News - Afrikan Heroes

Inside SuperPay: A New Egyptian FinTech Backed by Etisalat and Egypt’s Second Largest Bank

October 23, 2023

In a significant stride towards bolstering Egypt’s financial technology landscape, Banque Misr, one of the country’s largest banks and a pioneer in electronic payment solutions, has joined forces with Etisalat Misr to launch SuperPay, a cutting-edge electronic payment technology company. This strategic partnership between financial stalwart Banque Misr and telecommunications giant Etisalat signifies a critical milestone in Egypt’s financial technology journey.

The Vice President of Banque Misr, Akef Al-Maghrabi, underlined the bank’s steadfast commitment to the FinTech sector. They have diligently adhered to state directives, promoting the automation of payments and fostering a transition towards a cashless society. By mid-2023, Banque Misr had deployed over 500,000 electronic payment machines across Egypt, showcasing their unwavering dedication to technological progress.

Moreover, Al-Maghrabi shed light on the exponential growth in the number of collection contractor clients and the volume of business conducted through their electronic payment gateway. During the first half of 2023, these figures had skyrocketed by a staggering 100% compared to the same period in 2022. The bank had also forged numerous strategic partnerships with global industry giants, facilitating the automation of payment systems in diverse sectors, including transportation, aviation, real estate development, retail sales, and insurance.

The collaboration between Banque Misr and Etisalat Misr not only signifies a significant leap in advancing Banque Misr’s vision of a cashless society but also heralds the birth of SuperPay. This new venture promises to offer innovative digital solutions encompassing mobile charging services, bill payments and collections, merchant services, an online payment platform, and plans to expand into agent banking, microfinance, and payroll advances in the future.

One of SuperPay’s most ambitious targets is the deployment of over 190,000 electronic payment machines in Egypt within the next five years. This audacious endeavor aims to replace traditional cash transactions with electronic payments and introduce soft Point of Sale (POS) systems and the Tap on Phone service, which will inevitably propel substantial growth in Egypt’s financial landscape.

Akef Al-Maghrabi emphasized that the presence of companies like SuperPay in the electronic payment sector not only accelerates technological development but also provides opportunities for young professionals, aligning with the national strategy to bolster economic growth.

SuperPay’s introduction marks a turning point in Egypt’s financial technology landscape, supported by the unwavering commitment of Banque Misr and Etisalat Misr, two powerhouses that have set their sights on a future where digital solutions revolutionize payments in Egypt.

Banque Misr’s vision of a cashless society is fully supported by the Central Bank, which reported an impressive increase in financial inclusion in Egypt, reaching 64.8% in 2022, primarily attributed to the growth of financial technology companies. The Egyptian market has witnessed a substantial uptick in digital transactions, with 212 million transactions via mobile wallets worth 250 billion pounds and 110.6 million transactions through electronic payment points worth 108 billion pounds.

The growing number of emerging FinTech companies in Egypt is a testament to the state’s and Central Bank’s commitment to financial inclusion and non-cash payments, with their numbers surging from 32 in 2017 to 177 by the end of 2022.

The launch of SuperPay is a momentous occasion in Egypt’s financial technology journey. Its establishment will have a positive impact on the nation’s economy, solidifying Banque Misr and Etisalat’s roles as key players in driving economic development.

Partnerships between public and private sectors have been instrumental in the growth of Egypt’s financial technology sector, fostering innovation and economic progress. The joint endeavor of Banque Misr and Etisalat from &e signifies their dedication to advancing financial inclusion in Egypt, a core goal of the country’s overarching efforts.

SuperPay’s goal is to offer pioneering and advanced financial solutions, serving individuals, businesses, and stores under one comprehensive platform. Their services include cash payments, electronic wallet payments, and electronic payments through point-of-sale machines, alongside bill payment services. This is only the beginning for SuperPay, as the company plans to introduce an array of innovative products and services to enrich the electronic payment experience.

Engineer Hazem Metwally, CEO of Etisalat from &e in Egypt, expressed his enthusiasm for the launch of SuperPay. He highlighted Etisalat’s vision to transform into a technology company providing digital services, including the expansion of financial services for corporate and individual clients. The integration of technology, communications services, and financial services represents a groundbreaking step in the Egyptian market.

Akef Al-Maghrabi, Vice Chairman of the Board of Directors of Banque Misr, echoed this excitement, emphasizing the alignment of their strategy with Egypt’s Vision 2030. Their joint efforts aim to bolster financial services and support the digital payments sector, fostering financial inclusion and enabling more segments of society to access appropriate financial solutions.

The partnership between Etisalat from &e and Banque Misr signifies a pivotal strategic move, strengthening Egypt’s digital financial solutions sector. It combines Etisalat’s technological expertise with Banque Misr’s extensive banking experience to provide secure and advanced financial solutions that prioritize customer protection and data security.

Etisalat from &e in Egypt is uniquely positioned to lead the charge in digital transformation, with the most modern network in Egypt and a legacy of delivering innovative technological solutions. Their efforts are directed towards enhancing productivity and contributing to the greater goal of financial inclusion in Egypt.

Banque Misr is the second-largest bank in Egypt with a market share of 18.2% and 17.6%, 20.1% in terms of assets, loans and deposits, respectively as at end-September 2022. BM was established in 1920, and is 100% state-owned.

SuperPay Egypt SuperPay Egypt SuperPay Egypt

Tingo Group Strengthens Nigerian Presence Amidst Fraud Allegations

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard

Elon Musk Says X Will Become ‘Read Only’ for New Non-Paying Users

October 21, 2023

Elon Musk said on Friday that X, formerly known as Twitter, will soon launch two new tiers of premium subscriptions.

“One is lower cost with all features, but no reduction in ads, and the other is more expensive, but has no ads,” Musk said on a post on X. Musk did not provide more detail on the subscription plans.

Earlier this week, the company started charging new users US$1 (R19) in New Zealand and the Philippines as a test case for accessing the platform.

New users who opted out of subscribing will only be able to take ‘read-only’ actions

New users who opted out of subscribing will only be able to take “read-only” actions, such as: read posts, watch videos and follow accounts, the company said in its website.

Its “Not A Bot” subscription method aims to reduce spam, manipulation of the platform and bot activity.

Since taking over the platform in October 2022, Musk’s rapid changes, including mass layoffs and disbanding content moderation teams, has led to advertisers halting ads on the service.

Musk has acknowledged that the platform has taken a hit on revenue and has blamed activists for pressuring advertisers.

To generate revenue, Musk started charging $8/month for the blue check subscription service and tried to woo advertisers back to X with offers of discounts.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

YouTube Working on AI Tool That Would Let Creators Sing Like Drake

YouTube is developing a tool powered by artificial intelligence that would let creators record audio using the voices of famous musicians, according to people familiar with the matter.

The video site has approached music companies about obtaining the rights to songs it could use to train this tool, said the people, who asked not to be identified because the talks are confidential. Major record labels have yet to sign off on any deal, though discussions between the two sides continue.

YouTube rolled out a new suite of tools last month that leveraged AI, including one that creators can use to create backgrounds for their videos and another that allows for automatic dubbing into other languages. The company had hoped to roll out the music tool at that time but hadn’t secured the rights.

Labels began to look at AI more closely after a song that sounded a lot like Drake — but wasn’t — went viral

The legal intersection of AI and creative works that include the use of people’s names, images and likenesses is still being worked out and has already led to litigation.

The video platform will have to navigate a path to legal use of this new technology. It had a fraught relationship with the music industry in the past, but that has improved in recent years as the site increased its royalty payments.

YouTube is owned by Google, a technology giant that has been developing AI products for years. Alphabet is in a race with many companies, including Microsoft, to be a leader in what many see as the next great frontier in technology. Google’s growing investment in AI has pushed YouTube to figure out solutions and tools.

The music industry sees AI as both a promising new technology and major threat. The rise of piracy and user-generated content decimated the industry prior to the emergence of paid streaming services like that of Spotify Technology. That has made music companies wary of new technology.

But artists also recognise these models could open new avenues for creative expression. Musicians and record labels want to control companies’ ability to use their copyrighted works to train models without permission or compensation. Labels began to look at AI more closely after a song that sounded a lot like Drake — but wasn’t recorded by Drake — went viral online.

YouTube is positioning itself as a partner to help the industry figure out this new technology.

Music companies have been receptive. They have agreed to work with YouTube on a new project generating ideas around AI and music, and Warner Music Group CEO Robert Kyncl, who previously worked at YouTube, spoke at the video site’s showcase last month.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Nokia to Slash up to 14 000 Jobs

Finnish telecommunications equipment group Nokia has said that it will cut up to 14 000 jobs as part of a new cost-savings plan after third-quarter sales dropped 20% due to slowing sales of 5G equipment in markets such as North America.

The company is targeting between €800-million and €1.2-billion in cost savings by 2026 as it seeks to be on track to deliver its long-term comparable operating margin plan of at least 14% by 2026.

The programme is expected to lead to a 72 000- to 77 000-employee organisation compared to the 86 000 employees Nokia has today, the company said in a statement.

Nokia expects to act quickly on the programme with at least €400-million of in-year savings in 2024

“Nokia expects to act quickly on the programme with at least €400-million of in-year savings in 2024 and a further €300-million in 2025,” the company said.

Comparable net sales fell to €4.98-billion from €6.24-billion last year, missing the estimated €5.67-billion, according to a LSEG poll.

“While our third quarter net sales were impacted by the ongoing uncertainty, we expect to see a more normal seasonal improvement in our network businesses in the fourth quarter,” CEO Pekka Lundmark said.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Leading by example: Tony Elumelu’s leadership principles

October 20, 2023

By Tony Elumelu

People often ask me, TOE how do I learn leadership. Should I go on a course? Buy a book? Get a mentor? Are leaders born, or can you become a leader?

Just as I say about business success, leadership has many components – luck, being in the right place at the right time. But I also believe that those talents and those disciplines that you bring, creating a vision and the resilience and focus that delivers that vision, can also forge your own personal leadership.

I was fortunate to work with Chief Ebitimi Banigo, at the start of my career. My leadership philosophy was built working with him. It started with Chief Banigo taking the time to read my application letter and giving me a chance to prove myself at Allstates Trust Bank in 1988. When my colleagues tell me today, “TOE you respond too fast to our emails”, I laugh because I learnt from the master himself – Chief Banigo. When I sent memos to him, he would respond within twenty-four hours; therefore, why should I not respond even faster in this age of technology?

These are some of the leadership values I learnt from my time with Chief Banigo, and I practise them all today.

Leaders must demand excellence: Only by going the extra mile and pushing ourselves, will we truly develop and standout. Hard work and excellence made my bosses Toyin Akin-Johnson and Ebitimi Banigo notice, and subsequently, believe in me. At twenty-seven, I went from being a trainee to being a boss, when I was appointed a branch manager – the youngest bank branch manager at that time. All the things I learned earlier came into play, and I continued learning.

Good leaders find in people, what people did not know they possess – Leaders recognise the talent in their team and then push to unlock the talent. When I work, I work to achieve my goals, but I also work to unlock my teams’ skills. I know everyone I work with has huge potential – for me my success is also about the success of others, growing and nurturing their talent, that is the foundation of our growth at Heirs Holdings Group. This focus on talent, teams, personal transformation, is why I am so insistent on creating institutions, cultures, and pathways, where human capital can thrive. It is why I am an investor in businesses, but also entrepreneurs across Africa.

Leaders must walk their talk – A leader must be consistent. People want to trust a leader that they believe has integrity. Leadership is not just about telling people what to do, it’s also about setting an example. A good leader must lead by example and practice what they preach, this demonstrates integrity, it builds trust and respect.

Leaders must impart knowledge: I benefitted from the mentorship of Chief Banigo at Allstates Trust Bank. He helped me to develop my strategic thinking, my frames of reference and to channel my ideas into concrete actions, so that when the moment of opportunity arrived, at the age of thirty-four, I had the self-belief to gather a small group together to take over and revive a failing bank – take that enormous step, that is still shaping an industry and a continent today.

Today, when I am faced with an impossible situation, I ask myself, ‘What Would Chief Banigo Do?’. I worked with Chief Banigo from 1988 – 1995, till this day, he is the one I turn to, when I need advice. #Leadership #TOEWay

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Africa Urged to Rethink Natural Resources Management to Avoid Adverse Socio-Economic Consequences

October 19, 2023

President of the African Development Bank (AfDB) Dr. Akinwumi Adesina

Africa needs to rethink how it manages its natural resources to avoid adverse socio-economic consequences that could hamper sustainable development on the continent, experts said at a recent webinar organised by the African Development Bank.

The call came ahead of the 2023 United Nations Conference on Climate Change scheduled for November 30 to December 12 in Dubai, United Arab Emirates. The global conference (COP28) presents a milestone moment when the world will evaluate its progress on the Paris Agreement.

Sustainable management of natural resources in Africa is critical to reducing environmental degradation and encouraging adaptation to climate change.

The African Development Bank organised the webinar with support from the International Resource Panel (www.ResourcePanel.org) and the World Resource Forum Secretariat. Participants shared challenges and best practices on the valuation of natural resources.

Merlyn Van Voore, Head of the International Resource Panel Secretariat in Geneva, Switzerland, said the world is grappling with the lack of appropriate tools and framework to ensure sustainable management of natural resources.

“There are overlaps between managing natural resources and what it means regarding climate and the sustainable development agenda,” she said.

She said the manufacture of electronics demanded attention. For instance, mobile phones at the end-of-life stage require the involvement of several actors, including manufacturers, extractives workers and companies, end users, and network providers, to manage the recycling of used phones.

Dr. Vanessa Ushie, the Acting Director of the African Development Bank’s African Natural Resource Management and Investment Center, said Africa and the world are facing a crisis of nature.

Citing the African Development Bank’s Africa Economic Outlook 2023 report, Ushie said natural resources, including renewables and ecosystem services, generate around 62% of Africa’s GDP.

“Nature is providing essential goods and vital services, and these are not just economic values but ecological, biophysical and environmental values as well. Without fully appreciating these services, we tend to underestimate the value of natural capital,” Ushie said.

Dr. Hans Bruyninckx, a former executive director of the European Environment Agency, said sustainable resource management should be elevated in Africa and in economies worldwide.

“This is important for everybody on this planet given the deeply unequal distribution of costs and benefits of how we do that today, particularly in an African context.”

Historically, Bruyninckx said Africa has been an exporter of resources, but in a deeply unsustainable way. He said going forward, the continent is expected to play a significant role in the energy transition and information technology that the world relies on for smart solutions. But even more so for its social development and well-being of the people.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Building Connections and Opportunities for Young Africans

By Moses Anibaba

Africa has the world’s youngest population, with 70% of people in sub-Saharan Africa under 30. Empowering the youth is vital for the continent’s growth and potential and is crucial for economic growth, innovation, peace, and security. These young people face challenges including education, underemployment, lack of opportunities, lack of information access, and gender inequality.

The British Council’s new Sub-Saharan Africa Strategy 2025 empowers youth in Africa through the opportunities for enablement and growth that the organisation offers to young people. This aims to help them nurture their communities and improve prospects.

The next generation is essential to the continent’s development and to global shared interests in creating a safer, healthier, and more prosperous future for us all. In contrast to ageing populations in other regions, sub-Saharan Africa’s youth represent opportunities for innovation and economic growth. The youth are key to implementing the 2030 Agenda and its role in enhancing youth development efforts, and various Sustainable Development Goals (SDGs). SDG 4 emphasizes quality education and SDG 8 addresses decent work and economic growth for youth.

We are building connections between people in the UK and sub-Saharan Africa through education and culture and opening doors for young people to fulfil their potential. Our sub-Saharan Africa strategy, refreshed to take account of changes in the social, political, and economic landscape, will help achieve exactly those connections and opportunities for young Africans. Truly fulfilling one’s potential requires access to education and networks of support, and we aim to provide that access and those networks of contacts, vital for the exchange of knowledge, information, and ideas.

Opportunities for young Africans — ***Moses Anibaba, Regional Director, British Council, Sub-Saharan Africa***

A society where young Africans can thrive.

We are engaging with young people and communities to help the next generation unlock their potential, build resilience, and create stronger community networks to realise a free, fair, more prosperous, and open society where young people can thrive.

This entails creating opportunity and engagement through arts, education, and the English language, and developing connections and mutually beneficial partnerships in Africa and the UK.

The British Council is contributing to the progress of this society as follows:

Building on our existing networks and deep on-the-ground engagement

Continuing to develop a strong understanding of our primary audience.

Through our programmes engendering greater inclusion and social cohesion in African societies

Contributing to economic empowerment, innovation, and employability in Africa enabling connections, exchange and opportunities between Africa and the UK to create strong and enduring networks with future leaders and influencers.

Our work in sub-Saharan Africa is focused on building human and social capital to help countries have a more prosperous and peaceful future. By creating opportunities and positive pathways for individuals, organisations, and systems, it becomes possible to improve young people’s prospects through the acquisition of knowledge, skills and ideas, and nurturing creativity, innovation, and connection.

To this end, we have developed a framework adapted from the Department for International Development (DFID) sustainable livelihoods model. It sets out how people draw on different assets and operate within a context shaped by different factors. These assets include human capital (education, knowledge, skills, capacity), financial capital (economic assets, development, empowerment), social capital (relations of trust and support, collective representation, common rules, participation in decision-making, leadership networks and connections), physical capital (infrastructure, tools, technology, and Natural capital (water, land, biodiversity). Applied to sub-Saharan Africa, we will see our diverse and wide-ranging areas of work come together into a strategic framework of intervention that will contribute to our overarching goal and intended outcomes.

As the UK’s cultural relations entity overseas, we occupy a unique space. We are using our expertise to connect with diverse communities and help them navigate their changing environments through mutually beneficial partnerships. With challenging times ahead and the need to engage the next generation, we can use our relationships to build understanding. Remaining relevant and connected is especially important given the complex past relationships between the UK and several countries in sub-Saharan Africa. We have an opportunity to use our relationships to win hearts and minds.

The refreshed Sub-Saharan Africa Strategy 2025 lays out our vision and purpose in a region where the operating context has shifted considerably over the last two to three years. Many countries are experiencing profound socio-political changes that have significant and far-reaching effects beyond borders. A revised strategy was crucial as the world faces new and unprecedented challenges. Our goal is to foster peaceful and prosperous societies. This new strategy crystallises our role as a valued and effective partner in sub-Saharan Africa today to help overcome the challenges of tomorrow. We will engage with the UK government to stay aligned with policy priorities and be an integral, on-the-ground component in the whole-of-government approach.

By supporting African-led priorities with British expertise, we can provide more life-changing opportunities. These include more jobs and greater stability, including for women and girls, in the UK and across Africa.

Moses Anibaba is the Regional Director, British Council, Sub-Saharan Africa

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

CASH PLUS Gains $60M Boost to Expand Digital Financial Services in Morocco

Mediterrania Capital Partners, a distinguished Private Equity firm specializing in growth investments for Small and Medium Enterprises (SMEs) and mid-cap companies across North Africa and Sub-Saharan regions, is pleased to announce a substantial €57 million ($60M) investment in Morocco’s prominent financial services provider, CASH PLUS. This transformative investment is made in collaboration with FMO, the entrepreneurial development bank from the Netherlands, and IFC, a member of the World Bank Group.

CASH PLUS has emerged as a prominent player in the financial services sector, offering a wide array of online payment and transfer services. With over 3,600 physical locations spanning Morocco, it has solidified its standing as one of the nation’s largest financial service providers. The combined €57 million equity investment is poised to propel CASH PLUS further, allowing them to expand their network of branches both nationally and internationally. Additionally, the funding will bolster the company’s digital financial services offerings, with particular focus on enhancing its M-Wallet application, which currently caters to more than 1 million customers. The overarching goal of this investment is to enhance financial inclusion throughout Morocco.

Hatim Ben Ahmed, Managing Partner at Mediterrania Capital Partners, expressed his enthusiasm, saying, “We’re thrilled to be backing Cash Plus management in its ambitious development strategy. CASH PLUS has emerged as one of the continent’s fastest-growing financial institutions, and Mediterrania Capital will provide support in creating additional value for customers and stakeholders.”

Albert Alsina, Founder and CEO at Mediterrania Capital Partners, added, “We are delighted to be part of this project alongside our long-time partners, IFC and FMO. CASH PLUS is a company that we know well and which fully embodies our mission of improving people’s lives through responsible investments. With its strong track record of promoting financial inclusion and providing access to essential financial services to underserved communities in Morocco, CASH PLUS stands as an innovative company with a powerful vision. Together with IFC and FMO, we aim to support CASH PLUS in expanding its reach and enhancing its services, ultimately benefiting the people of Morocco and fostering economic development.”

Nabil Amar, Chairman of the Board of Directors of the CASH PLUS Group, shared, “For 20 years, CASH PLUS has been a trusted partner serving its customers with a high innovation drive and over 3,600 points-of-sale, showing our commitment to accessibility and financial inclusion in Morocco. We greatly appreciate our esteemed partners, Mediterrania Capital Partners, IFC and FMO, for their unwavering belief in our vision. Together, we’re taking another significant step towards progress, inclusion, and building a brighter and more prosperous future for all.”

Mediterrania Capital Partners’ investment in CASH PLUS marks a pivotal milestone for MC IV, following its earlier investment in Laprophan, one of the largest pharmaceutical companies in Morocco in May 2023. Mediterrania Capital Partners has been an active presence in Morocco since 2013, with investments spanning across the Financial Services, Retail, Education, Construction, IT, FMCG, and Healthcare sectors. This latest investment reinforces their commitment to fostering growth and prosperity in the region.

Bitcoin’s Jump Hints at Trader ‘Playbook’ for ETF Launches

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the con

Egypt Issues Africa’s First Sustainable Panda Bond Worth 3.5 billion RMB

October 18, 2023

African-tech-startup-funding-rises-51-to-195M-in-2017

Egypt has successfully issued a 3-year Sustainability Panda Bond worth RMB 3.5 billion ($478.7 million). The North African nation is the first on the continent to do so, a move that underscores its commitment to access previously untapped sources of capital to drive economic growth.

The African Development Bank and the Asian Infrastructure Development Bank provided partial credit guarantees to support the issuance, paving the way for other African countries to access fast-growing Chinese debt capital markets. RKoolboks, Nigerian Startup Providing Solar-Powered Freezers, Expands to 12 African Countries bonds are issued in China’s domestic capital market by foreign issuers, typically governments or corporations, and are denominated in Chinese yuan.

The combined guarantees from the two multilateral development banks with triple-A ratings helped crowd in investors and secured competitive terms for the transaction. The Bank of China Limited, with support from HSBC Bank (China) Company Limited, was the lead underwriter and bookrunner.

Egypt will use the bond proceeds for inclusive growth and green objectives under its Sovereign Sustainable Financing Framework. The Framework, which was launched ahead of the COP27 climate conference held in Egypt last year, targets sustainable development through investments in clean transportation, renewable energy, energy efficiency, sustainable water and wastewater management, financing for micro, small, and medium-sized enterprises, and essential health services initiatives, among others.

Egypt’s Minister of Finance, Dr. Mohamed Maait, said: “Egypt is the first African sovereign to issue Panda Sustainable Bonds in the Chinese Financial Markets. This is a historical move not just for the country but for the entire continent. We have paved the way for alternate, sustainable financing for our African neighbours and have deepened the partnership with our Chinese counterparts. It’s more than just a financing source; it’s a testimony of how important our economic and financial ties are with the Government of China.”

Mohamed El Azizi, African Development Bank Director General for North Africa, described the issuance as ground-breaking. “This first Panda bond issuance by an African sovereign is the perfect example of how African Development Bank Regional Member countries could leverage the Bank’s AAA credit rating to penetrate new markets and mobilize sustainable financing at competitive terms from international investors,” El Azizi said.

Egypt has previous experience tapping sustainable bond markets. In 2020, it became the first country in the Middle East/North Africa region to issue a green bond . In 2022, it was the first African and Middle East country to access Japanese capital markets, issuing a Samurai bond of 60 billion Japanese yen (about $500 million).

“Egypt’s Panda Bond transaction shows our unwavering commitment to deepen the continent’s access to sustainable financing at scale, which to date is very small,” said Ahmed Attout, African Development Bank Acting Director for Financial Sector Development. “While Egypt may be the first African nation to issue on the Panda Bond Market, it won’t be the last, as we stand ready to support RMCs to mobilize new development financing at scale on both local and international capital markets,” he added.

Egypt’s Sovereign Sustainable Financing Framework aligns with the African Development Bank Group’s country strategy for Egypt as well as its High-5 operational priorities.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

VALR Expands Crypto Services Worldwide in Strategic Partnership with Visa

October 17, 2023

The local cryptocurrency exchange, VALR, and Visa have recently unveiled a strategic alliance aimed at introducing Visa cards and a host of digital payment solutions to the market. This collaboration will amalgamate VALR’s cryptocurrency expertise with Visa’s extensive payment capabilities.

VALR, in recent developments, has secured the necessary approvals to extend its cryptocurrency services into the European market and is currently in the process of acquiring licenses in Dubai, Mauritius, and South Africa. The VALR-Visa partnership follows in the footsteps of Visa’s previous partnerships with global cryptocurrency service providers, including Coinbase, Crypto.com, and Circle.

Farzam Ehsani, the CEO and co-founder of VALR, expressed his enthusiasm, stating, “Visa is a renowned name in the world of payments, with its vast experience and global reach. Partnering with Visa was the logical next step for VALR, as we aim to expand our product and service offerings for our valued customers. We are thrilled to collaborate with Visa to continue delivering the finest technology and services to our worldwide audience.”

Lineshree Moodley, General Manager of Visa South Africa, also shared her excitement, saying, “Visa is thrilled to team up with VALR to provide Visa credentials to VALR’s customer base. This partnership will focus on pioneering payment and card products, empowering VALR customers to harness the Visa network for global payments and receipts. The potential applications are extensive, and we look forward to our collaboration with VALR in offering customers a unique value proposition.”

Founded in 2018, VALR is a cryptocurrency exchange based in South Africa that caters to customers worldwide. According to the exchange, it has successfully facilitated over $10 billion in trading volume and has secured $55 million in equity funding since its inception. VALR offers its customers the ability to trade Bitcoin, along with a diverse range of other cryptocurrencies. Currently, it serves half a million retail customers and more than 900 corporate and institutional clients on a global scale.

Nigerian Insurtech Startup Haba Secures Pre-Seed Funding to Pursue Insurance Ambitions in West Africa

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the con