking, education, healthcare, agriculture and e- governance. Informal sector workers who depend on affordable mobile data to access gig work opportunities may find it harder to stay connected.”