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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

Venture Capital for Africa Offers Great Opportunities for Young Entrepreneurs

November 15, 2019

As part of efforts aimed at raising the next generation of Africa’s millionaires and entrepreneurs, Venture for Africa (VC4A) is providing the platform for the continent’s budding entrepreneurs and mentors to hone their skills and sharpen their intellect through its first dedicated online training program. The event dubbed Mentor-Driven Capital has been described by experts as being a critical role to play in supporting Africa’s entrepreneurs. To this end, the group is offering 10 free training modules aimed to boost the ability of participants to become high-powered mentors and savvy business angels.

Over the past two years, VC4A has successfully implemented Mentor-Driven Capital programs in Nairobi, Lagos, Abuja, Cairo and Hargeisa, bringing together aspiring business angels and connecting them with promising startups. Based on learnings presented and gathered, as well as video interviews done with experienced mentors and mentees, VC4A has now launched an online course on ‘Mentor-Driven Capital’.

Many startup ecosystem studies across Africa have shown that there are limited local (angel) funding sources as well as a lack of well-developed mentorship networks in most African cities. This is why VC4A, with its local partners, has designed a program that addresses both topics at the same time. Any startup requires cash to operate, but it is the application of capital in smart ways that secures greater impacts and returns on investments. Mentor-Driven Capital has a critical role to play in supporting the continent’s entrepreneurs. It is also where a good local business angel can make the difference between venture failure, survival and success.

According to VC4A CEO, Ben White: “Since VC4A’s offline programs can only reach a limited number of participants, we’ve decided to create an online course that captures much of the content of the recent mentor-focused work. Anyone who is interested can now take advantage of the first dedicated training program designed for African business professionals keen to guide Africa’s up-and-coming entrepreneurs to success.”

The goal of this course is to boost the ability of participants to become high-powered mentors that support entrepreneurs while also learning to think and act like savvy business angels. Participants receive expert guidance, training, and hands-on support. The things aspiring mentors need to bring to the table are their valuable time, knowledge and networks.

The course is divided into ten modules. Each module is introduced by a presenter and accompanied by short clips where experts share their opinions about the same topic. The modules are:– Introduction to Mentor-Driven Capital. Becoming a business mentor, Structuring the mentor relationship, Investing your time, Investing your network, The angel investor mindset, Developing an investment strategy, Investing your money, Common startup challenges and Tips for success.

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.

Venture Capital for Africa (VC4A) and African Business Angel Network (ABAN) announce the 6th edition of its Africa Early Stage Investor Summit (#AESIS2019)

July 20, 2019

VC4A and ABAN are pleased to announce the 6th edition of the Africa Early Stage Investor Summit (#AESIS2019). The Summit will take place from 13-15 November at Workshop17 at the V&A Waterfront in Cape Town, South Africa. The conference brings together leading investors from Africa and beyond to network, exchange insights, create partnerships and make deals. This event is designed ‘for investors, by investors’.

What’s in store at #AESIS2019

The Summit’s speakers and guests hail from the leading angel networks, venture capital (VC) funds, impact investors, accelerators, corporate venture divisions, industry associations, and the public sector.

The number of Africa-focused angel investor networks and investment funds are rapidly growing and maturing, bringing both critical challenges and greater opportunities for venture capital funding on the continent. Summit delegates will explore developments in Africa’s early-stage investment space and will set the agenda for the coming years.

Day 1 on 13 November is ‘Academy Day’, which includes a series of interactive masterclasses and workshops, ending with a welcome cocktail reception. Day 2 on 14 November is the main Summit Day and will include inspiring keynote presentations by industry leaders and roundtable discussions, and it will end with an Investor Dinner.

Day 3 on 15 November is the optional Innovation Tour featuring insightful visits to key start-up hubs, accelerator programs and scaled up start-ups in the Cape Peninsula area. The detailed program is being finalized.

Announcing Naspers Foundry’s 2019 partnership

Naspers Foundry will be sponsoring the Summit’s main cocktail reception on 14 November and will be contributing to the Summit’s program development. Naspers Foundry is an R1.4 billion start-up funding initiative aimed at boosting the South African technology sector. As well as providing much-needed funding, Naspers Foundry helps talented and ambitious technology entrepreneurs develop and grow businesses that improve people’s daily lives.

“At Naspers, we believe in backing local entrepreneurs in growth markets and helping them by leveraging our global scale and experience. The Africa Early Stage Investor Summit provides a unique opportunity for Naspers to engage with like-minded investors and ecosystem partners from across the continent as we build out Naspers Foundry, and our broader investment ambitions”, said Phuthi Mahanyele-Dabengwa, CEO South Africa, Naspers.

Building on the success of 2018

The 2018 edition brought together over 300 investors from prominent African angel networks and VC funds to identify and address the critical gaps in the early-stage investment space going into 2019.

At the 2018 Summit, a number of successful partnerships were created, including a new partnership between South Africa’s Technology Innovation Agency (TIA), a public entity and the South African angel investor networks, Dazzle Angels and Jozi Angels. ABAN also signed an MoU with the African Union to deepen their collaboration to support entrepreneurship across the continent.

Additionally, L’Afrique Excelle, the Francophone edition of the World Bank Group’s XL Africa post-accelerator, formally launched at the 2018 Summit. The programme brought an unprecedented spotlight and momentum to French-speaking African growth stage start-ups. Over 30 VC funds including the IFC, ODV, Proparco, Outlierz Ventures and Compass VC formally signed up as investment partners for the program, with most of these partnerships formed over the two days of the Summit.

VC4A Venture Showcase – Series A

In 2017 and 2018, the Summit also featured a venture showcase of leading African digitally-enabled scale-ups from across the continent, resulting in a number of series A deals totaling over $15 million.

In the 6th edition, ten growth-stage companies that have been selected and vetted by Africa’s leading VCs will be introduced in the showcase. These companies represent a new class of investment opportunities across the continent.

The selected ventures have strong revenues, are well-positioned for regional and international expansion, and demonstrate important innovations that are disrupting industries like agriculture, healthcare, housing, transportation, and finance.

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.

Afrikan Heroes

Tag: Venture Capital

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

Kelechi Deca

Venture Capital for Africa Offers Great Opportunities for Young Entrepreneurs

Venture Capital for Africa (VC4A) and African Business Angel Network (ABAN) announce the 6th edition of its Africa Early Stage Investor Summit (#AESIS2019)

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