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GLO Tariff Plan 2020 – List of Tariff Plans and Price

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GLO Tariff Plan 2020 - List of Tariff Plans and Price

More popularly known as GLO, Globacom Limited is a multinational telecommunications company that is based in Nigeria, and was founded by Mike Adenuga.

Though they were established on the 29th of August 2003, Globacom Limited has set a record in Nigeria among telecommunication companies for being the first to build what they call the Glo-1. Acquired from the United Kingdom, Glo-1 are high capacity, submarine fiber optic cables, which are worth $800 million.

GLO Tariff Plan 2020 - List of Tariff Plans and Price

GLO Tariff Plan 2020 – List of Tariff Plans and Price

GLO acquired more than 44 million subscribers by 2018, making them the second largest Nigerian network operator. Apart from the fact that they employ more than 3,500 people from all around the world, GLO has also established itself as one of the best service providers for calling, and browsing in Nigeria.

The calling and browsing rates on GLO are very cheap, due to the various GLO tariff plans available. And it is very easy for any GLO subscriber to access, or opt into any of them.

There is also special call service available on GLO, which allows GLO subscribers to have access to cheap call rates. Below are some of the available GLO tariff plans:

GLO BUMPA

With a recharge of either 100 Naira or above, the GLO Bumpa tariff plan offers its subscribers a 200% bonus with each recharge.

As such, if you recharge 200 Naira on the GLO Bumpa plan, you get a value of 600 Naira, and if you recharge 300 Naira, you get 900 Naira. And this bonus can be used for a variety of things like browsing the net, sending text messages, or making calls to any other network.

The GLO Bumpa plan features free night calls, a bonus validity of 30 days, with no rental fees attached. GLO prepaid subscribers, and all those who port into the GLO network are free to use this plan.

The 200% bonus on the GLO Bumpa plan is available to the GLO Subscriber as long as he keeps recharging his phone. To join this plan, dial *100*10#, and you can also dial *122*2# to check your GLO Bumpa bonus.

GLO BOUNCE

Offering free migration for all GLO subscribers, with calls at a discounted 5 Kobo per second, and text messages at a rate of 3 Naira per SMS, GLO Bounce is one of the best tariff plans that GLO has to offer.

GLO Bounce subscribers get to enjoy a call rate of 10 Kobo per second to other networks in Nigeria. They also get 12am to 5am free night calls after using 30 Naira during the day, and free Facebook browsing. On each recharge of 200 Naira, they also receive 30MB free data.

A campus rate of 5 Kobo per second is available for all GLO Bounce subscribers in all Nigerian tertiary institutions. Dial *170*4# to migrate to the GLO Bounce plan, or *170*9# for the campus zone plan.

Important: Looking for a Job/Employment? Apply for Globacom Recruitment 2020.

GLO FREE TOMORROW

A ‘free tomorrow’ as implied from the name, the GLO Free Tomorrow plan gives a subscriber twice the value of what he spent for his calls, SMS, and internet browsing on the previous day. This means he gets today, 2X what he spent yesterday.

This free credit can also be used to browse, or call any other network. Dial *300# to join the GLO Free Tomorrow plan.

GLO GBAM

Available to both new and old prepaid GLO users, the GLO Gbam tariff plan allows any GLO user to add, and call 5 special Glo numbers at a much cheaper rate than they normally would.

This tariff plan has an on-net call rate of 15 Kobo per second, an off-net call rate of 15 Kobo per second, plus an on-net and off-net SMS rate of 4 Naira per SMS. GLO Gbam subscribers can send text messages to international numbers for just 10 Naira for each SMS. This plan also offers its subscribers 5MB for browsing, which has a 24-hour validity.

Migrating to GLO Gbam as a GLO subscriber is simple, you just need *100*5*1# on your mobile phone. To register the 5 special numbers, you just dial *100*1* New Number#. While *101*2* existing Special No*New Special No# is used to change one of the numbers you already have registered to a different one.

GLO INFINITO

Known to be one of GLO’s best tariff plans, GLO Infinito allows its subscribers a special call rate of 22 Kobo per second. This prepaid plan offers this with no hidden rentals, or charges attached.

This tariff plan would be more useful to business owners since it allows them to have up to 10 numbers as family and friends numbers. And calls to the family and friends numbers goes for 11 Kobo per second. Dial *100*9*2# to migrate to GLO Infinito, and *101*1*number# to add a special number to the family and friends list.

GLO YAKATA

Exclusive to new GLO subscribers, the GLO Yakata tariff plan is another awesome plan from GLO, and offers GLO subscribers some rather remarkable call, and data benefits.

GLO subscribers on the GLO Yakata tariff plan enjoy 6 gigabytes of data, which has a validity of 6 months, as well as 2200 Naira for voice calls, every time they recharge 100 Naira.

Some of the benefits of GLO Yakata are:

  • The call benefits enjoyed by the customers allows them to call any network, and they get more benefits with each bigger recharge.
  • The first 200 Naira recharge of every month gives the customer a data bonus that is 2.5 times greater than the normal GLO Yakata bonus. And if the recharge is more than 200 Naira, the data bonus increases proportionally as well.
  • The GLO Yakata data bonus is only available to the customer on the first recharge of each month, and for the first six months since he activated the line only.
  • And the bonus itself has a seven-day validity.

Important: Learn How Internet works and the roles of the different Internet companies in Nigeria here

GLO JOLLIFIC8

The Glo Jollific8 is another tariff plan that is exclusive for new prepaid customers. And this time, the plan gives each subscriber 8X more value on each recharge they make on their mobile phone.

To enjoy the benefits of this plan, the GLO subscribers need to recharge their GLO line with either 100 Naira, or bigger than that. Apart from the 800% bonus on every recharge, subscribers also get free gifting data that can be shared to other GLO users, and a call bonus, which can be used to call all networks in Nigeria.

Read the breakdown below to understand how much voice, and data bonuses you stand to gain on each recharge.

  • N100 recharge gives N800 + 10MB (N50) = N850
  • N200 recharge gives N1,600 + 25MB (N100) = N1,700
  • N500 recharge gives N4,000 + 50MB (N200) = N4,200
  • N1,000 recharge gives N8,000 + 100MB (N400) = N8,400
  • N5,000 recharge gives N40,000 + 500MB (N2,000) = N42,000

GLO JUMBO SIM

One of the few plans that is available to both new and existing GLO subscribers, the GLO Jumbo Sim tariff plan is a prepaid plan that offers a preloaded credit of 200,000 Naira to both the new and existing subscribers, which can be used to send text messages, make calls, and even browse. But these benefits are only available after they have recharged their GLO lines with a certain amount of credit.

But this data, and voice bonus is only available for 14 days after the GLO subscriber has unlocked it, and before the customer unlocks it, it is valid for only 6 months, after which it expires. Dial *224# to migrate to the GLO Jumbo Sim tariff plan.

To check your locked data bonus, dial #122*24#, and dial #122*23# to check the unlocked bonus.

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5 Steps To Registering A Foreign Company In Nigeria

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Friend, I want to talk to you about 5 steps to registering for foreign company in Nigeria as well as the basic requirements for doing so. So, congratulations that your business has expanded and you want to partner with a foreigner to take it to another level. Or, you are a foreigner and you want to start a subsidiary of your business in Nigeria or even open a main company of the business in Nigeria. Beautiful, Nigeria welcomes you and you are welcomes to open and run your foreign company or beautiful here in Nigeria.

However, there are certain things that are required by law for you to obtain and there are certain steps that you need to take before you can register a foreign company in Nigeria. So, in this guide, I share with you about five of those requirements and steps to registering for foreign company in Nigeria.

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Step 1: Register Your Company/ Business with the Corporate Affairs Commission of Nigeria (CAC)

The first requirement or step is for you to register your company or business with the Corporate Affairs Commission of Nigeria (CAC). This is an agency of the Federal Government of Nigeria that is saddled with the sole responsibility of registering both local and foreign companies, entity and business in the country. One of the requirements for registration of a foreign company in Nigeria is that one of the directors of your company must be a Nigerian.

Let’s say for example that you are coming in from the United States of America (USA) to transact business with Nigeria or to register your company in Nigeria. Before you can transact that business or carry out your business in Nigeria, you have to register it and one of your directors must be in Nigerian. All of you cannot be Americans, okay?

Another requirement for you to register your business with the Corporate Affairs Commission as a foreign company is to have a minimum of Ten Million Naira (N10,000,000) share capital. It could be more but that’s the minimum.

Step 2: Register Your Company with the Federal Inland Revenue Service

Now the second requirement is for you to move to the federal Inland Revenue Service to register for your Tax Identification Number (TIN) and VAT. Now, you also obtain your Tax Clearance Certificate for that year.

Step 3: Open a Corporate Account in Nigeria for the Business

Afterwards, moved into any of the commercial banks of your choice in Nigeria and register and open a Corporate Bank Account. When you have opened a corporate account, a Certificate of Capital Importation will be issued to you. All right, it just says that the amounts that each director in your company subscribes to as shareholder in your Memorandum and Article of Association will be paid into the account of that commercial bank. So, it simply means that you have to an extent paid the amount that has been subscribed in your name into the commercial bank and then you be issued with Certificate of Capital Importation by your bank because it’s going to be useful for subsequent step.

Step 4: Register with NIPC

After you have completed step 2 above, you move to registration with The Nigerian Investment Promotion Commission (NIPC). The NIPC is a federal government agency that is saddled with a sole responsibility of monitoring, encouraging, and controlling foreign participation in the business sector of Nigeria.

Step 5: Obtain All Governmental Approval and Licenses

After you’ve completed step above, you obtain all governmental approval and licenses. For example, you will need a business permit. Before your company can transact business in Nigeria, you need a business permit which will be obtained from the Ministry of Interiors. You also need a resident or work permit. Now there’s a difference between the business permit and resident permit. Resident permit simply has to do with your foreigners; the foreigner that are coming to work in Nigeria. This could be your employees, your directors, you founders, your sponsors, etc. If they are coming to work in Nigeria and they are not Nigerians, you will need to obtain a work or resident permit from Combined Expatriate Residence Permit and Aliens Card for Nigeria (CPAC).

So, you will obtain either work or resident permit for each of the foreign employees whereas the business permit is solely to enable your business or your company as a corporate entity to transact business in Nigeria. Now, if you are going to be involved in importation of anything, you would need to obtain your Importation License. If you’re going to be specialized in doing certain things, like production of certain things, you’re going to obtain all your licenses from the governmental bodies and agencies.

Conclusion

In summary, first requirement for registering your foreign company in Nigeria and/or carrying out your foreign business in Nigeria is the registration with the Corporate Affairs Commission of Nigeria (CAC). Second is registration with the Federal Inland Revenue Service for your Tax Identification. The third is to open a corporate account with any Commercial Bank in Nigeria of your choice. You then move to the NIPC to register your objective and your business with them.

Lastly, you need to obtain all governmental licenses like approval, business permit, resident and work permits, importation license, and any other thing like NAFDAC Number. It’s based on what your specialty is and what the objective of your business or company is all about. I hope this helped. If you have any question, do well to drop them in the comment section and I will attend to them. Stay safe!

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Venture Capitalist Firms in Nigeria You Should Trust

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Venture capitalist firms popularly referred to as “VC” are mostly needed for small-scale services. They invest in people’s business and make sure it grows and brings a lot of profit. There are so many of Venture Capitalist firms in Nigeria and while some can be dangerous to ones business, there are others that can be very good and beneficial.

Examples of venture capitalist firms in Nigeria include Venture platform, SPARK capital, EchoVC Partners, Growth Capital Fund, SLA Accelerator LeadPath Nigeria, Lagos Angel Network (LAN), GreenTree Investment Company, Greenhouse Capital, Microtraction, to mention few.

Here is why some or all of these VCs are very good when it comes to investing with them. Some of the ones I list and explain below are what I deem to be the Venture Capitalist firms in Nigeria you should trust.

Venture Capitalist Firms in Nigeria You Should Trust

Venture Capitalist Firms in Nigeria You Should Trust

Top 10 Venture Capitalist Firms in Nigeria You Should Trust

The top 10 Venture Capitalist firms in Nigeria that I will be covering in this article are

  1. Venture platform
  2. SPARK capital
  3. EchoVC Partners
  4. Growth Capital Fund (GC Fund)
  5. Greenhouse Capital
  6. SLA Accelerator LeadPath Nigeria
  7. Lagos Angel Network (LAN)
  8. LeadPath Nigeria
  9. GreenTree Investment Company, and
  10. Microtraction

(1) Venture Platform

Venture Platform was founded by Kola Aina and their major role is to help start-up companies in Nigeria grow. The Company also extends its services and coverage to other parts of Africa which makes it a reliable company to consider when choosing a Venture Capitalist firm to invest in Nigeria. They have helped a number of startup companies to grow example of which includes Piggybank, MobileForms, Jalo, etc.

(2) SPARK Capital

SPARK Capital focuses on building companies mainly in Lagos and its founded by Jason Njoku. They have helped a lot of companies in funding and most of the companies include Paystack, OgaVenue, Drinks NG, etc.

Paystack Company was recently (2020) sold for 200 million dollars which improves the profit of SPARK Capital. Mostly, this venture capitalist receives 30% and more profit. Funding and making Paystack a global company to be sold at that huge amount suggests that they are a good company to invest with.

(3) Greenhouse Capital

Greenhouse Capital was founded by Venture Garden Group with the vision of becoming the biggest Fintech Company in the whole of Africa. It was founded in 2016 and they already have a strong stand when it comes to investment in business. They have helped popular companies from startups to established businesses to become a massive and major business to be reckoned with in Nigeria.

Examples of companies funded and helped by Greenhouse Capital include Flutterwave, Rensource, Riby, TalentBase and many more. Max NG is also one of the companies funded by Greenhouse Capital. Max NG is an okada business just like Opay. For Max NG to still be standing and operating well in Nigeria till date even with the emergence and disappearence of Opay’s Oride, it shows that the Greenhouse Capital is a strong Venture Capitalist to trust in starting and supporting of business.

Related: Why You Should Avoid Venture Capitalists And Angel Investors In Your Business

(4) Growth Capital Fund (GC Fund)

GC Fund just like other Venture Capitalists helps start-up businesses in Nigeria. They support innovative ideas and help to fund them. Their main purpose in funding businesses is building of infrastructure by using technology. Some of the companies that invest with Growth Capital are OMidyar Network, Bank of Industry, and Venture Garden Group. Remember that Venture Garden Group is the founder of another VC company called Greenhouse being discussed earlier. For a VC Company which is Growth Capital to fund Venture Garden Group which later founded another trusted VC Company is very remarkable and shows how strong and trustworthy they are.

(5) LeadPath Nigeria

Leadpath Nigeria company like other VC companies helps in funding other startup companies. But it’s not only startup companies that they fund. Any medium-sized company that is interested in more funding can also go to LeadPath Nigeria for funding.

They support majorly the growth of mobile technology idea and other software and web startup businesses. Leadpath supports with funds ranging from $25,000 to $100,000 for a start-up and several millions later as follow-up.

(6) GreenTree Investment Company

This, just like other investment companies also deal with start-up companies and invest in them to profit from them greatly. They provide a great framework for a company and also help in legal financial advice to the baby company. This company like also others have funded and invented in lots of companies and they were started in 2014. Examples of the companies being funded by GreenTree include Precurio and Big Cabal Media.

(7) Microtraction

Another example of a Venture Capitalist firm in Nigeria to trust is Microtraction. Microtraction also helps in funding of startup companies like others. Microtraction funds in billions of dollars which makes them a high funding company. It doesn’t take a fraud company to this stage of financially funding other businesses in billion dollars but a company that’s worth trusting when choosing a Venture Capitalist firm to invest in. They invest in ideas that are technology-driven and which are proven to be very smart.

Microtraction has funded a lot of popular companies in Nigeria which include Cowrywise, BuyCoins, Wallet.ng, ALLpro, etc. Most of these new companies deal with bank-related businesses and cryptocurrencies. So, if you have an idea about developing a business that deals with saving money or any cryptocurrencies, Microtraction is the venture capitalist firm to trust.

(8) Lagos Angel Network (LAN)

Moving further on the list of Venture Capitalist companies to trust is Nigeria is Lagos Angel Network (LAN). This is also a Venture Capitalist firm that deals with startup businesses and they are very active in Africa. Angel investors are individuals or professionals that come together and raise funds and to invest in startup businesses.

Since being a professional angel investor gives one the idea of a business to grow or not to grow, this venture is definitely among the companies to trust when investing with them. They were founded in Lagos and in the year 2014. Also, they are based in Lagos State, Nigeria and have funded a lot of startup companies located mostly in Lagos. In short, they have funded dozens upon dozens of startup companies.

(9) EchoVC Partners

This is another Venture Capitalist firm you can’t even miss even if you want to. The name speaks volume because the tagline, “VC” is already incorporated into the company name. EchoVC Partners is a Nigeria company that has extended its tentacles to other part of the world like sub-Saharan Africa and North America. It has become an international company which has proved reliable over time. They also help startup companies and invest hugely in them. EchoVC has proved to be a leading Venture Capitalist around the world by investing in some popular companies which include Hotels NG, Care45, Lifebank, MyPadi, etc.

(10) SLA Accelerator

Honorable mention includes the SLA Accelerator which has helped young African women with funding in ensuring a successful career for them. This company has been featured in CNN, CNBC Africa, and other important news outlet in the world.

When looking for a venture capitalist to fund your business ideas, these are some of the best ones to always look out for and you will never regret it.

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Best Locations for Fintech Companies in Nigeria

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Siting a Fintech Company is one thing but getting a good location for your Fintech company in Nigeria is another thing. However, the knowledge of the Best locations for Fintech Companies in Nigeria will help you to save cost and avoid unnecessary risks. Before I go into the full discussion, let me give you some background information on  Financial Technology Companies a.k.a. Fintech Companies.

Fintech (Financial Technology) companies are companies which use the aid of technology (such as internet, applications, etc.) to carry out financial transactions, which used to be carried out only by the conventional banks.

The Payment Systems Vision 2020 initiated by the CBN in 2007 brought to the fore the space for Fintech companies to thrive in Nigeria. This opened up the space for competition between Fintech companies which swung into action. Currently, there are more than 250 Fintech companies in Nigeria, such as Remita, PayStack, Interswitch, Flutterwave, Paga, etc.

The suitability of any location to suit tech startups such as Fintech companies depends on the socio economic policies instituted by the location. This implies that not all locations are best suited to host Fintech companies.

In this article, I look extensively into the best locations to start your Fintech companies in Nigeria.

Top 5 Best Locations For Fintech Companies in Nigeria

This section showcases the best locations for Fintech companies in Nigeria.

(1) Enugu State

Enugu state hosts the premier university in Nigeria started by Nigerians. Apart from the University of Nigeria, Nsukka (UNN), the state also hosts the Godfrey Okoye University, Caritas University, the Rivers State University of Science and Technology, RSUST, as well as other Information and Communication Technology (ICT)-based institutions like the Catholic owned, Our Saviour’s Institute of Science and Technology.

Also known as Coal City, Enugu state owns coal deposits that were discovered in the early twentieth century and are still providing a vibrant source of revenue today. Electricity could actually be abundantly supplied to the state, through the revamping of its Oji River Power Station. In the past, the power station supplied power to all the states in the then Eastern Region.

With a population of 5.6 million people (as at 2006 census), Enugu state has been experiencing advancement in Information and Communications Technology. Recently, the state government recently launched a WiFi access-to-internet project. Enugu state gradually poses itself a potential hub for Fintech companies.

(2) Ogun State

Ogun state has the largest number of tertiary educational institutions in Nigeria, including Covenant University Ota, Bells University of Technology, Abraham Adesanya ICT Polytechnic, Gateway ICT Polytechnic, etc.

Ogun state recently initiated a solar power electronic learning project, which is currently ongoing. The state has shown massive interest in the education sector, as well as the ICT sector, with policies which could ease investing in the state. Ogun state has a GDP of $ 10,470, the ninth largest in the country.

Also known as the Gateway State (due to its large border line towards Benin Republic), the cost of living in the state is relatively cheaper, compared to Lagos State.

Ogun state, with its fast development pace in infrastructure, as well as education and information technology, is sure of the best places to locate a Fintech company in the country.

As may be already observed, one of the strong selling points of Ogun is its proximity to Lagos state.

Best Locations For Fintech Companies in Nigeria

Best Locations For Fintech Companies in Nigeria

(3) Rivers State

Rivers State is second only to Lagos, in terms of GDP production in Nigeria, with a Gross Domestic Product of $ 21 billion. The state serves as the largest oil producing state in the country. The oil and gas industry activities in the state are mainly carried out in Port Harcourt, the capital city.

Rivers state sits Rivers State University of Science and Technology (RSUST), refineries (2), stadia (2), sea ports (2), an international airport, and University of Port Harcourt.

The downsides of Port Harcourt, however, is its very high standard of living, which might create an extra financial burden for beginning Fintech companies not seen in some other states in the country. The activities of militants in the area, also, agitating for local impact of wealth generated by the oil and gas industry also creates insecurity in an otherwise peaceful state.

Fintech companies which decide to set up in the state have a lot to possibly gain from the oil and gas industry, as well as the upper class residents of the region.

(4) Cross Rivers State

Cross Rivers state is a state in southern Nigeria, widely known for its tourism-friendly environment. Cross River State has a gross domestic product of $ 9.292 billion, and is a good place to situate a Fintech company in Nigeria.

The state hosts the University of Calabar and is growing into a globally acclaimed tourist centre with tourist sites such as the Calabar Free Trade Zone, the Calabar Sea Ports, Calabar Air Ports, Tinapa Business Resort and the infamous Obudu Ranch Resort. All these are various platforms for business, tourism and trade in the state.

The state also boasts of an ICT Village, which was formed in collaboration with Microsoft. the Village offers Information and Communications Technology training to residents of the state, as well as students, interested in keeping up with the world’s IT trends.

The state also hosts, Tinapa, a first-of-the-kind world-class resort for integrated business and relaxation in Nigeria. Tinapa is based in Calabar with facilities that meet international standards and a Free Trade Zone.

Cross River could actually become one of Africa’s biggest hubs for Fintech companies in Nigeria.

(5) Lagos State

Finally, I can’t end this list without the Centre of Excellence, Lagos state. Lagos is the country’s most widely known city, and is at the peak of industrial and commercial activities in Nigeria. Home to international sea and air ports, Lagos is the highest contributor to Nigeria’s GDP, generating a GDP of $ 33.68 billion annually. With an estimated population of more than twenty million people, Lagos is certainly one of the best places to start a Fintech company in Nigeria.

The University of Lagos is well known for being technology inclined in their R&D. The state also hosts the Lagos Business School, a top business school reckoned with across the globe. The state also has several other academic institutions such as the state owned university, polytechnics, as well as other ICT institutions scattered across the state, making it a friendly business environment.

The state has extensive tourist sites, and relaxation centers, with intentions to create Free Trade Zones in novel regions in the state.

The large population of Lagos state; its sea and air ports; and the business – favoring disposition of the state government over time; predisposes it any day any time an inviting location for financial technology companies.

So, that’s all on my list of the best locations to site a Fintech business in Nigeria.

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