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Experts Extol Glo Xchange as a Boost to Nigerian Economy

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Mohammed Jameel, COO, Globacom
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Two of Nigeria’s foremost financial analysts have applauded Nigeria’s biggest Mobile Money Agent Network, Glo Xchange, recently launched by Globacom, the country’s national telecom carrier.

Glo Xchange was launched in partnership with four mobile money operators, FirstMonie, Stanbic IBTC, Ecobank and Zenith Bank.

Bismarck Rewane, renowned financial consultant and Chief Executive Officer of Financial Derivatives Company Limited, and Dr. Ayo Teriba, macroeconomics expert and CEO of Economic Associates, who spoke at the formal launch of Glo Xchange in Lagos, described the initiative as a direly needed ingredient for accelerating mobile money explosion in Nigeria.

Rewane said the initiative is consistent with the Central Bank of Nigeria’s policy thrust of developing and sustaining an efficient payment system that will drive an increase in the velocity of money and consequently, stimulate economic growth.

He described Nigeria as a mineral-rich and commodity-dependent economy with a nominal GDP of $510bn.

According to him, it is 12 times the size of Kenya’s economy which has profited massively from mobile money service.

He said Nigeria is the largest economy in Africa and the 26th largest in the world.

Rewane said, however, that the economy is largely cash-based, a situation which he said constitutes a barrier to rapid growth.

He said therefore that, initiatives such as Glo Xchange that help to enhance the cashless policy of the CBN, or that help to improve the velocity of money is bound to have a resounding positive impact on economic growth.

Expatiating further, Rewane said the potential GDP growth rate in Nigeria is 11 percent, whereas the actual GDP growth rate as discerned from the rebasing exercise recently carried out by the Federal Government is six percent.

He said since people don’t live on potential but actuals, it is of utmost importance to implement policies that will help Nigeria to actualize the potential growth rate.

One veritable way of achieving this, he said, is to capture the money lying outside the formal sector.

According to him, over 46 per cent of Nigerian adults currently have no access to financial services.

He said Mobile money is a strong tool for financial inclusion of this huge category of Nigerians, stressing that initiatives such as Glo Xchange, which will help with the acceleration of mobile money service is therefore highly commendable.

He added that Glo Xchange will contribute to the efficiency of Nigeria’s payment systems, lead to more efficient transactions and open a floodgate of opportunities for a lot of stakeholders from the top to the bottom of the mobile money value chain. 

Dr. Teriba on his part noted that while Mobile Money service has been in Nigeria for over three years, it has failed to grow as expected because of certain reasons, including lack of an efficient and expansive agent network.

“Usually for such a service as mobile money, the bigger the network, the higher the chances of an explosion, and by extension, the bigger the benefits accruable to all the stakeholders, from the banks down to the customers,” he said.

He added that Glo Xchange, with the nationwide network of agents as unveiled by Globacom, is just the ingredient the industry has been waiting for.

He noted that the potential for growth for the initiative is immense as the platform is open to other banks to plug into.

He implored Nigerians looking for employment opportunities to see the avenues created by the initiative and utilize them for self-enhancement.

Globacom said it aims to recruit over 500,000 Mobile Money Agents within the next 5 to 6 years who will earn excellent commission monthly on sales. The recruitment of the agents has already started.


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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.

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MTN @ Swish Fusion Summit, Showcases 5G Rollout Strategy

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MTN Nigeria Communications Plc has joined other professionals across media, technology, and business gathered in Lagos for the Swish Fusion Tech and Media Summit.

MTN @ Swish Fusion Summit, Showcases 5G Rollout Strategy

Themed ‘Africa: Big Wins & New Breaks’, the summit drew thousands of attendees and featured more than 40 speakers exploring the intersection of innovation, regulation, and economic growth across the continent.

Among the sessions, MTN Nigeria presented a detailed look at the company’s ongoing 5G deployment efforts and its role in shaping enterprise infrastructure.

Njideka Jack, senior manager for Partnerships in MTN’s Enterprise Business Division,  shared details of the investments, reiterating the company’s commitment to delivering high-quality 5G-powered services.

The company’s 5G rollout timeline began in 2022 with license acquisition from the Nigerian Communications Commission. In 2023, MTN moved into pilot testing and infrastructure investment.

By 2024, coverage had expanded to key cities and business hubs.

The company now plans to extend access to more underserved areas throughout 2025 while deepening collaboration with OEMs and regulators.

Beyond the rollout itself, Jack also spoke on the potential of private 5G networks for Nigerian enterprises.

With the ability to offer secure, high-speed, low-latency connectivity, these networks are increasingly being adopted in manufacturing, healthcare, education, and logistics sectors.

The summit’s broader agenda reflected a similar sense of urgency around Africa’s digital future.

Panels and breakout sessions tackled topics ranging from mobile-first product design and regulatory frameworks to the rise of AI in content creation and the realities of funding early-stage tech ventures on the continent.

Speakers from companies like Jumia, Stears and local startups provided perspectives on both the barriers and breakthroughs in building scalable African solutions.

The sessions also sparked conversations about how African businesses are adapting to consumer behaviour shifts and infrastructure limitations.


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PAT Taps Osi as CEO

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Pan African Towers (PAT), a Nigerian infrastructure provider serving 9mobile and Spectranet, has appointed Echezona Osi as chief executive officer.

PAT Taps Osi as CEO

Echezona Osi

Adefolarin Ogunsanya, company’s, board chairman,  explained in a statement that Osi would succeed Oladipo Badru, whose tenure lasted nine months in acting CEO position. Osi has more than 28 years of experience in the telecommunications sector across various regions of Africa.

Prior to his appointment as CEO, he had served as the head of network deployment at Airtel Nigeria, operations director and chief technical information officer at MIC Tanzania, chief technology officer roles at IPT PowerTech Nigeria, Rhino Niger Networks and Biswal Nigeria.

He obtained a degree in electrical/ electronic engineering from the University of Benin and a postgraduate diploma in data science and business analytics from the University of Texas.


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NCC Introduces N10m Licence Fee for Bulk SMS Service

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Companies sending bulk international text messages, also known as Application-to-Person (A2P) messages, will now have apply for a licence that costs N10 million.

NCC Introduces N10m Licence Fee for Bulk SMS Service

This is part of new rules introduced by the Nigerian Communications Commission (NCC) aimed at cleaning up the system, fighting fraud, blocking spam messages and stopping money from leaving the country unchecked.

These A2P messages are the kind customers get from banks, online stores, hospitals and political campaigns, automated texts sent from apps to their phones.

According to the commission, the bulk international text message system has been poorly regulated, allowing misuse and invasion of privacy.

“The International SMS Service Ecosystem in Nigeria has not been fully brought under regulatory control. It has been observed that the excessive use of the Short Message Service has led to fraud, spam and illegal activities,” the NCC said.

The regulator warned that without action, the problem would worsen as more people use mobile phones and digital services.

To solve this, the NCC is creating a central platform, or gateway, through which all international bulk text messages must pass through.

The agency said this would help to monitor messages in real time, ensure proper fees are paid, and make sure the money stays in Nigeria where it can contribute to the economy.

As part of the incoming change, service providers must follow strict rules, including strong data protection, spam filters, and message encryption.

Also, they must also work with local mobile networks and make sure all messages come from a verified sender

The NCC warned that any message without a proper sender ID will be blocked and not delivered to users.

To protect users from unwanted texts, the new rules say companies must get clear permission before sending any promotional content.

The rule also says people must also be able to choose whether they want to receive such messages or not.

Companies are now required to keep records of all messages for at least six months and must clearly state all charges involved.

The NCC said fees for help requests, cancellations, or service info must be transparent and not include hidden charges.

The commission will issue licences to several providers to encourage healthy competition but may limit new licences if needed.

Only companies that show they can stop fraud and safely deliver messages will be allowed to operate. They must also regularly report their message traffic and finances to the NCC.

It warned that any company that breaks the rules risks getting fined, suspended, or having its licence revoked.

Offences like charging illegal tariffs, ignoring security rules, or avoiding taxes will be punished, the NCC said.

The commission added that the new rules follow the Nigerian Data Protection Act 2023 and support the federal government’s goal of strengthening cybersecurity and controlling Nigeria’s digital space.

The framework will also be reviewed from time to time to keep up with new technology and market trends.


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