It’s been a heavy week in Nigeria’s tech and finance sectors—Starlink stirred fresh controversy with another price hike, GTBank slipped in a subtle SMS charge increase, Paystack got slammed with a major fine, MTN lost its Kogi grip, and the AfDB dropped a reality bomb on Nigeria’s economy. Here’s a three-paragraph breakdown of each story that had everyone talking.
Starlink’s Subscription Surprise Sparks New Reactions
Starlink is back with another price adjustment—and this time, it might just stick. The satellite internet provider informed Nigerian subscribers that its monthly residential plan will now cost N57,000 from 30 May 2025. Existing users were notified via email, while new users will pay the increased rate immediately.
Subscribers who aren’t on board with the new pricing were advised to cancel their plans through their account dashboard. Still, Starlink offered a relatively generous refund policy: a full refund within 30 days if the service and hardware are returned, or 50% refund if hardware was purchased within the last year.
This marks the third attempted price hike, following failed efforts in October and December 2024 that drew pushback from the NCC. While Starlink’s reputation for speed remains strong, this latest increase could test customer loyalty—and regulator patience—all over again.
GTBank Customers React as SMS Alert Fee Rises
GTBank customers were met with an unwelcome message this week: SMS alert fees are going up. The bank is increasing the charge from N4 to N6 per message starting 1 May, citing a hike in telecom service provider costs. The notice explained that this fee covers real-time updates on account activity.
Despite the cost bump, GTBank says the SMS alert system remains crucial for security and account monitoring. However, customers who don’t want to continue receiving alerts can opt out by submitting a request form via email.
The move has sparked mixed reactions, with some calling it a necessary cost of digital banking, and others questioning why the price of a basic service keeps climbing. As telecom pricing trickles down to consumers, banking convenience is becoming a pricier luxury.
CBN Fines Paystack Over Unlicensed Wallet Service
Stripe-backed Paystack is in hot water with Nigeria’s central bank. The CBN fined fintech N250 million for its newly launched Zap app, which the regulator claims operates like a digital wallet—a service Paystack isn’t licensed to provide. The issue: storing customer funds without a deposit-taking licence.
Though Zap is meant for peer-to-peer payments and operates in partnership with Titan Trust Bank, the CBN believes the product blurs legal boundaries. Paystack has declined to comment further, saying it’s cooperating fully with regulatory reviews.
This is Paystack’s biggest regulatory hit since its 2016 licensing. The Zap launch has been rocky from the start, with a trademark dispute already in motion. Now, the fine sends a clear message from the CBN: fintech growth won’t come at the cost of compliance.
MTN Shutdown in Kogi Sparks Subscriber Stampede
MTN’s entire operation in Kogi State has gone dark, leaving over 1.5 million users scrambling for alternatives. A standoff with state authorities led to a court order sealing off the telco’s offices and infrastructure. The reason? Alleged failure to comply with state regulations, according to KUIMCA and KGIRS.
With MTN off the grid, Airtel and Globacom swooped in fast. Both networks are now expanding rapidly across all 21 local government areas, laying fibre optics and rolling out 4G upgrades. MTN previously held a majority of the state’s telecom users—but not for long.
SIM card rushes and long queues are now a daily scene at Glo and Airtel centres in Lokoja. Some analysts believe the switch may be permanent, especially if MTN delays its return. Meanwhile, some residents are now travelling to Abuja just to access basic telecom services.
Nigeria’s Economy Shrinks Below 1960 Levels, Says AfDB Chief
In a sobering address, AfDB President Dr Akinwumi Adesina said Nigeria’s GDP per capita has fallen to just $824—worse than the $1,847 recorded in 1960. He made the comment during a Lagos dinner, warning that despite its size, Nigeria’s economy is structurally weak and dangerously underperforming.
Adesina drew stark contrasts with countries like South Korea, whose GDP per capita was lower than Nigeria’s in 1960 but now exceeds $36,000. He urged immediate reforms: boost power supply, improve infrastructure, industrialise quickly, embrace innovation, and overhaul agriculture.
His message was clear—cosmetic reforms won’t cut it. Nigeria must become a true industrial leader, backed by strong institutions and strategic investment. The goal? A modern, developed, corruption-free Nigeria by 2050. But the time to act, he warned, is now.
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I am passionate about crafting stories, vibing to good music (and making some too), debating Nigeria’s political future like it’s the World Cup, and finding the perfect quiet spot to work and unwind.
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