News
Mobile Payments Threaten N1Bn per Day Recharge Card Business
The recharge card business which generates an estimated N1 billion daily is on the verge of collapse as it is about to be swept away by the tide of mobile payments, Nigeria CommunicationsWeek can report. The Central Bank of Nigeria (CBN) ha licensed 16 mobile money operators to render mobile banking, payment and associated services using agent networks, and using the mobile phone as a means of authentication. Mobile payments will change the way consumers interact with financial services and make payments. According to a research by eShekels, recharge card is one of the fastest selling products by telcos in the country, recording daily sales of over N1billion worth of recharge cards. eShekels is a leading market research house and pioneer technology research firm specialising in the rapidly evolving Information and Communications Technology (ICT) sector. The report says 100 naira denomination of recharge cards is most patronized among subscribers of various operators as subscribers patronize the lowest denominations available. This indicates that lower denominations (500 naira and below) control a larger share of the market. According to the research, different channels of distributing recharge cards will change to mostly e-transfers and e-payments, thereby eliminating the airtime distribution chain. “Currently, the airtime retail business will experience a steady growth as recharge card sales increases. However, the future of this platform may change significantly as the drive towards e-payment and mobility is being attained. In the nearest future, the channels of distributing airtime will change to mostly e-transfers and payments. This may eliminate long chains and channels previously being used.” Femi Adeagbo, chief executive officer, Comnavig ICT Consultants said: “If a chunk of this income is moved to admittedly more efficient mobile money channels, significant income and job displacement may occur.” To address this income displacement challenge, Adeagbo said specific programmes aimed at tooling recharge card sellers with skills and resources to enable them offer agent services under a retail principle or as stand alone businesses should be developed.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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