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    MTNN   NGMTNN000002

MTN NIGERIA COMMUNICATIONS PLC

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MTN Nigeria Communications : Nigeria seeks to boost mobile banking with fixed transaction fee

03/16/2021 | 12:42pm EDT

ABUJA, March 16 (Reuters) - Nigerian regulators have set a flat fee for financial transactions done via mobile phones, replacing a billing system that caused disagreements between telecoms firms and lenders.

The Nigerian Communications Commission and central bank said on Tuesday they had agreed a flat fee of 6.98 naira ($0.0183) per transaction to ensure financial inclusion and lower costs.

Nigeria wants to open up its digital financial services sector, which will help millions of Nigerians who do not have bank accounts. But regulation has been caught up with intense lobbying from lenders seeking to protect their turf amid stiff competition and a rise in borrowers renegotiating loans.

The country has more than 20 lenders.

MTN Nigeria, majority-owned by South Africa's MTN Group, runs Nigeria's biggest mobile phone network, serving around 76.5 million people.

A quick code, or unstructured supplementary service data (USSD), sent by mobile phone for transaction is critical for delivering services to Nigeria's underbanked population in a cost effective manner, the regulators said in a statement.

But disputes over fees and who is responsible for paying has often led mobile phone operators to withdraw services.

The regulators said payments to mobile operators for providing the USSD service would be billed to bank customers and that lenders would not impose additional charges.

They did not disclose how much money was owed to mobile operators for the service under the old system, but said a settlement plan was being worked out.

Mobile operators had threatened to suspend lenders from using the quick code service.

($1 = 380.55 naira) (Reporting by Chijioke Ohuocha. Editing by Mark Potter)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
MTN GROUP LIMITED 0.71% 139.92 End-of-day quote.132.46%
MTN NIGERIA COMMUNICATIONS PLC 0.00% 174.9 End-of-day quote.2.94%
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Financials
Sales 2021 1 582 B 3 860 M 3 860 M
Net income 2021 282 B 689 M 689 M
Net Debt 2021 550 B 1 342 M 1 342 M
P/E ratio 2021 12,9x
Yield 2021 6,46%
Capitalization 3 560 B 8 664 M 8 686 M
EV / Sales 2021 2,60x
EV / Sales 2022 2,17x
Nbr of Employees 1 844
Free-Float 100%
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Number of Analysts 6
Last Close Price 174,90 NGN
Average target price 217,42 NGN
Spread / Average Target 24,3%
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Managers and Directors
Karl Olutokun Toriola Chief Executive Officer & Director
Modupe Agbolade Kadri Chief Financial Officer & Executive Director
Ernest Chukwuka-Anene Ndukwe Executive Chairman
Mohammed Rufai Chief Technical Officer
Randy Bikraj Chief Information Officer
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