<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="460" src="https://cms.forbesafrica.com/wp-content/uploads/2024/05/FRP-2-logo-1-1024x460.png" alt="" class="wp-image-61880" style="width:476px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/05/FRP-2-logo-1-1024x460.png 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/05/FRP-2-logo-1-300x135.png 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/05/FRP-2-logo-1-768x345.png 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/05/FRP-2-logo-1-1536x690.png 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/05/FRP-2-logo-1-2048x920.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



The Agribusiness Challenge Fund seeks to create work opportunities at scale for young people in sub-Saharan Africa by supporting Small and Medium-sized Enterprises (SMEs) working across 20 countries. SMEs that can create dignified and fulfilling work at scale for young women and men, young people with disabilities or refugee youth, can apply to the Mastercard Foundation Fund for Resilience and Prosperity Agribusiness Challenge Fund.&nbsp;



The newly-launched Agribusiness Challenge Fund will provide the selected SMEs grants ranging from $500,000 to $2,500,000, over a three-year period. The support will be based on the applicants’ development stage, scalability, business model, and in accordance with agreed periodic milestone targets. Additional tailored technical assistance will also be available to successful applicants.&nbsp;&nbsp;



The Agribusiness Challenge Fund is open to SME applications that meet certain eligibility criteria. For example, SMEs that can benefit from this support need to be focused on at least one of the following countries: Benin, Burundi, Botswana, Cameroon, Côte d’Ivoire, the DRC, Ethiopia, Ghana, Kenya, Malawi, Mozambique, Nigeria, Rwanda, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Uganda or Zambia.&nbsp;



“The agriculture sector presents great opportunities for innovative SMEs in sub-Saharan Africa to grow, with opportunities to create dignified and fulfilling work for young people, especially young women, young people with disabilities and refugee youth,” says Smita Sanghrajka, Mastercard Foundation Fund for Resilience and Prosperity Engagement Partner.&nbsp;



The Agribusiness Challenge Fund is a rolling call for proposals, open for a period of nine months with periodic harvests or collections of applications to be assessed every 12 weeks.&nbsp;



Unsuccessful applicants will have the opportunity to refine and resubmit their applications for subsequent harvests. The first application harvest of the rolling Agribusiness Challenge is on 7 June 2024. Interested SMEs can register and access the application platform through the Fund website <a href="http://about:blank/" target="_blank" rel="noreferrer noopener">www.frp.org</a>.&nbsp;



The objective of the Mastercard Foundation Fund for Resilience and Prosperity is to unlock enterprise growth and catalyze, scale-up and sustain the creation of dignified and fulfilling work opportunities for young women and men. The Fund was established following the successful conclusion of the Mastercard Foundation Fund for Rural Prosperity, which was in operation for eight years from 2014 to 2023 and supported 38 participant businesses from 15 countries in Africa. Those businesses were able to innovate and scale financial products and services targeting the rural population and further enable financial inclusion for over 5.3 million people.&nbsp;



The Fund Manager for the Mastercard Foundation Fund for Resilience and Prosperity is KPMG Development Services Limited in partnership with Triple Line Consulting, the Monitoring, Evaluation and Learning Partner.&nbsp;

Smita Sanghrajka(r) speaks with a participant during the Agribusiness Challenge Fund Event, Zen Garden, Nairobi, Kenya. 9 April 2024.The Mastercard Foundation Fund for Resilience and Prosperity is holding a series of workshop events throughout the African continent to discuss the financial instruments available for the development of innovation and technology in the agriculture sector. The Mastercard Foundation Fund for Resilience and Prosperity is a seven-year, US$ 126 million Fund that aims to support Small and Medium-sized Enterprises (SMEs) across the agriculture, climate adaptation and digital economy sectors in 20 countries in Sub-Saharan Africa. The main objective of the Fund is to unlock enterprise growth and catalyze, scale-up and sustain the creation of dignified and fulfilling work opportunities for young women and men, young people with disabilities and refugee youth.

Building Resilience And Prosperity With A Newly-Launched Fund For SMEs  

It is a universally-accepted notion that, if we are to truly become a more equitable society, more women are needed in the corridors of power and influence.  



The African Union’s Agenda 2063, titled The Africa We Want, speaks to inclusive and sustainable development in the drive for collective prosperity. Sadly, 24 years into our new millennium, the clarion call of women’s empowerment, diversity and inclusion, and transformation, still appears to have a novel ring to it.&nbsp;&nbsp;



How can this be on a continent where over 50% of the population is female? Over 40% of households in South Africa are female-led, yet women, and black women in particular, are unemployed at rates exceeding an already alarming national average.&nbsp;&nbsp;



“It is evident that lasting tangible change requires a commitment to transformation that transcends tick-box publicity stunts,” says Edna Montse, Group Chief Transformation and Sustainability Officer at African Bank.&nbsp;&nbsp;



“The empowerment of women not only contributes to a more just society, but creates opportunities for growth that everyone will benefit from.”&nbsp;&nbsp;



For African Bank, the concept of empowerment is anchored in ubuntu, the belief that our identity, humanity, and ambitions are interconnected.&nbsp;&nbsp;



“Ubuntu is a golden thread woven throughout the rich tapestry of the African Bank story,” says Montse.&nbsp;&nbsp;



“Our bank was established to give all South Africans access to financial services at a time when this right was reserved for a select few. Our founders fervently believed that a level economic playing field would open the door to prosperity. It is an ethos that illuminates the road ahead on our strategic journey. We are determined to play a positive role in the future of our society, and advancing the cause of women is central to that.”&nbsp;&nbsp;



An important facet of that cause is empowering women with the confidence and skills to become successful entrepreneurs. As part of their strategic drive to build a bank for the people, by the people, serving the people, African Bank has created a number of initiatives in which female business owners can tap into networks of experience, contacts, and support.&nbsp;&nbsp;



These include an Enterprise and Supplier Development Capacity Building program, which is a 12-month course in the finer aspects of business growth, their annual Enterprise and Supplier Development Summit, a Women Enterprise Development Programme, and the African Bank Women in Conversation programs held at various locations across the country.&nbsp;&nbsp;



It is a cause that is dear to Montse’s heart. Born into a family of women entrepreneurs, she witnessed firsthand the delicate balancing act these women had to perform to maintain their businesses and their households.&nbsp;&nbsp;



They faced significant challenges in growing their business, hamstrung by a lack of financial education and the fear that one false move could result in poverty.&nbsp;&nbsp;



Through their entrepreneurship and empowerment initiatives, African Bank hopes to instill in female entrepreneurs the audacity to believe that their business dreams are possible.&nbsp;&nbsp;



“We believe that our diversity is our strength and inclusivity remains paramount to creating positive social change,” says Montse.&nbsp;&nbsp;



“Our initiatives have allowed us to engage with women from all walks of life on issues that are close to their hearts, including financial wellness. The large turnouts we have witnessed at these initiatives prove that the entrepreneurial spirt that moved our founders to create African Bank is still very much alive and well in townships and disadvantaged communities across South Africa.”&nbsp;&nbsp;



Monste adds, “We see ourselves as steward leaders of a vision so much greater than ourselves. We therefore must play an active role in giving agency to those relegated to the sidelines of the economic playing field, and hope to those with the audacity to believe in their dreams.”&nbsp;&nbsp;

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Ubuntu And The Audacity To Believe In Business Dreams  

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Africa’s Top Employers

Standfirst: When it comes to Africa’s digital transformation, access isn’t just about connectivity; it’s the gateway to opportunity, says Hardy Pemhiwa, President and Group CEO of Cassava Technologies.



We at Cassava Technologies often talk about our vision of a digitally connected future in which no African is left behind. On a continent where more than half of the population reside in rural areas, this doesn’t mean convincing these people to migrate to urban areas where connectivity and internet access are mostly readily available; it means taking connectivity and access to the areas that were previously excluded.



Africa&#8217;s <a href="https://au.int/en/agenda2063/overview">Agenda 2063</a> sets out a compelling 50-year vision for the continent, that of a unified, prosperous, and peaceful Africa, driven by its citizens and playing a role on the global stage. And the key to unlocking this vision lies in the digital transformation of our continent.



Digital transformation in Africa is more than just laying kilometers of fibre to connect communities. It also means providing opportunities to every African, regardless of their location, giving them the tools and resources they need to thrive in the digital age. Significant progress has already been made, with the&nbsp;<a href="https://www.statista.com/forecasts/1146636/internet-users-in-africa">overall number of internet users on the continent</a>&nbsp;sitting at close to 646 million, mostly through these mobile devices. However, we must ensure that this access translates into meaningful opportunities for education, healthcare, agriculture, and economic empowerment in general.



Education as a bridge to the global community



For instance, the integration of internet connectivity in education has the potential to transform learning experiences, making education more accessible and inclusive, across the continent. It brings with it the ability to access information, e-learning and online courses, supports professional development for educators, and connects African learners to the global economy. Recognizing this, <a>we’ve</a> embarked on a mission to map schools across Africa, identifying their proximity to fibre broadband networks and the resources needed to connect them. And <a>we’ve</a> partnered with organizations like UNICEF, Microsoft, and Google, because this is a challenge that requires collaborations to solve. To date, of the 22,000 schools mapped, <a>we’ve</a> already connected 5,000 to high-speed internet, opening a world of educational opportunities for millions of children.



Transforming agriculture using technology



Another example is the transformative potential of technology in Africa’s agricultural sector, which &nbsp;<a href="https://www.weforum.org/agenda/2023/03/how-africa-s-free-trade-area-will-turbocharge-the-continent-s-agriculture-industry/#:~:text=Agriculture%20makes%20up%2035%25%20of,of%20agri%2Dproduct%20every%20year.">contributes 35% to the continent’s GDP</a> and employs a sizeable portion of the population. From mobile platforms that deliver real-time information that will help farmers increase their yields and improve their livelihoods, to technology that can help address post-harvest losses by deploying sensors and IoT devices to monitor storage conditions and transport routes, the potential is astounding.



Bringing e-healthcare to rural communities



Given the far-flung nature of most rural communities, access to healthcare is a well-documented challenge. Internet connectivity in these areas means that people are no longer compelled to journey to urban centers to receive the medical advice they need. Again, this access should be used to create meaningful opportunities that can transform Africa’s healthcare landscape. This ranges from integrating digital tools into healthcare systems and investing in digital literacy, to providing solutions like telemedicine, digitized health records, online health resources, and mobile health applications.



The importance of empowering rural communities



<a>It’s</a> clear that infrastructure, education, and healthcare are the pillars upon which a prosperous Africa will be built. This leads to another <a>important point</a> – a prosperous Africa is, fundamentally, a prosperous rural Africa. Empowering rural communities with connectivity is essential for achieving a balanced and inclusive digital transformation. Bringing opportunities directly to people in these areas reduces the need for mass migration to urban centers, which in turn often leads to overcrowded cities and strained resources. Such opportunities extend from access to online education and telemedicine to participation in e-commerce and digital entrepreneurship.



Partnerships are key to reducing costs



The cost of access remains a critical barrier to the digital transformation of Africa, particularly in bringing last-mile access to previously excluded communities. In fact, <a href="https://www.statista.com/statistics/1322483/average-price-for-mobile-data-in-africa/#:~:text=In%202023%2C%20the%20average%20cost,0.86%20U.S.%20dollars%20on%20average.">Statista</a> reports that the average cost of a gigabyte of data in Africa is among the highest in the world, which limits individuals and small businesses alike in taking full advantage of digital technologies. To help address this, we’re working on multiple fronts, including partnerships with global tech giants like Google and Microsoft to reduce the cost of data and cloud services. Partnerships with governments and regulators are also key to address policy reforms and the necessary regulation.



Africa cannot afford to allow the digital revolution to pass us by. The demographics of our continent, with a burgeoning youth population, make it imperative that we succeed. As the largest consumers of digital technology, the empowerment of our youth is crucial for the sustainability of our businesses and the continent’s future.



The Great African Digital Transformation is a journey that calls for intentionality, collaboration, and a relentless focus on creating opportunities. <a>It’s</a> about building a digitally connected future <a>that’s</a> inclusive by design, and that leaves no African behind. <a>That’s</a> our vision at Cassava Technologies.

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The Great African Digital Transformation: Bridging Access And Opportunity

Distinctive luxury is more than lavish trimmings and opulent displays, it is a philosophy of travel that places comfort and unforgettable journeys at its center. It is about exceeding expectations and making every trip an experience. The Mercedes-Benz V-Class encapsulates this very concept. It is not just a vehicle, it is mastery in motion, designed to elevate your journey to an art form.



Stepping into a V-Class means stepping into a sanctuary. The spacious interior allows up to six passengers and a driver to travel in ultra-luxurious comfort, with ample leg room and abundant freedom of movement. The V-Class combines outstanding ergonomics with captivating visual and tactile appeal. With interior features such as stylish leather-clad seating, ambient lighting, temperature-controlled cup holders, a refrigerated compartment, and a 15-speaker Burmester® surround sound system, the V-Class offers a first-class traveling experience at every step of the journey.



When it comes to what is under the hood, the V300d Exclusive exemplifies effortless power thanks to a revving four-cylinder OM 654 engine. With 174 kW and 500 Nm of torque, it sets the benchmark in its segment. To ensure an exceptionally smooth ride, the vehicle’s 9G-TRONIC Automatic Transmission provides nine close-ratio speeds, which result in virtually unnoticeable gear changes.



Safety is paramount. Over generations, Mercedes-Benz has repeatedly proven to be the industry leader in automobile safety. Within the V-Class, safety has been placed at the forefront of the vehicle’s design, without sacrificing on comfort, to ensure ultimate peace of mind on the road.



Embrace the art of distinctive luxury. Embark on your V-Class adventure today.



Find the <a href="https://www.mercedes-benz.co.za/passengercars/models/van/v-class/finance.htmland">latest offers here</a> or <a href="https://www.mercedes-benz.co.za/passengercars/mercedes-benz-cars/online-testdrive.html#/define-location?context=OWPC&amp;modelSeries=4478-XZ1&amp;modelType=ALL&amp;group=all&amp;origin=VMOS&amp;subgroup=see-all">book a test drive.</a>

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The Art Of Distinctive Luxury That Is The Mercedes-Benz V-Class

In Sub-Saharan Africa, a silent barrier to economic inclusion and social mobility persists: one in four adults lacks identification, according to a World Bank report. This absence of identity is not only an obstacle to obtaining vital services, healthcare, and government programs, but also excludes a significant portion of the population from the formal economy.&nbsp;&nbsp;



This challenge is compounded by a digital divide, with nearly 60% of the region’s adult population reportedly without internet access, further isolating rural communities.&nbsp;&nbsp;



Amidst this landscape, agriculture stands as a cornerstone of the continent’s economy, employing between 40-60% of the workforce in many countries. Yet, de- spite the sector’s pivotal role, farmers and other agricultural entrepreneurs across Africa continue to grapple with poverty. Smallholder farmers face several challenges that make it hard to earn a living wage. For example, local agricultural markets may be small, constraining a farmer’s ability to buy quality inputs, like seeds and fertilizers, or sell produce at a fair price. Similarly, many agricultural businesses struggle to access working capital – only 3% of the agri-sector receives credit from banks, as reported by Making Finance Work for Africa.&nbsp;&nbsp;



Solving for growth through innovation&nbsp;&nbsp;



Digital technology can transform agriculture. To get farmers paid more and faster, Mastercard launched Community Pass, an interoperable digital platform that provides farmers with access to agricultural markets, credit, and digital payments. Service providers like banks, fintechs, and agtechs leverage the Community Pass plat- form to securely identify and authenticate farmers and deliver their services. Farmers have reported 3x increases in harvest yields from access to authentic seeds and fertilizers, and price increases of 20%+ from access to more buyers.&nbsp;&nbsp;



The Community Pass platform centers on the creation of a digital credential – a functional identity – that is stored on a low-cost card. With this card, individuals can gain access to multiple payment and non-payment applications without requiring a smartphone or connectivity. The credential is accepted on common, low-cost acceptance devices, which enables service providers to identify and authenticate individuals via biometrics or a pin code.&nbsp;&nbsp;



The Community Pass platform is de- signed with Mastercard’s high standards of data privacy and security, to protect the user and their data. The platform is also designed to overcome fundamental gaps in rural infrastructure, like limited and unaffordable connectivity – the card can be used in both offline and online contexts.&nbsp;&nbsp;



Mastercard Community Pass partners with more than 40 financial institutions, fintechs, agtechs, governments, and development organizations across Uganda, Kenya, Tanzania, and Ethiopia.&nbsp;&nbsp;



Building an interoperable network and path forward 



For Mastercard and its partners to make a lasting impact in Africa, it is imperative that we deliver solutions tailored to the needs of local communities while developing an ecosystem that is positioned for sustainable growth. Community Pass achieves this because it is an interoperable platform. That is, all partners use the same underlying technology, enabling service delivery at scale and at lower cost, while at the same time creating a common user experience for Community Pass users.  



Community Pass has already reached five million users globally and aims to reach 30 million users by 2027. In collaboration with our partners, we are focused on delivering the commercially viable social impact that will enable rural communities across Africa to transition into the digital economy.&nbsp;&nbsp;

Tara Nathan, EVP and Founder of Mastercard Community Pass

Creating Stronger Communities In Africa Through Digital And Financial Inclusion  

There has been much talk about the ‘Great Wealth Transfer’, which is set to bring about a seismic shift in assets within the next 20 years. 



According to reports, an estimated $84 trillion is expected to pass to Generation X, Millennials and Gen Z heirs, mostly from the so-called Baby Boomers. Given the increasing trend within this generation towards ‘giving while living’, the impact of this transfer of wealth may be felt even sooner than anticipated.&nbsp;



“The key to a smooth transition of wealth is ensuring that the next generation is prepared and equipped to manage it. Instead of only passing down financial assets, it is imperative for families to also transfer knowledge, skills, and experience,” says Lucratia Mathe, Head of Client Value Proposition at Standard Bank Wealth and Investment. 



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="668" height="1000" src="https://cms.forbesafrica.com/wp-content/uploads/2024/05/thumbnail_Lucratia-Mathe.jpg" alt="" class="wp-image-61787" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/05/thumbnail_Lucratia-Mathe.jpg 668w, https://cms.forbesafrica.com/wp-content/uploads/2024/05/thumbnail_Lucratia-Mathe-200x300.jpg 200w" sizes="(max-width: 668px) 100vw, 668px" /><figcaption class="wp-element-caption">Lucratia Mathe, Head of Client Value Proposition at Standard Bank Wealth and Investment. </figcaption></figure>



“Navigating inheritance is not just about financial stability, it is also about fostering understanding between family members and the values that drive them. There may be fundamental differences in attitudes between those who have built the wealth and those who stand to inherit it, so it is important to focus on the family’s core values and legacy objectives.”&nbsp;



According to Mathe, the first principle of wealth transition is understanding where a family has come from, where it wants to go, and how it wants to get there. This includes an appreciation of the history and origins of the family’s wealth, their cultural values, patterns of governance and personal relationships, as well as their vision for the future.&nbsp;



“As Africa’s leading wealth manager, our goal is to help our clients and their families to develop dynamic and future-proof wealth management strategies that will enable them to build and preserve their wealth so they can leave a lasting legacy,” she says.&nbsp;



Mathe believes that this can only be achieved when the assets being transferred are placed in the hands of heirs who’ve been prepared to receive them.&nbsp;



“This is the reason we developed our Leadership Academy Program, an initiative designed to empower and equip our next generation of clients for successful wealth transfer.”&nbsp;



Based around the four tenets of financial literacy; entrepreneurship and innovation; mental wellness; and social impact, Wealth and Investment’s Leadership Academies encourage delegates to deepen their knowledge of the world of wealth through experiential learning opportunities, exposure to experts and the exploration of their own personal strengths. “The more information the next generation has about their options, the better informed decisions they will be able to make when it comes to managing their inherited wealth,” says Mathe.&nbsp;



“Whether this involves pursuing their own business ventures, or continuing to grow the family’s existing business and wealth exponentially, effective wealth planning should start with the end goal in mind.”&nbsp;



By having a clear objective, and adopting an intentional entrepreneurial agenda, families can empower the next generation to achieve the goals they have set for themselves. For the younger generation, this may involve integrating their personal value system into the family’s one, to ensure the highest probability of success – and the least amount of risk.&nbsp;



“The current generation is concerned about the future and about making a positive social impact, and this will likely affect their investment decisions,” says Mathe.&nbsp;



“Younger investors are more likely to consider sustainable and impact investing when they are deciding what to do with their investible assets.”&nbsp;



Mathe adds, “At Wealth and Investment, we recognize that safeguarding and augmenting wealth takes time, effort, and discipline. As such, we place great emphasis on supporting our next generation clients throughout their wealth journeys.”&nbsp;



“To quote James E. Hughes, Jr, renowned author and expert on family governance and wealth preservation, ‘Founders create wealth, but heirs create legacies.’ Through initiatives like our Leadership Academy program, we can ensure that the ‘Great Wealth Transfer’ is managed successfully for both our clients and their heirs in order to secure a lasting legacy.”&nbsp;

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Successful Wealth Transfer: Preparing The Next Generation 

Kigali continues to be recognized among the top 10 international financial centers likely to become more significant in the future. In the recent publication of the Global Financial Centres Index (GFCI 35), a renowned ranking that assesses the competitiveness and attractiveness of financial centers worldwide, launched on March 21, 2024, Kigali now ranks 67th globally while maintaining its position as the second in sub-Saharan Africa (SSA). Furthermore, Kigali ascended to sixth place in the Middle East and African region, right behind Dubai, Abu Dhabi, Casablanca, Tel Aviv, and Mauritius. In the fintech ranking, Kigali moved up by 18 places, to 62nd globally and second in Africa after Casablanca. Kigali&#8217;s ascent in the Global Financial Centres Index not only reflects its growing financial muscle but also underlines its commitment to innovation and development.



Rwanda has emerged as one of the prominent innovation hubs in Africa raising $38 million (Partech) of startup funding in 2023, a six-fold increase from 2022. This significant increase demonstrates Rwanda’s dedication to attracting venture capitalists and private equity in its dynamic innovation and entrepreneurial ecosystem to enable African startups access to funding from the continent.



The rise of Kigali as a leading financial hub for technology and digital transformation is also hinged on a proactive approach that involves implementing robust infrastructure, ensuring affordable and high-quality internet access nationwide, addressing regulatory hurdles, and establishing cutting-edge facilities. These initiatives continue to foster a conducive environment for tech startups and also strengthen Kigali’s positioning as a prominent hub for technology-driven businesses.



Innovation hubs such as Westerwelle Startup Haus, Norrsken House Kigali, and KLab are natural entry points for investors to identify local startups and provide their international portfolio of companies with a proof-of-concept environment to test their innovations. The investment made by these innovation hubs in Rwanda has created a conducive landing pad for global startups.



One of the fastest-growing sectors in Rwanda is fintech. According to the latest Monetary Policy and Financial Stability Statements report by the National Bank of Rwanda (2024), transfers continued to grow during the period under review. The number of funds transfers via mobile payments surged by 57%, reaching 603 million, while their value increased by 49% to FRW 13,001 billion. Transfers through mobile banking saw a 28% volume increase (from 19 million to 24 million) and a 115% value increase (from FRW 2,347 billion to FRW 5,039 billion). Similarly, transfers via internet banking rose by 68% in volume (from 3 million to 5 million) and by 99% in value (from FRW 5,378 billion to FRW 10,697 billion).


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="1024" src="https://cms.forbesafrica.com/wp-content/uploads/2024/04/Nick-Barigye-image-supplied-1024x1024.jpg" alt="" class="wp-image-61733" style="width:636px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/04/Nick-Barigye-image-supplied-1024x1024.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/Nick-Barigye-image-supplied-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/Nick-Barigye-image-supplied-150x150.jpg 150w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/Nick-Barigye-image-supplied-768x768.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/Nick-Barigye-image-supplied-1536x1536.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/Nick-Barigye-image-supplied-2048x2048.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Nick Barigye; image supplied</figcaption></figure></div>


This significant growth led to the rise of fintech startups with an emergence of new subsectors such as insurtech where players like ZEP-RE are investing heavily in the sector, while the country drives to close on the Rwanda National Digital Payment System set to promote interoperability of the financial services in Rwanda. To support the growth of the industry, the National Bank of Rwanda also established a regulatory sandbox that enables fintech innovators to test their products and enable regulators and policymakers to adapt to the latest developments driving financial services innovation further. The sandbox is now receiving the sixth cohort of fintech companies with the regulatory sandbox regulations set by the National Bank of Rwanda.



Rwanda has also successfully attracted major players and funds such as Katapult, Virunga Fund, and more recently the Timbuktoo Africa Fund which will complement the Rwanda Innovation Fund’s efforts to foster the development of emerging startups through increased access to capital and technical support. Ultimately, the continuous development of the Kigali International Financial Centre has been a strategic move that is significantly contributing to investment growth, solidifying Kigali as a dominant destination for international finance.



The symbiotic relationship between innovation and financial competitiveness has been and will continue to be instrumental in Rwanda&#8217;s global recognition and economic growth through fostering a dynamic business environment, talent attractiveness, and sustainable best practices such as green financing and financial investments. Worldwide, there is a rising effort to support young tech startups by offering attractive incentives and addressing regulatory challenges to foster an innovative atmosphere.



One of the pivotal factors considered in the Global Financial Centres Index is the Global Innovation Index (GII), which assesses innovation levels globally. In the latest GII publication by the World Intellectual Property Organization, Rwanda ranks ninth in SSA. In addition, Rwanda demonstrated outstanding global performance in key indicators; being ranked second in labor productivity growth, 11th in business-friendly policies, and 15th in the number of graduates in science and engineering. These ratings significantly demonstrate Rwanda&#8217;s willingness to invest in a conducive innovative environment for Africa and the world.



Ultimately, the continuous development of the Kigali International Financial Centre and Rwanda as an innovation hub is a strategic move that is significantly contributing to investment growth, solidifying Kigali as a dominant destination for international finance and a regional hub for innovation and talent attraction.



This strategic initiative aligns with Rwanda’s broader vision of becoming a preferred financial centre for international investment in Africa. Rwanda remains committed to creating an ecosystem that not only attracts global investments but also nurtures the creativity and potential of emerging African innovators.

Minister Paula Ingabire; image supplied

Innovation Unleashed: Transforming Rwanda’s Financial Landscape

The emergence of Rwanda&#8217;s space sector promises to anchor the country&#8217;s sustainable economic growth and contribute to tackling global environmental challenges, both here on Earth as well as in outer space.



In only three years since the establishment of the Rwanda Space Agency (RSA), remarkable progress has been made in pioneering the development of space-based solutions to enhance national geospatial capabilities, enabling the use of satellite technologies to bridge the broadband gap and contributing globally to the sustainable utilization of space.



At the inaugural Rwanda Space Week in October 2023, Hon. Paula Ingabire, Minister of ICT and Innovation, underscored the transformative impact of space technologies on sectors like agriculture, healthcare, communication, and transportation.



She emphasized the importance of leveraging space technology&#8217;s potential to drive societal advancement, stating that “in an era where space technologies are revolutionizing various sectors, it is crucial that we harness the potential of space for the betterment of our society”.



She further highlighted the significance of these efforts and said “our focus now decisively shifts towards thinking about the deployment and scalability of space solutions”.



Additionally, satellite technologies are improving the lives of Rwandans. For example, satellite-based high-speed internet is now granting students and teachers in Rwanda access to educational resources and digital tools with a pilot already underway in 500 schools.



Through established partnerships, the agency is positioning the country as a premier destination for space services, both domestically and in the region. For instance, RSA seeks to address a gap in satellite ground infrastructure with the development of its satellite ground station and teleport – capable of supporting lunar missions. Such critical stations provide sustainable space access and underscore Rwanda’s steadfast commitment to the responsible utilization of outer space – especially now that Rwanda is a member of the Committee on the Peaceful Uses of Outer Space (COPUOS).



Furthermore, RSA consistently leverages satellite information to provide policy makers with critical insights to inform data-driven decision making.



For instance, space-derived data has played a critical role in disaster management, helping identify areas prone to floods and landslides enabling citizens to take appropriate measures.



An example of this data-driven approach could be seen in the response to the disasters that struck the northern part of the country in May 2023. Satellite imagery provided critical information about the extent of damage and was instrumental in formulating relocation plans, saving lives and crops in the long-run.



RSA is now working to develop an indicator system capable of streamlining such complex data into actionable insights. This system will facilitate informed decision-making and track the implementation of national goals, such as the strategy for national transformation and Vision 2050 as well as the Sustainable Development Goals (SDGs).



Such evidence-based policy-making is already having an impact, supporting significant strides in the agriculture and urbanization sectors as well – both key components of Rwanda’s Vision 2050.



As the world shifts towards more sustainable and environmentally-friendly economies, space technology could play a pivotal role. Space technologies and applications developed in Rwanda will be instrumental



in supporting precision agriculture, responsible mining, assessing the extent of deforestation, monitoring water and air quality, and identifying sources of pollution, among other critical tasks.



By harnessing space technologies, Rwanda is positioned to make informed contributions to advance the SDGs and other global objectives, including the critical endeavor of mitigating global warming with the 1.5-degree target firmly in mind at the RSA.

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Rwanda’s Emerging Space Sector And Its Global Contributions

Standard Bank has been ranked as the most valuable banking brand in Africa in 2024. This is the third consecutive year that Standard Bank has been ranked first in Africa Brand Finance’s annual ranking of the world’s Top 500 Banking Brands.



The bank also increased its brand value by 12.4% in the last year to reach over $1.9 billion U.S. dollars. This places Standard Bank as first in Africa and 138th in the world, up 12 places from 145th in 2023.



Every year, Brand Finance assesses 5,000 of the biggest brands across the world, and publishes nearly 100 reports, ranking brands across many sectors. The world’s top 500 most valuable and strongest banking brands are included in the annual Brand Finance Banking 500 ranking.



Sim Tshabalala, Standard Bank Group Chief Executive says: “We are honored to receive this accolade, which affirms our commitments to providing consistently excellent service for our clients and to driving Africa’s growth”.



The Standard Bank Group, also trading as Stanbic Bank in other markets, is the continent’s largest financial services provider by assets and has a brand presence in 20 African countries and six international centers.



“The Standard Bank brand is a trusted symbol of growth across Africa, and for it to be deemed the most valuable bank brand for a third consecutive year is a proud moment for all our people and our clients. This tangible and independent valuation confirms that who we are and what we do as a brand is meaningful and relevant to the people, businesses, and communities that we serve,” says Margaret Nienaber, Standard Bank Group, Chief Operating Officer.



Sim Tshabalala ranked in the 10 Top Bank CEOs



In addition to the bank’s accolade, Tshabalala has been listed as one of the 10 Top Bank CEOs in the Brand Guardianship Index. He has been particularly recognized as a champion for gender equality and women&#8217;s empowerment.



According to the Brand Guardianship Index, CEOs are evaluated on their capacity to generate long-term corporate value while taking into account the needs of all parties involved, including employees, investors, and the general public.



The Brand Guardianship Index said that “under his leadership, Standard Bank has become an invaluable partner in supporting initiatives such as the Top Women Conference, which celebrates the achievements of women leaders and organizations that empower them”.



The bank’s work to drive increased digitization to innovate in response to evolving customer needs through organic and targeted partnerships was also acknowledged as helping drive the organization’s leading role.



“We strongly believe in the potential of this continent and these awards re-emphasize our commitment to continue to provide services that are tailored to meet our clients’ needs,” concludes Nienaber.

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Standard Bank Ranked As Africa’s Most Valuable Banking Brand For A Third Consecutive Year

Rwanda has rightly earned the nickname of “a land of a thousand hills and a thousand and one opportunities” because of the country’s impressive economic progress. However, after the recently-concluded celebration of arts which was the inaugural Kigali Triennial festival, you can now add culture to the list of things the country offers for tourists and investors.&nbsp;&nbsp;



From the start, the Rwanda Arts Initiative team, a cultural NGO created and managed by Rwandan artists, decided to think very big with a particularly ambitious project leaving out no form of art from the 10-day program. The scale of the ambition was in keeping with the ambition of the country, with organizers planning to feature: theater, cinema, music, plastic arts, fashion, culinary arts, art technology, dance, literature, musical, and readings.&nbsp;&nbsp;



Working in partnership with the city of Kigali and the Ministry in charge of youth and the arts, the Kigali Triennial was born, and the dates were set for the first edition: February 16 to 25, 2024. When the time came, more than 200 artists and technicians from 25 countries gathered to exhibit more than 60 shows, screenings and performances across 10 different locations in the Rwandan capital and with two special performances taking place outside the city.  


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="670" src="https://cms.forbesafrica.com/wp-content/uploads/2024/04/53534404844_0654d403b0_o-1024x670.jpg" alt="" class="wp-image-61667" style="width:558px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/04/53534404844_0654d403b0_o-1024x670.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/53534404844_0654d403b0_o-300x196.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/53534404844_0654d403b0_o-768x502.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/53534404844_0654d403b0_o-1536x1005.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/53534404844_0654d403b0_o-2048x1340.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure></div>


“The triennial is the result of a dialogue between the artistic community, the city of Kigali and the ministry of youth and the arts. It turned out that there was a Rwandan youth who drives cultural life in Kigali and Rwanda, a youth who invented their own artistic codes,” explained Rwandan author, playwright and artistic director for the event, Dorcy Rugamba.&nbsp;&nbsp;



“In 2023, Rwanda Arts Initiative had presented more than a hundred Rwandan artists to the international scene. This year, we wanted to invite the world of arts and professionals to discover this country and its transformation, by highlighting Kigali as an artistic and cosmopolitan hub where artists meet.”&nbsp;&nbsp;



Beyond the performances, the Triennial was designed to also be a space for knowledge exchange through forums featuring experts from the arts and culture space. The topics covered included copyright and the protection of intellectual property in Africa, the importance of spaces dedicated to the creation and dissemination of the arts as well as the development dynamics of the African music industry.  


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/04/Kigali_Triennale_30-1024x683.jpg" alt="" class="wp-image-61665" style="width:688px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/04/Kigali_Triennale_30-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/Kigali_Triennale_30-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/Kigali_Triennale_30-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/Kigali_Triennale_30-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/Kigali_Triennale_30-2048x1365.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure></div>


Masterclasses were also given by artists and professionals in their respective fields. But, perhaps above all other aspects that this artistic carnival offered, the Triennial acted as a shop window for artists to show their wares to the world. Dozens of professionals, producers and distributors were invited to Kigali for this event and the majority of shows and works presented will soon begin to tour around the world as confirmed by Rugamba at the end of the Triennial.&nbsp;&nbsp;



Singer and activist for Afroculture Khadja Nin, who was one of the curators of the music category, explained that the event represents the fulfillment of a dream shared by many generations of African artists. “I said ‘yes’ to this project because it goes beyond simple artistic creation, it is much more than that, it is an African market for artistic works; a few years ago we could not even imagine such platforms in Africa. Art must be seen as an integral part of the economic life of a country; and I am happy that certain African states like Rwanda are starting to give it pride of place as much as sport and other areas,” she said.&nbsp;&nbsp;



This value of art is not only in entertainment as recognized by Sandrine Umutoni, Rwanda’s Secretary of State at the Ministry of Youth and the Arts. “The Government of Rwanda recognizes the vital role of the arts in the development of youth and actively supports artistic initiatives such as the Kigali Triennial. In addition to strengthening our national unity, art acts as a catalyst for job creation, economic prosperity and overall enrichment of the cultural heritage of our society.”&nbsp;&nbsp;



Between the street shows of Cameroonian dancer Zora Snake and Congolese performer Eddy Ekete in the popular neighborhoods of Kigali, the performances and artistic installations in the paradise island of Rubavu or at the Kinyugunyugu artistic creation residence of Cédric Mizero in Musanze, the theatrical performances, the songs, the dances, the poems of Rwandan artist Lisette Ma Neza, the haute couture of South Africa-based fashion designer Nyambo MasaMara or the choreographies of Alesandra Seutin from the École des Sables in Dakar, Senegal, history will remember that for 10 days in February 2024, in Kigali, Africa spoke the same language, the language of art.&nbsp;&nbsp;



And Rwanda will now rightly be seen as a new cultural destination for tourists and those wanting to invest in the creative arts.&nbsp;&nbsp;

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Kigali Triennial, The Ambitious New Event On The African Cultural Calendar

Mastercard and MTN Group Fintech have signed a multi-market agreement that will set in motion a new era of collaboration to connect millions of people and small businesses across Africa with digital tools to transact through secure mobile payments. 



The partnership, which will expand access to the benefits of the cashless digital economy, will use Mastercard’s cutting edge technology and capabilities to support MTN’s ambition to become Africa’s largest fintech platform for both merchants and consumers. This follows Mastercard and MTN’s recent agreement for a minority investment into MTN Group Fintech &#8211; the digital financial services arm of Africa’s largest mobile network operator – that concluded this month.  



With MTN&#8217;s overall subscriber base at 290 million and 60 million active monthly MoMo (Mobile Money) wallets, the agreement will impact 13 markets in Africa including Benin, Cameroon, Cote d’Ivoire, Eswatini, Ghana, Liberia, Nigeria, Republic of Congo, Republic of Guinea, Rwanda, South Africa, Uganda, and Zambia. 



“Our innovation strategy is based on collaboration. We are very proud of our partnership with MTN that will enable digital commerce for millions of people in Africa. In addition, mobile money solutions can be greatly beneficial for SMEs, enabling growth through seamless commercial operations, wider payments acceptance, access to affordable credit, and secure digital tools,” says Amnah Ajmal, Executive Vice President, Market Development EEMEA, Mastercard.  



Africa is home to over 1.3 billion people and only about 43% are banked with over 90% of all payments and transactions made via <a href="https://urldefense.com/v3/__https:/www.intellinews.com/africa-s-massive-unbanked-population-creates-huge-opportunities-for-incumbent-banks-and-fintech-start-ups-301344/__;!!N96JrnIq8IfO5w!mN0Q_p_N3DhCZYcCDMRY3v90rgiVYWRwKKYrYXWy3iGT0f68FxjIwiY76Ps5Gam5flpRd_Yin2XxdTikZoBu1BPDd0QjVXc$" target="_blank" rel="noreferrer noopener">cash</a>. And of the total population, 45% have mobile money accounts. Over the past five years, Mastercard and MTN have joined together to support several mobile money programs across Africa, helping people to make payments through global platforms, thus bringing more people into the financial mainstream.  



“When there is a mutual vision – in this case to bring access, progress, financial inclusion, and prosperity to people – the road to partnership is a simple one. We look forward to working with Mastercard as a partner that is also committed to the enablement of more people and businesses through the collaboration into best-in-class apps, superior user experiences, safe transactions, secure remittances, new use cases, and expanded acceptance,” says Serigne Dioum, Group CEO, MTN Fintech. 



The collaboration will help strengthen local infrastructure for digital payments, support potential expansion of transactions in the future and drive financial inclusion through access to assets. 



 Enabling global access for MoMo wallet users 



A virtual and physical Mastercard companion card will be added to every MoMo wallet allowing users access to over 100 million acceptance locations globally enabling MTN to scale up internationally.  



With this access, Mastercard will also be able to provide its cybersecurity solutions to MTN’s operations with the aim to increase customer loyalty and trust. 



Empowering SMEs with payment acceptance solutions 



The agreement will enable SMEs with payments acceptance solutions such as Mastercard’s SME-in-a-Box, a low-cost payments solution that enables small business owners to move their businesses online and accept a range of digital payments from their customers.   



SME owners will now be able to access solutions with the opportunity to set up an e-commerce shopfront, including QR enablement, Tap on Phone solutions and digital card acceptance. This aims to further elevate customer experience, reduce business costs, and open new avenues for growth and innovation. 



 Expanding reach for remittance solutions 



Through the partnership, consumers will now have expanded reach for mobile money remittance services – both inward and cross-border remittances in Africa. The demand for international remittance services is growing with more than <a href="https://urldefense.com/v3/__https:/www.mckinsey.com/industries/financial-services/our-insights/the-future-of-payments-in-africa__;!!N96JrnIq8IfO5w!mN0Q_p_N3DhCZYcCDMRY3v90rgiVYWRwKKYrYXWy3iGT0f68FxjIwiY76Ps5Gam5flpRd_Yin2XxdTikZoBu1BPDGSa8VqM$" target="_blank" rel="noreferrer noopener">$2 billion in daily processed transactions</a>, equivalent to more than <a href="https://urldefense.com/v3/__https:/www.mckinsey.com/industries/financial-services/our-insights/the-future-of-payments-in-africa__;!!N96JrnIq8IfO5w!mN0Q_p_N3DhCZYcCDMRY3v90rgiVYWRwKKYrYXWy3iGT0f68FxjIwiY76Ps5Gam5flpRd_Yin2XxdTikZoBu1BPDGSa8VqM$" target="_blank" rel="noreferrer noopener">40% of the GDP of Sub-Saharan Africa</a>. International remittances via mobile-money wallets <a href="https://urldefense.com/v3/__https:/www.mckinsey.com/industries/financial-services/our-insights/the-future-of-payments-in-africa__;!!N96JrnIq8IfO5w!mN0Q_p_N3DhCZYcCDMRY3v90rgiVYWRwKKYrYXWy3iGT0f68FxjIwiY76Ps5Gam5flpRd_Yin2XxdTikZoBu1BPDGSa8VqM$" target="_blank" rel="noreferrer noopener">grew by 65% year over year in 2020 to around $1 billion</a>, with no signs of slowing. 



Mastercard is committed to its work with multiple telecommunications network companies across the continent and around the world, to make financial inclusion a reality. The company has pledged to bring one billion people and 50 million SMEs into the global digital economy by 2025. The work to provide MTN’s consumers and SME customers with easy and secure solutions, platforms and tools is just one example of work to deliver on this goal.

Serigne Dioum, Group CEO, MTN Fintech and Amnah Ajmal, Executive Vice President, Market Development, EEMEA at Mastercard

The Companies Driving Acceleration of Mobile Money Ecosystems in Africa Across 13 Markets 

In the vibrant city of Lagos, Nigeria, on a memorable Friday evening of February 23, 2024, whisky enthusiasts and connoisseurs gathered to witness a historic moment in the world of fine spirits. <a href="https://www.themacallan.com/en">The Macallan,</a> the iconic single malt whisky brand, unveiled a masterpiece that transcends time and embodies the very essence of its 200-year legacy. Named The Reach, this extraordinary expression of The Macallan brand celebrates not only the brand&#8217;s unparalleled craftsmanship but also pays homage to the resilience and dedication that have defined its journey since its inception in 1824.


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="797" height="1024" src="https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-1-797x1024.jpg" alt="" class="wp-image-61597" style="width:333px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-1-797x1024.jpg 797w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-1-234x300.jpg 234w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-1-768x987.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-1-1196x1536.jpg 1196w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-1-1594x2048.jpg 1594w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-1-scaled.jpg 1993w" sizes="(max-width: 797px) 100vw, 797px" /><figcaption class="wp-element-caption">The Macallan The Reach. </figcaption></figure></div>


The Reach: A Testament to Timeless Craftsmanship



Crafted in 1940, <a href="https://www.themacallan.com/en/single-malt-scotch-whisky/the-reach-whisky">The Reach</a> stands as a beacon of ingenuity and character, encapsulating the unwavering commitment to excellence that has been the hallmark of The Macallan throughout its storied history. As one of the oldest expressions of The Macallan, The Reach is a testament to the enduring spirit of the brand, crafted with meticulous care and attention to detail.



At 81 years old, The Reach holds the distinction of being the oldest whisky ever released by The Macallan. Crafted from a single sherry seasoned oak cask, this rare single malt whisky exudes a deep, auburn hue that hints at its astonishing depth and complexity. Kirsteen Campbell, Master Whisky Maker at The Macallan, describes its flavour profile as a symphony of &#8220;dark chocolate, sweet cinnamon, and aromatic peat, leading on to treacle toffee, crystallized ginger, and charred pineapple, before giving way to an intensely rich, sweet and smoky finish.”



<div class="wp-block-media-text is-stacked-on-mobile" style="grid-template-columns:70% auto"><figure class="wp-block-media-text__media"><img loading="lazy" decoding="async" width="1024" height="759" src="https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-4-PSjpg-1024x759.jpg" alt="" class="wp-image-61599 size-full" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-4-PSjpg-1024x759.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-4-PSjpg-300x222.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-4-PSjpg-768x569.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-4-PSjpg-1536x1138.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-4-PSjpg-2048x1517.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure><div class="wp-block-media-text__content">
L-R: Brand Manager, Edrington Portfolio, Nigeria, Hammed Adebiyi; Creative Photographer and Publisher, Style Mania, Kelechi Amadi-Obi; and The Macallan Brand Educator and Ambassador, Lagos, Daniel Atteh during The Reach’s unveiling in Africa for the first time. 
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Jodie Marriott, The Macallan Brand Education Manager for the Middle East, Africa, and India (MEAI), provided insight into the creation process of The Reach, explaining that it was first laid to rest in the 1940s in a Sherry seasoned oak cask and matured for 81 years.



&#8220;First laid to rest in the 1940s in a Sherry seasoned oak cask and maturing for 81 years, The Macallan The Reach is a reflection of The Macallan’s legacy and our values that still hold true to this day. A deep auburn colour, a gentle smoothness and the nose bring rich dark chocolate, orange, plum, leather and a rich sweet smokiness, a nod to this spirit’s history.



&#8220;On the palate, treacle toffee, crystallized ginger and charred pineapple.



&#8220;It is hard to put this whisky into words, this whisky is an ambassador of an era of people, a place and a celebration of crafting the finest Single Malt,&#8221; says Marriott.



A Sculptural Tribute to Heritage and Legacy



The unveiling of The Reach was accompanied by the debut of a strikingly beautiful sculpture, meticulously crafted by sculptor, Saskia Robinson. The sculpture features three hands, each representing a pivotal figure in The Macallan&#8217;s history: the distillery workers of 1940 who crafted the spirit into existence; Allan Shiach, one-time Chairman whose grandfather oversaw the consignment of this remarkable spirit to its cask; and Kirsteen Campbell, the current Master Whisky Maker who carefully selected the cask used to create The Reach. The bronze hands, with their intricate detail and lifelike appearance, serve as a visual representation of the brand&#8217;s rich heritage and the passage of time.



<div class="wp-block-media-text is-stacked-on-mobile"><figure class="wp-block-media-text__media"><img loading="lazy" decoding="async" width="962" height="1024" src="https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-6-PS-962x1024.jpg" alt="" class="wp-image-61601 size-full" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-6-PS-962x1024.jpg 962w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-6-PS-282x300.jpg 282w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-6-PS-768x817.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-6-PS-1444x1536.jpg 1444w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-6-PS-1925x2048.jpg 1925w" sizes="(max-width: 962px) 100vw, 962px" /></figure><div class="wp-block-media-text__content">
L-R: Trade Marketing Manager – The Edrington Portfolio (NBC), Tsolaye Everett-Eleoramo; CEO, Arzeh Enterprises, Chadi Estaphan; Legal Director, Coca-Cola Hellenic, Abiodun Peters and Premium Spirit &amp; HoReCa Director, Coca-Cola Hellenic, Ioannis Simos, during the unveiling of The Reach, The Macallan’s oldest whisky ever, in Lagos. 
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Speaking about the inspiration behind the sculpture, Saskia Robinson explained, &#8220;A key concept of The Reach single malt is &#8216;legacy,&#8217; and it is a theme at the heart of what I hoped to evoke sculpturally, expressing this both visually and thematically. I wanted to bring to life the rich heritage of the whisky, and the sense of the passing of time and the intergenerational passing of knowledge, from the beginning of the process of creating it in 1940, to its maturation, to today and on a human level.&#8221;



The attention to detail extends beyond the sculpture to the exquisite glass decanter that houses The Reach. Designed with subtle indentations that match the fingerprints of the bronze hands, the decanter is a testament to the meticulous craftsmanship that defines every aspect of The Macallan&#8217;s creations. It is complemented by a beautiful cabinet crafted from wood sourced from a fallen elm tree believed to have been on The Macallan Estate in 1940, further enhancing the connection to the whisky&#8217;s heritage.


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="639" src="https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-7-PS-1024x639.jpg" alt="" class="wp-image-61604" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-7-PS-1024x639.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-7-PS-300x187.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-7-PS-768x479.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-7-PS-1536x958.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-7-PS-2048x1278.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Guests cheering to The Macallan’s significant milestone in Africa. </figcaption></figure></div>


The Essence of The Macallan Experience



Adeyinka Adepetun, The Macallan Brand Educator and Ambassador for Abuja, highlighted the timeless experience that The Macallan aims to deliver with The Reach. He stated, &#8220;From the 1940s when this peerless spirit was first laid to rest in its cask to Kirsteen Campbell of the present day, our master whisky maker at The Macallan who was in charge of deciding when to release this incomparable spirit from its 81-year slumber. We want our guests to come on a journey through time with us and feel part of The Macallan’s Legacy and community.&#8221;



For The Macallan Brand Educator and Ambassador for Lagos, Daniel Atteh, two of the core aspects of The Macallan are its craftsmanship and legacy, which aligns with The Macallan’s legacy in Nigeria and Africa.



Maintaining The Macallan&#8217;s Brand Image in Africa



Hammed Adebiyi, Brand Manager of the Edrington Portfolio in Nigeria, explained The Macallan&#8217;s commitment to excellence within the continent. He stated, &#8220;The Macallan since 1824 is a brand that always aims to bring incomparable experiences to our consumers and will continue to pursue excellence within the continent.&#8221;



Excitement for the Future



Adebiyi expressed his excitement for the launch of The Reach, stating, &#8220;The introduction of The Reach represents a monumental highlight for whisky aficionados in Nigeria. This expression of The Macallan embodies the pinnacle of craftsmanship.&#8221;



Indeed, The Reach is more than just a whisky; it is a testament to The Macallan&#8217;s enduring legacy of excellence and innovation. With its unparalleled craftsmanship, exquisite flavour profile, and rich heritage, The Reach represents the culmination of over two centuries of dedication to the art of whisky making. As The Macallan continues to push the boundaries of excellence, it reaffirms its commitment to delivering extraordinary whisky experiences that captivate the senses and inspire the imagination.



<div class="wp-block-media-text is-stacked-on-mobile"><figure class="wp-block-media-text__media"><img loading="lazy" decoding="async" width="1024" height="946" src="https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-3-PS-1024x946.jpg" alt="" class="wp-image-61602 size-full" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-3-PS-1024x946.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-3-PS-300x277.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-3-PS-768x710.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-3-PS-1536x1419.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-Reach-3-PS-2048x1892.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure><div class="wp-block-media-text__content">
L-R: The Macallan Brand Educator and Ambassador, Lagos, Daniel Atteh; Brand Manager, Edrington Portfolio, Nigeria, Hammed Adebiyi and The Macallan Brand Ambassador, Abuja, Adeyinka Adepetun during the unveiling of The Reach, The Macallan’s oldest whisky, in Africa on Friday, February 23, 2024. 
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The Macallan: A Legacy of Excellence and Innovation



The legacy of The Macallan, the esteemed single-malt whisky distillery, spans over two centuries, tracing back to the visionary Alexander Reid. In 1824, Reid&#8217;s pioneering spirit led him to craft the inaugural batch of whisky within the quaint confines of his Speyside distillery, igniting what would become a remarkable journey in the world of Scotch whisky.



At the heart of The Macallan&#8217;s ethos lies an unwavering commitment to unparalleled quality and meticulous craftsmanship. Each sip of The Macallan whisky bears the unmistakable imprint of exceptional oak casks, seasoned with the finest sherry wine, a testament to the brand&#8217;s dedication to natural hues and mastery of flavour. Nestled amidst the picturesque Scottish landscape, The Macallan Distillery, conceived by globally acclaimed architects, stands as a testament to architectural brilliance, drawing inspiration from the ancient hills that embrace it within the sprawling 485-acre Estate.



From its humble beginnings to its present-day eminence, The Macallan&#8217;s story is a testament to the dedication, ingenuity, and relentless pursuit of perfection. Founded by Alexander Reid, a visionary barley farmer and educator, The Macallan distillery took root at Easter Elchies House in Speyside, Scotland. The very name &#8220;Macallan,&#8221; rooted in Gaelic, pays homage to its surroundings, signifying &#8220;a fertile land,&#8221; while also honouring the legacy of St. Fillan, the revered monk who propagated Christianity across Scotland.



Over the years, The Macallan has evolved into an emblem of luxury and sophistication, earning global acclaim for its uncompromising standards and innovative approach. In a significant milestone, The Macallan joined the Edrington Group&#8217;s prestigious portfolio in 1999, marking a pivotal juncture in its storied history.



Under Edrington&#8217;s stewardship, The Macallan blazed new trails in the whisky industry, pioneering bespoke cask creation and introducing the revolutionary Sherry Oak maturation process. Innovations like the Fine &amp; Rare Collection and the groundbreaking Fine Oak series epitomised The Macallan&#8217;s unwavering pursuit of excellence and luxury. Embracing a bold departure from traditional age statements, The Macallan introduced the 1824 Series, placing emphasis on colour, character, and flavour — a move that underscored its commitment to innovation and distinction.



<div class="wp-block-media-text is-stacked-on-mobile"><figure class="wp-block-media-text__media"><img loading="lazy" decoding="async" width="1024" height="779" src="https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-The-Reach-5-PS-1024x779.jpg" alt="" class="wp-image-61605 size-full" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-The-Reach-5-PS-1024x779.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-The-Reach-5-PS-300x228.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-The-Reach-5-PS-768x584.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-The-Reach-5-PS-1536x1168.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/The-The-Reach-5-PS-2048x1558.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure><div class="wp-block-media-text__content">
L-R: The Macallan Brand Educator and Ambassador, Lagos, Daniel Atteh; Assistant Brand Manager, Edrington Portfolio, Nigeria, Idorenyin Emmanson; The Macallan Brand Education Manager &#8211; MEAI, Jodie Marriott; Brand Manager, Edrington Portfolio, Nigeria, Hammed Adebiyi and The Macallan Brand Ambassador, Abuja, Adeyinka Adepetun during the unveiling of The Reach in Lagos. 
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The ascent of The Macallan to global preeminence can be attributed to its relentless pursuit of quality and innovation. From its coveted vintage expressions to its avant-garde collaborations with artisans and designers, The Macallan continues to redefine the boundaries of the whisky landscape.



In recent years, The Macallan unveiled its cutting-edge Distillery and visitor centre, a triumph of sustainable design conceived by Rogers Stirk Harbour + Partners. Rooted in tradition yet embracing the future, this architectural marvel pays homage to The Macallan&#8217;s heritage while charting a course toward a sustainable future.



The illustrious saga of The Macallan embodies a journey from humble origins to global eminence — a testament to its enduring values of quality, innovation, and excellence. For nearly two centuries, The Macallan has remained at the pinnacle of the whisky world, a beacon of distinction and refinement, and a testament to the timeless allure of Scotch whisky craftsmanship.

The Reach 8 PS

The Macallan Unveils 81-Year-Old Whisky Masterpiece ‘The Reach’ With A Grand Entrance Into Africa

Although hailed across the board as a solid budget that showed both fiscal consolidation and fiscal discipline, some budget delineation, particularly regarding taxes, will be impacting citizens from all walks of life, spanning across the spectrum of income brackets.



From the affluent elite to the struggling masses, every stratum of society stands to be affected by the allocations and adjustments tabled by the Minister of Finance, Enoch Godongwana. Beatrie Gouws, Tax Director at BDO, and David Warneke, Associate Professor and Tax Partner at BDO, share their insight into the implications for taxpayers across the tiers.



South Africans breathed a sigh of relief as the 2024 budget avoided any rate increases to income tax for the 2024/2025 fiscal year. However, while there were no rate increases, the tax tables were not adjusted for inflation either, which means different scenarios for different taxpayers across the top, middle, and bottom tiers.



Traditionally, government adjusts tax thresholds annually to counteract the effects of inflation. However, for 2024, thresholds are staying the same. This means the possibility of ‘bracket creep’ for earners other than those at the highest tax rate, that is if an inflation-related raise is given, earners may be pushed into a new tax bracket and pay relatively more in tax. Individuals are expected to pay R16 billion ($855 million) more in tax during the 2024/25 fiscal year.



Here is where earners in each tier can further expect to feel the impact of what was tabled.



Top-tier taxpayers



Historically, these taxpayers have borne the brunt of tax hikes and policy changes aimed at redistributing wealth and bolstering social programs. However, in recent years, there has been a growing sentiment of discontent among high-income earners, who argue that excessive taxation stifles entrepreneurship and undermines economic growth.



Another growing concern for the health of the economy is the number of top tier earners who are emigrating, amongst many other reasons, due to increasingly high taxes. The <a href="https://www.henleyglobal.com/publications/brics-wealth-report">2024 BRICS Wealth Report</a> has revealed that many super wealthy individuals are leaving South Africa. The report highlighted that South Africa was home to 37,400 US-dollar millionaires at the end of 2023 – a 20% decline from 2013. This means South Africa has lost approximately 9,350 US-dollar millionaires over the past ten years, although this is also due to the devaluation of the rand against the dollar over this period.



Tax statistics provided by SARS also show that over 32,000 people ended their tax residency in South Africa between 2017 and 2021. Of those individuals, approximately 2,700 earned more than R500,000 ($26,000) annually and 1,100 earned more than R1 million ($53,000) annually.



If an increasing number of SA’s richest people leave the country, the number of taxpayers who pay tax will decline. This includes South Africans who have been living outside of the country for many years and, should they cease their South African tax residency, will no longer pay tax in the country on income earned from a non-South African source.



In the aftermath of the 2024 budget speech, affluent taxpayers will be scrutinizing the fine print of tax legislation, the possibility of the introduction of NHI, weighing the implications for their financial portfolios and long-term wealth accumulation strategies, to decide whether sticking around is worth it.



Middle-tier taxpayers



Moving down the socio-economic ladder, we find the middle-tier taxpayers, a diverse cohort made up of salaried professionals, small business owners and aspiring entrepreneurs – confronted with some of the highest effective personal income tax (PIT) burdens in the world. For this demographic, the budget speech represents a delicate balancing act between growth aspirations and the realities of fiscal constraints and economic uncertainty. Unlike top-tier earners, those in the middle typically lack not only a savings safety net, but also the resources to legally structure their affairs in the most tax efficient manner, leaving them much more susceptible to the direct impacts of budgetary decisions.



While top-tier taxpayers are not as negatively affected by bracket creep on a percentage basis, the middle- and lower-tier taxpayers should keep a keen eye out for the possible effect of an annual salary increase on their tax rate, and their take-home pay. &nbsp;Unfortunately, as mentioned above, this year, the government has not insulated any taxpayers from the effect of inflation on the PIT that they pay.



Further impact will be felt from the increase in so-called ‘rats and mice taxes’. These are taxes on items such as plastic bags, light bulbs, and sin taxes. If we add up all these indirect taxes, calculate the amount per rand that earners will be paying, and compare this with what these earners were paying in 2023, the difference will be surprising. With PIT as a proportion of total revenue collected increasing by 2% in 2024 compared to 2023, and with around <a href="https://www.moneyweb.co.za/mymoney/moneyweb-tax/5-8-of-the-population-is-paying-about-92-of-all-personal-tax/">5% of the population reportedly paying around 92%</a> of PIT, the ripple effects will be a reduction in spend from these earners because they are going to have substantially fewer rands in their pockets. Essentially the economy will continue to be moribund, with the middle-tier left with even less spending money.



Lower-tier taxpayers



The move to provide no relief to lower-tier earners was a surprising one – particularly in an election year. Inflationary and, in tough years, even below-inflationary adjustments were normally provided for these individuals, which also indirectly affects their dependents. Unlike their wealthier fellow citizens, bottom-tier taxpayers have very little financial resilience or buffers to cushion the economic blows of increased taxes, leaving them disproportionately vulnerable to the effects of budgetary decisions.



Outside the PIT net



For millions of South Africans living on the margins of society, social grants have unfortunately not been increased as much as inflation &#8211; the increases are lower than the current inflation rate of 5.3% between January 2023 and January 2024. South Africa has one of the world’s most expansive social grant systems: 47% of the population relies on a monthly grant, and the impact of lower increases is expected to place a further burden on this demographic, which is already grappling with poverty, unemployment, and socio-economic exclusion. Perhaps here one finds the most unsuspecting victim of bracket creep: an individual who previously fell below the PIT thresholds, but after an annual salary increase finds themselves unexpectedly in the company of the personal income taxpayers.



Conclusion



The R16.3 billion ($872 million) extra that will be extracted in PIT for 2024/2025, and the knock-on effects thereof &#8211; which will be R17.3 billion ($925 million) in 2025/2026 and R18.6 billion ($995 million) in 2026/2027 &#8211; seems a drop in the ocean when considering a R1.8 trillion ($96 billion) budget.



Was this increase necessary at all, especially considering that households are under immense pressure, and the country’s income tax burden is one of the highest among middle income earners in the world? Was there an alternative to taking that revenue, and instead, providing full inflationary income tax relief that would have yielded more positive results for the economy as a whole?

Author: BrandVoice Partner | Paid Program

FORBES AFRICA SOCIAL MEDIA