Salve,
Victoria from Techpoint here,
Here's what I've got for you today:
Here’s what I’ve got for you today:
- MTN Nigeria's ₦514.9B reality check
- Your office is affecting your mind
- Bamboo goes global: Canada calls
MTN Nigeria's ₦514.9B reality check
MTN Nigeria has posted its financial report for the first nine months of 2024, and there’s a mixed bag of growth and challenges.
The telecom giant saw a dip in total subscribers by 0.9% to 77 million, largely due to the ongoing NIN-SIM registration issues. This requirement has impacted many Nigerian telecoms, with MTN and Airtel Nigeria still holding the largest market shares despite the challenges.
Financially, MTN faced significant headwinds: they reported a net loss of ₦514.9 billion, a sharp drop from last year’s profit of ₦14.9 billion. However, their core service revenue went up by 33.6%, with fintech revenue climbing by 18.0%.
Notably, active mobile money wallets took a hit, dropping by 21.8%, though MTN focused on refining wallet quality and enhancing its fintech services, especially with the MoMo PSB app.
In a notable move, MTN acquired the remaining minority stake in MoMo Payment Service Bank, making it a fully owned subsidiary, and soon after launched an inbound remittance feature.
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Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) fell by 5.3% to ₦860.2 billion. The decline is mostly due to the naira’s depreciation, inflation, and surging energy costs. MTN even renegotiated some of its tower lease contracts with IHS Towers, factoring in diesel costs, and has permission to generate 15.94 megawatts (MW) of electricity across power plants in Lagos to curb energy expenses.
The last quarter of 2024 will see MTN trying to boost its subscriber base and discussing tariff adjustments with regulators to stabilise profits. CEO Karl Toriola emphasised that higher tariffs might be essential to keep operations running, given the challenging economic landscape.
Bamboo goes global: Canada calls
Nigerian fintech startup Bamboo just snagged a Money Service Business (MSB) licence in Canada, allowing it to offer trading in African and international stocks there.
And there's more: they've rolled out a new remittance app called “Coins by Bamboo,” which enables fee-free transfers from Canada to Nigeria, with plans to add more markets soon.
Bamboo’s push into remittances taps into a huge potential audience — considering over 200 million Africans live outside the continent and many have moved to places like Canada and the UK.
This app could help address the unique financial needs of the African diaspora, making it easier and more affordable to support family, invest, and donate back home.
The platform also links up with charities like the Women at Risk International Foundation (WARIF) and Chess in Slums Africa, enabling users to support local causes directly through the Coins app. Available on Android and iOS, it’s a solid new tool for Africans aiming to stay financially connected with home.
Founded in 2019 by Richmond Bassey and Yanmo Omorogbe, Bamboo has grown quickly. After launching its stocks platform in Ghana in 2022, it set up in South Africa earlier in 2024. This latest move marks an exciting step for Bamboo and adds another milestone for Nigeria’s booming fintech sector.
Your office is affecting your mind
These days, companies aren’t just rethinking office design to bring people back; they’ve realised that a well-designed space can really boost productivity.
When planning an office, they now consider more than just the basics of a functional and safe workspace. They’re adding features that make it energising and comfy for their teams. So, what actually goes into these decisions?
The traditional office setup we knew was mainly about giving employees a designated spot to get their tasks done and ensuring that space was safe, as required by labour laws.
These laws laid the foundation, making sure offices were hazard-free and healthy, complete with essential safety equipment and training. But in recent years, companies have started to add extra touches — like more natural light, creative seating, and wellness areas. It’s all about creating workspaces where people actually want to spend their time.
Office design has really evolved. Gone are the boxed-in cubicles; we now see open, flexible layouts enhanced by technology and designed for collaboration. This change isn’t just cosmetic; it reflects a deeper understanding of how employee happiness links to productivity.
With a clearer idea of what drives performance, employers are focusing on creating spaces that support teamwork and personal time, balancing comfort with function.
So, why should we care about how an office looks? The design affects how people feel about their work and how well they do it. A great workspace can spark creativity, boost morale, and ultimately improve output.
If you’re curious about how companies are rethinking these spaces, check out Oluwanifemi’s deep dive for more insights!
In case you missed them
- Go big or stay home: Moniepoint's Series C funding presents expansion dilemma
- PiggyVest report reveals Nigerians earning more than ₦500k plummet by 57% year-on-year
What I'm watching
- Why You Talk the Way You Do – and What It Says About You
- Philosophy's Urgent Warning To Young Men
Opportunities
- Pitch Friday is next Friday. Register here.
- Looking for an internship or remote role? Here's a list of 1,500+ opportunities in different fields (tech, finance, marketing, health and more). Check it out here.
- A Nigeria-based online sales & marketing expert is needed in a Dutch company. Check it out here.
- Follow Techpoint Africa's WhatsApp channel to stay on top of the latest trends and news in the African tech space here.
Have a fun weekend!
Victoria Fakiya for Techpoint Africa.
