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In this letter:
- NCC said Google’s Equiano Cable will land in Nigeria this month.
- Standard Chartered Bank to withdraw from seven African markets
Let’s dive into it.
Google’s Equiano cable is due to land in Nigeria this month
Google’s Equiano Cable will land in Nigeria at the end of April, the National Communication Commission (NCC) announced last Thursday following a meeting with Google Global Services Nigeria.
“Google’s investment in the undersea cable, Equiano, which is expected to land in Nigeria by the end of April 2022, will have more impact on NCC’s ongoing implementation of the Nigerian National Broadband Plan. (NNBP), 2020-2025, aiming to increase broadband penetration to 70% by 2025.” Dr Ikechukwu Adinde, Director of Public Affairs of NCC declared.
The Equiano Cable System is the third private international cable owned by Google and the 14th undersea cable invested by Google. Equiano connects Portugal and South Africa, running along the west coast of Africa, with branch units along the way that can be used to extend connectivity to more African countries.
According to Juliet Ehimuan, Google’s Director for West Africa, demands for internet services have increased the need for more capacity and sustainable collaborations with all relevant stakeholders from the public and private sectors. She affirmed that Google’s commitment of $1 billion over five years in various interventions will support digital transformation in Nigeria and across Africa.
Ehimuan said research has proven that Africa will have an additional 300 million internet users and Nigeria will top that number given its current stats of over 141 million internet subscribers and a broadband penetration of over 40.88% in January 2022. Meanwhile, the NCC believes that the arrival of Equiano Cable will provide affordable internet services.
“Hopefully Equiano will have additional backcountry landing points through collaborative efforts with Licensed Infrastructure Companies (InfraCos) to significantly reduce retail data prices to complement efforts of the Commission to ensure that affordable internet services are available to boost the Commission’s continuous broadband policy,” Engr Ubale Maska, NCC Executive Commissioner for Technical Services, said.
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Standard Chartered exits operations in seven African markets
Standard Chartered Plc has suspended its “shore operationsin seven countries in Africa and the Middle East in order to redirect resources within the regions to areas where it can have the “greatest potential for scale and growth, in order to better support its customers”.
The company will fully withdraw from Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe. Meanwhile, in Tanzania and Côte d’Ivoire, the retail, retail and corporate banking business will be discontinued and the focus will be solely on its corporate, commercial and institutional banking business.
The British multinational banking and financial services company revealed this last Thursday. “The Group remains focused on serving its customers where it can have the most impact. [We] will continue to serve corporate and institutional clients and facilitate cross-border capital flows and offshore activities in all the above-mentioned markets from its international network. the company said.
Currently, Standard Chartered operates in 59 markets and serves customers in 83 others. The markets that will be discontinued generated approximately 1% of the Group’s total revenue in 2021 and a similar proportion of pre-tax profit. Recall that in January 2022, the company closed half of its physical branches in Nigeria as a digital banking hub.
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thanks for reading.
Have a good week!
🖊 Johnstone Kpilaakaa