Stanbic IBTC Pension Managers Deepens Access To Pension With New Branch

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Stanbic IBTC Pension Managers Deepens Access To Pension With New Branch

Stanbic IBTC Pension Managers, a subsidiary of Stanbic IBTC Holdings recently opened a new branch as part of its commitment to increasing its customers’ access to excellent pension services in Nigeria. The new branch office is located at 76A Adetokunbo Ademola Street Victoria Island Lagos State.

The Pension Fund Administrator noted that the new branch is an additional avenue for the company to serve the pension needs of its current and prospective clients. Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers, highlighted that the new branch is part of the organisation’s efforts at availing customers’ the opportunity to directly interact with the company as regards their pension contributions, retirement plans, benefits and any other information that they may need.

“The new branch is a fulfilment of our promise to make quality pension fund administration and financial management services available to more Nigerians. This expansion is part of our growth strategy to spread our footprints across Nigeria and enhance accessibility to pension services. As usual, customers can enjoy excellent customer experience at the new branch, while we continue to ensure availability of our  digital channels for as many customers who wish to transact from the comfort of their homes or offices,” Olumide said.

“The growing size of pension assets is impacting the financial landscape, and as a forward-looking pension fund administrator, we understand that increasing the accessibility of our pension services will aid the overall quality of experience for pension contributors” he added.

Nike Bajomo, Executive Director, Business Development, Stanbic IBTC Pension Managers, while appreciating clients for the continued trust placed in the organisation to support their financial journeys, she noted that the organisation would continue to provide world-class pension fund solutions to make client experience optimal at all touch points.

“We cannot but appreciate our esteemed clients for their unwavering commitment to us. They are the reason we exist and the reason we will never cease to innovate and deliver quality financial solutions to meet their needs. On behalf of the board, management, and staff of Stanbic IBTC Pension Managers, we say thank you for sharing our dream and for giving us the opportunity to serve you.”

Stanbic IBTC Pension Managers is a leading Pension Fund Administrator with extensive experience in investment management and pension fund administration. Additional information on the organisation’s services can be found at stanbicibtcpension.com.

Ecobank Group Launches 2022 Edition Of Its Fintech Challenge With US$50,000 Prize Money Up For Grabs

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Ecobank Group Launches 2022 Edition Of Its Fintech Challenge With US$50,000 Prize Money Up For Grabs

Fintech Challenge offers early stage and mature start-ups the potential to partner with Ecobank (www.Ecobank.com) across 33 African countries; Applications open until 16 September.

Pan-African banking group, Ecobank Group, has launched the fifth edition of the Ecobank Fintech Challenge and encourages African Fintech entrepreneurs to enter the competition.

Fintechs that are aligned with the Bank’s strategic objectives stand a chance to win an overall cash prize of US$50,000 for the top winner and the opportunity to partner and scale their solutions across Ecobank’s 33 African markets.

Fintech companies and developers originating from any of Africa’s 54 countries, as well as global Africa-centered Fintechs, are eligible to enter the Fintech Challenge by visiting: https://bit.ly/3KnrDz2. Applications can be made until the 16 September 2022.

Ten finalists will be inducted into the Ecobank Fintech Fellowship after the finals and awards ceremony which will take place in October 2022.

In addition, all Fellows will qualify to explore the following opportunities with the Bank and its partners:

  • Multinational products roll out: an opportunity to pursue integration with Ecobank and potentially launch products in all or part of Ecobank’s pan-African 33-country ecosystem.
  • Service provider partnerships:  Ecobank may select some Fintechs as pan-African service partners within the Bank’s ecosystem.
  • Access to Ecobank’s Pan-African Banking Sandbox: Fellows will be given access to Ecobank’s APIs to test and improve their products for the pan-African market.
  • Priority Access to Ecobank’s Venture Capital partners for funding exploration.

Ade Ayeyemi, Chief Executive Officer, Ecobank Group, said “Ecobank believes that the only way to transform financial services in Africa is for Pan-African banks like Ecobank to continually support and collaborate with innovative Fintechs and start-ups. We invite and welcome Africa’s best Fintechs to work with us through the 2022 Challenge.”

Dr. Tomisin Fashina, Operations and Technology Executive, Ecobank Group said, “The uniqueness of the Challenge is that it welcomes both early stage and mature start-up Fintechs alike and seeks to align them with different kinds of partnership opportunities within Ecobank that match their differing levels of maturity.”

The Ecobank Fintech Challenge was designed in partnership with international advisory firm, Konfidants and is supported by partners across Africa and globally. So far 46 Fellows have been admitted into the Ecobank Fintech Fellowship programme since it was launched in 2017.

For more information about the competition, its benefits and how to apply, please visit https://bit.ly/3AMixIM

Modern Chinese Medicine Announces Year 2022 Interim Results; Expand distribution network to seize industry opportunities

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PERFORMANCE HIGHLIGHTS

  • The Group posted a consolidated revenue of approximately RMB196.1 million for the six months ended 30 June 2022, representing an increase of approximately 14.1%
  • Gross profit increased by 9.9% to RMB86.4 million
  • Net profit increased by 13.1% to approximately RMB49.9 million
  • The increase in revenue was primarily driven by the surge in revenue generated from the sales of Vigour and Vitality Supplement Pill, Fever-removing and Detoxification Pill and Additional Ingredient Huoxiang Zheng Qi Pill
  • Northeast, the PRC remained as the largest contributor (55.7%) to the Group’s total revenue
  • The Group has currently established a distribution network for 83 distributors covering about 40 cities in the PRC

HONG KONG SAR – Media OutReach – 25 August 2022 – Modern Chinese Medicine Group Co., Ltd. (“the Company” or “Modern Chinese Medicine”, together with its subsidiaries, the “Group”, HKEX stock code: 1643) announced its Interim results for the six months ended 30 June 2022 (“the Period”). The Group has risen to the challenges brought by the COVID-19 pandemic and recorded remarkable growth. The Group posted a consolidated revenue of approximately RMB196.1 million for the six months ended 30 June 2022, representing an increase of approximately 14.1% as compared to the corresponding year in 2021. The gross profit was approximately RMB86.4 million, representing an increase of approximately 9.9% while the overall gross profit margin decreased slightly to approximately 44.0%. Profit attributable to the owners of the Company increased to approximately 49.9 million for the six months ended 30 June 2022, representing an increase of 13.1%.

BUSINESS REVIEW

In the first half of 2022, the PRC struggled to contain the outbreak of COVID-19 pandemic through lockdown cities. The implementation of dynamic zero-COVID policy, especially in Shanghai, in particular, has exerted a significant adverse impact on the economy at large. While the COVID-19 pandemic may have posed difficulties to the production and operation of some pharmaceutical companies, the industry, overall, is still experiencing solid growth with favourable support from various government policies for the promotion of the proprietary Chinese medicine (“PCM”) industry. The COVID-19 pandemic has also brought the outstanding contribution of the traditional Chinese medicine (“TCM”) to the limelight.

The Group is principally engaged in the production of PCM, in particular over-the-counter and prescribed medicines intended for use by the middle-aged and the elderly in the PRC. As one of the leading companies, the Group currently has about 60 types of PCM products, with intended therapeutic effects for the treatment and/or alleviation of qi – deficiency and blood-stasis condition, cardio-cerebrovascular condition, digestive and gastrointestinal condition, gynaecological condition, respiratory system condition and nervous system condition, etc. Some of the Group’s major products are believed to be having the intended therapeutic effect for the treatment of the symptoms of COVID-19 and/or similar illness.

Well-established distribution network

Despite the complicated and difficult situation in the first half of the year, thanks to the experience gained in coping with the pandemic as well as difficulties and challenges in the past two years，the Group still managed to strategically expand its distribution network. The Group has currently established a distribution network for 83 distributors covering about 40 cities in the PRC, which are in turn served and administered by over 37 marketing staff members with relevant experience in the TCM industry.

The distribution network would not only help to develop the business operations geographically from Northeast and Huanan to other areas in the PRC, but also allow the Group to penetrate in reasonably extensive width and breadth both in Northeast and Huanan, the PRC, where the Group is strategically targeting at in view of the Group’s established footprint and the large population there. For the Period, the revenue contribution from Northeast and Huanan amounted to approximately RMB109.2 million and RMB32.1 million respectively (six months ended 30 June 2021: approximately RMB92.3 million and RMB30.0 million respectively). The Group’s distribution network and distributorship model will continue to support further development of the Group’s business operations in the foreseeable future.

Stable Profitability

The Group posted a consolidated revenue of approximately RMB196.1 million for the Period, representing an increase of approximately RMB24.3 million or 14.1% as compared to the six months ended 30 June 2021. The increase in revenue was primarily driven by the surge in revenue generated from the sales of our major products, namely Vigour and Vitality Supplement Pill, Fever-removing and Detoxification Pill and Additional Ingredient Huoxiang Zheng Qi Pill due to the improved marketing tactics adopted by existing distributors. The Last two products are believed to have intended therapeutic effect for the treatment of the symptoms of COVID-19 and/or similar illness.

Vigour and Vitality Supplement Pill and Circulation Enhancement Pill were the two top selling products for both of the Period and the six months ended 30 June 2021. These two products contributed approximately 45.5% and 46.4% of the Group’s total revenue for the Period and the six months ended 30 June 2021, respectively.

The Northeast remained as the largest contributor to the Group’s total revenue for the Period. It contributed over 50.0% of the total revenue of the Group for both of the Period and the six months ended 30 June 2021. The increase in total revenue of the Group by approximately 14.1% during the Period as compared to that of the six months ended 30 June 2021 was mainly due to the sales growth in the Northeast and Huadong by approximately RMB16.9 million and approximately RMB2.5 respectively.

The Group manages the overall gross profit margin to ensure the profitability of the Group while allowing flexible price adjustments for individual products. The overall gross profit margin for the Period decreased slightly to approximately 44.0% as compared to approximately 45.7% for the six months ended 30 June 2021. It was mainly due to the relatively lower gross profit margin of Vigour and Vitality Supplement Pill, the sales revenue of which increased by approximately RMB12.7 million during the Period. On the other hand, the production costs for other products also augmented due to the increased purchase prices of certain major ingredients during the Period, which exerted a negative impact on the overall gross profit margin.

Looking ahead, Ms. Zhang Hongli, Executive Director of Modern Chinese Medicine Group Co., Ltd. said, 「Looking ahead, the recurrent COVID-19 pandemic remains to be one of the most unstable factors in the course of world economic recovery, yet TCM and the medical, health and hygiene forces of various countries still carry the mission of safeguarding the common destiny of human health. Along with the consumption upgrades in China and the continuous release of benefits from favorable government policies, the TCM industry will head into a golden era. The Group shall adhere to our the development strategies and exploit the favorable government policies, in order to further promote the diversity of our product portfolio, boost the revenue and create value for shareholders.」

Hashtag: #ModernChineseMedicine

The issuer is solely responsible for the content of this announcement.

About the Group

Modern Chinese Medicine principally engages in the production of proprietary Chinese medicine and offers both over-the-counter and prescribed medicines intended for use by the Middle-aged and the Elderly in the PRC. According to the Euromonitor International Report, the Group was one of the leading non-listed companies engaged in the production of PCM in 2019 in terms of the sales of Qi-deficiency and blood-stasis (補氣補血) PCM pills and cardio-cerebrovascular (心腦血管) PCM capsules in Northeast, the PRC.

UBA Partners MFS Africa On Seamless Digital Payments And Remittances

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UBA Partners MFS Africa On Seamless Digital Payments And Remittances

UBA has partnered with MFS Africa on Seamless Digital Payments and Remittances.

Brand Spur Nigeria reports that Africa’s Global Bank, the United Bank for Africa (UBA) Plc and MFS Africa, Africa’s largest digital payments hub, have announced a partnership that will see both institutions offer innovative and timely solutions to a wide range of customers, especially in the area of Remittances, Electronic Money Services, SME Payments, as well as integration to businesses for cross border payments.

These services are expected to cover the 20 African countries UBA operates in, which include; Nigeria, Ghana, Kenya, Côte d’Ivoire, Zambia, Tanzania, Uganda, Republic of Benin, Burkina Faso, Cameroon, Chad, Congo, the Democratic Republic of Congo, Gabon, Guinea, Liberia, Mozambique, Sierra Leone, Mali and Senegal.

Both organisations signed an MoU at the UBA Head Office in Lagos on Tuesday, heralding the start of a partnership that will be pivotal in leveraging MFS Africa’s digital payment hub that connects over 400 million mobile money users to a wide range of partners including Mobile Money Operators, Money Transfer Organisations, Fintechs, Enterprise Merchants, and others, to drive distribution of financial services at scale.

UBA’s Group Deputy Managing Director, Muyiwa Akinyemi, who spoke during the signing ceremony, expressed his excitement at the plethora of offerings that UBA customers will enjoy from the partnership.

“We are very pleased to be partnering with MFS Africa in this venture that will see us offering seamless digital solutions to most of the financial challenges of our customers. UBA is ready and with the value that MFS Africa is known for we are indeed set to dominate the entire banking space in Africa, Akinyemi said.

He explained that the partnership will help to boost an array of services which will include a centralised payment hub that enables cross-border payments across multiple rails through a single integration; Inbound and Outbound cross border remittances; SME Payments Digitisation; Domestic and Cross Border Corporate Disbursements; Remittance Africa China Corridor; Bin Sponsorship and Web Acquiring.

Speaking on behalf of MFS Africa, Dare Okoudjou, the founder and CEO, said, “As the payments landscape in Africa continues to evolve, we believe that Fintechs and banks need to have a deeper collaboration in expanding opportunities that will help ease remittance, payments, disbursements and collections for businesses and their consumers across all sectors of the economy in Africa.

“This is why we are delighted to welcome UBA as our new pan-African banking partner. We are aware of the strengths and capabilities of UBA which is why we will be working together towards expanding access to more possibilities for millions of African consumers and businesses across the 20 countries they are present in Africa,” Dare said.

UBA is a leading pan-African financial institution, offering banking services to more than thirty-seven million customers across 1,000 business offices and customer touch points in 20 African countries.

With presence in New York, London and Paris and now the UAE, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

MFS Africa connects over 400 million mobile wallets to each other, and to the world in a mission to make African payments as simple as making a phone call In addition to mobile remittance services, the MFS Africa API enables merchant payment, bulk payment, bank-to-wallet transfers, and an array of other cross border digital payments services. The institution recently acquired Capricorn Digital, one the foremost Agent Banking providers, which boasts of over 150,000 agents across all regions in Nigeria.

BREAKING: Naira Falls To N698/$1 At Black Market

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BREAKING: Naira Falls To N698/$1 At Black Market

The exchange rate between the naira and the US dollar fell to N698/$1 on Thursday morning, 25th of August 2022, Brand Spur Nigeria learnt.

Naira fell further against the US dollar from N696/$1 recorded on Wednesday to N698/$1 on Thursday, representing a 0.29% depreciation as FX traders attributed the falling currency to sustained scarcity of the dollar and increased demand.

The exchange rate had recovered from the shocking downturn recorded in late July when naira dipped as low as N718 to a dollar. The rate averaged around N672/$1 in the first week of August and maintained stability for most parts of the month.

However, surging demand for foreign exchange and liquidity crunch as driven rate upward and depreciated the local currency at the unofficial market.

Similarly, at the cryptocurrency peer-to-peer exchange, naira fell to N696/$1 in the early hours of Thursday, from N692.9/$1 recorded in the previous trading session.

The exchange rate at the official Investors and Exporters window also depreciated in the last trading session, falling marginally by 0.08% to close at N431/$1 from N430.67/$1 recorded on Tuesday, 23rd August 2022.

Meanwhile, a total of $131.3 million in FX value was traded on Wednesday, 24th August 2022 which is 25.3% lower than the $175.67 million that exchanged hands in the previous session.

Critical Shortage Of Printers Hurting The African Print Industry

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Critical Shortage Of Printers Hurting The African Print Industry

There is a critical shortage of of printers and much print-related equipment.

An unfortunately typical example of challenges print suppliers face is the case of a channel business in East Africa that saw supplies drop from a regular 2,000-unit multifunction printer (MFP) shipment to fewer than 100 units.

However, a major print industry sub-theme is the desire for data to drive decision-making during what are generally perceived to be unreliable global markets.

Primary challenges

Print industry players are asking some probing questions that also demonstrate the primary challenges they face, such as:

  • Where should they devote limited resources?
  • Which markets represent the best opportunities for them?
  • How customer expectations are evolving and how they can tailor offers to suit them?
  • How they can cross-sell and simultaneously leverage their existing resources?

There is a lot of demand for devices, parts, and consumables on the MFP side, but supply hampers post lockdown rebound growth.

Supply is having significantly greater impacts for some original equipment manufacturers (OEM) of digital production equipment so it will be interesting to see how the strategies they are developing in collaboration with their customers unfold in the long term.

Capture

We are also seeing significant interest in capture software-related solutions. The growing global shift toward cloud solutions, particularly accessible to the small to medium enterprise (SME) market across sectors from fintech to retail, healthcare, insurance and others, is driving near double-digit growth.

SaaS-based solutions feature prominently in many sectors worldwide and are creating a lot of pull in the capture market.

Solutions

There is also a trend toward growing sophistication in some emerging African markets, such as the embryonic solution sales approaches that have taken root in Ghana and Kenya.

That implies the transformation of both the suppliers’ desire to establish greater relevance with customers as well as evolutionary customer requirements.

But, while solution selling is demonstrating stronger presence in many sub-Sahara Africa markets, product sales still form the bulk of the market.

Stock

But stock is the overriding challenge across the board. One of the ways organisations are dealing with it is by branching out to source equipment from multiple vendors.

It enables them to continue serving their customers. One of the problems around that is existing sole agency channel agreements.

However, many OEMs are taking long-term outlooks to working with their channel partners in this way throughout Africa. This is a tight industry across the continent.

Another way African print equipment suppliers are dealing with stock challenges is growing segment diversification within markets. It enables suppliers to leverage their existing skills to grow revenues in adjacent segments, diversify risk, and maintain or even grow revenue streams.

While we can expect the OEMs and channel to continue to battle supply challenges for the foreseeable future, they demonstrate sector health by keenly investing in data to determine adjacent market growth and expansion opportunities.

Nigeria Suffers 17.2% Drop In Forex Inflows

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Nigeria Suffers 17.2% Drop In Forex Inflows

The Central Bank of Nigeria (CBN) has said that aggregate foreign exchange (FX) inflows into the nation’s economy fell by 17.2 per cent to $6.58 billion in April 2022 from the $7.95 billion recorded in the preceding month.

The CBN made this known in its April monthly report on forex flows through the economy.

The report noted that “The economy recorded a lower net foreign exchange inflow of $2.63bn from $3.53 billion in the preceding month. Aggregate foreign exchange inflow into the economy fell by 17.2 per cent to $6.58 billion in April 2022, compared with $7.95 billion in March.

“Similarly, total foreign exchange outflow decreased by 11.3 per cent to $3.95 billion from $4.45 billion in the preceding month.”

The report said further analysis showed that forex inflows through the bank declined by 25.6 per cent to $2.47 billion from $3.32 billion, mainly due to a 54.3 per cent decrease in non-oil components as a result of inflows of $1.25 billion proceeds from government debts in the preceding month, as well as TSA, third-party receipts and other official income.

Autonomous inflows also decreased by 11.4 per cent to $4.11 billion from $4.63 billion, due to a decline in invisible purchases, which included ordinary domiciliary accounts which accounted for $1.33 billion and non-oil export receipts pegged at $490 million.

Foreign exchange outflows through the bank declined by 19.3 per cent to $2.86 billion from $3.54 billion in March, due, largely, to decreases in foreign exchange sales at the Investors and Exporters window, Small and Medium Enterprises intervention (SMEI), and interbank/invisible foreign exchange windows.

Autonomous outflows increased by 20 per cent to $1.09 billion from $910 million in March, on account of increased invisible imports.

Consequently, net outflows of $390 million were recorded through the bank in April 2022, compared with net outflows of $230 million in the previous month.

Global NFT Transactions To Reach 40 Million By 2027

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Global NFT Transactions To Reach 40 Million By 2027

A new Juniper Research study has discovered that the global number of NFT transactions will rise from 24 million in 2022 to 40 million by 2027.

This is based on the research company’s medium scenario for adoption, with brands leveraging the metaverse to boost digital growth. It cautioned that although NFTs present a new channel for growth, vendors must be cognisant of the risks of operating in an unregulated environment home to fraudulent activities and scams.

An NFT is a unique token that exists on the blockchain, meaning that it cannot be replicated. This unique token could represent real-world items like artworks or music, with the ability to be traded with a transparent transaction history.

Major concerns regarding environmental impact and scams

The report stresses that vendors who partake in the NFT space may risk brand damage by association, due to the role NFTs have had in illegal activities, such as money laundering, scams and fraud. Environmental issues were also raised as a major concern, with the current way transactions are facilitated on the blockchain creating massive energy usage.

It emphasised the need for regulators to work with industry bodies to standardise processes with reduced environmental impact and built-in consumer protections to enable vendors to utilise NFTs as a medium to further engage with consumers.

Metaverse to be a redeeming factor to the long-term success of NFTs

The report predicts that metaverse-linked NFTs will be the fastest-growing NFT segment over the next five years; increasing from 600,000 transactions in 2022 to 9.8 million by 2027. It highlights the rising demand for immersive experiences as a driver of metaverse adoption.

To capitalise on this growth, the research urges consumer-facing businesses to create NFT‑based content to meet changing demands from a younger, tech-savvy demographic, who are more ready to purchase novel forms of online and digital content.

Adidas CEO Kasper Rorsted To Step Down

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Adidas CEO Kasper Rorsted To Step Down

A statement shared by the company said that the Adidas board and Rorsted “mutually agreed” that he would hand over the top job.

The search for a successor has already started, and Danish-born Rorsted will remain CEO until the new appointment has been made to ensure a smooth transition.

Thomas Rabe, chairman of the supervisory board of Adidas AG, thanked Rorsted on behalf of the board: “We would like to thank Kasper for his major achievements. During his tenure since 2016 he has strategically repositioned the company and fast-forwarded its digital transformation. Under Kasper’s leadership Adidas has substantially advanced its digital capabilities and grown its online sales by a factor of more than five.

“In North America, the world’s largest sporting goods market, Adidas has doubled its sales. In addition, Adidas has strengthened its leadership position in sustainability and increased diversity, equity and inclusion throughout the company. One example is the share of women in leadership positions that increased significantly during his tenure. Following the successful divestiture of TaylorMade, CCM Hockey and Reebok the company is now able to focus its efforts on its core brand Adidas.

A necessary restart

Rabe continued, “After three challenging years that were marked by the economic consequences of the Covid-19-pandemic and geo-political tensions, it is now the right time to initiate a CEO transition and pave the way for a restart. We are pleased that Kasper will ensure a smooth transition at the helm of the company during the upcoming months jointly with the supervisory board and executive board of Adidas AG.”

Kasper Rorsted, CEO of Adidas, commented: “Adidas is an iconic sports brand. As a company, we have achieved great progress in strategic areas of our business. I am proud of our achievements as a team. The past years have been marked by several external factors that disrupted our business significantly. It required huge efforts to master these challenges. This is why enabling a restart in 2023 is the right thing to do – both for the company and me personally.

MTN, Telkom Continue Talks As Market Eagerly Waits

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MTN, Telkom Continue Talks As Market Eagerly Waits

In an update to shareholders today, the telcos said MTN’s takeover discussions with Telkom are progressing, and urged caution when dealing in securities.

This, as the market eagerly awaits the outcome of the proposed deal, which the companies first announced on 15 July, saying Africa’s largest mobile operator, MTN Group, plans to add Telkom to its stable.

MTN operates in 19 markets, with a subscriber base of more than 270 million, while Telkom has maintained a third spot in SA, but holds a lot of potential with its underutilised assets, according to analysts.

“Shareholders are advised that discussions are still in progress which, if successfully concluded, may have a material effect on the price of the company’s securities. Accordingly, shareholders are advised to continue to exercise caution when dealing in the company’s securities until a further announcement is made,” MTN notified investors.

Telkom also cautioned its shareholders of the development, saying “discussions are still in progress” and a further announcement will be made in due course.

The potential takeover of Telkom has sparked industry-wide debate, with analysts telling ITWeb last week that Vodacom’s move to acquire equity in Community Investment Ventures Holdings spooked the telecoms market, opening the race for Telkom’s assets.

The potential of the Vodacom and CIVH deal comes on the back of fierce competition in the fibre market.

Data-only network Rain and Toto Investments have also declared their interest in Telkom’s assets.

Trade unions, led by Cosatu, have also joined the debate, sounding warning bells on a potential MTN and Telkom tie-up, saying mergers of large companies result in thousands of workers losing jobs.

Solidarity and the Communication Workers Union also recently expressed fears of a jobs bloodbath should the MTN-Telkom merger deal see the light

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