SureRemit targets 250 million immigrants with non-cash remittance service
December 8, 2017 | 0 Comments
By Wallace Mawire
A big argument for the potential of blockchain and cryptocurrencies
has been about how the revolutionary technology can impact the $600bn
cross-border remittance market. Several platforms are already enabling
cheaper and faster transfer of money using cryptocurrencies like
Bitcoin; however, a new product, SureRemit, is focusing on a
particular segment: non-cash remittances.
It is reported that there are over 250 million immigrants across
the world. A significant volume of money sent by these immigrants is
intended to serve specific needs of their friends and family at home
like food, clothing, utility bills and education. Senders utilize a
myriad of formal and informal channels to move money, but while there
have been improvements in recent years, the international money
transfer process is far from convenient.
Cash transfers are heavily regulated in order to prevent money
laundering, fraud and terrorist financing, so the systems and
intermediaries involved are forced to create elaborate compliance
processes that result in high fees and less-than-ideal transaction
flows. Furthermore, after sending money home, immigrants have no
control or visibility over the use of funds.
A new blockchain-based remittance service is being created to address
this. Immigrants all over the world with Remit tokens can purchase
digital vouchers that are redeemable for goods and services directly
from local merchants at their specified destinations. This
cryptocurrency removes the cash layer, reduces the cost of transfers
and provides the sender some control and visibility over how the value
“International remittance transactions can be frustrating, but it
doesn’t have to be, at least for non-cash value transfers which
constitute about 40% of all transfers” said ‘Laolu Samuel-Biyi,
Director of Remittances at SureRemit. “In very many cases, immigrants
and travelers just want to buy food or pay a bill for someone at home.
Those transactions do not have the same risk profiles as cash
transactions, and they should not be subjected to the same costs,
timelines and procedures.”
Remit tokens are being issued in partnership with Stellar. The tokens
generated will be the primary tool for accessing digital shopping
vouchers, utility bill payments and mobile airtime services within the
SureRemit app. SureRemit already has access to over 500 redemption
points of major retail chains within the SureGifts merchant ecosystem
across Africa, with partnerships to acquire thousands of ecosystem
merchant partners in India and the Middle-East in the works. Expansion
into other major remittance corridors are planned for next year.
SureRemit is a platform for global non-cash remittances. Remit tokens
are being issued in partnership with Stellar. The tokens generated
will be the primary tool for accessing digital shopping vouchers,
utility bill payments and mobile airtime services within the SureRemit
app. SureRemit already has access to over 500 redemption points of
major retail chains within the SureGifts merchant ecosystem across
Africa, with partnerships to acquire thousands of ecosystem merchant
partners in India and the Middle-East in the works. Expansion into
other major remittance corridors are planned for next year. Pre-sale
token distribution begins December 8, 2017.
WorldRemit raises $40m to target 5 million customers in Africa
December 8, 2017 | 0 Comments
|Series C funding round brings the total amount raised to $220m|
JOHANNESBURG, South Africa, December 7, 2017/ — Leading digital money transfer service WorldRemit has raised $40m to drive its next phase of global growth, aiming to serve 10 million customers connected to emerging markets. Half of these customers will be in Africa.
As part of the expansion, WorldRemit will enable customers in Africa to transfer money to 148 countries as easily as sending an instant message, using the WorldRemit app. Countries in Africa which now receive remittances through WorldRemit, will become send countries. Most importantly, the new service will make sending money within Africa faster, easier and low cost. According to the World Bank, inter-Africa transfers are amongst the most expensive in the world.
Money transfers to Africa account for more than half of WorldRemit’s total volume of transactions. The company currently handles 74% of remittances to popular mobile money services across Africa like MTN, Ecocash, Tigo Pesa, Vodafone M-Pesa and Airtel Money, making it the global leader in mobile-to-mobile international money transfers.
Ismail Ahmed, founder and CEO at WorldRemit, comments: “This new funding will fuel our growth, and help bring our service to millions more customers across the globe. Africa is a crucial market for us and over the next few years, we will expand our services so customers can send and receive with WorldRemit, getting the benefits of our fast, secure online service.”
Since its last funding round in 2015, WorldRemit has launched 206 new services across the globe and has grown its transaction volume by 400%. Last month WorldRemit became Arsenal FC’s (www.Arsenal.com) first-ever online money transfer partner.
The Series C round was led by LeapFrog Investments (www.LeapFrogInvest.com) – a dedicated equity investor in emerging markets, supporting fast-growth firms that deliver social impact alongside commercial returns. The round also had significant participation from existing investors Accel (www.Accel.com) and Technology Crossover Ventures (TCV) (www.TCV.com).
This latest funding round follows a Series B investment raised from TCV in 2015 and a Series A from Accel and Project A in 2014 – then one of the largest ever Series A rounds in Europe.
WorldRemit (www.WorldRemit.com) was founded in 2010 by a UK-based entrepreneur from Somaliland, Ismail Ahmed, a remittance specialist and former compliance advisor to the United Nations. Personal experience of using money transfer agents convinced Ismail that technology could improve the sending process, enhance compliance and reduce costs to the customer.
In November 2017 WorldRemit became Arsenal FC’s first-ever online money transfer partner in a global sponsorship deal for all Premier League, League Cup and FA Cup games. In June 2017 WorldRemit added Android Pay to its service, offering a new way for WorldRemit’s Android Pay users to safely and securely send money to 130 million mobile money accounts accessible via its network.
WorldRemit has secured $220 million in funding backed by Accel and TCV – early investors in Facebook, Spotify, Netflix and Slack – and LeapFrog Investments.
WorldRemit’s global headquarters are in London, UK with offices in the United States, Canada, South Africa, Japan, Singapore, the Philippines, Australia and New Zealand.
LeapFrog (www.LeapFrogInvest.com) invests in extraordinary businesses in Africa and Asia. We partner with their leaders to achieve leaps of growth, profitability and impact. LeapFrog companies now operate across 33 markets reaching 111 million people with financial services and healthcare. Over 93.8 million of those are emerging consumers, often accessing insurance, savings, pensions, credit and healthcare for the first time. LeapFrog companies provide jobs and livelihoods to over 114,626 people. These companies have grown on average by 43.3 per cent per annum since LeapFrog’s investment. LeapFrog was recently named by Fortune as one of the top five companies changing the world, the first private equity firm ever to be listed.
Accel (www.Accel.com) is a leading venture capital firm that invests in people and their companies from the earliest days through all phases of private company growth. Atlassian, Algolia, Avito, Cloudera, Crowdstrike, Deliveroo, DJI, Dropbox, Etsy, Facebook, Flipkart, Funding Circle, Kayak, QlikTech, Slack, Spotify, Supercell and WorldRemit are among the companies the firm has backed over the past 30 years. The firm seeks to understand entrepreneurs as individuals, appreciate their originality and play to their strengths. Because greatness doesn’t have a stereotype.
Technology Crossover Ventures (TCV) (www.TCV.com), founded in 1995, is a leading provider of capital to growth-stage private and public companies in the technology industry. With nearly $10 billion in capital raised, TCV has invested in more than 200 technology companies over the last 20 years. Selected investments include Altiris, C|NET, ExactTarget, Expedia, Facebook, Fandango, FX Alliance, GoDaddy, Genesys Software, HomeAway, Netflix, NewVoiceMedia, RealNetworks, Redback Networks, RiskMetrics Group, Sitecore, Splunk, Spotify, Thinkorswim, VICE Media, and Zillow. TCV is headquartered in Palo Alto, California, with offices in New York and London
Rwanda Africa’s ‘City of Innovation’ to host conference on ‘Uniting Africa’
December 7, 2017 | 0 Comments
By Wallace Mawire
Next year Rwanda, one of Africa’s most technologically ambitious
countries, will take over the Chairmanship of the African Union. It
will also play host to eLearning Africa and the organisers are
predicting that it will be the biggest conference in the event’s
13-year history. They believe it could play a signinficant role in
pushing forward the African Union’s 2063 Agenda.
The conference, which is being jointly organised by ICWE GmbH and the
Rwanda Convention Bureau under the patronage of the Rwandan
Government, usually attracts well over 1,000 participants from all
over the world. They are not only teachers, academics and learning
experts, but political leaders, policy makers, investors,
technologists, business leaders and entrepreneurs too. The conference
will also be an occasion for an annual round table meeting of African
education and technology ministers.
In Rwanda, participants in eLearning Africa will have a chance to see
for themselves the achievements of an African government, which has
set about using technology to transform education. In 2014, the
Government signed an agreement to incorporate information and
communication technology into the country’s schools and colleges. The
benefits of “a new system of teaching that emphasises the use of
computers and internet to impart knowledge” are already starting to be
felt across the country. And now the Government is confident that by
2020 all schools in the country will have at least two smart
classrooms and all subjects will have been digitised.
eLearning Africa 2018 will take place from 26 to 28 September in
Rwanda’s capital city, Kigali, which has gained a reputation for its
ICT-based initiatives in a variety of sectors. So great is its
apparent enthusiasm for new technological solutions that some
observers have referred to it as the “Innovation City of Africa.”
In addition to its technological prowess, Kigali is also one of
Africa’s most attractive cities – eLearning Africa participants will
be able to take advantage of its bustling streets, ridges, valleys,
and lush hillsides, not to mention Rwanda’s world renowned Gorilla
trekking tours, only a short journey away.
“It is wonderful that Rwanda is now setting a real example for other
countries in technology-assisted learning and hosting a conference
whose theme is „Uniting Africa“, says conference organiser, Rebecca
Stromeyer. “l am confident that eLearning Africa 2018 in Rwanda will
be the biggest and most exciting eLA yet.”
Under the overall theme of “Uniting Africa,“ conference participants
will also discuss how the benefits of technology can be shared and
help to improve education across Africa, making a reality of the
African Union’s 2063 Vision of a “transformed continent.” A call for
papers has been issued and will remain open until 30 January 2018. The
organisers are looking for contributions on subjects including
“creating opportunities through education,” “boosting competitiveness
and ICT-centric growth,” “matching skills demand and supply,” and
AfDB’s Leadership4Agriculture Forum Sets in Motion Strategies to Spur Africa’s Agricultural Transformation
December 7, 2017 | 0 Comments
ABIDJAN, COTE D’IVOIRE – December 6, 2017 – African Finance and Agriculture Ministers and private sector leaders convened for the African Development Bank’s first high-level convening of the Leadership4Agriculture (L4Ag) Forum to pave a way forward in spurring the continent’s agricultural transformation on November 28 in Abidjan, Cote d’Ivoire.
The invitation-only L4Ag Forum, supported by the Rockefeller Foundation and in collaboration with the Initiative for Global Development (IGD) and Grow Africa was held at the AfDB headquarters in Abidjan, Cote d’Ivoire. The event was held on the sidelines of the AU-EU Summit, which took place on November 29-30.
More than 150 public and private sector leaders gathered for dialogue, advocacy and policy action to drive Africa’s agriculture transformation on the theme, “Leadership for Agriculture: Moving African Policy to Action”. African Ministers from Cote d’Ivoire, the Republic of the Congo, Mali, Sierra Leone, Togo, Central African Republic, Seychelles, Ghana, Uganda, Gambia, and Chad were in attendance at the forum.
In a keynote address, Dr. Akinwumi A. Adesina, president of the African Development Bank, told forum attendees that, more than ever before, governments and private sector must work together to rapidly modernize agriculture in Africa to reach its full potential.
President Adesina challenged African agriculture leaders to become global food producers and move away from importing foods that the continent should be producing, emphasizing that Africa sits on 65% of the world’s uncultivated arable land.
African countries currently spend $35 billion annually on food imports and if current trends continue the continent will spend some $110 billion annually by 2030 on food imports. “There is absolutely no reason for Africa to be a food-importing region,” said Adesina. “Africa has huge potentials in agriculture, but nobody eats potential!”
The AfDB President encouraged African leaders to develop new agrarian systems that combine smallholder farmers with a dynamic generation of medium and large commercial farmers.
Mamadou Biteye, managing director of the Rockefeller Foundation Africa Regional Office, agreed, noting that “strong and decisive” leadership and partnerships are required to achieve a greater impact in ensuring Africa’s food security, creating jobs and mobilizing investments in the agriculture sector.
The Rockefeller Foundation conceived the Leadership4Agriculture Forum during its 2013 centennial celebrations, where an unprecedented gathering of finance and agriculture leaders from over 20 African countries convened to identify concrete ways to work together and strengthen African agricultural markets and value chains to benefit economies.
“African governments need to be talking and integrating action,” asserted Biteye. He implored governments to draw in the private sector, “so they cease shying away from the sector due to the perception of agriculture being risky, and make greater investment.”
Dr. Mima S. Nedelcovych, president and CEO of the Initiative for Global Development reiterated the essential role of the private sector in delivering fundamental change in the agriculture sector.
“Agriculture is a business,” said Nedelcovych. “For far too long, agriculture has been approached largely as a development issue, and Africa’s born- and bred private sector was not actively sought out to be part of the long-term strategy for their country’s agricultural transformation.”
IGD collaborated, in partnership with the AfDB and Rockefeller Foundation, in the planning, execution and outreach to the African private sector for the L4Ag Forum.
By bringing together private sector leaders with high-level African officials to drive action and growth in Africa’s agriculture sector, Nedelcovych said the forum aimed to push for a market-led approach to agriculture.
Moderated by BBC presenter Alan Kasujja, a panel of Ministers and private sector leaders discussed and put forth solutions and strategies on transforming Africa’s agriculture by improving the regulatory environment, enhancing access to improved agricultural inputs and commercializing agriculture during panel sessions.
The forum panel sessions — “Enabling the Business of Agriculture: Increasing Access to Agricultural Inputs to Enhance Productivity and Regulatory Reforms”and “Agriculture Powering Africa’s Economic Transformation: Fueling Agro-industry and Agribusiness” — were guided by recently-released reports by the World Bank’s 2017 Enabling the Business of Agriculture Report and the 2017 Africa Transformation Report by African Center for Economic Transformation (ACET).
Joost W. van Odijk of Grow Africa outlined to forum attendees the Country Agribusiness Partnership Frameworks or CAP-F, a tool that sets policy reforms in motion through cross-sectoral engagements to improve efficiency in the agribusiness value chains and to attract private sector investments.
During the public-private action roundtable sessions, African high-level government officials and business leaders reviewed policy and sub-indicators from the Comprehensive Africa Agriculture Development Programme (CAADP) and brainstormed their aligned interests and achievable goals in reaching policy indicators. The breakout sessions also explored investment opportunities in agribusiness ventures. CAADP is a policy framework for agricultural transformation, food security and nutrition, and advancing country-led economic growth in Africa.
Nedelcovych encouraged attendees to take the wealth of knowledge and bold strategies gained at the forum to build momentum for Africa’s agricultural transformation.
“There’s a tremendous opportunity to work together and deepen public-private sector collaborations and investment in agriculture to harness its full potential and contribute to accelerating the continent’s economic growth,” said Nedelcovych. “We all must be champions for agriculture!”
An action-oriented outcomes report highlighting forum sessions and actions from the public-private sector roundtables will be will be produced in early-January.
A borderless Africa? Not yet, but some countries open doors
December 7, 2017 | 0 Comments
By RODNEY MUHUMUZA*
KAMPALA, Uganda – For years African leaders have toyed with the idea of free movement by citizens across the continent, even raising the possibility of a single African passport.
Now some African countries are taking bold steps to encourage borderless travel that could spur trade and economic growth on a continent in desperate need of both.
Kenyan President Uhuru Kenyatta announced during his inauguration last week that the East African commercial hub will now give visas on arrival to all Africans. That follows similar measures by nations including Benin and Rwanda.
“The freer we are to travel and live with one another, the more integrated and appreciative of our diversity we will become,” Kenyatta said.
The African Union continental body has cheered such steps, calling it the direction the 54-nation continent needs to take. “I urge all African states that have not yet done so to take similar measures,” AU Commission chairman Moussa Faki Mahamat said on Twitter after Kenya’s announcement.
Trade among African countries is at just 16 percent, while trade among European Union states is at 70 percent, Mahamat told AU trade ministers on Friday.
For a continent whose leaders often speak fondly of “African brotherhood” and once pondered the idea of a United States of Africa, the visa policies of many countries for many years suggested little progress in implementing the continent-wide, visa-free ideal advocated by the AU.
Africans can get a visa on arrival in 24 percent of African countries, yet North Americans, for example, have easier access on the continent, according to a 2017 report on visa openness by the African Development Bank. African Union figures show Africans need visas to travel to 54 percent of the continent.
Free migration of people across the continent would help in talent exchange as well as trade, said Ali Abdi, the Uganda chief of mission at the International Organization for Migration. Countries may have to invest more in border patrols but “the benefits far outweigh the costs, in my view.”
Kenya’s decision is a “good move and it’s progressive,” said Godber Tumushabe with the Uganda-based Lakes Institute for Strategic Studies. “It should have been done a long time ago.”
Change is coming, and not just in East Africa. While visiting Rwanda last year, Benin’s President Patrice Talon said his West African country would no longer require visas for other Africans. He said he was inspired by Rwanda, whose government started issuing visas on arrival to Africans in 2013 and recently announced that in 2018 citizens of all countries will benefit from the policy.
“We are happy that other African countries are opening their borders up for Africans to increase foreign investments,” said Olivier Nduhungirehe, a deputy foreign minister in Rwanda in charge of regional integration. Opening borders will spur economic prosperity for the entire continent, he said.
Some African countries are going visa-free by region first. Weeks ago, the Central African Economic and Monetary Community removed visa requirements for citizens of its six members.
Many African countries rely heavily on tourism for foreign currency. Kenya’s new visa policy was welcomed in a country where the threat by Islamic extremists based in neighboring Somalia has deterred some international travelers.
Offering visas on arrival to all Africans could attract the continent’s small but growing middle class.
“Visa-free travel for Africans into Kenya is a great move by the president and a strategic one for the tourism industry,” said Bobby Kamani, who runs the popular Diani Reef Beach Resort and Spa in the second-largest city, Mombasa. “The president’s bold move couldn’t have come at a better time when the tourism sector has experienced uncertainty and is now on recovery mode.”
Conflict and sharp income disparities in many countries are among other factors slowing the adoption of visa-free policies. Even the African Union passport, launched in July 2016 and given to some heads of state, is yet to be offered to citizens.
Some North African countries, notably Libya, struggle with a flow of impoverished African migrants trying to make their way to Europe. South Africa, one of the continent’s top economies, has seen a sometimes violent backlash against African immigrants amid fears about crime and the taking of jobs. Nigeria, Africa’s most populous country and another of its strongest economies, maintains visa requirements before arrival for many nations across the continent.
Still, many are hopeful for a borderless Africa and urge those regional leaders to follow Kenya’s lead.
“Is a new wind blowing across #Africa?” Wolfgang Thome, a tourism consultant who once led the Uganda Tourism Association, tweeted. “When will the last walls fall? #Nigeria we are waiting!”
Dangote: Only African in Bloomberg 50 list of year’s most influential people
December 5, 2017 | 0 Comments
|Dangote’s contribution to the world this year revolves around his dynamic attention to lessen food imports into his own country and Africa’s largest nation, Nigeria|
NEW YORK, United States of America, December 5, 2017/ — Aliko Dangote was honored last night at the Bloomberg 50 annual gala dinner at New York’s iconic Gotham Hall. Bloomberg’s list of 50 most influential names (http://APO.af/hCnHFd) who have had an impact on the world in 2017 included Dangote, Africa’s richest person, for his outstanding commitment of over $4B USD to increase Nigeria’s food production capacity.
Represented in New York by the CEO of his Foundation, Dangote was joined by electric car visionary Elon Musk; Saudi Crown Prince Mohammed bin Salmon; Beatrice Fihn, anti-nuclear weapons advocate and Nobel Peace Laureate; Amazon’s Jeff Bezos; Robert Mueller, special counsel investigating Donald Trump’s potential collusion with Russia; and Vitalik Buterin, whose invention of the cryptocurrency Ethereum is revolutionizing the new blockchain craze.
Dangote’s contribution to the world this year revolves around his dynamic attention to lessen food imports into his own country and Africa’s largest nation, Nigeria, by focusing on domestic production of sugar and dairy, with 500 million liters of Nigerian milk to be produced by 2019. Earlier this year he announced a $50B USD plan to invest in renewable energy.
“What sets The Bloomberg 50 apart from other lists is that each person chosen has demonstrated measurable change over the past year,” Bloomberg Businessweek editor Megan Murphy said.
The event was emceed by actor Keegan-Michael Key, with a performance by Mandy Gonzalez of Broadway sensation “Hamilton.”
Dangote claimed another distinction at the Bloomberg 50; he was the only African.
Barclays Africa, China Development Bank sign agreement to cooperate on development projects in Africa
December 5, 2017 | 0 Comments
|Barclays Africa will leverage the MoU to unlock opportunities in order to strengthen its contribution towards Africa’s economic growth and development|
|JOHANNESBURG, South Africa, December 5, 2017/ — Barclays Africa Group Limited (BAGL) (www.BarclaysAfrica.com) and China Development Bank (CDB) (www.CDB.com.cn) have signed a memorandum of understanding (MoU) aimed at strengthening cooperation and exploring opportunities to fund development projects in Africa.
Given CDB’s focus on infrastructure finance for roads, railways and dams, Barclays Africa will leverage the MoU to unlock opportunities in order to strengthen its contribution towards Africa’s economic growth and development. Barclays Africa will also extract synergies from the CDB’s focus on inclusive finance to provide capital to SME’s and low income communities.
In addition, Barclays Africa and CDB will explore reciprocal training and development opportunities for their respective investment teams. In this regard, Barclays Africa has already hosted more than 30 employees from the CDB.
“This MoU represents a long-term commitment by senior leadership at Barclays Africa to strengthen our relationship with the world’s largest development finance institution, which has assets of over US$2-trillion. This partnership will unlock opportunities that are aligned to our Shared Growth approach and could facilitate positive socio-economic impact,” says Barclays Africa’s Corporate and Investment Banking (CIB) Co-Chief Executive, Temi Ofong.
Barclays Africa has a history of more than 100 years in Africa, with deep local and regional expertise. As one of the leading Pan-African banks on the continent, Barclays Africa’s in-depth understanding of local markets and sectors, coupled with a strong branch, ATM and customer networks, is well positioned to provide a unique value proposition to local, regional and global clients.
“Strengthening these kinds of relationships will help our Group identify opportunities aligned to our Shared Growth commitment to leave our communities better than we found them. As a Pan-African bank, Shared Growth gives our business an exciting opportunity to make a difference in our communities and to be part of shaping the collective futures of this great continent,” says Ofong.
The CDB was established in 1994 as a policy bank but now operates as a Development Finance Institution (DFI) for the Chinese Government. By 2017, CDB supported more than 500 projects in 43 African countries valued at USD 50-billion.
In 2016, China-Africa trade flow reached US$150-billion, making China, Africa’s largest trade partner for seven consecutive years.
Barclays Africa Group Limited (‘Barclays Africa Group’ or ‘the Group’) (www.BarclaysAfrica.com) is listed on the Johannesburg Stock Exchange and is one of Africa’s largest diversified financial services groups. As of June 2017, Barclays PLC is a minority shareholder in Barclays Africa Group.
Barclays Africa Group offers an integrated set of products and services across personal and business banking, corporate and investment banking, wealth and investment management and insurance. We are strongly positioned as a fully local bank with regional and international expertise. We are committed to Shared Growth, which for us means having a positive impact on society and delivering shareholder value.
Barclays Africa Group operates in 12 countries, with approximately 40 000 employees, serving close to 12 million customers.
The Group’s registered head office is in Johannesburg, South Africa and owns majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania (Barclays Bank Tanzania and National Bank of Commerce), Uganda and Zambia. The Group also has representative offices in Namibia and Nigeria.
Egypt to host six Heads of State and Africa’s leading Chief Executive Officers at the Africa 2017 Forum
December 5, 2017 | 0 Comments
|Over 100 speakers and 1,500 delegates to discuss regional integration and job creation in Africa|
|CAIRO, Egypt, December 5, 2017/ — President Abdel Fattah Al Sisi will be hosting six African heads of state at the Africa 2017 Forum (www.BusinessForAfricaForum.com) that will take place this week in the picturesque beach resort of Sharm El Sheikh, Egypt. The President of Guinea, current chair of the AU, will be joining the Forum as well as the Presidents of Chad, Rwanda, Côte d’Ivoire, Comoros and Somalia. The Vice President of Nigeria is also expected as is the Prime Minister of Mozambique. The Forum will start with a Young Entrepreneurs Day, with 50 of Africa’s leading start-ups in funding and partner pitches.
This business and investment Forum, whose theme is “Driving investment for inclusive growth’, has been convened to increase intra African investments and cross border collaboration. Egypt in 2015 hosted the signing of the tripartite agreement between the three regional economic communities SADC, COMESA and the EAC, and the Forum has been designed for African business leaders to play a greater role by investing in opportunities throughout the continent.
The first edition of the Forum took place in February 2016. This year the programme has been enhanced to include 2 exclusive Presidential Roundtables, where these business leaders will openly discuss policy with the African presidents present to help create a more conducive business environment, in addition to immense investment and business opportunities available in the continent. Youth and entrepreneurs will also play a prominent role. Over 50 of the continent’s brightest and most promising entrepreneurs have been invited to showcase their businesses and will be presenting them to investors and funds in a Deal room curated by Asoko Insights.
The Forum is being organised by the Ministry of Investment and International Cooperation of Egypt and the COMESA Regional Investment Agency (RIA). Speaking ahead of the Forum, Dr. Sahar Nasr, Minister of Investment and International Cooperation of Egypt stressed the importance of greater intra-Africa collaboration: “Intra-Africa trade is a valuable component of Africa’s and Egypt’s economic growth strategy,” she said. “For Egypt’s growth strategy, Intra-Africa trade remains a valuable component. Despite European and North American markets dominating Egypt’s trade activities, we have proximity to African markets as well as trade agreements with African nations. The markets where Egypt has seen an increase in its trade include North Africa, specifically Morocco, East Africa, specifically Kenya, South Africa and Sudan.”
Heba Salama, head of RIA, highlighted the responsibility of the private sector to devise innovative solutions. “The private sector can play an important role in filling in the US $93bn infrastructure gap. Manufacturing is another important sector where private sector support is needed. McKinsey Global Institute estimates that Africa could double its manufacturing output in 10 years, which could ultimately create between 6 million and 14 million stable jobs and boost African GDP growth.”
The Forum will take place between the 7-9th of December. The speakers feature some of Africa’s leading CEOs and policy makers, including Isabel dos Santos, Chairperson of Unitel Angola, Daniel Matjila, CEO, Public Investment Corporation, Dr. Ahmed Heikal, Founder of Qalaa Holdings, Tony Elumelu, Chairman of UBA, Vera Songwe, Executive Secretary of United Nations Economic Commission for Africa (UNECA).
Africa 2017 Forum (www.BusinessForAfricaForum.com) is held under the high patronage of H.E. Abdel Fattah Al Sisi on 7th to 9th December 2017 in Sharm El Sheikh, Egypt, and is organized by the Ministry of Investment and International Cooperation of Egypt and the COMESA Regional Investment Agency (RIA).
BUSINESS TRAVELER MAGAZINE NAMES SOUTH AFRICAN AIRWAYS THE BEST IN AFRICA
December 5, 2017 | 0 Comments
SAA recognized as “Best Airline in Africa” and “Best Business Class to Africa”
Fort Lauderdale, FL (December 5, 2017) – South African Airways (SAA), the national flag carrier of South Africa and Africa’s most awarded airline is proud to be the recipient of two of Business Traveler Magazine’s prestigious Best in Business Travel Awards for 2017. Being honored for the 9th consecutive year as “Best Airline in Africa” and the 8th consecutive year as “Best Business Class to Africa” by the readers of Business Traveler is a continued affirmation of SAA’s long-standing position as the preferred carrier for business travel to the continent.
“We are thrilled to have earned these two awards from Business Traveler, a publication whose readers know the very best in travel,” said Todd Neuman, Executive Vice President for South African Airways in North America. “It is a tremendous honor to be named their favorite airline to the African continent for so many years. All of us at SAA will continue to work hard to earn their support and accolades by offering the most convenient schedules and unsurpassed service on our flights to Africa.”
“The business traveller has absolutely taken center stage,” noted Dan Booth, editorial director of Business Traveler Magazine. “Today’s business travel community – empowered by technology – is an ever-expanding platform for new products, new ideas, and new opportunities. For our readers to pick your company as the Best in Business Travel means you have connected with them in a meaningful and innovative way. And your most sophisticated and demanding customers are recognizing you for it.”
As the leading carrier from the U.S. to Africa, South African Airways offers the most flights with non-stop service from New York–JFK Airport to Johannesburg and daily non-stop service from Washington, DC-Dulles to Dakar, Senegal, or Accra, Ghana, with continued service to Johannesburg.From its hub in Johannesburg, SAA together with its regional partners SA Express, Airlink and Mango offers easy, convenient connections to more than 75 destinations throughout Africa. SAA’s awarding –winning Premium Business Class offers 180 fully lie-flat seating with duvet and full-size pillows, gourmet cuisine designed by renowned South African celebrity chefs, a wine cellar featuring some of South Africa’s finest vintages and extensive programming of on-demand audio and visual entertainment.
For further information on South African Airways product and services, please visit www.flysaa.com or for reservations call 1-(800) 722-9675.
South African Airways (SAA), South Africa’s national flag carrier and the continent’s most awarded airline, serves over 75 destinations worldwide in partnership with SA Express, Airlink and its low cost carrier Mango. In North America, SAA operates daily nonstop flights from New York-JFK and direct flights from Washington D.C.-IAD (via Accra, Ghana and Dakar, Senegal) to Johannesburg. SAA has partnerships with United Airlines, Air Canada and JetBlue Airways, American Airlines and Virgin America, which offer convenient connections from more than 100 cities in the U.S. and Canada to SAA’s flights. SAA is a Star Alliance member and the recipient of the Skytrax 4-Star rating for 15 consecutive years.
Senegal’s sports minister Matar Ba aiming for the World Cup semi-finals
December 5, 2017 | 0 Comments
Senegal’s sports minister, Matar Ba, says the Teranga Lions are aiming to do better than any other African nation at the World Cup and reach the semi-finals next year.
In Russia, Senegal are in Group H along with Poland, Colombia and Japan.
In 2002, at their first ever World Cup, Senegal made it to the quarter-finals.
“We have to have our objectives – those objectives are to get to the second round and do better than in 2002,” Ba told BBC Sport.
“The semi-finals are achievable because today football is not about being European or African or American – football is global,
“You look at the biggest championships in the world – in England in Italy, everywhere – there are Senegalese playing and they are in the teams. So we can rival any of the teams.
“We won’t underestimate any of these teams because all 32 teams who are there have won through the qualifiers and so we have to respect them and we have to take them seriously.”
Senegal will begin their Group H campaign against Poland on 19 June in Moscow before they play Japan on 24 June and finally Colombia four days later.
Ba refused to be drawn into making comparisons between the current team and the squad that play in South Korea and Japan in 2002.
“It’s not the same – we can’t compare them,” he said.
“Each generation does its work and this generation want to do better than the team of 2002.
“We have a great team and we have Senegalese coach and we are going to prepare well for a good performance.
“We are ambitious but we are also reasonable and so we are going to set obtainable objective.”
Ba admitted they may not now much about their opponents at the moment but added that can easily be changed.
“Nothing can be hidden these days with the internet. We can see everything we can analyse Colombia’s matches and all the others,” he pointed out.
*Culled from BBC
HEINEKEN lays the foundation stone of its first brewery in Mozambique
December 4, 2017 | 0 Comments
|HEINEKEN makes $100 million investment|
|AMSTERDAM, Netherlands, December 4, 2017/ — HEINEKEN (www.theHEINEKENcompany.com) today laid the foundation stone of its first brewery in Mozambique in the presence of His Excellency Mr. Max Tonela, Minister of Trade and Industry.
This new brewery, incorporating the latest technologies, represents a $100 million (€85 million) investment. Located in the province of Maputo, between the Marracuene and Manhiça districts, the brewery will have a production capacity of 0.8 million hectoliters and will brew high quality beers for the domestic market. The first bottle of beer is expected to come off the production line in the first half of 2019.
HEINEKEN Mozambique started its activities in 2016 through a sales and marketing office, importing international beers including Heineken®, Amstel, Amstel Lite and Sagres in the country to offer more choice to Mozambican consumers. The construction of HEINEKEN’s very first brewery is a major step forward for the company’s presence in the country.
With this significant investment, HEINEKEN Mozambique is expected to create 200 direct jobs and support additional indirect jobs through its entire value chain.
Aligned with the HEINEKEN ambition of sourcing 60% of its agricultural raw materials in Africa by 2020, HEINEKEN Mozambique will explore the possibility of locally sourcing the raw materials it will need to produce its beers. One of the objectives of this project will be to improve crop yields as well as the capabilities and living standards of Mozambican farmers, contributing to the economic development of the country.
Boudewijn Haarsma, HEINEKEN International’s Managing Director East & West Africa, stated: “We are delighted to enter Mozambique, where we see promising long-term economic perspectives. The project is progressing well thanks to the support of the Mozambican Government and its commitment to bring investments into the country. Investing in a new market like Mozambique supports HEINEKEN’s ambition to expand its footprint and be the number one or a strong number two in all markets in which it operates. With our extensive experience and existing business in Africa, we also aim to be a partner for growth today in Mozambique as we already are throughout the continent. I am convinced our presence will contribute to the economic and social development that is already under way in Mozambique.”
Nuno Simes, HEINEKEN Mozambique’s General Manager said: “With HEINEKEN’s passion for quality, our new brewery will deliver high quality beers to Mozambique according to the international standards of the HEINEKEN Company. We look forward to continue to provide enjoyment to Mozambican consumers with our brands.”
HEINEKEN (www.theHEINEKENcompany.com) is the world’s most international brewer. It is the leading developer and marketer of premium beer and cider brands. Led by the Heineken® brand, the Group has a portfolio of more than 250 international, regional, local and speciality beers and ciders. We are committed to innovation, long-term brand investment, disciplined sales execution and focused cost management. Through “Brewing a Better World”, sustainability is embedded in the business and delivers value for all stakeholders. HEINEKEN has a well-balanced geographic footprint with leadership positions in both developed and developing markets. We employ over 80,000 employees and operate breweries, malteries, cider plants and other production facilities in more than 70 countries. Heineken N.V. and Heineken Holding N.V. shares trade on the Euronext in Amsterdam. Prices for the ordinary shares may be accessed on Bloomberg under the symbols HEIA NA and HEIO NA and on Reuters under HEIN.AS and HEIO.AS. HEINEKEN has two sponsored level 1 American Depositary Receipt (ADR) programmes: Heineken N.V. (OTCQX: HEINY) and Heineken Holding N.V. (OTCQX: HKHHY). Most recent information is available on HEINEKEN’s website: www.theHEINEKENcompany.com
Sierra Leone Parliament Ratifies Key Bumbuna II Project Documents
December 4, 2017 | 0 Comments
|This marks another important milestone in the development of the Bumbuna II hydropower project which, when completed, will provide much-needed all-year round power to Sierra Leone|
|LONDON, United Kingdom, December 4, 2017/ — Following on from the Government of Sierra Leone’s signing of the 25-year Power Purchase and Implementation Agreements with Joule Africa (www.JouleAfrica.com) in August 2017, these important project documents have now been ratified by the Sierra Leone Parliament. This marks another important milestone in the development of the Bumbuna II hydropower project which, when completed, will provide much-needed all-year round power to Sierra Leone.
Under the conditions of the agreement, local project company Seli Hydropower, jointly owned by Joule Africa and its local partner Energy Services Company (ESCO), will build an extension to the existing 50 MW hydro station, Bumbuna I, situated in the north east of the country, adding a further 143 MW of power capacity. Construction on the extension is anticipated to start in the second half of 2018 with operations forecast to start four years later. Seli Hydropower, will be responsible for building, owning and operating Bumbuna II and will also be responsible for operating Bumbuna I.
Commenting on this announcement, Patrick Beckley, Chairman of Seli Hydropower, said:
“We would like to thank the Government of Sierra Leone for their ongoing support and in maintaining their commitment to the Bumbuna II project ahead of General Elections in early 2018. I am delighted that we received approval for ratification in Parliament with no exemptions – a clear indication that there is unanimous cross-party support for this project.”
“The development of Bumbuna II has always been a key part of the country’s long-term energy strategy and we look forward to being able to deliver affordable, all-year round power for the consumers of Sierra Leone.”
Andrew Cavaghan, Joule Africa’s Chairman and a Director of Seli Hydropower, added:
“I am pleased that we have reached another important milestone in the development of the Bumbuna II project. We are making good progress on all fronts and will look to build on this momentum in the coming weeks and months as we continue to consult with interested parties, appoint a contractor and finalise the relevant financing.”
The Bumbuna II hydropower project is Sierra Leone’s largest infrastructure project and is a key part of the Government of Sierra Leone’s long term Energy Plan.
Joule Africa (www.JouleAfrica.com) is a developer owner-operator of sustainable power projects across Africa. In addition to Bumbuna II, Joule Africa is developing Kpep, a 485MW hydro project in Cameroon, while considering various options for its third project.