Stanbic IBTC Holdings PLC has leveraged technology in organising the 2020 edition of Together4ALimb, the flagship Corporate Social Investment (CSI) initiative of Stanbic IBTC Holdings PLC. The event held virtually in compliance with the social distancing guidelines provided by the Government, due to the outbreak of the coronavirus pandemic.
Together4ALimbwas introduced to create awareness about the plight of children living with limb loss. The financial institution organises a series of activities, culminating in a walk by the employees of the institution, members of the beneficiaries’ family and other well-wishers. Through this initiative, Stanbic IBTC Holdings PLC has given hope to selected underprivileged children who have lost their limbs, by providing them with prosthetics.
The institution created a Web Application to encourage interested individuals to take part in a virtual walk, thereby generating awareness about the challenges that limbless people must endure. The #Together4ALimb Web Application engendered participation from the public, while reaching a wider audience. Interested individuals logged onto the #Together4ALimb App to take and record their walks. The goal was to hit a 36-kilometre milestone in six days. Individuals could pause and pick up from where they stopped to continue the walk.
Overall, 505 people registered for the #Together4ALimb walk. A total of 2,356km was covered by the participants over a combined period of 440hours spread across 784 sessions.
Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, while commenting on the success of this year’s event, thanked participants for their time and effort. Dr. Sogunle said: “Our commitment to all aspects of our flagship initiative, including the yearly charity walk to raise awareness, remains as strong as ever because as an institution, we are resolute in our determination to help limbless children live a normal life while pursuing their beautiful dreams.”
This year, Stanbic IBTC fitted 10 children with prosthetic limbs and awarded educational trusts worth N1.5 million to each beneficiary, to enable them pursue their dreams of acquiring quality education.
This year’s beneficiaries were Covenant Sunday Okon, Anabel Ayuba, Nasirdeen Rabi’u, Emmanuella Offor, Chidinma Blessing Udeh and Hamza Ahmed Rufai. Others were,Yakubu Haruna Yakubu, Qoyyumat Oluwadarasimi Okesanjo, David Ahmed Aliyu and Aisha Gidare.
Since the initiative commenced in 2015, Stanbic IBTC has provided prosthetics and Education Trust worth over N250 million for 40 children.
The prosthetics are replaced annually until the beneficiaries turn 18 years old.
Stanbic IBTC Leverages Tech for 2020 Edition of Together4ALimb
‘Get Your Remittances in Dollars’–Ecobank
In a reaction to the recent announcement by the Central Bank Nigeria (CBN) that beneficiaries of remittances can now receive their transfers in Dollars or opt to have funds paid directly into their domiciliary accounts, Ecobank Nigeria has assured its customers that it will put the necessary processes in place to make this happen seamlessly.
Patrick Akinwuntan, Managing Director, Ecobank Nigeria, in a chat with the Media in Lagos said Ecobank is taking steps to see the immediate implementation of this policy. He encouraged Nigerians in the diaspora and their loved ones here in Nigeria to take advantage of the policy by opening the Ecobank domiciliary account or reactivating their inactive domiciliary account with the bank.
“We are leaving no stone unturned to ensure that our customers instantly receive their transfers as cash (USD) or transfers into their domiciliary accounts. Our customers have the flexibility to choose the mode of receipt that suits them. It is strictly on their terms.” he said.
He went on to say “Our proprietary money transfer platform, Rapidtransfer, available on the App Store and Play Store, makes it possible for Nigerians abroad to remit home instantly at very affordable charges. We have also just launched a new version, Rapidtransfer International, specifically for Nigerians living in Europe. The functionality of both apps is being enhanced to meet this new requirement.”
Ecobank also stated that it is collaborating with other remittance partners (Western Union, MoneyGram, Ria, Small World etc.) on this new development in a bid to deliver maximum value to its customers.
In the same vein, Olukorede Demola-Adeniyi, Head, Consumer Banking, Ecobank Nigeria, said the Nigerian diaspora community makes significant contribution to the economy and Ecobank is committed to supporting them by providing advisory services, remittance solutions, investment options and financial planning.
To lend credence to this, Ecobank recently held a Diaspora Summit with major stakeholders in commemoration of Nigeria’s 60th Independence Anniversary.
How African Alliance Paid N1.3bn Claims in Oct/Nov 2020
Mrs. Joyce Ojemudia
Managing Director/Chief Executive Officer
African Alliance Insurance Plc
African Alliance Insurance Plc has given detailed insight on how it paid claims of over N1.3 billion in October and November 2020 to deserving clients of the company.
Accordingly, the company said it has settled total claims of N1.3 billion from the 1st of October till date.
Managing Director/Chief Executive Officer of African Alliance, Mrs. Joyce Ojemudia, who disclosed this during a courtesy visit of the executives of the National Association of Insurance and Pension Correspondents (NAIPCO) to the company in Lagos, noted that, the company is in business to settle claims.
Giving a breakdown of its claims history from October till date, the company said that it paid a total of N220.5 million as claims for group life insurance; for individual life including annuity, it paid N1.03 billion; for Esusu, it paid N2.3 million, while it paid N73.7 million as takaful claims.
Ojemudai said: “The products that we are selling in the insurance sector are intangible and the only way to make them tangible is to pay claims and pay promptly.”
According to her, insurance companies pay claims and it should be clear to the public that the sector exists to service their claims.
She said: “When you tell Nigerians to take up insurance, they always say that ‘God is my insurance’, but when we start sounding the message of claims payment very loud through the press, they will believe the press better.”
The African Alliance boss noted that the company is putting modalities in place to add more value to some of its products in the coming year, stating: “When some of these products were actually put in the market, Covid-19 was not around and nobody taught the impact of covid-19 will be as big as this. So as soon as we put some products in the proper perspective that will soothe 2021 business year, I am sure that we will start partnering with you to tell the public that we have products that will be of common interest to them.”
Also speaking, General Manager/Lead, Business Development, Mr. Steve Ajudua, said that there is potential of over a trillion naira income in the compulsory insurance products for the insurance industry and there is need for strict enforcement of that line of business.
He appealed to the media to assist the sector in propagating the benefits inherent in the compulsory insurance products, saying that it offers the industry a huge opportunity to increase insurance penetration as well as grow the economy.
In his introductory remark, the Chairman of NAIPCO, Mr. Chuks Okonta said that the maxim for the current EXCO is developmental journalism as it has taken up the mandate to add value to stakeholders in the insurance and pension sectors.
Okonta said: “We have taken up the mandate to add value to our shareholders in the sectors that we cover and as such, our assignment is developmental in scope.
“Accordingly, we have decided to carry out these assignments through claims profiling, where we reach out to companies to give us their claims history to project for them. Another aspect is through product profiling where we reach out to companies to give us products in their kitty and we propagate the message for them. While the third is management profiling where we expose the management team of companies to the public so that the public know where they are coming from.”
According to Okonta, other channels through which the association carry the message of insurance and pension to the general public is through its annual conference, the association magazine as well as the advert to news initiative where the association breakdown the message in adverts of companies to the understanding of the public.
Africa’s Mobile Phone Shipment Declines 6% in Q3 2020
Africa’s overall mobile phone market shipments declined 6.0% year on year (YoY) in Q3 2020, according to the latest insights from global technology research and consulting firm International Data Corporation (IDC).
The firm’s newly published Quarterly Global Mobile Phone Tracker shows that the decline stemmed mainly from feature phones, with shipments of these devices declining 11.2% YoY in Q3 2020 to total 29.4 million units.
By contrast, smartphone shipments were up a healthy 14.1% YoY, with 22.9 million smartphones shipped to the region during the quarter. The growth of the smartphone market was caused by the release of pent-up demand after countries eased their COVID-19 lockdown restrictions and by a shift in vendor strategies to offer more entry-level flagship models.
Rising unemployment rates and economic uncertainty caused by the COVID-19 pandemic continue to shift consumer buying patterns toward affordable and feature-rich products. Africa’s largest smartphone markets recorded mixed performances – Egypt and Nigeria both posted YoY growth in Q3 2020, while South Africa suffered a YoY decline. Smartphone shipments to Nigeria grew due to a shift from vendors to entry-level and mid-range devices.
Similarly, the Egyptian smartphone market grew as vendors offered devices with more competitive prices, larger screens, and improved features. Despite, experiencing a 13.4% YoY decline in shipments, South Africa continued to lead the way in Africa’s smartphone market, with shipments to the country totaling 3.3 million units.
“While South Africa’s smartphone market experienced a YoY decline, shipments actually increased 17.8% QoQ as lockdown restrictions were lifted and the channels replenished their inventories for Q4 promotions,” says Arnold Ponela, a research analyst at IDC. “South Africa is struggling with economic hardships, but smartphones have become an essential consumer item, making it a resilient market in a downturn.”
Transsion brands (Tecno, Itel, and Infinix) continued to dominate Africa’s smartphone space in Q3 2020, with 42.2% unit share. Samsung and Huawei followed in second and third place, with respective unit shares of 19.9% and 8.7%.
The Transsion brands (Tecno and Itel) also dominated the feature phone landscape with a combined share of 76.6%. Nokia came in third with 8.0% share of feature phone shipments.
In terms of price bands, devices priced below $200 accounted for 89.3% of smartphone shipments to Africa in Q3 2020. The share of smartphones priced below $100 declined slightly from 53.8% in Q2 2020 to 53.0% in Q3 2020, while the share of devices priced $100-$200 increased from 34.7% to 36.3% over the same period.
“Demand for entry-level smartphones was driven by e-learning requirements since smartphones are the only device offering internet access for most households in Africa,” says Ramazan Yavuz, a Senior Research Manager at IDC. “The mid-range segment ($200<$500) declined YoY, as consumers held back on upgrading to more expensive smartphones due to economic uncertainties."
Looking ahead, IDC expects the recovery in shipments seen in Q3 to continue through Q4 2020 during the festive months, with overall shipments expected to grow 4.6% quarter on quarter. The prospects for 2021 will depend on improvements in the overall economy, which will be largely dictated by the availability of a COVID-19 vaccine.
Aside from this factor, all market indicators are pointing towards supply-chain constraints fully easing out during the second half of 2021, with demand returning to normal as economic recovery starts.
How AfCFTA Could Catalyse Africa’s Untapped Agric Sector
Louis van Ravesteyn
Pan-Africa Head of Agribusiness, Personal and Business Banking
Standard Bank Group
The African Continental Free-Trade Area (AfCFTA) could accelerate the development of sub-Saharan Africa’s agricultural sector and help the continent to become self-sufficient in food production.
The trading bloc, which is set to become operational in January 2021, will significantly increase intra-African trade over time as it dismantles barriers to trade – including import tariffs and non-tariff barriers such as customs delays, restrictive licensing processes, and certification challenges.
The World Bank said in a recent report that 60% of African countries are likely to see increased agricultural employment by 2035 thanks to AfCFTA, and wages for unskilled workers are expected to grow faster in these nations.
While some countries will gravitate towards other sectors in which they have competitive advantages, North African states will shift more towards manufacturing and services. Many in sub-Saharan Africa are well placed to become food production hubs, thanks in part to favourable climates.
The World Bank estimates that by 2035, agriculture will account for more than 50% of total employment in several East African countries, including Kenya, Ethiopia, Uganda, Tanzania and Madagascar.
And by that time, intra-African trade in agriculture will likely be 49% higher than today, according to the study.
Africa’s abundance of uncultivated arable land, together with favourable climatic conditions in several countries and underutilised fresh-water resources, gives the continent significant headroom to produce more for regional and international export markets.
Those countries that adopt the latest technologies and develop strategies to remain competitive in the global marketplace will fare best. To compete over the long term, producers and governments need to plan and adopt strategies that are associated with characteristics of more mature markets to stay ahead of the curve
Further, any increases in output should be demand-driven. Products should be well researched and diversified, and production should be viable in terms of export-parity pricing.
Better Co-operation
As countries establish themselves as major agricultural producers, there is an opportunity to share best practices across the continent. This includes the adoption of appropriate production systems, the development of infrastructure that supports agribusinesses, and the implementation of policies that spur investments in the sector.
Some countries are relatively well advanced when it comes to the adoption of technology and climate-smart practices, and this has lifted output, lowered costs, and ensured that product quality is consistent.
Several African nations have focused more on value-addition and processing, and this has contributed to import substitution and greater exports, returns and employment. Other African countries can greatly benefit from replicating these best practises.
To promote the sector’s growth, authorities can consider interventions that stimulate innovation and the adoption of technology, such as tax incentives. There should also be a focus on preventing illegal trade and dumping in local markets, and on developing policies that improve investor confidence and reduce the cost of funding.
Transparent market information systems, healthy competition, capacity-building programmes, and investments in transport and storage infrastructure would also go a long way towards the sector’s development.
According to the International Food Policy Research Institute, African policymakers should focus on harmonising trade regulation across the continent, with an emphasis not only on import duty reductions, but also on addressing the costly non-tariff barriers that suffocate trade, including logistical challenges. In fact, it found that non-tariff barriers can be more damaging than tariffs.
The institute says it is crucial that policymakers, investors, and businesses prioritise ‘culturally appropriate, nutrient-dense foods’ to promote healthier lifestyles. Stakeholders should also coordinate efforts to integrate informally traded goods into formal markets by removing barriers for producers and supply intermediaries.
The banking sector will also have a significant role to play as an enabler of cross-border agricultural trade. Standard Bank Group, with its footprint across 20 African markets, sees AfCFTA as a significant opportunity for clients, the agricultural sector in general, and the continent. To play its part, the bank will leverage its expertise in agribusiness, provide client-centric solutions for the agriculture value chain, and facilitate trade through platforms like Trade Club, as well as its foreign exchange and trade finance solutions.
Opportunities Ahead
We believe that there are untapped opportunities in terms of both intra- and extra-African exports.
For the global market, there is scope to become a leading supplier of agricultural products such as vanilla, cocoa and avocados, thanks to strong demand elsewhere. Asia and the European Union will continue to drive global demand for African food products.
The products with the most export potential for other African countries include seafood, sugar, black tea, maize and maize seeds, palm oil, vegetables, onions, potatoes, margarine, sunflower seeds and oil, fertilisers, fruits, rice, sorghum, sesame seeds, pulses, vanilla and other spices, and poultry products.
Sub-Saharan Africa’s growing population, which is increasingly urbanising, will drive long-term demand for consumer products including foods. As a result, the growing agricultural sector will likely satisfy regional demand first, meaning it will take some time for Africa to become the ‘breadbasket’ of the world.
The COVID-19 crisis, which severely disrupted global supply chains, has highlighted the importance of local production and self-sufficiency. AfCFTA may well accelerate the shift in that direction.
Ecobank Named ‘Agric Lender of the Year 2020’ by BAFI Awards
Ecobank Nigeria has emerged the winner of “Agric Lender of the Year” award at the prestigious Business Day’s Banks and Other Financial Institutions Awards (BAFI). The bank was winner among other strong contenders to clinch the coveted award over the weekend.
According to Publisher of Business Day Newspapers, organisers of the event, Frank Aigbogun, Ecobank emerged winner from more than six strong nominees that were vetted, from which three were selected for the judges’ final choice. He stated that Business Day analysts spent over four weeks assessing the performance of Ecobank and its peers to arrive at its decision.
He lauded Ecobank’s support for financing rural farmers for food sufficiency, providing employment, creating awareness to showcase the potentials in the sector and partnering government agencies, local and international development partners to develop the agric sector.
Receiving the award, Segment Head, Public Sector/AgriBusiness, Mojisola Oguntoyinbo said the award was well deserved, stating that Ecobank has been at the forefront of financing the entire value chain of agriculture thereby supporting the emergence of new entrepreneurs in the sector.
According to her, “As a bank, we are glad that our efforts at developing the agriculture sector of our country are being recognised. This is an encouragement that we should step up our support for the national economy.”
According to her “earlier in the year, we announced Agriculture Businesses Finance Scheme which will see us commence the disbursement of agriculture loans to practitioners in different value chains in the sector within the next two years. We have Agric Schemes to support over 70,000 farmers with special loans to increase their capacity and yields in support of the CBN 2020 wet season programme with the Maize Growers, Processors and Marketers Association of Nigeria (MAGPAMAN). We are also in partnership with the Nigeria Incentive-based Risk-Sharing System for Agricultural Lending (NIRSAL), the United States Agency for International Development (USAID), the Development Bank of Nigeria (DBN) and other developmental partners to double the amount of credit provided to the agricultural sector over the next two or three years.”
Ecobank has been actively leveraging entrepreneurship as a strategy to tackle poverty and growing unemployment in Nigeria through the creation of relevant platforms. One of such platforms is the Ecobank Xpress Point, the bank’s Agency Banking proposition which enables Agents carry out financial transactions on behalf of Ecobank and earn commission on transactions processed.
Ecobank popularly referred to as the digital bank is also using its various platforms including PoS, Omnilite, Omni, ATM, Mobile banking, Ecobank Mobile app, EcobankPay and Ecobank Online, among others to facilitate ease of transactions for customers.
Emirates: Nigerians to Enjoy Dubai Special Offers this Festive Season
Emirates is making travels to Dubai more attractive with a complimentary stay at the JW Marriot Marquis Dubai, one of the world’s tallest 5-star hotels. The skyscraper hotel
features award-winning dining options, its own shopping galleria and a
world-renowned spa; and is conveniently located near attractions like
the Dubai Mall, Burj Khalifa and the Dubai Opera.
Customers who book return Economy tickets to Dubai from 2nd to 23rd
December for travel from 6th December 2020 to 28th February 2021 will be
eligible for a complimentary one night stay at the JW Marriot Marquis on
their first night in Dubai, while travellers booked in First and
Business Class will receive two complimentary nights’ stay from the day
of arrival.
To enjoy the new Dubai global offer, the travel fare for Nigerian
customers from Lagos to Dubai on Economy class will be starting from
N331, 530, while Business class will be starting from N1, 337,685.
The airline will also provide generous baggage allowance; hence
passengers returning to Emirates destinations in Africa, including
Nigeria, can go home with one extra piece of luggage.
Fly better on Emirates and enjoy over 4,500 channels of entertainment on
ice – the airline’s award-winning inflight entertainment system, as well
as regionally inspired meals and complimentary beverages.
Emirates customers can travel with peace of mind with the airline’s
flexible booking options and newly introduced multi-risk travel
insurance including COVID-19 cover with every flight. Emirates has also
implemented a comprehensive set of measures at every step of the
customer journey to ensure the safety of its customers and employees.
Emirates has been rated the safest airline in the world in its response
to the COVID-19 Pandemic according to the Safe Travel Barometer. It has
the highest ‘Safe Travel Score’ among 230+ airlines evaluated worldwide.
The score is based on an independent audit of 26 health and safety
parameters evaluating safety protocols, traveller convenience and
service excellence announced by airlines.
Dubai is open and ready to welcome tourists with the highest levels of
safety protocols in place to keep its residents and visitors safe. The
vibrant, cosmopolitan city has an eclectic mix of offerings including
impressive beaches, world-class shopping, and fine dining restaurants.
• What does a holiday in Dubai look like?
As a safety precaution, all passengers arriving in Dubai must take a
polymerase chain reaction (PCR) test up to four days prior to their date
of travel (maximum 96 hours). You may be required to take another test
at Dubai Airports upon arrival. Children under the age of 12 and
passengers with a severe or moderate disability are exempt from the PCR
test.
• Masks and social distancing
In Dubai, it is mandatory to wear a mask in public places at all times
including on Emirates flights, however children below the age of six who
struggle with wearing masks are exempted from wearing them. You can
remove your mask when you are seated at a restaurant or café. Social
distancing is also practised throughout the city and at all venues
including on public transport.
• Hotels, malls and indoor venues
Hotels in Dubai including the JW Marriot Marquis use contactless check
in and rooms are sanitised for safety. All indoor venues including malls
enforce mandatory temperature checks at the entrance and employ digital
safety guidelines including contactless menus at restaurants.
• Outdoor activities
Dubai is a haven for thrill seekers and all outdoor and sports
activities are operating with safety restrictions and protocols. This
includes helicopter rides, hot air balloons, desert safari, desert
camping, dhow cruises, kayaking and more. All sports activities that can
be practised individually or with 5 people or less have resumed. This
includes sky diving and renting of jet skis, boats and bicycles.
Dubai’s beaches are open and safe with social distancing. Global Village
has also opened on 25 October 2020 for its 25th season, with strict
precautionary measures in place.
Flexibility and assurance: Emirates’ booking policies offer customers
flexibility and confidence to plan their travel. Customers who purchase
an Emirates ticket for travel on or before 31 March 2021, can enjoy
generous rebooking terms and options, if they have to change their
travel plans. Customers have options to change their travel dates or
extend their ticket validity for 2 years.
Free, global cover for COVID-19 related costs: Customers can now travel
with confidence, as Emirates has committed to cover COVID-19 related
medical expenses, free of cost, should they be diagnosed with COVID-19
during their travel while they are away from home. This cover is
immediately effective for customers flying on Emirates until 31 December
2020, and is valid for 31 days from the moment they fly the first sector
of their journey. This means Emirates customers can continue to benefit
from the added assurance of this cover, even if they travel onwards to
another city after arriving at their Emirates destination.
Health and safety: Emirates has implemented a comprehensive set of
measures at every step of the customer journey to ensure the safety of
its customers and employees on the ground and in the air, including the
distribution of complimentary hygiene kits containing masks, gloves,
hand sanitizer and antibacterial wipes to all customers.
Crown Premium Pasta Signs Nollywood Actress, Chioma Akpotha as Brand Ambassador
L-R: Nitin Mehta, Vice President and Business Head (Consumer Business – Pasta and Semolina), Crown Flour Mill Ltd; Chioma Akpotha, Nollywood Actress/ Producer and Crown Premium Pasta Brand Ambassador; and Bola Adeniji, General Manager/ Head Marketing (Business to Consumer), Crown Flour Mill Ltd, during the contract signing ceremony of Chioma Akpotha as the Brand Ambassador of Crown Premium Pasta held in Lagos recently.
Leading Nigerian pasta brand, Crown Premium Pasta, has unveiled top Nollywood actress and movie producer, Chioma Akpotha, as its brand ambassador. The actress, who has won notable awards including the African Movie Academy Award, was unveiled by Crown Flour Mill Limited, the makers of Crown Premium Pasta, at a contract signing event held on Sunday, November 15, 2020, in Lekki, Lagos.
She said, “Like all other amazing brands under Crown Flour Mill Ltd, Crown Premium Pasta is a healthy and great quality product made to delight every family. There’s truly nothing greater than getting to be a part of something one truly loves and uses personally. I’m really excited to be representing the Crown Premium Pasta range of delicious pasta products which are non-sticky, delicious and healthy to consume. Full of health and nutrition, Crown Premium Pasta products are made from durum wheat (which contains high level of protein) and they also contain vitamins and micronutrients.”
Explaining why she decided to work with the brand, the veteran actress said, “Chioma Akpotha is a premium family brand. I share the same DNA with Crown Premium Pasta which is also a premium family brand. It’s a perfect fit. I also align with the company’s mission to provide top quality food products at accessible prices to the Nigerian consumers.”
Chioma Akpotha’s career in Nollywood began in 2000 when she featured in the movie ‘The Apple’. She has since featured in over 350 movies and has six movie production credits under her belt.
She will promote Crown Flour Mill’s Crown Premium pasta brands comprising Crown Premium Spaghetti, and Crown Premium Twist Cavatto Macaroni, to her family, friends and ever-amazing fans in Nigeria, whom she fondly calls “My Omafam”.
Commenting on the appointment of Chioma Akpotha as Crown Premium Pasta’s brand ambassador, Mr. Nitin Mehta, Business Head (B2C), Crown Flour Mill Limited, remarked, “The brand is glad to identify with Chioma Akpotha. She is an actress who brings an extraordinary level of commitment and discipline to light up every role she plays on the screen. She exemplifies the rich capacity available in the Nigerian entertainment industry and is a great brand fit for Crown Premium Pasta. I have no doubt that this would be a mutually rewarding relationship”.
“We are committed to delivering on our promise of making nutritious and affordable pasta products accessible to all Nigerians. This relationship will help bring greater awareness of our mission,” Mr. Mehta added.
Also speaking on the signing, Mrs. Bola Adeniji, General Manager/ Head Marketing (B2C), Crown Flour Mill Ltd., said: “We welcome Chioma Akpotha to the Crown Premium Pasta family as our brand ambassador. There is a natural fit between Crown Premium Pasta and Chioma Akpotha; and we look forward to this natural chemistry to produce some great work together”
Stanbic IBTC Bank Commits to Economic Growth, Supports Africa-China Trade Relations
Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has reiterated its commitment to the nation’s economic development by fostering international trade. This was disclosed at the recent Africa-China Agent Proposition (ACAP) webinar, themed “Advancing Africa-China Trade Opportunities.”
During the session, panellists discussed the challenges which confronted Nigeria-China trade relations as a result of the COVID-19 pandemic, as well as the impact of recent regulatory pronouncements on trade between both countries.
In his welcome address, Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, said that the organisation remained committed to facilitating trade activities for clients, even in the face of prevailing challenges.
Speaking on the launch of ACAP, Dr Sogunle said: “Stanbic IBTC launched ACAP in May 2019 to boost trade transactions between Africa and Asia, especially China,and helped customers consummate the best business deals without having to travel to China. These were made possible through our parent company, Standard Bank Group, in collaboration with the Industrial and Commercial Bank of China (ICBC).”
Asides growing the nation’s Gross Domestic Product (GDP), Sogunle stressed that the Africa-China trade has potentials to create more jobs and reduce poverty. He urged participants to take advantage of ACAP, which will give them the exclusive access to an array of exporters in China through an accredited agent, Zhejiang International Trading Supply Chain Co Ltd, also known as Guamao.
Guamao is a China-based agent appointed by ICBC and Standard Bank to assist African importers execute trade seamlessly with China. Presently, Guamao has about 35,000 linked suppliers.
Ralph Deng, General Manager, Guamao, described the firm as an expert in procuring all kinds of products, raw materials and goods, with no restrictions in terms of size or volume of imports.
To free up cash-flows and help customers get more products with a reduced down payment to suppliers, Deng noted that a structured payment could be agreed on before an initial upfront payment is made.
He said that full responsibility will be taken to rectify any default on behalf of the client, and that assistance can be given in providing a Chinese government invitation letter and help with logistics arrangements if the customer intends to travel to China to see suppliers.
LuthandoVuba, Head, Africa-China Trade, Standard Bank Group, highlighted the benefits of ACAP as easy sourcing of suppliers and goods, seamless negotiations, guaranteed quality and logistics convenience, amongst others.
Speaking on the ease of making payments, Sunny Gao, Head, Strategic Corporation China, Standard Bank Group, expressed availability of Letter of Credit (LCs), Bills or Telegraphic transfers, depending on the importer’s preference.
He said: “We issue Renminbi Letter of Credit (RMB LCs) to make payments for goods procured under ACAP which eradicates the need to source foreign currency, thereby resulting in faster transactional turnaround time.”
Other panellists at the session were Gbolahan Taiwo, Regional Economist, Stanbic IBTC Bank PLC and Alastair McDougall, Chief Executive Officer, Avery Nigeria Limited.
In his closing remarks, Wole Adeniyi, Chief Executive, Stanbic IBTC Bank PLC, said that the Bank gives its customers a competitive edge over other players and grow their business volumes.
He said: “Our goal is to become the ‘go-to’Bank as far as global trade is concerned, with emphasis on Africa-China trade. This proposition is of immense value to our clients and will help us achieve our fundamental purpose, which is to drive Africa’s growth.”
Wole Famurewa, the presenter of CNBC Africa’s daily markets programme,‘Closing Bell West Africa’, moderated the session.
IATA: Airlines Set for $119bn Loss in 2020 over COVID-19 Pandemic
The International Air Transport Association (IATA) announced a revised outlook for the global airline industry performance in 2020 and 2021. Deep industry losses will continue into 2021, even though performance is expected to improve over the period of the forecast.
•
A net loss of $118.5 billion is expected for 2020 (deeper than the $84.3 billion forecast in June).
• A net loss of $38.7 billion is expected in 2021 (deeper than the $15.8 billion forecast in June).
Performance factors in 2021 will show improvements on 2020; and the second half of 2021 is expected to see improvements after a difficult 2021 first half. Aggressive cost-cutting is expected to combine with increased demand during 2021 (due to the re-opening of borders with testing and/or the widespread availability of a vaccine) to see the industry turn cash-positive in the fourth quarter of 2021 which is earlier than previously forecast.
“This crisis is devastating and unrelenting. Airlines have cut costs by 45.8%, but revenues are down 60.9%. The result is that airlines will lose $66 for every passenger carried this year for a total net loss of $118.5 billion. This loss will be reduced sharply by $80 billion in 2021. But the prospect of losing $38.7 billion next year is nothing to celebrate. We need to get borders safely re-opened without quarantine so that people will fly again. And with airlines expected to bleed cash at least until the fourth quarter of 2021 there is no time to lose,” said Alexandre de Juniac, IATA’s Director General and CEO.
2020
The COVID-19 crisis challenged the industry for its very survival in 2020. In the face of a half trillion-dollar revenue drop (from $838 billion in 2019 to $328 billion) airlines cut costs by $365 billion (from $795 billion in 2019 to $430 billion in 2020).
“The history books will record 2020 as the industry’s worst financial year, bar none. Airlines cut expenses by an average of a billion dollars a day over 2020 and will still rack-up unprecedented losses. Were it not for the $173 billion in financial support by governments we would have seen bankruptcies on a massive scale,” said de Juniac.
All major operational parameters in the passenger business were negative:
• Passenger numbers are expected to plummet to 1.8 billion (60.5% down on the 4.5 billion passengers in 2019). This is roughly the same number that the industry carried in 2003.
• Passenger revenues are expected to fall to $191 billion, less than a third of the $612 billion earned in 2019. This largely driven by a 66% fall in passenger demand (measured in Revenue Passenger Kilometers/RPK). International markets were hit disproportionately hard with a 75% fall in demand. Domestic markets, largely propelled by a recovery in China and Russia, are expected to perform better and end 2020 49% below 2019 levels.
Further weakness is demonstrated by passenger yields which are expected to be down 8% compared to 2019 and a weak passenger load factor which is expected to be 65.5%, down from the 82.5% recorded in 2019, a level last seen in 1993.
Operational parameters for cargo are performing significantly better than for passenger but are still depressed compared to 2019:
•
Uplift is expected to be 54.2 million tonnes in 2019, down from 61.3 million tonnes in 2019
• Cargo revenues are bucking the trend, increasing to $117.7 billion in 2020 from $102.4 billion in 2019. A 45% fall in overall capacity, driven largely by the precipitous fall in passenger demand which took out critical belly capacity for cargo (-24%), pushed yields up by 30% in 2020.
“Cargo is performing better than the passenger business. It could not, however, make up for the fall in passenger revenue. But it has become a significantly larger part of airline revenues and cargo revenues are making it possible for airlines to sustain their skeleton international networks,” said de Juniac.
In 2019, cargo accounted for 12% of revenues and that is expected to grow to 36% in 2020.
2021
Airline financial performance is expected to see a significant turn for the better in 2021, even if historically deep losses prevail. The expected $38.7 billion loss in 2021 will be second only to 2020 performance.
On the assumption that there is some opening of borders by mid-2021 (either through testing or growing availability of a vaccine), overall revenues are expected to grow to $459 billion ($131 billion improvement on 2020, but still 45% below the $838 billion achieved in 2019).
In comparison, costs are only expected to rise by $61 billion, delivering overall improved financial performance. Airlines will still lose, however, $13.78 for each passenger carried. By the end of 2021 stronger revenues will improve the situation, but the first half of next year still looks extremely challenging.
Passenger numbers are expected to grow to 2.8 billion in 2021. That would be a billion more travelers than in 2020, but still 1.7 billion travelers short of 2019 performance. Passenger yields are expected to be flat and the load factor is expected to improve to 72.7% (an improvement on the 65.5% expected for 2020, but still well below the 82.5% achieved in 2019).
The cargo side of the business is expected to continue with strong performance. Improved business confidence and the important role that air cargo should play in vaccine distribution is expected to see cargo volumes grow to 61.2 million tonnes (up from 54.2 million tonnes in 2020 and essentially matching the 61.3 million tonnes carried in 2019).
A continued capacity crunch due to the slow reintroduction of belly capacity from passenger services combined with a higher proportion of time and temperature sensitive cargo (vaccines) will see a further 5% increase in yields. This will contribute to strong performance in cargo revenues which are expected to grow to an historic high of $139.8 billion.
Challenges to Recovery
While the industry will see improved performance in 2021 compared to 2020, the road to recovery is expected to be long and difficult. Passenger volumes are not expected to return to 2019 levels until 2024 at the earliest, with domestic markets recovering faster than international services. Several critical challenges need urgent attention:
Debt Levels and Financial Support: Airlines are surviving on financial life support from governments. Even after $173 billion of government support of various kinds in 2020, the median airline has just 8.5 months of cash to survive. Many have far less as the industry enters into the critical winter period, which is characterized by weak demand even in normal times.
While cash burn has diminished from the peak of the crisis, airlines are still expected to burn an average of $6.8 billion/month during the first half of 2021, before the industry turns cash positive in the fourth quarter of 2021.
“The financial damage of this crisis is severe. Government support has kept airlines alive to this point. More is likely needed as the crisis is lasting longer than anyone could have anticipated-and it must come in forms that that does not increase the already high debt load which has ballooned to $651 billion.
Bridging airlines to the recovery is one of the most important investments that governments can make. It will save jobs and kick-start the recovery in the travel and tourism sector which accounts for 10% of global GDP,” said de Juniac.
Closed Borders/Quarantine: The biggest factors impeding the industry’s recovery are travel restrictions and quarantine measure that effectively prevent a meaningful revival of travel. The most immediate and critical solution is the safe re-opening of borders using systematic COVID-19 testing. Longer-term, the widespread availability of COVID-19 vaccinations should enable borders to remain open without testing or restriction, but the timeline for vaccine availability is uncertain.
“We have the ability to safely re-open travel with systematic testing. We cannot wait on the promise of a vaccine. We are preparing for efficient vaccine distribution. But testing is the immediate solution to meaningfully re-open air travel. With 46 million jobs at risk in the travel and tourism sector alone because of plummeting air travel, we must act fast with solutions that are at hand. We have fast, accurate and scalable testing that can safely do the job. The airlines are ready. The livelihoods of millions are in the hands of governments and public health authorities. Governments understood the criticality of a viable air transport sector when they invested billions to keep it afloat. Now they need to protect those investments by giving airlines the means to safely do business,” said de Juniac.
Confidence
“The numbers couldn’t get much worse. But there is a way forward. With the continued financial support of governments to keep airlines financially viable and the use of testing to enable travel without quarantine, we have a plan to overcome the worst immediately. And longer-term the progress on vaccines is encouraging. Most importantly, people have not lost their desire to travel. The market response to even small measures to lift quarantine is immediate and strong. Where barriers have been removed, travel rebounded. The thirst for the freedom to fly has not been overcome by the crisis. There is every reason for optimism when governments use testing to open borders. And we need to make that happen fast,” said de Juniac.
Ecobank Unveils Smart SME Agency Banking Campaign to Empower Small Businesses
Ecobank Nigeria has launched Smart Small and Medium Enterprise (SME) Agency Banking campaign targeted at empowering 100,000 entrepreneurs under the Ecobank SME and Agency Banking proposition. Emeka Agada, Head of SME, Ecobank Nigeria, said the initiative was introduced in line with the bank’s commitment to support the Federal Government and Central Bank of Nigeria vision for financial inclusion across the country.
Aside improving financial inclusion, this campaign also aims to create self-employment for new entrepreneurs and help diversify income streams of existing small businesses across Nigeria. He reiterated that Ecobank has made it easy for entrepreneurs and small businesses to become the Bank’s Agents under this initiative.
“This laudable initiative is to empower small businesses and create new entrepreneurs. It is open to every honest and enterprising adult capable of using smart phones and/ or Point of Sale (PoS) Machines as well as every small and medium enterprise subject to their meeting the terms and conditions as set out for Agents. Why not join the Ecobank Smart SME Agent network today and become a mobile financial services provider“, he stated.
Agada explained further that an Xpresspoint agent could perform basic banking services such as account opening, deposit collection for Ecobank, interbank transfers to other banks, card and card-less withdrawals, bill payment, airtime top-up, remittance services amongst others.
He said Agents will earn money through-fees and commission on all successful transactions done through the agency. Ecobank will also train the agents and provide branding materials for free.
In her comment, Mrs. Nike Kolawole, Head, Ecobank Agency Network lauded the Initiative and added that the Ecobank Agency proposition remains the best in the industry today. She encouraged small businesses to partner with the bank to drive financial inclusion and employment.
On a general note, Mrs. Kolawole emphasised that “banking has greatly evolved and has become closer to the people. With the introduction of Agency banking, no one needs to visit a bank branch to carry out a transaction. With your phone, you can perform your own transaction or perform transactions for other people on behalf of the bank and earn commissions. I encourage the youth and owners of small businesses (men and women) to use this initiative to expand their revenue streams while offering this value-added service to customers.”
African Insurers Facing Market Uncertainty over COVID-19 Pandemic
Mr. O. S. Thomas
Commissioner for Insurance/CEO
National Insurance Commission (NAICOM)
According to the Africa Insurance Pulse 2/2020, “Growth perspectives of African re-/insurance markets”, launched today by the Africa Insurance Organisation (AIO), the COVID-19 pandemic posed severe challenges to Africa’s insurers. In response to the various types of lockdowns and social distancing measures decreed by the African governments, they had to assure continued customer service, staff health, adequate liquidity management and operational resilience.
For the remainder of 2020 and 2021, Africa’s insurers expect further uncertainty, as they state in this year’s edition of the African Insurance Pulse, which Faber Consulting conducted on behalf of the AIO. As in the past, this year’s 5th annual edition is based on diligent market research and in-depth interviews with insurer, reinsurers and brokers operating in Africa.
The Africa Insurance Pulse 2/2020 is sponsored by Africa Re, the leading pan-African reinsurance company and the largest reinsurer in Africa. Jean Baptiste Ntukamazina, Secretary General of AIO, said: “The COVID-19 pandemic has caught the global insurance industry largely unprepared. Those African insurance and reinsurance companies with a strong capital base, and the ability to distribute their products digitally were better equipped to weather the impact of the pandemic. This will enable them to capitalise faster on the business opportunities arising after the crisis.”
• Capital & digitalisation as unique strategic differentiators in times of COVID-19
Those African insurers with a strong capital basis and already established digital distribution channels were better prepared to deal with the impact of the COVID-19 crisis.
The combination of both factors protected them against the worst effects of the crisis and enabled them to maintain their client relations even during lockdown periods or in a social-distancing environment. As these insurers strengthened their market position during the pandemic, they will be even stronger in capturing those business opportunities, rising in the future.
• Regulators focused on protecting African policyholders
Following the outbreak of the pandemic, regulatory authorities have given re-/insurers more time to cushion the impact from the sudden contraction of the economy. At the same time, they encouraged re- /insurers to pay claims promptly.
Those re-/insurers operating according to risk-based capital regimes were better prepared to deal with the COVID-19 crisis.
Dr. Corneille Karekezi, Group Managing Director and Chief Executive Officer, Africa Re said: “Insurance regulation in Africa has significantly improved in recent years. Various regulators have pushed ahead, mandating the implementation of risk-based capital schemes or capital increases, as well as improved operations and risk management. At the same time, we witness rising protectionist efforts to retain insurance and reinsurance premiums locally. Regulators should assure that in particular in times of economic distress, insurers have access to the highly-rated risk capacity and expertise that well-diversified reinsurer provides. Indeed, some recent catastrophes, including large natural catastrophes or man-made 2 claims in South Africa, Cameroon and Lebanon, and in addition to the threat presented by COVID-19 potentially related claims remind us that some exposures can quickly exceed local capacity.”
• The pandemic will change the African insurance landscape & reduce top-line of insurers
Senior executives predict that COVID-19 will lead to an accelerated consolidation of Africa’s insurance industry, eliminating those companies with limited resources and fragile processes.
Such a shake-out would strengthen the continent’s insurance markets and benefit policyholders through higher security and a drive for more innovation. Executives expect improved risk awareness among consumers, leading to higher demand for insurance products.
However, executives are concerned about the impact of COVID-19 on the income of African households. They expect that policyholders will limit their spending and favour savings for fear of a reduction in income or job losses. This, in turn, will affect their insurance purchasing behaviour, ultimately leading to a decrease in premium income.
Andreas Bollmann, Partner at Faber Consulting, commented: “Despite the impact from COVID-19, Africa’s insurers and reinsurers remain confident of the fundamental growth potential of their market. They believe that the effects of the pandemic will be offset by an accelerated digital transformation, supportive government and regulatory policies, and increased risk awareness by consumers.”
For the remainder of 2020 and 2021, Africa’s insurance executives expect a continuation of the high level of uncertainty. Re-/insurers have to maintain adequate solvency, ensure operational resilience and remain responsive to customer needs.
In 2020, insurers introduced large-scale transformative investments to redefine their core value proposition, optimise operations, update technology and to build a workforce for the future.
In 2021, they have to continue on this path of strengthening their competitiveness and thus contributing to a more robust marketplace.
Interswitch & Finastra: Inside The Partnership for Digital Payments in Africa
Interswitch, Africa’s leading technology-driven company focused on the digitization of payments in Africa, has announced its partnership with Finastra, one of the world’s largest fintechs, to deliver innovative, world-class technology-based solutions for digital payments, corporate banking, treasury and trade finance, to financial institutions in Africa.
Consistent with Interswitch’s market expansion strategy, the partnership will enable the company to deliver on its vision to transform Africa’s wholesale and transaction banking business by building world class products and solutions, thereby, delivering innovative and trusted technology to banks and the communities they serve.
With this strategic partnership, Interswitch becomes Finastra’s lead technology partner in the Nigerian market. This enables Finastra to bring the broadest set of financial software solutions to financial institutions in Nigeria and across Africa, in conjunction with Interswitch’s strong understanding of the local banking and payments landscape, as well as the ability to deploy solutions across these markets.
Mitchell Elegbe, Founder and Group Chief Executive Officer at Interswitch stated that the company is committed to continually explore opportunities, including partnerships, with leading brands such as Finastra, to deliver world-class technology, innovative products and digital solutions to African financial institutions.
He said: “Our partnership with Finastra is consistent with our strategic growth plan and we both share the vision of deepening access to financial services by providing world-class technology and innovative solutions. The partnership enables Finastra to seamlessly deploy its technology in this market. For Interswitch, we will be leveraging our proven success and expertise in delivering transaction banking solutions to support Finastra in localizing and implementing their technologyin this region.
The partnership positions Interswitch as the go-to business for financial solutions, including treasury and trade solutions, to banks and other financial institutions in Africa. Two of the Finastra solutions now available via Interswitch include Fusion Kondor and Fusion Trade Innovation.
Fusion Kondor, Finastra’s treasury solution provides a low-risk system for bank treasury operations to grow and expand their businesses at the pace and complexity level required.
In addition, it enables increased automation, improved efficiencies and reduced costs through the removal of fragmented data sets and tighter integration.Finastra’s Fusion Trade Innovation provides market-leading functionality for digital trade and supply chain finance.
It provides banks with the electronic submission and processing of information required by customs, uses risk-based inspections and promotes efficiency inproduct-specific inspections.
Hamid Nirouzad, Head of Partner Ecosystem MEA & CIS at Finastra said, “Interswitch has a proven track-record of delivering solutions to commercial banks, as well as a strong understanding of the local banking landscape across Nigeria and sub-Saharan Africa.
Finastra is committed to providing its solutions to financial institutions across the world, and partnerships such as this result in successful projects, with rapid delivery at reasonable cost.”
Finastra delivers technology to financial institutions of all sizes across the globe, including 90 of the world’s top 100 banks.
Nutritionist Seeks Dietary Diversification to Tackle Malnutrition in Nigeria
Dr. Beatrice Chinyem Oganah-Ikujenyo of the Department of Home Economics, Adeniran Ogunsanya College of Education, Oto/Ijanikin, Lagos says the key to addressing the problem of malnutrition in the long run is dietary diversification. She said the more we consume variety of foods, the better the chances of meeting daily nutrient needs for optimum health and well-being.
Speaking on ‘The Quest for a Protein-Centred National Food and Nutrition Policy and curbing Malnutrition in Nigeria’ during the Protein Challenge Webinar 6 Series, the nutritionist said food fortification eliminates micro-nutrient deficiencies by lowering the risk of multiple deficiencies that may result from seasonal scarcity of food or poor quality diets.
Other benefits include:
• Provides extra nutrition and maintain the body stores of the micro-nutrient more efficiently than with supplements
• It is a cost effective intervention (it is cheaper)
• It does not require change in food habits
• It does not change the characteristics of the food: the original taste, aroma, texture and appearance of the food is unchanged
Despite the benefits however, the don said food fortification also faces certain challenges as the poorest segment of the population may not have the purchasing power to buy fortified staples from the open market while fortified foods is not generally beneficial to infants and children as they consume small amount of food.
She added that the measure “is not a long term solution to micro-nutrient deficiency, dietary diversification is the key to solving micronutrient malnutrition.”
Other challenges include corruption along the production and distribution food chain, ignorance and distrust in government policies by the citizens and the issue of monitoring and quality control by both NAFDAC and Standards Organisation of Nigeria (SON).
On the way forward, Oganah-Ikujenyo listed enactment of protein-centred nutrition policy, and food and nutrition security in Nigeria.
According to her, the protein-centred policy should include:
• Exclusive Breast-feeding for the first 6 months of life
• Complimentary feeding policy with emphasis on a mixed diet (Cereal/Legume based) and continuation of breasting till child is 2 years old
• One Egg a day Nutrition for children (egg is complete nutrition and cheaper)
• School meal programme targeted at ensuring daily consumption of egg/milk by school age children
• Promote cultivation of legumes at household, commercial & Industrial levels
• Incentives to animal and legume farmers by all arms of government in terms of tax, electricity, water rates waivers and ease of access to land and loans
• Nutrition Education and Advocacy that promote consumption of legumes and animal protein plus healthy eating habits from the cradle.
• Penalties for poor agricultural and food safety practices by stakeholders
On the issue of nutrition security for the nation, the nutritionist said it could be achieved by engaging school leavers/graduates in farming activities in food production, preservation & processing to reduce post harvest losses – provide the technology at affordable rates and meal planning, food knowledge & healthy eating habits in terms of consumption.
She added that the ‘use of under-exploited foods, reduction of food wastage in the kitchen and on the plate, creation of food banks – farmers and households can keep extra food for financial returns and food hygiene and safety campaigns regarding to street foods – this should be regulated after training of food vendors also offers a positive roadmap on food security in Nigeria.
Insurance Group Seeks Market Growth via Media Support
The Chairman of the Governing Council, Insurance Industry Consultative Council (IICC), Sir Muftau Ojegunle, has identified journalists as critical stakeholders in insurance industry even as he called for more support from the media to increase the industry’s penetration.
Sir Muftau who is the President/Chairman, Governing Council, Chartered Insurance Institute of Nigeria (CIIN) made the disclosure at the 2020 Media Retreat with the theme “ Changing the Face of the Media, The New Expectations,” organised by the body for insurance journalists at Ijebu Ode, yesterday.
According to him, “We want to work together to move the industry forward. If we are able to increase penetration rate, its for our mutual interest. If the industry grows, of course, we shall benefit from it, so l want to say that don’t just see yourself as onlookers, see yourself as a critical stakeholder in the industry. When we come around here let’s tell ourselves the truth., always do the needful in order to move the industry forward.”
He commended the collaborative relationship existing between the insurance journalists and the insurance industry, and promised to do everything to improve on it.
Also speaking, the President, Nigerian Council of Registered Insurance Brokers, (NCRIB), Dr (Mrs) Bola Onigbogi, who was represented at the occasion by the Vice President, Mr. Tunde Oguntade, informed the journalists of the expectations of the industry.
While calling on the insurance journalists to see themselves as critical stakeholders of the industry, he also urged them to be objective in their reportage, noting that accurate and critical analyses of industry’s activities will help the industry to grow.
Oguntade who described NAIPCO members as “eyes of the industry” solicited the continued cooperation and supports of the journalists association in ensuring that the industry is positively projected and reported as their contribution to deepen insurance penetration in Nigeria.
While calling on the journalists to see the industry as one united family, Mr Oguntade urged NAIPCO members to aspire to unite the industry through their reports and analysis by giving all the different segments of the industry the same level of coverage. “Don’t report Nigerian Insurers Association’s (NIA) success as NIA success, don’t report NCRIB’s success as NCRIB success. It’s an industry success. Aspire to unite the industry.”
In his contribution, the Head, Human Resources/Administration and Corporate Communication, Mr. Davis Iyasere, who represented the Director General, Nigerian Insurers Association (NIA), Mrs Tunde Ilori, called on journalists to ensure objectivity, fairness and balance in their reporting for the growth of the sector.
On the on-going recapitalisation exercise, he said there’s no disagreement between the regulator, the National Insurance Commission (NAICOM) and the operators as speculated in some quarters, stating that what is going on is the normal consultation and collaboration to arrive at a level playing ground for the good of all stakeholders, industry and the nation at large.
The IICC Media Retreat is borne out of the need to reinforce the existing relationship between the insurance industry and the media considering the new direction of the insurance industry and provide an effective, efficient and all-inclusive platform for the promotion of insurance education and awareness aimed at settling the insurance profession and the industry on the right path in the long term interest of the stakeholders.