Here’s a quick roundup of the top business news you may have overlooked, giving you the insights you need to stay informed and ahead of the game.
1. Banks Avert USSD Disconnection, Ensuring Seamless Mobile Banking
Nine Nigerian banks dodged a major crisis by settling their outstanding USSD debts, ensuring uninterrupted mobile banking services for millions. Initially facing a potential disconnection over a ₦160 billion debt, these banks acted swiftly to resolve the issue just in time. Thanks to intervention from regulatory bodies, financial transactions via USSD remain secure, keeping banking accessible for everyone, especially those without smartphones or internet banking. This resolution not only prevents potential disruptions but also reinforces trust in Nigeria’s digital banking infrastructure.
2. Naira Hits 8-Month High as Dollar Demand Falls
Good news for the naira! The Nigerian currency soared to its strongest level in eight months, hitting ₦1,474.78/$ at the official FX market. This recovery is fueled by a decline in dollar demand, increased foreign inflows, and the impact of local refining at the Dangote Petroleum Refinery. With Nigeria reducing its fuel imports and strengthening forex reserves, experts predict a more stable naira in 2025. Could this mark the beginning of a currency rebound? Investors and business owners are closely watching this trend, as a stronger naira could positively impact inflation rates and economic stability.
3. Safaricom & KBA Push Pesalink as Kenya’s National Payment System
A game-changer for Kenya’s financial landscape is on the horizon! Safaricom and the Kenya Bankers Association (KBA) are advocating for Pesalink to become the country’s official Fast Payment System (FPS). Their argument? Upgrading Pesalink would be faster and cheaper than building a new system from scratch. If approved, Pesalink will connect banks, mobile money platforms, SACCOs, and fintechs, ensuring seamless and cost-effective transactions across Kenya’s digital economy. This move could revolutionize the way Kenyans send and receive money, further deepening financial inclusion and fostering economic growth.
4. Dangote Refinery Makes History with First African Jet Fuel Export
Nigeria’s Dangote Refinery is making waves in the global energy market! The refinery has successfully exported two cargoes of jet fuel to Saudi Aramco, marking a historic first for Africa. This follows a previous deal with BP and solidifies Dangote’s position as a key international fuel supplier. With a processing capacity of 650,000 barrels per day, Dangote Refinery is not just reshaping Nigeria’s petroleum industry—it’s changing global fuel trade patterns. Industry experts say this achievement could attract more foreign investments into Nigeria’s refining sector, creating jobs and boosting the country’s economic outlook.
5. Broadband Alliance Targets 28 Million Unconnected Nigerians
A bold step towards digital inclusion! The newly launched National Broadband Alliance for Nigeria (NBAN) is on a mission to connect nearly 28 million Nigerians who currently lack internet access. The initiative prioritizes schools, hospitals, and local markets while working towards the government’s goal of 70% broadband penetration by 2025. With a multi-stakeholder approach and a focus on underserved regions, this initiative could transform Nigeria’s digital economy and unlock new opportunities nationwide. Greater internet access means improved educational resources, enhanced healthcare services, and better economic prospects for millions of Nigerians.
6. 9mobile Subscribers to Get Better Network as NCC Nears Approval of MTN Deal
Relief is in sight for 9mobile subscribers! The NCC is close to approving a spectrum-sharing agreement between 9mobile and MTN, which will dramatically improve network coverage and quality. This means fewer dropped calls, better data speeds, and an overall enhanced mobile experience for 9mobile users across Nigeria. If finalized, this deal could mark a turning point for 9mobile in the highly competitive telecom sector. Analysts believe that such partnerships could set a precedent for future collaborations within the industry, ultimately benefiting consumers with better services and pricing.
Stay tuned for more updates as these stories unfold. Which of these headlines caught your interest the most? Let us know your thoughts!
