Namaste,
Victoria from Techpoint here,
Here's what I've got for you today:
- Starlink's prices shoot for the stars and other stories
- CBN’s new whistleblowing platform.
CBN to roll out new whistleblowing platform
Here’s what you missed while I took a much-needed break! Let’s catch up on some of the biggest banking stories from last week, keeping it light but still hitting the details.
First is CBN’s new whistleblowing platform. Starting January 1, 2025, the Central Bank of Nigeria (CBN) is rolling out a whistleblowing platform. This lets employees, vendors, and even consultants anonymously report shady stuff — misconduct, lawbreaking, or just plain unethical behaviour.
It’s externally hosted, meaning no funny business with confidentiality. It’s all part of CBN’s mission to keep Nigeria’s financial system clean and transparent. Plus, they’re serious about protecting whistleblowers. If you’ve got something to report, you can do it without worrying about blowback.
Moving on, Ethiopia opens its doors to foreign banks. The country has passed a law allowing foreign banks to set up shop. This is a game-changer for their tightly controlled banking system. Foreign banks can now open branches, invest in local banks (up to 40%), or just start their own thing.
With over 120 million people and a growing economy, Ethiopia is positioning itself as an investment hotspot. It’s all part of Prime Minister Abiy Ahmed’s plan to modernise the economy and attract global players. Exciting times ahead for their financial sector!
Back to West Africa, Ghana pushes for open banking. The Bank of Ghana (BoG) released a draft Open Banking Directive and wants public feedback within 30 days. For Ghanaians, that means more options for banking and better services. Once the draft is finalised, expect big changes in Ghana’s financial ecosystem as it modernises and competes on a global scale.
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Oh, and somewhere in Northern Africa, Access Bank expands its footprint. Of course, Access Bank is on a roll. The Nigerian bank is making big moves, expanding into Morocco as part of its plan to double international assets by 2027. They’ve raised over $228 million recently to fuel this growth.
Why Morocco? The country is a strategic pick — its banking sector connects sub-Saharan Africa to Europe, making it perfect for regional and global trade.
Access Bank isn’t stopping there; they’ve got plans for Egypt and even the U.S., plus ongoing acquisitions in Kenya, Angola, and Sierra Leone.
And yeah, I decided to end the news where I started — Nigeria. Yeah, the USSD payment drama hasn’t ended. The CBN and NCC have finally cracked the whip on banks owing telecoms for USSD services. Banks have to pay ₦212.5 billion by December 31, or face sanctions.
This debt fight has been going on for years, with banks arguing the charges are unfair and outdated. If they clear the backlog and stick to the payment plan, the NCC plans to introduce End-user Billing (EUB) — a system where customers directly pay for USSD. It’s about time this saga saw some resolution!
And that’s the tea on banks and banking from last week! What do you think about these updates?
Starlink's prices shoot for the stars and other stories
On telcos and telecommunications, telecom tariffs could go up in Nigeria starting January 2025. Well, rumour has it that Nigeria’s telecom regulator, the NCC, could give the green light to increase call, SMS, and data prices. This comes after over a decade of lobbying from big players like MTN, Airtel, and 9Mobile. With inflation driving up their costs, these companies say it’s about time.
What’s the word on the block? Expect a 40% hike — calls might jump from ₦11 to ₦15.40 per minute, SMS from ₦4 to ₦5.60, and 1GB of data could cost at least ₦1,400.
Well, the NCC dismissed the rumours yesterday. If you’re wondering why I’m still telling you this, it’s not news that operators are struggling financially, with MTN and Airtel reporting hefty losses recently. ALTON’s president, Gbenga Adebayo, thinks higher tariffs will eventually mean better services.
Like that’s not enough, Starlink’s prices are shooting for the stars. If you’re a Starlink user in Nigeria, get ready to dig deeper into your pockets. From January 27, 2025, its monthly subscription will cost ₦75,000 — double the current ₦38,000! Plus, the hardware router is jumping from ₦440,000 to ₦590,000.
Starlink says this is all to maintain reliable service and invest in infrastructure. But let’s not forget, the NCC called them out a while back for trying to increase prices without approval. After some back-and-forth, Starlink has gone ahead with the hike, warning that regulatory hurdles could hurt its Nigerian operations.
Looks like Starlink may be turning into a luxury only a few can afford. But wasn’t it a luxury before now? Someone said it depends on who I ask. Ah, is that you, reader?
Well, let’s change the tone for a bit — moving the cost away from the consumers. Here it is: Kenya’s Internet cafés are facing big changes. Across the border in Kenya, Internet cafés might soon have stricter rules.
The Communications Authority wants cafés to install CCTV, track users’ activities, and verify IDs. Why? To tighten up oversight and make the internet safer.
This is part of a broader plan to provide free public Wi-Fi in key areas, but café operators aren’t too thrilled. Feedback is still open until January 2025, so we’ll see how it unfolds. If passed, this could seriously change the way Kenyan cybercafés operate.
On to the next one: Mafab finally rolling out 5G. Remember Mafab? The Nigerian telecom company that got a 5G licence in 2021 but hasn’t really made moves? Well, they’re finally launching commercial 5G in Q1 2025, starting in Kano and Abuja.
Mafab’s rollout has been delayed by licensing and infrastructure issues, plus skyrocketing costs thanks to naira fluctuations. They’re now playing catch-up with MTN and Airtel, who dominate the 5G scene in Nigeria. But hey, better late than never, right?
Let’s take a stop in Algeria with Tindouf refugee camp residents facing new restrictions. Okay, here’s the news: In Algeria, residents of the Tindouf refugee camps can no longer buy Mobilis SIM cards using Polisario-issued ID cards. Officially, it’s a technical issue — these cards don’t support NFC tech. But critics think it’s just another way to cut them off from the outside world.
This move has sparked outrage, especially since many in the camps rely on communication to stay connected with family outside. Combined with poor living conditions and rising tensions, this restriction only adds fuel to the fire. Human rights groups are calling for more global attention to the plight of these refugees.
And that’s the roundup! Let me know if you have any information.
In case you missed it
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Have a productive/restful week!
Victoria Fakiya for Techpoint Africa.
