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NSE Admitted into Gold Community of Global Reporting Initiative

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NSE

The Nigerian Stock Exchange [NSE] has announced admittance into the GRI Gold Community by Global Reporting Initiative (GRI).

The GRI is an international independent organization that helps businesses, governments and other organisations understand and communicate the impact of business on critical sustainability issues such as climate change, human rights, corruption and many others.

According to Michael Meehan, Chief Executive of GRI, “The GOLD Community is made up of leading organizations that are helping GRI shape the future of sustainability. GOLD Community members are the core of GRI’s global network and through their participation they play a crucial role in enabling us to carry out our mission,” said GRI Chief Executive Michael Meehan.

The NSE joins other stock exchanges such as BM&F Bovespa (Brazil), SIX Group (Switzerland), Deutsche Boerse, Taiwan Stock Exchange and NASDAQ as GRI Gold Community Members .

Commenting on this development, the Head of Corporate Services Division, NSE, Bola Adeeko said ‘’this recognition affirms our commitment to drive sustainable and responsible actions in the marketplace, workplace, community and environment. It is a call to greater responsibility to promote best practices initiatives and we will continue to partner with GRI to raise the bar in our operating environment.”

The Exchange became an Organisational stakeholder of the Global Reporting Initiative (GRI) in October 2015 and has collaborated on a number of initiatives aimed at increasing the sustainability performance and disclosure in the Nigerian Capital Market.

Currently, the Exchange is implementing a phased strategic plan that will stimulate the appropriate application of relevant sustainability imperatives in the Nigerian capital market.

This process which will be implemented in phases includes high-level engagement process with listed companies, investors and capital market community; development of Sustainability Reporting Guidelines and sustainability reporting & disclosure training and certification for stakeholders.

The maiden Nigerian Capital Market Sustainability Conference (NCMSC) was held in partnership with Ernst and Young (EY) and Global Reporting Initiative (GRI)) on Friday, November 13, 2015 in Lagos, Nigeria. A follow up seminar themed “Beyond Reporting: Real Value Proposition” is planned for June 8, 2016.

This seminar will expose participants to the rudiments of sustainability reporting according to GRI G4 guidelines and will be a precursor to the introduction of disclosure guidelines for the Nigerian capital markets.

This stakeholder engagement and knowledge sharing conference had the active participation of listed companies, Dealing Member firms, investors, civil society and regulators. The event presented a platform to dialogue on business value of sustainable investment, enhancing corporate transparency and ultimately performance on environmental, social and governance (ESG) issues.

Recommendations from the Plenary Sessions and CEO Roundtable supported the introduction of the proposed Sustainability Disclosure Guidelines. The Exchange is currently engaging stakeholders on the draft disclosure guidelines to be released soon.

ITU Telecom World 2016 to Explore Collaboration in Digital Economy

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ITU

5G, collaborative regulation, the connected car, smart sustainable cities, fostering SME innovation, new roles for the satellite industry and digital financial services will top the agenda at the Forum at ITU Telecom World 2016, taking place from 14-17 November in Bangkok, Thailand.

Under the theme of “Collaborating in the digital economy”, the Forum will feature compelling formats ranging from top-level CEO/Ministerial roundtables to frank, open dialogues between governments and small and medium business leaders, and interactive panel debates.

Sessions will bring together expert speakers and an influential global audience drawn from governments, key ICT industry players, international organizations, high-growth SMEs, consultants, academia, media and more.

A Leadership Summit of global leaders from public and private sectors will open the Forum, with an exploration of why working together is critical for growth in the digital economy – and how it can best be achieved.

Sessions and topics to be explored include:

New approaches to connectivity: re-imagining the satellite industry: how demand for always-on connectivity is leading to innovative connectivity solutions, new players and new markets for the satellite industry

The connected car: freeway to the future or highway to hell?: exploring the status and future of vehicle communications and automated driving from the perspectives of business, technology, and regulation.

Creating inclusive ICT innovation ecosystems: targeted business-to-government dialogue exploring concrete measures to foster innovation in SMEs for job creation and socio-economic growth

Smart approaches to smart sustainable cities: the economic and political challenges of delivering the promise of smart homes, streets, cities and regions.

Making money from meeting the SDGs: a business approach to sustainable development: how the ICT sector can develop feasible business models to accelerate the achievement of the UN Sustainable Development Goals (SDGs).

B2B and B2G dialogues: exploring how corporations and governments can strengthen collaboration with SMEs to improve the outcomes of research and development, accelerate innovation and improve public services.

Spotlight on Thailand: focusing on regional and local challenges, including dedicated sessions on Thailand’s ICT priorities and entrepreneurs, featuring Thai industry experts. These sessions will be highly beneficial to local and regional audiences.

ITU-wide agenda: providing perspectives from across ITU and its membership and partners, co-located events include the ITU Kaleidoscope academic conference 2016; the World Standards Cooperation Academic Roundtable; a global CTO meeting; the 7th Private Sector Chief Regulatory Officers (CRO) meeting and ITU Academia Consultations.

“In today’s diverse ICT ecosystem, collaboration is increasingly the best – and often the only – way for companies and countries to achieve long-lasting progress,” said Houlin Zhao, ITU Secretary-General. “Governments and companies, be they large or small, have so many important lessons and experiences to share. This year’s ITU Telecom World Forum provides the right platform for this exchange, enabling participants to gain a global perspective and accelerate positive change.”

Alongside the Forum, the ITU Telecom event features an international Exhibition, showcasing digital solutions and investment opportunities from nations, regions, organisations and companies drawn from both emerging and developed markets.

It will focus on bringing high-growth SMEs, particularly from emerging markets, to the international stage. The ITU Telecom World Awards will recognize excellence in ICT innovation with social impact, and a host of networking opportunities will connect exhibitors, delegates, countries, organizations and individuals.

Bank Fraud Threatens CBN Cashless Policy

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Godwin Emefiele
Godwin Emefiele CBN Governor

Researchers at the University of Ibadan have warned that pervasive electronic fraud in Nigerian banks are threatening widespread adoption of cashless policy of the Central Bank of Nigeria [CBN] by many Nigerians.

This is because bank staff, permanent and casual, as well as relatives of account holders such as wives, children and friends still tops the list of bank fraudsters.

“A man had received debit alert of N300, 000 on his account and rushed to his bank. He told the bank staff he had his ATM card with him when the alert came. When the CCTV footage of the person who withdrew the money was played, it was the image of his wife. He then went out of the bank. This is what we have called lovers fraud. We also have cases of sons defrauding their fathers, and bank account officers defrauding institutions where they are assigned to. There was one account officer in one of the new generation banks who collected about N90 million from an eatery as their account officer and ran away. He got married with part of the money and almost completed a four-bedroom flat when he was arrested by EFCC. They were able to recover less than N10 million cash from him.”

While addressing the press on their 2016 research findings funded by the Institute for Money, Technology and Financial Inclusion (IMTFI), University of California, United States of America, Drs Oludayo Tade and Oluwatosin Adeniyi of the Department of Sociology and Economics University of Ibadan respectively, asserted that while the cashless policy was aimed at transparency, curb corruption/leakages and drive financial inclusion, the preponderance of fraud has created lack of trust for people to adopt cashless payment options.

The study entitled “Dimensions of Electronic Fraud and Governance of Trust in Nigeria’s Cashless Ecosystem” which was carried out in Oyo, Lagos and Ogun States among victims of fraud, identified different dimensions of bank fraud to include internal fraud exclusively committed by bank staff, external fraud and collaborative bank fraud involving bank staff releasing vital customer information to fraudsters.

According to Tade and Adeniyi, the current fraud strategies included ATM fraud, Dormant Account Fraud, Uncredited Lodgement, Fake Job Scam, Fund Transfer Fraud, Phishing Mails and BVN Fraud.

The researchers ‎noted that bank customers experience fraud on a daily basis with little help provided by banks and governing institutions to recover their funds but rather they are blamed for compromising their accounts.

While calling for financial literacy education of bank customers based on their peculiar characteristics, the researchers warned that fraud will build distrust in Nigeria’s cashless ecosystem.

They warned account holders in banks to keep their ATM cards safe from their family members and not to click on any fraudulent email asking them to supply their bank details or strange callers asking them to supply their bank BVN, saying no bank will demand for such and banks will identify their customers by name.

While accusing banks of failing to perform oversight on their customers and supervision of their branches, the University of Ibadan researchers stated that “we discovered that due to their desire to reputational risk, banks do not want to externalise their fraud experiences. Banks expose their casual staff to occupy sensitive positions without adequate supervision. These poorly paid casual staff are also versed in ICT. There was a case where the bank staff gave the woman sweeping the office of a branch manager keylogger to insert on the managers computer to extract sensitive information. When the bank staff and their external collaborators hit the bank, they moved about N400 million away from the bank into about 5O different accounts and this happened on a public holiday.”

Consolidated Hallmark Insurance Reports N6bn Income in 2O15

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Consolidated Hallmark Insurance Plc has reported premium income of N6 billion in the financial year ended December 31, 2O15. The company also earned Profit After tax of N545 million in the same period of 2O15.

At the 21st Annual General Meeting [AGM] in Lagos, Mr. Eddie Efekoha, Managing Director/CEO of Consolidated Hallmark Insurance Plc, said the future prospect of the company is to look upwards by accelerating its growth projections to achieve its 5-Year Growth Plan rolled out recently.

Consolidated Hallmark Insurance Plc
L-R: Managing Director/CEO, Consolidated Hallmark Insurance Plc, Mr. Eddie Efekoha; Chairman, Mr Obinna Ekezie and Vice-Chairman, Chief Andrew Stephen Odigie, at the 21st Annual General Meeting of the Company in Lagos on Tuesday 24th May 2016.

“A strategic component of this Plan is to be the First Choice Provider of Insurance and Other Financial Services in Nigeria with a renewed mission to preserve wealth, reduce anxiety and create value. Implementation of the Plan has since commenced with the robust engagement of our clients through social media facilitated by the establishment of an e-channels desk.”

Consolidated Hallmark Insurance Plc
L-R: Company Secretary, Consolidated Hallmark Insurance Plc, Rukevwe Falana; MD/CEO, Mr. Eddie Efekoha; Chairman, Mr Obinna Ekezie; Vice-Chairman, Chief Andrew Stephen Odigie, and a Director, Mrs Adebola F. Odukale, at the 21st Annual General Meeting of the Company in Lagos on Tuesday 24th May 2016.

Efekoha added that Consolidated Hallmark Insurance has also established a retail unit with the aim of growing the business through the advantages inherent in the largely untapped volumes available from the mass market.

“The 2O15 financial year was one of the most eventful in the annals of this company from consolidation in 2oO7 as it marked the growth of income to an all time high of N6 billion. This is remarkable when we consider the N1.5 billion Gross Premium Income in 2OO7. Profitability also increased from N23O million to the N545 million recorded as Profit After tax for the year 2O15.It has been nine years of steady growth although not as fast as envisaged.”

Consolidated Hallmark Insurance Plc [CHI] is a general business and special risks insurance underwriting firm fully capitalized in line with statutory requirements of the industry regulatory body—the National Insurance Commission [NAICOM].

DIY Test for Malaria: Game-changer for Africa

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Eddy Agbo

Nigerian biotechnologist, Eddy Agbo is the founder and CEO of the Fyodor Biotechnologies Corporation, and the man behind the do-it-yourself Urine Malaria Test. The product was released last year and can test for the malaria parasite plasmodium in less than 25 minutes. But what makes it so special is it does not require a blood sample to do so.

According to the World Health Organisation, there were about 214 million cases of malaria globally in 2015 and an estimated 438,000 deaths. However, 91% of these deaths were in sub-Saharan Africa, with Nigeria having one of the highest burdens.

Having grown up in Nigeria, Agbo contracted malaria multiple times from a young age. Diagnosis back then required a trained professional who had to inspect blood under a microscope in a certified lab.

This costly and time-consuming process meant many opted to simply treat any possible symptom of malaria, usually fever.

Innovations over the last decade have seen the process simplified with rapid blood-testing products. But Africa’s shortage of healthcare facilities and personnel means these are still not readily available to many people.

However, Agbo’s urine test is a potential game-changer. It works similarly to a pregnancy test and for the first time allows the general population to diagnose themselves. It is already available in Nigeria at medical centres, pharmacies, as well as on two leading online retailers, Jumia and Konga.

The invention has earned Agbo a nomination for this year’s Innovation Prize for Africa.

Reducing Costs
At the moment a pack of five urine tests for malaria retails for ₦ 2,500 (about US$12) on Jumia, and Agbo says the product is sold for roughly $2 per test elsewhere. However, he notes the price will fall as the company begins to manufacture at scale.

While some blood-based rapid diagnostic tests for malaria in the market are sold for under $1, Agbo explains they are usually highly subsidised and do not take into account the additional costs of testing through the healthcare system – such as taking time off work to travel to a clinic for diagnosis.

“But our goal now is to continue to look at efforts around bringing down costs for the end user… So as the Urine Malaria Test becomes more and more accepted, I believe it will also come within that subsidised product range and we can begin to realise those savings also for the end user.”

Although the test kits are currently manufactured in the US, he adds the company is “making efforts” to establish production to Nigeria. Fyodor has labs in both Maryland and Lagos.

Expanding to Africa
Fyodor’s urine test is currently only available in Nigeria but the goal is to expand to other markets on the continent and elsewhere. However, Africa’s fragmented regulatory environment poses challenges and pharmaceutical companies often face delays with registering new healthcare products.

“Registration and distribution in Africa is something that we are working on, and we are trying to understand all the regulatory requirements for the different countries,” says Victoria Enwemadu, Fyodor’s Global Head of Projects.

“Nigeria has the highest burden of malaria cases – so our initial strategy is to begin with Nigeria, gain a few lessons, and then start to register and distribute throughout sub-Saharan Africa… So we are very interested in distributing in the rest of sub-Saharan Africa.

Key to this would be distributing via the informal retail market, where the vast majority of shopping takes place. According to Enwemadu, the Nigerian government is educating informal medicine and pharmaceutical retailers on various products – including Fyodor’s.

“So the government has actually embarked on training this informal sector on how to use rapid diagnostic tests. They have also been alerting them to this new urine test that we have come up with. So we are very much engaged in the informal sector. It is definitely an area where we plan to do more work,” continues Edwemadu.

“Africa is really the ground zero for malaria,” adds Agbo.

“It is the region most impacted by it and a proper tool like this could have a brilliant myriad of advantages to the healthcare provider, to the policy maker, as well as to just regular individuals who may want to buy the test and check whether their fever is malaria or not.”

UNDP to Launch North-East Livelihoods, Economic Recovery Report

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undp

The UNDP in Nigeria is set to launch the Livelihoods and Economic Recovery Assessment Report for North-East Nigeria in partnership with Oxfam Nigeria.

The objective of the assessment was to gain systematic and representative information of the socio-economic situation of the local population, returnees and IDPs settled with host communities and to present a comparative analysis between the affected populations in Adamawa, Borno, Gombe and Yobe states.

The findings of the assessment conducted by Oxfam Nigeria on behalf of UNDP, revealed the complexities that have necessitated the need for interventions that address Livelihoods and Economic Recovery (LER) that are properly synergised with the on-going humanitarian actions in the North East.

In this vein, it is hoped that all who wish to take action as a result of this assessment would aim at contributing to building the resilience of affected people and communities to overcome the negative consequences of the crisis and maintain a decent standard of living.

Ericsson, Rwanda Collaborate on Financial Inclusion

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Ericsson

Ericsson and the Ministry of Finance and Economic Planning for Rwanda have signed an agreement for the launch of a national interoperability switch based on the Ericsson M Commerce Interconnect solution.

The solution will enable financial and payments services providers in the country to connect to one common platform for real-time payment transactions. Further, the inclusion of informal sectors such as savings cooperatives and micro finance players in the ecosystem allow previously excluded citizens to participate in mainstream financial services, thereby increasing financial inclusion.

Claver Gatete, Minister of Finance and Economic Planning, Rwanda: “Mobile payment technology has the potential to advance financial inclusion and help people build savings while giving government, as well as the private sector, a more cost-effective, efficient, transparent and safer means of disbursing and collecting payments. We are happy to be partnering with Ericsson on this.”

Ericsson will also lead on-boarding and integration of Rwanda payment service providers and financial institutions. The Rwanda Interoperability Switch is expected to be operational by early 2017.

Africa Must Harness Power of Aviation for Growth

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Aeroplane

The International Air Transport Association (IATA) has called on African governments to prioritise the development of aviation nationally and at a pan-African level to bolster economic growth and development.

Africa is set to be one of the fastest-growing aviation regions over the next 20 years, with annual expansion averaging nearly 5%. This opens up incredible economic opportunities for the continent’s 54 nations. By transporting some 70 million passengers annually, aviation already supports some 6.9 million jobs and $80 billion of economic activity on the African continent.

“Aviation has the potential to be a much greater strategic catalyst for growth if governments would stop milking the industry for taxes and enable it with smarter regulations focused on safety and the development of connectivity. The commitments are already there with the Abuja Declaration and the Yamoussoukro Decision. It’s time to achieve them in partnership with industry,” said Hussein Dabbas, IATA’s Regional Vice President for Africa and the Middle East.

“Enhanced Air Transport Connectivity is unarguably the key condition for any State’s progress and transformation. Studies have shown that there is clear correlation between connectivity and economic performance. In addition, improved connectivity attracts inward investment, which enables access to export markets and opens countries up to competitive forces. Air transport is a facilitator of international business and trade. Improved connectivity means more access to cities, markets, business and people as well as the integration into global supply chains, an important factor to attracting inward investment into any country,” Nigeria’s Minister for Aviation, Sen. Hadi Abubakar Sirika.

Sen Sirika and Dabbas was addressing the IATA African Aviation Day in Abuja, Nigeria. The event theme is ‘Driving African Economies through the Power of Aviation’. Key elements essential to air transport development in Africa are on the agenda:

Safety – Safety in Africa is the top priority. Governments have committed to achieving world-class safety levels in the Abuja Declaration. While safety has improved, Africa had the highest accident rate among regions in 2015, at 7.88 accidents per million sectors.

IATA’s Operating Safety Audit (IOSA) has shown the power of global standards underpinning safety operations. The 32 sub-Saharan airlines on the IOSA registry are performing 3.5 times better than non-IOSA operators in terms of accidents.

IATA calls on African governments to improve safety oversight and adopt IOSA together with ICAO’s safety-related standards and recommended practices (SARPs). As of the end of January 2016, only 21 African countries had at least 60% SARPs implementation.

Connectivity – IATA welcomes the recent signing of a ‘Solemn Declaration’ by 21 African heads of state re-affirming their commitment to breaking down the artificial barriers obstructing air transport service expansion between African nations by implementing the Yamoussoukro Decision. IATA urges all African nations to expedite its implementation, which will stimulate economic growth and development with at least 5 million more passenger journeys a year on the continent.

Infrastructure Development – Cost-effective and appropriate infrastructure development is critical to the sustainability and expansion of African aviation. Consultation and collaboration among airlines and their infrastructure partners during planning and development is crucial. No one knows better than the airlines the level of airport charges that enable a route to be viable, and the kind of amenities they need to support their passengers and aircraft efficiently. All too often in Africa there is no real engagement with the airlines prior to development. This leaves airlines burdened with paying for excessive and unsustainable development costs.

The International Civil Aviation Organisation (ICAO) has very clear guidelines on infrastructure funding. Development should be guided by principles of non-discrimination, consultation, transparency, cost-benefit and no pre-financing.

IATA is concerned about the viability of some planned airport developments, including Ndjamena in Chad, Addis Ababa in Ethiopia and Dakar in Senegal. IATA calls on the Governments in these countries to take the lead in consulting the users of the infrastructure to ensure that the end product provides maximize benefits and rationalises costs for all.

Fuel Surcharges – IATA is urging African governments to tackle the excessive surcharges on fuel, which can make fuel purchases on the continent up to 20% more expensive than the global average. Airlines operating to Ethiopia, Gabon, Ghana and Kenya are particularly affected by above market fuel costs. These surcharges increase airlines’ cost burden when they are already operating in a challenging environment. They also hinder growth in an industry that delivers extensive socio-economic benefits.

Sustainability – The aviation industry is committed to achieving carbon-neutral growth from 2020, and cutting net emissions 50% by 2050 compared to 2005. The industry is working hard to achieve these goals with improvements in technology, operations and infrastructure. However, to be fully successful a global market-based measure (GMBM) is needed and that must be agreed by governments through ICAO.

The aviation industry is calling for a mandatory global carbon offset scheme as its preferred measure. Already many African nations, including Nigeria, have rallied for the establishment of an equitable set of market-based measures to offset carbon emissions.

IATA urges all African governments to support a successful agreement on a GMBM at the 39th ICAO Assembly later this year.
The opening session of the Aviation Day featured participation from senior government and industry leaders including Nigeria’s Honorable Minister of State Senator Hadi Sirika, the Director General of the Nigerian Civil Aviation Authority Captain Muhtar S. Usman, the Deputy Regional Director of ICAO, Mr. Gaoussou Konate, the Secretary General of the African Civil Aviation Commission (AFCAC), Ms. Iyabo Sosina.

Global PC Market Declines to 2011 Level

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mobile phone

Worldwide PC shipments (desktops, notebooks, two in ones and tablets) totaled 101 million units in Q1 2016, as total volumes dipped by 13% year on year to their lowest point since Q2 2011.

Apple continued to lead the market into the first quarter of 2016 with shipments of just over 14 million units, despite falling 17%. Lenovo shipped some 25,000 units less than Apple, as its decline moved into double digits on the back of weakening sales in Greater China.

Apart from two-in-ones, which grew just over 13%, shipments were weak across all categories, as vendors struggle with declines in global PC demand. Tablets continue to be the worst affected category, with shipments falling around 15% to just under 39 million units.

All PC categories in Asia Pacific continue to experience weakness, affected by improving quality and falling prices in the smart phone market. In low-income markets, notebooks and tablets are no longer must-have products and multiple device ownership is becoming less common. PC shipments in Asia Pacific and Greater China dipped 14% as the Chinese market saw its third consecutive quarter of double-digit declines.

Shipments in EMEA declined 15%, as notebooks were 18% lower than the previous year. Nevertheless, since the inflationary effect that Windows with Bing had on shipments has ceased in Q2 2015, declines in the notebook market will reduce next quarter.

While annual comparisons in Western Europe are likely to improve next quarter, markets in Middle East and Africa will continue to struggle due to a challenging macro environment.

North America was the best performing region in the quarter, with PC shipments falling around 5%. The tablet market in the US was aided by shipments of large screen detachable tablets such as the iPad Pro and the Surface Pro 4.

Shipments of two-in-ones and detachable tablets are expected to continue to do well in the US and will grow in high income markets. New form factors will trigger an increase in PC ASPs, benefitting the two-in-one and tablet categories at the expense of notebooks.

‘The global PC market had a bad start to 2016 and it is difficult to see any bright spots for vendors in the coming quarters. The tablet boom has faded in the distance and the market is fully mature. Global shipments declines are expected to continue unless vendors bring transformational innovation to the market.

Apple and Microsoft are propping up shipments in established markets with their detachables, but price points make them less affordable in low-income countries. Although other vendors are coming to market with cheaper alternatives, they are unlikely to have a big impact on volumes in the short term.

The number of people looking to buy their first PC is at an all-time low and 2016 is likely to bring yet more turmoil to global PC vendors,’ commented Tim Coulling, Canalys Senior Analyst.

PwC: Universal Access to Electricity Impossible with Current Off-grid

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PwC

PC report says new renewable off-grid technologies, in combination with innovative business models and mobile payment systems hold the key to rural electrification.

· New approaches to beyond the grid electrification need to be adapted to achieve the UN 2030 target of electricity for all.

· Policymakers need to get out of a top-down mindset and support the role that a range of renewable energy off-grid technologies and new business models can play.

· Advanced renewable technologies and storage solutions could also threaten the existing business models of power utilities across the African continent in the future.

Energy transformation means the time is right for policymakers to reappraise their approach to energy access, according to a new report from PwC.

On current trends(1), two-thirds of the world’s population will remain without electricity by 2030, which is the target year to achieve the newly agreed post-2015 UN Sustainable Development Goal of universal access to energy. The PwC report -Electricity beyond the grid: accelerating access to sustainable power for all – says a new approach is needed that better recognises the part that off-grid technology can play.

John Gibbs, Africa Deals Power & Utility Lead, PwC, said: “For the millions of people who don’t currently have access to electricity, the old assumption that they will have to wait for grid extensions is being turned on its head by new technological possibilities. 634 million people without electricity are in Africa. Faster progress is needed, and we believe it can be achieved if national energy policies adopt a more comprehensive approach to energy access, embracing the new starting points for energy provided by standalone renewable technology and mini-grids.”

Current electrification strategies tend to focus on national grid extension plans. Instead, Georg Baecker, Senior Manager and Energy Policy and Regulation expert, PwC said:

“Policymakers need to embrace the new renewable off-grid technologies and innovative business models. The combination of centralised top-down grid extension with decentralised demand-driven bottom-up strategies, in the form of mini grids and especially standalone solutions, will speed up the increase in electrification levels.”

The report foresees a major transformation of the electricity sector in the period ahead. Angeli Hoekstra, Power & Utility Specialist for PwC Africa, pointed out: “

‘All or nothing’ approaches that focus primarily on the national grid are increasingly out of step to what is now possible in power technology. Advances in technology are rapidly changing the options available beyond the grid. Falling solar technology costs have spurred the growth of standalone home systems and are changing the economics of mini-grid systems. Battery storage technology is fast evolving to the point where it is going to play a significant role in utility-scale solar power storage and is beginning to feature in smaller-scale off-grid solutions. Together with access to mobile technology and mobile payment systems for microloans, a new era has arrived for beyond the grid electrification.”

The PwC report sets out five recommendations for accelerating the increase of electrification:

1. Develop an integrated energy access plan and map – so that everyone can plan with more certainty for either off-grid or grid extension solutions.

2. Create an enabling environment for off-grid development – including clearer criteria for mini-grid development, support for skills and training and more supportive regulation to allow private players to unlock the off-grid market potential.

3. Recognise the value of and promote the growth of mobile infrastructure, microloans and payment solutions in supporting energy access – mobile infrastructure is proving crucial in the take-up of standalone home systems, giving providers a low-cost channel for customer relations and an ability to automatically manage non-payment.

4. Establish an off-grid innovation and development fund – a highly visible development and innovation fund can play an important part in spurring off-grid growth in each country.

5. Have a high-level energy access champion that can drive results – to cut through bottlenecks and monitor results.
Based on the technological advances in off-grid systems and battery storage, a decrease in their prices and an increase in energy efficient appliances, Hoekstra also says that there will be a real future threat for the current established integrated Power Utilities, especially the ones without a reliable supply of electricity. They will need to adapt their business models or due to an increase in embedded generation and subsequent customers going off-grid, they will face a major challenge ahead in their future sustainability.

Tanzania International Forum July 12

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The Tanzania International Forum For Investments is scheduled to take place at the Julius Nyerere International Convention Centre in Dar es Salaam, 12-14 July 2016.

With confirmed funding commitments amounting to US$1 billion and confirmed participation from global investors and funding institutions in control of more than US$200 billion, the Tanzania International Investment Forum For Investments is set out to be the largest gathering of international investors in Tanzania.

Confirmed participating companies include Credit Suisse International, Africa Finance Corporation, Nedbank, UK Climate Investments, Pembani-Remgro Infrastructure Fund, Nedbank Corporate and Investment Banking, Intertoll Africa (Pty) Ltd, Advance Consulting, Netherlands, Letsema Consulting & Advisory (Pty) Ltd, Afriwise Consult, Development Bank of Southern Africa, Advanced Finance & Investment Group (“AFIG Funds”), Centre for the Promotion of Imports from developing countries – Netherlands, CRDB BANK PLC, ZHE Africa, East Africa Trade and Investment Hub, Kibo Mining Plc, Rand Merchant Bank, Frontier Investment Management (FIM), German International Cooperation (GiZ), Mkoba Private Equity Fund, Kibo Capital Partners, CrossBoundary LLC, Metier Sustainable Private Equity, SME Impact Fund, MasterCard, Public Investment Corporation -Africa’s largest asset manager and many more.

The Forum aims to generate more than $4 billion in potential investments and funding commitments.

The TIFI 2016 world class programme comprises intimate highly-interactive sessions that give entrepreneurs, investors and financiers the best platform to build relationships and forge business-to-business and business-to-government partnerships.

The Forum will showcase specific investment opportunities in key sectors including Agriculture & Agro-processing, Tourism, Energy, Manufacturing, Infrastructure, telecommunications & ICT, Mining, and Financial services; and is expected to attract investors and participants at decision making level, comprising local and foreign companies, heads of public institutions, and other relevant stakeholders.

In addition, an exhibition is planned to take place on the side-lines of the Forum to showcase selected export products and display foreign exhibitors as well to market their products. The Forum is expected to secure investment pledges and commitments, joint venture partnerships between local and foreign companies, financial arrangements, and export orders among a few of the deliverables.

With networking support before, during and after the event, TIFI 2016 is a MUST ATTEND EVENT

“We welcome investors throughout the world to participate in the TIFI 2016 and explore the abundant opportunities available in Tanzania, where return on investment is among the highest in Africa. Should you wish to partner with local investors, we are ready to be of service to link you with credible local companies” – Godfrey Simbeye, Executive Director, Tanzania Private Sector Foundation.

Ecobank, Old Mutual Strengthen Strategic Partnership

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EcoBank

Ecobank Transnational Incorporated (ETI) parent company of the Ecobank Group and Old Mutual Emerging Markets (OMEM), a part of the Old Mutual Group, have announced an enhanced strategic agreement that will strengthen existing ties between the leading pan-African bank and the insurance and asset management giant.

Old Mutual Emerging Markets currently has a bancassurance partnership with the Ecobank Group. This latest agreement will grow the existing strategic alliance by offering seamless insurance services to Ecobank clients across selected countries where the two groups have operations.

Clients will benefit mutually though access to a range of financial services that include life insurance, savings and short-term insurance solutions across a greater network on the African continent.

Ecobank Group CEO, Ade Ayeyemi said plans for the integrated model include providing access to Old Mutual solutions for Ecobank’s banking operations across selected countries.

“This is a productive and valued partnership between two pan-African institutions to provide complete financial services solutions to our customers,” he said.

Ralph Mupita, CEO of Old Mutual Emerging Markets, said: “It is in our mutual interest to ensure that this alliance grows from strength to strength, as we now look to complement Ecobank’s range of banking services to its customers with Old Mutual’s trusted financial products across the Ecobank network on the continent.”

Signed by both company chief executives at the Ecobank Group’s Lome head office, the enhanced agreement goes into immediate effect.

MAN Unveils Large Corporation Group to Boost Manufacturing in Nigeria

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The Manufacturing Association of Nigeria has inaugurated its Large Corporation Group, which will amongst other things come up with policy recommendations that will lead to a conducive economic and social climate for the operation and development for large scale industries in Nigeria.

Speaking at the inauguration ceremony, MAN’s President, Mr. Frank Udemba said one of the most crucial tasks before the Large Corporation Group is the facilitation effective linkage between small/medium scale industries and large scale industries in the production and supply value chain.

Udemba said linkage is critical in the task of making Nigeria a manufacturing hub in the sub region and beyond.

On her part, the Minister of State for Trade and Industry Hajia Aisha Abubakar said the Federal Government was committed to creating the enabling environment for manufacturing to thrive in the country and that the Manufacturers Association of Nigeria (MAN) is government’s strategic partner in achieving this task. She said the tough conditions that manufacturer’s face in Nigeria notably inadequate power was a top priority for the present administration.

The event was sponsored by global digital industrial technology company – General Electric (GE), which made a presentation on GE’s Gas to Power solutions focusing on the use of LPG as a reliable and available fuel source for power generation.

The integrated solution will go a long way in addressing a number of the energy needs of Nigerian manufacturers. During his presentation, Dr. Christoph Reimnitz emphasised the availability of competitively priced LPG via GE’s fuel partner Vitol.

At the panel session on “Powering Manufacturing in Nigeria without Power”, the President and CEO of GE Nigeria, Dr Lazarus Angbazo said the power deficit in Nigeria requires concerted co-operation of all stakeholders in the Power ecosystem.

According to him, “there is no foreseeable way of boosting manufacturing in Nigeria without fixing the power sector”.
Other panelists who spoke in similar vein were the CEO of British American Tobacco, Mr. Chris Allister and the Vice President of MAN, Engineer Ibrahim Usman.

They agreed that the recent tariff increase to make the discos more bankable was a step in the right direction in attracting needed funding.

The panelists also recommended distributed/embedded power as a short term solution to addressing the power shortfall in the country.

About MAN
Established in 1971, MAN is in business to create a climate of opinion in Nigeria in which manufacturers can operate efficiently and profitably for the benefit of all. As the collective voice of its members, MAN was established to promote and protect manufacturers’ collective interests in Nigeria.

About GE
GE is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive.

GE is organised around a global exchange of knowledge, the “GE Store,” through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors.

With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry.

‘Smart City Solutions Indispensable for Tackling Urbanisation Challenge’

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Carl Wright, Secretary-General of the Commonwealth Local Government Forum (CLGF) has called for urgent and smart use of technology to help address the ever-growing global urbanisation challenge.

“Although the trend towards decentralised government in Commonwealth countries continues, urban centres also continue to grow, with greater need for efficiency in areas such as energy, public transport and other services, and smart city solutions through better use of technology will be essential to making our cities more efficient,”

Wright said during a lecture he delivered on smart cities at the Commonwealth Telecommunications Organisation (CTO) in London.

The lecture was part of the CTO’s new monthly lecture series initiated by host Secretary-General, Shola Taylor earlier this year.

“The CLGF provides unique support to local government authorities and communities in our member countries. They have a unique understanding of the growing social and demographic urban challenge as more rural and semi-urban populations continue to migrate to larger urban centres. Through e-government and other technology-centric solutions, ICTs provide us with opportunities to manage this change more effectively,” said Taylor.

Present at the two-hour event were representatives of high commissions and industry.

CLGF works to promote and strengthen democratic local government across the Commonwealth and to encourage the exchange of best practice – through conferences and events, projects and research. Working with national and local governments to support the development of democratic values and good local governance.

As a Commonwealth organisation, CLGF draws on the influential network of the Commonwealth that provides a solid basis for its programmes and activities.

As an associated organisation officially recognised by Commonwealth Heads of Government, CLGF is well-placed to influence policy development and lead on democracy and good governance at local level.

UN: Digital Payments to Ebola Workers Saved Lives, $10m

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ebola spread

Mobile phones serving as “digital wallets” for payments to response workers proved an invaluable tool in Sierra Leone’s response to the Ebola crisis, according to a new study from the United Nations-based Better Than Cash Alliance.

With economic instability, natural disasters and political conflict now taking place at unprecedented rates, the new research offers valuable lessons on how to harness the power of technology to help emergency workers reach more people by paying them digitally during crises. The country has been Ebola free since January.

The report comes just ahead of the first ever United Nations World Humanitarian summit set to begin next week.

The study shows digital payments delivered compelling results in Sierra Leone, including:
Cost savings of US $10.7 million for the government, taxpayers, development partners and response workers – the equivalent of funding Sierra Leone’s Free Health Care Program catering for 1.4 million children and 250,000 pregnant women annually.

Reducing payment times from over one month on average for cash to one week.

Preventing the loss of around 800 working days per month from the Ebola response workforce, helping save lives during this critical time.

Saving response workers around $80,000 per month in travel costs by avoiding lengthy journeys to cash payment centers.

Crucially, Sierra Leone’s experience shows the critical importance of governments, companies, and international organizations working together to develop policy frameworks, infrastructure and operating guidelines for digital payments before crises strike.

“Sierra Leone’s firsthand experience with digital payments and its impact on Ebola response and control taught us that, Governments like ours must take this growing payment system seriously as it can significantly contribute to inclusive growth and transparency,” said H.E. Momodu L. Kargbo, Sierra Leone’s Minister of Finance and Economic Development. “In developing the partnership with private sector, development organizations, the Central Bank, financial institutions, network providers; and building the foundation for an inclusive digital payment system, Government must take the lead.”

Sierra Leone was one of the hardest-hit countries during the Ebola outbreak, with more than 14,000 reported cases of the 28,000 total cases in West Africa.

Ebola response workers were spread across Sierra Leone’s 14 districts, including many health units in rural areas. The speed with which Ebola spread meant the government needed a more efficient, reliable and secure tool than cash to manage payments to response workers in a country where there were fewer than 50 ATMs when the outbreak struck.

Digital payments offered a powerful solution, particularly given Sierra Leone already had mobile network coverage across nearly 95 percent of the country, and more than 90 percent of response workers with access to a mobile phone.

One of the major challenges of cash is that it is expensive, slow, difficult to transport and vulnerable to theft, graft and payment errors. Late or incorrect payments to response workers often led to strikes during past emergencies and at the start of the Ebola crisis before digital payments were implemented.

In Sierra Leone, digital payments reduced these strikes from an average of eight per month – causing the loss of about 800 working days per month – to virtually zero.

“Ebola response workers put their lives at risk every day. It was vitally important they received all the money they earned, with no skimming or theft. They got it immediately, as their families had no other income; and only legitimate workers got paid – no one else. Paying Ebola response workers directly into a digital wallet instead of cash met these goals, saved lives and over $10 million,” said Dr. Ruth Goodwin-Groen, Managing Director of The Better Than Cash Alliance.

“Sierra Leone’s experience shows the critical importance of developing and implementing national policy frameworks and supporting infrastructure to drive effective and flexible digital payments ecosystems in advance of humanitarian crises.”

The vast majority of the cost savings were due to eliminating payments to people who were not legitimate Ebola response workers, known as “ghost workers”. The money saved was given to those who really needed it.