Financial Obligations Force MTN Nigeria To Borrow N125bn From Commercial Paper Investors

MTN Reveals Nigerian Subscribers To Experience Network Disruption

2 mins read

Subscribers of MTN Nigeria will have network problems on Tuesday, the telecommunications company said in a message sent on Sunday, and seen by Prime Business Africa.

MTN Nigeria said it will be conducting system upgrade on November 8, 2022, and this will disrupt the service of the network provider. This comes at a period subscribers are complaining of poor network.

In the SMS sent to subscribers, MTN Nigeria said, “Dear customer, you may experience some difficulty using MTN services on November 8, 2022, from 12:00 a.m. to 7.00 a.m. due to a system upgrade. We regret any inconvenience this may cause.” 

Although, PBA gathered that not all subscribers received the message, and the service disruption was experienced on Sunday night. The network provider has over 81.21 million call subscribers and 64.06 million internet subscribers. 

Note that on October 6, MTN Nigeria also carried out a network upgrade. During the same period last year, the South African-owned subsidiary had also done an upgrade after experiencing a nationwide downtime. 

READ ALSO  AfDB, Google Partners For Digital Revolution In Africa

Meanwhile, MTN Nigeria is branching out of the core airtime and data business by selling dollars and other foreign currencies through its payment service bank (PSB) called MoMo.

The Central Bank of Nigeria (CBN) granted MTN, Airtel Nigeria and Glo the approval the operate forex business with their payment service bank to help create more channels for authorised dealers to buy foreign exchange. 

The financial regulator’s guidelines states, “PSBs shall have the privilege to make their investments from the CBN window. All funds in excess of the PSB’s operational float should be placed with DMBs. 

“PSBs shall participate in the payment and settlement system and have access to the inter-bank and the CBN collateralized repo window for their temporary liquidity management.” 

MTN, alongside its rivals are already operating bank services such as deposit and withdrawal of funds, as well as payment of other bills through their payment service bank business.

Credibility and transparency is our DNA at Prime Business Africa’. We strongly believe in the role of media as a watchdog of the society that powerfully promotes accountability and transparency in government.

By contributing to Prime Business Africa, you are helping to sustain good journalism and making sure that it remains free to all.

Support Investigative Journalism and Mentorship

Courageous Journalism of Truth,Transparency and Development is in the DNA of Prime Business Africa; By donating as little as N1000 or $1 today, you are helping to keep credible journalism and life-changing information free for all.

READ ALSO  OANDO Leads Top Losers As JOHNHOLT, OMATEK, Lead Gainers
READ ALSO  Shelter Afrique, DRC Partner To Provide Affordable Housing In Africa
+ posts