The CEO of Moya Network, a submarine cable capacity provider created by seasoned Pan-African ICT professionals, Carrey Phillips, has stated that the network will compete at lower prices with established internet providers like MainOne, MTN and Glo all of which have their own submarine cables landing in Lagos.
“We’ll use new technologies like IP based to deliver low-priced capacity. There is plenty of space for innovative capacity providers and the requirements are exploding with existing applications and new ones under development” he stated.
Speaking in a Skype question and answer section at a meet-up in Accra to interact with investors and crypto community members about their upcoming Initial Coin Offering (ICO), Phillips added that Moya Network’s vast experience in developing and managing ICT companies will come in handy in the planned overhauling of the broadband data market in Africa.
Opening the event, Afrikanus Kofi Akosah Adusei of Core Media who took participants through the principles of ICOs also explained how most ICOs are start-ups but MOYA Network is an already established business and only introducing the Blockchain for crowdfunding.
“It is important you understand the fundamentals of an ICO before you invest in it. Many people have been a victim of scam ICOs because they didn’t take the time to do the necessary due diligence. ICOs are far better than IPOs since it gives everyone the opportunity to invest in an idea or a company irrespective of economic status and geographical location”, he said.
He also highlighted the peculiarities people should look out for before investing in an ICO. Some of them were the team behind the project, Escrow, refund policy among others.
Afrikanus, therefore, urged the over 60 participants to do the necessary due diligence when investing in any ICO, even though he maintained, “There are a lot of potentials in the MOYA Network business idea.”