Category Archives: Business

The Maravi Post is a leading source for reliable Business news and analysis on Business. Top African Business like  Dangote  Group in Nigeria, Mulli Brothers in Malawi

The 10 Greatest Living Business Leaders In Africa Today
  • Sheikh Mohammed Al-Amoudi, Ethiopian.
  • Raymond Ackerman, South African.
  • Aliko Dangote, Nigerian.
  • Manu Chandaria, Kenyan.
  • Onsi Sawiris, Egyptian.
  • Brian Joffe, South African.
  • Strive Masiyiwa, Zimbabwean.
  • Wale Tinubu, Nigerian.
AMA, Business, Technology

Breaking Records: UXLINK Attracts 978,000 New Web3 Wallet Registration with $78,000,000 Deposit asset from February 01 to February 22, 2024

MaraviPost

SINGAPORE, 23 February 2024-/African Media Agency (AMA)/- Over the course of a groundbreaking launch campaign from February 1st, UXLINK, the leading Web3 social infrastructure platform renowned for its innovative “Real World Social” and “Group” features, launched multiple Web3 wallet feature that exceeded all expectations.

During this limited time frame, this feature resulted in the creation and connection of more than 978,000 new Web3 wallet addresses to UXLINK. The average value of assets held in these connected wallets surpassed $70 in equivalent tokens, totaling a remarkable $78 million. This surge in user engagement expanded globally, spanning across over 100 countries and regions including Vietnam, Indonesia, Nigeria, Europe, and the Middle East. Noteworthy was the peak in the new registration/UV ratio, reaching an outstanding 42%, underscoring the trust and efficiency cultivated through acquaintance social networks and group interactions.

UXLINK Protocol stands as a decentralised real world social protocol that empowers decentralised applications (DApps) to harness a broad spectrum of on-chain and off-chain social resources. These resources encompass user social account information, social relationship graphs, social tags, and social relationship recommendations, accelerating DApp development, facilitating cross-chain functionality, and harmonising social data across multiple contexts to elevate user experience and achieve business objectives.

Moreover, UXLINK has unveiled the third phase of its highly anticipated Odyssey Airdrop initiative, introducing a range of exciting features including wallet registration, binding, and check-ins. Participants are incentivized to earn additional token rewards by inviting friends to join the platform. To date, the Odyssey initiative has garnered participation from over 40,000 individuals, with plans set to launch the $UXLINK governance token airdrop in March 2024.

With a user base exceeding 3 million verified users actively engaged in more than 74,000 groups, collectively reaching 6 million users, UXLINK is committed to revolutionising the Web3 landscape as a next-generation traffic and protocol-based infrastructure provider. By opening up protocols and collaborating with developers and ecosystem partners, UXLINK aims to deliver customised Web3 infrastructure services tailored to diverse social scenarios, integrating seamlessly with popular platforms such as WhatsApp, Facebook, email contacts, phone address book contacts, and Google contacts.

Distributed by African Media Agency (AMA)on behalf of UXLINK.

Web: https://uxlink.io/

Twitter : https://twitter.com/UXLINKofficial

Telegram : https://t.me/uxlinkofficial2

Odyssey: https://dapp.uxlink.io/quest 

Contact Information:

UXLINK

Eric

admin@uxlink.io

The post Breaking Records: UXLINK Attracts 978,000 New Web3 Wallet Registration with $78,000,000 Deposit asset from February 01 to February 22, 2024 appeared first on African Media Agency.

Source : African Media Agency (AMA)

Business, Malawi, Opinion

Is Kwacha devaluation going to help Malawi?

Burnett Munthali

LILONGWE-(MaraviPost)-Malawi’s currency lost nearly half its value against the US dollar, sparking concerns from some consumers in the country that basic goods will soar in price. Others hailed the central bank’s devaluation move as “overdue”.

The bank’s 44% decrease was brought in to better reflect the kwacha price in different markets.

One thousand seven hundred kwacha is now needed to buy one US dollar, up from 1,679.17.

It was the second time in 18 months that Malawi, one of the poorest countries in the world, significantly decreased the value of the kwacha in relation to the US currency.

Devaluation

By devaluing its currency, a country makes its money cheaper and boosts exports, rendering them more competitive in the global market.

Conversely, foreign products become more expensive, so the demand for imports falls. Governments use devaluation to combat a trade imbalance and have exports exceed imports.

The exchange rate affects the real economy most directly through changes in the demand for exports and imports.

A real depreciation of the domestic currency makes exports more competitive abroad and imports less competitive domestically, thereby increasing demand for domestically produced goods.

The study shows that in the short run currency devaluation leads to increase in output and improves the balance of payments but in the long run the monetary consequence of the devaluation ensures that the increase in output and improvement in the balance of payment is neutralized by the rise in prices.

A weak currency can have a significant impact on the citizens of a country in many ways.

Firstly, if the rand weakens, this could lead to high inflation rates, which will increase the cost of goods and decrease the purchasing power of the people, resulting in a lower standard of living.

The latest devaluation is reportedly aimed at correcting supply-demand imbalances and countering arbitrage opportunities that have arisen in the market, according to a statement signed by Reserve Bank Governor Wilson Banda. “Spot checks on some market players indicate that the market is able to clear import bills” at the new rate, it said.

A weak domestic currency makes a nation’s exports more competitive in global markets and simultaneously makes imports more expensive.

Higher export volumes spur economic growth, while pricey imports also have a similar effect because consumers opt for local alternatives to imported products.

In general, a weaker currency makes imports more expensive, while stimulating exports by making them cheaper for overseas customers to buy.

A weak or strong currency can contribute to a nation’s trade deficit or trade surplus over time.

Conclusion

A decrease in exports means that a country is importing more than its exports.

If demand for export decreases, it decreases the terms of trade of one country, reducing the revenue generated from exports.

According to reports, Malawi Kwacha has remained stable two months after the 44 percent devaluation, confirming government stance that the devaluation was the necessary devil.

The Reserve Bank of Malawi (RBM) devalued the local unit on November 9, 2023 to align the currency’s value with the market forces.

Business

NBS Bank feeds the needy in Chiradzulu

Maravi Post Reporter

BLANTYRE-(MaraviPost)-NBS Bank Plc has handed over maize flour worth MK3.5 million to hunger-affected individuals in Chiradzulu district.

The donation targeted orphans, the elderly, and the physically disadvantaged in the area of Traditional Authority (T/A) Mpunga in the Southern Region district on Sunday.

The Bank’s Acting Head of Marketing and Customer Experience, James Chikaonda said this is not the first time NBS Bank has donated to the area and will continue to help when the need arises.

“Bearing in mind that we are a ‘Caring Bank’, we thought it wise to come in to assist our fellow Malawians. We are targeting to reach 150 beneficiaries from this area in their time of need,” said Chikaonda.

In her remarks, T/A Mpunga thanked NBS Bank for the timely donation to the vulnerable groups in her area.

“Last year we were affected by Cyclone Freddy, and this year, there is no rain. The people in my area are sleeping on an empty stomach,” she said.

One of the beneficiaries Philes Binet of Kuchombe Village also joined T/A Mpunga in commending the Bank for coming to their rescue.

“We thank NBS Bank for this donation and we hope they will always come to our rescue,” said Binet.

Member of Parliament for the area, Joseph Mwanamvekha also echoed the sentiments by appreciating the Bank’s kind gesture.

“I am pleased to see that today they have come to distribute flour, mainly to the elderly, physically challenged, and orphans. You can see that most of the beneficiaries are quite happy that at least for today and a few days they will be able to eat.

“It is a very worrying situation now, I am sure you have seen that most of the maize is drying up, and yet it has not matured. In my area, T/As Mpunga, Nkalo, and Maoni may not harvest enough to feed the people,” said Mwanamvekha.

NBS Bank also assisted the Mpunga Community during Cyclone Freddy disaster last year. 

Agriculture, Malawi, Opinion

Why food insecurity in Malawi?

Burnett Munthali

In many countries that have failed to reach the international hunger targets, natural and human-induced disasters or political instability have resulted in protracted crises with increased vulnerability and food insecurity of large parts of the population.

The key factors affecting food security include population growth, poverty, global climate change, political instability, food waste, natural disasters, food production, food distribution networks, gender inequality, and malnutrition.

Drought and conflict are the main factors that have exacerbated the problem of food production, distribution and access.

High rates of population growth and poverty have also played a part, within an already difficult environment of fragile ecosystems.

The biggest threats to food security include: Conflicts and corruption.

Conflicts impede the proper functioning of economies, including production and distribution of food.

Politics and trade barriers. Unequal food distribution. Food loss. Food waste. Climate change. Biodiversity loss.

Food insecurity can be tackled in a number of ways: Reducing unnecessary food waste. Increasing education and knowledge sharing about food insecurity. Diversifying protein sources. Amplifying activism and supporting vulnerable populations.

Several things lead to food security when all people, at all times, have physical, social and economic access to sufficient, safe and nutritious food that meets their dietary needs and food preferences for an active and healthy life.

Food security has four interrelated elements: availability, access, utilisation and stability.

Hunger is a problem because of interconnected issues of poverty, inequity, conflict, climate change, gender discrimination, and weak government and health systems all play a role in keeping nutritious food out of reach for millions of families around the world. When children don’t have enough food, their brains and bodies suffer.

Key factors driving this situation are the various climatic shocks experienced throughout the district, mainly dry spells, cyclones and floods, leading to below average crop production; economic decline, including the effects of the war in Ukraine on fuel and commodity prices, the 25 percent devaluation of the Malawi Kwacha, high input prices, leading to high costs of production and the continued high food inflation leading to high food prices and low purchasing power.

The situation is expected to worsen during the period from October 2023 to March 2024. In this projected period, 4.4 million people, representing 22 percent of total Malawians in the country will be in IPC Phase 3 or above (Crisis or worse).

These people will require humanitarian assistance to sustain livelihoods and mitigate food consumption gaps.

Aside from high poverty levels and the inability to afford food, other factors such as sporadic rainfalls and poor implementation of agricultural policies exacerbate issues of food insecurity in Malawi.

Solutions

Increasing investments in market infrastructure and other incentive mechanisms to support African farmers to adopt climate smart policies, technologies, and practices, including afforestation and rehabilitation of degraded lands, wetlands, and protected areas to enhance carbon sequestration and reduce carbon losses.

Urgent coordinated action and policy solutions are imperative to address entrenched inequalities, transform food systems, invest in sustainable agricultural practices, and reduce and mitigate the impact of conflict and the pandemic on global nutrition and food security.

Business, Malawi

Malawi said to be buying Gold from local miners to establish a structured Market

Maravi Post Reporter

Malawi Government recently unveiled that it has accumulated gold worth K22 Billion. This significant achievement was made possible through the Reserve Bank of Malawi (RBM), which has embarked on a mission to buy gold directly from local miners. This strategic decision followed the discovery of substantial gold deposits within the nation, a revelation that sparked a visionary approach to curb the illegal exportation of this precious resource.

Under this new paradigm, the RBM has successfully purchased 187 kilograms of gold for MK19.2 billion, a stash that has already appreciated to MK22.1 billion. This initiative is not merely about accruing wealth; it is a bold statement against the backdrop of illegal gold trade that has long plagued the country. By establishing a structured market, Malawi aims to prevent the illicit externalization of gold, generate much-needed foreign exchange, and, importantly, sanitize a sector riddled with shadows.

Gold to Glitter on the Global Stage

The journey from raw gold to refined bars is a testament to Malawi’s commitment to elevating its status on the international stage. The Reserve Bank’s plan is clear: to refine the gold to a 99.99% purity level and cast it into bars, integrating it into the nation’s official reserves. However, unlike the typical rush to sell, Malawi is playing the long game. The strategy is to hold onto these gold bars, not to sell them until the international gold prices are favorable, thereby maximizing returns.

This process, conducted by a local refining company near Kamuzu International Airport, is not only a stride towards economic stability but also a leap in local capacity building. By the end of the first quarter of 2024, Malawi expects this gold to reach the specified 99.99% grade, marking a significant milestone in the country’s journey towards financial sovereignty.

A Balanced View on a Shiny Future

While the narrative is overwhelmingly positive, it is essential to navigate this golden path with caution. The success of such an ambitious project hinge on several factors, including the stability of international gold prices and the ability of the local mining and refining sectors to meet the lofty standards required for global trade. Moreover, there is the challenge of ensuring that this wealth truly benefits the Malawian people, translating into tangible improvements in infrastructure, education, and healthcare.

Yet, despite these challenges, the potential upsides cannot be understated. The move positions Malawi as a beacon of innovation and strategic planning in a region often marred by resource mismanagement. It is a bold step towards breaking the cycle of dependency on traditional aid and leveraging natural resources for national development.

The story of Malawi’s gold is more than a tale of economic aspiration; it is a narrative of resilience, vision, and the relentless pursuit of sovereignty. As the world watches, this small nation embarks on a journey that could very well redefine its destiny, transforming a once shadowy sector into a cornerstone of national pride and prosperity.

 recently unveiled that Malawi has accumulated gold worth K22 Billion. This significant achievement was made possible through the Reserve Bank of Malawi (RBM), which has embarked on a mission to buy gold directly from local miners. This strategic decision followed the discovery of substantial gold deposits within the nation, a revelation that sparked a visionary approach to curb the illegal exportation of this precious resource.

Under this new paradigm, the RBM has successfully purchased 187 kilograms of gold for MK19.2 billion, a stash that has already appreciated to MK22.1 billion. This initiative is not merely about accruing wealth; it is a bold statement against the backdrop of illegal gold trade that has long plagued the country. By establishing a structured market, Malawi aims to prevent the illicit externalization of gold, generate much-needed foreign exchange, and, importantly, sanitize a sector riddled with shadows.

AMA, Business

Impact Investing in Africa, Verdant Capital @AFSIC

MaraviPost

LONDON, England, 21 February 2024, /African Media Agency/- AFSIC – Investing in Africa, one of Europe’s leading Africa investment events will host its annual conference in London on October 7, 8 and 9th at the Park Plaza Westminster Hotel. Over 1500 of the most senior and influential people within the African Investment world are expected to attend including 350+ investors. Investors include Development Finance Institutions (DFI’s), Sovereign Wealth Funds, Pension Funds, Private and Listed Equity funds, Private and Listed Credit Funds, Trade Funds, Infrastructure Funds, Impact Funds, Venture Capital Funds, Family Offices, Foundations and Fund of Funds.

The conference will see 350+ speakers providing perspectives on the current investment climate and industry sector highlights discussing opportunities that are arising across Africa. They will assess the latest economic trends and fundraising environment and through lively panel discussions, interactive panels, exceptional networking sessions and punchy project pitching the event will deep dive into investment strategies and opportunities across many industry sectors.

One of our 2023 sponsors was Verdant Capital who has supported AFSIC over the past 10 years. We sat down with Verdant Capital and asked them about the trends they are seeing in impact investing in Africa, the current investment landscape in Africa as well as the importance of balancing social and environmental impacts and collaborative partnerships to drive sustainable investment in Africa.

What are the trends Verdant Capital is seeing in impact investing in Africa?

We are an impact investor, but we are looking to achieve a “commercial return” at an acceptable risk, while ensuring a strong developmental impact. I do believe the market’s understanding of “impact investor” is becoming more nuanced, with an understanding of the objectives of investors such as Verdant Capital who have a clear developmental mission but are not intending to sacrifice returns or take excess risks versus those of quite different impact investors with a less balanced approach, e.g. certain investor backed by a single endowment or a single foundation.

How does Verdant Capital see the current investment landscape in Africa, and what opportunities do you find most compelling?

We believe that financial inclusion is the most attractive opportunity for impact in Africa, given both the ability to help people to improve their lives, and the significant technological change that has enabled financial services at the bottom of the pyramid to be profitable.

Can you provide examples of successful impact investments you’ve made in Africa and the positive outcomes they have generated?

We invested in USD 7 million of junior debt of Watu Uganda, which strengthened the balance sheet and crowded in more senior debt. Since our investment, Watu Uganda has expanded its loan book by 35,000 clients, thereby providing 35,000 young people the opportunity to earn a livelihood by driving a boda boda (motorbike taxi).

How do you balance financial returns with social or environmental impact when evaluating potential investment opportunities in Africa?

We do not see a trade between impact and returns in the financial inclusion space. We invest in the best operators who are highly profitable businesses models addressing an underserved marketplace. We have the highest standards of environmental and social due diligence.

What are some common misconceptions about impact investing in Africa, and how do you address them in your work?

We are addressing underserved opportunities and making money for the end-clients, our investees, and our investors. With each year of successful outcome, we address any misconceptions about our strategy.

Can you discuss the importance of collaboration and partnerships in driving meaningful impact through investments in Africa?

We partner with our investors, which is where it all starts. We partner with our investee companies, who in many ways are doing the hardest work, providing loans to and collecting from the end client, in such a way to enable the end client to improve his or her life.

What motivated Verdant Capital to become a sponsor of this particular investment event focused on Africa?

We have supported AFSIC for nearly 10 years. We believe it is an excellent meeting place for companies and investors from across the African continent.

As a sponsor for AFSIC 2024, what specific value do you hope to derive from your participation in this investment event?

At AFSIC we are keen to meet new investors for our Fund, and new prospective investees. It also provides an opportunity to share our prospectives on developing a sustainable and profitable financial inclusion ecosystem in Africa.

Considering the evolving global economic landscape, how does your organization plan to adapt its investment strategy in Africa in the coming years?

Two years ago, we changed our strategy to be 100% floating rate in expectation of the sharpest rate rises in the global economy in the post-Breton Woods era. This prediction materialised, and while we believe higher interest rates globally are bad for Africa, we have the compensation for our investors of “money in the bank” in terms of higher yields. The higher rate world has negative impacts on Africa, including with a lag effect, and we are focused on maintaining strict underwriting standards for new investments in general, as well as strong focus on macro-economic risk. Three quarters of our portfolio today benefits from guarantees from outside Africa or natural hedges from outside Africa.

Over the past decade AFSIC has driven investment into the continent and worked with a variety of high-level investors to raise project profiles providing an excellent forum for real deals to be done by the most senior of executives from Africa and the rest of the world.

Register now to take advantage of our early bird rate www.afsic.net

Distributed by African Media Agency in partnership with AFSIC- Investing in Africa

About AFSIC – Investing in Africa:

AFSIC – Investing in Africa has become perhaps Africa’s most important annual investment event. The event is owned by Africa Events Limited. AFSIC is wholly focused on accelerating Africa’s economic emergence by matching investment opportunities in Africa transforming Africa’s business, trade and investment environment, growing Africa’s economy, reducing poverty, and increasing African incomes in all business sectors at a continental scale across all 54 countries in Africa.

African Investments Limited (www.africaninvestments.co), a sister company to Africa Events Limited, operates two multi award-winning digital platforms, the African Investments Dashboard which matches investment opportunities to our global network of institutional investors and the Africa Business Opportunities Dashboard, which matches business, trade and investment opportunities across Africa covering all business products, sectors, countries in Africa and multiple business objectives. The digital platforms won the global 2022 Salesforce Partner Innovation Award for Financial Services.

Media contact:

Olivia Atenborough, Head of Digital Strategy, olivia@africaninvestments.co

Resources:

www.afsic.net

www.africaninvestments.co

The post Impact Investing in Africa, Verdant Capital @AFSIC appeared first on African Media Agency.

Source : African Media Agency (AMA)

AMA, Business, Technology

N-Soft Spearheads Digital Sovereignty and Economic Intelligence with New Burundi Partnership

MaraviPost

BUJUMBURA, Burundi, 21 February 2024 /African Media Agency/- N-Soft is set to revolutionize revenue mobilization in Burundi, a nation of just over 13 million people with a 4.0% growth rate, through the imminent deployment of the Gambling Management System (GMS), its disruptive governance solution for the gambling sector. Because of the lack of transparency in the industry, millions of dollars in revenue go unreported and untaxed every year. However, up until now, the national authorities have not had the governance technology needed to calculate earnings with any degree of accuracy. That’s why this partnership marks a significant collaboration between N-Soft, the Ministry of Finance, and the Ministry of Commerce in Burundi. 

The implementation, set to commence in the upcoming weeks, will empower the Loterie Nationale du Burundi (LONA) as the principal user, which oversees eight existing gambling providers within the country. This project will unfold in two phases, focusing initially on lotteries, online platforms, sports betting, and horse racing, followed by an expansion into casino operations, encompassing slot machines. 

Reflecting on this transformative moment, Léa NGABIRE, the General Director of LONA, stated, “The implementation of N-Soft’s technological governance solutions to oversee the gambling sector in Burundi is a key step in our revenue mobilization strategy and in the restoration of our digital sovereignty. We are confident that we can now achieve our objectives.” This endorsement from a top official highlights the critical role of N-Soft’s intervention in setting new standards for governance practices within the country.

The size of the African gambling market is estimated to reach USD 2.14 billion in 2024 and USD 3.72 billion by 2029, growing at a compound annual growth rate (CAGR) of 11.62% during the specified period (2024-2029). This surge underscores the increasing demand for sophisticated revenue mobilization solutions, positioning N-Soft as the go-to partner for states seeking to harness the full potential of their gambling sectors.

N-Soft’s Gambling Management System (GMS) is at the forefront of this revolution because it’s designed to extract, process, load, and certify critical data, including player sign-ups, game outcomes, and jackpot distributions. By accurately calculating revenues generated from bets, wins, and operator profits, N-Soft ensures comprehensive visibility into every facet of gambling activities, from sports wagering to instant-win scratch cards. 

N-Soft is renowned for its quick time-to-value, consistently achieving rapid implementation in just 13 weeks engendering value for users swiftly, providing thorough team training for seamless operability, and ensuring sensitive data remains secure with local storage solutions. Further still, N-Soft offers payment plans to meet the unique needs of each nation, including a results-driven model based on actual revenue mobilized with the solution.

For the DRC, Sierra Leone, Mozambique, and several other nations, N-Soft’s innovative solutions extend far beyond mere regulatory compliance and revenue enhancement. They also serve as a pivotal solution for extracting economic intelligence and establishing digital sovereignty. By offering in-depth insights into the gambling sector’s dynamics, N-Soft empowers governments with the data needed to make informed policy decisions, fostering a more transparent business environment. This strategic approach also positions these nations as attractive destinations for foreign investments. Investors seeking transparent, stable, and well-regulated markets will find reassurance in the robust digital governance frameworks established by N-Soft’s technologies. Consequently, N-Soft is not just facilitating regulatory oversight but is also laying down the foundational pillars for sustainable economic growth.

Distributed by African Media Agency on behalf of N-Soft

About N-Soft

Established in 1986, N-Soft’s governance technology empowers national authorities to acquire economic intelligence, foster transparent business environments, and mobilize more domestic revenue from various economic sectors. Currently operating in the DRC, Sierra Leone, and Mozambique among others, N-Soft is the premier revenue mobilization provider worldwide.

For more information or inquiries, please visit www.n-soft.com or email info@n-soft.com

 Media contact: 

Emmanuelle Gold 

Marketing Director

egold@n-soft.com

The post N-Soft Spearheads Digital Sovereignty and Economic Intelligence with New Burundi Partnership appeared first on African Media Agency.

Source : African Media Agency (AMA)

AMA, Business

Breaking: ALM African Persons of the Year Ceremony now holds 15 March 2024

MaraviPost

…Change in date in Honor of Late President Geingob

PORTSMOUTH, United Kingdom, February 21, 2024,-/African Media Agency (AMA)/- The African Leadership Organisation (UK) announces the rescheduling of the highly-anticipated African Persons of the Year Ceremony, which was originally slated for February 22-23, 2024. The event will now take place on March 14 – 15, 2024, at the Ethiopian Skylight Hotel in Addis Ababa, Ethiopia.

This decision comes in response to scheduling conflict with the funeral proceedings for the late H.E. Hage Geingob, former President of Namibia, who recently passed on, as announced by the Government of Namibia.

Hence, in consultation with our keynote speakers and other stakeholders, the management of the African Leadership Organization has agreed on a shift to 15 March 2024, to allow all our distinguished African leaders to pay their final respects to President Geingob.

The African Persons of the Year Ceremony is a cornerstone of the African Leadership Magazine’s annual calendar, bringing together policymakers, private sector leaders, civil society leaders, thought leaders, and stakeholders worldwide. This prestigious event serves as a platform to honour outstanding African leaders driving pan-African agendas and contributing to the continent’s development.

President William Ruto of Kenya; Former President Jakaya Kikwete of Tanzania; and the Right Honourable Baroness Sandy Verma of the UK House of Lords are set and confirmed to headline the rescheduled African Persons of the Year ceremony in Addis Ababa. Other confirmed high-profile attendees include Hon. Cllr. J Fonati Koffa, Speaker, House of Representatives of Liberia; Hon. Justice Martha K. Koome, Chief Justice of Kenya; Dr. Kailesh Jagutpal, Minister of Health and Wellness, Mauritius, and a host of other notable leaders from across Africa.

Distributed by African Media Agency (AMA) on behalf of African Leadership Magazine.

About African Leadership Magazine:

The African Leadership Magazine is the flagship publication of the African Leadership Organisation (UK) Limited. For the past 16 years, the organization has been dedicated to promoting impactful leadership in Africa and showcasing African opportunities globally. Through its various initiatives, including quality Afro-positive content, trade facilitation, market entry solutions, business networking platforms, and public sector training and consulting, the African Leadership Magazine plays a vital role in driving positive change and development across the continent.

For media inquiries, contact:

Ehis Ayere

Email: info@africanleadershipmagazine.co.uk

Phone: +44 (0) 23 9265 8276

The post Breaking: ALM African Persons of the Year Ceremony now holds 15 March 2024 appeared first on African Media Agency.

Source : African Media Agency (AMA)

Business

NCHE hails NBS Bank partnership on digital payments  

Maravi Post Reporter

LILONGWE-(MaraviPost)-The National Council of Higher Education (NCHE) has hailed its partnership with listed NBS Bank on digital payments for students applying for public universities selection saying it will foster innovation while improving efficiencies in their processes.

NCHE Chief Executive Officer (CEO) Dr. Ambumulire Phiri said the partnership will help simplify the application process. 

“In our continuous efforts to enhance accessibility and convenience for prospective students, we are delighted to partner with NBS Bank again this year. This collaboration will boost the application process by enabling applicants to conveniently pay their application fees through the Bank,” said Phiri.

NBS Bank Head Office in Blantyre

Phiri added that the partnership with NBS is one of NCHE’s ways of fostering innovation and efficiency in their processes.

“Our major aim is to facilitate easy and inclusive access to higher education for all eligible candidates and this is one way of ensuring that,” said Phiri.

The Banks Head of Corporate Banking, Frank Nakoma, said with the  partnership, the ‘Caring Bank’ anticipates more usage of digital banking platforms.

“As we all know, the world is moving towards a digital direction especially where payments are concerned. Customers usually use their cards to make online payments or pay for their goods through a point-of-sale machine in a shop.

“As one way of responding to an ever-evolving climate, NBS Bank has decided to partner with NCHE to ensure that students across the country can easily pay their application fees using the digital platforms we have dubbed ‘EazyBank’,” he said.

Nakoma further said the Bank believes that the process speaks to the Bank’s slogan of the ‘Caring Bank’ by providing convenient ways of transacting.

This is one of the other partnerships the Bank has made that require digital transactions.

NCHE, which harmonizes the selection of students into all public universities in the country, will this year start receiving these applications from February 19 to  March 19.

Business, Malawi

Chakwera’s doomed Canaan: Inflation hits 35% in January

Maravi Post Reporter

LILONGWE-(MaraviPost)-Despite try and error President Lazarus Chakwera’s Tonse Alliance government has pursued to fix the ailing economy since 2020, but nothing is working and hitting the wall.

This is testified in the latest Malawi’s headline inflation quickened by 0.5 percentage points to hit 35 percent in January 2024 as food prices continued to bite.

The last time inflation hovered around 35 percent was in March 2013 when it hit 35.8 percent before it started decelerating.

In an inflation bulletin on Friday, February 16, 2024, the National Statistical Office (NSO) said food inflation rose from 43.5 percent in December 2023 to 44.9 percent in January while non-food inflation recorded a marginal decline from 22.8 percent in December 2023 to 22 percent in January.

In its First Monetary Policy Report released on Friday, the Reserve Bank of Malawi (RBM) says inflationary pressures are expected to intensify, due to the lagged effects of exchange rate re-alignment, higher maize prices owing to the anticipated lower maize production as well as worsening inflation expectations.

“The projected inflation path over the forecast horizon shows a consistently less optimistic inflation outlook compared to the trajectory envisioned during the fourth MPC meeting of 2023. This follows an elevated path for both food and non-food price pressures.

“Exchange rate developments during the fourth quarter of 2023 significantly elevated the cost of imported items (raw materials and finished products), resulting in upward pressures on non-food inflation. In addition, sustained food deficit across the country continues to pile pressure on food inflation, as the lean season intensifies,” reads the report in part.

According to RBM, the food deficit followed lower harvests during the 2022/23 harvesting season following poor weather outturn, namely Cyclone Freddy and drought spells in some parts of the country.

“Furthermore, the late onset of rains during the 2023/24 farming season, coupled with the announcement of a possible El Nino weather pattern, has fuelled food price speculations during the current period.

“The above developments have shifted upwards the trajectory for the inflation outlook for 2024. Inflationary pressures are expected to intensify, due to the lagged effects of exchange rate re-alignment, higher maize prices owing to the anticipated lower maize production as well as worsening inflation expectations,” RBM says as quoted in the Daily Times.

In its 2023 Annual Economic Report, investment management firm, Nico Asset Managers says upside risks to inflation will continue throughout 2024, largely arising from the depreciating currency, a rise in private sector wages, the impact of El Niño weather patterns on food prices, increases in utility tariffs and fiscal slippages.

It notes that the Monetary Policy Committee will continue to monitor inflation, and where necessary will increase the policy rate to contain inflation.

“Rising prices reduce the purchasing power of households and lower the consumption of important items, especially food.

“Poor households will suffer disproportionately from food inflation, given the large share of food in their consumption basket,” Nico Asset Managers says.

However, the Central Bank is confident that inflation will begin to decline in the second half of the year.

RBM’s Director of Economic Policy and Research Kisu Simwaka recently said the Central bank will maintain a tight monetary policy stance to achieve a medium-term target of 5 percent.

“It has been difficult since 2020 understandably because of the disasters that we have experienced in between. In 2012 we devalued the Kwacha by about 50 percent and inflation moved from single digit to 37.9 percent in February 2013 then started coming down again to single digit between 2017 and 2018 what happened during that period?

“We kept the policy rate high up to 27 percent. That helped inflation to come down to single digits, it also helped the Kwacha to stabilize without controlling it, by mid-2016. That helped reserves to start picking up and the economy to grow,” Simwaka said.

Economist Marvin Banda therefore said the RBM failed to acknowledge the damaging effects of Broad Money on inflation which was at some point 38 percent.

He wondered how they could claim to be taming inflation when M2 is that high which translates to policy rate hikes hurting the real economy by creating credit shortages felt by citizens aiming to do business.

“The target of inflation of 5 percent is blindly ambitious because as a nation we have never hit this figure. The closest we have come is 7.1 percent during the Covid pandemic which saw an expected slowdown in price as a result of the lockdown initiatives.

Targeting a five percent inflation rate when the world is expecting more climate shocks, as well as geopolitical tensions, seems to be theory-based and impractical, yet we hope the RBM does reach the target,” Banda said.

Chakwera Tonse’s government has been characterized by high-cost living, inflation, and policy rates coupled with forex, fuel, and essential drug shortages for four years in power.

Without shame and remorse, Chakwera keeps on attributing the economic mess to the Russia-Ukraine war, Cyclone Freedy, COVID-19, the Cholera outbreak, and now El Nino.

Despite the economic meltdown, Chakwera keeps on making petty local and international trips while depleting hard-earned taxes and he has made over 140 foreign trips in three years.

Source: Daily Times