Nigeria to Begin 90,000 km Fiber-Optic Expansion within 6 Months
Expanding the backbone network positions Nigeria to better integrate into the global digital economy. The increased connectivity will also facilitate access to online education, healthcare and financial services, driving social and economic inclusion across Africa.
Nigeria’s Federal Government is set to begin deploying 90,000 kilometers of fiber-optic cable across the country within the next 6 months, according to Dr. Bosun Tijani, Minister of Communications, Innovation and Digital Economy. This expansion aims to increase the nation’s backbone network from 35,000 to 125,000 km, significantly enhancing connectivity and improving telecoms services nationwide.
Read more here: https://www.wearetech.africa/en/fils-uk/news/nigeria-to-begin-90-000-km-fiber-optic-expansion-within-6-months
GrabPay Wallet to Charge 1% Fee for Credit Card Reloads from 11 Sept
Southeast Asian superapp Grab announced that a 1% fee will be applied to GrabPay Wallet top-ups made using credit cards starting 11 September 2024.
However, users can still top up their wallets for free through alternative methods such as debit cards, bank transfers, GX Account, or the Maybank Grab Mastercard Platinum Credit Card.
This echoes the move by TNG eWallet earlier this year to impose a 1% fee on all credit card top ups due to the high costs associated with these reloads.
Read more here; https://fintechnews.my/45956/e-wallets-malaysia/grabpay-charge-credit-card-fee/
DR Congo : Raxio Group Launches the Country Largest Data Center
It’s all go for MoMo — MTN’s mobile money service is becoming a serious business
In just five years, MTN has rapidly built a mobile money transfer service that has become larger than its traditional telecommunications offering as far as the South African market is concerned.
This is in terms of the number of active users MTN has garnered for MoMo (short for mobile money) compared with the number of South African customers who use its traditional services such as voice and data.
In August 2019, MTN ramped up the launch of MoMo in countries such as Nigeria, Uganda and Ghana, targeting customers who don’t have access to formal banking services. MoMo allows users to store, send and receive money using phones.
GXBank Opens Wait List for GX FlexiCredit for Early Access to New Credit Line
Malaysia’s first digital bank, GXBank, is set to introduce GX FlexiCredit, a new line of credit designed to offer financial flexibility to its customers.
Following the launch of the GX Card and Savings Account, the bank is expanding its range of financial products.
GX FlexiCredit aims to provide a credit limit that customers can access as needed, simplifying the process of obtaining funds and addressing issues like lengthy processing times and complex documentation often found in traditional personal loans.
Read more here: https://fintechnews.my/45951/digital-banking-news-malaysia/gxbank-flexicredit-early-access/
Nigeria Prepares for Comprehensive Tax Reform, Including Cryptocurrency Regulation
Nigerian government is gearing up for a significant overhaul of its tax system, with plans to introduce new legislation by September 2024. This reform will encompass various sectors, including the burgeoning cryptocurrency industry, which has operated without specific regulations until now.
Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), unveiled these plans during a stakeholder meeting with Senate and House of Representatives Committees on Finance. The proposed changes aim to streamline revenue administration and simplify tax laws across the country.
Read more here: https://www.techinafrica.com/nigeria-prepares-for-comprehensive-tax-reform-including-cryptocurrency-regulation/
Visa Reportedly Weighing $925 Million Featurespace Acquisition
Visa is reportedly considering a multimillion-dollar bid for fraud-prevention firm Featurespace.
The payments giant is in advanced talks about a possible sale, Sky News reported Saturday (Aug. 24), citing unnamed sources. One source said the deal could be worth as much as $925 million, while another said the value could be markedly less.
The report notes that Featurespace — whose clients include HSBC, NatWest Group and Worldpay — has seen demand for its services balloon amid rising financial scams. The company makes Adaptive Behavioral Analytics software, which uses machine learning (ML) to spot and prevent fraud in upwards of 180 countries.
PYMNTS has contacted both companies for comment but has not yet gotten a reply from either one.
The Sky News report notes Featurespace’s ties to the late tech investor Mike Lynch, who died last week when his superyacht sank off the coast of Sicily. Featurespace paid tribute to Lynch late last week on its website.
Read more here: https://www.pymnts.com/acquisitions/2024/visa-reportedly-weighing-925million-featurespace-acquisition/
Sohar International wins ‘Best Mobile Banking App Oman 2024’ award
Muscat: Sohar International, Oman’s best bank, has once again affirmed its position as a leader in the digital banking landscape by winning the prestigious ‘Best Mobile Banking App Oman 2024’ award at the World Business Outlook Annual Awards 2024, held in Singapore. This accolade highlights the bank’s relentless commitment to digital innovation and its strategic focus on delivering an unparalleled customer experience. The award serves as a testament to Sohar International’s successful digital transformation strategy, which has significantly enhanced its mobile banking app, integrating cutting-edge technologies that offer customers seamless and efficient solutions tailored to their evolving needs. As a result, Sohar International has set new benchmarks in the industry, solidifying its leadership in the ever-evolving world of digital banking.
Commenting on this milestone, Mr. Ahmed Al Musalmi, Chief Executive Officer of Sohar International, stated: “Digital transformation at Sohar International is not merely an initiative but a cornerstone of our strategic vision, reflecting the global shift towards digital banking. As the financial landscape rapidly evolves, particularly within Oman, we are assertively positioning Sohar International as a leader and a game-changer, steering the future of digital banking in the Sultanate. Our commitment to innovation goes beyond keeping pace with global digital trends—it’s about redefining them. By continuously expanding the horizons of what banking can deliver, we remain steadfast in our pursuit of becoming a world-class Omani services company that helps customers, communities, and people prosper and grow. This recognition not only highlights our unwavering dedication to digitalization but also underscores our alignment with Oman’s national digital goals, further solidifying our role in contributing to a digitally inclusive society.”
Read more here: https://www.zawya.com/en/press-release/companies-news/sohar-international-wins-best-mobile-banking-app-oman-2024-award-b2yv7n47
