News - Afrikan Heroes

Global Mentorbridge Holds Key Cross-Generational Summit in Lagos Nigeria

August 4, 2023

An international nongovernmental organization that focuses on business and leadership mentoring aimed to connect different generations of leaders to create platforms for effective mentorships will hold their annual summit in Lagos this weekend. The 2023 International Business Summit which promises to raise the bar in cross-generational mentorship matching aims to create a conducive platform for three generations of business leaders to meet, greet, interact and share ideas. The Summit which comes up on the 4^th and 5^th of August 2023 has the major objective of bridging the knowledge gap between the older generation of business people and the younger ones to foster better understanding between the place of earned experience in business and modern innovations.

Global Menthorbridge, has in the last few years been involved in connecting generations by sharing ideas on business succession plans, experiential knowledge, the role of the internet in business disruptions, and skills upgrade for older generations of business people. The event which is the third in a series of international business events by the organization was inspired as a response to the growing need to bridge the knowledge gap between older generations of business leaders and young entrepreneurs to enable smooth cross-pollination of ideas, knowledge exchange and networking in ways that fosters the building of sustainable businesses.

With the high level of disruptions the internet of things (IoT) has brought to business, older generation of business leaders need to have a grasp of the fast changing business environment, while the younger generation can do with time tested knowledge, experiences, and know-how that has worked and continue to work for the older generation, that is basically what Global Mentorbridge is out to achieve, so says the convener, Ms. Jane Oma, a Spain based change management expert.

The event has a lineup of participating business leaders across generations to be headlined with Prof. Olusegun Sogbesan, Maria Carolina, John Obidi and Dr. Jekwu Ozoemene among others speakers. The panelists are drawn from both big and small business owners in Nigeria.

According to Jane Oma, building bridges to link all generations of business leaders became necessary for sustainability and transfer of knowledge. She pointed that from a study covering nine years carried out by her team, “for the first time ever, there are now 3 generations of business leaders and corporate executives in the business environment. The ones in their 60s and 70s, the ones in their 40s and 50s and the one in their 20s and 30s, then there are the new entrants in their late teens”, she added.

“With multiple generations now building and leading businesses, it is imperative that we ensure the right knowledge, skills, lessons and insights are seamlessly shared and transferred so as to keep our business ecosystem sustainable.”

This becomes even more imperative against the backdrop of the fact that only 1 percent of businesses in Nigeria survive up to the third generation, while about 5 percent survive to the second generation.

Aside the harsh economic environments, lack of access to capital, poor business practices and transition of micro-businesses, knowledge gap is a major impediment to business growth in Africa, and Nigeria in particular. And this is why Global Mentorbridge provides the platform for crosspollination of ideas and knowledge sharing.

This event, according to the organisers looks to have an assembly of brilliant minds and inspiring leaders across different divides who would gather to harness the power of trans-generational experience and networking for success in business and life on the whole.

“Our goal is to build a global platform that will help experienced business leaders and startup founders – no matter the age, foster meaningful connections, network, knowledge and skill exchange, as well as to encourage the use of mentoring as an effective tool to build bridges,” she said.

On the expectations from this year’s event, Ms. Oma said that the event is basically designed to promote sustainability and knowledge transfer across generations, sectors, and geographies through mentoring, reverse-mentoring, and purpose-driven networking, adding that “It would be deemed successful if we are able to get a minimum of 300 business leaders, management executives and Startup founders to register for and attend the event and then connect, share with and learn from each other and subsequently build mentoring and reverse mentoring relationships amongst themselves.”

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

Goodwell Investments Expands East African Presence with Strategic Investment in SOUK Farms

Goodwell Investments, an impact investing firm dedicated to promoting inclusive growth in emerging markets, is thrilled to announce its investment in SOUK Farms, a leading grower and exporter of fresh horticultural produce in Rwanda. The funding for this investment was provided through uMunthu II, a EUR 150 million fund by Goodwell Investments aimed at financing innovative, impact-driven small and medium-sized businesses in Africa. This strategic investment empowers the company to expand its sustainable agricultural business in Rwanda, creating resilient systems and value chains that benefit local farmers and the surrounding community.

Established in 2019, SOUK Farms has already made significant strides in Rwanda’s agricultural sector. The company has developed its own farming operations and collaborates with a vast network of outgrowers to cultivate and export high-quality exotic horticultural produce. Additionally, SOUK Farms serves the local Rwanda market with a unique blend of innovation and a steadfast commitment to enhancing the resilience of local farms against climate change and disruptive rainfall patterns.

Partnering with Goodwell empowers SOUK Farms to pursue its ambitions on a larger scale. Seun Rasheed, Founder and CEO at SOUK Farms, expressed enthusiasm for the partnership, stating, “The opportunities to create sustainable agricultural practices and improve existing ones in Rwanda are great. Our partnership with Goodwell will drive a huge impact not only for the growth of SOUK Farms but also for the farmers and communities we work with. We will continue to offer solutions that improve incomes, create employment, and implement education and outreach programs for youth and women.”

SOUK Farms has been a key player in Rwanda’s socioeconomic transformation and has made a significant positive impact on the local agricultural supply chain. Working closely with over 1,200 farmers across Rwanda, they have substantially improved livelihoods, enabling farmers to earn over 300% more than they did prior to partnering with SOUK Farms. Remarkably, 71% of the company’s workforce consists of women, aligning with the Rwandan government’s national Agriculture policy, which promotes gender equality at all levels of the agricultural value chain.

The impact efforts and robust business model of the company align perfectly with Goodwell’s agricultural investment strategy, which seeks to improve value chains, reduce post-harvest losses, and enhance livelihoods for smallholder farmers.

Judith Ngonyo, Investment Manager at Goodwell Investments, praised the leadership of Seun Rasheed and stated, “With this investment, we are also pleased to mark our entry into the Rwandan market, further expanding Goodwell’s presence in East Africa.”

This investment comes at a crucial time, enabling SOUK Farms to build upon its success, scale operations, and increase the productivity of Rwandan farmers. It also underscores Goodwell’s unwavering commitment to supporting companies that improve livelihoods and provide affordable, accessible, and high-quality goods and services to underserved populations.

REdimension Unveils a New $10.8M Fund for Proptech Startups in South 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 continent’s pioneers in this regard

African Fintech and Web3 Leaders to Convene at the Africa Money and DeFi Summit in Ghana

August 3, 2023

The Africa Money and DeFi Summit, supported by Amazon Web Services, Pivo and Fonbnk, aims to connect African fintech and Web3 industries with international players and will take place in Accra, Ghana on October 3rd and 4th, 2023.

With a focus on driving tech investments and fostering collaborations, industry experts, investors, regulators including Bank of Ghana, and innovators will discuss the latest trends, challenges, and opportunities in the African fintech and Web3 landscapes.

Following a sold-out edition in 2022, the Africa Money and DeFi Summit 2023 will explore a diverse range of topics including fintech, Web3, regenerative finance (ReFi), cryptocurrency, insurtech, cybersecurity and much more. The summit will feature keynote speeches, engaging panel discussions and masterclass sessions while providing unrivalled networking opportunities and expert insights into the future of fintech and Web3 in Africa.

The adoption of Blockchain by African nations is reported to be the fastest in the world, according to a recent report by PwC & Emurgo Africa 2023 on the “State of Web3 in Africa”. Blockchain funding across Africa increased by 1,668 per cent in 2022, with Kenya, Nigeria, and South Africa leading the continent’s Web3 adoption. Between 2021 and 2022 $5.165mn was raised in 2021, compared to $91mn in 2022.

The 2022 edition brought together over 200 companies from more than 20 countries globally and covered 44 sectors. The summit facilitated the development of meaningful collaborations and partnerships among businesses. Revio, a South African start-up, was one of the ten ventures chosen to present its solution and has since sparked interest from investors.

“Pitching at the Africa Money & DeFi summit was a real highlight. The exposure led to over 12 client leads, investor interest, and several strategic partnership conversations. The audience was well-curated and allowed us to test our value proposition in a new market and build a valuable network”, said Nicole Dunn, Chief Operating Officer, Revio.

Investor ready ventures creating solutions in fintech, DeFi, and Web3 technologies can now apply for the Investment Showcase taking place at Africa Money and DeFi Summit, with an audience of African focused tech investors, companies will have the opportunity to showcase their venture, network with other entrepreneurs, and learn from industry experts.

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

Sierra Leone President Swears in New Ministers, Deputies

The third set of ministers and their deputies has subscribed to the oath of office at a swearing-in ceremony before His Excellency President Dr Julius Maada Bio and dedicated all appointments to the young people of Sierra Leone in fulfillment of the provisions of the 1991 Constitution.

Chief Minister, Dr David Moinina Sengeh, spoke on behalf of his colleagues and thanked God for His grace for their appointment, pointing out that many in the public were qualified to be in their respective positions, but acknowledged that “we are all well aware that it is only by the grace of God and the generosity of His Excellency President Dr Julius Maada Bio that we are in these roles at this moment.

“I have spoken to all of my colleagues, and we are ready, determined, and committed to this call to serve. We are because we believe in your vision and leadership. After all, we know that no matter how educated or wealthy we are, nothing compares to public service and delivery for our people.

“We are committed to the ideals on which our great party, the Sierra Leone People’s Party (SLPP), was formed. ideals of human capital development and education, unity, inclusion, and economic prosperity, and ideals of nationalism and patriotism.”

“It is these ideals, which are embedded in the People’s Manifesto and the New Direction Vision, that are evident in our proud and glorious faces today. My colleagues have already started working, Your Excellency. They are collaborating with each other and are eager to demonstrate that it is possible to transform our nation. This work has been ongoing. In fact, over the last five years, we have reformed policies, laws, regulations, treaties, and more than had been touched since independence,” he revealed.

President Julius Maada Bio, while presiding over the swearing-in ceremony, congratulated the appointees, stating that “It is a difficult and national task that must be accomplished with no excuses. We represent the people, and we have to make sure we deliver for them. Congratulations on a very difficult job.

“It is extremely difficult to take on the task that we have ahead of us. Our State may be independent but not properly formed because the structures have a lot of capacity gaps. We expect you to fill those gaps. You must fill them in whichever way you can, and that is where your work becomes extremely difficult. In the last five years, we have done extremely well by laying a solid foundation for which we have been recognised both locally and internationally. Our human capital development programme started well, and we must take it further.

“I am going to challenge all of you, no excuses. You must perform and take your ministry to the next level. We are far behind, but we have our way with us, and that is what I want to inspire you all to do. We can do it. We can feed Sierra Leone. By 2028, we should not be importing rice into this country. Whichever way we can, let’s take the route to get there,” the President urged.

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

“No President Can Foist a Candidate on the Party” – President Akufo-Addo

The President of Ghana, Nana Addo Dankwa Akufo-Addo has said that no president can foist a candidate on the party, according to him, “The history of the NPP tells us that no President can foist a candidate on the Party against its wishes. The NPP is not that kind of Party. We have never subscribed to a cult of personality. Indeed, our highly-respected former President, the 1st NPP President, His Excellency John Agyekum Kufuor, in the aftermath of my election as NPP Presidential Candidate, by the 2007 National Congress, told the Congress that ‘the Party has its spirit’, a spirit that cannot be ignored.”

These were the words of the President of the Republic, Nana Addo Dankwa Akufo-Addo, when he met with communicators of the New Patriotic Party, who called on him at Jubilee House, the seat of the nation’s presidency, on Wednesday, 2nd August 2023.

In a response to an appeal by the NPP Director of Communications, Mr. Richard Ahiagbah, in relation to the Party’s conduct in next year’s election, President Akufo-Addo stated that the Party cannot afford to allow what happened to it in 2008 to reoccur in 2024.

“We are all witnesses to the derailing of the achievements chalked by President John Agyekum Kufuor by the successor NDC Government, from 2009 to 2017, in which John Dramani Mahama featured so prominently,” the President noted.

According to him “under 8-years of the successor NDC Government, we became famous for all the wrong reasons. Four successive years of dumsor, the mismanagement of the economy, wrong and dangerous energy contracts, and wanton corruption dissipated any hope the Ghanaian had for sustained economic development. Never again should we allow this to happen.”

With the start of the final leg of internal contests of the NPP, President Akufo-Addo noted that some actions by a few members of the party are making the front pages for the wrong reasons.

“We are expanding some of our energies hurling invectives at each other, instead of at our opponents, and, in the process, taking digs at our own Government. It has been an anxious time for all who love our party, and who see us as the party that can bring progress and prosperity to our nation,” he said.

President Akufo-Addo continued, “It is for this reason that, as President of the Republic and de-facto leader of the Party, I want to ensure that certain actions of yesteryear, which contributed to our loss in 2008, are not repeated. We cannot afford an internal campaign based on ethnic or religious considerations.”

Describing the NPP as “the Party of Ghana’s unity”, the President rejected forcefully the assertions “being made by a few in our party who, because of internal party politicking, are accusing my government of allegedly “intimidating” and “coercing” party faithful to throw their support behind one of the presidential aspirants, that is the Vice President. It is a false and malicious narrative.”

He told the Communicators of the Party that he beat my chest and say, without any fear of contradiction, that there is no one in the Party who can say that he, President Akufo-Addo, has asked him or her to support this or that aspirant.

“I have not set out to dismiss any MMDCE or political appointee from office for supporting any particular aspirant; no Minister or Deputy Minister has lost their job or been threatened for openly campaigning for their preferred presidential aspirant; neither has any caveat emanated from Jubilee House to the Party across the length and breadth of the country demanding that Candidate A be supported over Candidate B. I, better than anyone in the Party, know that this is not the way to go,” he stated.

Whoever becomes Presidential Candidate, according to the President, “will be chosen freely and transparently by an Electoral College of some two hundred and fifty thousand (250,000) people, and not by President Akufo-Addo. I have just one vote, the same as any polling station executive anywhere in the country.”

He indicated, however, that he would “cast that vote for an aspirant who, I believe, can best unite the Party, and, above all, who can win the presidential election of 7th December 2024, and inflict a third successive defeat on the perennial NDC Presidential Candidate, John Dramani Mahama.”

President Akufo-Addo reassured the gathering that victory for the NPP in election 2024, and handing over to an NPP Presidential Candidate so elected as President by the Ghanaian people, are what he is working for, and he expects all members of the NPP to share the same goals.

“I assume that we all want our party to win the 2024 elections decisively, our parliamentary candidates to win, again, the majority of seats in Parliament, and our flagbearer to become the President of the Republic. I expect and accept arguments on how we prosecute this agenda. But I do not expect and do not accept that party members would do anything to jeopardise the goal we have set ourselves of winning the 2024 elections, and I will work with all who seek this objective,” he added.

Touching on the economy, President Akufo-Addo stressed that, but for the effects of the COVID-19 pandemic, coupled with the effects of the Russian invasion of Ukraine, Ghana would have witnessed an economic boom, following three (3) successive years when the country was one of the fastest growing economies in the world, recording an annual GDP growth rate of seven percent (7%), up from three-point four percent (3.4%), the lowest in a generation, the NPP inherited from the Mahama-led NDC Government at a time when there was no global turbulence.

“By the Grace of Almighty God, together with appropriate policy and hard work, we are seeing a turnaround in our fortunes, and this turnaround will be sustained. We are not about to throw this away, and no machinations are going to weaken us. We will work hard the next sixteen (16) months to finish strongly our current mandate, and to merit again the trust and confidence of the Ghanaian people, Break the Eight, and make history together,” he added.

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

AfDB Xrays Impact of Export Trade Group in Southern Africa

The African Development Bank Group Vice President Solomon Quaynor has concluded a tour of Export Trade Group (ETG)’s southern Africa operations, signalling the potential for stronger partnership with the agribusiness giant to boost livelihoods on the continent.

Mr Quaynor, responsible for Private Sector, Infrastructure and Industrialisation, and four others from the Bank, visited ETG’s operations in Mozambique, Malawi, Zambia and Zimbabwe last week, where they saw first-hand the impact of the firm’s diverse agribusiness value chains and trade, supported by massive human capital and assets, including large warehouses and industrial machinery.

The Bank’s team included Richard Ofori-Mante, Acting Director of Agricultural Finance and Rural Development; Damian Ihedioha, Division Manager for Agribusiness; Bleming Nekati, Chief Trade Finance Officer; and Patrick Mabuza, Principal Research Economist. They were joined by ETG’s Joint CEO, Birju Patel and the Group Chief Treasury Officer, Paul Van Spaendonk.

Quaynor described the trip as “a development banker’s dream”. “This has been a deeply insightful trip to Export Trading Group’s integrated agro-industrialization operations in Mozambique, Malawi, Zambia and Zimbabwe. With a presence in over 30 countries, this glimpse into ETG’s operations was a development banker’s dream,” he said.

During the four-day trip, the Bank team visited ETG’s fertilizer terminal, an inland container depot, fertilizer processing and blending plants, soya vegetable oil refineries, giant warehouses, some of which were filled with tonnes of grains, collection depots, plastic and candle factories, cashew processing plant and a textile factory.

Quaynor’s team also interacted with farmer groups, including several women, agribusiness cooperatives and employees of ETG. The meetings provided useful insight into the scale and diversity of the company’s activities in Southern Africa. Quaynor also used the opportunity to affirm the African Development Bank’s commitment to help boost food production in Africa and foster inclusive development by investing in proven agri-businesses such as ETG.

He noted that the company’s operations in Africa go beyond economic growth. “They strive to industrialise Africa, develop smallholder farmers, empower women, create jobs, engage with communities, achieve sustainability and develop value chains,” Quaynor said.

The Vice President said he was impressed with the Group’s versatility in managing its diverse portfolio successfully amid persistent local and global headwinds. He noted that they are an innovative agro-industrialist, agro-infrastructure and financially hedged global company with core operations in Africa.

“We believe that ETG is a viable company that is committed to building a brighter future for Africans with gender equality, livelihood opportunities, self-sufficiency, community well-being, environmental stewardship, and collaboration from the pillars of inclusive and sustainable development in Africa. We are proud to be strategic partners with ETG on this remarkable growth story,” Quaynor said.

ETG, a global conglomerate with operations across multiple sectors, is present in 48 countries across five regions, including 30 African countries, where it runs more than 90 industrial plants and around 350 gigantic warehouses. It has a diverse portfolio spanning agriculture, logistics, infrastructure, agro-food processing, energy, minerals and supply chain optimisation.

The company has generated massive employment, including for youth and women. South Africa and Zambia are key countries for both origination and destination, with West Africa forming a key source of cocoa, sesame, and cashew and East Africa a key origin for pulses, sesame, coffee and edible nuts.

ETG CEO Patel underscored the impact of the partnership with the African Development Bank over the last eight years and stressed the Group’s commitment to continue working together to improve livelihoods across Africa, “It is always exciting to cultivate partnerships with like-minded organisations that share our unwavering passion for the continent and its people”.

“Our steadfast dedication to enhancing livelihoods through facilitation of trade and market linkages, infrastructure development, agricultural support encompassing yield-enhancing inputs, agronomy services, and sustainable farming practices training, as well as strategic social investments, remains resolute and unyielding. We look forward to strengthening our relationship with the African Development Bank and creating a positive impact for all our stakeholders.”

The Bank and ETG recently signed a $150 million trade and agri-finance package. It comprises a $60 million facility to enhance the company’s export functions, a $60 million agriculture value-chain programme to boost production by offering top-notch farming tools and expert guidance to farmers in 10 targeted African nations, and a $30 million co-financing from the Africa Growing Together Fund. Disbursement will be concluded before the end of August 2023.

In 2016, the Bank provided a $100 million corporate loan with a seven-year tenor to finance ETG’s capital expenditure investment programme covering fertiliser facilities, processing plants, and multi-commodity warehouses across Africa. This was followed by an additional $100 million Soft Commodity Finance Facility to support the firm’s short-term import and export working capital.

These facilities supported ETG’s operations in Benin, Burkina Faso, Ghana, Kenya, Malawi, Tanzania, Zambia, and Zimbabwe, creating over 6,710 jobs (including 1,290 for women) and significantly contributing to tax revenues across the continent.

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 is Still King in South Africa

August 2, 2023

Inspite of having a sophisticated banking sector as well as innovative fintech solutions on offer to the public, but cash is still king in the country, and this has defied efforts by the authorities to push for cashless economy. With the banking sector that is the most mature on the African continent and offers a wide variety of products and services and a growing fintech sector offers the unbanked, low-income earners and those seeking alternatives to the pricier banks an increasingly sophisticated set of mobile money solutions at lower cost.

Given such a fertile ecosystem, South Africa has the ingredients to create the first fully digitised financial system on the continent. So, why do South Africans still cling to cash?

We’re very passionate about moving people away from cash considering how inefficient and unsafe it can be

“Cash is flexible, but we’re very passionate about moving people away from it considering how inefficient and unsafe it can be,” said iKhokha chief product officer Graeme Cumming.

Executives in financial services and fintech polled by TechCentral said cash is understood and accepted by everyone from top CEOs to beggars in the street. If you can hold out your hand, you can accept cash. However, the exchange of digital currency presupposes the ownership of a device as a starting point. In the informal economy, where more than six million of South Africa’s unbanked require solutions, device penetration is nowhere near 100%, they say.

Another factor that limits the fluid exchange of digital currency is the cost of transactions. Although charges have come down significantly in recent years, customer experience of high charges in the past has created a degree of mistrust in the financial system among some people.

“Many of our customers have previously been excluded from the financial services industry by design. Our challenge is in demonstrating to customers that we are on their side, and that we can be trusted,” Greg Illgner, chief strategy officer at TymeBank, told TechCentral.

Cash vs digital

Katlego Maphai, CEO of fintech Yoco, which makes smart payment terminals and solutions, urged merchants to weigh the upside of avoiding transaction fees against the potential loss in sales revenue of not having alternative payment methods.

“A switch from cash to any other payment method will incur fees, and many businesses will regard this as a major barrier to switching. But Yoco encourages business owners to accept as many payment methods as possible so that they never risk losing a sale,” he said.

Compounding South Africans’ reluctance to ditch cash for digital alternatives is the fragmentation of fintech networks in the country. Siloed solutions make it impossible for users, whether they are individuals or businesses, to handle all their money-related use cases with the same ease as cash.

Cumming said the profile of “closed-loop systems” that “exacerbate fragmentation” is going to change as the industry matures. He added that while there is “less fragmentation in the banks, there has to be interoperability between digital wallets”.

Solving these problems, and others, will not necessarily lead to the end of cash. Some people cling to cash because they do not want to declare their income to the South African Revenue Service or are afraid of failing to meet the criteria for receiving a social grant from Sassa.

cashBradwin Roper, chief financial services officer at MTN South Africa, said that if fintechs are to drive up adoption rates, they must offer more features and increased value to their customers.

“Many players offer only basic cash-in and cash-out services, which is limiting for customers. There needs to be a level of sophistication, and consumer trends indicate that the search for alternative services will only accelerate,” Roper said.

Challenges to financial digitisation are not unique to South Africa. Research by the GSMA, which represents most of the world’s mobile operators, shows that although sub-Saharan African mobile money subscriptions are on the rise – up by 17% to 163 million in 2022 — active 30-day usage remains relatively low at 29%.

Growth in Southern Africa is lower at 16%, with a 24% adoption rate, partly due to sophisticated alternatives offered by the banking sector in South 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

Solarafrica and Starsight Energy Complete Merger, Creating Leading Pan-African Clean Energy Platform

Solarafrica Energy and Starsight Energy, two prominent players in Africa’s renewable energy sector, have announced the successful completion of their business merger. This groundbreaking move has given birth to a unified pan-African clean energy platform, poised to revolutionize the renewable energy landscape on the continent. Backed by Helios Investment Partners and African Infrastructure Investment Managers, the merged group is set to offer a comprehensive mix of on- and off-site renewable energy solutions to commercial and industrial customers across Africa.

A Powerful Unified Platform

The merger has brought together Solarafrica Energy and Starsight Energy’s resources and capabilities, creating an expanded solutions portfolio that addresses the fragmented renewable energy supply in Sub-Saharan Africa. This unified platform now offers customers a wide range of fully serviced clean energy solutions, including solar energy, battery storage, wheeling, and energy management. With operations and maintenance taken care of on behalf of the customers, businesses can access cost-effective and sustainable energy solutions tailored to their specific needs.

David McDonald cofounder and CEO Solarafrica — David McDonald, cofounder and CEO of Solarafrica

Unleashing Green Energy Potential

Paul van Zijl, the Group CEO, emphasized that the merger would unlock more efficiencies across the group, enabling them to lead the charge towards a sustainable future by making power accessible and affordable. The merged group’s installed and contracted portfolio of 520 MW in solar power generation, 60 MWh of battery storage, and a pipeline exceeding 2 GW is a testament to their commitment to carbon reduction. To date, this impressive portfolio has resulted in offsetting over 360,000 tonnes of CO2, making a significant impact on environmental sustainability.

Key Markets and Imminent Expansion

With a strategic focus on key markets in Ghana, Kenya, Namibia, Nigeria, and South Africa, the merged group aims to cater to the energy needs of businesses and industries in these core African economies. However, their vision extends beyond these markets, as they actively plan imminent expansion into Tanzania and Uganda. The move into these new territories aligns with their goal of developing distributed renewable energy frameworks in each region, alleviating pressure on national grids and fostering sustainable growth.

The Significance

The merger between Solarafrica and Starsight Energy offers valuable insights for entering into similar partnerships. The expanded solutions portfolio showcases how merging companies can combine their strengths to create a more comprehensive suite of offerings, providing added value to customers. Furthermore, retaining strong in-country representation and local management teams underscores the importance of understanding and addressing market-specific challenges.

A Leadership Team Built for Success

The merged group’s leadership structure demonstrates the strategic use of expertise and experience from both companies. Paul van Zijl, formerly the Group CFO of Starsight Energy, assumes the role of Group CEO, while Charl Alheit, who served as the Chief Investment Officer for SolarAfrica, becomes the Group CIO. Max Rieg, the former Commercial Director of Starsight Energy, takes on the position of Group Commercial Director. This optimized leadership will play a crucial role in driving the merged entity forward.

The Road Ahead

As the pan-African clean energy platform embarks on its transformative journey, the backing of Helios Investment Partners and African Infrastructure Investment Managers adds a crucial dimension. Beyond capital infusion, these experienced investment partners bring industry insights, networks, and guidance, which will be instrumental in navigating the dynamic energy landscape in Africa.

The merger of Solarafrica Energy and Starsight Energy marks a remarkable milestone in the African renewable energy sector. The creation of a leading pan-African clean energy platform with an expanded solutions portfolio, in-country focus, and strategic leadership highlights the power of collaboration and vision in driving sustainable growth. As the merged group continues its expansion and penetration into new markets, Africa’s renewable energy landscape is set to witness a brighter and cleaner future.

Marula Square Backs Zuri Health’s Vision with Strategic Investment

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

MultiChoice Launches DStv Extra Stream

August 1, 2023

Africa’s leading cable entertainment group, MultiChoice has taken the wraps off DStv Extra Stream, a new feature that gives subscribers an additional streaming option to a mobile device – for a fee. The move comes after the pay-television broadcaster last year cracked down on rampant password sharing, controversially limiting the number of concurrent streams to just one device at a time. Extra Stream gives subscribers – whether to DStv satellite or streaming content bouquets – access to one additional stream with their subscription.

But consumers will have to dig a little deeper to pay for it – and the fees for streaming and satellite customers are different.

The Extra Stream is mobile only, meaning it can only be used on a mobile device…

“In the same way you can add content to your subscription (like Add movies or Add Indian), you can now add an Extra Stream, too. The Extra Stream is mobile only, meaning it can only be used on a mobile device (mobile phone, laptop, or monitor connected to a PC or a tablet),” the company explained in an FAQ published on its website on Tuesday.

It did not say what the image quality of the additional stream will be, but presumably it will be the maximum available — currently 1080p.

“The addition of an Extra Stream to your subscription allows you to increase the number of devices on which your subscription can be viewed at the same time – and allows streaming on two devices at the same time. In other words, concurrent viewing increases by one when you add an Extra Stream),” it said.

Extra Stream

“By adding an Extra Stream to your subscription, you can stream on two devices at the same time. You can stream on two mobile devices at the same time, or stream on one TV and one mobile device. You can, however, not stream to two TVs at the same time.”

Satellite customers (those with a decoder) can currently watch on two devices at a time (one via the decoder, and a second via streaming). By adding an Extra Stream to their subscription, viewers can stream on two devices at the same time.

“The content on your Extra Stream is linked to your subscription and use of it, also linked to your subscription. If your subscription is disconnected for any reason, your Extra Stream is also disconnected,” the company said.

Customers may only add a maximum of one Extra Stream per active DStv subscription. It is now available on the entry-level DStv EasyView subscription bouquet. It is also not available to business customers.

As for pricing, DStv has not made the figures available on its website. However, according to TechCentral’s calculations, DStv Premium streaming subscribers will pay R100 more per month for Extra Stream, while satellite subscribers will have to cough up R199/month more.

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

Startupbootcamp AfriTech Invites Applications for ASIP Accelerator Programme

July 31, 2023

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

Startupbootcamp AfriTech is calling for applications for its fourth ASIP Accelerator Programme, aimed at nurturing African startups. This renowned accelerator offers early-stage African entrepreneurs a unique chance to receive mentorship, industry insights, and global networking opportunities with investors and corporate partners.

Across Africa, there’s a remarkable surge in technological innovation, with ambitious tech startups emerging from bustling cities to remote rural communities. These startups are utilizing technology to address complex challenges and drive economic growth in various sectors.

Since its inception in 2017, Startupbootcamp AfriTech has played a vital role in supporting African entrepreneurs and fostering innovation in different industries. To date, it has backed 60 startups with a proven track record of success.

Programme director Henry Ojuor expressed enthusiasm for the upcoming cohort, stating, “We’re searching for the next generation of innovative entrepreneurs for ASIP Accelerator Cohort 4. The previous cohort has already demonstrated their innovations to the world, securing £4.5 million worth of fundraising discussions and numerous corporate pilots.”

The ASIP programme enjoys strong support from partners such as DER/FJ, FMO, MASSIF, AWS, Google for Start-ups, and Firstbase. They believe in the startups’ ability to transform industries and contribute to economic growth.

FMO Partnerships for Impact senior associate Esther Njoroge expressed excitement about the partnership and their continued involvement with the ASIP Accelerator.

The ASIP programme is open to startups in various sectors, including fintech, InsureTech, agritech, climatetech, e-commerce, digital health, greentech, and mobility, among others. The selection process prioritizes startups with a minimum viable product, market traction, and a strong founding team.

Selected participants will undergo an intensive three-month coaching period, leading up to a Demo Day where they can present their disruptive solutions to investors and industry stakeholders. The benefits include expert mentorship, industry connections, funding opportunities, extensive resources, and integration into the vibrant Startupbootcamp AfriTech alumni community.

FastTrack scouting events will be held in numerous countries, providing startups with ample opportunities to apply. Applications will be accepted until 8 September 2023 at 23:59 GMT.

For more information and to apply for the Startupbootcamp AfriTech Accelerator Programme, visit sbcafritech.com.

Why identity infrastructure is key to unlocking financial inclusion and prosperity in 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 continent’s pioneers in this regard