Ciao,
Victoria from Techpoint here,
Remember this? Ghana to launch 5G on November 1, 2024
It’s been more than 45 days, and Ghana still doesn’t have 5G up and running for consumers. Telcos like MTN, Telecel, and AT Ghana haven’t said when they’ll finally roll it out.
Here’s the thing: all 5G services in Ghana will run on shared infrastructure provided by NextGen Infraco. AT Ghana and Telecel are reportedly on board, but word on the street is that MTN is holding out due to some contract disagreements.
But is Ghana really ready for 5G? Critics are raising eyebrows because only about 15% of Ghanaians are using 4G as of late 2023. Makes you wonder if the leap to 5G is more hype than necessity right now.
Looking around the continent, though, other countries are already way ahead, In Nigeria, MTN rolled out 5G in August 2022, and coverage is expanding fast. South Africa has Vodacom and MTN offering 5G in major cities, mostly targeting tech enthusiasts and businesses. Even Benin has joined the 5G train, with MTN launching commercial services in cities like Cotonou.
So, when will Ghana finally get 5G? That’s a question that only time can tell!😂
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- ₦150M fine on banks selling banknotes
- Bouncing back after a career knockout
- MTN eyes South Africa's banking sector
₦150M fine on banks selling banknotes
Why don't ATMs work anymore in Nigeria? Well, the reason behind that is the ongoing cash shortage, and it's been a real headache for many people.
But, perhaps, here’s a ray of sunshine: The Central Bank of Nigeria (CBN) has slapped a hefty ₦150 million fine on banks and financial institutions caught selling newly minted banknotes to currency hawkers.
Here’s the deal: The cash shortage started in late 2022 when the CBN launched its currency redesign policy. The idea was to fight counterfeiting and reduce the cash circulating outside banks. Instead, it ended up causing a massive shortage, with Nigerians struggling to get cash from ATMs or over-the-counter. And when the currency redesign was put on pause, the shortage didn't go away.
People started getting creative, turning to alternative ways to get cash. Many began relying on PoS agents who were sourcing fresh banknotes from informal traders, including supermarkets and fuel stations.
On top of that, currency hawkers were making the situation worse. They’d buy fresh notes from banks and then resell them at events, parties, and even markets, at a markup. There’s even been talk of PoS agents selling these fresh notes in busy Lagos markets, making everything more chaotic.
In response, the CBN laid down the law. They’ve warned banks that if they’re caught helping to move fresh notes to these hawkers, they'll be hit with a ₦150 million fine for each branch involved. And if it happens again, banks could face even tougher penalties under the Bank and Other Financial Institutions Act (BOFIA) 2020.
However, it seems like the issue might run deeper than just cracking down on hawkers. Businesses that deal with a lot of cash might bypass the banks entirely and sell directly to PoS agents, which means there will still be less money circulating in the banks.
Bouncing back after a career knockout
What would you do if someone at work kept telling you you weren’t good enough? Would you quit? If you ask me, I wouldn’t stay in a place where someone constantly made me feel bad or incompetent.
Here’s the thing — before I joined Techpoint, I worked somewhere where I was told to show up at the office every day, even though it was not necessary. I was always exhausted and barely productive. I tried to explain to my boss that I didn’t need to be physically present every day, but he didn’t listen.
Now, he wasn’t a bad person; he just didn’t pay attention to what I was saying. I left after two months. If he’d been feeding me negativity every day, I probably would’ve bounced by day three! And before you call me Gen Z or whatever, ask my previous and current bosses about my work ethic. 😂 Of course, I’m confident…! 😂
But let me tell you about Shola* — she’s the real MVP. She didn’t leave, even when she was served negativity for breakfast, lunch, and dinner at work. Shola’s been writing for eight years, mostly creative works and copywriting. She joined a company as a contract staff, and they asked her to monitor competitors. She thought, “Cool, we’re going to innovate.” But nah, they just wanted to copy and stick to the same old ways of doing things.
When she tried pitching ideas to boost the brand’s visibility, they rejected every single one. It got worse when they asked her to write copies for a new product. The team lead, who had no writing background, trashed all her work. During a team meeting, in front of the boss, this same team lead started complaining that Shola didn’t know what she was doing and couldn’t write to save her life. Ouch! That was a heavy blow. She started doubting herself and everything she’d worked for. Who wouldn’t?
But guess what? The company ended up using her copies. Even though her work was good enough in the end, the whole experience left her questioning her skills and career. It was a tough chapter, but it taught her a lot about how she approaches jobs now.
Shola’s had some amazing moments in her career since then, but that experience shaped her resilience. If you want to know how she bounced back and found the strength to keep going, read Oluwanifemi’s full story here!
MTN eyes South Africa's banking sector
MTN Group is considering stepping into South Africa's banking industry. But here's the catch — it all depends on whether the South African Reserve Bank (SARB) decides to grant banking licences to non-banking companies, according to Business Times.
Currently, South Africa’s banking sector is tightly regulated by the Banks Act of 1990. This law makes it clear: if you want to offer banking services, you must be officially registered as a bank under the SARB’s Prudential Authority.
Interestingly, the SARB has been toying with the idea of introducing open banking. This would let third-party companies, like MTN, offer financial services using customers’ banking data — with their consent, of course.
MTN already offers mobile money services in South Africa, but getting a full banking licence would be a game-changer. It would allow the telecom giant to provide products like savings accounts, loans, and even insurance.
With their massive customer base and advanced tech infrastructure, MTN could become a significant player in the financial services space, especially for underserved communities.
That said, it won’t be a walk in the park. MTN would have to tackle strict regulatory hurdles, build trust in a market dominated by established banks, and prove it can compete effectively.
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Have a productive week!
Victoria Fakiya for Techpoint Africa.
