Africa Investment Forum 2019: Unveiling the Boardroom: $67.6 billion dollars of deals tabled, $40.1 billion investor interest secured
November 13, 2019 | 0 Comments
Africa is winning…Africa is bankable- African Development Bank President Akinwumi Adesina
It was deals that brought participants to the 2019 Africa Investment Forum and they were not disappointed. The second Forum ended on a high note Wednesday, with 56 boardroom deals valued at $67.6 billion tabled – a 44% increase from last year.
Fifty-two deals worth $40.1 billion secured investor interest compared with $37.8 billion dollars last year.
During the 2018 edition of the Forum, 61 transactions valued at $46.9 billion were tabled for discussions in boardroom sessions and 49 deals worth $38.7 billion, secured investment interest.
Presiding over the session: “Unveiling the Boardroom Deals”, African Development President Akinwumi Adesina said that was the spirit of the Africa Investment Forum: “transactions, transactions, transactions. Deals, deals, deals!”
Over 2,221 participants attended this year’s Forum from 109 countries, 48 from Africa and 61 from outside of Africa. They came from government, the private sector, development finance institutions, commercial banks, and institutional investors.
‘The Forum is a platform that will change Africa’s investment landscape,” Chinelo Anohu, the Forum Senior Director said. “Africa is ready to engage on its own terms.”
Key moments of the Forum included:
- a $600 million COCOBOD deal for Ghana, for cocoa processing, warehousing and processing
- $58 million for the Alithea Identity Fund for women
- A concession agreement for the Accra Sky Train, worth $2.6 billion
The Forum focused on projects and advancing deals spanning several sectors, including Energy, Infrastructure, Transport and Utilities, Industry, agriculture, ICT and Telecoms.
“Now the hard work begins to fast-track these deals to financial closure… Africa is bankable,” Adesina said.
Cameroon:At Nkafu event Entrepreneurs urged to understand their environment, know the needs of their clients
November 12, 2019 | 0 Comments
By Boris Esono Nwenfor
(Yaounde, Cameroon) Entrepreneurs have been encouraged to understand the environment they operate in and to equally know the needs of their clients in order to foster the growth of their business. Shouame Cyrille Researcher, Vice President of SOS Espoir et Émergence was speaking at the Mansel Hotel in Yaounde November 12, 2019 at the Small Business Management and Entrepreneurship Skills training organized by the Nkafu Policy Institute.
To him, every entrepreneur is a client because they need the services of others in their work and they should not provide the kind of services that they will not accept from others.
Speaking on the Business Management, He said that, as small business owner, entrepreneurs need to understand the economic situation of their country.
To economic analysts, knowing the economic situation will make it easy for an entrepreneur to survive in a particular business as the purchasing power of customers is very important. Equally, the political instability of a country makes it very difficult for a particular business to operate.
Shouame Cyrille added that entrepreneurs need to understand their finances well, and understand where most of their income goes so as to better plan while educating the various participants on the different opportunities offered by the Ministry of Small and Medium Size Enterprises to small business owners in Cameroon.
In her introductory words, the Program Manager Agathe Djomeghu indicated that the mission of the SBEC is to provide entrepreneurs with organizational skills, and today’s session is part of a long series of six training sessions.
Ngueteu Nganga, Founder of MARON & Associates SARL and Accountant edified participants on tax requirements, registration and declaration procedures, while equally advancing some importance of moving from the informal to a formal sector.
Ngueteu Nganga added that “Cameroon is under the OHADA accounting system and practices accrual accounting. Small Businesses should be able to calculate and declare their turnovers themselves”, while adding that “this should not be done by the tax collectors, as explained by Foretia foundation”
According to an accountant, Taxes should not be the reason why entrepreneurs fail. Tax is an end product, it is on entrepreneur’s profit and not capital. Cameroon has one of the best tax systems as it is a declarative system – it is the entrepreneur who declares what he has earned for the month, calculates and pays. But the issue is that people do not even know how to calculate as some cheat the system.
Access to finance is a key factor to the growth of SMEs but notwithstanding, because of the difficulties faced by financial institutions in obtaining information on the borrowers-solvency, lack of reliable financial statement of SMEs, absence of guarantee or inadequate collateral and lack of detailed business plan, they (financial institutions) become reluctant to award loans to these SMEs.
According to statistics from the Ministry of Small and Medium Size Enterprises, Social Economy and Handicrafts, there are more than 400,000 companies in the informal sector and out of these, 99 per cent are SMEs. In an economy, firms can obtain funds from the stock exchange or indirectly from financial intermediaries like banks, microfinance institutions and other non-financial institutions. A 2009 IMF study indicated that heavy taxes and 15 per cent interest ceiling on loans to SMEs also discourage these institutions from financing the sector.
The Small Business Training under the theme, “Small Business Management and Entrepreneurship Skills” falls within the framework of the prime purpose of the Small Business and Entrepreneur Centre (SBEC) – to spur economic growth in Cameroon through the provision of tools to establish, expand and sustain private sector business in partnership with Global Affairs Canada.
Traveller Spend in Africa Could Increase by 27%, Sabre Research Reveals
November 12, 2019 | 0 Comments
|Consumers would be more willing to travel if they were able to move freely within the continent, and if travel pain-points were addressed|
|PORT LOUIS, Mauritius, November 12, 2019/ — Spend among African travellers could increase by 27 percent over the next year if they were able to move more freely within the continent, new research from Sabre Corporation (NASDAQ: SABR) (https://www.Sabre.com/) reveals at today’s 51st African Airlines Association (AFRAA) Annual General Assembly in Mauritius.|
More than 5,000 people across Kenya, Nigeria and South Africa were asked whether they had travelled by plane in the past 24 months, to which 26% said they had – a 2% increase on Sabre’s similar 2016 study. However, those that did travel cited that various barriers were preventing them from travelling more often. The majority said that air travel was too expensive, but many also cited difficulties in obtaining visas and booking flights, delays, queues at the airport, and an overall stressful travel experience as some of the reasons they don’t travel more.
Of those that had travelled, there was a willingness to spend up to 27 percent more on air travel if they could travel visa-free throughout the continent – with most respondents saying they would take 2-3 trips per year compared with the 1-2 they currently take. More than 90% were also willing to spend more on ancillary services like in-flight Wi-Fi and entertainment, and special on-board food and beverages. Forty-three percent said they would spend over $100 on these ancillaries to improve their travel experience – 26% up on 2016 and still significantly more than global averages.
“It is encouraging to see that a greater number of people have been able to access air travel over the past three years,” said Dino Gelmetti, vice president sales, Middle East and Africa. “However, our research shows that there is still a long way to go to make travel affordable and accessible. The majority of our respondents’ barriers to travel are within an airline’s control, and investing in the latest technology can significantly improve the whole flight experience – from booking to the day of travel.”
Those polled said that if pain points were eliminated and they could travel more freely, the countries top of their lists to visit are South Africa, Ghana, Ethiopia, Seychelles, Madagascar, Mauritius, Kenya and Botswana. And, in an environment in which airlines across Africa are grappling with slow growth, this study sheds light on significant opportunities for the travel industry to improve the travel experience and capitalise on new revenue opportunities.
“Overcoming the cost constraint is a major challenge, but all indications are that if airlines were able to reduce flight costs by optimising operations, routes and pricing, far more African people would take advantage of the opportunity to travel by air,” continued Gelmetti. “Digital technologies offer the key to slashing operational costs, improving efficiencies and understanding customer pain points. By using data harnessing technologies to make sense of customer data and using these insights to offer passengers the right product in the right context at the right time, travel operators immediately improve their chances of increasing sales.”
Airlines also need to break down barriers such as confusing booking and check-in processes, by adopting multi-channel sales and check-in processes that allow travellers to engage in the channels they are most comfortable with – be those traditional channels such as travel agents and check-in staff, or digital channels such as websites and mobile apps. These same digital channels lend themselves to streamlined ancillary services sales, allowing travellers to quickly and easily order and pay for personalised add-ons to enhance their travel experience.
Sabre Corporation (https://www.Sabre.com/) is the leading technology provider to the global travel industry. Sabre’s software, data, mobile and distribution solutions are used by hundreds of airlines and thousands of hotel properties to manage critical operations, including passenger and guest reservations, revenue management, flight, network and crew management. Sabre also operates a leading global travel marketplace, which processes more than US$120 billion of global travel spend annually by connecting travel buyers and suppliers. Headquartered in Southlake, Texas, USA, Sabre serves customers in more than 160 countries around the world.
African Development Bank, Credit Suisse, Industrial and Commercial Bank of China and Ghana Cocoa Board ink $600 million loan agreement to boost cocoa production
November 12, 2019 | 0 Comments
- Agreement is a turning point for scaling up the cocoa value chain – President Nana Addo Dankwa Akufo-Addo of Ghana
- Ghana is bankable, cocoa is bankable and of course Africa is bankable – Dr. Akinwumi A. Adesina, President, African Development Bank
The African Development Bank, Credit Suisse AG, the Industrial and Commercial Bank of China Limited and Ghana Cocoa Board (COCOBOD) signed a $600 million syndicated receivables-backed term loan on Tuesday, to boost cocoa productivity in Ghana – the world’s second-largest cocoa producer.
Ghanaian President Nana Addo Dankwa Akufo-Addo, the President of the African Development Bank Dr. Akinwumi A. Adesina, senior officials from Credit Suisse and ICBC, oversaw the signing of the facility, at a ceremony held on the second day of the 2019 Africa Investment Forum.
The multi-million dollar agreement is a milestone for the Bank-convened Africa Investment Forum, a transactional platform dedicated to transforming the continent’s investment and development agenda, which kicked off in Sandton City Johannesburg on Monday.
The COCOBOD transaction was launched at the Africa Investment Forum in 2018, and a year later, the signing is a demonstration of the Forum’s ability to raise much needed financing, including from international commercial financiers, for projects in Africa. Prior to the agreement, COCOBOD did not have access to long-term debt capital.
At a press conference following the signing, President Akufo-Addo said the agreement would help to ensure higher incomes for Ghana’s cocoa farmers.
“It was critical that we find a mechanism for scaling up the value chain for our farmers and that is where the Bank came in,” Akufo Addo said. “We see this agreement as a turning point and…to what is possible on this continent.”
The Bank, as Original DFI Lender and Initial Mandated Lead Arranger, is partnering with Credit Suisse as Original Commercial Lender, Global Commercial Coordinator, Co-Mandated Lead Arranger. Credit Suisse is also acting as Joint Commercial Underwriter and Bookrunner to structure and fund a dual-tranche facility comprising a $250 million, 7-year DFI tranche with the Bank, as well as a $350 million, 5-year commercial tranche.
The Industrial and Commercial Bank of China Limited London Branch joined as an Original Commercial Lender, Co-Mandated Lead Arranger and Joint Commercial Underwriter and Bookrunner ahead of syndication.
Syndication of the facility is underway.
Making sure that Africa gets to the top of the value chain is one of the African Development’s Bank’s top priorities, President Adesina said, adding that Africa could become a global hub for cocoa and cocoa-based products.
“All cocoa producing countries will get similar support (from the Bank). Ghana is bankable, cocoa is bankable and of course Africa is bankable,” Adesina said.
COCOBOD will use the facility to raise cocoa yields per hectare and increase Ghana’s overall production. These include financial interventions to sustainably increase cocoa plant fertility, improving irrigation systems, rehabilitating aged and disease-infected farms. The funds will also help increase warehouse capacity and provide support to local cocoa-processing companies.
Signing for Credit Suisse, Madthav Patki said the “landmark” transaction would facilitate future long-term investment in the Ghanaian cocoa sector.
“This is a positive contribution to a key sector of Ghana’s economy. “It is a moment of tremendous pride…This is what the Africa Investment Forum is all about,” Patki said. He also commended the Bank’s signature expertise in financial instruments, that enabled them to leverage financing for the deal.
The Africa Investment Forum, an initiative of the African Development Bank is an innovative, multi-stakeholder transactional marketplace, dedicated to raising capital, advancing projects to bankable stage, and accelerating financial closure of deals.
Ghana’s cocoa sector employs some 800,000 rural families and produces crops worth about $2 billion in foreign exchange annually. COCOBOD is a fully state-owned company solely responsible for Ghana’s cocoa industry, controlling the purchase, marketing and export of all cocoa beans produced in the country.
Africa Investment Forum 2019: Billion dollar boost for African female entrepreneurs
November 12, 2019 | 0 Comments
The European Investment Bank (EIB) has announced a $1.1 billion lending programme to help women entrepreneurs on the continent.
EIB Vice President, Ambroise Fayolle, also revealed that the bank has signed three further agreements to boost sustainable development on the continent.
But the major deal is what the EIB has dubbed SheInvest. The EIB expects the gender-lending initiative to allow women to play a more active role in economies.
“This initiative aims to promote female entrepreneurship,” said Fayolle, noting that female entrepreneurs will also gain business skills from the initiative. He explained that the financing will promote gender investment related to climate change and is part of broader European engagement to provide targeted support for new investment that supports increased female economic participation in Africa.
The announcement was made at the Africa Investment Forum in Johannesburg, where hundreds of investors, development partners and wealth funds have gathered from 11 to 13 November for the continent’s premier marketplace.
The EIB is the lending arm of the European Union. The EIB has supported investment in Africa for more than 50 years. Last year, it provided a record €3.3 billion to African countries, with more than half the funds being pumped into the private sector.
As one of the largest providers of climate finance, the investment bank has also struck a deal with Guinea-based telecommunications provider, IPT PowerTech Group, which will see the company abandon fossil fuels for cleaner sources of power such as solar and wind.
Mohamed Al Habbal, Vice President and Chief Operating Officer at IPT PowerTech Group, says the move to renewable sources of energy such as solar power will help the company reduce its carbon footprint. Habbal estimates that thousands jobs will be created as a result of this deal.
A further deal that was signed on the first day of the second Africa Investment Forum, will see African Trade Insurance increase its membership in Western and Southern Africa. This increased insurance coverage is expected to attract more investment to the continent.
In Southern Africa the EIB confirmed a new lending programme to support access to finance by entrepreneurs across Malawi and confirmed a new scheme to finance smallholders in the country to be launched early next year.
Patricia Hamisi, a Senior Manager at Malawi’s FDH Bank, says the money will help the bank enhance its long-term credit to small businesses owned by women. “The agreement comes with technical assistance which will help the bank enhance its trade financing,” said Hamisi.
The Africa Investment Forum inaugural edition was launched in 2018 in partnership with Africa50, Afrexim Bank, the Trade Development Bank, the Development Bank of South Africa, the Islamic Development Bank, the Africa Finance Corporation, the European Investment Bank.
The 2019 Forum runs from 11 to 13 November in Johannesburg, South Africa.
2019 Africa Investment Forum: Achieving an African economy four times bigger with only a 50% increase in energy demand
November 12, 2019 | 0 Comments
Africa has the potential to expand the continental economy fourfold, with energy demands expanding by only 50 percent, according to a new report. The International Energy Agency (IEA) unveiled its report on the first day of the second African Investment Forum in Johannesburg, South Africa.
Africa Energy Outlook 2019 found that the continent’s future energy prospects look bright, but only if Governments can make the shift to more renewable energy sources. The report says there are three factors that will determine the continent’s future energy consumption – its growing population, the rapid increase in urbanisation and industrialisation.
Kieran McNamara, an analyst at IEA, noted that these will have “profound effects on Africa’s energy mix and how the economy develops.”
The IEA has for the first time conducted detailed modelling of the energy mix for 11 countries in Sub-Saharan Africa, namely Angola, South Africa, Democratic Republic of Congo, Kenya, Tanzania, Ethiopia, Côte d’Ivoire, Mozambique, Nigeria and Senegal.
The projected energy mix needed for Africa will be very different from the current one, with countries moving away from biomass and fossil fuels to renewable sources of energy.
About 600-million Africans have no access to electricity, although this has improved since 2013, according to IEA’s analysis. “In order to start to address the problem, we have to realize the scale of the emergency. And that data is extremely important. You have to be able to define the problem before you can actually address it,” said Wale Shonibare, Acting Vice President of Power, Energy, Climate and Green Growth.
Africa also needs to radically increase its investment in power generation from the current $30-billion to $120-billion by 2040, if it is to achieve universal access to electricity, according to Tae-Yoon Kim, another analyst at IEA.
If countries on the continent do not change current policies on energy use, Africa will not achieve the African Development Bank’s target of universal electricity by 2030.
But with improved policies, Africa can see the continental economy expand four times with matching energy demand that is only 50 percent greater than the current demand.
Kenya is one country where universal access to electricity could become a reality by 2022, if it continues with its current policy that has brought a large amount of renewables into the energy mix. Ethiopia could follow suit towards the end of the decade.
The African Development Bank and the IEA, an autonomous agency aiming to improve the world’s energy markets, participated in a high-level side event during the African Investment Forum 2019. Other participants included the European Commission, the African Union Commission and the African Energy Commission.
Discussions were based on the African Development Bank’s “Light Up and Power Africa” strategy, through which the bank hopes to build knowledge of the African energy sector, and assist in achieving universal access to electricity on the continent. Governments, utilities, regulators and investors will hopefully use this knowledge to help them grow energy sectors, while reducing costs. The availability of quality data will improve African countries’ abilities to make informed energy policy decisions and to provide private investors with valuable market analysis.
Through the New Deal on Energy for Africa (NDEA), the Bank has positioned itself to lead Africa’s energy transformation. The NDEA is a partnership-driven effort launched in 2016, which aims to achieve universal access to electricity in Africa by 2025.
The Africa Investment Forum (AIF) brings together project sponsors and investors, borrowers, lenders, policy makers and public and private sector investors, to promote Africa’s investment opportunities.
The Forum runs from 11-13 November in Johannesburg, South Africa.
Gambia goes to ICJ to defend Rohingya Muslims
November 12, 2019 | 0 Comments
By Bakary Ceesay
The Republic of The Gambia has filed today before the International Court of Justice (ICJ) in The Hague a lawsuit alleging that the Republic of the Union of Myanmar has violated its obligations under the 1948 Convention on the Prevention and Punishment of the Crime of Genocide for its genocidal actions against the Rohingya people, a Muslim minority that lives in Myanmar.
Genocide is a crime under international law, and all States have an obligation to prevent, to punish, and to not commit genocide. Myanmar has failed in adhering to its obligations on all counts in its brutal treatment of the Rohingya, who have been subjected to wanton acts of violence and malicious degradation with the specific intent of State actors to destroy the Rohingya as a group.
The Gambia has stepped forward, on behalf of the 57 Member States of the Organization of Islamic Cooperation, and with the mandate of the Organization, to hold Myanmar accountable for its genocidal crimes against the Rohingya.
This action asks the ICJ to adjudge and declare Myanmar to have violated its obligations under the Genocide Convention, to order Myanmar to cease and desist from its genocidal acts, to punish the perpetrators, and to provide reparations for the Rohingya victims.
The Gambia has also asked the ICJ to impose Provisional Measures, as a matter of extreme urgency, to protect the Rohingya against further harm during the pendency of this case by ordering Myanmar to stop all of its genocidal conduct immediately. The Gambia calls on the international community to support its legal effort, and to redouble all diplomatic and political efforts to cause Myanmar to stop, and never to repeat, its genocide against the Rohingya, and to assist in efforts to ensure justice and accountability for the crimes committed against them.
The Agent for The Gambia before the ICJ in this case, and head of its legal team, is H.E. Abubacarr Marie Tambadou, Attorney General and Minister of Justice of The Gambia. The Gambia has retained the services of Foley Hoag LLP, an international law firm with many years of experience representing States before the ICJ, as its counsel. The Gambia will also be represented by Professor Philippe Sands, of University College London, and Professor Payam Akhavan, of McGill University.
Fifth “Bloomberg Africa Business Media Innovators” Forum Convenes in Senegal to Discuss How African Media Can Adapt to New Disruptive Forces
November 12, 2019 | 0 Comments
Follows the 2019 expansion of the Bloomberg financial journalism training program to five new markets, including Senegal
November 11, 2019, Dakar, Senegal— Media, technology, business, government and community leaders from across Africa and beyond gather in Dakar, Senegal, today for the fifth annual Bloomberg Africa Business Media Innovators forum (ABMI). Under the theme of ‘Business Strategies for African Media’, the forum will explore some of the most promising approaches to fostering a vibrant, competitive media sector on the continent.
At a time when media companies around the world are facing challenges such as competition utilizing new technologies, the spread of misinformation and, in some countries, decreasing press freedom, ABMI will explore how African media can navigate and adapt to the changing landscape. Co-hosted by Justin B. Smith, CEO, Bloomberg Media Group, and Matthew Winkler, Editor-in-Chief Emeritus, Bloomberg News, the forum will also address the contribution media organizations make toward enabling economic growth by providing accurate, data-driven reporting and analysis to citizens, business leaders, investors, and public officials.
“The economy in Senegal is becoming increasingly diversified, so it is important that journalism and the media sector continues to develop accordingly,” said Mr. Mahammed Boun Abdallah Dionne, Minister of State and Secretary-General of the Presidency of the Republic of Senegal, who opened today’s forum. “I am confident that the conversation taking place at the summit will help us continue to drive this growth forward.”
Speakers at this year’s forum include media owners, senior editors, investors, business leaders, government officials and community leaders from 20 countries across the continent and beyond, including: Mr. Amadou Mahtar Ba, Co-Founder and Executive Chairman, AllAfrica Global Media; Mr. James Bennet, Editor, New York Times; Dr. Phillip Clay, Former Chancellor, Massachusetts Institute of Technology; Ms. Kelly Conniff, Executive Editor, TIME; Mr. Sachin Kamdar, CEO, Parse.ly; Dr. Retha Langa, Deputy CEO, Africa Check; Mr. Nicolas Pompigne-Mognard, Founder and Chairman, APO Group; Ms. Thabile Ngwato, CEO, Newzroom Afrika; and Ms Louise Stuart, Mergers and Acquisitions Executive, Naspers Limited, among others.
“Advancements in technology, new competitors, growth of social media, and the increasing use of mobile devices are requiring media organizations across the globe to explore innovative strategies and build new business models,” said Justin B. Smith, CEO, Bloomberg Media Group. “Africa is home to countries with some of the highest expected growth rates in the global media and entertainment industries. I look forward to discussing the future of media with this community gathered at the forum.”
The latest edition of ABMI follows successful gatherings in Zambia, Ghana, Kenya and South Africa. The annual event is a component of the Bloomberg Media Initiative Africa (BMIA), a pan-African program launched by Michael R. Bloomberg in 2014 to strengthen media capacity, promote innovation in the sector and improve access to high-quality data and information on the continent.
In January 2019, BMIA announced the expansion of its Financial Journalism Training (FJT) program to five new markets: Senegal, Côte d’Ivoire, Tanzania, Ghana and Zambia. These markets follow Kenya, Nigeria and South Africa, where 652 delegates from 13 countries have graduated to date. This unique educational offering supports the advancement of financial journalism and contribute to economic development on the continent. Admittance to this event is on an invitation-only basis. For more information, please visit: http://www.bmia.org/innovators.
Follow the conversation online using #ABMI2019
For more information on BMIA please click here.
About the Bloomberg Africa Media Initiative (BMIA) Launched by Mike Bloomberg in South Africa in 2014, the Bloomberg Africa Media Initiative (BMIA) is a pan-Africa program designed to accelerate development of a globally competitive media and financial reporting industry as well as promote transparency, accountability and good governance in Africa and beyond. The initiative has four components: It provides cross-disciplinary educational programs to increase the number of highly trained business and financial journalists, as well as supports research to stimulate new media innovations, convene international leaders to promote interactive dialogue and build strong relationships to enhance the quality of financial coverage and the availability of reliable and timely data on the continent.
About Bloomberg Philanthropies Bloomberg Philanthropies works in 480 cities in more than 120 countries around the world to ensure better, longer lives for the greatest number of people. The organization focuses on five key areas for creating lasting change: Arts, Education, Environment, Government Innovation, and Public Health. Bloomberg Philanthropies encompasses all of Michael R. Bloomberg’s charitable activities, including his foundation and his personal giving. In 2018, Bloomberg Philanthropies distributed $767 million. For more information, please visit bloomberg.org or follow us on Facebook, Instagram, YouTube and Twitter.
Africans Rising to launch people’s campaign
November 12, 2019 | 0 Comments
By Wallace Mawire
Africans Rising for Justice, Peace, and Dignity is launching a new campaign called ‘The People’s Campaign’, that puts a spotlight on community challenges and triumphs throughout the African continent and all around the world.
It is reported that The People’s Campaign aims to bring together communities across the continent and in the diaspora through actions by mobilizing the masses to speak on the issues that jeopardize the well-being of every citizen on the African continent and deprive them of their right to live a prosperous life.
The People’s Campaign intends to push for a unified front of actions on the continent with ‘ONE ACTION, ONE VOICE & ONE PEOPLE’.
“We the people, civil society, organisations, movements, community leaders, scholars, intellectuals, artists, and activists have an obligation to shed light on the most important issues that stand against our freedoms and our right to pursue a life of sustainable peace, social justice and human dignity on the African continent and among Africans in the Diaspora,” Africans Rising said.
Africans Rising said that it encouraged organisations to get involved withThe People’s Campaign and stand for the pursuit of human dignity through teach-ins and forums, rallies, fundraisers, concerts and undertake online and offline activities to elevate the profile of the issues that matter the most to the continent.
“Our first action in The People’s Campaign will be to host regional convenings in Nigeria and the DRC to discuss African youth in global development and we invite you to participate locally or online on Nov. 30. For more information about our upcoming events visit our Website and follow us on Facebook and Twitter,” they said.
As a part of The People’s Campaign, Africans Rising wants to hear directly from its members and remain accountable in their work and vision for the African continent.
“Therefore we will be selecting mobilizers to implement activities for our grassroots organising in 2020. These selected leaders will work alongside our regional coordinators and participate in our mentorship program, where they can learn from some of the sharpest minds in organizing across the continent. We encourage you to nominate a mobilizer from your organization. In the following weeks, Africans Rising will announce the selected mobilizers who will join our mentorship initiative,” according to Africans Rising.
Africans Rising has a footprint in over 40 different countries on the African continent, a network of over 350 organisations across the continent, and continues to build partnerships with various entities and institutions that stand for peace, justice, humanity, and dignity.
“With The People’s Campaign, we invite you to be a part of our large and growing network that offers our members a variety of opportunities to learn and develop through mentorship, leadership skills, media access, professional training, and an international platform. Join us today!” they said.
Sixth Mozambique gas summit and exhibition opens Wednesday
November 12, 2019 | 0 Comments
By Wallace Mawire
The National Hydrocarbons Company (ENH) and the events company CWC, from London, will host the 6th edition of the Mozambique Gas Summit and Exhibition at the Joaquim Chissano International Conference Centre, Maputo on 13 to 14 November.
It is reported that the event will be officially opened by His Excellency Filipe Jacinto Nyussi, President of the Republic of Mozambique.
This 6th edition will address the key topic: “Post-FID Gas infrastructure development-Economic diversification-industrialisation.”
It is reported that High-level representatives from the global oil and gas industry are expected to attend the conference from around 55 countries and over 50 speakers from different areas of the energy sector.
The event is also hosting 130 exhibitors, representing the entire oil and gas value chain, as well as 700 attendees including national, from various levels and international delegates, representing a record attendance since this event began.
African Energy Chamber and Organization of Petroleum Exporting Countries (OPEC) Discuss Technical Cooperation at Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC)
November 12, 2019 | 0 Comments
|The Chamber will be assisting in the organization of an OPEC Technical Workshop in Dakar in early 2020|
|ABU DHABI, United Arab Emirates, November 12, 2019/ — A team of the African Energy Chamber (https://EnergyChamber.org/) led by Executive Chairman Nj Ayuk met with the Secretary General of the Organization of Petroleum Exporting Countries (OPEC) H.E. Mohammed Sanusi Barkindo today in Abu Dhabi. Both parties discussed the sharing of best industry practices and technical cooperation with new and upcoming African oil producers.|
Given the increasing number of African producers who have rejoined OPEC, and the strong support of non-OPEC African nations for the Declaration of Cooperation, both parties agreed on the opportunity to strengthen the technical dialogue between OPEC and Africa.
In order to cement OPEC’s engagement with new and upcoming producers, the Chamber will be assisting in the organization of an OPEC Technical Workshop in Dakar in early 2020, which will be open to regional technicians from ministries and national oil companies. “As OPEC expands, it is important to open its technical meetings and workshops to non-member countries who could potentially join the Organization later,” explained Nj Ayuk, Executive Chairman at the African Energy Chamber and CEO of the Centurion Law Group.
H.E. Mohammed Sanusi Barkindo welcomed the initiative as a very timely one, insisting that now is the right time for countries such as Senegal to engage with OPEC and the global oil industry. “Such technical workshops can establish a framework for the long-term sharing of best industry practices for new African producers. They ultimately benefit the development of transparent and sustainable industries, this is good for Africa and Africans.”
*Africa Energy Chamber
Interswitch and Visa enter into strategic partnership
November 12, 2019 | 0 Comments
- Visa to acquire a significant minority equity stake in Interswitch
- Partnership expected to expand the digital payments ecosystem across Africa, the world’s most underpenetrated market
- Interswitch and Visa share a vision to drive financial inclusion across the African continent
(Tuesday 12th November, Nigeria): Interswitch Limited (“Interswitch” or the “Company”), a leading technology-driven company focused on the digitisation of payments in Nigeria and other countries in Africa, and Visa Inc. (“Visa”), the world leader in digital payments, today announced a strategic partnership that will further advance the digital payments ecosystem across Africa.
As part of the agreement, Visa will acquire a significant minority equity stake in Interswitch. The investment makes Interswitch one of the most valuable African FinTech businesses with a valuation of US$1 billion. Visa will join globally renowned investors, Helios Investment Partners, TA Associates and IFC, as shareholders in Interswitch, alongside Company management.
Founded in 2002, Interswitch disrupted the traditional cash-based payments value chain in Nigeria by introducing electronic payments processing and switching services. Today, Interswitch is a leading player in Nigeria’s developing financial ecosystem with omni-channel capabilities across the payments value chain, processing over 500 million transactions per month in May 2019.
In 2018, electronic payments in Africa accounted for only 12 per cent of transactions by volume, compared to 54 per cent in Europe and 79 per cent in North America. Sub-Saharan Africa is the fastest-growing digital payments market in the world, with electronic payment volume expected to grow at a CAGR of approximately 35 per cent from 2018 to 2023 in the region (excluding South Africa). This progress is expected to be driven by the deepening payments infrastructure, population and urbanisation growth, GDP growth above the global average, increased mobile and internet penetration, as well as a supportive regulatory landscape for electronic payments and financial inclusion.
Interswitch’s core market, Nigeria, is the largest economy in Africa with a rapidly growing electronic payments market. Point of sale (“POS”) and ATM transactions per adult grew at a CAGR of 94 per cent and 59 per cent from 2013 to 2018, respectively. In Nigeria, there were only 11 card transactions per adult per annum in 2018 compared to 92 in markets like South Africa, 126 in Brazil and 465 in the UK. Despite this market under-penetration, POS card transactions in Nigeria are expected to grow at a CAGR of 63 per cent between 2018 and 2023.
In addition to its switching and processing services, Interswitch owns Verve, the largest domestic debit card scheme in Africa with more than 19 million cards activated on its network as of May 2019. The business also operates Quickteller, a leading multichannel consumer payments platform, driving financial inclusion across Nigeria with over 270,000 access points, as of 2018, from which consumers can initiate peer-to-peer transfers, bill payments, airtime purchases, and other e-commerce transactions, processing over 42 million transactions monthly as of 31 July 2019 (equivalent to over NGN560 billion (US$1.5 billion) through direct, indirect and Paypoint channels). Interswitch’s unique market capabilities and strong consumer proposition, has enabled it to deliver consecutive years of sustainable profitable growth.
The partnership will create an instant acceptance network across Africa to benefit consumers and merchants and facilitate greater connectivity for communities. Both parties will also retain their respective independent solutions, and Interswitch will retain its scheme neutral strategy.
Mitchell Elegbe, Founder and Chief Executive of Interswitch, said; “Sub-Saharan Africa is the fastest growing payments market in the world, with growth driven by a young and dynamic population, rapidly evolving consumer behaviour, and an increasing desire for payment solutions that can be accepted across the continent and abroad. I am delighted that Interswitch has formed a partnership with Visa, with whom we plan to drive the next phase of transformation in the African payments landscape.”
Andrew Torre, Regional President CEMEA, Visa, said; “Africa is a priority region for us, and we continually seek strategic partnerships with local players to further strengthen our leadership position and enhance the payments ecosystem across the continent. This partnership aligns with our global strategy to work with and invest in innovative partners, and we look forward to working with Interswitch to provide new consumer and merchant experiences and support the rapid growth of digital commerce across Africa.”
Babatunde Soyoye, Helios’s co-founder and Managing Partner, added, “A strategic investment by Visa, the world’s leader in digital payments, into Interswitch is a substantial endorsement of the Company’s expertise in African payments. As an active investor in leading African payments businesses, we see tremendous opportunities to digitise payments across the continent and have worked closely with Interswitch’s management team to build a high quality and scalable platform geared to address some of these opportunities. We look forward to further collaboration with the Company alongside Visa.”
The transaction is subject to the relevant regulatory approvals and is expected to close by Q1 2020.
FT Partners acted as exclusive strategic and financial advisor to Interswitch on this transaction.
|Interswitch Group Marketing & Corporate Communications Cherry Eromosele, Enyioma Anaba, Tomi Ogunlesi||+234 1 6283888 Ext 1253 firstname.lastname@example.org|
|International public relations adviser to Interswitch Smithfield, A Daniel J Edelman Company John Kiely, Charles Harrison, George Yeomans||+44 20 3047 4228 Interswitch@edelman.com|
|Nigeria public relations adviser to Interswitch Vaerdi Oluyemisi Lanre-Phillips, Rob Newman||+234 909 888 2196 Interswitch@Vaerdi.org|
|Visa Global Corporate Communications Shannon Reed Corporate Communications Nigeria Niyi Adebiyi||+1 650.432.2990 email@example.com +234 816 6109761 firstname.lastname@example.org|