Men: Women Are Indispensable

Men: Women Are Indispensable

.

©️ Examined by Ugo Ubili

The role of women in shaping human evolution and society can not be overstated.

Women hold a significant and indispensable role in every aspect of society. From the home to the workplace, from human evolution to the future generations, and from the sciences, law, fashion, business, technology, or entertainment world to everyday life, women have made invaluable contributions that have shaped our world today.

A woman is the full circle. Within her is the power to create, nurture, and transform. Without women, without our mothers, we would not be here. They are not just part of the story – they are the story.

A virtuous woman’s price is far above ANY CURRENCY. That’s why men who find it difficult to manage a woman hardly make it in good health and otherwise. Women were created to create, support,and mitigate. Men who don’t utilize these natural gifts in women are bound to fail.

If you want something said, ask a man, but if you want something done, ask a woman. That’s why men who aligned with their partners are more meticulous and achieve their goals faster with minimal mistakes and failures. Because a woman who understand the problems of running a home can engage in any problem-solving conversation.

In the family unit, women have been the unsung heroes. They play a vital role as caregivers, nurturers, and role models. They are often the glue that holds the family together, providing love, support, and guidance to their children and partners.

Women are not only responsible for the physical well-being of their families but also for their emotional progress, guidance, and mental health in the home. They are the ones who instill values, teach morals, and shape the character of the next generation. Because they’re naturally close to the kids and stay more with them.

The best protection any woman can have… is courage. That’s why when you lift up women, you lift up families and communities along. Injustice against women is crime against families and entire humanity.

Peter Obi Joins African Leaders in Kigali for High-Level Conference

Peter Obi Joins African Leaders in Kigali for High-Level Conference

Peter Obi, the Labour Party presidential aspirant and former Governor of Anambra State, recently attended a high-level conference in Kigali, Rwanda, where he joined prominent African leaders to discuss the continent’s challenges and opportunities. The conference, hosted by Rwanda’s President, Paul Kagame, provided a platform for in-depth discussions on critical issues affecting Africa’s future.

Reflecting on his participation, Peter Obi stated, “In pursuit of my desires and soul-searching for solutions to our country’s and continent’s challenges, I was in Kigali, Rwanda, over the weekend. I had several meetings, both planned and impromptu, with notable figures in the development sector. We discussed a wide range of topics, including personal issues, sports, and food insecurity.”

Obi emphasized the need for Africa, particularly Nigeria, to move from a consumption-driven economy to one focused on production. “Most of the comments I heard resonated with my beliefs. Whenever I talk about productivity, I maintain that our productivity is low, and my emphasis remains on our country moving from consumption to production,” he said.

He shared an example provided by the former Prime Minister of Ethiopia, Hailemariam Desalegn, who spoke about Ethiopia’s efforts to close the productivity gap with China. “In their dealings with the Chinese, they found that the Chinese produce 6-7 times more than the Ethiopians could. They decided to act on this. Today, he recounted, ‘I can comfortably say that the average Ethiopian produces 60-70% of what the Chinese can do,'” Obi highlighted.

One of the significant moments of his visit was a productive meeting with Rwanda’s President, Paul Kagame. “At the height of my meetings and engagements was a gracious opportunity to meet with the legendary President Paul Kagame, with whom I had very useful discussions on issues that resonate with me every day, especially on what is required for Africa to move forward,” Obi noted. “He remains committed to the management of scarce resources and serving the people faithfully, which deeply resonates with me.”

Peter Obi also spoke at “The Silver Gala,” organized by the Sherrie Silver Foundation. He expressed optimism for Africa’s future, saying, “While looking around the hall, I saw a continent on the rise, if only we could have the right leadership and invest in the entrepreneurial, innovative energy of our youths.”

Concluding his remarks, Obi stated, “Overall, my experience in Kigali has reinforced my belief that a new Nigeria is possible and that Africa, as a continent, is on the rise and unstoppable.”

Anthony Emeka Nwosu

AFRICANS SHOULD PRIORITIZE SUPPORTING INDIGENOUS ENTERPRISES

AFRICANS SHOULD PRIORITIZE SUPPORTING INDIGENOUS ENTERPRISES

 

From childhood, we’ve been ingrained with the belief that foreign-made goods and businesses outshine our own in Africa. Consequently, “Made in Ghana” labels are rare, as even Ghanaian businesses opt for branding their products as “Made in China” or “Made in US”.

But how can our economies flourish if we neglect our own creations? Take the example of Air Peace, shaking up the Lagos-London market with competitive pricing, compelling giants like British Airways to slash fares.

Now is the time for Nigerians to rally behind Air Peace and shun foreign airlines that overcharge us. Consider the countless Nigerians flying from Lagos or Abuja to London daily—imagine the revenue they generate for foreign carriers. The same applies in Ghana; let’s envision an Accra-London route serviced by Air Peace.

As a Pan-Africanist, I staunchly advocate for the growth of homegrown businesses. I’ll continue championing Air Peace until it dominates the aviation sector.

To Air Peace, I urge a price adjustment for the Lagos-Accra route; a 40-minute flight shouldn’t exceed $150. I implore the governments of Nigeria, Ghana, Togo, and Benin Republic to waive airspace taxes for African airlines in the ECOWAS region. Air travel ought to be affordable for all, including students, given the high air traffic on the Lagos-Accra route.

It’s time for African enterprises to lead the global stage by prioritizing African interests.

John Kofi Annan, a fervent Pan-Africanist.

United Nations Economic Commission for Africa (ECA) and Google Sign Agreement to Foster and Accelerate Digital Transformation in Africa

United Nations Economic Commission for Africa (ECA) and Google Sign Agreement to Foster and Accelerate Digital Transformation in Africa

The United Nations Economic Commission for Africa (ECA) and Google LLC (Google) have signed a landmark Memorandum of Understanding (MoU) to foster and accelerate digital transformation in Africa on the margins of the 2024 edition of the Africa Business Forum.

 

The partnership is founded on the complementary expertise and strengths of both parties who wish to collaborate on activities to support ECA’s mandate such as digital development in Africa in line with the African Union Digital Transformation Strategy for Africa (2020-2030) and Google’s Digital Sprinters Framework, and to leverage the power of information and communication technologies (ICTs) for the benefit of Africa’s digital economy. As a general framework for collaboration, the MoU will seek to further explore specific key areas of interest pertaining to digital skills development for Africa’s burgeoning young population, startup development, increasing financial inclusion, strengthening cybersecurity and online safety measures, and advancing AI policy research for policymakers on the continent.

ECA’s Executive Secretary, Mr. Claver Gatete, acknowledged Google’s pivotal role in improving Africa’s connectivity infrastructure, supporting Africa’s innovators and entrepreneurs, and building digital capacity in emerging technologies through skills development for researchers, students and educators.

“This partnership holds the potential to produce significant and influential outcomes in tackling digital challenges and narrowing the digital divide across the African continent,” Mr. Gatete remarked.

Africa, with the lowest internet penetration rate globally, sees 63% of its population without internet access. The ECA is committed to closing digital divides by promoting infrastructure development and affordability, sound regulatory environment, and fostering digital skills.

To tap into Africa’s digital transformation potential to meet the Sustainable Development Goals and Agenda 2063, it is crucial that the continent’s youth—projected to account for nearly half of the global youth population by 2030—are prepared for a digital future and the 4th Industrial Revolution.

Doron Avni, Google’s Vice President of Government Affairs & Public Policy, Emerging Markets, said: “With advanced technologies like AI, the most profound transformation is yet to come. Collaboration will be essential if Africa is to realize this opportunity and ensure no-one is left behind. We are excited to collaborate with the ECA to work towards this shared objective.”

As part of the Agreement, Google and ECA will endeavor to begin collaboration on the three following areas:

First, Startup development: Google will endeavor to partner with ECA to reach its target to enable 1M startups to generate USD 100B in revenue by 2033. We will focus on tech startups solving for the United Nations Sustainable Development Goals in Africa by providing them with mentorship and coaching from hundreds of Google employees.

Second, Computer Science Education: Second, Computer Science Education: Starting in 2024, ECA, Camden Trust and Google will endeavor to upskill over 5000 young African students and 200 teachers on computer science and robotics to support their participation in the World Robot Olympiad global competition and increase Africa’s representation. The organizations aim to operate in more than 10 countries, including Ethiopia, Equatorial Guinea, Ghana, Kenya, Mozambique, Nigeria, Rwanda, Senegal, Tanzania, South Africa, South Sudan, Uganda, and Zimbabwe.

And third area of collaboration is Cybersecurity: ECA and Google will endeavor to collaborate to foster a resilient culture of digital security within the region. We will do this through dialogues with public officials, training workshops and the sharing of best practices. Additionally, the partnership seeks to conduct collaborative research on Cybersecurity and its connection to achieving the SDGs and Agenda 2063.

Canon celebrates 21st consecutive year of No. 1 share of global interchangeable-lens digital camera market

Canon celebrates 21st consecutive year of No. 1 share of global interchangeable-lens digital camera market

Canon Inc. (Canon-CNA.com) announced today that the company’s interchangeable-lens digital cameras (digital SLR and mirrorless cameras) have maintained the No. 1 share1 of the global market for 21 consecutive years from 2003 to 2023.

 

Canon’s EOS series of interchangeable lens digital cameras are imaging systems based on the basic concept of “Speed, Comfort, and High Image Quality,” for which the company has developed proprietary key components, including CMOS image sensors, the DIGIC image processors, and interchangeable lenses. Putting together a wide-ranging product lineup –from high-performance flagship models that are highly trusted by professionals to entry-level models that allow users to enjoy full-scale shooting with easy operation, as well as a rich selection of over 1152 RF and EF series lenses that make a wealth of creative expression possible – Canon continues to support the diverse needs of customers.

 

During the dawn of digital SLR cameras, Canon introduced its breakthrough EOS 300D (EOS Digital Rebel or EOS Kiss Digital in other regions) in September 2003. By launching this groundbreaking camera, which was competitively priced and featured a compact, lightweight design, Canon spurred growth in the digital SLR market, capturing the top share of the global market and heralding the age of digital SLR cameras. Since that time, Canon has continued to launch a range of groundbreaking products, including the professional-model EOS-1D series and the EOS 5D series, which paved the way for digital SLR video recording. Canon’s desire to further expand the boundaries of visual expression led to its next-generation EOS R System, launched in October 2018, that includes the full-frame mirrorless camera EOS R5 – the first camera to feature 8K video recording3 – released in July 2020 and the EOS R3 in November 2021, which features tracking of fast-moving subjects and continuous shooting performance. In addition, Canon launched the EOS VR System, designed to record video for virtual reality content, in December 2021.

 

In 2023, Canon led demand for mirrorless cameras and lenses by further expanding its lineup of EOS R series cameras and lenses. This expanded lineup included the EOS R50 (released in March 2023), an APS-C size mirrorless camera complete with easy-to-use and convenient functions, the EOS R8 (released in April 2023), a full-frame camera that is both small and lightweight while demonstrating high performance and the EOS R100 (released in June 2023), an APS-C size mirrorless camera that even beginner photographers can use to enjoy full-fledged shooting, and 9 RF lenses4.

 

Additionally, Canon-brand cameras comprised the number one share5 of Rugby World Cup France 2023, demonstrating that they have earned the deep trust of professional photographers. Based on the support from this wide range of customers, Canon managed to secure the No. 1 share of the global market for the 21st consecutive year.

 

Canon will continue to refine its proprietary imaging technologies while bringing fulfillment and excitement to people’s daily lives as well as promoting the spread of photo and video culture by providing products, services, and solutions that meet its customers’ diverse needs.

 

 

1 Based on a Canon survey.

2 Types of lenses sold vary according to each market. Includes 4 types of extenders. Among lenses announced as of February 19, 2024.

3 Among digital interchangeable-lens cameras released prior to 8 July 2020.

4 In 2023, Canon released the following nine RF lenses: RF 135mm F1.8 L IS USM (January), RF-S 55-210mm F5-7.1 IS STM (March), RF 24-50mm F4.5-6.3 IS STM (April), RF 100-300mm F2.8 L IS USM (May), RF 28mm F2.8 STM (July), RF 10-20mm F4 L IS STM (October), RF 200-800mm F6.3-9 IS USM (December), RF 24-105mm F2.8 L IS USM Z (December), RF-S 10-18mm F4.5-6.3 IS STM (December).

5 Average of data obtained from 4 matches – semifinals (2 matches), 3rd place qualifier, and final match of the tournament. Based on a Canon survey.

Four top trends to watch in the African energy sector in 2024

Four top trends to watch in the African energy sector in 2024

As we head into 2024, the renewable energy sector is set to see innovation that will transform the way energy is accessed, stored and deployed across Africa. Paul van Zijl, Group CEO at Starsight Energy (https://StarsightEnergy.com/), discusses 4 key trends that he thinks will profoundly shape the industry over the next year.

 

Batteries will provide benefits far beyond backup for behind-the-meter projects

One of the most significant shifts in solar technology revolves around the integration of battery energy storage systems (BESS) – especially for behind-the-meter solar (also known as onsite solar). Traditionally, batteries were seen primarily as backup storage when paired with a solar system, ensuring a steady power supply during cloudy days, nighttime or when the grid is unavailable. However, in 2024, the focus is vastly shifting towards load management, where batteries play a dynamic role in optimising energy consumption.

As the trend for the deployment of batteries across the continent grows, cutting-edge management systems will become a key part of solar installations with an integrated battery component. These systems use advanced algorithms to predict energy demand patterns. This allows for the strategic use of battery storage – discharging it during expensive peak times and charging it using solar energy or the grid during off-peak – to reduce the costly demand charges that come with variable tariff structures. Along with enhancing the efficiency of solar systems, integrated battery storage solutions can also contribute to grid stability by reducing strain during high-demand periods.

When it comes to front-of-the-meter (or offsite) storage, BESS is also set to play a bigger role in the deployment of utility-scale renewable energy technology like wheeling – where power is generated at an offsite location (like a solar or wind farm) and transported using the available power network to different off-takers.

In South Africa for example, the national energy provider Eskom announced the deployment of around 343 MW in BESS projects as part of an overall 500 MW BESS initiative aimed at addressing the country’s long-running electricity crisis. The systems will be in remote areas (with limited access to Eskom’s network) but still close to renewable energy plants built by independent power producers (IPPs).

This collaboration between the public and private sectors supports more widespread deployment of utility-scale power and the adoption of renewable energy projects. By adding battery storage components to the national grid, businesses and consumers can gain quicker access to reliable electricity while the power utility can address peak energy demands more easily. This also ensures that the increasing amount of power generated from utility-scale solar projects can be stored and consumed outside of daylight hours to avoid stranded grid capacity.

Data, banking and tourism: The rise of sustainable off-grid solar solutions

Off-grid renewable energy solutions, including stand-alone systems and mini-grids, offer a unique opportunity to expand modern energy access services. The distributed nature of these systems allows them to be tailored to local conditions, tap into available renewable resources, deliver diverse energy services, and utilise local capacity to ensure long-term sustainability.

We will see a rise in these solutions as more and more commercial and industrial businesses realise the value of effectively moving off-grid. This will be prevalent in three industries:

As more and more businesses become aware of the benefits of off-grid solar, it is likely that we will see an even greater adoption of this technology in the coming year

Data centres: Africa is a global hub for data centres. According to research from African Infrastructure Investment Managers (AIIM), there is around 250 MW of installed data centre capacity across Africa – with the demand for centres in Africa expected to exceed supply by 300% by 2030. These powerhouses of technology rely heavily on a steady and safe electricity supply. From operating to maintaining their vast cooling systems, large data centres simply can’t afford the risk of a grid collapse or any possible power interruptions. Power autonomy is the name of the game here, making battery storage a necessity from the get-go.

Banking: While the prevalence of mobile financial services continues to soar on the continent, there is still a tangible need for brick-and-mortar banks and ATMs in countries where access to these services remains essential. These sites need to remain operational should there be any sort of grid collapse or catastrophic power failures – making an off-grid solution a non-negotiable component of the future of banking in Africa.

Tourism: With the rise of conscious consumerism and eco-tourism, sustainability is fast becoming the differentiating factor for discerning travellers choosing their next holiday destination. Luxury lodges in popular destinations in East and Southern Africa are fast moving towards fully off-grid solar battery operations to offer their guests uninterrupted access to power while boosting the lodge’s green credentials in the process.

As more and more businesses become aware of the benefits of off-grid solar, it is likely that we will see an even greater adoption of this technology in the coming year.

Seamless access to renewables through a reimagined aggregation model

We will certainly see a shift towards aggregated solutions, wherein energy providers will consolidate diverse technologies and services into comprehensive packages in 2024. This trend is driven by the recognition that a holistic approach to energy solutions is not only more convenient for consumers but also more effective in optimising energy production and consumption.

This can be done in several ways. For example, trading of electricity in South Africa allows a service provider of solar energy to buy and sell, excess wind energy without having to invest substantial capital expenditure amounts. Similarly, instead of having gas-powered energy compete with renewable energy, the aggregation model will also allow providers of such services to aggregate their energy solutions and provide the client with a holistic offering. The goal is to provide consumers with a seamless and integrated final product that maximises the benefits of renewable energy across various aspects of their daily lives. The real value for customers lies in a collaboration of providers who can meet their specific needs and power the entire energy lifecycle.

Tackling complexities through an increasingly consolidated sector

As the solar industry matures, a trend towards consolidation will become increasingly evident in 2024. Larger energy companies will consider merging or acquiring smaller players, creating more robust and diversified entities. This consolidation is driven by the desire to achieve economies of scale, increase market share, and foster innovation by pooling resources and expertise.

Consolidation in the industry is not limited to manufacturers but extends to service providers, research and development firms, and energy management companies. By joining forces, these entities can tackle the complexities of the evolving energy landscape more effectively, driving down costs and accelerating the adoption of alternative energies across the continent.

This trend is fostering the emergence of holistic service providers capable of providing end-to-end solutions that address the diverse needs of businesses, consumers and communities. Our recent market-milestone merger between Starsight Energy (https://StarsightEnergy.com/) and SolarAfrica (https://SolarAfrica.com/) is a case in point. Customers in Eastern, Southern and Western Africa can access our comprehensive mix of cost-effective solutions that provide power security and carbon reduction. These include solar energy, battery storage, wheeling, and energy management, among others.

The future is bright. If 2023 was anything to go by in terms of transformation for the energy sector, 2024 will be marked by accelerated innovation and a collective commitment to harnessing the full potential of renewable energy that holds the promise of a more resilient, more sustainable, and more tightly connected energy future for Africa.

Across Multiple African Markets, Fintrak Software Limited Brings AI-Powered Credit Management Software

Across Multiple African Markets, Fintrak Software Limited Brings AI-Powered Credit Management Software

 

Fintrak Software Limited, a financial technology (Fintech) firm headquartered in Lagos, has set a new benchmark in the African financial landscape with its groundbreaking introduction of AI powered “Fintrak Credit 360”. This cutting-edge credit management software, laced with the power of Artificial Intelligence and Machine Learning, is poised to revolutionized credit processes within banks and allied institutions across the continent.

In a recent international webinar engagement spanning multiple African countries, from Kenya to Tanzania, Gambia, and Uganda, Fintrak Software Limited showcased its innovative software to a gathering of prominent industry players and bankers. The event was not merely a demonstration; it was a revelation. The Fintrak Credit 360 software garnered unanimous acclaim for its seamless integration of Artificial Intelligence and Machine Learning in credit risk management.

Bimbo Abioye, the Group Managing Director of Fintrak Software, said the software’s transformative impact on the credit lifecycle. Unlike conventional banking solutions, Fintrak Credit Risk 360 comprehensively captures every stage of credit management, from origination and appraisal to customer approval, loan approval, and even rescheduling. The infusion of Artificial Intelligence (AI) ensures a flawless execution of these processes, eradicating the possibility of human error.

Abioye emphasized the software’s ability to automate credit transactions, including intricate processes like payday loans, end to end. Through strategic integration with credit bureaus and regulatory bodies like the Central Bank of Nigeria, Fintrak Credit Risk 360 emerges as a holistic solution for any bank, empowering them to manage various loan types effectively.

In the words of Omar Mboob, a seasoned banker from Gambia, Fintrak’s software has streamlined their operations, introducing meticulous underwriting and enhancing client oversight. The automation features have instilled confidence in auditors due to adherence to international financial reporting standards (IFRS), significantly boosting efficiency and productivity.

Bimbo Abioye, Group Managing Director, FINTRAK Software Limited

Kenneth Uzoegwu, a financial analyst, added that Fintrak’s Credit Risk software is impactful for its swift decision-making capabilities, facilitated by AI and machine learning components. 

Christopher Sualeze, Head of Commercial Banking SBU, FinTrak Software, highlighted the software’s open architecture, making seamless integration with other credit software possible. He also emphasized its prowess in anomaly detection and behavioral analysis of customers, facilitated by a dynamic product rack.

Fintrak Credit Risk 360 incorporates a comprehensive array of core components essential for managing credit risk effectively. This robust system encompasses features such as loan origination and collateral management, corporate bulk loan breaking, credit reporting, disbursement execution, loan restructuring, and real-time loan monitoring. Furthermore, the system integrates an embedded document management system, utilizing cutting-edge artificial intelligence and machine learning technologies for efficient data analysis and decision-making processes. It also streamlines credit documentation processes, including Credit Approval Memos (CAM) and Credit Approval Forms (CAF). Additionally, the platform facilitates rigorous credit appraisal through in-depth financial analysis and risk rating methodologies.

The system further extends its functionality to accommodate various approval levels, from bank officers to credit committees and board committees. It provides mobile loan approval capabilities, ensuring flexibility and accessibility for stakeholders involved in the approval process. Through its digital lending capabilities, the platform transforms the lending experience, making it more efficient, transparent, and secure for both financial institutions and borrowers.

£15 million funding to strengthen health workforce in Kenya, Nigeria and Ghana

£15 million funding to strengthen health workforce in Kenya, Nigeria and Ghana

 

£15 million from government’s Official Development Assistance (ODA) budget allocated to support healthcare workforces in Kenya, Nigeria and Ghana; funding will help upskill staff and improve health outcomes through improved administration, data collection and training and retention opportunities; supporting strong international health workforce better equips UK to tackle global health challenges.

 

The UK will provide a multi-million pound boost to support healthcare staff recruitment and retention in three African countries – Kenya, Nigeria and Ghana – supporting resilience against global health challenges.

Fifteen million pounds from the ring-fenced Official Development Assistance (ODA) budget for 2022-2025 will be committed to optimise, build and strengthen the health workforce in the three African countries. Recognising the importance of the health workforce in lower and middle- income countries in improving health outcomes and achieving universal health coverage, the funding will enable people in Kenya, Nigeria and Ghana to access to the full range of health services they need, when they need it.

The Covid pandemic demonstrated the need for the UK to cooperate closely with international partners to tackle global health threats, which put considerable pressure on the NHS. The pandemic also resulted in workforce retention pressures around the world, whilst the demand for healthcare staff has increased. The World Health Organisation (WHO) estimates a shortage of 10 million health workers globally by 2030, which threatens achieving global universal health coverage and could worsen worldwide health inequalities.

Addressing critical workforce challenges is key to strengthening health systems and building global resilience against future pandemics so people across the world – including in the UK – can be protected.

Health Minister Will Quince said:

This funding aims to make a real difference in strengthening the performance of health systems in each of the participating countries

Highly skilled, resilient staff are the backbone of a strong health service, so I’m delighted we can support the training, recruitment and retention of skilled health workforces in Kenya, Nigeria and Ghana.

This funding aims to make a real difference in strengthening the performance of health systems in each of the participating countries, which will have a knock-on effect on boosting global pandemic preparedness and reducing health inequalities.

The pandemic showed us that patients in the UK are not safe unless the world as a whole is resilient against health threats, and this will help us in delivering on that ambition.

Six million pounds from the ODA funding pledge will support the WHO to deliver health workforce planning and capacity-building work – such as improved administration systems and training and retention opportunities – in collaboration with local governments and health system stakeholders.

As part of this package, the Department of Health and Social Care will also run a £9 million two-year competitive grant scheme for a not-for-profit organisation to coordinate delivery of partnership work in participating countries.

The partnership programmes for the health workforce include linking UK institutions with local health systems, promoting skills exchanges and improving the curriculum, regulation and guidance in Kenya, Nigeria and Ghana.

The delivery coordinator will be responsible for setting up, funding and overseeing this work to drive improvement in quality and retention of healthcare staff in the three countries and ultimately help to ensure better outcomes for patients.

The funding builds on £5 million previously committed as part of the Building the Future International Workforce ODA programme in Ghana, Uganda and Somaliland which aims to improve health workforce planning and management, provide training opportunities for refugees and displaced people and link NHS institutions with country health institutions.

Kenya, Nigeria and Ghana were chosen for the ODA award as they showed a clear need for workforce support, evidenced by high population mortality rates and low staff numbers, as well as unemployment amongst their trained health workers.

Pan African Payment and Settlement System (PAPSS) and African Securities Exchange Association (ASEA) forge strategic partnership to revolutionize cross-border payment of Stock Exchanges in Africa

Pan African Payment and Settlement System (PAPSS) and African Securities Exchange Association (ASEA) forge strategic partnership to revolutionize cross-border payment of Stock Exchanges in Africa

The Pan African Payment and Settlement System (PAPSS) and the African Securities Exchange Association (ASEA) have signed a Memorandum of Understanding (MoU) to enhance collaboration and cooperation in promoting cross-border payments of Capital Markets infrastructure in Africa. The MoU was signed on 14 April 2023 during the ASEA 2023 Building African Financial Markets Seminar held in Victoria Falls, Zimbabwe, which brought together Stock Exchanges and capital markets stakeholders from across Africa to discuss ways to deepen integration and connectivity of African capital markets.

 

For a long time, investors doing business in Africa have struggled with making and settling cross-border payments. Payments take a long time to complete, are expensive since the existing environment necessitates the use of correspondent banks outside of the continent, and are done in foreign currencies (USD or Euro). Because of this, African Export and Import Bank (Afreximbank) and the African Continental Free Trade Area (AfCFTA) Secretariat developed PAPSS, which enables instant cross-border payment in local currency.

 

Through the umbrella of ASEA, with 9 exchanges and a combined market capitalization of $1.5 trillion, PAPSS provides an opportunity as the payment system to further enhance the African Exchanges Linkage Project (AELP), a flagship project of ASEA to facilitate cross-border trading of securities in Africa. PAPSS has started a period of fast deployment of its system throughout all African nations, having already gone live in the countries comprising the West African Monetary Zone (WAMZ), namely Nigeria, Ghana, Liberia, Gambia, and Guinea. As a result, Zimbabwe, Zambia, and Djibouti have recently joined the network and will soon be operational. This partnership with ASEA will also facilitate the deployment of PAPSS across the ASEA member nations.

 

Through our collaboration, we aim to create a reliable and efficient payment system that will enable investors to easily trade across different stock exchanges on the continent

Commenting on the signing, the Chief Executive Officer of PAPSS, Mr. Mike Ogbalu III, said: “PAPSS supports a wide variety of use cases, including cross-border retail and trade transactions for individuals and corporations and cross-border investments with the African Stock Exchanges. Consequently, working with ASEA, which pioneered the AELP with cross-border securities trading as a central tenet, is a significant step towards the rollout of PAPSS throughout the continent.

 

“This partnership is a demonstration of our commitment to driving trade flows and economic growth in Africa. Through our collaboration, we aim to create a reliable and efficient payment system that will enable investors to easily trade across different stock exchanges on the continent. Our immediate task is to create a workforce between PAPSS and ASEA as soon as possible to identify ways to facilitate the transfer of funds across ASEA member African Stock Exchanges. To that end, I’d like to extend an invitation to the relevant capital markets stakeholders to join us in this ground-breaking venture for the African business and investment communities.”

 

The President of ASEA and Chief Executive Officer of Botswana Stock Exchange, Mr Thapelo Tsheole, said: “We are delighted to partner with PAPSS on this important initiative. Our capital markets integration initiative through the AELP will play a critical role in deepening Africa’s capital markets and promoting cross-border investment. PAPSS’s expertise in payment settlement will be instrumental in the cross-border transfer of funds among the participating exchanges.”

 

PAPSS is unwavering in its dedication to fostering the growth of a thriving payment ecosystem and encouraging the development of new solutions for the economic advancement of the African continent and its people.

Saving the planet, one startup at a time: The new breed of startups championing sustainability

Saving the planet, one startup at a time: The new breed of startups championing sustainability

 

 

Every year since 2017 the local entrepreneurial multiverse has celebrated incredible new businesses in the hotly-contested South Africa’s Top 5 Most Exciting Startups Awards. In recent years the judges’ attention has shifted to startups that are making a difference, particularly those that are eco-conscious and environmentally minded.

 

One of the most exciting and important areas in which a new class of startups is emerging is the field of sustainability. This shift is clear in the inclusion of CURBON in the most recent Top 5 Most Exciting Startups.

 

Pioneering a greener world: the promising outlook of climate change tech

Climate change is a pressing global issue that requires immediate action. Startups that offer innovative solutions to mitigate and adapt to the effects of climate change are in high demand.

 

CURBON has developed a solution that calculates the cost of offsetting the carbon footprint of online purchases, from production to doorstep delivery, and allows shoppers to offset their online purchases by purchasing carbon credits that are then used to finance climate change projects around the world.

 

“Carbon offsetting is important for addressing climate change challenges now,” says Steffen Burrows, CURBON’s director and co-founder, “because it provides an immediate solution to reducing carbon emissions while affording us the breathing room to transition to more sustainable energy sources and reduce our overall carbon footprint in the long term.”

 

Challenging mindsets as a startup starts from the ground up

While it may be tempting for individuals to view climate change as a challenge that can only be tackled by national government and industry, this is not accurate. Although people have contributed to the problem, we also have a critical chance to be part of the solution.

 

“As a startup, funding is always challenging. People always think if you get the funding, you’ve made it. But that’s not the end of it. You also have to think carefully about barriers to entry for adoption of your product or service. Startups that aren’t delivering or answering a direct problem for other businesses or consumers are starting to drop,” says Burrows.

 

“We’re focusing on ecommerce carbon offsetting made simple, through plug-ins. We’ve grappled with barriers to entry, from a B2B perspective, it’s zero cost to the company, we can integrate on all leading platforms and set up to go live in minutes,” notes Burrows.

 

Climate action in just one click

This is where CURBON makes a huge impact in making climate action cost-effective and directly accessible by helping people reduce the carbon impact of their daily activities (such as online shopping) without requiring them to make any major behavioural changes.

 

“‘Carbon offsetting bridges the gap between where we are now, and where we want to be in the future. It provides funding for the development of sustainable projects and technologies that promote renewable energy, energy efficiency, and reforestation,” Burrows enthuses.

 

Trustworthy tech startup: building that cred

Credibility is make-or-break in the sustainability space. “We want to do things that make an impact. Every step of our carbon offsetting method has been carefully verified by leading international oversight regulatory bodies. This means both every company that adopts the CURBON plugin and their customers can trust that every transaction made is an active contribution toward a low-carbon future, visible through specific projects selected for their potential in offsetting carbon equivalent emissions and empowering communities.

 

Today ecommerce, tomorrow the world

Globally, the UN Environment Programme’s Emissions Gap Report 2022 found that the world must cut emissions by 45% to avoid global catastrophe. Carbon Tax is a looming reality for South African businesses. “Setting a basis for carbon reduction is important for companies, but who can afford to hire a process re-engineering specialist in a recession? That’s where technology is going to shine.”

 

“Ecommerce is just a starting point. Carbon footprint tracking tools can provide businesses with complete visibility into emissions across their value chains, helping to identify emission hotspots, quick wins and monitor the real-time impact of decarbonisation efforts,” Burrows explains.

 

Technology is essential in achieving sustainable change, simplifying compliance with increasingly tight regulations, and giving businesses the tools to easily manage, monitor, and make decisions more efficiently as they work toward becoming carbon neutral. “I can’t wait to see what climate change technology startups like CURBON are going to be doing next to save the planet. Literally.”