Interswitch, the Visa-backed Nigerian payments company, will enter Nigeria’s telecommunications sector after acquiring a Tier 5 MVNO (Mobile Virtual Network Operators) license.
The company acquired the license for $1.08 million from the Nigeria Communications Commission (NCC) in May 2023.
Details
Interswitch’s Tier 5 (unified virtual operator) license allows it to negotiate with one of Nigeria’s four telcos and provide asset-light telecom services, including 4G and 5G, in underserved areas.
By The Numbers
The NCC issued 25 MNVO licenses in 2023 as it looked to increase competition in Nigeria’s telco sector.
Nigeria’s mobile sector is currently estimated to have more than 200 million subscribers.
Source: Pan Finance
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