Following the successful award of a Super-Agent License, Y’ello Digital Financial Services, “YDFS,” a subsidiary of MTN Nigeria has opened its doors, announcing the launch of its super-agent network service named ‘MoMo Agent’at an event in Abuja on August 29, 2019.
The extensive network of MoMo Agents will immediately begin providing safe and accessible money transfer services to under-banked and unbanked people across Nigeria. With this, the company joins ongoing efforts to accelerate the Central Bank of Nigeria’s drive for financial inclusion.
Speaking at the launch, the Chief Executive Officer of MTN Nigeria, Ferdi Moolman said: “I am excited by the possibilities. We are fortunate to be part of the telecoms industry which underpins the digital economy and is critical to inclusive development and the future economic growth of this great nation. The launch of the YDFS MoMo Agent is especially significant to us. It further demonstrates our commitment to remain focused on enhancing Nigerians’ access to financial services and in so doing connect them to what is most important to them.”
The MoMo Agent Network compliments existing banking services by extending access to simple money transfer services and other financial services nationwide.
YDFS Director, Usoro Usoro noted: “Our MoMo Agent network opens up a host of opportunities, creating employment and facilitating business in rural and urban areas. Leveraging MTN’s extensive distribution network and capabilities, we are putting financial services within easy reach.
“Going forward, anyone, anywhere in Nigeria can send and receive money through a MoMo Agent in their neighbourhood. We intend to expand the range of financial services offered once the Central Bank grants approval for a Payment Banking license.”
Y’ello Digital Financial Services plan to rollout about 500,000 Agents spread across all states and the Federal Capital Territory.
Ecobank Transnational Incorporated (ETI) announces that IFC and the funds managed by the IFC Asset Management Company (AMC) have completed the sale of their c.14.1 percent stake in ETI to Arise B.V. (Arise). Accordingly, Arise has become a shareholder of reference in ETI with a c.14.1 percent stake.
Following the completion of the transaction, Paolo Martelli, Senior Advisor at IFC said: “As part of its ordinary asset portfolio rotation, IFC has divested its shareholding in ETI to Arise B.V, a highly reputable Investment House with a strong developmental mandate for Africa. IFC invested in Ecobank for more than ten years and our investment has helped to increase access to credit for entrepreneurs and SMEs in Sub Saharan African Countries (including in IDA countries) in which the bank operates, achieving the development impact we sought when we made the investment. IFC maintains its strong commitment to the development of the Sub Saharan African Region and is continuing to invest in other projects in these countries.”
Deepak Malik, Chief Executive Officer of Arise said: “In line with our core business mandate of investing in Africa’s local prosperity we are excited to have acquired c.14.1 % shareholding in Ecobank Transnational Incorporated (ETI). Arise aims to collaborate with local Financial Service Providers (FSPs) in Sub – Saharan Africa to boost economic growth through strengthening the local banking sector. This transaction with ETI will see Arise collaborate with Ecobank to advance financial inclusion on the continent”.
Ade Ayeyemi, Chief Executive Officer of ETI said: “We welcome Arise as a shareholder of ETI and believe that there would be a strong synergy in our core objectives especially in ensuring and enshrining financial inclusion and the potential for the development of our continent. We must also take the opportunity to extend our deep appreciation to IFC for its commitment to and support for Ecobank in the last 10 years. We made meaningful progress with the strong collaboration and look forward to continuing to work with IFC in other areas in the future”.
Paxful planning to expand presence in South Africa. Plans Africa-wide recruitment drive with a focus on women; The global bitcoin marketplace also becomes the first bitcoin peer-to-peer marketplace to launch an app.
While looking into expanding its presence in South Africa, Paxful is hoping to nurture as much female talent as possible. Almost 40% of Paxful’s employees are women and the company is set to further increase female appointments in its offices across the globe, located in New York City, Hong Kong, Estonia, and the Philippines.
While overall female participation in the broader crypto-economy, according to several sources including WEF is estimated at between 1% – 5% globally, Paxful believes that growing female participation in crypto will be key to the sector’s continued innovation and success. “Women are critical to the future of the crypto-economy and we are committed to fostering more diversity and supporting efforts to attract more women to make their mark in the industry” says Ray Youssef, co-founder and CEO of Paxful.
Youseff adds: “We’ve already seen the incredible contribution that women have made to the technology sector overall as founders, developers, product managers, investors and more. The crypto-economy could greatly benefit from the rich diversity of skills, perspectives, experiences and many other unique resources that women can offer. Further, in my opinion, women are decidedly better community builders, which is a very important factor in driving a peer-to-peer economy like the crypto space. At Paxful globally, many of our senior leadership roles are held by women.”
The Sasakawa Association will work with the Japan International Corporation Agency (JICA) to help double rice production to 50 million tonnes in Africa by 2030. Japanese Prime Minister Shinzo Abe made the announcement at the Sasakawa Africa Association (SAA) symposium held on Wednesday during TICAD7.
“Japanese technology can play a key role in innovation which is key to agriculture,” Prime Minister Shinzo Abe told delegates.
“We’ve always believed in the agriculture potential of Africa,” said Yohei Sasakawa, Chairman of the Nippon foundation. “We are paying more attention to income-generating activities. We want to help shift the mindset of small-holder farmers from producing-to-eat to producing-to-sell. We are hopeful that Africa’s youth can take agriculture to a new era, and that they can see a career path in agriculture,” he added.
In a keynote address, African Development Bank Group President, Akinwumi Adesina, called for urgent and concerted efforts to “end hunger”.
“In spite of all the gains made in agriculture, we are not winning the global war against hunger. We must all arise collectively and end global hunger. To do that, we must end hunger in Africa. Hunger diminishes our humanity,” Adesina urged.
According to the FAO’s 2019 State of Food and Security, the number of hungry people globally stands at a disconcerting 821 million. Africa alone accounts for 31% of the global number of hungry people – 251 million people.
L-R: Mitchell Elegbe, Founder/GMD, Interswitch Group, Joseph Hurley, Snr. Vice President, Payment Services, Discover Financial Services, Francis Gbenga Shobo, Deputy Managing Director, First Bank, Olubusola Osilaja, Divisional head, eBusiness, Access Bank, Martins Izuogbe, Divisional Head, Operations, Fidelity Bank, Diane Offereins, Executive Vice President, Payment Services, Discover, Chuma Ezirim, Group Executive, Retail & E-Business, First Bank, and Mike Ogbalu, Divisional CEO, Verve, at the Verve Global Card Launch in New York.
Verve, a leading payments technology and card business in Africa and Discover Global Network, the payments brand of Discover, today held an event to launch the Verve Global Card.
Cardholders will now have the ability to use their Verve Global Cards on the Discover Global Network which provides acceptance in more than 190 countries and territories. This will expand Verve’s existing suite of tailored payment products and solutions for its customers.
The first transaction occurred today at Swarovski in New York City. Senior executives from First Bank, Access Bank and Fidelity Bank purchased various items from Swarovski using their Verve Global Card on the Discover Global Network.
The agreement with Discover Global Network will facilitate new international and cross border transaction capabilities for Verve Global Card customers, meeting the needs of its increasingly global customer base.
L-R: Mitchell Elegbe, Founder/GMD, Interswitch Group, Joseph Hurley, Snr. Vice President, Payment Services, Discover Financial Services, Francis Gbenga Shobo, Deputy Managing Director, First Bank, Olubusola Osilaja, Divisional head, eBusiness, Access Bank, Martins Izuogbe, Divisional Head, Operations, Fidelity Bank, Diane Offereins, Executive Vice President, Payment Services, Discover, Chuma Ezirim, Group Executive, Retail & E-Business, First Bank, and Mike Ogbalu, Divisional CEO, Verve, at the Verve Global Card Launch in New York.
Holders of the new card can make payments outside Africa on the Discover Global Network which includes anywhere Discover, Diners Club International and Pulse and affiliate network cards are accepted. Verve Global Card also delivers additional benefits to cardholders including broad reward and loyalty schemes; benefits that are available both locally and internationally.
Mitchell Elegbe, Interswitch Group Managing Director, commented on the announcement: “The agreement with Discover Global Network will enable Verve to compete with other global card offerings, providing cardholders with an enhanced customer experience when transacting globally outside Nigeria. Creating a solution which facilitates international payments for our consumers will help to eliminate existing barriers and simplify the process when transacting abroad.”
“It is important to us that we are working with groups around the world to extend acceptance for their cardholders,” said Ricardo Leite, senior vice president of international markets at Discover. “At Discover, we recognize the importance of being able to use your card of choice no matter where you are traveling.”
Mike Ogbalu III, Verve International Divisional Chief Executive Officer, also commented on the announcement saying, “The launch of the Verve Global Card, provides consumers with the ability to transact globally across the US and other countries, addressing challenges that many Nigerians have experienced while travelling abroad. Our partnership with Discover Global Network will help us to optimize the overall experience of every Verve Global card holder by guaranteeing consistent and efficient payment solutions regardless of where they are in the world.”
About Verve
Verve is Interswitch Group’s innovative card scheme offering products and solutions that enable consumers to transact all over Nigeria and across international markets. As the first African card scheme to be recognized as a valid, globally accepted e-payment gateway, we have built a world-class value chain ecosystem that benefit from the services that we provide.
About Interswitch Group
Interswitch is a digital payment company of African Origin focused on providing convenience and real value for consumers. We facilitate the seamless electronic circulation of money as well as value exchange on an ongoing, real-time basis.
We began in 2002 as a transaction switching and electronic payment processing business, building and managing payment infrastructure, delivering innovative payments solutions and driving transactions across the African continent and other international markets. We provide secure, solutions and services that facilitate convenience and real value for consumers, businesses, governments and other organizations, helping to reduce costs, improve operational efficiency and drive sustainable revenue growth.
French President Emmanuel Macron and G7 leaders on Sunday approved a package totalling $251 million in support of the African Development Bank’s AFAWA initiative to support women entrepreneurs in Africa.
“I am particularly proud, as the current G7 president, that the programme we are supporting today, the AFAWA initiative, comes from an African organisation, the African Development Bank, which works with African guarantee funds and a network of African banks,” Macron stated at a press conference at the G7 Summit in Biarritz, France.
“African women are the backbone of the continent. I’m thrilled to bring their voice to the G7. AFAWA is essential for our continent,” said Beninese artist Angelique Kidjo, a guest at the press conference in her role as programme ambassador.
The Bank’s president Akinwumi Adesina applauded the “extraordinary support of all the G7 heads of state and government, which will provide incredible momentum” to the AFAWA programme.
“This is a great day for African women,” Adesina said. “Investing in women entrepreneurs in Africa is important, because women are not only Africa’s future, they are Africa’s present”.
“Currently, women operate over 40% of SMEs in Africa, but there is a financing gap of $42 billion between male and female entrepreneurs. This gap must be closed, and quickly,” he added.
Coscharis Motors, exclusive distributor of Ford vehicles in Nigeria, is pleased to announce an improvement in the warranty period of Ford vehicles*, 2017 model year and upwards, to 3 years or 100,000km for owners in Nigeria.
This new warranty is only applicable to 2017 models and upwards.
“This is another way Ford has responded to the yearnings of numerous Ford customers in Nigeria, some of whom are long distance travellers who cover more than 60,000km within the given 3 years warranty period. Warranty coverage on Ford vehicles in Nigeria used to be for a period of 3 years or 60,000km, whichever came first.” says Abiona Babarinde, General Manager, Marketing and Corporate Communications at Coscharis Motors.
9mobile Nigeria has secured $230 million from the Africa Finance Corporation (AFC) to expand its network and compete effectively in the Nigerian market and others.
Confirming the transaction, the AFC said in a statement: “Africa Finance Corporation is pleased to inform Emerging Markets Telecommunication Services that it has received full Board approval to support the turnaround strategy of EMTS through a US$230 million super senior debt investment.”
Facebook has celebrated 40 young leaders, developers, entrepreneurs and change makers from across Sub-Saharan Africa, to a two day event in Accra, Ghana, titled “Celebrating Icons of Change”. The event aims to celebrate Africa’s next generation of leaders and innovators, whilst providing opportunities to network, connect and create positive dialogue.
Kezia Anim-Addo, Facebook Comms Manager, Sub-Saharan Africa, commented: “I’m so proud that we’re bringing the first event of its kind for Facebook to the Continent and to Ghana. At Facebook, we see our role as supporting and investing in various communities here on the continent, in particular the youth. This event is about celebrating those people, the amazing talent, innovation and businesses we’re seeing emerge, and the young people who are accelerating this growth, and building an incredible future for the Continent. It’s a privilege for us to be able to bring together 40 icons of change, and we look forward to what the two days will hold.”
Attendees represent countries from the region, including Ghana, Madagascar, Burkina Faso, Kenya, Senegal, Nigeria, Ethiopia, Botswana, DRC, South Africa, Cameroon and Zambia
P+ Measurement Services, a media intelligence and audit agency and MediaTrak, undertook the analysis to show, Nigerian Banking Industry Advertisement spend and placement in the month of July 2019.
The report shows that there was an increase of 163, 762, 442 in the total Nigerian Banking Industry media advert spend in July compared to the month of June.
TV media advert in the banking industry for July saw an increase in media spend, compared to June with an increased spend of N123, 541, 668, while Radio media adverts in July also saw an increase in media spend, compared to June with an increased spend of N17, 461, 682, and the Print media advert in the Banking industry for July saw an increase in media spend, compared to June with an increased spend of N22, 759, 092.
Business leaders from the UAE and Africa to mentor high-potential startups as they build their businesses and target new market opportunities; announcement comes ahead of the 5th Global Business Forum on Africa, taking place on November 18th-19th 2019 in Dubai; first-of-its-kind mentorship programme aims to foster cross-border co-operation between UAE and African startup communities
Eight prominent business leaders have been selected to mentor high-potential startups from the UAE and Africa participating in Dubai Chamber of Commerce and Industry’s Global Business Forum (GBF) Mentorship Programme.
Four UAE-based mentors and four Africa-based mentors have joined the first-of-its-kind programme which aims to foster cross-border cooperation between the two startup communities and help participants expand their global presence.
The selected mentors offer a wealth of expertise in a wide range of fields, including, technology, education, retail, construction and finance.
Following the mentorship phase of the programme, the participating startups will have an opportunity to exhibit at the 5th Global Business Forum on Africa in Dubai on November 18th-19th 2019 and boost their exposure within UAE and African markets and business communities.
L – R: Mr. Oscar N. Onyema, Chief Executive Officer, The Nigerian Stock Exchange (NSE) presenting a replica of the closing gong to Mr. Tope Smart, Chairman, NIA and Group Managing Director, NEM Insurance Plc during the Closing Gong Ceremony to introduce the newly appointed council members of the Association to the capital market stakeholders at the NSE yesterday.
L – R: Mr. Oscar N. Onyema, Chief Executive Officer, The Nigerian Stock Exchange (NSE) presenting a replica of the closing gong to Mr. Tope Smart, Chairman, NIA and Group Managing Director, NEM Insurance Plc during the Closing Gong Ceremony to introduce the newly appointed council members of the Association to the capital market stakeholders at the NSE yesterday.
Located at the Port of Akonikien, the landmark regasification plant will enable the storage, transportation and distribution of liquefied natural gas (LNG) to the country’s mainland; 12 bullet tanks will carry 14,000 cubic meters of storage capacity, supported by a truck loading station and 12-kilometers of ten-inch gas and diesel pipelines.
The project will be led by local construction and engineering firm Elite Construcciones; The project forms part of Equatorial Guinea’s regional LNG2Africa initiative which seeks to drive gas monetization through in-country gas-to-power projects.
Equatorial Guinea is set to construct the first liquefied natural gas (LNG) storage and regasification plant in West Africa, advancing efforts to monetize gas resources through the creation of a domestic gas-to-power infrastructure.
The Akonikien project is the first gas-to-power development in Equatorial Guinea’s LNG2Africa initiative. Launched by the Ministry of Mines and Hydrocarbons in 2018, the initiative seeks to facilitate the production and trade of LNG through the creation of a domestic gas-to-power infrastructure and intra-African LNG industry.
Mobile device security threats are on the rise and it’s not hard to see why. In 2019 the number of worldwide mobile phone users is forecast to reach 4.68 billion of which 2.7 billion are smartphone users. So, if you are looking for a target, it certainly makes sense to go where the numbers are.
Think about it, unsecured Wi-Fi connections, network spoofing, phishing attacks, ransomware, spyware and improper session handling – mobile devices make for the perfect easy target. In fact, according to Kaspersky, mobile apps are often the cause of unintentional data leakage.
“Apps pose a real problem for mobile users, who give them sweeping permissions, but don’t always check security,” says Riaan Badenhorst, General Manager for Kaspersky in Africa.
“These are typically free apps found in official app stores that perform as advertised, but also send personal – and potentially corporate – data to a remote server, where it is mined by advertisers or even cybercriminals. Data leakage can also happen through hostile enterprise-signed mobile apps. Here, mobile malware uses distribution code native to popular mobile operating systems like iOS and Android to spread valuable data across corporate networks without raising red flags.”
Cabo Verde Airlines, the Cape Verdean airline, will start flying to Lagos, Nigeria, from December 9, 2019.
After announcing flights to Luanda (Angola, December 9th), Porto Alegre (Brazil, December 11th) and Washington DC (USA, December 11th), Cabo Verde Airlines now announces a new route for the Winter 2019-2020.
The connection between Sal and Lagos will be operated five times a week, on Mondays, Tuesdays, Thursdays, Saturdays and Sundays, with a Boeing 757, with 161 economy class seats and 22 executive seats.
The inaugural flight is scheduled for December 9th, departing from Amílcar Cabral International Airport (Sal) at 20:50 local time and arriving at Murtala Muhammed Airport (Lagos) at 02:10 local time.
All flights will connect to Sal Island, Cabo Verde Airlines’ international hub, and will make connections to Lisbon (five times a week), Washington DC (three times a week) and Boston (once a week), as well as to the airline’s destinations in Brazil – Salvador, Porto Alegre, Recife and Fortaleza.
In addition to the hub connections on Sal Island, Cabo Verde Airlines’ Stopover program allows passengers to stay up to 7 days in Cabo Verde and thus explore the various experiences on the islands, at no additional cost for airline tickets.
The new route strengthens the company’s operations within the African continent, as well as the connection between Africa and Europe and North and South America as part of its mission to connect these four continents
About Cabo Verde Airlines
Cabo Verde Airlines is a scheduled air carrier, operating an international hub at Sal’s Amílcar Cabral International Airport. Since November 2009, Cabo Verde Airlines has been an active member of the International Air Transport Association (IATA). The company currently maintains a management agreement with Reykjavík-based Loftleidir Icelandic, a subsidiary of Icelandair Group.
