Connect with us

General News

Airtel Money Plans IPO to Compete in Fintech Space

Published

on

Kindly share this post

Airtel Africa is positioning its mobile money platform, Airtel Money, to challenge Africa’s fintech giants through a planned initial public offering set for the first half of 2026,  Sunil Taldar, chief executive officer said in the company’s latest financial results.

Airtel Money Plans IPO to Compete in Fintech Space

The IPO will bolster Airtel Money’s ability to compete with dominant players like Safaricom’s M-Pesa and MTN’s MoMo in the continent’s rapidly growing fintech market.

The operator’s fintech unit, operating across 14 African countries including Nigeria, has grown its subscriber base by 17.3 per cent year-on-year to 44.6 million active users as of early 2025, according to the company’s first-quarter financial results.

The mobile money platform provides critical financial services to millions of unbanked users, enabling digital transactions, credit access, and remittances via mobile phones.

This focus on financial inclusion aligns with Airtel Africa’s mission to drive economic prosperity and transform lives across its markets.

“We are making significant progress in our preparations for the Airtel Money IPO and remain committed to this objective,” Taldar said, underscoring the strategic importance of the listing.

He cautioned that the IPO remains subject to market conditions, adding, “Therefore, subject to these conditions, we anticipate a listing event in the first half of the calendar year 2026.”

The IPO is expected to raise capital to scale Airtel Money’s operations and sharpen its competitive edge.

Safaricom’s M-Pesa, with 70 million users across Africa and a stronghold in Kenya, remains the market leader, while MTN’s MoMo commands 65 million active users, particularly in West and Central Africa.

However, MoMo’s Nigerian arm, MoMo PSB, saw a 55.6 per cent year-on-year decline in active wallets, dropping to 2.1 million in Q1 2025, a vulnerability Airtel’s fintech unit could capitalise on.

Airtel Money’s growth strategy hinges on leveraging its expanding user base and innovative services to close the gap with its rivals.

The platform’s ability to empower underserved communities through accessible financial tools positions it as a key player in Africa’s fintech frontier.

Taldar emphasised the company’s broader vision, stating, “We will remain focused on delivering our strategy to transform the lives of our customers and support economic prosperity across our markets.”

Expressing gratitude to stakeholders, Taldar noted, “I want to say a particular thank-you to our customers, partners, governments, and regulators for their support and our employees for their unrelenting contribution to the business.” This collaborative effort underpins Airtel Africa’s confidence as it advances toward the 2026 IPO.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

General News

TD Africa, HP Strengthen Partnership to Advance Africa’s Tech Ecosystem

Published

on

Kindly share this post

TD Africa, Sub-Saharan Africa’s foremost technology distributor, took a bold step toward strengthening almost three decades of collaboration by hosting a high-level strategic meeting with HP Inc. at an exclusive gathering in Ikoyi, Lagos.

The meeting brought together top executives from both organisations to reaffirm their commitment to advancing digital transformation and deepening technology penetration across Nigeria and Africa.

Speaking at the meeting, Dr. Leo Stan Ekeh, Chairman of Zinox Group (parent company of TD Africa), traced the long-standing partnership between HP and TD Africa and emphasised the need for a more intentional synergy going forward.

“The relationship between TD Africa and HP goes beyond business; it’s a shared vision to use technology as the catalyst for a smarter, more prosperous Nigeria. Technology is the new oil, and together, we must build the infrastructure to power a 21st-century Africa,” said Dr. Ekeh.

Also, Mrs. Chioma Chimere, Coordinating Managing Director of TD Africa, reaffirmed the company’s commitment to digital inclusion and local empowerment. “At TD Africa, we are passionate about pushing technology to every part of the country and the continent. Our vision is to see an Africa where every individual, business, and institution is IT-ready and globally competitive,” she stated.

On behalf of HP, Kingsley Osuala, Distribution Business Manager, Central Africa, expressed appreciation for the enduring relationship with TD Africa and stressed the importance of local tech adoption.

“We are grateful to TD Africa for staying true to their mission of empowering Africa through technology. As the digital age accelerates, Nigerians must stay ahead by embracing innovation and high-performance tech solutions. That is how we stay globally relevant,” Osuala remarked.

The meeting concluded with renewed resolve from both parties to explore deeper collaboration and build on their shared legacy, one that prioritizes access, innovation, and the digital empowerment of Africa.


Kindly share this post
Continue Reading

General News

Court Orders Lawyer to Produce “Bail-Jumping” Client in MTN Cyber Fraud Case

Published

on

Kindly share this post

Justice Ambrose Allagoa of the Federal High Court sitting in Lagos has ordered Mr Nnamdi Kalu, a legal practitioner, to appear before the court on July 9, 2025, to provide explanations regarding the whereabouts of Richard Ironbar Edemadem, his client,  who is accused of cyber-related fraud and has allegedly jumped bail.

Court Orders Lawyer to Produce “Bail-Jumping” Client in MTN Cyber Fraud Case

The judge issued the directive during the ongoing trial of Edemadem and four others, namely: Samuel Okpapi, Nelson Ojovbo, Bamigbade Olushola, and ISD Technology Limited, who are standing trial on charges of tampering with the critical mobile telecommunications infrastructure of MTN Nigeria and illegally profiting from unsolicited messages sent to subscribers.

The prosecution, led by Mr Nnemeka Omewa of the Economic and Financial Crimes Commission (EFCC), informed the court that Edemadem, the first defendant, had jumped bail and ceased communication with both his counsel and the court.

He further revealed that Mr Kalu, who represented the defendant at the early stage of the trial, had stopped appearing in court and was unreachable.

During the trial proceedings, Justice Alagoa queried the continued absence of the first defendant, especially as his name had come up repeatedly during the testimony of the EFCC’s witness.

Upon receiving the explanation from the prosecutor, the judge expressed concern that no attempt had been made to bring the sureties to account, as required when a defendant absconds.

Responding to the judge’s query, Omewa said the prosecution had made efforts to trace the sureties and review the bail bond documents.

However, they discovered that no valid documentation about the sureties or their contact addresses could be found in the court file.

Disturbed by the absence of such critical records, Justice Alagoa directed the absentee defendant’s counsel, Mr Kalu, to appear before the court on the next adjourned date to provide clarity on his client’s disappearance and explain his failure to participate further in the trial.

In the meantime, the trial resumed with the testimony of Mr Olamide Sadiq, the fourth prosecution witness and an investigating officer with the EFCC.

Sadiq detailed how the defendants fraudulently manipulated MTN’s telecom systems to send unsolicited messages to thousands of unsuspecting subscribers.

According to his testimony, the defendants, who were employed as IT professionals for various telecom value-added service providers, compromised MTN’s Critical Mobile Telecommunications Network System between 2017 and 2018, adding that by exploiting the system’s vulnerabilities, they deployed mass unsolicited messages that led to unauthorised deductions from subscribers’ airtime balances.

Sadiq explained that these illegal deductions were routed into multiple accounts linked to the defendants and their affiliated entities, notably ISD Technology Limited.

The stolen proceeds, totalling N36,837,438.20, were subsequently distributed among the conspirators, he said.

Following the witness’s testimony, the court adjourned the matter to July 9, 2025, for the continuation of the trial and to enable Mr Kalu to appear and address the court on the issue of his absconding client.

The EFCC had filed a three-count charge against the defendants, detailing their alleged roles in the multimillion-naira fraud.

On count one of the charges, the defendants, Richard Ironbar Edemadem, Samuel Okpapi, Nelson Ojovbo, Bamigbade Olushola, ISD Technology Limited, and a fugitive known only as “Sola”, were accused of conspiring to tamper with a critical mobile telecommunications network system.

This, the EFCC said, is contrary to Sections 27(6)(b) and 10 of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015, and punishable under the same law.

The second charge stated that the defendants were charged with unauthorised tampering with MTN’s network infrastructure, an offence also contrary to Section 10 of the Cybercrimes Act, punishable under the same provision.

Counts three of the charges posited that the defendants allegedly took possession of N36,837,438.20, which they reasonably ought to have known were proceeds of an unlawful act, namely, stealing, contrary to Sections 15(2)(d) and (6) of the Money Laundering (Prohibition) Act, 2011 (as amended), and punishable under the same.

 

Source: Tribune

 


Kindly share this post
Continue Reading

General News

Airtel Concludes Nationwide Environment Week with Market Clean-Up by Employees

Published

on

L-r): Regional Operations Director, Airtel Nigeria, Peter Francis; Treasurer, Elegushi Model Market, Cynthia Oranya; Secretary, Elegushi Model Market, Elizabeth Afolabi (representing the Iyaloja); Director, Corporate Communications & CSR, Airtel Nigeria, Femi Adeniran; and Director, Sales and Distribution, Airtel Nigeria, Ifeoma Okafor-Obi; during the market Airtel’s clean-up exercise at Elegushi Model Market in commemoration of World Environment Day in Lagos State last week.
Kindly share this post

Telecommunications provider, Airtel Nigeria, has wrapped up its 2025 World Environment Week campaign, themed ‘Ending Plastic Pollution’, with an employee-driven market clean-up exercise at Elegushi Model Market, Jakande, Lekki, Lagos.

The activity was supported by the Ecobarter Company, a social enterprise focused on the promotion of a circular economy. Branded #UnPlasticAfrica, the events spanned six states and mobilised Airtel employees, community leaders, government partners, and market communities in a united effort to combat plastic pollution.

With the Lagos Market Cleanup, Airtel staff and community members joined forces to remove plastic waste and sensitize the locals on individual contributions towards a plastic-free environment.

To support sustainability and align with Lagos State’s ban on single-use plastic, large bins for refuse sorting as well as parasols, and reusable tote with #UnPlasticAfrica messaging were distributed to traders and their customers in the market to encourage behavioural change.

Speaking on behalf of Airtel Nigeria CEO Dinesh Balsingh at the clean-up exercise, Director, Corporate Communications & CSR, Airtel Nigeria, Femi Adeniran, highlighted the critical importance of community participation in safeguarding the environment and commended the market leadership for their openness and commitment to such impactful initiatives.

“True environmental care starts with action: keeping our gutters and surroundings clean and ensuring that plastic waste never finds its way into our canals and waterways.

The Elegushi market community has shown remarkable leadership by welcoming this initiative, and we are proud to have partnered with them to make a tangible difference as we commemorate World Environment Day 2025. We believe that this effort will spark a ripple effect, inspiring communities across the nation to take bold steps towards a cleaner, healthier Nigeria,” he said.

In her response on behalf of the President of the Elegushi Model Market traders’ association Iyaloja Simbiat Ronke Lawal, the Secretary of the trade association Elizabeth Afolabi, conveyed the group’s appreciation to the volunteers and Airtel Nigeria as an organisation. She commended the company for the clean-up initiative which she noted would leave a positive impact on the market.

“We want to thank Airtel Nigeria and all the volunteers for coming to our market to help clean and support us. This has really helped us and made our market a better place. We are incredibly happy and promise to sustain what you have started here today,” she said.

Recall that the Airtel Nigeria World Environment Week campaign began on June 4 with an employee seminar led by Mr Balsingh, followed by market clean-up exercises at Bodija Market, Oyo State; Oba Market, Benin City, Edo State; Wuse Market, Abuja; Artisan Market, Enugu State; Yankaba Market, Kano State; and finally, Elegushi Model Market, Jakande, Lagos.


Kindly share this post
Continue Reading

Trending