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MultiChoice: Subscriber Base Dip Reflects Difficult Consumer Environment

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A business news item with some prominence last week was the interim financial results of the pay television company, MultiChoice Group, with Nigeria being one of its most significant markets. The most arresting item in the results is the announcement of the loss of 243,000 subscribers on MultiChoice’s DStv and GOtv services within the six months (April to September 2024) covered by the result released last week.Also of public interest, albeit to a lesser extent domestically, is MultiChoice’s loss of 298,000 subscribers in its Zambian market, which was attributed to persistent power outages induced by drought. Although there were declines in the company’s other markets in the Rest of Africa (RoA) and South Africa, they were relatively low at 25% and 5%, respectively.Also reflected in the results was the $21 million trapped in the distressed Heritage Bank, which has had its license revoked by the Central Bank of Nigeria. This splurge of negative information understandably sparked a mix of reactions, notably wildly unreasoned but with a smattering of clear-headed ones. The previous analysis, which focused only on subscriber losses and the $21 million, ignored other aspects of the results and reached an apocalyptic conclusion.That strain of analysis blamed the subscriber base decline on the tariffs charged by the company.It was indifferent to the local economic conditions, which have significantly diminished purchasing power not only among MultiChoice subscribers but also for users of other services and goods.It could not have been otherwise, given that the country’s inflation rate has been consistently above 30% for over a year, with the latest figure of 33.88%. The inflationary pressures have been aggravated by the drastic and continuous dip in the value of the naira, which caused businesses, including MultiChoice, huge foreign exchange losses. The pay television company’s losses from a dollar-denominated intergroup loan stood at 2.1 billion Rands within the period covered by the results.It is quite clear that during tough economic times, consumers reduce spending on non-essential items, the category into which pay television services are included. This is supported by the recent CBN Household Expectations Survey, which stated that at this time, Nigerians focus on food, household necessities, education, transportation, electricity, and medical care.“The Buying Condition Index for high-ticket items like consumer durables, motor vehicles, and real estate suggests that most respondents believe the current month is unfavourable for purchasing these items. Additionally, consumers do not anticipate the next three to six months will be ideal for acquiring such products,” the report noted.There is ample evidence that businesses are bleeding on account of the rough economic weather. Guinness Nigeria Plc reported a net loss of N12.2 billion for Q1 2025 (ending September 30, 2024). This represents a dramatic 568% decline from the N2.6 billion net profit recorded during the same period the previous year. The company cited declining sales volumes, a reduced gross profit margin, and foreign exchange revaluation losses amounting to N8.4 billion as the primary causes.Nestlé Nigeria Plc reported a significant pre-tax loss of N255.4 billion for the first nine months of 2024. This represents a 381% increase in losses compared to the N56.65 billion loss recorded during the same period in 2023. Meanwhile, Airtel Group generated revenue of $2.37 billion for the half-year ending September 30, 2024, marking a 10% decline from $2.62 billion in the same period in 2023. The company’s operating profit fell by 20%, and it faced a $151 million loss attributed to the devaluation of the naira. These figures highlight the decline in consumer spending on calls and data services.Some analysts, who seemingly paid inadequate attention to the results and/or heard voices in their heads, , attributed the outcomes recorded by MultiChoice to the increasing consumer adoption of streaming services like Netflix and Prime and MultiChoice’s failure to diversify.Neither, going by the results, has any factual basis. While there is no debate that streaming services are rising in popularity, Showmax, MultiChoice’s subscription video-on-demand (SVOD) service platform is enjoying popularity, reporting 50% year-on-year growth and a 30% increase in paying subscribers. This is attributed to its transition to the Peacock technology stack, which has allowed it to establish partnerships with major distributors like Kenya’s M-PESA and South Africa’s Capitec to enhance adoption. The tariffs of the streaming services have similarly been affected by local economic conditions. Netflix, for example, has hiked the tariff of its premium package to N7,000 from N4,000 monthly.The results, contrary to the claim that MultiChoice has focused solely on traditional pay television, show forethought and bold diversification footprints.“We are proactive in our focus to right-size the business for the current economic realities and industry changes. We have successfully been implementing our strategy over the past few years, achieving key milestones such as our investment in KingMakers [MultiChoice’s gaming division],” Calvo Mawela, CEO of MultiChoice Group, stated.MultiChoice is expanding into the insurance and financial services sectors through a partnership with Sanlam. The partnership is expected to spawn an accounting gain of between $144.4 million and $182.9 million. Moment, the company’s fintech venture, is also experiencing significant growth, as it currently processes nearly 30% of MultiChoice’s total payments, achieving payment volumes of $242 million across 40 African countries since it was launched.In gaming industry, BetKing Nigeria has risen to the second position in the online betting sector. Though the industry experienced a 48% revenue decrease, Betking’s overall revenue rose by 10%. Irdeto, MultiChoice’s global technology division, has shown the capability to make significant contributions through the expansion of It offers digital security services to address the increasing demands of online and streaming platforms.The alarming predictions made by certain analysts and doomsayers fail to recognize that the economic conditions in Nigeria, particularly the soaring inflation, have forced consumers to tighten their belts. As a result, consumer behaviour has shifted significantly. Days of wine and roses are no longer around. For now, at least.

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Watching BBN and the World Cup Is No Longer a Location Thing

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Big Brother Naija Reunion is on, the World Cup tournament is kicking off, or that new DStv/GOtv series everyone has been talking about just dropped, and somehow, you’re not at home. Maybe you’re in traffic, at work, or just not near a TV. In moments like these, the real question is no longer “what’s showing?” but “how do I not miss it?”That shift is precisely why the DStv and GOtv Stream have become more than just viewing platforms. They are now part of how people actually experience television on the move, at home, on phones, and in real time.”Whether it’s someone trying to catch a live show while commuting, watching highlights during a break at work, or simply preferring to stream directly from their device instead of using a decoder, these apps have quietly changed how entertainment is consumed.But beyond streaming and access, many users still don’t fully understand how to navigate them properly. Here’s a simple guide.1. Getting StartedDownload the DStv Stream or GOtv Stream app from your device’s app store and sign in using your DStv or GOtv account details.Once you’re logged in, you’ll land on the home page, where you’ll find a mix of live TV, recommended content, trending titles, and recently added shows.2. Watching Live TVOne of the easiest ways to use the platform is through the Live TV section.Simply:Tap on Live TVBrowse available channelsSelect the channel you wantStart watching instantlyThis is especially useful for:Big Brother Naija live broadcastsFootball matches and tournamentsNews coverageReality showsLive eventsYou can move between channels just as you would on a decoder.3. Finding Shows and MoviesFor viewers who already know what they want to watch, the search feature offers a quick way to find specific shows, movies, channels, or sporting events without scrolling through categories.The platform also organizes content into categories, making it easier to discover something new.4. Catch Up on Missed EpisodesIf you missed an episode because you were busy, the catch-up feature allows you to watch selected programs after they have aired. Instead of waiting for reruns, you can simply search for the show and pick up right where you left off. This feature is especially useful during busy periods when it can be difficult to keep up with daily shows.5. Explore Recommended and Trending ContentThe home page regularly highlights:Trending showsNewly added contentPopular moviesRecommended titles based on viewing habitsIf you’re not sure what to watch next, this section can help you discover content you may have otherwise missed.6. Accessing Showmax ContentOne of the biggest additions to the streaming experience is the integration of Showmax content.Viewers can now access a wide range of Showmax movies, series, and entertainment content directly through the streaming platform, making it easier to move between live TV and on-demand viewing without constantly switching services.From international blockbusters to local favorites, there’s significantly more content available to explore.7. Creating a Personal Viewing ExperienceThe platform allows users to:Continue watching from where they stoppedSave favorite contentBrowse viewing historyDiscover personalized recommendationsThis makes it easier to keep track of ongoing series and find content that matches your interests.With the DStv Stream and GOtv Stream, live channels, catch-up viewing, on-demand entertainment, and Showmax content are all available in one place, making it easier than ever to watch what you want, when you want, and wherever you are.

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Interswitch Brings Two Decades of Infrastructure Thinking to the 3rd ‘Invest Lagos’ Summit, highlights Lagos SHIP as prime example of forward-thinking public-private sector partnership

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Lagos, Nigeria; June 10, 2026

Interswitch Group, Africa’s first homegrown technology unicorn and the continent’s foremost digital payments infrastructure company, participated as AI and Innovation Pavilion co-chair and corporate thought-leader at the 3rd Invest in Lagos Summit, held at the Eko Hotels & Suites, Victoria Island, Lagos, from June 8–9, 2026. The high-profile summit, convened under the auspices of the Lagos State Government and themed ‘Lagos: Business Gateway to Africa’ expectedly drew a distinguished gathering of public and private sector leaders from across Africa and the global investment community, including His Excellency Senator Kashim Shettima, Vice-President of the Federal Republic of Nigeria, His Excellency Mr. Babajide Sanwo-Olu, Executive Governor of Lagos State, and a slew of other state governors from across Nigeria, as well as members of the Federal Executive Council, whose presence underscored the strategic importance of the summit as a platform for shaping Africa’s investment and innovation agenda. Representing Interswitch Group on the summit’s flagship technology panel on day 1, themed “The Future of Technology and Innovation” was Babafemi Ogungbamila, Executive Vice-President (EVP) for Operations and Technology. Speaking to an audience of investors, policymakers, entrepreneurs, and global business leaders, Ogungbamila drew on Interswitch’s foundational story to deliver what became one of the session’s most cited contributions: a frank, first-hand account of what it truly takes to build technology infrastructure in Africa; not in theory, but from the ground up, against the odds, and before the market was ready to reward the effort. “Without the right rails, even the best products will stall before reaching scale,” Ogungbamila asserted. “We built Nigeria’s first successful digital interbank transaction infrastructure in 2002. Nobody was asking us to build it. There was no guaranteed return. But we understood that the companies that build the foundational layer of an ecosystem don’t just compete in that ecosystem; they shape it. That principle holds as powerfully today as it did then.” His contribution to the panel was rooted in a founding narrative that remains as instructive today as it was defining in 2002. When Interswitch was established in Lagos by Founder and Group CEO Mitchell Elegbe, there was essentially no technology ecosystem to speak of. No digital payments infrastructure. No interoperability between financial institutions. No playbook from which to build. According to him, what Lagos offered instead was something more powerful than infrastructure: a market whose economic ambition had already outpaced its digital capacity – a gap that became Interswitch’s founding mandate. “In 2002, there was no ecosystem” Ogungbamila reflected. “No blueprint. No guarantee that what we were building would find a market. Just a sprawling, complex, commercially ferocious city whose economy was moving faster than its digital infrastructure could carry. That gap was our invitation.” That invitation produced Nigeria’s first interoperable digital payments switching infrastructure, the invisible backbone that today processes the majority of Nigeria’s electronic transactions and connects banks, merchants, fintechs, and consumers across the country’s financial ecosystem at scale.Speaking to the broader question of what conditions are required to scale African technology companies into globally competitive enterprises, Ogungbamila was emphatic that infrastructure depth, and the institutional courage to invest in it before the market offers its reward, remains the defining variable separating technology companies that endure from those that plateau. “The companies that build the foundational layer of an ecosystem don’t just compete in that ecosystem, they shape it” he reiterated. “Twenty-three years on, that principle is not nostalgia. It is our operating philosophy, and it is more relevant now than ever, as Lagos cements its place as one of Africa’s foremost technology and innovation hubs, and as the next generation of African builders constructs what comes next.” Ogungbamila further referenced The Lagos Smart Health Information Platform, known as Lagos SHIP or LAGSHIP as a first-of-its-kind initiative developed by Digital Health Platform Limited, a Special Purpose Vehicle comprising the Lagos State Ministry of Health and Interswitch eClat, designed to digitize and integrate patients’ health records across the state into a single, comprehensive platform, enabling a robust Health Information Exchange system that gives healthcare providers real-time access to comprehensive patient records for more informed decision-making, while simultaneously empowering patients with unprecedented control over their personal health data. Beyond individual patient care, LAGSHIP eliminates the inefficiencies of manual data handling, ensures data confidentiality and privacy, and equips the Lagos State Government with the data intelligence needed to plan and coordinate healthcare services across all levels, from primary healthcare centres to tertiary institutions. This essentially transforms fragmented, error-prone record management into a unified, policy-grade infrastructure for a city of over 22 million people Such an intervention, which essentially seeks to replicate in healthcare, how technology was leveraged by Interswitch, based on infrastructure-thinking, to transform banking and payments (resulting in tremendous multiplier effects) about 2 decades ago, speaks to forward-thinking vision by the leadership of Lagos State. Ogungbamila further addressed the conditions required to drive inclusive, broad-based economic growth through technology, arguing that connectivity must be treated as constitutional infrastructure, that public-private partnerships must be designed around community need rather than commercial convenience, and that regulatory frameworks must be built to enable innovation rather than merely govern it. On artificial intelligence specifically, he called for African governments to invest in regulatory capacity before regulatory complexity highlighting that understanding must precede legislation if Africa is to capture the full economic value of the AI revolution. A central theme of Interswitch’s participation at the summit was the role of Lagos not merely as a commercial hub, but as the specific environment whose scale, complexity, and appetite for solutions gave Interswitch the mandate and the market to become what it is today. Africa’s first homegrown technology unicorn was not built despite Lagos’s infrastructure challenges. In many meaningful ways, it was built because of them. That framing carries particular resonance at a moment when Lagos is actively positioning itself as the investment destination of choice for global capital flowing into African technology, financial services, and digital infrastructure. Interswitch’s story, from a 2002 startup operating in a vacuum of digital financial infrastructure to a billion-dollar pan-African enterprise operating across over 23 countries is, in many ways, Lagos’ story told through the lens of a company that bet on the city before the city had fully bet on itself.

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PodFest Naija Returns September 25 with Nigeria’s Leading Storytellers, Creators, and Brands

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Lagos, Nigeria – The Muvmnt Studio, the creative force behind Nigeria’s first podcast festival, has announced the return of PodFest Naija – A Festival of Stories, scheduled to take place on September 25, 2026, at Harbour Point, Victoria Island, Lagos. Building on the success of its inaugural edition, PodFest Naija returns as the country’s premier gathering for storytellers, podcasters, creators, brands, and culture shapers. The 2026 festival will feature a diverse lineup of influential voices who continue to shape conversations, communities, and culture across Nigeria and beyond.Created as a convergence point for the storytelling ecosystem, PodFest Naija exists to celebrate, collaborate, innovate, and support storytellers as they elevate their craft. Attendees can look forward to insightful conversations that explore the future of storytelling, evolving audience behaviours, emerging tools and platforms, and the power of authentic narratives. Beyond the discussions, the festival offers opportunities for meaningful engagement with some of the country’s most beloved creators and storytellers, who will share personal experiences and lessons from their journeys across specially curated themed stages.”Storytelling remains the heartbeat of meaningful communication,” said Tosin Adefeko, Curator of PodFest Naija and Chief Executive Officer of AT3 Resources – The Muvmnt Agency.”At The Muvmnt Agency, we recognised a major shift: consumers have become storytellers in their own right, shaping narratives, influencing culture, and driving conversations. Yet, despite the growth of the ecosystem, many creators were still operating in silos. No one was gathering the tribe. PodFest Naija was our response to that gap. The success of our first edition validated the power and potential of storytelling. This year, we are bringing together an even broader and more influential community of voices to amplify consumer-led narratives, foster deeper connections, and strengthen the storytelling ecosystem.”Podfest Naija is the creative economy’s signal to the ecosystem that our voices, stories, and community deserve to be seen, heard, and invested in. This year’s festival will feature specially curated stages hosted by some of Nigeria’s most influential voices across finance, branding, culture, health, relationships, and public discourse, including Rolake Akinkugbe-Filani, Olushola Olaleye, Ife Durosinmi-Etti, Aproko Doctor, Joro Olomofin, Tochukwu Macfoy (Dr Foy), Babajide Ogunsanwo, and Francesca Uriri. They will be joined by an impressive lineup of speakers and storytellers, including Grace Ofure, Ify Mogekwu, Abdulhafees Adelani, Bola Balogun, Rosemary Egabor-Afolahan, Adefunke Arowolo, Audu Maikori, Morenike Molehin, Tomike Adeoye, Anthony Wolve, Adefunke Arowolo, William Benson, Gbemi Olateru Olagbegi, Audrey Abayomi, Bola Balogun, and many more.Beyond the main stage conversations and the Next Big Podcaster talent discovery initiative, designed to spotlight and support emerging podcast voices across Nigeria, PodFest Naija 2026 will also feature a Spotify-led masterclass, providing creators with practical insights to grow and sustain impactful platforms. An interactive exhibition arena will give brands the opportunity to showcase products and services, connect directly with attendees, and engage with one of Nigeria’s most vibrant and influential creative communities.The festival is proudly supported by Eventful Nigeria, MTN, Fan Milk, Eve Essentials, and UAC, among other leading brands, further cementing PodFest Naija’s position as the definitive gathering for Nigeria’s podcasting and storytelling community.About PodFest NaijaPodFest Naija is Nigeria’s first podcast festival and a celebration of storytelling in all its forms. Designed as a platform for learning, networking, collaboration, and community building, the festival brings together creators, podcasters, brands, media professionals, and storytelling enthusiasts to shape the future of narrative-driven content in Africa.The event will CELEBRATE creativity, foster COLLABORATION, showcase INNOVATION, and provide a platform for LEARNING.

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