Tag Archives: Financial Inclusion

Small Grants Yield Big Wins for Women Farmers in Sierra Leone

Credit: Moses Kargbo, World Bank – Khadija Musa, Vice Chairlady and Marketing Officer of SWDA in front of the organization’s container used as store for their equipment. 

Washington, USA, 10 March 2023-/African Media Agency(AMA)/“Our families have enough food to eat. We manage our farms and breed poultry to serve both subsistence and commercial purposes. This is what happens when a group of determined women come together to champion their development and help improve the welfare of other women in the Jeoma Falaba community,” boasts 52-year-old Kadiatu Kamara, CEO of the Sanda Women Development Association (SWDA), a farmer-based group in Sierra Leone’s second-largest city of Bo.

The group started as a ‘savings club’ in 2014, providing micro-credits to its members. In 2018, it transformed into an agribusiness enterprise, focusing on poultry, fish farming, vegetable production, and livestock.

The group supports other business initiatives that generate additional income for its core members – more than 50 women – as well as employ other women and young men who help with poultry and vegetable farming. Sanda Women is a beneficiary of a $30,000 grant support from the Smallholder Commercialization and Agribusiness Development Project (SCADeP), a program by the Government of Sierra Leone financed by the World Bank. The program promotes smallholder commercialization by fostering productive business linkages between smallholder farmers and agribusiness firms, and other commodity buyers.

CEO of Sanda Women, Kadiatu Kamara (left) & Oyah Mariama. Photo: Moses Alex Kargbo / World Bank

Since 2017, 102 groups (55 farmers groups and 47 Micro, Small, and Medium Enterprises – MSMEs) have benefited from small-scale grants that have enhanced incomes, jobs, and agriculture productivity.

“With the hammer mill, labor time to process the animal feed has reduced considerably,” said Kadiatu, pointing to a machine procured through grant funding, which has helped the group to transition from hand-pounding of feed inputs (including oyster shells) with locally-made wooden mortars and pestles. The number of poultry birds has increased from 1,000 before SCADeP’s intervention to 10,000 (8,000 layers and 2,000 broilers). The group’s business operations have transformed, and its productivity scaled up.

We sell hundreds of bags of poultry wastes each month to vegetable farmers in Bo and other towns. We used some of the sales proceeds to start the animal ranch, construct the fishponds populated with tilapia, and support vegetable and rice farming.

Khadija Musa
Vice Chairlady and Marketing Officer of SWDA

The group has improved record-keeping and holds monthly meetings to update its members and plan new initiatives. This knowledge was gained from the Business Development – Technical Assistance supported by SCADeP. It operates an out-grower-scheme of 25 maize farmers groups that have off-taker arrangements with big restaurants in Bo to supply eggs, broilers, and spent layers.

The group has diversified its operations, adding fishponds and a small livestock ranch of 25 animals (13 cows and 12 goats). “We sell hundreds of bags of poultry wastes each month to vegetable farmers in Bo and other towns,” said Khadija Musa, Vice Chairlady and Marketing Officer of SWDA. “We used some of the sales proceeds to start the animal ranch, construct the fishponds populated with tilapia, and support vegetable and rice farming.”

Putting members’ children through school

Part of the group’s benefit-sharing scheme is the provision of education support to members’ children. Over a hundred children have gained primary, secondary, and university education through this scheme.

Oyah Mariama Kamara, daughter of the group’s CEO, graduated in February with a first-class BSc. in Computer Science from Njala University. Last November, she participated in a hackathon contest organized by the university and emerged as one of the top three winners. She represented Sierra Leone in a hackathon in India in January.

Oya Mariama Kamara, beneficiary of education support through the organization’s profit-sharing scheme. Photo: Moses Alex Kargbo / World Bank

“This business has had a positive impact on my growth as well as hundreds of children. It has enabled our parents to support our education and also provides food for the homes. This benefit also extends to children of people employed to work in the poultry and farms,” said the 22-year-old.

The son of another project member graduated with a degree in medicine and is currently a practicing medical doctor.

Going from an organization to a company

The Sanda Women are currently transitioning from a producer organization to a company. The Sanda Women Company Limited will be able to leverage private capital from commercial banks to move their operations to scale.

“We want to move to modern technology like the battery cage system wherein once the eggs are laid, the fowls will have no contact with them. This yields high returns and will also preserve the health of the birds,” said Khadija. “But we can only achieve this through a serious investment of capital. We hope to be able to secure financing from banks to grow our business.”

A cross section of Sanda Women posing in front of one of the fishponds. Photo: Moses Alex Kargbo / World Bank

Smallholder farmers drive many economies. Increased incomes and farming profits are invested locally funding jobs and equitable growth. This creates opportunities for rural women and youth to live and thrive in their home communities. Sanda Women’s success highlights how small-scale grants are contributing to food security and the alleviation of poverty among vulnerable groups, especially women.

Distributed by African Media Agency (AMA) on behalf of The World Bank

The post Small Grants Yield Big Wins for Women Farmers in Sierra Leone appeared first on African Media Agency.

Source : African Media Agency (AMA)

Equity-Based Crowdfunding Platform, GoGetta Showcases First Vetted African Businesses Beyond SA

Sthembiso Zwane, Co-founder of GoGetta

JOHANNESBURG, South Africa, 27 February 2023 -/African Media Agency(AMA)/- Innovative equity crowdfunding platform GoGetta has listed its first two businesses outside of South Africa. 

Scorefam is a sports gaming business which makes it easy for betting fans to deposit and withdraw earnings via its crypto-enabled app. Quiver is a crypto-based savings and loans provider which caters for Africans in the informal sector. Both businesses are based in Nigeria.

Sthembiso Zwane, co-founder of GoGetta says, “After successfully raising over R6m for two businesses in just six weeks, we’re delighted to offer these innovative African businesses to global investors. This signifies an important step in our growing reputation as a trusted facilitator of funds for quality African businesses. All businesses must be scrutinised by an investment team prior to listing on the GoGetta platform.”

The announcement comes as growth in the African crowdfunding space gains momentum. Kenya recently released legislative guidance on crowdfunding which specifies licensing requirements for crowdfunding operators, eligible issuers and investors and rules governing crowdfunding transactions. GoGetta has a number of Kenyan businesses in their pipeline. 

GoGetta allows investors to select vetted opportunities and invest quickly and securely from R1,000 (USD 57) to own shares in various African businesses across a number of sectors. GoGetta was launched as a solution to funding issues for quality African businesses and to ensure Africa gets its slice of the billion-dollar equity-based crowdfunding industry. 

Simisoluwa Adeyemo, Scorefam founder and CEO, says the business was created to solve specific problems in sports gaming and betting. “Risk profiling is important to ensure that the selected bets correspond with the user’s appetite for risk. Users can play to earn yield on their capital. When they make successful predictions, they are paid out in a Scorefam token, removing dependence on local banks and country limitations for accessing their rewards. We are aiming to raise R2,2 million (USD 125,000) investment in exchange for shares in the business.”

After struggling to access loans using their digital assets portfolio as collateral, the co-founders of Quiver realised that the average Nigerian could not access credit facilities because they often lacked the resources that made them eligible. “It’s impossible to get credit without statutory documentation and minimum savings deposits. We built Quiver to allow Africans to do more with less by building a non-custodial savings and loans platform,” says Omololu Bamisile, Quiver CEO. Quiver is aiming to raise R4,4 million (USD 247,000) with a minimum target at R2,2 million (USD 123,000).

Businesses open for investment on GoGetta:

  • UMOYA! operates in the telecommunications sector providing affordable data and improved internet connection to under-serviced communities in South Africa. 
  • Investment term: 5 years. Investors can expect a targeted IRR of 21.3%
  • Investmint is an innovative loans platform for SMEs, launched in 2019 which has already funded R30 million in loans. 
  • Investment term: 6 years. Investors can expect a targeted IRR of 27.3%
  • Buygaloo is an adtech business which provides a location-based advertising platform to brick and mortar stores. 
  • Investment term: 5 years. Investors can expect a targeted IRR of 35.3%
  • Silverleaf, a venture capital cannabis fund with an attractive structure allows investors to get in on the growing and lucrative cannabis industry. 
  • Investment term: 5 years. Investors can expect a targeted IRR of 15-20%.
  • Scorefam, a sports gaming crypto-enabled business which makes it easy for betting fans to deposit and withdraw earnings.
  • Investment term: 6 years. Investors can expect a targeted IRR of 33.2%
  • Quiver, a savings and loans provider aimed at the informal market in Africa.
  • Investment term: 5 years. Investors can expect a targeted IRR of 33.6%

GoGetta is powered by one of South Africa’s most respected administrators in the small cap alternative investment space, Grovest. With a track record of over 10 years in entrepreneurship funding, Grovest has assets under administration of over R3,5 billion.

Only African businesses can list on the platform, but investors can be located anywhere.

For further information go to www.gogetta.africa.

Distributed by African Media Agency (AMA) on behalf of GoGetta

About GoGetta

GoGetta is an equity-based crowdfunding platform, bringing quality venture capital opportunities to investors worldwide and giving Africa’s entrepreneurs the platform to raise capital. Investors can invest in various businesses from R1000 (about 60 USD). GoGetta is regulated by the Financial Sector Conduct Authority (FSCA). It is powered by Grovest, which has assets under administration of over R3.5 billion and has a track record of over 10 years in entrepreneurial funding: www.GoGetta.africa

Media Contacts

Turquoise PR & Marketing Communications: 

Despina Harito

084 453 1755 | despina@turquoisepr.co.za

Michelle K Blumenau

083 273 9891 | michelle@turquoisepr.co.za

The post Equity-Based Crowdfunding Platform, GoGetta Showcases First Vetted African Businesses Beyond SA appeared first on African Media Agency.

Source : African Media Agency (AMA)

7 African Startups to Receive $385k to Develop Solutions for the Blue Economy

NAIROBI, Kenya, 08 Frebruary 2023 -/African Media Agency(AMA)/- Today, climate resilience venture launcher Triggering Exponential Climate Action (TECA) has announced the selection of seven startups to each receive $55,000 in funding to advance their solutions for the blue economy in Africa. The startup founders were selected following their participation in TECA’s fellowship program, where they were supported to create ideas for companies in the blue economy, build teams, and form companies.

The TECA program, managed by BFA Global and supported by FSD Africa, was created to

accelerate the development of climate-resilient solutions to protect and sustain the environment and

vulnerable communities. Each startup will receive $27,500 in seed capital and $27,500 in hands-on

venture building support to progress financial and tech-enabled solutions that bolster the climate

resilience of communities and ecosystems in and around the oceans, lakes, and rivers across the

Eastern region of Africa.

“Through the TECA program, we are proud to support and accelerate the development of innovative

solutions that will protect and sustain the environment and vulnerable communities in the Eastern

coast of Africa. These seven startups represent the forefront of the blue economy in Africa, and we

look forward to seeing the impact of their financial and tech-enabled solutions on communities and

ecosystems,” said David del Ser, Chairman and Chief Innovation Officer at BFA Global.

“The ventures that have been formed through the TECA program are an inspiration. They represent

young Africans – including women – coming forward with great ideas and solutions to climate-related

challenges, in this case, in the blue economy. I’m proud that FSD Africa is supporting this initiative,

which leverages finance and technology to help build resilience and create opportunity in the context

of climate adversity. Through our partnership with BFA Global, we plan to roll out TECA beyond the

blue economy to also solve for other challenges and geographies across Africa.” said Juliet Munro,

Digital Economy Director at FSD Africa.

Founders of the seven startups selected in the current cohort originate from six countries in

Africa—Kenya, Egypt, South Africa, Uganda, Zimbabwe and Tanzania—with ideas focusing on

bridging existing gaps in: aquaculture; ecotourism; measurement, reporting, and verification (MRV) in

conservation; seaweed value chain; mangrove restoration and protection; and financial services for

fisher folk. The startup companies and their solutions are:

  • AquaTrack: a data-driven solution for sustainable aquaculture production. They aim to provide a water quality monitoring device for fish farmers seeking to increase production and efficiency in their farms.
  • Carboni Bank: a community-centered platform for tourists to offset their carbon emissions and support local climate initiatives.
  • ConserVate: utilizing innovative digital technology to build local capacity for monitoring reporting and credible verification (MRV) of conservation impact for both funders and implementers to reverse the effects of climate change.
  • Mwani Blu: building a seaweed marketplace with high-level traceability, providing women smallholder farmers with dignified and stable incomes.
  • RegisTree: empowering coastal communities to be agents of climate change mitigation by facilitating their role in mangrove restoration and protection.
  • Vua Solutions: a fintech company seeking to provide affordable and responsible financial services to people working in the blue economy.
  • Wezesha Aqua Farms: seeking to address the dwindling wild capture fisheries stocks that negatively impact the livelihoods and socioeconomic status of local fishing communities around the great lakes region in Eastern Africa.

o further invest in the success of these startups, TECA will provide comprehensive venture building

support that includes mentorship, capacity building, business model refinement, and support

launching their products and services in the market.

Startups working on climate resilience solutions are encouraged to apply for the next TECA cohort.

For more information, visit the TECA website.

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

About BFA Global

BFA Global applies financial and digital innovation, venture building, and investment expertise – relying on rigorous insights from field research, a deep network of partners and practical implementation experience across emerging markets – to improve the resilience and well-being of underserved people. We leverage global expertise and local knowledge to craft and scale solutions, and catalyze innovation ecosystems, partnering with leading public, private and philanthropic organizations, for a more inclusive and sustainable planet. Founded in 2006, BFA Global is headquartered in Nairobi and Boston, with a presence in Medellín, New Delhi, Mexico City, Johannesburg, Lagos, Accra, Madrid, London and Paris.

Learn more at bfaglobal.com

About FSD Africa 

FSD Africa is a specialist development agency working to help make finance work for Africa’s future. Based in Nairobi, FSD Africa’s team of financial sector experts work alongside governments, business leaders, regulators, and policymakers to design and build ambitious programmes that make financial markets work better for everyone. Established in 2012, FSD Africa is incorporated as a non-profit company limited by guarantee in Kenya. It is funded by UK aid from the UK government.

For more information, visit: https://www.fsdafrica.org  

For further inquiries:

BFA Global

Carmen Merab,

Communications & Influence Manager,

cmerab@bfaglobal.com

Source : African Media Agency (AMA)

African Guarantee Fund partners with crowdfunding platform bettervest to increase impact investing for SMEs in Africa

LtoR Jules Ngankam, AGF Group Chief Executive Officer and Olga Dickmann,Chief Financial Officer, Manager Business Development Africa

NAIROBI, Kenya, 26 January 2023 -/African Media Agency(AMA)/- African Guarantee Fund (AGF) has today partnered with Frankfurt-based bettervest, a crowdfunding platform, to increase financing of sustainable SME projects in Africa. 

AGF will provide partial guarantees requested by bettervest, on the basis of risk sharing, in respect of defaults arising from credit facilities offered to African SMEs.  

Speaking on the new partnership, AGF Group CEO Jules Ngankam said, “Partnering with a crowdfunding platform and Fintech is in line with our strategy for the coming years and represents a unique development opportunity for innovative financing. Through our risk-sharing mechanism, the partnership with bettervest will have a positive impact on Africa’s green economic transition.”

By cooperating with the African Guarantee Fund, we have come much closer to our goal of also letting our investors benefit from the valuable instrument of a default guarantee and thus perhaps directing more investments to the African continent. This partnership is a milestone for our company”, says Marilyn Heib, CEO of bettervest GmbH.

The aim of this partnership is to further increase the attractiveness of impact investments, which therefore makes a valuable contribution to the planet and its people. As with any type of investment, impact investing is not free of risks. If a project fails, the worst-case scenario is the loss of the investment amount. The partial guarantee provided by African Guarantee Fund will help to mitigate the risk of default. 

Distributed by African Media Agency (AMA) on behalf of African Guarantee Fund

About African Guarantee Fund 

African Guarantee Fund (AGF) is a specialised guarantee provider with a mandate of facilitating access to finance for Small and Medium Enterprises (SMEs) to enable them fully play their role of driving Africa’s economic growth. To achieve this, AGF provides partial credit guarantees and capacity development assistance to its Partner Financial Institutions. AGF has so far issued guarantees of over USD 1.5 billion which have unlocked more than USD 3 billion of SME financing, through its 200 Partner Financial Institutions across 40 African countries. 

As a 2X Challenge qualified institution, AGF is committed to supporting women entrepreneurship through the AFAWA Guarantee for Growth program, which aims to unlock up to USD 5 billion in financing for women-owned or led businesses by 2026. AGF also fosters sustainable growth through its Green Guarantee Facility, to increase access to finance for SMEs investing in climate and green growth-oriented economy.

African Guarantee Fund was established in 2011 by the Government of Denmark (represented by DANIDA), the Government of Spain (represented by AECID) and the African Development Bank (AfDB). Other shareholders include French Development Agency (AFD), Nordic Development Fund (NDF), Investment Fund for Developing Countries (IFU), KfW Development Bank (KfW), Proparco and West African Development Bank. AGF is also sponsored by Global Affaires Canada and USAID’s West Africa Trade & Investment Hub.

AGF is rated AA- by Fitch Ratings. For more information, please visit www.africanguaranteefund.com   

About bettervest

bettervest GmbH operates the crowdfunding platform www.bettervest.com, through which people can invest in energy and resource-saving impact projects and in return receive a fixed return from the resulting energy cost savings. For this purpose, bettervest GmbH has developed an internet-based platform, and offers quality control and project management for suitable projects in addition to full financing processing. 

bettervest also finances projects in Africa and emerging countries around the world and thus aims to support not only climate protection, but also the people in these countries. As a pioneer in this field, we are receiving more and more support from citizens and consumers who want to invest their money in our highly economic and meaningful measures and have now expanded our product portfolio into the area of bonds as well as co-financing through institutional and other larger investors.

For more information and the current projects, please visit www.bettervest.com 

Press Contacts

African Guarantee Fund

Diana Aluga

Group Communications & Public Relations Officer

+254 732 148 000

communications@agf.africa 

bettervest GmbH

Vanessa Dietz

Marketing and Project Manager

+49 (0) 69 348 71 68 – 13

Source : African Media Agency (AMA)

Innovating Finance for Climate Change as Policymakers Gather for the U.S.- Africa Leaders Summit 2022

Sponsored by Bank of America and Africa Finance Corporation in collaboration with Africa.com

WASHINGTON, USA, 13 December, 2022 -/African Media Agency(AMA)/- Africa.com, Bank of America and Africa Finance Corporation (AFC) are convening a high-level curated event to discuss innovating finance for climate change in Washington D.C. on December 15, during the U.S.- Africa Leaders Summit.

The event will bring together a focus group of senior leaders to contribute to framing financial innovations that are needed to advance the partnership between the United States and Africa on tackling global climate change.

Samaila Zubairu, President & CEO, Africa Finance Corporation

“As one of the largest investors in renewable energy on the continent, AFC is leveraging the US-Africa Leaders Summit to call upon U.S. impact investors, philanthropists, fund managers, and research and technology institutions to join us in developing global standards for carbon trading, providing safer and less polluting energy alternatives for the millions of Africans that cook with firewood, and overcoming the challenge of energy poverty in Africa today,” said Samaila Zubairu, President & CEO of Africa Finance Corporation. “We have doubled down on AFC’s commitment to clean technology, targeting growth in our Renewable Energy Platform from 1.4GW to 5GW by 2025, and welcome meaningful discussion on finding ways to crowd in further stakeholders.”

“We need strong partners to work with in resolving some of this century’s accelerating challenges for Africa: climate change, energy and technology. Identifying institutions with the ability to develop, deliver and scale solutions is critical to addressing financing gaps and accessing opportunities to mobilize capital more effectively in Africa,” said Yvonne Ike, head of sub-Saharan Africa (ex-RSA), Bank of America.

Yvonne Ike, Managing Director, sub-Saharan Africa (ex-RSA), Bank of America

The United States recently issued a n ew policy towards Africa that seeks partnership with African institutions to address key global challenges, particularly in relation to energy, global climate change and technology. There is no better time than now for Africa to play a central role, working with the United States and other developed economies, in solving these global challenges.

Leading the conversation are Samaila Zubairu, President & CEO, Africa Finance Corporation, and Yvonne Ike, Managing Director, sub-Saharan Africa (ex-RSA), Bank of America.

The event is unique in featuring an interactive conversation among experts moderated by Teresa Clarke, Chair of Africa.com. “The goal of the evening is to end with new ideas, new and stronger relationships, and specific action items that will lead to creative financing solutions as Africa moves forward in addressing global climate change,” said Clarke.

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

Showcasing Africa in support of a more equitable, inclusive, and sustainable future.

Launched in 2010, Africa.com is a women-led digital media company with an extensive array of platforms that reach a global audience interested in African content and community. Africa.com webinars, summits, and training workshops provide free access to world-class professors, facilitators, speakers, and business leaders from across the continent and the world. Africa.com is committed to changing the global narrative of Africa through the power of unparalleled storytelling.

Africa Finance Corporation

AFC was established in 2007 to be the catalyst for private sector-led infrastructure investment across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.

Fifteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has invested over US$10 billion in 36 countries across Africa since inception.

https://www.africafc.org/

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and

other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

Media Inquiries:

Susan Gitau media@africa.com

Source : African Media Agency (AMA)

Will remittance trends from 2022 in Ghana continue in 2023?

Byline: Gbenga Okejimi, Country Manager, Ghana, and Nigeria

ACCRA, Ghana, 9 December 2022,-/African Media Agency (AMA)/- Over the past year, remittances have continued to be a vital source of foreign income in many developing countries across Sub – Saharan Africa, contributing significantly to changing the lives of millions of people1.

This year, remittance flows to Ghana are expected to grow to about $4.5 billion, positioning Ghana as one of the highest recipients of remittance inflows in Africa2. Money transfers from Ghanaian migrants overseas have been crucial in enabling many to build resilient households as they have been able to access healthcare services, quality education, and provide food for their families.

With close to over 6.8 million people living below the poverty line in Ghana, and the incidence of multidimensional poverty in urban areas standing at 27% and 64% in rural Ghana, remittances have significantly helped accelerate poverty reduction3.

According to the latest 2022 year-in-review by World Bank, remittances in Sub-Saharan Africa grew an estimated 5.2% to $53 billion in 2022, compared with 16.4% last year. However, in 2023, remittances are projected to soften to 3.9% growth as many nations face adverse conditions in the global and regional environments4.

All eyes are now on what 2023 will bring for millions of families dependent on remittances each year with the widespread efforts to increase COVID-19 vaccination rates and stabilise the Ghanaian economy.

With these factors in mind, remittance expert Gbenga Okejimi, Country Manager, Ghana and Nigeria, WorldRemit, shares his top market trends for 2022 and beyond.

Remittance growth continues

As the preference for digital tools and services to conduct money transfers increases, digital remittances will continue to grow steadily throughout 2022. As of 1 June 2022, WorldRemit users globally sent more than GBP 145 million back home to Ghana.

This shift towards digital, deeply accentuated by the pandemic, is predicted to continue as many tech-savvy customers opt for affordability and greater convenience.

Safety comes first

It is predicted that money transfer companies will continue to prioritise safety measures above all else. For international markets that enable markets that enable migrants to send money, more companies will integrate additional features that allow them to validate the identification of their customers, from phones’ IP addresses to the validation of identity documents.

On the receiving side, WorldRemit supports Ghana by providing a robust network of cash pick-up locations with our partners for greater convenience and accessibility. All connections through our website and mobile app are secure and encrypted. We have also built a sophisticated automated machine-learning system for fraud detection.

Speed will continue to be of the essence.

Even though some customers are used to waiting hours or even days for a bank wire transfer to arrive at its destination, expectations for the speed of money transfer apps and platforms are the opposite. With new advancements across the digital landscape, users expect money to be sent and received in minutes. 

To deliver the best and quickest customer experience, companies will continue to invest in enhancing their technologies. Hence, data exchange with financial institutions is more seamless, and the flow of remittances is uninterrupted.

Our technology at WorldRemit allows 90% of money transfers sent to Ghanaians to be ready within minutes5.

Money transfer services that work with API technology, which generates the confirmation that the receiving account or wallet is ready to receive the money, will be able to ensure transfers are completed almost in real-time. In addition, increased communication and tracking features will be integrated at a global scale for users’ peace of mind.

The simpler, the better

Companies will focus on making things as simple as possible, with a strong tendency to decrease the number of steps in each money transfer – from downloading the application and creating the user profile to adding the beneficiary. The trend toward more efficiency and effectiveness will ensure sending money becomes as easy as sending a text.

Digital remittances eliminate the need to go to a fixed payment point, saving users time and money. Living in the uncertainties of a pandemic, senders and receivers are prioritising safety and looking for a simple, straightforward solution for their transactions. 

Technology has gained a more prominent role in people’s lives and money transfers have been no exception. A relatively new industry about ten years ago, digital money transfers and remittances are not only here to stay, but they are also slowly becoming the method of choice for customers, by proving that they’re just as safe as a bank transfer, and much faster, cheaper, and more convenient.

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

Notes to Editors:

1.   Business Insider Africa. 10 African countries that receive the highest remittance inflows, according to latest stats. June 2022

2.   Business Ghana. Remittances to Ghana to hit $4.5bn in 2022 – Fitch Solutions. April 2022

3.   Graphic Online6.8million Ghanaians are poor — GSS Survey. September 2018

4.   World Bank. Remittances Grow 5% in 2022, Despite Global Headwinds. November 2022

5.   WorldRemit. How it Works: Bank Transfer.  

About WorldRemit

We’re a leading global payments company and, along with Sendwave, part of Zepz, a group powering two global payments brands. 

We disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower-cost. We currently send from 50 countries to recipients in 130 countries, operate in more than 5,000 money transfer corridors worldwide and employ over 1,200 people globally. 

On the sending side WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money. Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom with regional offices around the globe. 

www.worldremit.com

Media Contact

WorldRemit Press Officea

media@worldremit.com

Source : African Media Agency (AMA)

Will remittance trends from 2022 in Zimbabwe continue in 2023?

Byline: By Susan Sitemere, Country Manager, Zimbabwe, and South Africa, WorldRemit

HARARE, Zimbabwe, 5 December, 2022,-/African Media Agency (AMA)/- Remittances continue to offer a crucial lifeline in most developing countries across Sub–Saharan Africa, contributing significantly to changing the lives of millions of people. In Zimbabwe, diaspora remittances increased to $1.4 billion in 2021 from $1 billion in 2020, reflecting the outstanding contributions of Zimbabwean migrants to national development and providing financial aid to their families back home1. 

Globally, remittance flows in 2022 to low and middle-income countries withstood global headwinds in 2022, increasing with an estimated 5% to $626 billion a sharply lower rate than the 10% increase in 20212.

According to the latest 2022 year in review by World Bank, remittances in Sub-Saharan Africa grew an estimated 5.2% to $53 billion in 2022, compared with 16.4% last year. However, in 2023, remittances are projected to soften to 3.9% growth as many nations face adverse conditions in the global and regional environments2.

With close to 82.80% of Zimbabwe’s population living below the poverty line as of 2019 remittances have helped accelerate poverty reduction in the country3.

All eyes are now on what 2023 will bring for millions of families dependent on remittances each year with the widespread efforts to increase COVID-19 vaccination rates and stabilise the Zimbabwean economy.

With these factors in mind, remittance expert Susan Sitemere, Country Manager Zimbabwe & South Africa at WorldRemit, shares her top market trends for 2022 and beyond. 

Remittance growth continues

As the preference for digital tools and services to conduct money transfers increases, digital remittances will continue to grow steadily throughout 20224. This shift towards digital, deeply accentuated by the pandemic, is predicted to continue as many tech-savvy customers opt for affordability and greater convenience. 

Safety comes first

It is predicted that money transfer companies will continue to prioritise safety measures above all else. For international markets that enable migrants to send money, more companies will integrate additional features that allow them to validate the identification of their customers, from phones’ IP addresses to the validation of identity documents. 

On the receiving side, WorldRemit supports Zimbabwe by ensuring money is delivered directly and instantly through EcoCash mobile wallet service and via its robust network of cash pick-up locations across the country. Currently, WorldRemit has the largest network of cash-pick up locations in Zimbabwe compared to other IMTOs. All connections through our website and mobile app are secure and encrypted. We have also built a sophisticated automated machine-learning system for fraud detection. 

Speed will continue to be of the essence

With new advancements across the digital landscape, expectations for the speed of money transfer apps and platforms are the opposite from what was there before and users expect money to be sent and received in minutes. 

To deliver the best and quickest customer experience, companies will continue to invest in enhancing their technologies. Hence, data exchange with financial institutions will be more seamless, and the flow of remittances will be uninterrupted.

Our technology at WorldRemit allow 90% of money transfers sent to Zimbabweans to be ready within minutes5.

Money transfer services that work with API technology, which generates the confirmation that the receiving account or wallet is ready to receive the money, will be able to ensure transfers are completed almost in real-time. In addition, increased communication and tracking features will be integrated globally for users’ peace of mind.

The simpler, the better

Companies will focus on making things as simple as possible, with a strong tendency to decrease the number of steps in each money transfer – from downloading the application and creating the user profile to adding the beneficiary. The trend toward more efficiency and effectiveness will ensure sending and receiving money becomes as easy as sending a text.

Digital remittances eliminate the need to go to a fixed payment point, saving users time and money. Living in the uncertainties of a pandemic, senders and receivers prioritize safety and look for a simple, straightforward solution for their transactions. 

Technology has gained a more prominent role in people’s lives, and money transfers have been no exception. A relatively new industry about ten years ago, digital money transfers and remittances are not only here to stay, but they are also slowly becoming the method of choice for customers by proving that they’re just as safe as a bank transfer, and much faster, cheaper, and more convenient.

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

Notes to Editors:

1.   Quartz. The battle for a share of Zimbabwe’s billion-dollar remittance industry. July 2022

2.   World Bank.Remittances Grow 5% in 2022, Despite Global Headwinds. November 2022

3.   Macrotrends. Zimbabwe poverty trends. 2022

4.   The World Bank. Remittance Flowed Register Robust 7.3 Percent Growth in 2021. November 2021. 

5.   WorldRemit. How it Works: Bank Transfer


About WorldRemit

We’re a leading global payments company and, along with Sendwave, part of Zepz, a group powering two global payments brands. 

We disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower cost. We currently send from 50 countries to recipients in 130 countries, operate in more than 5,000 money transfer corridors worldwide and employ over 1,200 people globally.

On the sending side WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.

Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom with regional offices around the world.

www.worldremit.com

Media Contact

WorldRemit Press Office

media@worldremit.com

Source : African Media Agency (AMA)

$200 million (USD) Mastercard Foundation Africa Growth Fund Launched for Investment Vehicles (IVs) to Catalyze Job Opportunities

·    The Fund-of-Funds invests in African investment vehicles targeting small and medium enterprises (SMEs) and applies Gender Lens Investing (GLI) principles.

·    It provides Business Development Services (BDS) support to investment funds and portfolio SMEs.

·    It targets a major boost in decent jobs for women and youth.

ACCRA, Ghana, 1 December 2022 -/African Media Agency(AMA)/- The Mastercard Foundation Africa Growth Fund (MFAGF), a Fund of Funds that works through African investment vehicles to support early-stage, growth-oriented SMEs on the continent, launched today with a committed $200 million (USD). The goal of the Mastercard Foundation Africa Growth Fund is to enable dignified and fulfilling work for young people, particularly young women. The Fund-of-Funds is bold and catalytic, helping to crowd in capital for African entrepreneurs by strengthening and de-risking African investment vehicles that are committed to advancing gender equity in entrepreneurship.

In addition to providing capital for investment vehicles, the MFAGF will offer a business development facility for their portfolio companies. The Fund-of-Funds initiative will use gender-lens investing (GLI) principles to help advance the Mastercard Foundation’s Young Africa Works strategy, which aims to enable 30 million young people in Africa, particularly young women, to access dignified and fulfilling work by 2030. So far, the Fund-of-Funds has recruited two investment vehicles supporting entrepreneurial growth- one in East Africa and one in West Africa.

Investment vehicles that are African owned, led, and based are typically considered high-risk. At the same time, African SMEs struggle to access the financing they need to scale, inhibiting their potential. The Mastercard Foundation Africa Growth Fund tackles both challenges by investing in and strengthening African investment vehicles that in turn support African SMEs.

Dr. Dorothy Nyambi, President and CEO of MEDA

“We need to do everything it takes now to build a continent with shared prosperity and sustainable, inclusive growth,” says Dr. Dorothy Nyambi, President and CEO of MEDA “This Fund-of-Funds will strengthen and empower a new crop of African investment vehicles to drive decent job creation for women and youth via investments in small and medium-sized enterprises.” Dr. Nyambi added that success lies in increasing youth employment and moving from talk to action. 

“More than 75 percent of ventures funded will be led by women creating jobs,” Dr. Nyambi said. “Ultimately, our impact will be in building the investment ecosystem for investment vehicles and in the SMEs that will thrive and create dignified employment.” 

Samuel Akyianu, MFAGF Chief of Party/Managing Director

The Fund-of-Funds has recruited a stellar Investment Committee from Africa’s best and brightest financial and investment experts including: Hamdiya Ismaila, general manager at Venture Capital Trust Fund/Ghana, Kanini Mutooni, savvy investment leader, Dr. Frank Aswani, CEO of the African Venture Philanthropy Alliance (AVPA), Lumka Mlambo, fund principal at the South Africa SME Fund, and Mercy Mutua, Head of Access to Finance at the Mastercard Foundation.

“The MFAGF has built up a promising pipeline of 180 diverse investment vehicles, including Early-stage, Growth, Debt and Seed VC Funds and other non-traditional funds,” saysSamuel Akyianu, MFAGF Chief of Party/Managing Director. “Five have gone through our investment screening process, two female-led investment vehicles are past due diligence and received a favorable investment decision.” Akyianu added.

Akyianu explains that the main objective is to make investments that generate positive, measurable social and environmental impact while contributing to building a stronger and more vibrant African investment ecosystem. He says the Fund-of-Funds is committed to measuring and reporting decent job creation for Africa’s youth through a process that incorporates gender, diversity, inclusivity, social, and environmental performance for all investments.

The Fund-of-Fund’s vision is implemented by a consortium of partners, including Investisseurs & Partenaires (I&P) and Entrepreneurial Solutions Partners (ESP), Genesis Analytics, the Criterion Institute, and Africa Communications Media Group.

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

Notes to editors

About the Mastercard Foundation African Growth Fund

The Mastercard Foundation Africa Growth Fund is a $200 million (USD) impact investing initiative by the Mastercard Foundation. It works through African investment vehicles to support early-stage, growth-oriented SMEs on the continent, with the goal of enabling dignified and fulfilling work for young people, particularly young women. The Mastercard Foundation Africa Growth Fund is catalytic, helping to crowd in additional capital for African entrepreneurs, particularly female entrepreneurs, by strengthening and de-risking African investment vehicles that are committed to advancing gender equity in entrepreneurship.

About the Mastercard Foundation

The Mastercard Foundation is a Canadian foundation and one of the largest in the world, with approximately $40 billion in assets. The Foundation was created in 2006 through the generosity of Mastercard when it became a public company. Since its inception, the Foundation has operated independently of the company. The Foundation’s policies, operations, and program decisions are determined by its Board. For more information on the Foundation, please visit: www.mastercardfdn.org 

About Mennonite Economic Development Associates (MEDA)

MEDA (Mennonite Economic Development Associates) has been implementing effective market-driven programs globally since 1953. MEDA combines innovative financial and technical expertise to build and enhance sustainable agri-food systems that provide decent work for people living in poverty with a focus on systemically marginalized communities, including women and youth. Our core expertise lies in market systems, environmental sustainability and climate action, gender equality and social inclusion, inclusive financial services, and impact investment. MEDA partners with local private, public and civil society actors, strengthening individuals, institutions, communities, and ecosystems, and thereby contributing to sustainable and inclusive systemic change.

For more information please visit: www.meda.org

For media inquiries contact:

Dumisani Ngwaila

Communications Consultant

C. 079 853 0678/065 863 0010

T. +27 10 300 0213

dumisanin@africacommunicationsgroup.com

Source : African Media Agency (AMA)

Hantec Financial set on further global expansion into African markets

HONG KONG, SAR, 22 November 2022,-/African Media Agency (AMA)/- Hantec Financial an award-winning brand, under Hantec Group, officially announced its ongoing global expansion into Rwanda. Hantec offers its prestigious financial services and opens the doorway to new global trading opportunities.

Global regulated and offering diversified financial service

Hantec with over 30 years of experience and authorized with 12 regulatory licenses, is constantly exploring opportunities to expand its business to new markets. The group is now present in 19 cities across 14 countries worldwide, covering Greater China, Thailand, Vietnam, Japan, Australia, the UK, Europe, South America, the Middle East, Africa etc. Also offers a variety of financial assets including forex, CFDs, commodities, indices and US stocks with competitive spread and leverage. 

A credible brand to ensure fund safety and secure trading

Hantec Financial as a trusted financial service provider believes in the power of technology to protect customer assets and improve service levels, it continuously optimizes its platform by keeping up with changes in the market and adapting to investor preferences.

The team has obtained the ISO 27001 and ISO 20000 international certifications. It ensures that Hantec Financial meets the international security level in the power of protecting customer assets and offers a smooth, stable, and safe trading experience for investors.

Hantec Financial strive to deliver professional localized financial services for all

In 2022, Fxdailyinfo.com awarded Hantec Financial as “Best Forex Broker APAC” at the Broker Awards 2022 to recognise its professional and excellent financial services in the APAC region. Hantec Financial has the expertise and experience to make high-quality investment services for all people. 

“Expanding the footprint into Rwanda and the rest of Africa enables us to offer more international trading opportunities for our valued clients,” said Freddy, CEO of Hantec Group. Hantec Financial also draws up a highly localized approach by cultivating local teams, and integrating local culture into its operations, to serve investors and clients from all over the globe.

Distributed by African Media Agency (AMA) on behalf of Hantec Financial

About Hantec Financial:

https://hantecfinancial.com/

Media Contact: 

csd@hantec.com

Source : African Media Agency (AMA)

Bill & Melinda Gates Foundation Reaffirms Commitment to African Countries to Help Accelerate Progress in Health, Agriculture, Gender Equality and Other Critical Areas

Speaking with University of Nairobi students, Bill Gates praises drive and optimism of young people in Kenya and across the continent 

NAIROBI, Kenya 17 November 2022 -/African Media Agency (AMA)/- Today, Bill Gates, co-chair of the Bill & Melinda Gates Foundation, reaffirmed the foundation’s long-term commitment to Africa and to working directly with countries to support breakthrough solutions in health, agriculture, gender equality, and other critical areas.

In his first trip to Africa since the COVID-19 pandemic began, Bill Gates announced the foundation would spend more than $7 billion over the next four years to support African countries and institutions working to develop and implement innovative approaches to confront hunger, disease, gender inequality, and poverty.

This new commitment to support African countries is in addition to existing Gates Foundation funding to multilateral organizations, including Gavi, the Vaccine Alliance and the Global Fund to Fight AIDS, Tuberculosis and Malaria. These resources have helped strengthen health systems and increase access to health care in African countries, contributing to dramatic reductions in the rate of child deaths from diseases such as diarrheal diseases, pneumonia, malaria and measles.

This week, Gates spent time visiting primary health care centers, leading medical and agricultural research institutes, and smallholder farms to listen to and learn from Kenyan and regional partners about what programs and approaches are making an impact, what obstacles remain, and how the foundation can better support future progress. In speaking to more than 500 students at the University of Nairobi—and thousands more across Africa who tuned in virtually—Bill Gates said Africa’s young people have the talent and opportunity to accelerate progress and help solve the world’s most pressing problems.

“The big global challenges we face are persistent. But we have to remember, so are the people solving them,” said Gates. “Our foundation will continue to support solutions in health, agriculture, and other critical areas—and the systems to get them out of the labs and to the people who need them.”

This commitment comes as the world is grappling with overlapping global crises that are worsening hunger, malnutrition, and poverty for millions. Even before the war in Ukraine disrupted the global food system, African countries were facing severe climate shocks, including droughts, locusts, and flooding. Today, 278 million people across Africa suffer from chronic hunger, with more than 37 million people facing acute hunger in the Horn of Africa alone. COVID-19 has also caused significant setbacks in immunization and stalled decades of progress made in combating HIV/AIDS, malaria, and tuberculosis.

“Every day, men and women across Africa are rising to meet the biggest challenges facing their families, communities, and countries,” said Melinda French Gates, co-chair of the Bill & Melinda Gates Foundation. “The foundation will continue to invest in the researchers, entrepreneurs, innovators, and health care workers who are working to unlock the tremendous human potential that exists across the continent.”

The foundation is calling on global leaders to step up their commitments to finding solutions and strengthening systems in African countries. This includes investing in people and innovations that can save millions of lives and create opportunities for the world’s most vulnerable.

“Millions of Africans are feeling the acute impacts of geopolitical instability and climate change, so it is critical that we work together,” said Mark Suzman, Gates Foundation CEO. “In close collaboration with our African partners, we will invest in local institutions and new collaborations that build the long-term resilience needed to make these crises less frequent and less devastating.”

Since the foundation’s inception, it has supported partnerships with African governments and communities, which have driven the success of numerous health, agricultural, equality, and anti- poverty initiatives. In the last two years, the foundation has funded partners working to provide immediate action and long-term support to smallholder farmers in sub-Saharan Africa, improve disease surveillance, increase locally led R&D and the number of health care workers in Africa, advance gender equality and women’s financial inclusion, and combat malaria and neglected tropical diseases. For more information, go to: https://www.gatesfoundation.org/ideas/media- center

Distributed by African Media Agency (AMA) on behalf of The Bill & Melinda Gates Foundation.

About the Bill & Melinda Gates Foundation

Guided by the belief that every life has equal value, the Bill & Melinda Gates Foundation works to help all people lead healthy, productive lives. In developing countries, it focuses on improving people’s health and giving them the chance to lift themselves out of hunger and extreme poverty. In the United States, it seeks to ensure that all people—especially those with the fewest resources—have access to the opportunities they need to succeed in school and life. Based in Seattle, Washington, the foundation is led by CEO Mark Suzman, under the direction of Co- chairs Bill Gates and Melinda French Gates and the board of trustees.

Media contact:

media@gatesfoundation.org

Source : African Media Agency (AMA)