Thursday, December 1

Telcos

In his remarks, the company’s regional head – south, Olalekan Babalola, emphasised that NITRA is integral to bringing the industry together to channel innovative and collaborative ways in which the federal government, regulators, providers, and stakeholders can partner on ICT growth as well as address policy impediments to its acceleration and infrastructure demands. 

According to the latest research, this has become crucial. A recent data survey indicated that 58% of Nigerians are still unconnectedly causing a loss of unquantifiable revenue that can be derived from the ICT sector alone and utilized as an enabler to all sectors of the economy. Therefore, platforms such as NITRA should remain steadfast in advocating industry cooperation towards optimizing connectivity capabilities with scalable solutions. 

In a statement, Phase 3 Telecom’s spokesperson, Morayo Nwabufo, said: “Phase3 is committed and will continue to support credible initiatives that foster meaningful connectivity and innovative technological advancements for a fully digitized society that promises access to everyone, everywhere in the Country and indeed on the African Continent”. 

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Sixty-nine per cent of Kenyan businesspeople said that digital payments have positively impacted their businesses as they can easily track expenses and income returns, which reduces errors and enables faster transactions.

The Central Bank of Kenya (CBK) has been pushing mobile money payments recently. Last year, following the outbreak of the COVID-19 pandemic, the Kenyan government released a directive through CBK, instructing commercial banks and payment service providers to halt charges on all transfers from mobile money wallets and bank accounts.

Despite the positive trajectory in digital payments adoption in Africa, Visa says there still is room for improvement.

Airtel Network Kenya, the second biggest telecommunications network, saw shareholder loans from its holding firm, Bharti Airtel Kenya BV, rise by 12.01 per cent from sh46.6 million in 2020 to sh52.2 million in the year ending December 2020.

The causes of the financial losses have been additional lending, forex losses as the shilling depreciate, and postponement in paying interests.
Capitalization interest due to being paid stands at Sh1.34 billion, which has disrupted cash flow in the firm.

Airtel Kenya said that the issued shareholder funds, revenue generated from its operations, and borrowing from external lenders had kept the company afloat.