Uncategorized - Afrikan Heroes

Algeria named host of fourth Intra-African Trade Fair

November 19, 2023

Chief Olusegun Obasanjo, former president of the federal republic of Nigeria

Algeria has been selected to host the fourth Intra-African Trade Fair (IATF2025) scheduled to take place in 2025, Chief Olusegun Obasanjo, Chairman of the Advisory Council of the Intra-African Trade Fair and former President of Nigeria, has announced.

Speaking in Cairo during the Presidential Summit of the third Intra-African Trade Fair (IATF2023), Chief Obasanjo said that the selection followed a rigorous review of bids received by the Advisory Council for the hosting of the continental event.

“We congratulate the government and people of Algeria for winning this bid,” he said, adding, “We look forward to converging in Algiers in 2025”.

With the selection, Algeria will become the third country to host the IATF after Egypt hosted the inaugural edition in Cairo in 2018 and the second edition was held in Durban, South Africa, in 2021. The trade fair returned to Cairo for the 2023 edition.

Speaking at the ceremony held today to hand over the IATF flag to the Algerian authorities, President Obasanjo said that the trade fair had established a tradition of each edition being better than the previous one and expressed a strong conviction that Algeria would maintain that tradition.

He said that with the selection of Algeria as host, the job of the IATF2023 Advisory Council was coming to an end, adding, “from tomorrow, it will be IATF2025 Algiers.”

Abdelaziz Benali Cherif, the Algerian Ambassador to Egypt, who received the IATF flag on behalf of the Algerian Government, said that with the new investment law implemented in his country, Algeria had introduced a lot of economic reforms empowering the private sector to become the engine of growth in the economy.

The country was now open for partners to participate in a win-win situation in the economy, he said, adding that all Africans were welcome to become part of the new dynamics.

The ambassador expressed gratitude to the IATF Advisory Council for its decision to award the hosting of the next IATF to Algeria and pledged the country’s commitment to ensuring a successful event.

“IATF2025 in Algiers will be a true platform for networking and collaboration,” he said, adding that participants should use the event to explore new opportunities.

Kanayo Awani, Executive Vice President, Intra-African Trade Bank, Afreximbank, said that it was necessary to start early to prepare for the trade fair as the event entailed a lot of work. The CANEX WKND, normally hosted in the year preceding the IATF, served as a dry run for the IATF, she added.

Wamkele Mene, Secretary-General of the African Continental Free Trade Area Secretariat, noted that many Africans looked forward to participating in IATF and said that was critical to ensure that those Africans who wished to attend were not held back by issues like visa and duty on goods coming into host country temporarily for the trade fair.

Albert Muchanga, African Union Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, also addressed the ceremony and commended Algeria for winning the bid.

Organised by the African Export-Import Bank, in collaboration with the African Union Commission and the African Continental Free Trade Area (AfCFTA) Secretariat, the IATF provides a unique platform for facilitating trade and investment information exchange in support of increased intra-African trade and investment, especially in the context of implementing the AfCFTA. It is Africa’s largest trade and investment event, attracting thousands of exhibitors, visitors and buyers and generating trade and investment deals running into tens of billions of dollars. Attendees include buyers, sellers, importers, exporters, investors, manufacturers, captains of industry, senior government ministers, trade finance and advisory specialists, trade and economic organisations, senior executives from corporates and multinationals and innovative entrepreneurs from across Africa and beyond.

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

Kena Takes Top Honours at MTN App Awards

November 15, 2023

MTN Business marketing head Kholofelo Magagane

Health startup Kena shone so bright at the 12th annual MTN Business App of the Year awards which took place at gala event in Sandton City, South Africa. As it took the night’s top honours.

“We are incredibly honoured to be recognized by MTN Business as the overall App of the Year 2023 as well as the health category winner. Awards like this help us take a step closer to our vision of changing health-care systems in South Africa and across the continent,” said Kena Health chief technology officer Pheello Maboea.

The Kena Health app seeks to break financial barriers to quality health care. It offers patients access to a doctor, nurse or mental health professional for R185/consultation. The consultations are done virtually, minimising waiting times and travel costs for consumers.

Founded by Saul Kornik in 2021, the young start-up had to muscle past more experienced industry rivals such as Discovery Health as well as an array of digital businesses in fintech, agriculture, gaming, biomedicine and online shopping to claim the top spot.

MTN Business marketing head Kholofelo Magagane with Marilyn Dutlow Munga, Pheello Maboea and Saul Kornik from Kena Health

The category winners are:

Best consumer solution: Discovery Bank

Best enterprise solution: Medsol Breast AI

Best hackathon solution: Future DX – Thutofy

Best gaming solution: Fruit-Full 3

Best health solution: Kena Health

Best agricultural solution: Broiler Operations Management

Best educational solution: Angula

Best Campus Cup solution: CPF Method

Best breakthrough developer: University Qualifications

People’s Choice award: TymeBank

Best financial solution: iKhokha

Most innovative solution: Eyerus

Best Huawei AppGallery category: Pick n Pay asap!

One of the most coveted awards of the night, the People’s Choice award, went to the digital-only bank TymeBank. The digital bank, in which Patriece Motsepe’s African Rainbow Capital is majority shareholder, recently topped eight million clients and joins the ranks of previous crowd favourites Afrihost, Afrikaans mobile dating app Koer and EskomSePush.

“This year’s winners have shown how technology can help transform traditional business models, streamline operations and enhance productivity. By harnessing technology to address critical business and societal challenges, they will inspire others to adapt, evolve and thrive in a rapidly changing environment,” said MTN Business marketing head Kholofelo Magagane.

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

Afreximbank Doles Out $1-Billion African Film Fund

November 10, 2023

Prof Benedict Oramah, president Afriexim bank

The African Export-Import Bank (Afreximbank) is walking its talk with the announcement of the establishment of a $1-billion African Film Fund to be launched in 2024 to support the continent’s film industry. This was made known by Kanayo Awani, Executive Vice President, Intra-African Trade Bank, at Afreximbank, announced in Cairo today.

Addressing the opening of the 2023 CANEX Summit held as part of the third Intra-African Trade Fair (IATF2023), Mrs. Awani said that the fund would oversee film financing, co-finance with large studios, finance African filmmakers and finance producers and directors of film projects across the continent.

She noted that during CANEX WKND 2022, the Bank had increased the financing it was making available to the creative sector from US$500 million to US$1 billion and that the Bank currently had a pipeline of over US$600 million in film, music, visual arts, fashion, and sports deal.

“The very first film we financed recently premiered at the Toronto Film Festival,” Mrs. Awani said, adding, “The Bank has several in the pipeline from Nigeria, South Africa, and Kenya, which should be on streaming platforms in 2024.”

Acknowledging that the film and audiovisual industries in Africa accounted for US$5 billion of the continent’s GDP and employed an estimated five million people, with the potential to create over 20 million jobs and generate US$20 billion in revenues annually, Mrs. Awani noted that the sector faced several challenges, including limited access to financing and copyright infringement due to weak copyright laws, enforcement mechanisms and a lack of awareness.

The sector was also confronted with infrastructure and technology gaps, lack of capacity and shortage of skilled professionals and limited market access and international exposure, as a result of which African creative and cultural products often struggle to gain exposure and access to international markets.

Earlier, Boris Kodjoe, a celebrity actor of Ghanaian descent, highlighted how the creativity of Africans had influenced various aspects of modern life, including music, fashion, art, design, social consciousness, business, sports, film and TV. He said that the exploitation of black creativity by the West had had lasting effects and that, despite admiration of black excellence, Africa still faced branding challenges due to external perception fuelled by the traditional media’s depiction of poverty, famine, civil wars and migration on the continent.

Mr. Kodjoe said that the world craved culturally specific global content and that Africa was a key player in meeting that demand. With the continent’s young population and high connectivity, studios, networks, promoters and brands were investing in solutions to reach diverse audiences. Films and TV shows with diversity performed better than others by 30 per cent and Afrobeats was taking over global airwaves. By 2030, Africa was projected to produce up to 10 per cent of global creative goods export worth roughly $200 billion or four per cent of Africa’s GDP.

Also speaking, Albert M. Muchanga, Commissioner for Trade and Industry of the African Union Commission, said that the creative sector in Africa was rapidly growing and making a significant contribution to the inclusive growth and sustainable development of African economies.

“I reaffirm my belief that the African creative industry has huge potential to be a source of employment and revenue to create the Africa we want – revenue from intra-African trade as well as revenue from the rest of the world.”

Ambassador Muchanga urged African nations to convert their vast potential into plans and projects that yield tangible results, stressing the need to also invest in protecting international property rights.

CANEX is an Afreximbank initiative to support Africa and the African Diaspora’s creative and cultural industries by providing financing and non-financing instruments to boost growth. The seven-day CANEX Summit is intended to further develop conversations and provide additional business-to-business and business-to-government opportunities. It includes a fashion show featuring a range of bold and exciting designs from across Africa and the Diaspora and a CANEX Music Factory, hosted by renowned South African producer Oskido, which will provide songwriters and beat makers with the opportunity to record their work.

Creative Africa Nexus (CANEX) programme set up by Afreximbank seeks to facilitate the development and growth of the creative and cultural industries in Africa and the diaspora. The programme provides a range of financing and non-financing instruments and interventions aimed at supporting trade and investment in Africa’s creative sector.

IATF2023, Africa’s largest trade and investment fair opened on 9th November and will run till 15th November 2023.

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

Ministerial Panel to Unlock Regional Energy Potential at MSGBC 2023

November 2, 2023

The MSGBC Oil, Gas & Power 2023 conference and exhibition scheduled to begin in Nouakchott on November 21, will kick off with a ministerial panel discussion titled “Forging Ties, Driving Growth.” This panel will convene Energy Ministers from the MSGBC region to steer the course of the region’s energy sector. Topics on the agenda include regional cooperation, energy infrastructure, regulatory frameworks, and technological advancements.

The discussion will be moderated by NJ Ayuk, Executive Chairman, African Energy Chamber, and will include H.E. Nani Chrougha, Minister of Petroleum, Mines and Energy of the Islamic Republic of Mauritania; H.E Dr. Hotna Cufuk Na Doha, Minister of Natural Resources and Energy, Republic of Guinea-Bissau; H.E. Felix Antoine Diome, Minister of Petroleum and Energies of the Republic of Senegal; Hon. Abdoulie Jobe, Minister of Petroleum and Energy of the Republic of The Gambia; and H.E. Aly Seydouba Soumah, Minister of Energy, Hydraulics and Hydrocarbons, Republic of Guinea-Conakry, participating in MSGBC Oil, Gas & Power for the first time.

NJ Ayuk, Executive Chairman of the African Energy Chamber, CEO of pan-African corporate law conglomerate Centurion Law Group

The discussion will center on the imperative of bolstering regional integration in the energy sector. The panel will delve into strategies aimed at facilitating cross-border trade, streamlining market access and aligning energy policies. Collaborative initiatives such as the West African Power Pool and joint agreements on resource management and cross-border capital flows have the potential to unlock shared resources, lower costs, and expand energy market reach.

The second key area of focus will pinpoint opportunities for lowering operational expenses through collaborative regional infrastructure projects. Ministers will engage in discussions regarding the establishment of shared infrastructure, including projects like the Nigeria-Morocco gas pipeline and integrated transportation networks such as the regional railway system in West Africa, which can facilitate the movement of resources. This approach has the potential to result in cost reductions, operational streamlining and the establishment of a more robust energy ecosystem in the MSGBC region.

Discussions will also center on streamlining the regulatory landscape for oil and gas activities. The goal is to create a coherent set of regulations that simplify processes for exploration, production and transportation. A harmonized regulatory framework can foster investor confidence, expedite project approvals, and ensure industry compliance, promoting responsible and efficient resource development. The Grand Tortue Ahmeyim gas project, located offshore between Senegal and Mauritania, serves as a prime example of harmonizing regional regulations from exploration to the production phase, with the first gas set to arrive by mid-2024.

The panel will also highlight technology to boost regional cooperation, unpacking mechanisms for sharing technological advancements across borders. Countries like Guinea Conakry which has recently invested in a geological research center, and The Gambia, which has signed an MoU for crude oil exploration with the Nigerian National Petroleum Corporation, can benefit from the expertise of Senegal and Mauritania. Collaborative innovation can lead to improved exploration techniques, enhanced safety practices, and more efficient resource extraction methods, ensuring the region remains at the forefront of technological advancements in the energy industry.

Prerequisites, rationale and the significance of inter-African energy trade will also be discussed, including examining the regulatory and infrastructure requirements for expanding trade between African countries.

Under the patronage of the President of the Republic of Mauritania Mohamed Ould Cheikh El Ghazouani and in partnership with the Ministry of Petroleum, Energy, and Mines; the Mauritanian Oil and Mining Company; Petrosen; COS-Petrogaz; and the African Energy Chamber, the third edition of the conference will take place from November 21 to 22 in Nouakchott. Visit https://MSGBCOilGasAndPower.com/ to register for the event.

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

Liquid Intelligent Technologies Appoints Oswald Jumira as New Chief Executive Officer (CEO) for Liquid C2 Business Unit

Liquid Intelligent Technologies (Liquid) www.Liquid.Tech, a pan-African technology group, appoints Oswald Jumira as the CEO of Liquid C2 business unit. He will drive Liquid C2’s growth, innovation and strategy in the cloud and cyber security business. Oswald was the CEO of Vaya Technologies (Vaya), one of the business units of Cassava Technologies.

Commenting on his appointment, Hardy Pemhiwa, President and Group CEO of Cassava Technologies, said, “Oswald’s appointment as CEO of our Cloud and Cyber Security business was a natural choice for us. He has been a member of the senior management team for many years, including as CEO of Vaya Technologies. He has deep industry relationships, is well respected for his ability to execute business plans and is the right person to drive Liquid C2’s growth and securely enabling the digital transformation journeys of our customers”.

“I am honoured to be appointed to this position and, most importantly, leading a group of dynamic professionals passionate about cloud adoption in Africa and ensuring secure digital transformation for our clients through our cyber security solutions. I intend to deepen the relationships with our local and global strategic partners and to accelerate our already stellar growth through product innovation and customer service” says Oswald.

A seasoned ICT professional, Oswald has over 15 of experience in technology and business development across numerous African countries. Before being appointed as the CEO of Liquid C2, Oswald was the CEO of Vaya Technologies Limited, a Cassava Technologies company where he led a team focusing on building and scaling commercially viable digital products in the agriculture, healthcare, logistics and education space. Previously, Oswald worked with fintech startups in Nigeria and Kenya, looking at how to drive the adoption of digital financial services.

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 Caribbean Community (CARICOM) Central Banks Adopt Pan-African Payment and Settlement System (PAPSS)

October 27, 2023

Prof. Benedict Oramah, President of the African Export-import Bank

As part of ongoing efforts to boost intra-regional trade transactions between Africa and Africans in the diaspora, the Pan-African Payment and Settlement System (PAPSS), a groundbreaking initiative developed by the African Export-Import Bank (Afreximbank) (www.Afreximbank.com) to revolutionize cross-border payments and boost intra-African trade, celebrates a significant milestone as it receives a historic endorsement from the Governors of the Central Banks in the Caribbean region. All eleven Central Banks have unanimously adopted PAPSS as the preferred system for processing the settlement of intra-regional trade transactions.

The Governors have indicated their recognition of Afreximbank’s experience and skill in using PAPSS to streamline cross-borders financial transactions throughout Africa. Consequently, Afreximbank will provide valuable guidance and support throughout the entire implementation process of PAPSS in the Caribbean region.

Operational in the six countries of the West African Monetary Zone (WAMZ) – and with transactions initiated daily by traders, SMEs and individuals – PAPSS is gaining traction on the African continent as a transformative solution enhancing the operational efficiency of cross-border payments, while promoting economic integration and trade facilitation. Indeed, more African Central Banks stand poised to join the network, and recently five major African multinational commercial banking groups present in almost 40 countries have decided to implement the system in all their subsidiaries across Africa. With the inclusion of the CARICOM region, the system’s reach expands beyond the African continent, and its status as a global payment and settlement platform is solidified.

In adopting PAPSS, the Central Banks in the Caribbean region have recognized its immense potential for unlocking new opportunities for trade growth and cooperation within their respective jurisdictions. By streamlining and expediting the settlement process, PAPSS will eliminate the complexities and inefficiencies that often hinder intra-regional trade, promoting monetary stability and economic development across the Caribbean.

Professor Benedict Oramah, President, and Chairman of Afreximbank, commented: “In keeping with the bank’s Diaspora Strategy and the African Union’s designation of the African Diaspora as Africa’s sixth region, the Caricom Central Banks’ endorsement of PAPSS vindicates Afreximbank’s efforts to promote and enhance trade between Africa and the Caribbean. With this historic decision, we have moved closer than ever before to achieving economic parity between Africa and the Caribbean Community (CARICOM).”

Also commenting on this collaboration, Dr. Kevin Greenidge, Governor of the Central Bank of Barbados, said: “The Caribbean region looks forward to working closely with Afreximbank to further explore and implement the PAPSS model for intraregional trade transactions. This joint endeavor has the potential to elevate economic cooperation between Africa and the Caribbean to new heights, fostering lasting partnerships and mutual benefits for our respective regions.”

Mr Mike Ogbalu III, Chief Executive Officer of PAPSS, expressed his enthusiasm over this endorsement, emphasizing the importance of such collaboration in fostering closer ties and enhancing trade relationships across continents. He stated: “This development showcases the adaptability and scalability of PAPSS, and its role as a catalyst for economic growth and prosperity in the African market and beyond. The adoption of PAPSS by the CARICOM Central Banks paves the way for further engagement between Africa and the Caribbean, stimulating trade diversification, economic resilience, and sustainable development for all participating countries. As PAPSS continues to expand its reach and impact, it reaffirms its commitment to promoting financial inclusion, reducing trade barriers, and enhancing cross-border trade across the globe.”

The Caribbean Central Banks and Afreximbank have decided to start a pilot project to guarantee the seamless deployment of the PAPSS system and its efficacy in the Caribbean region. The goal of this pilot project is to identify any problems with the system before it is fully implemented. An official commercial launch of the system in the Caribbean region is expected to occur in Q4 2024.

The Pan-African Payment and Settlement System – PAPSS is a centralised Financial Market Infrastructure that enables the efficient flow of money securely across African borders, minimising risk and contributing to financial integration across the regions. PAPSS works in collaboration with Africa’s central banks to provide a payment and settlement service to which commercial banks and licensed payment service providers across the region can connect as ‘Participants’. Afreximbank and the African Union (“AU”) first announced PAPSS at the Twelfth Extraordinary Summit of the African Union held on July 7, 2019, in Niamey, Niger Republic, therefore adopting PAPSS as a key instrument for the implementation of the African Continental Free Trade Agreement (AfCFTA). Further, in its thirteenth (13th) extraordinary session, held on December 5, 2020, the assembly of the African Union recommitted and instructed the Afreximbank and the AfCFTA secretariat to finalise, among others, work on the Pan-African Payments and Settlements System (PAPSS). The 35th Ordinary Session of the Assembly of the AU further directed the AfCFTA and Afreximbank to deploy the system to cover the entire continent. PAPSS was officially launched in Accra, Ghana, on January 13, 2022, thus making it available for use by the public.

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

Black Friday to Create an Extra R26.6-Billion in Retail Turnover in South Africa

The upcoming Black Friday sales are predicted to create an extra R26.6 billion turnover in South Africa. This is according to the Bureau of Market Research (BMR) adding that this year’s shopping sprees would surpass that of last year.

In it new report by the BMR predicts that Black Friday will add R26.6-billion to the retail sector this year, despite the economic headwinds, the impact of load shedding, decreased consumer spending throughout the year and higher-than-usual inflation.

The report, commissioned by Capital Connect, a fintech, suggests that shifts in consumer psychology will see Black Friday benefit general dealers the most, while food, beverage, tobacco, pharmaceutical and medical goods will see no significant gains over last year.

Retailers with a strong online presence stand to gain significantly from the Black Friday period

“Black Friday 2023 and the festive season provide a unique opportunity for savvy retailers to capitalise on increased consumer spending,” said Capital Connect CEO Steven Heilbron. “Beyond this seasonal surge, the International Monetary Fund’s revised economic outlook for 2023 indicates that South Africa’s GDP growth may come in at a higher-than-expected 0.9%. This indicates slight improvements to market conditions for retailers.”

Heilbron said retailers must be savvy in their approach if they are to benefit from Black Friday, which has expanded from a single shopping day to a month-long event, this year running from 29 October to 26 November.

BMR researchers found that retailers with niche product offerings have had to diversify to survive a low-growth environment. The company said general dealers are likely to get the lion’s share of consumers’ spending this Black Friday. Trends in consumer behaviour observed in previous years are expected to continue.

The tough economic environment, coupled with high levels of unemployment, mean, however, that for many South Africans, Black Friday is not so much an opportunity to buy luxury items on sale, but about bargain-hunting for essentials. BMR predicts that the top-selling products will include necessities such as chicken, fruit, vegetables, milk, sugar, cooking oil and toilet paper.

“Cheaper, non-branded clothing, especially children’s clothing, women’s clothing, underwear, shoes and clothing accessories will sell well. Small domestic appliances like two-plate stoves and kettles will also be good sellers,” it said.

Retailers with a strong online presence stand to gain significantly from the Black Friday period, with online channels facilitating a larger portion of total sales volumes each year.

“Black Friday sales are a central part of a shopping festival that can span from late October to late December,” said Carel van Aardt, research director at the BMR. “But the sales profile of Black Friday differs from the festive season, thus creating opportunities for savvy retailers to capitalise on revenue opportunities by adjusting to shifting consumer demand. Higher earnings during this important season will help retailers to compensate for depressed consumer spending throughout the year.”

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

CPS Africa Triumphs with Prestigious Residential Development Award for Fumba Town

October 25, 2023

Sebastian Dietzold, the CEO of CPS Africa

CPS Africa has emerged victorious at the African Property Awards, receiving the Residential Development 20+ Units award for their exceptional project, Fumba Town. This is a resounding triumph for the company and is a testament to its unwavering commitment to crafting spaces that provide shelter and nurture vibrant, sustainable communities. The award is a distinguished honour that recognises excellence and innovation in the real estate industry across Africa and the world.

Fumba Town is a flagship venture of CPS Africa, and it exemplifies the organisation’s dedication to redefining urban living experiences. Nestled in the heart of Zanzibar, this development offers a harmonious blend of modernity and cultural authenticity, with innovative design and eco-conscious features that have garnered local and international admiration.

Sebastian Dietzold, the CEO of CPS Africa, expressed his joy, stating, “Winning the African Property Award for Fumba Town is a testament to the hard work and resoluteness of the entire CPS Africa team and our CPS family of companies in Zanzibar, Dar es Salaam, and Nairobi. This recognition fuels our ambition to continue shaping spaces that redefine how communities live and thrive.” The company extends its heartfelt gratitude to everyone who has and continues to participate in this remarkable journey.

As CPS Africa celebrates this momentous achievement, they renew their vigour to continue crafting developments that inspire sustainable, community-centric living. The company remains committed to pushing boundaries, setting new benchmarks, and leaving an indelible mark on the real estate landscape in Tanzania, Zanzibar, and beyond.

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

BluePeak Private Capital Announces Final Closing of $156 Million Flagship Fund

October 24, 2023

Walid Cherif, BluePeak Co-Founder and Managing Partner

BluePeak Private Capital (BluePeak) – an alternative asset manager firm supporting the growth of scalable businesses in Africa through privately negotiated and structured debt like instruments– has reached final closing at USD 156 million for its inaugural private capital fund, BluePeak Private Capital Fund SCSp (the Fund). The closing signifies the emergence of private debt as an attractive asset class, offering superior risk adjusted and a compelling alternative for African SMEs.

As a gateway to investing in homegrown businesses poised for sustainable growth at scale, the Fund attracted investors and development finance institutions (DFIs) mandated to maximize social impact and generate attractive returns.

Despite the persistent challenges in attracting capital to emerging markets, BluePeak has secured backing from the African Development Bank (AfDB), British International Investment (BII) – the UK’s development finance institution, the European Investment Bank (EIB), the US Development Finance Corporation (DFC), FMO – the Dutch entrepreneurial investment bank, SwedFund – Sweden’s development finance institution, and the “Caisse des Dépôts et Consignations” CDC Tunisia.

The African Development Bank and South Africa-based private investor Sango Capital are the most recent investors to back the Fund, marking their first ever commitments to a private debt fund, and a vote of confidence in BluePeak’s strategy.

Less than three years from initial closing, the Fund successfully built a diversified portfolio of 6 pioneering businesses operating in more than 30 countries across Africa, employing over 7,500 people and impacting the lives of millions of Africans. The rapid deployment of conscious capital in several industries demonstrates the range of growth opportunities available in the region.

With an estimated funding gap of USD 421 billion for African SMEs, BluePeak is primarily seeking to bridge the financing shortfall that growing companies face, while enhancing operational longevity. BluePeak works closely with its partners to encourage growth, employment, and opportunities to balance gender equality, consolidating the Fund’s commitment to the 2X Challenge initiative.

At the heart of BluePeak’s mission lies sustainability. Substantial strides were made in implementing best-in-class ESG & Impact frameworks aligned with the highest industry standards and ingrained across the investment process, maximising positive and long-lasting impact.

Commenting on the closing of the Fund, Walid Cherif, BluePeak Co-Founder and Managing Partner said, “When we established BluePeak in 2019, it was to form part of a solution to fill Africa’s funding gap. Difficulty obtaining capital for ambitious businesses has long held back their financial development and positive economic and social impacts. We are honoured to have secured the backing of such a prestigious group of investors and meet the unique and evolving needs of businesses. We are excited about the next phase, partnering with ambitious entrepreneurs to boost operational excellence, drive growth, strengthen ESG practices and unlock positive impact across 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

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

October 17, 2023

A brief 10% surge in bitcoin on Monday gave traders a glimpse into the possible impact of a looming US Securities and Exchange Commission decision on whether to allow exchange-traded funds investing directly in the token.

An erroneous report that BlackRock had won approval to launch a spot ETF rapidly sent the largest digital asset to US$30 002 on Monday, the highest price since March. The move cooled after the world’s biggest money manager said its application remains under review, still leaving bitcoin 4.4% higher for the session.

BlackRock is among about a dozen firms seeking to offer the first US spot bitcoin ETFs amid expectations that the SEC may soon end its opposition to the products. Optimists argue such funds will help spur wider crypto adoption.

“This was like a dry run for what’s going to happen if these things actually do get approved,” Bloomberg Intelligence ETF analyst James Seyffart said. “It basically gave traders a playbook.”

Seyffart said he expects a batch of spot bitcoin ETFs to be approved by a January deadline.

The bitcoin swings punctured — if only briefly — a period of low volatility that reflects a lack of buyer interest. Many investors have deserted virtual coins following last year’s rout and blowups like that of the FTX exchange, whose co-founder Sam Bankman-Fried is on trial for a multibillion-dollar fraud.

Data from tracker Coinglass shows that $107-million worth of bitcoin positions, mostly from traders who were betting on lower prices, were liquidated over the past 24 hours.

“Now that we are seeing some progress on the ETF front, I think we will see moves to start to price this in,” wrote Noelle Acheson, author of the Crypto Is Macro Now newsletter. She also anticipates some people will turn to the token to hedge against geopolitical and economic uncertainties.

Developments over spot ETFs have triggered some of bitcoin’s largest 2023 rallies. In June, the digital asset topped $30 000 after heavyweights including BlackRock and Fidelity Investments sought permission from the SEC to start the funds. The token then retreated to about $26 000.

Another spurt came late August when a US court ruling potentially paved the way for the $17.7-billion Grayscale Bitcoin Trust to convert into an ETF.

The SEC has cracked down on the crypto sector this year and so far resisted spot bitcoin ETFs, citing risks such as fraud and manipulation in the token’s spot market. It has permitted ETFs holding bitcoin and ether futures.

The regulator warned people to be “careful what you read on the internet” in a post on X after Monday’s bitcoin gyrations. The agency added that “the best source of information about the SEC is the SEC”.

The likelihood and timing of spot ETF approvals remain a matter of debate. ETFs investing in futures on ether — the second-largest token — debuted in the US in October but failed to gain traction, a blow for arguments that crypto adoption is bound to expand.

Spot bitcoin ETF approvals could see bitcoin jump to about $32 000, but “the question is how far away is that from coming and then what happens at range highs — at the very least, I wouldn’t expect it to break range highs, on the first test”, said Tony Sycamore, a market analyst at IG Australia.

Bitcoin was little changed at $28 322 as of 10.23am in Singapore on Tuesday, with smaller tokens like ether and dogecoin also posting small moves. Bitcoin has risen 71% so far this year but remains far below its 2021 peak of about $69 000.

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