Meta, the parent company of Facebook, Instagram, and WhatsApp, reportedly plans to invest over $10 billion in a privately owned subsea cable network spanning more than 40,000 kilometers.

This ambitious project aims to enhance Meta’s control over its vast internet traffic, reduce dependence on telecommunications companies, and mitigate geopolitical risks.

The proposed route is expected to connect the U.S. East Coast to India via South Africa, and then from India to the U.S. West Coast through Australia, forming a “W” shape around the globe.

The initiative reflects Meta’s strategic move to secure its infrastructure amid growing geopolitical tensions and concerns about the vulnerability of undersea cable.

According to sources close to the company, the initiative, still in its early phases, would be Meta’s first fully owned and operated subsea cable.

This bold move underscores Meta’s focus on strengthening infrastructure to support its platforms, which generate 10% of fixed and 22% of mobile internet traffic globally, as first reported by TechCrunch.

Sunil Tagare, industry expert, who reported the plans in October, noted that the project’s initial budget of $2 billion will likely increase significantly.

“This is a monumental project in both investment and scale. The shortage of cable-laying ships and resources could lead Meta to build the cable in phases,” Tagare explained.

Although Meta has yet to publicly confirm the plans, an official announcement regarding the route, capacity, and objectives is anticipated in early 2025.

Logistical Hurdles: Meta faces difficulties securing the resources needed for a project of this scale. Cable-laying ships are in limited supply, with tech giants like Google already monopolising contracts with firms such as SubCom.

Tight Market Conditions: Ranulf Scarborough, a submarine cable industry analyst, highlighted the constraints. “The tight market for specialised resources means Meta may need to adopt a phased construction approach, potentially extending the timeline.”

Meta’s infrastructure initiatives are led by Santosh Janardhan, its head of global infrastructure. Reports suggest the project is being developed from its South African operations, indicating the growing significance of emerging markets in Meta’s strategy.

Traditionally dominated by telecom carriers, subsea cable construction has seen a shift as content-driven companies like Meta seek greater control over the infrastructure delivering their services.

If successful, this cable will strengthen Meta’s ability to handle data traffic independently, reduce reliance on shared networks, and unlock opportunities in underserved regions.

United Bank for Africa (UBA) on behalf of Nigeria Inter-Bank Settlement System (NIBSS), other Banks and financial institutions, has successfully hosted the inaugural Annual General Meeting (AGM) of the NQR Industry Committee reinforcing the importance of cutting-edge Quick Response (QR) payment solution.

This is a significant move aimed at enhancing financial inclusion and the digital payment landscape in Nigeria.

This innovative collaboration is set to provide customers with a seamless, efficient, and secure payment experience, while also driving financial inclusion and deepening the country’s digital payments ecosystem.

The AGM underscored the shared vision of NIBSS, UBA, and all participating banks to leverage NQR in creating a more inclusive, efficient, and innovative payment system in Nigeria.

The landmark event brought together leaders and innovators in the Nigerian banking and payment ecosystem, reaffirming a collective commitment to advancing financial inclusion and digital payment solutions across the country.

In his welcome address, Mr. Shamsideen Fashola, group head of Retail and Digital Banking, UBA,  emphasized the critical role of innovation, adoption, and collaboration within the banking and payment ecosystem in delivering sustainable value to stakeholders and customers.

He also reaffirmed UBA’s dedication to driving payment innovation.

As the event host, UBA underscored its strong commitment to advancing cutting-edge payment solutions that align with Nigeria’s push toward a digital economy.

According to a statement from the organizers, “This collaboration is set to unlock new opportunities for consumers, businesses, and financial institutions across Nigeria”

It further noted that through its leadership in hosting the AGM, UBA further solidified its position as a champion of transformative financial technologies designed to improve accessibility, security, and convenience for Nigerians.

The AGM featured thought-provoking panel discussions on critical areas of the NQR payment platform, including: Expanding Financial Inclusion; Developing strategies to make QR payments accessible to underserved communities; Improving User Experience; Creating frictionless payment journeys for both consumers and merchants; Driving Bespoke Solutions, leveraging NQR APIs to develop tailored solutions for specific market needs as well as encouraging collaboration among stakeholders to accelerate adoption and scalability.

The NIBSS Quick Response (NQR) payment platform is a revolutionary solution designed to transform how Nigerians pay for goods and services. NQR enables consumers to scan QR codes directly from their bank mobile applications for end-to-end transactions.

The platform caters to a broad range of use cases, including: Making payments fast and convenient for shoppers and merchants; Enabling digital payments for taxis, buses, and other transport services; Allowing users to pay utility bills, subscriptions, and more with a simple scan; Providing cost-effective payment options for SMEs to scale their operations.

During the NQR product launch earlier, the NIBSS highlighted some key benefits of the NQR payment solution.

It emphasised the product’s ability to simplify payment processes through a user-friendly scan-to-pay feature, reduce transaction costs for merchants to boost profitability, and ensure secure transactions by eliminating the need for physical cash or cards.

The NQR also provides merchants with instant value for transactions, improving cash flow and operational efficiency, while promoting access to digital payment solutions to advance financial inclusion.

The 2024 NQR AGM brought together key stakeholders, including the Chairman, Vice Chairman, and members of the Committee of e-Business Industry Heads (CeBIH), alongside senior executives, NQR Champions, and product managers from all participating banks. This gathering provided a valuable platform for dialogue and collaboration within the industry.

MTN Nigeria concludes the grand finale of its highly anticipated fifth edition of the mPulse Spelling Bee Competition on Saturday, November 30, at MTN Plaza Rooftop.

The event showcased the brilliance of Nigeria’s youth, bringing together 20 of the country’s top young spellers in a thrilling and inspiring contest.

The competition, which began in September with thousands of participants across Nigeria, reached its climax as Ikenna Ikechukwu, a student from Glorious Covenant School, Rivers State, emerged as the 2024 mPulse Spelling Bee Champion.

Ikenna Ikechukwu impressed the audience and judges by correctly spelling the winning word, “Cornucopia,” within six seconds to secure the grand prize of a ₦5 million scholarship, a laptop, a smartphone, and mPulse goody bag. Ikenna will also serve as the MTN CEO for a Day. “A special thanks to MTN for this amazing platform that helps students learn, play, and shine. This opportunity has been truly life-changing,” said Ikechukwu.

Speaking at the event, Obiageli Ugboma, Chief Risk and Compliance Officer, MTN Nigeria remarked, “This year, over 40,000 young spellers competed for the chance to stand here today. It is inspiring to see the incredible effort these 20 finalists have put in to make it this far. At MTN, we are deeply committed to education and nurturing young talents.

The mPulse Spelling Bee reflects our belief in empowering the next generation. Today isn’t just about winning; it’s about celebrating effort, resilience, and the role models these students have become for their peers.”

In addition to the individual prizes, the champion’s school, Glorious Covenant School, was awarded an ICT lab equipped with 10 laptops and MTN 5G routers, while the student’s teacher received ₦500,000 in cash.

The second and third-place winners, Ayomide Ibigbemi and Munachimso Opara, also received significant prizes, including scholarships, laptops, and smartphones, reinforcing MTN’s focus on rewarding excellence in education.

For the first time, the grand finale was streamed live on the mPulse website mpulse.mtn.ng, myMTN app, and on Event channels 198 and 49 on both DSTV and GOTV, allowing Nigerians nationwide to witness the brilliance of these young spellers.

The livestream attracted thousands of viewers, who cheered and celebrated the contestants from the comfort of their homes.

As the 2024 edition concludes, MTN reaffirms its dedication to promoting literacy and digital inclusivity through initiatives like the mPulse Spelling Bee.

The mPulse Spelling Bee has grown into a hallmark event for Nigerian primary and secondary students, creating a lasting impact on participants and their communities.

The stage is now set for future editions as MTN continues to bridge gaps in education through innovation and empowerment.