News - Afrikan Heroes

Sports Writers Honors Rugby Africa President

January 20, 2024

Herbert Mensah, President of Rugby Africa

Sports Writers Association of Ghana (SWAG) awards the President of Rugby Africa (www.RugbyAfrique.com), the continental governing body of rugby in Africa, Herbert Mensah, for his exemplary leadership skills and quality contributions to the development of rugby in Africa. Mr. Mensah was given a meritorious award at the 48th edition of the Nguvu SWAG Awards night at the Accra International Conference Centre on Friday, January 12, 2024.

He was given a plaque and a citation read on for him stated that; “Herbert Mensah’s transformative leadership and relentless dedication to promoting and developing rugby in Ghana and Africa has been commendable.”

“His visionary approach, strategic initiatives, and commitment to fostering grassroots development have propelled the Ghana Rugby Football Union and Rugby Africa to new heights, fostering growth, and inspiring a new generation of rugby enthusiasts and athletes.

SWAG congratulates you on your elevation as President of Rugby Africa and bestows on you a Meritorious Award.”

Mr.Mensah’s award was received on his behalf by Union Board Member, President of Northern Rugby Association, Get into Rugby Manager, Educator, Rafiatu Inusah.

“As President of Rugby Africa, I am truly humbled and honored to receive this prestigious meritorious award by the Ghana Sports Writers Association. This recognition reflects not only my personal commitment to the development of rugby in Africa but the collective efforts of those remarkable sportsmen and women who are dedicated to instilling positive change and embracing the global standards of the sport,” stated Mensah. “Thank you for this acknowledgement, which only fuels my mission in advancing the growth of the game in Africa. Furthermore, I continue to emphasize the business potential of rugby in Africa. Together as a united force, we will elevate the standards of rugby in Africa and unlock the vast economic opportunities of the sports industry.”

The SWAG Awards is an occasion and event to celebrate sports excellence, it is the longest running award scheme in Ghana that rewards top performing Sports Men and Women consistently since 1975. The organization also recognizes the efforts of persons involved in Sports development including Administrators, Managers, Coaches, Referees, Corporate bodies, and other stakeholders in sports.

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

Libyan Islamic Bank Forges New Partnership with Backbase to Enhance Digital Customer Experience

January 19, 2024

In an effort to streamline its customer service operations and enhance its customers’ digital banking experience, Libyan Islamic Bank (LIB) has partnered with Backbase (www.Backbase.com), the renowned expert in engagement banking platform solutions worldwide. Established in 2017 with a primary focus on retail and corporate segments, LIB has been a steady presence in the financial landscape of Libya, abiding by the principles and legislations of Islamic Sharia.

As the banking industry continues to evolve, LIB recognizes the need to modernize and adapt to the changing preferences and expectations of its clientele. The initiative to revamp its existing mobile app for retail customers and introduce new digital apps for business users comes at a critical time. This move is expected to significantly reduce friction in customer onboarding and servicing processes, thereby promoting a smoother, more intuitive banking experience. Backbase stands out as a market leader with top-notch innovative digital platform capabilities, making it a preferred choice for this partnership.

Mr. Matthijs Ejipe, Regional Vice President of Backbase

Central to this transformation is the introduction of Backbase’s Engagement Banking Platform, a single omni-channel banking platform that aligns well with LIB’s aspirations to adopt a customer-centric approach, orchestrate user journeys across all touchpoints, and innovate at the speed of digital. Recognized for its innovative digital capabilities, Backbase offers a tailored solution to meet the challenges encountered in modern banking operations. This collaboration marks a significant shift in LIB’s strategy, as it leverages Backbase’s expertise to facilitate quicker transitions to customer-centric platforms.

One of the main objectives of this collaboration is to increase digital adoption rates among LIB customers, enabling self-service options that are more aligned with the current market trends and customer demands. By enhancing the functionalities of its existing platforms, LIB aims to not only attract a larger customer base but also foster long-term relationships through improved service offerings.

A significant part of this endeavor involves reducing the bank’s reliance on branch-based operations, a move that is expected to not only streamline processes but also promote greater efficiency and cost-effectiveness. It necessitates the removal of legacy systems and manual paper-based processes which have long been recognized as impediments to swift and smooth service delivery.

Mr. Adel Kashad, acting GM of LIB, remarked, “In these times of rapid technological advancements, it is vital for financial institutions to adapt and innovate continually. This partnership signifies our commitment to providing our customers with more streamlined and efficient banking solutions. By collaborating with Backbase, we aim to enhance our digital service offerings, bringing a new level of convenience and functionality to our clients, thus reiterating our position as a bank that is truly in sync with the needs of contemporary consumers.”

Mr. Matthijs Ejipe, Regional Vice President of Backbase, commented on the collaboration, stating, “This partnership with LIB marks a significant step in the direction of creating more nuanced and l experiences in the banking sector. Our Engagement Banking Platform is designed to facilitate seamless customer journeys, and we believe this initiative will set a new standard in the industry, fostering growth and innovation in the region.”

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

Global Black Impact Summit (GBIS) 2024: Enabling Black-Owned Businesses to Go Global

Black-owned businesses have emerged as integral players in the global economy, able to foster economic empowerment and contribute to enhanced diversity and inclusion in the workplace. In the United States, the number of Black-owned businesses increased by nearly 14% pre-pandemic and accounted for a larger share of increases in revenues, employees and payrolls than other racial groups. Marked by rising Black entrepreneurship rates and growing demand for minority-owned businesses, there is a unique opportunity for Black-owned brands to play an even more prominent role in the global marketplace.

The upcoming Global Black Impact Summit (GBIS) – taking place next month in Dubai – will feature panel discussions, workshops and networking sessions on strategies for Black-owned businesses and brands to succeed across markets and customer segments.

Identifying Strategies for Success

Boasting some of the world’s most recognized and fastest-growing brands, the Black business community has positioned itself at the forefront of innovation. From entertainment and fashion to technology and manufacturing, these companies have bridged gaps in their respective industries through pioneering market research, innovative marketing techniques, dynamic partnerships and a strong digital presence, among other key strategies.

Businesses and brands like World Wide Technology, Jay Z’s Roc Nation, BET Networks, Shea Moisture, FUBU, Dangote Group and the African Energy Chamber have successfully thrived in international markets due to their high degree of cultural competence, awareness and adaptability. BET Networks, for instance – since its formation in 1980 by Robert L. Johnson, the first African American billionaire – has evolved into a prominent global television network and earned recognition due to the authenticity of its programming and resonance with its target audience.

As the global economy continues to evolve – shaped by growing demand for innovative and next-generation services – a comprehensive knowledge of customer segmentation and niche and mass markets are crucial to the success of Black-owned businesses across geographies. In this context, companies like Shea Moisture stand out. With a history spanning over three decades, the beauty and personal care brand has garnered global acclaim for its diverse product range that targets a customer segment (women of color) previously ignored by mainstream beauty brands.

Beyond generating revenues, Black-owned businesses play a pivotal role in empowering local communities and alleviating poverty. A notable example is the Dangote Group, established by Nigerian businessman Aliko Dangote and serving as one of the largest conglomerates in Africa, spanning industries like construction, consumer goods, logistics, textiles and agriculture. Currently employing over 18,000 individuals across various African markets, the Dangote Group not only stimulates job creation, but also contributes to broad and diversified economic growth in the countries in which it operates.

Black-owned firms also serve as key advocates for enhanced diversity and inclusivity within their respective business environments. An exemplary case is the African Energy Chamber – founded by NJ Ayuk, a Cameroonian attorney, author and businessman – which spearheads initiatives like African Energy Week, championing local and female participation in the energy sector and bringing diverse perspectives and innovative ideas to the forefront of Africa’s energy poverty crisis.

As Black-owned businesses continue to expand, they also contribute to a more competitive and innovative business ecosystem. The success of these companies provides a model for aspiring entrepreneurs and business owners, fostering entrepreneurship and cultivating diverse talent across industries. Moreover, the success of Black-owned businesses can help address economic disparities and systemic inequalities by providing new avenues for economic participation and wealth accumulation within Black communities.

Celebrating the success of Black-owned businesses on a global scale, GBIS 2024 will host high-level discussions sharing insights and strategies for companies to thrive in international markets, drawing on existing examples of success and innovation.

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

Burundian Farmers Celebrate Great Yields

Burundian farmers told visiting government officials and African Development representatives that they are delighted with the year’s great yields thanks to the hybrid, climate-resilient seeds and multi -strand support that has been provided by the Bank.

Several cooperative members expressed their satisfaction. Marie-Thérèse Nahabaganwa, chair of the Tsindinzara (Combating Hunger in Kirundi) cooperative that works 200 hectares in the Muhara and Kagera–Ruhohera valleys, reported that her cooperative received from six tonnes of hybrid maize seeds, agricultural inputs and technical support. She expects a yield of 800 tonnes of maize, or 4 tonnes per hectare. “We owe all these exceptional yields to the efforts of our local government combined with support from projects financed by the African Development Bank,” said Ms Nahabaganwa.

Other cooperative members also benefited. Willy Ndoricimpa, a member of the cooperative, was particularly appreciative of the awareness sessions that had been held on land release. “We didn’t initially think that we’d be able to make a profit by pooling our portions of land. But now we feel more than satisfied because, well, my share of the harvest will be 500 kilogrammes, unlike before when I barely harvested 50 kilos of maize.” Mr Ndoricimpa went on to say that he would use part of his harvest to feed his family and would sell another part to increase his heads of livestock.

“We have come to congratulate you on agreeing to pool your land,” said Emmanuel Niyungeko, Permanent Secretary of the Burundian Ministry of Environment, Agriculture and Livestock. The harvest you have just made is totally in line with the government’s vision of increasing agricultural production so that every mouth has food, and every pocket has money.” Mr Niyungeko paid tribute to the cooperative’s members, who had followed the advice of the agricultural advisers and pooled their land.

The ministerial secretary, project managers and the African Development Bank visited the provinces of Kayanza and Kirundo from 2-5 January 2024 to see the results of projects funded by the Bank and observed the maize harvest in projects that had provided seeds.

To strengthen Burundi’s food security and nutrition, the African Development Bank has set up the Burundian Agriculture and Livestock Value Chains Sustainable Development Support Project and the Emergency Agricultural Production Project in Burundi.

In August 2023, under the second of these projects, 571 tonnes of selected hybrid maize seeds were provided to 195,000 households belonging to cooperatives in 14 provinces of the country including Kayanza and Kirundo. In addition to the technical support that has greatly revolutionized the agricultural sector in this northern region, the project has also developed marshlands for farmers.

In July 2022, the Bank granted Burundi $5.4 million to fund the Emergency Agricultural Production Project launched as part of the African Emergency Food Production Facility (https://apo-opa.co/47OiWrC) set up by the Bank to avert a food crisis in Africa due to Russia’s war in Ukraine. With its provision of $1.5 billion, the Facility provided agricultural seeds — wheat, rice, maize, soybeans — to 20 million African farmers to produce an additional 38 million tonnes of food in two years.

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

Renewed Efforts Intensified to Boost Date Farming in Eritrea

The Eritrean Ministry of Agriculture has announced intensified efforts to expand date farming in Eritrea. Originating in the late 1990s with a few dedicated farmers in the Sheib sub-zone, date farming initially saw limited advancement.

However, a significant shift occurred in 2017 when the Ministry launched a major initiative to promote this agricultural sector in the Northern and Southern Red Sea regions. This initiative included providing specialized training to farmers and introducing high-quality date seedlings.

Mr. Musie Fekadu, Head of Bio-Technology at the National Agricultural Research Institute and coordinator of the date farming project, reported substantial progress. Approximately 23,000 date trees have been successfully planted and are currently thriving. Mr. Musie highlighted that each tree yields between 75 to 200 kilograms of dates.

Furthermore, Mr. Musie mentioned that at the 7th International Date Summit held in Dubai, United Arab Emirates, in 2022, Eritrea proudly became the 41st member of the Date Producing and Processing Countries, marking a significant milestone in its agricultural journey.

Looking ahead, Mr. Musie revealed ambitious plans to increase the number of date trees in the targeted regions to 300,000 by 2030. This expansion aims to bolster Eritrea’s position in the global date market and contribute significantly to the nation’s agricultural output.

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

Showmax Hopes For Huge Breakthrough With Mobile Sports

January 17, 2024

The MultiChoice streaming service subsidiary Showmax which hopes to put up strong competition to global brands like Netflix and Disney+, has differentiated itself from its competitors by adding a low-cost sports package to its product offering across the African continent.

The new Premier League subscription costs R69/month as a standalone offer that can be bundled with a R39 general entertainment subscription for R99/month – both offerings are geared towards mobile devices. Although a lean-back television experience is available through the general entertainment plan – R89/month – the Premier League games can only be viewed on mobile.

“The future of video entertainment is on mobile. Currently, about 70% of video entertainment on the African continent is viewed via a mobile device. There are 45 million mobile devices on the continent. Combine that with the most watched sporting property in the world, the Premier League, and we believe we have a winning product,” said MultiChoice South Africa and Showmax CEO Marc Jury at a post-launch media round-table event this week.

Sport has long been one of DStv’s main drawcards. MultiChoice hopes that its football package on Showmax will help the platform scale rapidly across its markets in sub-Saharan Africa. From a technical point of view, Showmax leveraged its partnership with NBCUniversal owner Comcast to scale the platform and add features that improve the user experience. The new platform is faster when browsing, searching and viewing content. One of the newest features specific to its football subscription, however, required the expertise of a US-based Israeli artificial intelligence firm to implement.

“With AI-generated highlights, subscribers can get quick updates without having to watch all the games. The AI watches the game and selects key moments to edit out. It then strings them together into a highlights package, which is loaded onto the platform. The tech is from WSC Sports,” said Showmax chief product officer Stephen Featham.

Another new Showmax feature unique to its football subscription is something Featham described as “a first for a streaming service on the African continent”. Football fans sometimes need keep up to date with multiple concurrent broadcasts of live matches without having to switch streams. On certain matchdays, four or six matches are broadcast live at the same time, usually at 3pm on a Saturday. Premier League content producers, Premier League Productions, have added a Goal Rush feature that switches the video feed to a different match whenever a goal is scored. The commentary team stays the same throughout the broadcast window.

“Viewers can choose to watch a single stream and switch to other matches manually if they want to – this is just for fans who want to watch every goal as it goes in,” said Featham.

The addition of Premier League football to the Showmax platform, Jury said, did not require any new deal between MultiChoice and the English football rights holder. “The right that MultiChoice has already allows it to broadcast the Premier League on any of its platforms,” he said.

Jury also explained that the Showmax team is deciding what kind of content will be used to keep users engaged during the league’s off-season. The choice to add a football package first, he said, was influenced by the belief that it would help the revamped Showmax scale the fastest. The addition of other sporting codes and how to package them is still under discussion.

“When you have discussions with other rightsholders, a lot of them start to ask, ‘What about us?’. Interestingly, as much as we put pressure on ourselves to offer fresh content on the platform, some of that will come through discussions with sports federations. That will help us better package our offerings across the board, whether linear or OTT (streaming). Rugby? Perhaps, but that’s very much a South African product. It might be difficult for us to scale it across Africa, which will be led by football,” Jury 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

OpenAI Allays Fears Over Possible Election Meddling

Artificial intelligence lab OpenAI has published a blog post seeking to address fears that its technology will meddle with elections, as more than a third of the globe, including South Africa, prepares to head to the polls this year.

The use of AI to interfere with election integrity has been a concern since the Microsoft-backed company released two products: ChatGPT, which can mimic human writing convincingly, and Dall-E, whose technology can be used to create “deepfakes”, or realistic-looking images that are fabricated.

Those worried include OpenAI’s own CEO Sam Altman, who testified to US lawmakers in May that he was “nervous” about generative AI’s ability to compromise election integrity through “one-on-one interactive disinformation”.

The San Francisco-based company said that in the US, which will hold presidential elections this year, it is working with the National Association of Secretaries of State, an organisation that focuses on promoting effective democratic processes such as elections. ChatGPT will direct users to CanIVote.org when asked certain election-related questions, it added.

The company also said it is working on making it more obvious when images are AI-generated using Dall-E, and is planning to put a “cr” icon on images to indicate it was AI-generated, following a protocol created by the Coalition for Content Provenance and Authenticity.

It is also working on ways to identify Dall-E-generated content even after images have been modified.

In its blog post, OpenAI emphasised that its policies prohibit its technology from being used in ways it has identified as potentially abusive, such as creating chatbots pretending to be real people, or discouraging voting. It also prohibits Dall-E from creating images of real people, including political candidates, it 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

TymeBank Turned its First Profit

January 16, 2024

TymeBank, the digital bank in which Patrice Motsepe’s African Rainbow Capital (ARC) is majority shareholder, said it reached its first month of profitability in December 2023. The milestone comes four years after its 2019 launch.

“We are extremely proud of our achievement, particularly when you consider that globally, less than half of the top 100 digital banks are profitable. In fact, a recent study stated that less than 5% of all neo-banks worldwide had reached profitability. And of those that are in the black, most have taken a lot longer to become profitable,” said Coen Jonker, CEO of TymeBank, in statement on Tuesday.

This milestone comes only two months after TymeBank announced the acquisition of its eight millionth client in October 2023, making it the fourth-largest bank by customer numbers in South Africa. “We believe that we are now perfectly aligned with our goal of becoming one of the top three retail banks in the country,” said Jonker.

TymeBank attributes its rapid growth trajectory and its fast turn towards profitability to a number of factors, including the bank’s digital channels being supported by in-store kiosks at major retailers including Pick n Pay, Boxer, Sportscene and other TFG outlets, a strategy it says helps acquire about 150 000 customers each month. TymeBank also has a lending portfolio growing at about 30% annually, driven mostly by its small business lending product called Merchant Cash Advance.

Although the low-cost digital offering TymeBank offers to the market is mainly aimed at low-income earners and the unbanked portion of the population, its appeal is growing among more sophisticated segments of the market, too, it said. “As the business evolves, we are seeing it gradually appeal to more affluent consumers who appreciate its unrelenting innovation, customer-centric transparency and accessibility,” said ARC’s Motsepe.

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

The Mango Road Opens Up and Creates Jobs in Mali

In Mali, mango production basins were cut off from the rest of the country during the rainy season; Financed by the World Bank through the International Development Association (IDA), the project has helped build bridges, culverts, and inverts, and opened the way for the transportation of mangoes to the market and job creation; Visits to health centers have quadrupled in the project area.

Located deep in the interior of the Bougouni region to the south of Bamako, the villages of Doussoudiana, Kémissala, and Bembougou are now accessible year-round, which allows residents to sell their crops. The region, known for its famous and delicious mangoes, recently received infrastructure and equipment to help improve the production and sale of its fruits.

At the entrance to the villages lies a small, fully collapsed bridge, a vestige of the 1980s. This bridge used to connect these villages to the rest of the country and was often completely submerged in water because it was not sufficiently elevated. As a result, many villages were cut off from the rest of the country during the rainy season. As Dibi Sidibé, the mayor of Bolo Fouta, put it: “We were isolated and cut off for a long time. But we never gave up and looked for ways to get our community out of this situation.”

Since early 2022, infrastructure construction under the Mali Support to Agro-Industrial Competitiveness Project (PACAM), which is being financed by the World Bank through the International Development Association (IDA), has improved accessibility to this area. The project has rehabilitated 300 kilometers of rural roads and infrastructure to facilitate access to production basins in the districts (cercles) of Sikasso, Bougouni, and Yanfolila. The project works, which were fully transferred to the General Directorate of Roads on June 26, 2023, have opened up access to more than 72 villages in 15 communes with a total population of 431,369, and 137 connectivity structures such as inverts, multiple culverts, portal bridges, and frame bridges.

These new developments have resulted in an economic rebound. The bridges, culverts, and inverts have facilitated travel and trade between local communities, increasing mango production by more than 35,0000 tons per year and creating 362 jobs. The project has also supported mango processing units, many of which are owned by women, by training and providing these women with equipment.

Now, villagers are once again feeling upbeat. Souleymane Sangaré, the village chief of Bolo Fouta, told a jubilant community on the day the infrastructure facilities were inaugurated that “building a road for someone is like breathing new life into that person.” Decked out in a tricolor sash, the mayor of Bolo Fouta added: “This improved access marks an important milestone for our community.”

A number of indicators in critical sectors such as health are now positive. Dr. Boubacar Toungara, who has been in charge of the health center in Bolo Fouta for the past five years, has witnessed firsthand how “this road has had a positive impact on referrals of patients to hospitals.” The number of newborn deaths in the village has declined sharply, falling from five deaths in previous years to one, thanks to regular screening of pregnant women. For Dr. Toungara, this “good news” is part of an overall trend observed in the villages covered by the project. According to him, “the number of patient visits to the health center has quadrupled from 100 to 400 per month because neighboring villages now have easy access to the health center.”

The high hopes raised by the project, as well as the impact of its achievements which have been acknowledged by the beneficiary communities, have won over the technical adviser to the Minister of Rural Development, Mr. Mouhamed Diarra: “The project has helped boost Malian mango exports. Based on its performance, the government is asking the World Bank to consider extending it.”

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

South Africa’s TymeBank Sets a New Standard as Africa’s First Profitable Digital Bank

In a groundbreaking achievement, TymeBank, the world’s rapidly growing digital bank, declared its first month of profitability in December 2023, less than five years since its inception in February 2019. This milestone not only establishes TymeBank as the first digital bank to break even in South Africa but also marks a significant feat for the entire African continent.

Coenraad Jonker, the CEO of TymeBank, expressed pride in the achievement, highlighting the rarity of profitability in the digital banking sector. “Globally, less than half of the top 100 digital banks are profitable, and less than 5% of all neobanks worldwide have reached profitability,” he stated. Most notably, TymeBank achieved this milestone in a remarkably shorter timeframe than its counterparts, such as Latin America’s Nubank and London-based Monzo.

TymeBank, owned by billionaire Patrice Motsepe, has rapidly gained prominence since its launch, attracting more than 8.5 million customers. The bank’s unique model, which combines digital channels with in-store kiosks at major retailers, has been a key factor in consistently acquiring approximately 150,000 customers each month.

Jonker attributed the success to strategic relationships with major retailers such as Pick n Pay, Boxer, The Foschini Group (TFG), and the Zion Christian Church (ZCC). Additionally, TymeBank’s lending portfolio experienced rapid ~30% year-on-year growth, with the Merchant Cash Advance program now supporting over 50,000 SMEs across the country.

The bank’s success is further attributed to the confidence of its shareholders, as evidenced by the Tyme Group’s successful capital raise last year despite economic challenges. TymeBank has continuously innovated, introducing several firsts in the South African banking landscape, including the most affordable banking offering, a swift account opening process, an 11% fixed deposit savings rate, interest-free Grant Advance for social grant recipients, healthcare insurance (TymeHealth), and the buy-now-pay-later product, MoreTyme.

Looking ahead, Jonker expressed excitement about the future, stating, “We believe that we are now perfectly aligned with our goal of becoming one of the top three retail banks in the country.” The bank’s chairperson, Thabani Jali, extended congratulations to the TymeBank team and emphasized the commitment to building a sustainable future.

TymeBank distinguishes itself by offering no monthly banking fees, and in most cases, transaction costs are 30 to 50% lower than those at other banks. Dr. Patrice Motsepe, Founder and Chairman of major shareholder African Rainbow Capital (ARC), acknowledged TymeBank’s achievement after more than four years of dedication and strategic investments, noting its continued disruption and transformation of the banking sector.

The landmark achievement positions TymeBank as a beacon of success and innovation in the digital banking landscape, with a bright future ahead as it aims to appeal to an even broader audience.

TymeBank profitable TymeBank profitable

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.