Tech

Telecom Egypt, 4iG sign MoU to construct high-capacity subsea cable connecting Albania

Published

1 year ago

October 10, 2023

Egypt’s pioneer integrated telecom operator, Telecom Egypt has signed a Memorandum of Understanding (MoU) with one of the largest subsea cable operators in the world, 4iG Plc based in Budapest, Hungary, to link the North African country to Albania via a point-to-point, high capacity subsea cable.

The MoU, which was signed in Cairo by Mohamed Nasr, Managing Director and Chief Executive Officer at Telecom Egypt, and Gellért Jászai, Chairman of Board of Directors at 4iG Plc, is aimed at “promoting cooperation between Egypt and Hungary by constructing a new subsea cable between Egypt and Albania in order to enhance connectivity”, Nasr said.

According to Nasr, the agreement represents a qualitative addition to the existing Mediterranean routes, connecting to the main internet points of presence (PoP) in Europe, such as the ones in Budapest, Vienna, and Frankfurt, in addition to numerous potential PoPs in Eastern Europe.

“With an open access model and multiple branching units, the system is set up to be a new European cable entry point via Albania.

“The most important pillar in this cooperation is that it comes within the framework of the strategy targeting Eastern Europe with the aim of enhancing business sustainability and future expansions.”

The subsea cables connection will see Egypt expand its international digital infrastructure, especially as more than 90% of the data transferred between the East and the West passes through Egypt, Nasr added.

Ambassador of the Republic of Hungary to Egypt, András Kovács, who signed on behalf of his country, said of the agreement:

“This cooperation agreement is strongly supported by the Republic of Hungary, pointing out that there are ongoing strategic cooperation efforts between Egypt and Hungary at the political level and also in specialized fields.

“We hope that such agreements would enhance cooperation between the two countries in the field of ICT and help expand governmental collaboration between the Egyptian and the Hungarian Ministries of Communications and Information Technology.

“These efforts will resonate in the business sector, especially as many Hungarian ICT companies are getting more interested in exploring investment opportunities in Egypt”.

Related Topics:4ig Featured Memorandum of Understanding Subsea Cables Telecom Egypt

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Tech

MTN Nigeria set to acquire two more licences for its fintech

Published

2 hours ago

November 7, 2024

Isaac Dachen

Nigeria’s largest telecommunications company, MTN Nigeria, is on the verge of obtaining two licences that will enable it expand its fintech subsidiary, MoMo PSB, signaling an increased focus on digital payments within Nigeria.

The company, in a statement on Wednesday, said it has applied for Payment Service Solutions Provider (PSSP) and Payment Terminal Service Provider (PTSP) licenses for Momo in a bid to upscale it to a full fledge payments platform.

“The PSSP license will enable MoMo PSB to offer payment processing gateways, create financial solutions, and provide merchant aggregation and collection services,” the statement said.

“With this license, MTN can process its payments in-house, reducing its reliance on external PSSPs and minimizing associated costs.

“In addition to addressing MTN’s internal payment needs, MoMo PSB will also be equipped to handle payment processing requirements for merchants and partners.

“The PTSP license, meanwhile, will allow MoMo PSB to deploy and service POS terminals, develop POS applications, and provide training and support to over 302,000 merchants, agents, and 5.3 million users on the MoMo PSB,” it added.

Tech

Kenyan fintech Chumz expands into Rwanda after hitting 200k users

Published

1 day ago

November 6, 2024

Isaac Dachen

Kenya’s fintech startup, Chumz, has announced its imminent expansion into Rwanda after hitting 200,000 registered users in its home market.

Chumz, which helps users set and achieve saving and investment goals through behaviour-based prompts and mobile money deposits, said the expansion drive was part of testing its solution by going live in Rwanda.

Co-founder and CEO of Chumz, Samuel Njuguna, who spoke on the move, said the fintech had built a goal-based mobile app that helped users save and invest money from their mobile money accounts, with as little as $0.05 and wanted to take its offering out of Kenya.

He stated that one of the unique features of Chumz that stands it out is that it encourages users to save based on their behaviour.

“For instance, if a user spends money at a pub, the app suggests investing some of that money instead of spending it all,” he said.

“Similarly, if a user receives mobile money, the app prompts them to save some of the money. Our app offers an easy, convenient and accessible way for users to save and invest, helping them to reach their financial goals.

“Our next big leap is to hit one million users in Kenya by 2026 and be operational in Uganda, Tanzania and Botswana by then as well,” said Njuguna, who is also behind Kenyan mobile money startup Chura.

Founded in 2019, Chumz worked on a prototype in 2020, reaching out to the regulator for a license in late-2020 and receiving one a year later.

According to several reviews, the platform works by channeling funds collected from a user’s mobile money account to a licensed fund manager, who then offers a return to the fund. Earned interest is then redistributed to individual clients.

The startup has also launched a new feature, the Superfan Challenge, where users save and invest based on their favourite football team’s performance.

“For example, if your team wins, the app prompts you to save a set amount. We have seen segments such as parents using the app to educate their kids about financial literacy and at the same time create goals for them on the app. A majority of the savers and investors are women,” Njuguna said.