Economy
Telcos Want 100% Tariff Hike in SMS, Calls, Data—MTN Nigeria CEO
By Adedapo Adesanya
Telecommunication operators in Nigeria, including MTN, Airtel and others, are seeking a 100 per cent increase in tariff as stakeholders battle it out for a much-expected rise in the cost of phone calls, SMS, and internet data subscription.
The chief executive of MTN Nigeria, Mr Karl Toriola, said this in an interview with Arise News on Thursday, though he expressed doubts that the regulator, the Nigerian Communications Commission (NCC), would accept this.
“Now, we’ve put forward requests of approximately 100 per cent and type increases to the regulators,” he said.
“I doubt they’re going to approve that quantum of increases because they’re very, very sensitive to the current economic situation in the country. But we’re hopeful and optimistic that the realities are staring us in the face and the right decisions will be taken for the sustainability of the industry,” he added.
Mr Toriola lamented that the the sustainability of the telecommunications industry in Nigeria needs to be addressed, if not, it could negatively impact Nigeria’s economy.
He painted a grim reality of the escalating costs of operations, which he said has been eroded by high inflation, Naira devaluation, and rising fuel prices.
“Telecommunications is a fundamental human right these days and a critical element towards driving an economy. And if you don’t have a sustainable industry, it’s going to affect your economy and the well-being of people. Yes, everyone in Nigeria has gone through difficult times in the last few years due to economic challenges, inflation, devaluation, et cetera, et cetera.
“But the challenge that we face and we’re not talking about profitability in the industry, we’re just talking about sustainability. Profitability will come on a longer-term basis,” he said.
“Official rates have gone from about 424.50 to about 1,550 odd at the end of the year. So that has driven our cost structures up drastically. So in paying for diesel, diesel has gone from pre-COVID times from 2,300 Naira to 1,000 plus Naira.
“Petrol has gone up several folds. The cost of power generation, the cost of procuring raw materials, what we call raw materials is a lot of things, batteries, fibre cables, base stations, towers, etc. To actually roll out and maintain these networks, we pay software licensing fees for these networks.
“The costs that we’re expending are actually exceeding our revenue, even though we are seeing revenue growth. And there’s no way that the industry can continue to sustain itself and provide the required quality of service under this structure,” he explained.
He tasked the goverment to understand the critical role of telecommunications in Nigeria’s development, noting that the industry creates value as well as jobs for millions.
“We’re not talking about profitability. We are talking about an existential threat to the entire industry. We’re the biggest players, including Airtel and us. If we are struggling with these kinds of cost structures, there’s no way the rest of the industry will not experience the same.
“And the truth is, this just doesn’t affect the large operators. Every part of the ecosystem that works backwards from there is affected by exactly the same thing because they’ve all seen their cost up.”
By Adedapo Adesanya
A cross-border payments solutions company, Grey has expanded its business banking platform to include US Dollar corporate accounts, bulk international payments, and USDC stablecoin support, all integrated into a single system.
The company is positioning itself as a low-cost, faster alternative to traditional international banking, particularly for businesses in emerging markets as it enables companies to open US Dollar accounts, receive global payments, and send payouts to 170+ countries, including bulk transfers, within minutes.
Grey aims to solve common cross-border payment challenges, particularly the high transfer costs that often range between 6 and 7 per cent of transaction value, prolonged settlement cycles that can stretch across several days, and the limited access many businesses face when trying to open and operate foreign currency accounts. In addition, companies frequently contend with hidden intermediary fees and poor foreign exchange transparency, both of which undermine cost predictability and effective cash flow management.
By integrating USD business accounts and USDC stablecoin functionality into its platform, Grey enhances its value proposition around faster settlement, clearer pricing structures, improved cost efficiency, and broader global accessibility. The expanded capabilities enable businesses to manage international transactions with greater speed, transparency, and operational control.
“Businesses may operate without borders today, but access to reliable global banking remains uneven, particularly for companies in high-growth markets,” said Mr Idorenyin Obong, Co-founder and Chief Executive Officer of Grey. “We’re closing that gap and enabling businesses to move money faster, with greater transparency and control, wherever their clients or partners are based.”
“When payments are delayed, or costs are unpredictable, growth stalls,” added Mr Joseph Femi Aghedo, Chief Operating Officer and Co-founder of Grey. “Grey eliminates those friction points, giving businesses a faster, simpler way to manage payroll, supplier payments, and partner payouts across borders. Adding USD and stablecoin capabilities makes these benefits accessible to even more customers.”
Established in Africa in 2020, Grey has a presence in key markets, including the United States, the United Kingdom, and Europe, and has recently expanded its services and operations into Latin America and Southeast Asia.
Since its inception, the company has consistently enhanced its services to empower digital nomads worldwide, regardless of location. Grey’s offerings include multi-currency accounts, low-cost international money transfers, a virtual USD card, expense management tools, and robust security measures.
By Aduragbemi Omiyale
A partnership designed to expand access to stablecoins and on-chain financial opportunities for everyday users and businesses has been entered into between Quidax and Lisk.
The partnership provides a critical gateway for the developer community, as builders on the Lisk network can now leverage Quidax’s robust digital asset infrastructure to access stablecoins and local currencies at competitive rates.
This institutional-grade infrastructure is designed to power “future-forward” financial products, ranging from neobanks and cross-border payment platforms to regional exchanges and global fintech solutions. It will also allow Quidax customers to trade and move value seamlessly using USDT, USDC, LSK, and Ether (ETH) on the Lisk network.
The collaboration will also accelerate the adoption of Web3 solutions that solve real-world financial challenges for millions of customers across Africa by combining Quidax’s deep local liquidity and compliant framework with Lisk’s scalable L2 technology.
In 2024, Quidax became the first crypto exchange to receive a provisional operating license from Nigeria’s Securities and Exchange Commission (SEC).
“The partnership with Lisk enables us to extend our platform to serve more people and cater to the increasing demand from products and services that want to integrate our stablecoin and digital assets product to build products across Africa,” the Chief Infrastructure Officer at Quidax, Mr Morris Ebieroma, said.
Also commenting, the Ecosystem Lead for Africa at Lisk, Ms Chidubem Emelumadu, said, “Africa represents one of the most critical frontiers for blockchain innovation, where the demand for reliable and inclusive financial tools is urgent.
“Our partnership with Quidax expands access to stablecoins and on-chain financial opportunities for everyday users and businesses. At the same time, it gives founders building on Lisk the critical infrastructure they need to create solutions that can scale meaningfully across the continent,” she added.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) has urged freight forwarders to adopt its automated Licence and Permits Processing system to reduce the cost of doing business.
This advice was given by the Assistant Comptroller-General of Customs, Mr Muhammed Babadede, during a stakeholders’ engagement on automation held in Lagos on Monday.
He noted that the reform responds to longstanding demands for faster, more transparent and simpler procedures for industry stakeholders, disclosing that Comptroller-General of Customs, Mr Bashir Adeniyi, has approved the full automation of the service’s licences and permits processes.
“For years, stakeholders dealt with paperwork, long queues and uncertainty from manual processing. Those days are coming to an end.
“This sensitisation is across all zones. The goal is to ensure stakeholders understand the automated system before implementation,” Mr Babadede said.
He said automation would enable applications and renewals from offices or mobile phones, eliminating visits to customs formations, assuring stakeholders of a fair and consistent process, and reducing errors associated with manual documentation.
He said automation would improve record-keeping, supervision and service delivery without increasing pressure on officers.
The Deputy Comptroller-General, Tariff and Trade, CK Naigwan, also represented by Mr Babadede, reiterated management’s commitment to seamless implementation.
Meanwhile, the Comptroller of Customs for Licence and Permit Unit, Mrs Ngozika Anozie, praised the Comptroller-General for driving innovation within the Service, saying the automation aligns Customs procedures with global best practice and strengthens institutional efficiency.
According to her, the reform reflects the three-point agenda of the Chairman of the World Customs Organisation, Mr Adeniyi, centred on consolidation, collaboration and innovation.
She said the system would enhance the ease of doing business in the maritime sector and boost national revenue generation.
“Automation will cut business costs and reduce travel risks for stakeholders
“They will no longer travel repeatedly to Abuja, paying for transport, hotels and feeding to process licences and permits,” she said, adding that the platform would automatically reject fake documents and accept genuine submissions, curbing fraudulent practices.
“The CGC is determined to sanitise the system, and we are committed to achieving that objective,” Mrs Anozie said.
On his part, the Assistant Superintendent of Customs, Mr Ibrahim Usman, said the Licence and Permit Unit operates under the Tariff and Trade Department.
He explained that the unit ensures proper issuance of licences and permits and compliance with import regulations.
Mr Usman said all licences and permits expire on December 31 of their issuance year.
He added that the portal would become fully operational after nationwide sensitisation, with stakeholders duly informed.
Customs Area Controller, Tincan Island Command, Mr Frank Onyeka, thanked stakeholders for their continued support.
He urged them to take the exercise seriously to achieve seamless processing across Customs operations.
Stakeholders raised concerns about online payment integration and potential technical disruptions.
Officials addressed the questions and pledged continued engagement to ensure smooth implementation nationwide.
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