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What happened to Turkana oil exploration, Kenyans ask amid hike in Fuel prices
January 16, 2021 | 0 Comments

By Samuel Ouma

The news about oil discovery in Kenya’s northwestern Turkana region in 2012 was met with celebrations.

The discovery was made following exploratory drilling by Anglo-Irish firm Tullow Oil, and the then Kenyan president Mwai Kibaki termed it a breakthrough.

In August 2019, the East African nation made one step ahead by exporting the first oil shipment to a British-based Chinese firm.

President Uhuru Kenyatta flagged off the country’s first shipment of oil, above 200,000 crude oil barrels raising citizens’ expectations.

Since then, there has been no much information about oil.

The Energy and Petroleum Regulatory Authority (EPRA), on January 14, 2021, announced the increment in the prices of petroleum products, and Kenyans did not hesitate to inquire about the Turkana Oil exploration.

“What happened to our Turkana oil exploration? “Asked John Nthiga.

In its latest review, the diesel, kerosene, and super petrol prices have gone up by Ksh4.57, Ksh3.56, and Ksh0.17, respectively.

This means a litre of diesel will be sold at ksh96.40, Kerosene ksh87.72, and super petrol ksh106.99 in Nairobi.

In Mombasa, a litre of diesel, kerosene, and super petrol will cost ksh94.01, ksh84.75 and ksh104.60, respectively.

The changes will take effect on January 15 run until February 14.

“The changes in January’s prices are as a consequence of the average landed cost of imported Super Petrol increasing by 1.51 % from the US $ 318.71 per cubic metre in November 2020 to the US $ 323.52 per cubic metre in December 2020,” EPRA said.

EPRA noted that the prices were inclusive of the eight percent Value Added Tax (VAT) in line with the Finance Act provisions.

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DHL Global Forwarding invests 126.5 million rand in new facility in South Africa
January 14, 2021 | 0 Comments
Clement Blanc, Managing Director, DHL Global Forwarding, South Africa
Clement Blanc, Managing Director, DHL Global Forwarding, South Africa

The new facility will boast 10,000 square meters of warehousing space, doubling the existing capacity to meet future demand.

Signs exclusive ten-year lease for approximately 13,000 square meters of office and warehousing space at the newly-developed Skyparks Business Estate near Oliver Reginald (O.R.) Tambo International Airport; the new facility will boast 10,000 square meters of warehousing space, doubling the existing capacity to meet future demand.

In a strategic move that reinforces its commitment to the country, DHL Global Forwarding  is investing ZAR 126.5 million into a new facility in Johannesburg. Aimed at cementing its market-leading position in South Africa, the new 13,000 sqm facility will be located within the bonded  zone at Skyparks Business Estate – a hair’s breadth from the O.R. Tambo International Airport.

Clement Blanc, Managing Director, DHL Global Forwarding, South Africa said, “While it’s too early to fully grasp the economic impact of the current pandemic, our confidence in investing ahead of the curve is abetted by our diverse service portfolio and long-established foothold in Africa. As the world’s largest free trade  area moves toward economic integration, our five-year strategy  to sharpen our core business offerings and accelerate digitalization will further our growth in the region and specifically, in South Africa.”

Twice the size of its current set-up, this new facility will consist of a 10,000 sqm warehouse that enables the leading forwarder to consolidate all its customers’ warehousing requirements. There will be an exclusive and specialized cold chain  facility that consists of three adjustable temperature controlled refrigerators geared to handle the life science and healthcare products in and out of South Africa. The warehouse will also support other value added services including cross-docking, storage for air, ocean and road freight services, and a platform for breakbulk cargo.

“Custom-built to our world-class specifications and located in proximity to the airport, arterial thoroughfares and upcoming industrial parks, this new facility will be the game-changer for DHL in the country. We are well-poised to focus on delivering excellence to our customers as we surround ourselves with the critical infrastructure that is needed to enhance our productivity and efficiency,” added Blanc.

Even as the South African economy is expected to inch forward by about 1-2%  in the next two years, industry observers are optimistic that the government’s commitment to improve investment and efforts to revitalize townships and industrial parks will reap much-needed benefits. Equally, a flourishing e-commerce sector will drive greater demand  for retail warehousing and distribution space, especially for perishables and fast-moving consumer goods.

DHL (www.DPDHL.com) is the leading global brand in the logistics industry. Our DHL divisions offer an unrivalled portfolio of logistics services ranging from national and international parcel delivery, e-commerce shipping and fulfilment solutions, international express, road, air and ocean transport to industrial supply chain management. With about 380,000 employees in more than 220 countries and territories worldwide, DHL connects people and businesses securely and reliably, enabling global sustainable trade flows. With specialized solutions for growth markets and industries including technology, life sciences and healthcare, engineering, manufacturing & energy, auto-mobility and retail, DHL is decisively positioned as “The logistics company for the world”.

DHL is part of Deutsche Post DHL Group. The Group generated revenues of more than 63 billion euros in 2019. With sustainable business practices and a commitment to society and the environment, the Group makes a positive contribution to the world. Deutsche Post DHL Group aims to achieve zero-emissions logistics by 2050.

*SOURCE Deutsche Post DHL

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Newly acquired airbus to boost Uganda Airlines’ post-covid-19 recovery plan
January 8, 2021 | 0 Comments

By Wallace Mawire

Uganda Airlines, the country’s  flag-carrier, has taken delivery of its first A330neo, the latest version of the most popular widebody airliner. It is the first Airbus aircraft delivered to Uganda Airlines, which was established in 2019, it has been reported. 

 It is added that in line with the company’s strategy to keep offering its customers unbeatable economics, increased operational efficiency and superior passenger comfort, the A330-800 is the latest addition to Airbus’ commercial aircraft product line.

   Thanks to its tailored, mid-sized capacity and its excellent range versatility, the A330neo is considered the ideal aircraft to operate as part of the post-COVID-19 recovery.

 It is added that the A330neo will enable the new airline to launch its long-range operations with non-stop intercontinental flights to the Middle East, Europe and Asia. 

Featuring Airbus’ Airspace cabin, passengers can enjoy a unique experience and explore its full comfort with 20 full-flat, business-class beds, 28 premium-economy seats and 210 economy-class seats, totaling 258 seats.

The A330neo is a true new-generation aircraft, building on the features of the popular A330 and using technology developed for the A350. Powered by the latest Rolls-Royce Trent 7000 engines and featuring a new wing with increased span and A350-inspired Sharklets, the A330neo provides an unprecedented level of efficiency. The aircraft burns 25% less fuel per seat than previous generation competitors. The A330neo cabin offers a unique passenger experience with more personal space and the latest generation in-flight entertainment system and connectivity.

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AfCFTA/African E-Commerce trading platform activated
January 8, 2021 | 0 Comments

By Wallace Mawire

The African Continental Free Trade Area and African E-Commerce trading has been activated starting with  Ethiopian Airlines-DHL and the African Electronic Trade Group partnering  to transport historical parcels in the African Continental Free Trade Area.

  It is reported that the partnership is meant to invoke the start of trading of the African Continental Free Trade Area market and the operations of the African E-Commerce Platform in the continent.

 It has also been reported that the first batch of the goods has arrived at Addis Ababa Bole International Airport on 1 January 2021 at a ceremony graced by high-level officials from the public and private sectors including the  African Union (AU), DHL and Ethiopian Airlines Group.

 Working in collaboration with African Union Commission and the African business community with a vision to enhance intra-and inter-African trade, the African Electronic Trade Group transports fragile trophies to various African countries as African Continental Free Trade Area commences.

  It is added that the smooth and reliable connection between the source and the final destination is possible because of the partnership between Ethiopian Airlines and the African Electronic Trade Group.

 The partnership joins the pre-existing continental partnership between Ethiopian Airlines and DHL that has strengthened the multimodal logistics systems established by Ethiopian at its hub in Addis Ababa.

  Commissioner General of the Eswatini Revenue Authority remarked, “Tremendous opportunities exist digitally enabled cross border trade through the implementation of ASYCUDA World, Customs to Customs Data Exchange, Coordinated Border Management, Single Windows and other similar mechanisms pursued under the Regional Economic Communities, which need to be the norm rather than the exception in Africa. The African Continental Free Trade Area brings momentum behind our commitment for enhanced ease of doing business that we are addressing in partnership with the business community, the Ministry of Commerce, Industry and Trade and all members of the National Trade Facilitation Committee”.

  It is reported that so far, the fragile goods have passed through Eswatini, South Africa and Ethiopia, countries that have signed and ratified the AfCFTA Agreement.

  Mr. Tewolde GebreMariam, Group CEO Ethiopian airlines said, “The link between an integrated African marketplace, free movement of persons and the single air market in Africa cannot be underestimated as it serves as a catalyst for unlocking immense opportunities in Africa for the benefit of Africans and all stakeholders. I would like to commend the African Union leaders for their strategic focus on the legal instruments that will make it easier for Africans to travel across the continent peacefully and do business with each other. I believe that the partnership with The African Electronic Trade Group and DHL is crucial, as Ethiopian is a key player in African cargo and passenger transportation. While fighting the COVID-19 pandemic, we need to work to boost intra African trade to pave the way for a brighter future.”

  The African Electronic Trade Group Southern Africa office is the origin of the cargo comprising of small fragile trophies destined to several African countries.

  The items are handmade by artisans in the Kingdom of Eswatini from recycled glass and converted into items of beauty.

  It is added that this is to mark the start of trading of the African Continental Free Trade Area and the operation of the African E-Commerce Platform named “Sokokuu (www.sokokuu.africa)’’ which means big market, central market and unity in Kiswahili.

  It is reported that the items produced in Eswatini and transported to various destinations across the continent symbolize that Africa is ready to exchange goods originating in the marketplace from the first day of trading.

  “A robust ecosystem to serve SMEs, especially women and youth, better is under construction with fresh impetus from digital technologies and enabling policies being put in place by the African Union Member States,” Chairperson of the African Business Council, Dr. Amany Asfour remarked.

  A joint statement issued by the partners stated, “This is the beginning of an exciting journey between a consortium of proud and trusted African and global brands namely  AeTrade Group, Ethiopian Airlines and DHL.”

  They said that standing together they welcomed  the start of trading of the African Continental Free Trade Area with its 1.3 bililon people and an estimated GDP of 3.4 trillion.

It is also added that All African countries are encouraged to sign and ratify the agreement, because universal signature and ratification of the relevant instruments is essential for seamless and hassle free trade and industrial development in Africa.

 “We wish to thank the African leaders for bringing this fruitful decision. The AfCFTA serves as an inspiration to the business community which propels us to make a start now, providing payment and logistics services and trade information via Sokokuu.Africa” said the CEO and Chairman of the AeTrade Group, Mr. Mulualem Syoum.

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Siemens Gamesa seals its first wind farm project in Ethiopia, expanding its leadership in Africa
January 6, 2021 | 0 Comments
The 100 MW wind farm will help power over 400,000 Ethiopian households.

ADAMA, Ethiopia, January 4, 2021/ — The company will deliver 29 SG 3.4-132 wind turbines to state-owned utility Ethiopian Electric Power (EEP) for the Assela project; the 100 MW wind farm will help power over 400,000 Ethiopian households; the wind farm is set to be commissioned by Spring 2023, and will save more than 260,000 tons of CO2 emissions per year.
Siemens Gamesa (www.SiemensGamesa.com) has signed its first wind power project in Ethiopia with state-owned electricity company Ethiopian Electric Power (EEP), strengthening its leadership in Africa as the country begins to expand its green energy capacity to meet ambitious renewable targets.

The 100 MW Assela wind farm will be located between the towns of Adama and Assela, approximately 150 km south of the capital, Addis Ababa, and will contribute to clean and affordable power for the country’s electricity grid.

The country has set an ambitious target to supply 100% of its domestic energy demand through renewable energy by 2030. According to the African Development Bank, Ethiopia has abundant resources, particularly wind with a potential 10 GW of installation capacity and having installed 324 MW at present.  

“Siemens Gamesa is intent on expanding its leadership across Africa, and in turn help a growing transition to green energy across the continent. So, we are extremely pleased to begin work in Ethiopia and look forward to collaborating with both EEP and the country to continue to promote their drive to install more renewables and meet transformational energy targets,” said Roberto Sabalza, CEO for Onshore Southern Europe and Africa at Siemens Gamesa.  

According to a Wood Mackenzie forecast, around 2 GW of wind power would be installed in Ethiopia by 2029.

The wind farm will be made up of 29 SG 3.4-132 wind turbines and is expected to be commissioned by the start of 2023. The project will generate about 300,000 MWh per year. Siemens Gamesa will provide full engineering, procurement, and turnkey construction.

The Assela wind project will be financed by the Danish Ministry of Foreign Affairs via Danida Business Finance (DBF) adding to a loan agreement signed between the Ethiopian Ministry of Finance and Economic Cooperation (MoFEC) and Danske Bank A/S.

Ethiopia has many renewable resources covering wind, solar, geothermal, and biomass, and the country aspires to be a power hub and the battery for the Horn of Africa. The country’s National Electrification Program, launched in 2017, outlines a plan to reach universal access by 2025 with the help of off-grid solutions for 35% of the population.

Siemens Gamesa is among the global leaders in the wind power industry, with a strong presence in all facets of the renewable energy business: offshore, onshore, and services. With more than 107 GW installed worldwide; Siemens Gamesa is an ideal partner for Ethiopia at this critical juncture in the East African nation’s accelerating energy journey.

About Siemens Gamesa in Africa:
Siemens Gamesa has been pioneering wind energy projects in Africa for 21 years.

Installations total 4 GW in countries such as Egypt, South Africa, Morocco, Kenya, Mauritania, Mauritius Islands, Tunisia and Algeria representing 60% of all wind power on the continent.

Siemens Gamesa is driving Africa’s energy transition to deliver cleaner, more reliable, more affordable energy for millions of African people and support long term sustainability and economic growth. It has the broadest product portfolio in the industry with leading technology and innovation, the scale and global reach to provide proximity to customers, and high standards of health, safety and environmental protection.
*SOURCE Siemens Gamesa
 
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December 30, 2020 | 0 Comments
Mondia Brings Ground-Breaking Entertainment Platform Monsooq to Nigeria
Monsooq’s unique time-based model allows consumers to buy entertainment time just as they would mobile airtime and use that time to consume any content

 Mondia , a leading mobile technology company specialising in the marketing and distribution of digital content, today announced its second African launch of the ground-breaking time-based entertainment platform Monsooq, in Nigeria. This follows on the heels of the initial launch in South Africa.

Monsooq is the first-of-its kind model which utilises time as the currency. Users pay only for the time they spend consuming content and are not required to take out any contracts or subscriptions.

Entertainment anytime anywhere

Monsooq’s unique time-based model allows consumers to buy entertainment time just as they would mobile airtime and use that time to consume any content they choose, including movies, sports, educational content, books, series, games and music – all on a single, convenient, end-to-end entertainment platform. New users to https://Monsooq.com/ng will receive 60 minutes complimentary access and a 50% discount on content during the launch, after which pricing is NGN20 per hour.

Whether a consumer wishes to play a game for 30 minutes while commuting, or binge a new series for six hours, they are able to load that amount of time to their profile securely using a debit or credit card. And when their time ends, they simply top up with more.

Nigeria houses incredible content

Dr Amadeo Rahmann, Mondia Group CEO, said: “Africa is the next frontier in regard to digitalisation. Our extensive footprint, increasing customer base and significant experience in the region make Africa a natural choice of focus for us. African markets, especially Nigeria with its large population and growth of digital streaming services, are primed for the democratisation of content. Mondia is firmly focused on changing the way people consume entertainment. We have incredible reach and deep understanding of the geographies in which we operate, with over 1.4 billion potential users in these countries.”

Mondia believes that Nigeria is a great local content hub for Africa with its media and entertainment industry, Nollywood, providing world-class content. Nigeria is also currently the second-largest film producer in the world in terms of number of movies[3]. The local industry employs about one million people and generates over US$7 billion for the economy3, and Mondia is excited to help provide another platform for this content.

The “new normal” brings new opportunities

“COVID-19 has had such a dramatic impact on economies globally, deeply affecting consumers’ disposable income. We believe that the Monsooq model is reflective of the changed financial situation of consumers while bringing much needed entertainment during these difficult times,” concludes Dr Rahmann.

Mondia sees exceptional potential in the continent. According to research conducted by PwC South Africa in 2019[1], entertainment and media (E&M) spend in Nigeria saw a 25.5% rise in E&M revenue in 2017 to US$3.8bn.

In December 2019 more Africans (526 million) accessed the internet than North Americans[2]. And there is still massive potential for growth: Africa has a total internet penetration level of just under 40%, as compared to penetration in the rest of the world of 63.2%. While streaming services have proliferated across Africa, there is an increasing need to deliver enhanced value, choice, and innovation in terms of pricing and content.

Monsooq also represents a new frontier of content monetisation for entertainment providers, giving them direct access to customers who are not interested in a traditional subscription model.

Content is king

Monsooq features a world-class recommendation engine to ensure consumers find the content they love. Content will be localised and customised, with a mix of local, regional and international content. Mondia aims to build the content economy and bring value across Africa as Monsooq expands.

The platform has partnered with leading regional content providers such as Viva Nation and Wi-flix, as well as well-known international TV channels, sports and games providers, and offers over 20 000 hours of entertainment including, Esport and EPIC ON. In addition, Mondia will also feature their own entertainment services which boast leading games and music titles.

Monsooq launched in South Africa  in November, which incorporates a deal with LaLiga as a premium content partner, and now launches in Nigeria, with other markets to follow.

To access Monsooq simply click here .


*SOURCE Mondia

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Kenya Airways launches JKIA Express Service for KQ Passengers
December 18, 2020 | 0 Comments

Nairobi, 17 December 2020…  Kenya’s national carrier, Kenya Airways (KQ) has partnered with Kenya Railways to launch the Jomo Kenyatta International Airport (JKIA) Express service tailored to align with Kenya Airways flights. The service will grant passengers access to convenient, safe, and cost-effective transport to Jomo Kenyatta International Airport (JKIA) from the Nairobi Central Business District.

‘’We are pleased to launch the new express service which is aligned to our KQ flight schedule to ensure passengers and staff enjoy a seamless journey to and from JKIA. We are honoured to play our role in creating an integrated transport service and marking this milestone for the transport industry in Kenya” said Allan Kilavuka, Group Managing Director and CEO of Kenya Airways.

The integrated service of Rail and Bus Rapid Transit (BRT) will operate between 0545hrs – 2100hrs and will cost passengers Sh250 for a 20-minute ride. The service will see passengers dropped off at the Embakasi Railway Station from where a shuttle will pick them up and ferry them to JKIA. The first official train service departed the city centre at 11:05hrs this morning with the passengers connecting to the KQ Nairobi-Mombasa flight departing JKIA at 13:00hrs.

The Diesel Multiple Unit (DMU) Express Service, which operates on a separate schedule from the recently launched regular commuter service targets both the airport workers and customers travelling to and from the airport.

“This service goes a long way in addressing the challenge of gridlocks on the roads around the city. The service will ensure a safe and cost-effective means of transport for all passengers,” said Kenya Railways Managing Director, Phillip Mainga.

In the same breath, Kenya Railways Chairman Maj. Gen. (Rtd) Pastor Awitta stated that he was glad to welcome the public to enjoy a better way to move into and out of the city through use of the Diesel Multiple Unit trains and the Nairobi Commuter Rail- Bus Rapid Transport.

“Besides decongesting the roads around the city, both developments will enhance the ease of doing business within the city. The result of the movement as you well know is growth, our economy will grow, and our people will also grow” he concluded.

The express service will depart Nairobi City Centre three times a day and depart from JKIA twice a day.

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Kenya Airways launches expanded Southern Africa operations to fly cargo directly from Johannesburg
December 17, 2020 | 0 Comments

Nairobi – 16 December 2020: Kenya Airways has launched its expanded Southern Africa operations that will see the airline fly cargo directly from Johannesburg to other countries in the region. Currently all connections are done through its hub in Nairobi and going forward all cargo from Southern Africa will be delivered directly, resulting in shorter connecting times and speed to market, one of the unique selling propositions to its customers.

The COVID-19 pandemic has had tremendous impact on the global aviation sector with the International Air Transport Association (IATA) forecasting a net loss of $118 million in 2020, in what has been declared the worst year in aviation history. The pandemic has not only challenged the Air Cargo sector, that accounts for approximately 35% of global trade by value, but also shown the resilience of the cargo community that has quickly adapted to the rapidly evolving situation.

“Even as the movement of people across the globe became increasingly restricted, one thing remained unchanged, the need to keep the much-needed supplies and other goods moving in order to sustain economies and to help fight the pandemic. This has reaffirmed the importance of our cargo operations and the significance of air travel in spurring trade and supporting economic growth even during tough times. South Africa is the largest intra-Africa exporting nation which was part of the fundamental opportunity principles driving the project” said Allan Kilavuka – Group Managing Director & CEO, Kenya Airways.

Amb Kamau, Amb Milanzi TZ and Mozambique and Uganda Reps

Amb Kamau, Amb Milanzi TZ and Mozambique and Uganda Reps

The expanded cargo operations will be one of the key instruments KQ Cargo will deploy to promote swift connectivity in the southern region countries that include Zambia, Mozambique, Zimbabwe, and Malawi.  The airline will continue to provide one weekly schedule to Lusaka, Maputo, Lilongwe, Harare, and will step up frequencies as demand picks up.

“It is key to reconsider how Africa’s airfreight market is positioned in order to maximise its full potential. Governments should leave behind protectionist approaches to regulating aviation and embrace liberalisation, because when such policies are adopted, countries benefit from improved connectivity with a positive impact on trade. We strongly believe in Africa’s aviation potential, and we are ready to offer a solid and long-term partnership” said Dick Murianki – General Manager, KQ Cargo.

Intra-Africa Connectivity remains at the centre of the KQ Cargo agenda with intra-Africa airfreight volumes averaging about 5% of total exports from Africa, which is way below other continents that average well over 30%. A well interconnected Africa will catalyze trade and Kenya Airways will play its part diligently in connecting the world to Africa and Africa to the world.

“The expansion of KQ cargo freight to more Southern Africa countries will boost intra-African trade as well as enhance connectivity in the southern region. Similarly, I wish to challenge KQ to venture into cargo business with countries in the regions that KQ has no footprints such as Eswatini and this will go a long way in increasing volume of cargo as well facilitate the generation of more income.” added H.E. Ambassador Jean Kamau High Commissioner of the Republic of Kenya to South Africa.

About Kenya Airways

Kenya Airways, a member of the Sky Team Alliance, is a leading African airline flying to 54 destinations worldwide, 41 of which are in Africa and transports over four million passengers annually. It continues to modernize its fleet with its 34 aircrafts being amongst the youngest in Africa. This includes its flagship B787 Dreamliner aircraft. The on-board service is renowned and the lie-flat business class seat on the wide-body aircraft is consistently voted among the world’s top 10. Kenya Airways takes pride for being in the forefront of connecting Africa to the World and the World to Africa through its hub at the new ultra-modern Terminal 1A at the Jomo Kenyatta International Airport in Nairobi. Kenya Airways celebrated 43 years of operation in January 2020 and was named Africa Leading Airline 2019 by the World Travel Awards.

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59 percent of Nigerians ready for a global digital currency – new survey
December 1, 2020 | 0 Comments

30 November 2020 – Luno, the global cryptocurrency platform, has today announced the findings of a new global survey which revealed that nearly 3 out of 5 Nigerians are ready to adopt a global digital currency, reflecting the country’s growing interest in cryptocurrencies since the start of the global pandemic. Nigerians also rank higher than the global average of 37 percent for openness to digital currency adoption.

The survey, which included 15,000 respondents from South Africa, UK, France, Italy, Indonesia, Malaysia and Nigeria, was first conducted in 2019 and then repeated in 2020. It also forms the basis of Luno’s “Trust and Uncertainty in 2020” report which explores how the attitude towards

governments, money and the decision making by central banks have changed since last year.

According to the survey, 54% of Africans think a single global currency would make their financial system better, compared to 41% for Asia and 35% for Europe. Looking at the responses in total, across all the countries in the survey, respondents expressed a more negative sentiment on the development of their local currency than last year. 40% believe their local currency will decrease in value over the next year, while 31% think it will stay the same and only 29% see an increase going forward. Hence, the majority are anticipating a decrease in their local currency which is leading many to explore alternatives. 

Speaking on the rising interest for cryptocurrencies in Nigeria, Owen Odia, Luno’s Country Manager for Nigeria, says “This year, we’re seeing a level of uncertainty that hasn’t been seen since the 2007-8 global recession and with this, there’s been a wave of Nigerians making their first steps to learn about cryptocurrencies. The growing interest in cryptocurrencies represents a new openness to look beyond the traditional ways of managing and getting the most out of your money, and exploring other useful opportunities.”

“People have had more time to research the benefits of cryptocurrencies and how they present a viable solution to many of Nigeria’s challenges around high inflation, currency volatility and a limited banking infrastructure. With ongoing inflation and other fiscal challenges, we anticipate that more Nigerians will continue to explore different ways of getting the most value from their money.”  

“The report also revealed that 52% of Nigerians feel their local economy is performing poorly compared to the global average of 36%. Confidence in the naira is also quickly diminishing with 44% of Nigerians believing their currency will decrease over the next 12 months –  almost doubling from the report’s 2019 figures of 23%. 

However, in the midst of all the financial chaos, bitcoin has emerged as an attractive alternative to fiat money – for its deflationary properties and it’s startling performance over the last year (up 145%). Increasingly institutional investors, traditional finance players and companies are adding Bitcoin to their balance sheets. 

Discussing the emergence of bitcoin in recent months, Marius Reitz, General Manager for Africa at Luno, says “There’s a fresh impetus to educate ourselves as our current financial system is looking increasingly ill-equipped to overcome the challenges.“With lowering interest rates, you don’t want to be in a situation where you don’t earn any interest on your money and lose purchasing power for every year that goes by.”

“Therefore, at Luno we’ve launched a savings wallet allowing customers to earn up to 4% interest per year on their bitcoin. We encourage our customers to learn as much as possible about investing and consider how they can maximise their savings.”

To learn more about Luno’s new Bitcoin Savings Wallet, click the following link

About Luno 

Luno is a global cryptocurrency platform aiming to empower billions of people by upgrading the world to a better financial system. Luno is doing this by making it safe and easy to buy, store, use and learn about cryptocurrencies such as Bitcoin and Ethereum. To date, Luno has processed more than USD$14 billion in transactions and has over 5 million customers across 40+ countries. 

Luno is headquartered in London and has a team of 400+ technology and finance experts operating in regions across the world. Luno is an independent operating subsidiary of Digital Currency Group

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African industrialist launches million-dollar venture capital fund for African entrepreneurs
November 26, 2020 | 0 Comments

By Wallace Mawire

African industrialist Adam Molai
African industrialist Adam Molai

African industrialist Adam Molai has launched a $1-million fund to provide entrepreneurs with capital to kickstart or expand their enterprises, in a massive boost for start-up businesses in Africa,it has been revealed.

 The JUA [sunrise in KiSwahili] Kickstarter Fund will provide successful applicants with funds – to launch or grow their businesses – as well as mentoring and guidance.

Entrepreneurs from across Africa are invited to apply.

The entire application process is electronic and funds are expected to be disbursed to successful applicants within 12 weeks of their shortlisting, in a first for Africa.

 It is reported that while SMMEs are indispensable for Africa’s economic recovery from Covid-19 devastation, raising start-up capital is one of the biggest challenges for entrepreneurs on the continent, with banks requiring collateral that most of them do not have, studies show.

Another big challenge is the absence of mentoring.

Molai, who has successfully started several enterprises across Africa and whose TRT Investments had $125-million of assets under management as of end 2019, says a desire to inspire the Continent’s entrepreneurial generation was behind the creation of the fund.

“Without entrepreneurs, economies cannot grow and countries cannot advance. But African entrepreneurs unfortunately do not get the support they need to thrive for a myriad of reasons. Yet Africa is full of enterprising people.

“Wherever there is adversity, there is opportunity. Africa is rife with adversity, wherever you turn business prospects are in abundance. Entrepreneurs provide solutions to societal challenges, whilst creating space for the advancement of their communities. I feel that Africa is so much more open and it is full of so much more opportunity than you would find elsewhere. I want to do everything in my power to ensure that this potential is cultivated and unleashed.”

Molai says the inspiration to create the JUA FUND was to highlight the importance of African businesspeople, tangibly demonstrating their confidence in the talent and entrepreneurial capacity that is within the Continent.

“When people see Africans investing in our own environment, they feel more confident to invest alongside us. Confidence breeds confidence. And I am nothing if not confident in the future of Africa and in what we can collectively achieve,” he says.

“For decades we’ve looked to governments to create a conducive environment for entrepreneurship to thrive in Africa. Governments alone will not achieve this without entrepreneurs also investing into creating more entrepreneurs. For true success, there is need for this symbiotic approach buttressed by supportive policies,” adds Molai.   

Molai says one of the critical differentiators of the fund will be how fast money is disbursed to successful applicants.

“Cash flow is essential to the survival of small and emerging businesses. Studies have shown that cash flow is one of the major reasons why small and emerging businesses fail within the first two to five years. So, we have committed to ensuring disbursement to successful applicants within 12 weeks,” he says.

Molai says he hopes the JUA FUND, as well as his and other successful entrepreneurs’ experiences, will inspire in young Africans the desire to start their own enterprises and not wait to seek out jobs.

“Unfortunately, too many young people today access opportunities to higher education, study for jobs, as youth unemployment continues to rise – producing a schooled, unskilled and unemployed generation. Others don’t pursue education or entrepreneurship because they think that becoming part of political patronage networks is an easier path to wealth.

“This attitude kills the inspiration, the desire to dream, create and build something out of very little resources or nothing. I believe this is one of the greatest threats to our continent’s economic growth ambitions, and I am hoping that the JUA FUND will play its part in transforming Africa’s entrepreneurial landscape,” says Molai.

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Emirates Airlines “still interested in flying to Mozambique”
November 26, 2020 | 0 Comments

By Jorge Joaquim

Emirates Airlines. one of the largest airlines in the world, remains interested in providing flights to Mozambique, the United Arab Emirates’ ambassador to Mozambique, Khalid Shohail, said in an interview with Notícias. 

Shohail said that Emirates should have been flying to the country since June, but restrictions to contain the spread of covid-19 had delayed the start of flights.

Emirates will fly from Dubai, via Maputo, to Gaborone in Botswana, and teams from the Mozambican government and the company are currently working to get the flights off the ground soon, the paper reported.

The go-ahead for Emirates flights to Maputo had been given after the company had completed a commercial viability study.

In recent years, several international airlines have expressed an interest in operating in Mozambique.

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Lux Afrique Group opens Africa’s first luxury e-commerce boutique, Lux Afrique Boutique
November 25, 2020 | 0 Comments
Alexander Amosu, Founder of Lux Afrique
Delivering to all 54 countries in Africa, within a standard delivery time of 3 to 5 days.

The Lux Afrique Group , in keeping with its pioneering spirit, will open the virtual doors to Africa’s very first online luxury multi-brand e-commerce store, the Lux Afrique Boutique , on 25 November 2020. This exclusive online shopping destination will offer clients from the African continent and around the world, the most luxurious brands in fashion, jewellery, watches, home, technology and food. Says Alexander Amosu, Founder of Lux Afrique “Pretty much every part of the world has a luxury e-commerce platform servicing the high net worth population across Asia, the Middle East and Europe, so why not Africa? I’m pleased to say that the Lux Afrique Boutique intend to change that!” 

The Boutique
Upon entering the online boutique, clients are presented with a selection of women’s fashion from the world’s most desirable luxury brands. The seasonal collections of leathergoods and ready-to-wear are all current and what one would find in the shopping capitals Paris, Milan or London. The men’s universe features an array of the finest names in luxury, with an additional selection of grooming products. Should you not be able to find your special piece, the concierge team are on standby 24 hours a day to source and deliver any luxury product to your home. Engrained in the company ethos, Lux Afrique Boutique (www.LuxAfrique.boutique) believe in supporting Africa and providing a platform to showcase its brands. It’s only natural then that a curated selection of African fashion and lifestyle designer brands will be available in the online boutique, with more will be added. Art lovers will be particularly pleased with the online African Art room, where the continents’ foremost artists will showcase their works.

For those who adore fine jewellery and watches, the High Jewellery universe features an array of exquisite pieces from Fabergé, David Morris and Stephen Webster, together with the worlds’ foremost watch and jewellery brands. Once again, and true to company spirit, Vanleles, an African fine jewellery brand features prominently in the online boutique.

Luxury lifestyle brands that are specially created for the home, ensure that your abode reflects your style. Expect to find designer furniture, homeware and the latest audiovisual equipment like Bang and Olufsen, to decorate your residence. The shopping experience is complimented by the finest champagnes, wines and spirits, including Louis XIII and Dom Perignon, available in the world, while the highlight for any connoisseur would be discovering the Foodhall’s exceptional delicacies. The concierge team, as part of the highly personalised service, are on standby 24 hours a day to source and deliver any luxury product that you may possibly not find in the boutique. For VIP clients, a limited selection of merchandise can infact be delivered within 24 to 48 hours.

Shipping
Lux Afrique Boutique (www.LuxAfrique.boutique) will deliver to 54 countries in Africa within a standard delivery time of 3 to 5 working days. For VIP clients, a limited selection of merchandise can infact be delivered within 24 to 48 hours. In addition, to celebrate your birthday and as a special gift to you, the boutique offers free shipping on your birthday.

Corporate Social Responsibility
The Group strongly believe in giving back and supporting entrepreneurship efforts in Africa. With this in mind, a percentage of each sale will be ploughed back into sustainable projects supporting local businesses on the continent, allowing clients to partner with the Boutique in giving-back through their purchases, a priceless feel-good factor. The Lux Afrique Boutique aims to place the spotlight on discovering and showcasing luxury African brands and artisans.

About Lux Afrique Boutique:
Lux Afrique Boutique is Africa’s first luxury online shopping boutique revolutionising the African luxury market by delivering to all 54 countries across Africa. The Boutique, together with its 24-hour concierge service, caters for high-spending African consumers and is uniquely positioned in the high growth online luxury sector. The team are dedicated to hand-picking the world’s finest, rarest and most exquisite luxury brands globally by offering it online. The curated gift service provides a completely stress-free shopping experience as a retail destination for men and women with a distinctive taste for luxury without the inconvenience of travelling to Europe.

About Lux Afrique Group:
Lux Afrique , a luxurious lifestyle, 24-hour concierge service and events company catering to the needs of over 500 HNWIs (High-Net-Worth Individuals) particularly Africans earning more than one million US Dollars per annum, was founded in 2016 by Alexander Amosu. As part of the Lux Afrique Group, Lux Afrique Agency was launched in 2019 to represent sports personalities, celebrities and influencers from across Africa and worldwide. This is in addition to Lux Afrique POLO events, the Lux Afrique Conference, Lux Afrique online Magazine and the soon to be launched Lux Afrique Boutique, the first luxury online shopping platform delivering to all 54 countries in Africa.
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