<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. 
</div></div>



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?

South African Minister Godongwana Delivers 2024 Budget Speech In Cape Town

South Africa’s 2024 Budget And Its Impact On Taxpayers Across Tiers

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She is Priceless 

The country’s mining sector is vividly showcasing its role as a pillar of Rwanda’s flourishing economic framework.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“The foundation laid in 2023 through an investment-friendly ecosystem, enhanced compliance with safety and health standards, strategic partnerships, and technological advancements sets a promising stage for 2024. Our focus will remain on fostering sustainable practices and contributing significantly to Rwanda&#8217;s economic growth,” says Amb. Yamina Karitanyi, CEO of the RMB.
</blockquote>



For the past few years, Rwanda has remained amongst the greatest symbols of growth and stability, with a mining sector endowed with an abundance of tin, tantalum, and tungsten, commonly known as the 3Ts, as well as gold, lithium, beryllium, and numerous gemstones and rare earth elements.



The country has seen its mining sector become a critical component of its export economy – with mineral export earnings having more than tripled over the last seven years from $373 million in 2017 to $999 million in 2023 (January to November). This has contributed markedly to the GDP of the country and the national treasury as well as created increasing opportunities for employment to thousands of local people.



Mining also powers the country’s infrastructure and construction industry through various locally-sourced and processed minerals. Through the mining revenue scheme, the sector contributes to the economic transformation of mining-host communities across different districts in the country.



As the world draws closer to a green transition, with a focus on shifting towards more sustainable and environmentally-friendly societies and economies, Rwanda prides itself on possessing huge deposits of highly sought-after and critical minerals.



Women&#8217;s participation in Rwanda’s mining sector is also rapidly increasing. As of a 2022 survey, they represented 24% of the total workforce in mining. Some of these women own mining companies and others work as environmentalists, mining engineers and geologists, all of whom are at the forefront of driving the sector’s transformation journey toward professionalization and sustainability. It’s worth noting that at the Private Sector Federation (PSF), there is a Chamber of Women Entrepreneurs, wherein women in mining are represented.



The Rwanda Mines, Petroleum and Gas Board’s (RMB) ongoing interventions to boost the mining sector include conducting in-depth mineral exploration works, or geoscientific surveys, including drilling, for 52 potential targeted areas.



At the opening of the sixth edition of Rwanda Mining Week, Prime Minister Dr. Edouard Ngirente stated that “the government is exploring viable solutions to support mine development to ensure increased production, safety and environmental conservation”.



Responsible Mining Practices



The root to Rwanda&#8217;s approach to mining revolves around responsible mining practices. In this context, various initiatives have been developed over time to professionalize and mechanize the industry, underpinning a fundamental commitment towards sustainable, eco-sensitive, and socio-empathetic mining.



The integration of greener technologies is escalating the sector’s efficiency and productivity as well as ensuring that mining in Rwanda is not affecting local communities and the environment itself negatively.



Janvier Ndabananiye, Director of New Bugarama Mining Company (NBM) ltd, says, “All NBM operations are performed in conformity with local and international mining laws and regulations.”



“It is in this context that, to ensure that minerals exported by NBM come from a&nbsp; conflict-free area, NBM has entered into a partnership with ITSCI (ITRI&nbsp; Tin Supply Chain Initiative), who are in charge of the traceability of 3TsG (tin, tantalum, tungsten and gold),” he adds.



The safety and health of miners, and those near mines and quarries, is a priority for all mining operators. This unique aspect of the Rwandan mining sector sets it as an ideal destination for ethical and sustainable investment in mining.



Investment Opportunities



Investment in Rwanda’s mining sector focuses on creating a conducive environment for investment in numerous avenues of exploration, extraction and processing, and value addition. Rwanda’s mining sector has made processes more aligned, incentives attractive, and the support of the government, rock-solid.



High on its agenda, the RMB ensures that success stories and partnerships in Rwanda&#8217;s mining sector are not just testimonials for financial progress but narrate significant socio-economic impact.



As the Board, and the sector in general, looks into the future, it is with optimism as Rwanda’s mining sector continues growing and thriving. RMB reiterates that, “It&#8217;s all about leading towards a prosperous, sustainable, and inclusive industry”.



<a href="https://cms.forbesafrica.com/wp-content/uploads/2024/02/Rwanda-Internal-Supplement2.pdf" target="_blank" rel="noreferrer noopener">Download Full Supplement Here</a>



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561A7467

Growth And Sustainability: A Review Of Rwanda’s Mining Landscape

The Annual World Economic Forum (WEF) in Davos Klosters, Switzerland, serves as a reminder that the world operates amid a backdrop of multiple crises, addressing challenges such as energy supply, climate change, food production, the cost of living and geopolitical tensions in various global hotspots. The meeting for this year took place from January 15 to 19.



This year, South Africa was led by Finance Minister Enoch Godongwana and supported by the Minister of Communication and Digital Technologies Mondli Gungubele, Minister of Health Dr Joe Phaahla, Minister of Trade, Industry and Competition Ebrahim Patel, as well as Minister of Science and Innovation Blade Nzimande. The delegation included South African corporates and civil society organizations.



Brand South Africa, as the entity responsible for managing the image and reputation of the country, was responsible for the Team SA program together with its partners, Old Mutual, South African Breweries and Naspers.



This was to ensure country visibility as well as running an integrated communications, media, and digital program at Davos. This included South Africa’s voice, positioning, and messaging in global conversations about Africa’s development and the attraction of investment into the region, and the continent.



South Africa was there to share its positive narrative to attract potential investments under the overarching theme of “Building a Resilient Future”. Minister Godongwana highlighted South Africa’s determination to resolve the country’s energy supply and logistics challenges.



Agility In The Face Of Polycrisis



During last year’s meeting, the World Economic Forum pointed out that we are living in a polycrisis as we tackle multiple crises at once. The phrase was coined in the 1970s and popularized by historian Adam Tooze. And so, it proved, at this year’s meeting how world markets had been shaken by fears of a new round of inflation, sparked by rising shipping costs due to the disruption of shipping in the Red Sea.



Bonang Mohale, the Chairman of the Bidvest Group, and a member of Team South Africa attending his 21st edition of WEF, says this requires leadership that is agile, bold, imaginative and ethical.



Mohale says in the period leading up to and during WEF, he had felt “a sense of unity and singular sense of purpose” between government and business to solve South Africa’s challenges. He argues that this needs to be maintained while holding each other accountable.



Positioning South Africa As A Global Economic Influencer &nbsp;As the most industrialized and diverse economy in Africa, South Africa &nbsp;boasts leading infrastructure and a diversified economic landscape. With &nbsp;a GDP exceeding $400 billion and untapped growth potential, the nation is



strategically positioned to make significant contributions to the global economy.



The country continues to punch above its weight as a global economic influencer with a number of key objectives at Davos.



Team South Africa joined the rest of the delegates in discussing four key themes to guide their engagements at Davos under the overarching theme of “Rebuilding Trust”. These are achieving security and cooperation in a fractured world, creating growth and jobs for a new era, harnessing artificial intelligence for economic growth and safety, and formulating a long-term strategy for climate, nature, and energy. The themes align with South Africa’s commitment to addressing global challenges while showcasing its own potential for sustainable development.



Economic Transformation And Sustainable Development &nbsp;



Under the umbrella of Operation Vulindlela, South Africa is undergoing a fundamental economic transformation. President Cyril Ramaphosa’s initiative aims to modernize and transform critical network industries, such as electricity, water, transport, and digital communications. Reforms to the visa regime are prioritized to attract skills and promote tourism, laying the foundation for a revival of economic growth and fostering a globally competitive economy.



Reforms in the energy sector have already borne fruit with the level of interest shown by the private sector in self generation &nbsp;as well as the amount of solar capacity installed by households and businesses as a result of government incentives.



Addressing Challenges In The Transition To A Green Economy &nbsp;South Africa recognizes the challenges posed by the global push for a green economy, especially concerning potential impacts on African trade. The introduction of carbon border tax adjustments and other measures could affect initiatives like the African Continental Free Trade Area (AfCFTA). WEF provides a platform for South Africa to raise these concerns and seek collaborative solutions to ensure a just transition away from fossil fuels while safeguarding economic interests.



Digital Transformation And Global Collaboration &nbsp;South Africa’s journey toward becoming a digital economy has been a key focus at Davos. The government is committed to implementing recommendations from the Presidential Commission on the Fourth Industrial Revolution, emphasizing digital skills training, infrastructure development, and the formulation of an artificial intelligence national plan. International investment and collaboration are deemed crucial to the success of these initiatives.



Private Sector Engagement And A Global Multilateral Reform Recognizing the vital role of the private sector in economic growth, South Africa actively engaged with business leaders at Davos. Initiatives to improve the business climate, reduce data costs, and streamline regulatory processes underscore the government’s commitment to fostering a conducive environment for local and international companies. Additionally, South Africa advocates for the reform of global multilateral institutions, pushing for greater participation from Global South countries in access to finance, supply chains, trade, and investment opportunities.



One of South Africa’s key contributions was hosting a Bloomberg Live panel discussion with Ministers Godongwana, Patel, and the Secretary General of AfCFTA, Wamkele Mene. The panel highlighted the importance of driving a South-South collaboration and how the private sector, as the actual importers and exporters of goods, are the key drivers and beneficiaries of the African Free Trade Area. Brand South Africa also hosted an ‘SA Night’, to showcase the diverse arts and cultures of South Africa its people, products, and places to global audiences with an interest in the country.



As South Africa took center stage at Davos, it emerged not only as a competitive business and investment destination, but also a nation committed to global collaboration and sustainable development. The World Economic Forum provides a crucial platform for Team South Africa to share its success stories, address challenges, and actively contribute to shaping a resilient and inclusive global future. Brand South Africa plays a pivotal role in ensuring that the nation’s positive narrative resonates on the international stage, providing brand visibility that fosters interest and garners support for South Africa’s journey toward economic transformation and sustainable development.



Other members of the South African delegation included partners Phuthi Mahanyele-Dabengwa, CEO of Naspers, Richard Treagus of Old Mutual and Zoleka Lisa, Corporate Affairs Vice President at South African Breweries as well as luminaries, including the Governor of the Reserve Bank, Lesetja Kganyago and filmmaker Anant Singh, producer of the iconic Cry the Beloved Country.

_RLM7835 (1)

South Africa At Davos: A Champion Of Change And Global Collaboration

As a pioneer in the insurance industry in the Democratic Republic of the Congo, the Société Financière d&#8217;Assurance au Congo (SFA Congo) is working to strengthen its position as a leader and innovate in a sector that has been open to private companies only since 2018.



The market, which is rapidly expanding, was valuated at about $300 million in 2023. Four company leaders, CEO Pascal Doye; Patrick Mukendi, the Secretary General; Board Advisor Valéry Safarian and Board Member, Philippe Nantieras unveil the priorities and objectives of SFA Congo for 2024.


<div class="wp-block-image">
<figure class="alignleft size-large is-resized"><img loading="lazy" decoding="async" width="666" height="1024" src="https://cms.forbesafrica.com/wp-content/uploads/2024/02/Philippe-Nantieras-is-a-Non-executive-Director-at-SFA-Congo.-Photo-Supplied-666x1024.jpg" alt="" class="wp-image-61185" style="width:430px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/02/Philippe-Nantieras-is-a-Non-executive-Director-at-SFA-Congo.-Photo-Supplied-666x1024.jpg 666w, https://cms.forbesafrica.com/wp-content/uploads/2024/02/Philippe-Nantieras-is-a-Non-executive-Director-at-SFA-Congo.-Photo-Supplied-195x300.jpg 195w, https://cms.forbesafrica.com/wp-content/uploads/2024/02/Philippe-Nantieras-is-a-Non-executive-Director-at-SFA-Congo.-Photo-Supplied-768x1181.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/02/Philippe-Nantieras-is-a-Non-executive-Director-at-SFA-Congo.-Photo-Supplied-999x1536.jpg 999w, https://cms.forbesafrica.com/wp-content/uploads/2024/02/Philippe-Nantieras-is-a-Non-executive-Director-at-SFA-Congo.-Photo-Supplied-1332x2048.jpg 1332w, https://cms.forbesafrica.com/wp-content/uploads/2024/02/Philippe-Nantieras-is-a-Non-executive-Director-at-SFA-Congo.-Photo-Supplied-scaled.jpg 1665w" sizes="(max-width: 666px) 100vw, 666px" /><figcaption class="wp-element-caption">Philippe Nantieras is a Non-executive Director at SFA Congo. Photo Supplied</figcaption></figure></div>


Q. | Can you give us a brief overview of the insurance sector in the DRC and tell us about SFA&#8217;s current position? &nbsp;A. Mukendi: For a long time, characterized by the state operator&#8217;s monopoly, it was in 2015 that its liberalization was consecrated by the law on Insurance Code. This law established the Regulatory and Control Authority for Insurance (ARCA), which effectively came into existence in 2017.



The market thus has seven non-life insurance companies, three life insurance companies, two reinsurance companies, and around thirty brokerage companies.



SFA notably leads the corporate insurance market with nearly 25% market share.



Q. | What are the current international partnerships of SFA and how do these partnerships contribute to its growth and strength?



A. Safarian: Our insurance company has entered into international partnerships with leading global insurers, reinsurers, managers, and service providers.



Our international partnerships allow us to:



<ul>
<li>&nbsp;Access major international clients in the DRC: We can offer our products and services to international clients of these global leaders such as Allianz, AIG, Cigna, Helvetia, and even regional insurers like Hollard, Sanlam, etc.</li>
</ul>



<ul>
<li>Offer a more comprehensive range of products and services: They bring their expertise in specific areas, such as health insurance, engineering insurance or technical branches. This enables us to insure different cement plants, mining operations, or leading breweries globally in their fields.</li>
</ul>



<ul>
<li>Reduce our costs: This includes cost-sharing, such as research and development costs, marketing costs, or claims management costs. It allows us to become more competitive.</li>
</ul>



Here are some concrete examples of how our international partnerships contribute to our growth and strength:



In Africa, we have entered into a partnership with a leading actuarial consultant who helps and assists us in developing rates tailored to the risks involved in developing new insurance products. This has allowed us to establish ourselves in rapidly growing segments and generate new revenue from new products such as health insurance.



In Belgium, a partnership with a ‘marine’ or ‘cargo’ claims manager to improve our claims management was concluded. This has allowed us to reduce our claims management costs and improve customer satisfaction.



Q. | How does SFA secure its commitments and reinsurance in the face of challenges in the Congolese market? A. Nantieras: One of SFA&#8217;s primary concerns has always been to secure the commitments of its reinsurance placements and, in parallel, SFA&#8217;s commitments to its insured (clients). To do this, and to summarize, SFA defines and adapts its reinsurance program (by line of business) according to its strategy, its capital, its development, and its retention policy.



Q. | Can you reveal the main points of SFA&#8217;s strategy for the year 2024? &nbsp;A. Doye: For 2024, SFA aims to strengthen its leadership position in the corporate sector and provide our clients with our expertise in the areas of goods importation, fire, engineering, civil liability, fleet insurance, and other insurance lines.



At the same time, SFA aims to develop insurance for individuals and provide protection and support in the event of a claim for every household.

The SFA Congo team includes Valery Safarian, Lory Pinzi (DRH), Pascal Doye and Patrick Mukendi. Photo Supplied

The Booming Insurance Market In The DRC

Regarded as the continent’s pre-eminent luxury accommodation offering, the <a href="https://www.saxon.co.za/">Saxon</a> is among a handful of prominent businesses, across multiple fields of industry, developed by the first generation of the Steyn Family portfolio. These also, notably, include Telesure Investment Holdings, <a href="https://shambalaprivategamereserve.co.za/">Shambala Private Game Reserve</a> and <a href="https://www.steyncity.co.za/">Steyn City</a>.



Led by Gen-2’s TJ and Louis, Steyn now has its feet planted in the entertainment industry.



“Music and the arts are among the most influential forces in existence because of their ability to transcend any and all barriers,” explains Steyn Entertainment Managing Director, Dale De Ruig when asked about the company’s 2014 inception.&nbsp;



“A significant amount of world music has its roots in Africa, and the continent continues to be a major contributor to global culture. But we haven’t realized our potential yet. With Steyn Entertainment, the goal was to actively participate in establishing the continent as a legitimate artistic force, as well as an operational and sustainable territory for the South African industry and the rest of the world.”  


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="682" src="https://cms.forbesafrica.com/wp-content/uploads/2024/01/Stormzy-on-the-Main-Stage-at-Rocking-the-Daisies-2023-1024x682.jpeg" alt="" class="wp-image-61146" style="width:774px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/01/Stormzy-on-the-Main-Stage-at-Rocking-the-Daisies-2023-1024x682.jpeg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Stormzy-on-the-Main-Stage-at-Rocking-the-Daisies-2023-300x200.jpeg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Stormzy-on-the-Main-Stage-at-Rocking-the-Daisies-2023-768x512.jpeg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Stormzy-on-the-Main-Stage-at-Rocking-the-Daisies-2023.jpeg 1286w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Stormzy on Main Stage at Rocking the Daisies, 2023</figcaption></figure></div>


You might be familiar with Rocking the Daisies (RTD), the Cape Town-based, Billboard-ranked Top 50 Festivals in the World entrée in 2022. Running for almost two-decades, the festival has garnered international critical acclaim and won the hearts of core music audiences after a focused cultural transformation upon its acquisition by Steyn Entertainment in 2016, as one of their first major commercial endeavors.



An annual calendar fixture, audiences upwards of 15,000 flood Cloof Wine Estate over the span of three days to enjoy immersive activations and spectacular live performances that have historically featured the likes of Stormzy; The 1975; Focalistic; Kehlani; Mac Miller; Nasty C; Sho Madjozi; Clean Bandit; Black Coffee; Riky Rick; J.I.D; and many others. While the festival affords local audiences the opportunity to enjoy rarely seen international talent, Steyn Entertainment insists that one of its emphases is in showcasing the diversely remarkable local landscape, supported by a level of world-class production not commonly associated with domestic shows.


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="682" src="https://cms.forbesafrica.com/wp-content/uploads/2024/01/J.I.D-at-Rocking-the-Daisies-in-Cape-Town-2023-1024x682.jpeg" alt="" class="wp-image-61147" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/01/J.I.D-at-Rocking-the-Daisies-in-Cape-Town-2023-1024x682.jpeg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/J.I.D-at-Rocking-the-Daisies-in-Cape-Town-2023-300x200.jpeg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/J.I.D-at-Rocking-the-Daisies-in-Cape-Town-2023-768x512.jpeg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/J.I.D-at-Rocking-the-Daisies-in-Cape-Town-2023.jpeg 1286w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">JID at Rocking the Daisies Festival, Cape Town 2023</figcaption></figure></div>


The success of RTD subsequently helped to establish a foundation for a myriad of ventures into the entertainment realm and the talented individuals who are innovating them:



In the City – a mid-scale live music event set to the backdrop of metropolitan Johannesburg and Cape Town. Occurring multiple times a year, the event unifies more relatively-focused and discerning pockets of music lovers under a common eagerness to experience burgeoning acts from around the globe;



<a href="https://www.instagram.com/themarabiclub/?hl=en">The Marabi Club</a> – the world renowned and award-winning jazz club inspired by an improvisational style of jazz called ‘Marabi’ that evolved in the buzzing suburb of Doornfontein in the 1920s. The distinguished venue boasts an evocative fine dining experience and a pristine, intimate vintage interior.  A restaurant and cultural hub, universally adored by enthusiasts of live music, over the years the space has played host to the likes of Hugh Masekela, Sipho ‘Hotstix’ Mabuse, Jonathan Butler, Carmelo Anthony ,Kelly Rowland, Jay-Z and Beyoncé, among others. The brainchild of TJ Steyn and Dale De Ruig, The Marabi Club is managed by Sicelo Mayiyane &#8211; a talented purveyor of elegance with years of experience in the hospitality industry.


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="682" src="https://cms.forbesafrica.com/wp-content/uploads/2024/01/The-Marabi-Club-at-Hallmark-Hotel-in-Johannesburg-South-Africa-1024x682.jpeg" alt="" class="wp-image-61141" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/01/The-Marabi-Club-at-Hallmark-Hotel-in-Johannesburg-South-Africa-1024x682.jpeg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/The-Marabi-Club-at-Hallmark-Hotel-in-Johannesburg-South-Africa-300x200.jpeg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/The-Marabi-Club-at-Hallmark-Hotel-in-Johannesburg-South-Africa-768x511.jpeg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/The-Marabi-Club-at-Hallmark-Hotel-in-Johannesburg-South-Africa.jpeg 1440w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">The Marabi Club, Hallmark Hotel. Johannesburg</figcaption></figure></div>


STAY LOW – established in 2020, the cutting-edge independent boutique record label and management company has quickly come to represent a return to counterculture within the entertainment space. This is due to its commitment to artistic integrity and unconventional practices. Boasting some of the finest emerging and established talent on its roster, STAY LOW is dedicated to empowering artists across various disciplines and bridging the gap between African talent and the rest of the world. The imprint is headed up by Vaughn Thiel &#8211; a serial entrepreneur, award-winning executive producer and strategic savant who is blazing trails in the music industry; and Fred Kayembe – an all-round creative force, visual architect and head of strategy at the company.


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/01/The-award-winning-Black-Coffee-Penthouse-at-Hallmark-Hotel-1024x683.jpeg" alt="" class="wp-image-61144" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/01/The-award-winning-Black-Coffee-Penthouse-at-Hallmark-Hotel-1024x683.jpeg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/The-award-winning-Black-Coffee-Penthouse-at-Hallmark-Hotel-300x200.jpeg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/The-award-winning-Black-Coffee-Penthouse-at-Hallmark-Hotel-768x512.jpeg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/The-award-winning-Black-Coffee-Penthouse-at-Hallmark-Hotel.jpeg 1440w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Award Winning Black Coffee Penthouse, Hallmark Hotel, Johannesburg</figcaption></figure></div>


Steyn Entertainment’s property venture, TS Property plays an integral role in the business’s ecosystem in that it houses the Steyn Entertainment headquarters in one of its principal investments &#8211; <a href="https://hallmarkhouse.info/">Hallmark House</a>. Designed by genre-shifting modernist Sir David Adjaye, the art hotel is aptly tucked away in Johannesburg’s robust art precinct, Maboneng. Inside the breathtaking monument are forty-six luxury hotel suites draped in MAXHOSA AFRICA by Laduma Ngxokolo; ten floors of residential apartments; the old school charm of Cutters Barbershop; a rooftop venue boasting a 360-degree panoramic view of the Joburg skyline; conferencing facilities throughout and the notoriously extravagant, award-winning double story penthouse collaboration with Grammy winner and icon, Black Coffee.


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="576" src="https://cms.forbesafrica.com/wp-content/uploads/2024/01/Vaughn-Thiel-Jason-Pienaar-Dale-De-Ruig-Fred-Kayembe-and-Sicelo-Mayiyane-1024x576.jpeg" alt="" class="wp-image-61138" style="width:840px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/01/Vaughn-Thiel-Jason-Pienaar-Dale-De-Ruig-Fred-Kayembe-and-Sicelo-Mayiyane-1024x576.jpeg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Vaughn-Thiel-Jason-Pienaar-Dale-De-Ruig-Fred-Kayembe-and-Sicelo-Mayiyane-300x169.jpeg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Vaughn-Thiel-Jason-Pienaar-Dale-De-Ruig-Fred-Kayembe-and-Sicelo-Mayiyane-768x432.jpeg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Vaughn-Thiel-Jason-Pienaar-Dale-De-Ruig-Fred-Kayembe-and-Sicelo-Mayiyane-1536x864.jpeg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Vaughn-Thiel-Jason-Pienaar-Dale-De-Ruig-Fred-Kayembe-and-Sicelo-Mayiyane-2048x1152.jpeg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Vaughn Thiel, Jason Pienaar, Dale De Ruig, Fred Kayembe, Sicelo Mayiyane</figcaption></figure></div>


Hotel Operations Manager Jason Pienaar is the driving force of Hallmark House, having occupied almost every position in the building from the bottom to the top over the course of seven years. While Tanja De Ruig – Head of Events – is the prolific architect responsible for facilitating some of the country’s most noteworthy functions, including high profile weddings, spectacular galas, birthday celebrations and the most sophisticated corporate functions on the calendar.


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="675" src="https://cms.forbesafrica.com/wp-content/uploads/2024/01/Ndana-Tendayi-Kim-Jayde-Robinson-and-Tanja-De-Ruig-1024x675.jpeg" alt="" class="wp-image-61145" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/01/Ndana-Tendayi-Kim-Jayde-Robinson-and-Tanja-De-Ruig-1024x675.jpeg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Ndana-Tendayi-Kim-Jayde-Robinson-and-Tanja-De-Ruig-300x198.jpeg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Ndana-Tendayi-Kim-Jayde-Robinson-and-Tanja-De-Ruig-768x507.jpeg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Ndana-Tendayi-Kim-Jayde-Robinson-and-Tanja-De-Ruig-1536x1013.jpeg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Ndana-Tendayi-Kim-Jayde-Robinson-and-Tanja-De-Ruig-2048x1351.jpeg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Ndana Tendayi, Kim Jayde Robinson and Tanja De Ruig</figcaption></figure></div>


Working across all the facets of the business, widely celebrated media specialist and businesswoman, Kim Jayde Robinson brings a wealth of expertise and specialized skills to her coveted role as Head of PR, Marketing and Sponsorship. And University of Rhodes graduate and finance specialist Ndana Tendayi’s progressive approach to the Senior Finance Manager role has transformed the business’ general operations indelibly.


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="682" src="https://cms.forbesafrica.com/wp-content/uploads/2024/01/The-Rooftop-at-Hallmark-House-1024x682.jpeg" alt="" class="wp-image-61140" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/01/The-Rooftop-at-Hallmark-House-1024x682.jpeg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/The-Rooftop-at-Hallmark-House-300x200.jpeg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/The-Rooftop-at-Hallmark-House-768x512.jpeg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/The-Rooftop-at-Hallmark-House.jpeg 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">The Rooftop at Hallmark House</figcaption></figure></div>


The Team



One might be lead to believe that a roster so talented is merely an act of good fortune. One would be mistaken. An organization as vast and complex as Steyn Entertainment’s requires the kind of intentional focus, inspiration and painstaking management necessary to thrive in the volatile industry of entertainment.



Operationally, this all begins with De Ruig, the 38 year-old visionary who has earned a reputation as one of the sharpest strategic minds in the business. An impressive two decades of entrepreneurship under his belt, brokering some of the most important entertainment business deals of recent times, and exponentially growing the business’ network beyond South Africa’s borders &#8211; the Steyn Entertainment and TS Property MD is the picture of leadership.



The team’s expertise perfectly position Steyn Entertainment to offer strategic, production and creative support to projects and businesses beyond the company’s own portfolio. Over the years these partners, collaborators and clients have included the likes of Nampak, Diageo, AB InBev, Distell, H&amp;M, Maybelline, Mercedes Benz, VISA, FNB, ABSA, Woolworths, Pernod Ricard and MultiChoice.


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/01/The-Black-Coffee-Penthouse-at-Hallmark-Hotel-in-Johannesburgs-Maboneng-precinct-1024x683.jpeg" alt="" class="wp-image-61143" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/01/The-Black-Coffee-Penthouse-at-Hallmark-Hotel-in-Johannesburgs-Maboneng-precinct-1024x683.jpeg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/The-Black-Coffee-Penthouse-at-Hallmark-Hotel-in-Johannesburgs-Maboneng-precinct-300x200.jpeg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/The-Black-Coffee-Penthouse-at-Hallmark-Hotel-in-Johannesburgs-Maboneng-precinct-768x512.jpeg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/The-Black-Coffee-Penthouse-at-Hallmark-Hotel-in-Johannesburgs-Maboneng-precinct.jpeg 1440w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">The Black Coffee Penthouse at Hallmark Hotel in Johannesburg’s Maboneng precinct.</figcaption></figure></div>


Impact



Between Steyn Entertainment and its counterpart TS Property, the companies’ work force sits in the region of 100 dedicated permanent employees. Additionally, approximately 3,200 jobs per annum are created through ancillary projects; a critical tenet of the company’s value system and objectives. &nbsp;



“It has taken us a number of years to arrive at this point. We are very proud of what we have developed and are continuing to build at Steyn Entertainment,” says De Ruig.


<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/2024/01/The-Black-Coffee-Penthouse-at-Hallmark-Hotel-1024x683.jpeg" alt="" class="wp-image-61142" style="width:644px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/01/The-Black-Coffee-Penthouse-at-Hallmark-Hotel-1024x683.jpeg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/The-Black-Coffee-Penthouse-at-Hallmark-Hotel-300x200.jpeg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/The-Black-Coffee-Penthouse-at-Hallmark-Hotel-768x512.jpeg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/The-Black-Coffee-Penthouse-at-Hallmark-Hotel.jpeg 1440w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">The Black Coffee Penthouse at Hallmark Hotel.</figcaption></figure></div>


“This team is not only special because of its talent and ability. It is also special because it exists as a bold and intentional statement about our commitment to positioning Johannesburg as the epicenter of culture and commerce on the African continent, and one of the greatest cities in the world.”

Vaughn Thiel, Dale De Ruig, Sicelo Mayiyane, Fred Kayembe, Jason Pienaar, Ndana Tendayi, Tanja De Ruig and Kim Jayde Robinson

Shaping The African Entertainment Landscape

If you love cruising, or the idea of cruising, but are looking for more, then Explora Journeys is the option for you. The offering by MSC Cruises, synonymous with luxury cruising, Explora Journeys offers a slower-paced, highly curated experience aimed at taking guests on a profound journey into the heart of nature and culture.


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="768" src="https://cms.forbesafrica.com/wp-content/uploads/2024/01/EXPLORA-I_Fil-Rouge_01-1024x768.jpg" alt="" class="wp-image-61122" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/01/EXPLORA-I_Fil-Rouge_01-1024x768.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/EXPLORA-I_Fil-Rouge_01-300x225.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/EXPLORA-I_Fil-Rouge_01-768x576.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/EXPLORA-I_Fil-Rouge_01-1536x1152.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/EXPLORA-I_Fil-Rouge_01-2048x1536.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure></div>


The Explora Journeys experience is founded on its two specially designed ships, Explora I and II. Explora I was officially named on July 8, 2023 at Civitavecchia near Rome and departed on her maiden journey from Southampton on July 17, 2023. Explora II will undertake her maiden voyage in 2024. The ExploraJourneys fleet will ultimately comprise six vessels.



These cruise ships are designed with sustainability and luxury very much in mind. Ecologically sound materials are used in their construction, and the ships are ready to use hybrid power-generation technologies as they become available. Explora I sports a range of technology advances aimed at making it more environment-friendly, from how wastewater is processed to the use of energy-efficient appliances and reduced underwater noise to protect aquatic life (Rina Dolphin certified).


<div class="wp-block-image">
<figure class="alignleft size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="768" src="https://cms.forbesafrica.com/wp-content/uploads/2024/01/EXPLORA-I_Astern-Lounge_01-1024x768.jpg" alt="" class="wp-image-61123" style="width:482px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/01/EXPLORA-I_Astern-Lounge_01-1024x768.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/EXPLORA-I_Astern-Lounge_01-300x225.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/EXPLORA-I_Astern-Lounge_01-768x576.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/EXPLORA-I_Astern-Lounge_01-1536x1152.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/EXPLORA-I_Astern-Lounge_01-2048x1536.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure></div>


Care for the environment is combined with attention to detail in creating a luxurious environment. Expect everything that a luxury cruise would offer, but in the distinctive Explorastyle: fine dining, bars and lounges with curated entertainment, extensive deck facilities, a range of bar and dining venues, a casino, the Ocean Wellness spa and fitness facility (including a beauty salon).



Explora I also offers guests a unique shopping experience via three luxury stores: Cartier and Panerai watch stores, and a Piaget watch-and-jewelry store. Each store is carefully designed to embody a distinctive brand personality, and offer discerning travelers a world-class shopping experience.



Explora Journeys offers a mixture of short and long sailings from accessible homeports such as Barcelona, Civitavecchia, Miami and Bridgetown. Journeys are designed to offer a slower pace of travel, with enough time to be fully immersed in local cultures and landscapes.



Call it mindful tourism—it’s all about seeking out interesting and little-visited destinations and getting to grips with them.



Explora Journeys travelers will also have the privilege of undertaking excursions with celebrated adventurer, explorer and environmentalist, Mike Horn, Explora Journeys’ brand ambassador: for example, on the inaugural Iceland and Greenland journey, ‘Arctic Geyser, Calving Glaciers, and Fiery Lands of Ice’, Mike took participants on two hikes in remote parts of Greenland and presented a seminar on “Setting goals and being resilient” onboard.



Yes, it’s cruising—but as you’ve never imagined it.



Visit <a href="https://explorajourneys.com/">https://explorajourneys.com/</a> for more information or to book.

EXI_HERO_03 2

Luxury, Sustainability, Immersive Experiences: Journeys That Redefine Cruising

<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="323" src="https://cms.forbesafrica.com/wp-content/uploads/2024/01/Standard-Bank_Logo_Horizontal_Full-Colour_CMYK-horizontal_Standard-Bank_Logo_Horizontal_Full-Colour_CMYK-1-1024x323.png" alt="" class="wp-image-61107" style="width:520px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/01/Standard-Bank_Logo_Horizontal_Full-Colour_CMYK-horizontal_Standard-Bank_Logo_Horizontal_Full-Colour_CMYK-1-1024x323.png 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Standard-Bank_Logo_Horizontal_Full-Colour_CMYK-horizontal_Standard-Bank_Logo_Horizontal_Full-Colour_CMYK-1-300x95.png 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Standard-Bank_Logo_Horizontal_Full-Colour_CMYK-horizontal_Standard-Bank_Logo_Horizontal_Full-Colour_CMYK-1-768x242.png 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Standard-Bank_Logo_Horizontal_Full-Colour_CMYK-horizontal_Standard-Bank_Logo_Horizontal_Full-Colour_CMYK-1-1536x484.png 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Standard-Bank_Logo_Horizontal_Full-Colour_CMYK-horizontal_Standard-Bank_Logo_Horizontal_Full-Colour_CMYK-1-2048x645.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure></div>


The global economic slowdown, geopolitical conflicts, the spillover impact of Covid-19 and heightened uncertainty have all shaped the way investment professionals and the financial services industry at large interact with clients.



Individuals have become increasingly concerned about their finances, and as a result, they are rethinking their approach to wealth management. Zimkita Dutywa, Senior Wealth Manager at Standard Bank Wealth and Investment South Africa, has identified a number of key trends that are shaping the wealth management industry.



Redefining the client experience



“No two clients are the same and a ‘one- size-fits-all’ financial approach is not relevant,” says Dutywa. “Client-centricity is redefining the client experience, as wealth managers realize the importance of developing a deeper understanding of each client&#8217;s specific needs, circumstances, aspirations and concerns. Leveraging these insights enables them to offer tailored solutions that will help their clients to achieve financial success.”



Adopting a holistic approach



Dutywa points out that there is a new generation of investors, and their expectations around wealth management have shifted. Their lives have become more complex, and the investment environment has grown more uncertain, creating a greater need for holistic advice on and offshore.



“A holistic approach assists with achieving multiple financial objectives through a well-rounded financial plan that considers a person’s values and lifestyle. Typically, this encompasses estate planning, risk management, tax implications and retirement planning,” Dutywa continues.



“For example, an individual might be at the stage in their life when they want to grow their wealth, however they still need to maintain their lifestyle, educate children (possibly abroad), look after aging parents and plan for their own retirement. These goals, which are often conflicting, require a broader financial perspective, and that is why it is important to consistently review your wealth management plan with a qualified financial partner.”



Reassessing retirement



The concept of retirement is undergoing significant changes as individuals respond to social, economic and demographic shifts worldwide. Early retirement trends, coupled with an increased life expectancy due to lifestyle enhancements and healthcare developments, leaves investors with longevity risk which could significantly compromise their cash flow.



“The fact that around 89% of South Africans will not be able to retire comfortably highlights the need for a holistic financial plan that addresses these challenges,” says Dutywa. “It is increasingly important to think of retirement planning beyond just contributing 15% of your earnings to a Pension Fund. Unless you do so, you may realize too late that you don’t have enough.”



“There are various other factors that one also needs to consider, such as inflation risk, rising healthcare expenses, emergency costs, tax implications, diversification to hedge against currency risk and a low economic growth environment. These should be incorporated into your plan, coupled with ideas around supplementing your income pre- and post-retirement.”



Demographic shifts



New demographic segments are emerging within wealth management, largely driven by the transfer of wealth. The younger generation thinks about advice differently and consumes information mainly using digital platforms. They tend to have a values-aligned investment approach and connect with brands and companies that speak to their social values.



From a geographic perspective, The Africa Wealth Report 2023 reveals that the growth in high-net-worth individuals on the continent is expected to be 42% over the next 10 years.



“We are seeing entrepreneurs, businesspeople, and wealthy families embracing investment migration as a strategy to improve their travel freedom and economic mobility, secure location optionality, and mitigate risk,” Dutywa says. “This highlights the importance of wealth management companies having a global footprint in order to provide clients with an international solution.”



Looking to the future



“The wealth management landscape has evolved over the years and we have had to adapt how we do business,” Dutywa concludes. “Technology remains a key driver of progress, enabling us to take a proactive approach by leveraging data, financial planning tools and trend insights.”



“Just like our clients, the wealth management industry will continue to transform, and we will have to keep pace with emerging trends in order to achieve new growth.”

Middle aged businesswoman in a conversation with a colleague

Key trends that are shaping Wealth Management

In Africa’s biggest economy, where women constitute about half of the 213.4 million population, a gender gap persists in entrepreneurial opportunities. Only around 35% of women are involved in entrepreneurship, ranging from micro to large enterprises.



According to a United Nations (UN) report from 2020, only 47% of women of working age participated in the labor market, compared to 74% of men — a gender gap that has remained relatively constant since 1995.



Despite contributions to the Micro, Small and Medium Enterprises (MSME) ecosystem, female entrepreneurs face substantial challenges, with finance being a major hurdle in Nigeria&#8217;s largest city, Lagos. A survey by the Lagos State Employment Trust Fund (LSETF) reveals that female entrepreneurs contribute 35% to employment generation in the MSME ecosystem within the state. MSMEs face an annual funding gap of about ₦617 billion ($678 million) nationwide, with female-owned businesses being more affected by limited access to funding and investment opportunities, according to PwC Nigeria&#8217;s estimate.



The Gender Discrepancy



&#8220;Accessing finance, especially loans, for whatever reasons, is usually not easy for both males and females. However, based on my experience and interactions with my colleagues, it is even more tedious for the female folks,&#8221; shares Chidiebere Imadu, a clothier based in the Isolo area of Lagos, highlighting the daunting reality for many women like her.



Statistics And Confirmation



In Africa, the employment landscape for women is closely linked to their self-employment, with eight out of 10 women in sub-Saharan Africa working independently, nearly double the global average, as reported by the World Bank. A majority of these women operate micro-enterprises within the informal sector, and very few are integrated into formal banking channels. This lack of financial inclusion prevents them from accessing affordable credit, hindering the growth of their businesses and perpetuating the cycle of poverty. The African Development Bank Group notes a $42 billion financing gap for small and medium-sized enterprises owned by African women, posing a significant obstacle to economic development and overall wellbeing.



The UN reports that 52% of women-led firms identified access to finance as a major constraint to growth, compared to only 30% of male-led firms. Similarly, 56% of female entrepreneurs reported being rejected in their most recent loan applications, opposed to merely 17% of men. The main reason women have trouble accessing finance is due to gender gaps in asset ownership, as loan sizes are determined based on the collateral that the borrower can provide. Social norms, inheritance, and marriage practices often result in household assets being owned by men.



Lagos State, like other parts of Nigeria, has common gender norms that affect women&#8217;s economic empowerment, such as the expectation that men should be the key decision-makers in their families and communities, and the lack of social protection for women, which leaves them without the necessary capital to securely invest in businesses.



This challenge intertwines with the National Library of Medicine&#8217;s study which links maternal mortality to education levels, emphasizing that higher maternal education correlates with improved access to household resources and healthcare. Unfortunately, Nigeria faces a significant literacy challenge, with 39% of adults being uneducated, perpetuating barriers to healthcare for women.



Financial hurdles pose a substantial obstacle to healthcare access, as evidenced by the National Population Commission (NPC) and International Coaching Federation (ICF) Macro&#8217;s report, revealing that 56% of women experience financial barriers, while one-third face physical and resource-related obstacles.



The National Literacy Survey of 2010 exposes a critical gender disparity in literacy rates, emphasizing the need for focused attention on female literacy, as males consistently outpace females across categories, with the national adult literacy rate in any language standing at 71.6% (male = 79.3%, female = 63.7%).



A survey by NOIPolls emphasizes the prominence of financial empowerment issues amongst women, particularly in the South-West zone, with Lagos State, the economic hub, playing a pivotal role in shaping responses.



The survey further unravels a myriad of socio-economic challenges faced by women, ranging from gender inequality and cultural discrimination to sexual abuse, gender discrimination in employment, religious discrimination, physical abuse, domestic violence, and rape.



Individual Struggles



Kuburat Aworeni, a food distributor dealing in the retail of rice and other staples in the Ikorodu area of Lagos, shares her struggle: &#8220;Securing the finance I need for my business has been challenging due to the extensive documentation required by the banks I have approached. This makes it nearly impossible for small businesses like mine to thrive.&#8221;



She expresses her frustration, saying, &#8220;I put my heart into my business, but without financial support, expansion feels like an unattainable dream. It&#8217;s disheartening to see opportunities slip away because of criteria I am unable to meet.&#8221;



Despite setbacks, Kuburat remains hopeful: &#8220;I aspire to grow and employ others, but financial barriers hinder that. It&#8217;s a tough journey, but I won&#8217;t give up.&#8221;



&#8220;What has kept me going is the passion for my business and the support of my loyal customers,&#8221; says Aworeni. &#8220;I couldn&#8217;t allow financial challenges to stop me, so I have had to explore alternative means, including savings and contributions with a trusted group, to keep my customers satisfied and maintain my business.&#8221;



Bridget Aletor, a baker based in the Oshodi area of Lagos, shares her financial challenges: &#8220;Starting my baking venture was a dream, but the reality hit hard. Securing funds for space and equipment was difficult, and the conditions set by banks were overwhelming.&#8221;



She opens up about the struggle, saying, &#8220;Already from the conditions set by many financial institutions, the idea of a bank loan was intimidating, so I turned to family and friends for support. It&#8217;s a tough journey for a female entrepreneur in Lagos.&#8221;



Determined to persevere, Aletor declares, &#8220;My story, like that of many other women, is one of resilience. I believe in my craft, and I refuse to let financial barriers hinder my passion for baking.&#8221;



Chidiebere Imadu, a clothier based in the Isolo area of Lagos, notes, &#8220;It takes a lot of grit for females to access finance around here because we are often subjected to unfair conditions,&#8221; a sentiment reinforced by a World Bank Group market diagnostic.



Supporting Initiatives



Efforts have been made to bridge the gap, with initiatives like the “W” initiative unveiled in 2014 by Access Bank providing opportunities, including access to loans and credit facilities for female entrepreneurs in Nigeria.



Early last &nbsp;year, at the Access Bank International Women’s Day (IWD) Conference held in Lagos, Abiodun Olubitan, the Group Head of W Initiative at Access Bank, disclosed that “the bank gave out N40.5 billion to over 64,845 women SMEs in 2022.”



The funds, according to Olubitan, were allocated to women in businesses where they held 50% or more ownership of the business, or co-owned with a man, with controlling shareholding or active involvement in directing the business, aligning with the bank’s criteria for identifying women-owned or women-led businesses.



Overall Consequences



Financial inequalities for female entrepreneurs in Lagos lead to limited access to capital, reduced business expansion opportunities, and a perpetuation of gender disparities in economic empowerment. This continues to hinder the growth of women-led businesses, limit job creation, and contribute to a broader cycle of economic inequality within the region. Addressing these disparities is crucial for fostering a more inclusive and sustainable business environment.



Lagos State Government Addresses LSETF Partnership And Other Ongoing Initiatives For Female Entrepreneurs



In response to observations suggesting a hiatus last year in the Women Entrepreneur Fund (W-initiative) loan scheme, established in 2019 by the Lagos State Employment Trust Fund (LSETF) in collaboration with Access Bank, Commissioner for Information and Strategy, Gbenga Omotoso, acknowledges the evolving nature of loan programs..



While Omotoso could not confirm the current status, he emphasizes the dynamic nature of loan initiatives. &#8220;Loans are not just something you continue to give out. They are evolving,&#8221; he says.



&#8220;Beneficiaries need to pay back for others to get their own funds. It&#8217;s not something that you give to just a particular group and then you forget it. You have to recover the money so that more and more people can get funds. So, I know that we did a lot.&#8221;



Addressing the impact of COVID-19 on small businesses, particularly in the hospitality sector, Omotoso reveals, &#8220;During COVID-19, small businesses and especially the hospitality industry really suffered. We provided over ₦1 billion ($1.1 million) for such businesses, including medium and small-scale enterprises run by women.&#8221;



Highlighting the commitment to supporting women in various sectors, Omotoso states: &#8220;In agriculture, too, there are special programs for women to have access to small funds that can help them. All our women who are in fishing and other agricultural programs get priority.&#8221;



&#8220;There is no financial program initiated by the Lagos State government where women don&#8217;t have a hand. We ensure that women actively participate in and benefit from various financial support initiatives,&#8221; notes Omotoso.



Call For Comprehensive Measures



Subomi Plumptre, a Lagos-based entrepreneur, emphasizes the need for comprehensive measures.



Plumptre shares: &#8220;Recent data underscores significant hurdles to credit and finance for female entrepreneurs in Lagos. According to the World Bank, only 10-15% of them get suitable bank credit due to collateral requirements and high-interest rates. Innovative solutions, like microfinance institutions and programs such as We-Fi, are emerging to address these challenges.



&#8220;To further overcome these barriers, we need comprehensive measures such as financial literacy programs, alternative collateral options, and tailored government policies for women entrepreneurs. These initiatives are discussed in detail by Nord Open Research and OpenAIR@RGU. Such interventions will contribute to creating a more inclusive and supportive financial landscape for female entrepreneurs in Lagos.&#8221;



For multinational tech consultant Napa Onwusah, a beacon of hope emerges from the Nigerian government&#8217;s initiatives, such as the Micro, Small and Medium Enterprises Development Fund (MSMEDF) and National Collateral Registry (NCR). &#8220;Equally promising are the endeavors of non-governmental organizations and private sector actors, offering financial literacy training, mentorship programs, and alternative financing options,&#8221; Onwusah says.



She adds: &#8220;Recently, I was privileged to be part of Ventures Platform’s &#8216;Leveling VC&#8217; initiative — a multi-year and industry-wide project — to raise venture capital funding for African startups led by female founders from 13% to 25% by 2028. I believe initiatives like this play a crucial role in ensuring an even access to business funds.&#8221;



Onwusah recommends a multi-pronged approach which involves &#8220;advocating for gender-sensitive policies, empowering women through tailored financial literacy programs and products, investing in capacity building, unlocking data-driven solutions, and fostering a collaborative ecosystem that propels growth.&#8221;



– This report was facilitated by the Africa Centre for Development Journalism (ACDJ) as part of its 2023 Inequalities Reporting Fellowship supported by the MacArthur Foundation through the Wole Soyinka Centre for Investigative Journalism.

African woman in traditional clothes standing, looking, hand to eyes, in field of barley or wheat crops at sunset or sunrise

SheMeansBusiness: Finance Still A Hurdle For Female Entrepreneurs In Nigeria’s Largest City

SMEs play a crucial role in South Africa’s economy. They contribute significantly to job creation, economic growth, and innovation. SMEs act as a catalyst for change, fostering entrepreneurship, and generating employment opportunities. However, these enterprises often face various challenges, particularly in the realm of recruitment. Issues such as time-to-hire, recruitment costs, and lack of dedicated resources can hinder their ability to attract quality talent.



To address these challenges, Pnet’s specialized online recruitment platform has emerged as a powerful tool to help SMEs find the right candidates for their vacant roles at the right time and the right cost, thereby boosting their competitiveness in the market. Pnet is committed to exponentially helping SMEs realize their business visions by helping them attract and retain their most important asset – their people.



The importance of SMEs – globally and locally



SMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development. According to the <a href="https://www.worldbank.org/en/topic/smefinance">World Bank Group</a>, they represent about 90% of businesses and over 50% of employment worldwide.



Formal SMEs contribute up to 40% of national income (GDP) in emerging economies. These numbers are significantly higher when informal SMEs are included.&nbsp;The World Bank Group estimates that 600 million&nbsp;SMEs will be needed by 2030 to absorb the growing global workforce, which makes SME development a high priority for many governments. In emerging markets, most formal jobs are generated by SMEs, which create seven out of 10 jobs.



SMEs are an integral part of South Africa’s economy. According to a report by the International Finance Corporation, approximately 50% to 60% of South Africa’s workforce finds employment within SMEs. As such, these enterprises bring many advantages that contribute to economic development:



<ul>
<li>Job creation: SMEs are major contributors to job creation, especially in labour-intensive sectors. Their ability to adapt quickly to changing market demands allows them to absorb labour, thereby reducing unemployment rates and providing livelihoods to many.</li>
</ul>



<ul>
<li>Economic growth: SMEs foster a dynamic business environment that fuels economic growth. They encourage competition, innovation and diversity, which leads to increased productivity and overall economic progress.</li>
</ul>



<ul>
<li>Poverty alleviation: As SMEs expand and succeed, they contribute to poverty reduction by empowering local communities through employment and income generation.</li>
</ul>



Challenges faced by SMEs in recruitment



Despite their critical role, SMEs encounter numerous challenges in recruiting talent. Some of the key pain points include:



<ul>
<li>Time-to-Hire: Time is of the essence when SMEs need to hire people, as they often don&#8217;t have the luxury that corporates have in placeholding roles. Having vacancies open for a prolonged period often results in reduced productivity and a decrease in revenue for SMEs.</li>
</ul>



<ul>
<li>Recruitment costs: Traditional recruitment methods can be expensive for SMEs. The high costs usually associated with recruitment fees and placement fees can put further pressure on their already constrained budgets.</li>
</ul>



<ul>
<li>No dedicated recruitment team: Larger corporations typically have dedicated Human Resources departments that handle the entire recruitment process. However, in SMEs, recruitment tasks are often handled by the business owner or employees who have other primary responsibilities, leading to inefficiencies and potential oversight of critical aspects of hiring. This may cause delays in filling essential positions.</li>
</ul>



<ul>
<li>Corporate competitors for quality talent: Competing with larger companies for top talent can be challenging for SMEs, as they may not have the same brand recognition or resources to attract high-calibre candidates.</li>
</ul>



How Pnet solves recruitment challenges for SMEs



To overcome these recruitment challenges, many SMEs are choosing Pnet as a partner of choice for their recruitment needs. As part of global JobTech giant, The Stepstone Group, Pnet is the leading online recruitment platform in South Africa, offering a range of benefits that directly address the challenges faced by SMEs when it comes to hiring the right people to drive business success:



<ul>
<li>Time and cost efficiency: Pnet streamlines the hiring process so that SMEs can quickly and directly reach more jobseekers. Pnet’s smart job-matching technology makes it easy to filter and shortlist potential candidates. This reduces the administrative tasks associated with hiring activity, resulting in significant time and cost savings for SMEs. In addition, Pnet’s Response Handling Team can free up time for SME employees to focus on their core activities by managing the entire recruitment process on their behalf, with pricing to suit SMEs of all sizes.</li>
</ul>



<ul>
<li>Access to a larger talent pool: With a database of 6 million jobseekers, Pnet provides access to a diverse pool of quality candidates, including both active and passive jobseekers. SMEs can connect with candidates from various locations and backgrounds, increasing the likelihood of finding the right fit for their roles. What’s more, job ads get extra exposure through Pnet’s extensive investment in marketing and promotion of job listings on the platform, and get further reach from the 100 million Job Alerts that Pnet sends directly to jobseekers’ inboxes every month.</li>
</ul>



<ul>
<li>Targeted job advertisements: Pnet is more than just a job board. The platform uses advanced algorithms and analytics to target job advertisements to the most relevant candidates. This sophisticated technology ensures that SMEs attract applicants with the required skills and qualifications, improving the overall quality of applicants.</li>
</ul>



<ul>
<li>Ease of use: Pnet’s platform is designed to be user-friendly, requiring minimal technical expertise. SMEs can search the database for potential candidates, create and post job ads easily, manage applications efficiently, communicate with candidates seamlessly and even send bulk letters of regret via the platform.</li>
</ul>



<ul>
<li>Brand visibility: Even smaller companies can gain visibility and credibility through Pnet, thanks to its Company Hub solution, which enables SMEs to enhance their employer brand and attract top talent without going to the expense of investing in their own website.</li>
</ul>



At Pnet, our purpose is “The Right Job for Everyone”. By partnering with Pnet, SMEs can find the right person for the job, at the right time, and at the right cost – empowering them to compete with larger corporations and attract quality talent that drives their business growth and success.



www.pnet.co.za sales@pnet.co.za +27 (10)140 3099

Forbes Africa 3

Driving Success In SMEs Through Sophisticated Job-Matching Technology

Startups are seldom the first thing people consider when thinking about scalable and impactful solutions addressing the most pressing issues in global health. The idea that innovation can be home-grown is even more foreign. To change this perspective, we need more programs that spotlight locally-led innovations and effectively create systems that support their growth and impact at scale. &nbsp;



In Africa, many innovative companies are transforming the health sector. <a href="https://healthtech.salientadvisory.com/reports/innovations-in-digitizing-health-supply-chains-in-africa/">Salient’s work</a> shows that in supply chain alone, nearly 350 startups offer various solutions such as order and inventory management, direct distribution to consumers, transport warehousing and reverse logistics, product protection and visibility, and data analytics. For example, Figorr, a Nigerian startup, offers cold chain solutions that help businesses track and monitor the storage conditions of temperature-sensitive products in real-time. Figorr partnered with the Nigeria Primary Health Care Development Agency during the pandemic and tracked over four million Covid-19 vaccines to prevent wastage. Since then, they have expanded this partnership to cover other vaccines: they have tracked 98 million vaccines recommended in the World Health Organization’s Essential Program on Immunization, and more than 72 million other health products such as insulin, fertility shots, chemotherapy, and snake anti-venom (as per data from the i3 Year 1 Monitoring &amp; Evaluation report). Startups like Figorr demonstrate how partnerships with innovative companies can help expand access to health products, reduce the cost of distributing health products, and improve the visibility of health products.



As <a href="https://www.imf.org/en/News/Articles/2023/04/14/pr23119-sub-saharan-africa-regional-economic-outlook-the-big-funding-squeeze">donor funding</a> for the health sector decreases, it’s clear that International Nongovernmental Organizations (INGO)-delivered systems are insufficient. Further compounding this trend is a <a href="https://www.reuters.com/world/africa/debt-squeeze-leaves-sub-saharan-africas-governments-fiscal-bind-2023-10-16/">debt crisis</a> that requires African governments to do more with less. We, therefore, urgently need scalable, private-sector solutions that generate jobs and sustained impact. However, donors, global health institutions, governments, and industry leaders in global health lack an understanding of the innovation ecosystem and how to effectively engage startups to address key challenges.



This is why programs such as <a href="https://innovationsinafrica.com/">Investing in Innovation Africa</a> (i3) that spotlight startups such as Figorr and connect them to donors, governments, key industry leaders are important. i3 is a new kind of value-creation network that selects early and growth-stage African-led startups and provides introductions to potential customers in global health alongside other supports. It’s powered by major players in global health, including the Bill &amp; Melinda Gates Foundation, Cencora, MSD, Microsoft, and Chemonics.



What happens when platforms like i3 are created? The potential of innovation in the development sector is demystified. Global health stakeholders can meet impressive startups already active on the continent with strong reach (e.g., startups in the i3 report serving about 40,000 healthcare providers on the continent), inspiring them to think outside the box and include innovation in their strategies (data is from the applications startups submitted to the i3 program). Startups also gain exposure that opens the doors for new partnerships: the first cohort secured 32 MoUs, pilots, and partnerships and raised an additional $10.4M in funding (data is from the i3 Year 1 Monitoring &amp; Evaluation report). These strong numbers represent the tip of the iceberg since this process of building strategic partnerships with startups and reimagining the role of innovation in global health is nascent, and we are still learning from it. &nbsp;&nbsp;



The Covid-19 pandemic reinforced that resilient, local supply chains for medicines and other health products in Africa are critical. This requires a new way of thinking that taps into existing innovative solutions on the continent with the goal of scaling them. i3 represents a new model for development assistance centered around locally-led businesses working with leading multinationals, governments, and donor systems to create a more sustainable system. This new model is not perfect, but it shows the willingness of global health stakeholders to come together, build bridges, and imagine new ways of working together that are fit for purpose for the future. Therefore, as global health stakeholders, let’s not shy away from partnering with African innovators and scaling their innovations.



– The writer leads Salient&#8217;s work on Investing in Innovation (i3), a pan-African program to support the commercialization and impact of health tech companies.

Startups i3 cohort 2023

African-Led Innovations Front And Center In Global Health

ADFD&#8217;s Commitment to Colombia&#8217;s Early Childhood Development



The Early Childhood Development Centers (ECDC) project in Colombia (country in South America), supported by an allocation of $10.5 million from the Abu Dhabi Fund for Development (ADFD), stands as a testament to the United Arab Emirates’ (UAE) commitment to the Sustainable Development Goals (SDGs). This initiative has led to remarkable advancements in primary education and health infrastructure, fostering a transformative impact on communities.



By enhancing the quality of life, especially of the rural community, the project has added momentum to Colombia’s National Development Plan to ensure that all girls and all children have access to early childhood care and development services and quality preschool education by 2030.



The ECDC initiative presents a comprehensive approach to child development, encompassing a range of services that go beyond traditional education. The project in partnership with international organizations, has facilitated the establishment of 37 Early Childhood Development Centers, guaranteeing education for hundreds of children below the age of six.



These centers serve as more than just educational institutions; they function as community hubs, and also extend support to families, by providing medical assistance and essential nutrition. As trained professionals offer expert care, from pregnancy to early childhood, ensuring optimal growth and well-being.



ADFD’s engagement in the ECDC project exemplifies its dedication to SDG Goal 4: Quality Education. By investing in early childhood education in Colombia, the UAE is contributing to the larger global mission of ensuring inclusive and equitable education for all.

919e943d-9a42-43d9-9155-12964d5a41dd

Empowering Colombia’s Future Through Education

The country continues to cement its place as a global green gemstone leader, with miner, Grizzly Mining lighting the way.



The colour green evokes a sense of tranquillity, symbolizing the calming power of nature. It also comes with a sense of urgency, as well as of drive and promised fortune. It is exactly this drive and fortune that has led to a rise in the mining of one particular green gemstone – African emeralds – and one particular miner.



While emerald mining has been historically synonymous with countries like Colombia, Zambia accounts for 70% of global emerald supply, according to Grizzly Mining Chairman, Abdoulaye Ndiaye, following a recent record auction in August.



Unlike in Colombia, where emeralds production takes place deep underground, Zambian emeralds are found closer to the surface, allowing for much safer surface operations.



One Zambian company is leading the charge to produce some of the largest high-quality emeralds in the world.



“Emeralds have a special place in my heart, as the mere sight of their green hue brings happiness. It&#8217;s a colour that exudes joy and positivity, making me appreciate emeralds all the more,” says Ndiaye, who is also the founder of Grizzly Mining Limited.



After completing his studies in Senegal, Ndiaye moved to Israel to study gemology, where he learned the art of cutting and polishing diamonds and emeralds.



“My pursuit of emeralds took me to Zambia after I saw the opportunity to create a market that could grow in size and in demand through the establishment of reliable supply of emeralds,” he says.



Subsequently, Ndiaye obtained his first emerald concession in 1997 in a remote part of the Zambian bush. His success saw him acquire neighbouring licences and collating them into one large 2km open pit operation using state of the art machinery, which is now the world famous, Grizzly Emerald Mine.



In 2017, Ndiaye entered into partnership with an Israeli diamond group selling 50% of his stake in the company.&nbsp;Grizzly&nbsp;was briefly renamed &#8220;Gemcanton&#8221; under the partnership. In 2019, Ndiaye bought back this stake and resumed total ownership, reinstating the name &#8220;Grizzly&nbsp;Mining&#8221;.&nbsp;The company has been under sole ownership and operation since.



&nbsp;Go Green or Go Home



The colour green is not just synonymous with fortune and nature, but also the power of luck, which makes it the perfect shade for emeralds, as finding these gems is a stroke of luck, in itself.



“Unlike diamonds, which are mined in approximately 65 countries, emeralds are far more rare and exclusive, with only three countries producing them in meaningful quantities: Colombia, Brazil, and Zambia,” Ndiaye explains.



He reveals that Afghanistan and Bangladesh are also blessed with emeralds, although their production is limited, and minimal compared to the approximately 60 million carats that Grizzly produces annually.&nbsp;



In addition to its large production, the company has also pioneered a new way of selling emeralds.



Prior to Grizzly’s production, buyers would purchase a bag of assorted emeralds of different sizes and grades, with this irregularity causing difficulties for buyers.



Now, it produces enough gemstones to offer identical lots of the same-sized emeralds, matching in grade and hue, to international buyers.



Through dedication, hard work and investment, Grizzly has become a byword for quality emerald mining, bringing in $48.6 million in revenue for its most recent auction.



And yet, the company’s remarkable achievements didn’t come without its challenges.



As emerald mining takes place in remote locations, Grizzly had to grapple with a lack of electricity, water, and road infrastructure.



“At one point, it was very challenging for me to make this area safe and habitable for employees to work,” says Ndiaye.



To overcome these hurdles, Ndiaye and his team built and funded new infrastructure. This included roads circa 50km to the region, and access to potable water, in addition to funding the extension of the national powerline to deliver electricity to the surrounding communities. They also hired professional geologists to train their Zambian workforce in emerald exploration.


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A Greener Community



In addition to prioritizing physical infrastructure, Grizzly Mining places a strong emphasis on its personal relationships with local communities, and this plays a pivotal role in the success of its operation.



The support of local chiefs, and their communities, is of paramount importance, providing a “social licence to operate”. Working with local people has also been essential in understanding the geology of emeralds.



“Being one of the most significant forces in Africa, operated primarily by African individuals, we receive substantial support from the community, which empowers us to make a significant impact.”



Grizzly’s Zambian mining operation not only employs over 1,000 individuals, 95% of whom are Zambian, but through the use of modern mining equipment with large scale machinery, rigorous due diligence and the stressed importance of safety, they have received awards for their approach to safety, from the industry.



Additionally, Grizzly has also built five schools in the surrounding communities, and two clinics, and continues to sponsor two schools entirely, covering the education of several thousand children.&nbsp;



What’s more, during the Covid-19 pandemic when revenues halted for a year, Grizzly continued to pay wages to all its staff, and even donated supplies to the Kitwe Teaching Hospital, in addition to supplying sanitizer and masks to the local communities.



Grizzly’s commitment to a healthier environment is not just limited to the local community, as the company is extremely conscious of the environmental footprint of its mining activities.



The company adheres to the stringent safety and environmental standards associated with best practice in the industry, which includes the rehabilitation of the waste rock from the mine, reforesting the stacks, and minimizing the usage of water.



They have also set up their own nursery for trees and vegetation to attain self-sufficiency and sustainability in their reforestation and afforestation initiatives.



The Future is Emerald Green



Holding three to four emerald auctions a year, both in Kitwe, Zambia and in Dubai, and attended by some 130 companies&nbsp;and more, Grizzly Mining has firmly established itself as a recognizable business, particularly thanks to its gems that are so unique in colour.



“Even though we may not dig deeper, we produce the highest quality emeralds with a yellow-green hue – the most sought after colour in emeralds, and this is precisely what we have in Zambia,” reveals Ndiaye.



As Grizzly Mining looks to the future of emerald mining, they are currently in the process of a 50% expansion to meet the ever-growing demand for their high-quality emeralds.



Ndiaye pinpoints the the exact moment he first stumbled upon an emerald.



“I was in Congo dealing with diamonds, then I heard about emeralds. I was being told that they were very&nbsp;special and unique. I came To Kitwe, Zambia to see the stones&nbsp;in&nbsp;January 1978. I was first introduced to the beautiful stones in a local market so I began buying small quantities and selling them in Geneva. These sales became very profitable for me.”



Ndiaye vividly remembers the emotions the experience stirred within him. Now these emotions serve as a constant reminder of the beauty that can be hidden within and it is because of these memories that he encourages his team to work diligently so that they can continue to uncover the hidden gems that lie just beneath the surface.

Abdoulaye Ndiaye – Grizzly Mining 2

‘Gem In The Rough’: A Look At Zambia’s Ever-Growing Emerald Industry

In 200 meters, enter the roundabout and take the second exit”. We’ve all become very used to our favorite mobile app or to satellite GPS getting us to where we want to go when we’re traveling. Modern-day apps provide you with not only the best route to your destination and your estimated time of arrival, but they also direct you away from traffic congestion and other road hazards.



In our busy urban lives, these devices have become a necessity, rather than a luxury and your Uber driver’s livelihood even depends on it. The uses of GPS have grown exponentially and it’s hard to imagine a life without this critical tool, which was born out of the space race in the late 1950s to early 1960s.



South African Kirsten Neuschäfer embarked on an extraordinary journey in the 2022 Golden Globe Race (GGR), circumnavigating the globe on her 36-foot cutter, “Minnehaha”. The GGR, which started and ended in Les Sables-d’Olonne, France, replicated the 1968/69 global circumnavigation of Sir Robin Knox- Johnston, adhering to the technologyand yacht design limitations of that era— no GPS, autopilot, or modern maritime conveniences. The 30,000-mile voyage has to be completed alone, non-stop and without any outside assistance.



Organizers track the racing yachts via satellite and there are emergency GPS communications onboard but breaking the GPS seal results in disqualification. Participation requires substantial yachting experience and entry is by invitation only. To the mere mortal, this yacht race not only appears impossible to complete but the potential hazards sound terrifying. Neuschäfer not only became the first woman to complete the challenging GGR, but she also emerged as the overall winner after a 235-day voyage and a bucket load of two-minute noodles.



After the recent tumultuous years, investors will probably have some sympathy for the 22 sailors that took on the 2022 GGR. One doesn’t need a very long memory to remember the market impact of the Covid-19 pandemic, the Russian invasion of Ukraine, the oil price spike, rampant inflation, multi-decade high interest rates, the crisis in the Middle East and deteriorating international relations.



Many investors will also remember the bursting of the Dot-com bubble in 2001, the 9/11 terrorist attacks, the collapse of Enron, the Global Financial Crisis and Great Recession, the Greek debt defaults, Brexit, and Donald Trump’s election and presidency. These events from the current millennium all caused waves in the financial markets and tested the mettle of even the most experienced of investors. History is littered with similar events that have raised adrenaline levels, increased the heart rate, and left investors with the typical “fight or flight” conundrum.



For Neuschäfer, there was no option but to fight during times of bad weather and rough seas. But fighting meant leaning on her experience, adapting to the conditions and doing that ‘sailor stuff ’ (a non-nautical term) that kept the yacht in good condition and on course. There were also times when the yacht was becalmed and that became an exercise in patience as well as an opportunity to go for a swim. The markets are no different for investors.



There are those times when it seems like markets are crashing in around you but that’s not the time for flight. It could be an opportunity to tweak (a non- financial term) one’s investment portfolio and take advantage of newly- available opportunities, but it remains critical to stay the course to reach that long-term investment destination.



Markets can also find themselves becalmed from time to time, sometimes for years. Tweak the portfolio around the fringes then too, if necessary, but keep the bow pointed forward and wait for the market winds to pick up again.



Investment portfolios are lifelong vessels that do not demand constant attention. Staying the course and adhering to long- term goals is vital to ensuring financial stability and allowing investors to enjoy the sunset of their lives without the reliance on &#8220;two- minute noodles.&#8221;

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Sailing Your Investment Portfolio Into The Sunset

Have you ever heard of the ‘last mile’ in logistics? In a product’s journey from the warehouse to your door, the last mile is the final stage in the process. Not only is it the hardest to get right, and the most time-consuming leg of product delivery, it’s also the most expensive, reportedly accounting for around 50% of total shipping costs. If you’ve ever waited hours for a package that was “out for delivery”, you’ll understand exactly how inefficient this final step can be.



Luckily for the industry, and for customers, a number of new and emerging tools and technologies are being developed and deployed to improve last mile delivery. These solutions make smarter and simpler deliveries possible. Solutions like Loop, a delivery management app that is optimizing and shaking up the logistics space by improving the interactions between everyone across the supply chain &#8211; from the business and the driver, to the end customer.



Loop was founded by Kimberley Taylor, who came up with the idea for the business while completing a university assignment. She was asked to solve the traditional travelling salesman problem– the salesman has to visit every city on a list starting from a particular location and ending at the start location.



The challenge is to minimize the length of the trip by finding the most efficient route. Solving this route optimization problem opened the door for Taylor to ask even more questions about the visibility and communication issues that exist within the delivery space. And she immediately knew that there were a number of problems that needed to be solved.



Despite describing herself as a “non- technical founder”, Taylor wanted to create a ‘piece of tech’ to help the industry improve their operations and streamline these processes. When looking for the right solution to bring her idea to life, she was introduced to Google Cloud Platform (or GCP) by the development house she was working with at the time and quickly realized just how well-suited GCP’s tools and technologies were to her needs.


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“To be honest, I didn’t really know any better back then, but in hindsight, I’m insanely grateful for the recommendation because, from the beginning, GCP was very easy to use and intuitive for someone like me who isn’t very technical,” she explains. “I think that this was just one of those steps on my journey where I got a bit of luck – I met the right people and found the right tools.”



Starting out in the fast food and on-demand space, Taylor learned a lot about the difference between what she dubs ‘difficult’ and ‘easy’ logistics.



“I quite naively thought that fast food was easy logistics but I was very wrong because you have such a short amount of time to do a delivery and there really is very little room for error,” she says.



But Taylor is quick to note that this was actually a huge blessing in disguise because it meant that the Loop platform had to offer real-time data capabilities, as well as greater visibility and scalability from the very beginning. Delivering on these requirements was made possible, in large part, by GCP.



For her, the different Google Maps APIs have proved incredibly helpful because it allows Loop to access live traffic and distance data in real-time from anywhere around the world; the alternative would be to build and source its own database, which would have prevented Loop from getting to market as efficiently as it did.



All of the data powering the platform is stored on BigQuery, Google’s data analytics warehouse. It allows them to analyze and better understand the massive amount of logistics and customer data it generates and captures each day. In addition, Taylor leveraged Looker Studio to bring data together



and create customizable and informative reports and dashboards; a capability she had promised to a client early on in her entrepreneurship journey.



“When you’re selling and you’ve never built a piece of tech before, you often promise more than you should,” she says. In Taylor’s case, she told a client that Loop could provide advanced data analytics capabilities, with dashboards to showcase what the data meant, but she wasn’t sure how to actually deliver on this promise. “Honestly, Looker Studio was the most amazing tool,” she says, noting that she has witnessed the tool grow and evolve into something even more powerful over the course of the seven years she’s been using it.



“I’m not a developer but because the Google platform is so intuitive and easy to use, I could go into the backend and look at error logs without having to bug the developers every time I had a question. The process of using GCP has been insanely empowering for me.”



So, how does Argility, part of the Smollan Data and Tech Cluster and a top Google analytics partner through Digicloud Africa, come into all this?



Having successfully made a name for themselves in this space, Taylor and her team realized that they needed a little extra help growing and improving their processes, without dramatically increasing their costs. For Japie Saunders, Head of IT &amp; Infrastructure at Argility, the challenge was to make sure that Loop has the right infrastructure in place and that the overall layout of the business is set up in a way that it can grow securely and fully comply with different regulations and requirements.



“Often, start-ups don’t have the knowhow or the right guidance when it comes to something like security. This needs to be addressed before the business gets too big,” he says. “For Loop, this meant organizing projects using a clear hierarchy, with different tiers of staff allocated to different projects, so that they can refine access and only allow the right people to access certain information.”



Beyond this, Taylor notes that having a partner who really understands Google’s suite of products in detail, including security, has been invaluable. “We haven’t had this before,” she says. “Because they understand how to put things together in a smarter and more logical way, they are helping us to identify creative ways to up our efficiency and minimize our costs.”



According to Taylor, on average Loop sees a 20% reduction in kilometers driven with route optimization, i.e. determining the best sequence for the delivery of a series of orders. And when route optimization is combined with route planning – the step before route optimization which determines the best vehicle to use given the number and size of orders that need to be completed – this 20% increases to 30%.



Similarly, when you give customers greater visibility around where the driver is, you can reduce the amount of time they spend with a customer by 50%.



While Taylor acknowledges the power of digital solutions and technologies, she points out that tech for the sake of tech is just silly. “At the end of the day, it’s cool to have the best tech but you need to understand that people really want to make money or save money. They want results.” That is exactly what Loop delivers.



Markets can also find themselves becalmed from time to time, sometimes for years. Tweak the portfolio around the fringes then too, if necessary, but keep the bow pointed forward and wait for the market winds to pick up again.



Investment portfolios are lifelong vessels that do not demand constant attention. Staying the course and adhering to long- term goals is vital to ensuring financial stability and allowing investors to enjoy the sunset of their lives without the reliance on &#8220;two- minute noodles.&#8221;

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Staying In The Loop – How A South African Tech Startup Is Leveraging Google Cloud To Optimize Its Processes

Asignificant wealth transfer is looming on the horizon, with Generation Z set to inherit a substantial portion of it, alongside Millennials, also known as Generation Y. These generational cohorts, shaped by their unique experiences and values, are already exerting a profound influence on the world. It is therefore vital to understand and anticipate their evolving needs, especially when it comes to wealth management.



Both Generation Y and Generation Z are eager to engage with investing and financial matters from a young age, accessing mobile banking apps and showing an interest in trading. These younger generations are paving the way for a future where financial education and investing become integral to their lives.



To prepare these future leaders for managing wealth, initiatives like Standard Bank Wealth and Investment’s Leadership Academy program play a vital role in educating the next generation of clients on the principles of banking, investing, lending and financial planning.



Recognizing that age-specific education is crucial, Wealth and Investment offers tailored programs for different age groups: the Junior Leaders’ Academy is for 10 to 12-year-olds, the Young Leaders’ Academy is for 13 to 17-year-olds, and the Future Leaders’ Academy is for those aged 18 to 24. These programs serve as an inspirational journey, encouraging delegates to take charge of their lives and gain profound insights into their families’ wealth legacies.



Each academy applies research- based approaches to learning agility and change adaptability, providing opportunities to develop a growth mindset. At their recent Future Leaders’ Academy, held in KwaZulu-Natal in August, Wealth and Investment focused on ‘The Art of Personal Branding’.



The day’s sessions were designed to equip the delegates with the skills needed to navigate the complexities of personal branding on social media. They learned about the process of building a unique and distinctive image for themselves in the minds of others, and how best to present themselves both on and offline.



A number of experts in the field shared their expertise and knowledge of personal brand development, and inspired the participants with new ideas on how to make their mark in the digital space.



Participants were also introduced to the Enneagram, a non-boxing personality system designed to ignite self-confidence, and provide pathways for personal growth, self-acceptance and self-mastery.



Social media law expert, Emma Sadleir led a discussion on personal reputation management and the disciplinary consequences of using social media.



The Leadershift Twins hosted a session on establishing a strong online presence in the professional space. An intergenerational wealth conversation on personal brand equity looked at how individuals can create their own stories while still adding value to their multigenerational family legacies.



The delegates participated in lively debates, leaving with valuable knowledge and skills to establish their own strong and effective personal brands.



Standard Bank Wealth and Investment is committed to providing a foundation through education upon which future generations can grow and preserve wealth successfully. Their Leadership Academy program is a fundamental part of their offering, creating opportunities that enable the next generation to protect their family legacies, while pursuing their own dreams and ambitions.

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The Art Of Personal Branding – Empowering Millennials And Gen Z For A Successful Future

Research indicates that 70% of generational wealth gets depleted by the second generation, and 90% by the third. Standard Bank Wealth and Investment SA understands the importance of successful generational wealth transfer, and believes that it is vital to educate the next generation on the principles of managing, growing and preserving generational wealth, so that it is sustainable beyond the third generation.



As the current generation of traditionalists and baby boomers move more deeply into retirement, wealth transfer is on the horizon. It is therefore vital that any sustainable wealth preservation strategy places emphasis on financial education. With over 60% of its population under the age of 25, the African continent is growing more youthful. This necessitates an intentional investment in financial literacy, which strongly accounts for the improvement of intergenerational wealth mobility.



According to Lucratia Mathe, Head of Client Value Proposition at Standard Bank Wealth and Investment SA, High-Net-Worth individuals are becoming increasingly aware of the need to create sustainable, long-term intergenerational wealth plans.



“A key concern of wealthy individuals, both locally and globally, is that poor financial planning will result in the next generation being ill-equipped to manage, grow and protect their family wealth,” she says. “We’ve all heard the horror stories of people inheriting millions, only to squander it all and be left with nothing three or four years down the line. A big contributor to this crisis is that over 25% of those due to inherit wealth are inadequately prepared for financial responsibility.”



“As Africa’s leading wealth manager, our goal is to contain this situation by helping 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 legacy for generations to come,” Mathe continues.



Leadership Academy program



To ensure that this happens, Standard Bank Wealth and Investment SA has established a successful Leadership Academy program. Launched in 2014, the initiative is designed to empower and educate next generation clients on the principles of Financial Literacy; Entrepreneurship and Innovation; Mental Wellness and Social Impact.



“Our Leadership Academies are designed to inspire our delegates to take ownership of their lives,” says Mathe. “The Academies honor our purpose of banking the family and our belief in empowering the next generation of leaders. We invite our next generation of clients, what we call our “NextGen”, to deepen their knowledge of the world of wealth, learn and apply principles of investing and discover their personal strengths.”



Research has shown that when it comes to engaging the youth on how to manage their money, it is better to start young in order to build money knowledge and habits that will last a lifetime.



“Our Leadership Academy programs feature age-appropriate content that is backed by research and behavioral science,” Mathe continues. “This allows us to deliver content that is effective at igniting a growth mindset for personal development purposes, while simultaneously educating the current generation on financial literacy and what it means to give purpose to wealth.”



While it is clear that families will always face challenges when transferring wealth from one generation to the next, initiatives like the Standard Bank Wealth and Investment SA Leadership Academy program create opportunities that enable the next generation to protect their family legacy while still forging their own paths.



“As a country, there is a critical need to do more to educate the next generation on financial matters, and to improve the financial literacy of all South Africans. We are committed to playing our part by providing a foundation through education upon which future generations can grow and preserve wealth successfully,” Mathe concludes.

Category: Brand Voice