Technology
Visa Acquires Fintech Firm Plaid for $5.3bn

By Adedapo Adesanya
Top financial service company, Visa Incorporated, has announced that it plans to acquire financial platform, Plaid, in a deal believed to worth about $5.3 billion.
The acquisition will see Visa become the owners of Plaid, a network that is used to securely connect financial accounts used to manage its financial lives. Already, both parties have signed a definitive agreement.
Speaking on the acquisition of the service, Chief Executive Officer (CEO) and chairman of Visa, Mr Al Kelly, stated that, “We are extremely excited about our acquisition of Plaid and how it enhances the growth trajectory of our business.”
“Plaid is a leader in the fast growing fintech world with best-in-class capabilities and talent. The acquisition, combined with our many fintech efforts already underway, will position Visa to deliver even more value for developers, financial institutions and consumers,” he noted.
“This acquisition is the natural evolution of Visa’s 60-year journey from safely and securely connecting buyers and sellers to connecting consumers with digital financial services,” he added.
“The combination of Visa and Plaid will put us at the epicenter of the fintech world, expanding our total addressable market and accelerating our long-term revenue growth trajectory,” Mr Kelly said further.
On the part of the acquired company, Co-founder and CEO, Plaid, Mr Zach Perret said that the deal will make sure that service operates at a global level.
“Plaid’s mission is to make money easier for everyone, and we are excited for this opportunity to continue delivering on that promise at a global scale.
“Visa is trusted by billions of consumers, businesses and financial institutions as a key part of the financial ecosystem, and together Visa and Plaid can support the rapid growth of digital financial services,” he said.
In a world where connectivity between financial institutions and developers are increasing, the Visa’s acquisition of Plaid represents both an entry into new businesses and complementary enhancements to Visa’s existing business.
According to market analysts, Plaid’s fintech-centric business will open new market opportunities for Visa both in the US and internationally and also, the combination of both parties provides the opportunity to deliver enhanced payment capabilities and related value-added services to fintech developers.
It is also believed that the acquisition will enable Visa to work more closely with fintechs through all stages of their development and drive growth in Visa’s core business.
Once the deal is closed within the next three to six months, the combination of Visa and Plaid is expected to provide significant benefits to developers, financial institutions and consumers which will enable companies enhance their global services while protecting important financial data.
The transaction is however subjected to regulatory approvals and other customary closing conditions. Visa will fund the transaction from cash on hand and debt issuance at the appropriate time. This transaction will have no impact on Visa’s previously announced stock buyback program or dividend policy.
Technology
Stakeholders Move to Tackle Vandalization of Telecommunications Infrastructure

By Aduragbemi Omiyale
Stakeholders in the telecommunications sector in Nigeria have resolved to establish a working group dedicated to addressing key industry challenges, including the vandalization and theft of infrastructure, arbitrary shutdown of base stations, fibre cuts due to road construction and the denial of access by unauthorized individuals by leveraging technology for real-time monitoring and protection, strengthening security measures around telecommunication sites and collaborating more with the security and regulatory agencies to mitigate these challenges.
This followed extensive deliberations at an event organised by IHS Nigeria, part of the IHS Holding Limited, to develop a multi-stakeholder action plan for the protection of Critical National Information Infrastructure (CNII) assets in Lagos State.
The stakeholders underscored the need to prioritize deterrence and prevention of these incidents and highlighted the importance of public awareness campaigns to sensitize the host communities and public of the need to protect telecommunications infrastructure in their localities.
“The protection of Critical National Information Infrastructure (CNII) has been a critical concern for all industry stakeholders.
“We are experiencing daily losses of assets, which significantly impact on the quality of service delivered to subscribers.
“Addressing these issues is paramount to sustaining Nigeria’s digital ecosystem and meeting regulatory expectations,” the Senior Vice President and Chief Corporate Services Officer of HIS Nigeria, Mr Dapo Otunla, stated.
Recognizing the importance of communications infrastructure as the backbone of national security, economic growth and social cohesion, the stakeholders at the meeting convened under the umbrella of the Association of Licensed Telecoms Operators of Nigeria (ALTON) agreed on the urgent need for collaborative solutions to ensure the protection of these vital assets.
The meeting was attended by senior representatives from the telecommunications stakeholder groups and regulatory bodies, including the Nigerian Communications Commission (NCC), the Association of Licensed Telecoms Operators of Nigeria (ALTON), Association of Telecommunications Companies of Nigeria (ATCON) and the Lagos State Infrastructure Maintenance and Regulatory Agency (LASIMRA).
Also in attendance were representatives from the Mobile Network Operators (MNOs), and InfraCos as well as the Nigeria Security and Civil Defence Corps (NSCDC), the security agency tasked with the protection of Critical National Infrastructure across the country.
Technology
Airtel Africa, MTN Group to Share Network Infrastructure in Nigeria, Uganda

By Aduragbemi Omiyale
Two of the major telecommunications companies in Africa, Airtel Africa Plc and MTN Group, have entered into agreements to share network infrastructure in Uganda and Nigeria.
The idea behind this is to cost operating costs and improve network coverage for quality mobile services to millions of customers, particularly in remote areas.
However, this would be carried out in compliance with local regulatory and statutory requirements.
The initiative is part of a growing global trend toward network sharing. By collaborating, telecoms operators can explore innovative and pro-competitive solutions to improve service quality while managing costs more effectively.
The sharing of infrastructure has the potential to enable the delivery of world-class, reliable mobile services to more and more customers across Africa.
Already, MTN and Airtel Africa are exploring various opportunities in other markets, including Congo-Brazzaville, Rwanda and Zambia.
Among the types of agreements considered are RAN sharing and those aimed at establishing commercial and technical agreements for fibre infrastructure sharing and, if necessary, the construction of fibre networks.
“As we compete fiercely in the market on the strength of our brand, services and our offerings we are building common infrastructure, within the permissible regulatory framework, to provide a more robust and extensive digital highway to drive digital and financial inclusion at the same time avoiding duplication of expensive infrastructure to drive operational efficiencies and benefits for our customers,” the chief executive of Airtel Africa, Mr Sunil Taldar, said.
His counterpart at MTN Group, Mr Ralph Mupita, while commenting on the development, said, “As MTN, we are driven by the vision of delivering digital solutions that drive Africa’s progress.
“We continue to see strong structural demand for digital and financial services across our markets. To meet this demand, we continue to invest in coverage and capacity to ensure high-quality connectivity for our customers.
“That said, there are opportunities within regulatory frameworks for sharing resources to drive higher efficiencies and improve returns.”
Technology
MTN Nigeria Revolutionises Urban Living With MyLagosApp

By Aduragbemi Omiyale
A mobile application, MyLagosApp, designed to provide real-time updates on events, entertainment, hospitality, transport services and government-related payments, has been launched by MTN Nigeria in partnership with the Lagos State Government.
The digital platform was created by the Software Lab in MTN, according to the Chief Information Officer of MTN Nigeria, Shoyinka Shodunke, and is embedded with global security standards and practices with ISO 27001 certification.
At the launch of the app last Thursday, it was emphasised that security was a key priority in the design and development of the app to ensure the protection of user data and secure access to the app’s features and functionalities.
MyLagosApp, currently entitled MyCityApp on the app store, is available for download on both Android and iOS platforms. Users have been encouraged to download it to experience firsthand how urban living in Lagos has been transformed with the app.
The Deputy Governor of Lagos, Mr Obafemi Hamzat, while speaking at the unveiling of the app, reinforced the government’s commitment to leveraging technology for enhanced city management and connectivity.
He described it as a demonstration of the administration’s dedication to enhancing the lives of citizens through technological innovation.
“I commend the collaboration between MTN Nigeria and the Lagos State Government, alongside other key stakeholders, for making this vision a reality.
“This partnership is a testament to the power of technology in bridging the gap between the public and private sectors to drive innovation and improve lives.
“The app serves as a vital link between the government and the people, simplifying access to public services, providing real-time updates, and promoting transparency and accountability in governance.
“Whether you need to navigate government processes, access essential city services, or stay informed about key developments, MyLagosApp places all the information you need right at your fingertips,” Mr Hamzat said on behalf of Governor Babajide Sanwo-Olu.
On his part, the chief executive of MTN Nigeria, Mr Karl Toriola, said, “As we embrace the future of e-governance, digital entertainment and commercial innovation, initiatives like this are essential in making Lagos a truly smart city, and we are proud to partner with the Lagos State Government to drive digital transformation and enhance urban living.
“With the launch of MyLagosApp, we are leveraging technology to simplify access to essential services, improve connectivity, and create a smarter, more efficient Lagos for residents and visitors alike.”
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