Less than two years ago, we were all enthralled by the emergence of a technology that promised to disrupt all facets of our lives. What started as a live social experiment of opening large Natural Language Processing (NLP) algorithms, in the form of ChatGPT, to answer the public’s unscripted questions, soon proved so effective that most see it as a technology with the potential for major disruption.


<div class="wp-block-image">
<figure class="alignleft size-large is-resized"><img loading="lazy" decoding="async" width="683" height="1024" src="https://cms.forbesafrica.com/wp-content/uploads/2024/07/Nico-Katzke1-683x1024.jpg" alt="" class="wp-image-62558" style="width:349px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/07/Nico-Katzke1-683x1024.jpg 683w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/Nico-Katzke1-200x300.jpg 200w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/Nico-Katzke1-768x1152.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/Nico-Katzke1-1024x1536.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/Nico-Katzke1-1365x2048.jpg 1365w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/Nico-Katzke1-scaled.jpg 1707w" sizes="(max-width: 683px) 100vw, 683px" /></figure></div>


However, over time, many observers’ enthusiasm was curbed by the realization that physical limitations exist in building larger, more capable training models. When we ask ChatGPT a question online, a machine is crunching numbers – consuming more than 10 times the power of a Google search. It is not magic. Nor is it a tireless sentient being answering our questions – it is machines doing complex math. The more we ask of it, the bigger it needs to be.



Despite physical challenges, many believe that the future domination of Artificial Intelligence (AI) through Large Language Models (LLMs) is inevitable. Others are more skeptical. Setting aside the enormous cost (currency and environment) associated with building, training and maintaining these models – which proponents will argue are fixable; mere eggs broken in the pursuit of a sentient omelet – how the technology itself will mature and the societal role it will fulfil is debatable.



The problem might lurk in its current design: the lack of Intelligence, or the “I” in AI. People are mesmerized by Generative AI’s output and the illusion of understanding that it possesses. But at its core, the generative AI models are algorithms trained on human-supplied information: publicly available webpages fed into a computer with contextual patterns mapped out.



After fitting the parameters, it is then able to take text prompts and produce the statistically most likely combination of words (or combination of pixels in a picture) to satisfy the questioner’s request. It is ultra-efficient predictive text strung together in a way that is unsurprisingly (given its vast library of human-supplied training data) very human-like.



When generative AI draws a realistic horse, it produces a combination of pixels statistically most likely to succeed in its prompt. It doesn’t rely on reasoning, draw outside the confines of its objective, or dream up an aesthetic rendering. The horse likeness is the outcome of a likelihood distribution based on human supplied training information. Nothing more, but (profoundly too) nothing less.



The groundbreaking improvement posited by Google engineers to past versions of predictive text was to allow for deeper contextual considerations to be accounted for during training – and much, much larger datasets to train on.



At its core, AI remains a parrot, not a mind… a remarkable achievement in mimicry and information collation, but certainly not sentient. But if given more time, data and computing power, will we ever see the emergence of super-human intelligent algorithms at our disposal – the so-called AGI revolution?



So far, no one has been able to convincingly argue why an algorithm, trained on human input data, will somehow be able to transcend its training set and supersede human intelligence.



A curious problem is that generative AI has always been portrayed by its progenitors and proponents as a force that will either be a panacea to all our ills or a real existential threat – a temperate middle from insiders has mostly been lacking. This has succeeded in capturing the public’s imagination, but with an unrealistic base assumption of its capabilities.



What we lack is a clear and universally-accepted use case.



We’ve seen its capability of improving productivity in repetitive tasks, its speedy (albeit not always trustworthy) information collation and its astounding replication of human generative capabilities in art, film and music by mimicking human creativity. But can AI ever exceed humans’ capabilities and cause us to be indefinitely dependent on its wisdom and guidance? That may stay science fiction.



A more realistic take on AI currently is that it will likely prove to be a useful productivity tool in many industries, not a grand source of displacement. The automobile made many horse trainers’ past vocations irrelevant, but not the person. An industry soon formed to maintain the disruptor – and we are all grateful for its invention. We should be more realistic and pragmatic about generative AI and its possible applications.



Finally, how should one go about investing in this technological revolution? When it comes to securing the rights to raw inputs for chip manufacturing, access to the top minds and use of expensive computing equipment to develop the technology further – size and scale matters.



Mark Twain said that when everyone is looking for gold, it’s good to be in the picks and shovels business. Investing in the companies owning the rights to picks and shovels used for tomorrow’s application may very well be the best course of action at this point – and few indices encapsulate this better than the Nasdaq 100. From what we know today, it certainly seems like a sensible horse to back.



*Satrix is a division of Sanlam Investment Management

1. 1920×980 1

AI: Whence It Came And Wither It Goes

<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="16180" height="6880" src="https://cms.forbesafrica.com/wp-content/uploads/2024/07/CENTUM_jpg-transformed.jpeg-1.jpg" alt="" class="wp-image-62528" style="width:394px;height:auto"/></figure></div>


<ol>
<li>A brief introduction to Kenneth Mbae.</li>
</ol>



As the Managing Director for Centum Real Estate (Centum RE), I oversee the company’s operations, investments, as well as ESG, financial and strategic goals in both Kenya and Uganda. I joined Centum in 2010 and am an alumnus of the Harvard GSD Advanced Management Development Program and the University of Cambridge JBS Senior Management Programme.



2. How was this vision born and what is the current holding and future outlook?



Centum RE was established as a subsidiary of the Centum Investment Company and has established itself as East Africa’s largest real estate development and investment firm that focuses on delivering award-winning integrated live-work-play projects located in attractive urban hubs, to address the market’s need for affordable and contemporary housing. Our portfolio includes a solid asset base of over $307 million, a land bank of 8,045 acres and a pipeline of 10,000 residential units. We aim to continue placemaking the next urban nodes, with strong emphasis on integrating sustainable, green and modern features as well as to expand our economic and social impact across the continent.



3. In the year 2023, we saw some huge awards for Centum RE. Please take us through this and tell us about their impact and significance.



Yes, our portfolio received five (5) notable awards,



<ul>
<li>Centum RE was recognized as the 2023 EDGE Champion (Africa) by the International Finance Corporation (IFC).</li>



<li>The Vipingo Development Limited received the Circularity Initiative of the Year Award from the Big 5 Global Impact Awards.</li>



<li>Centum RE received the 2023 Most Sustainable Real Estate Development Award (Kenya), from the International Business Magazine.</li>



<li>Centum RE received the Real Estate Developer of the Year (2023), from the International Business Magazine.</li>



<li>Centum RE received the 2023 Residential Project of the Year (Kenya), from the International Business Magazine.</li>
</ul>



Notably, a majority of the awards affirmed our commitment and excellence in sustainability as well as greening the real estate sector.



4. If a pan-African reader is interested in investing money in real estate in Centum, how does your company assist them?



We offer comprehensive assistance to foreign investors seeking to make real estate investments through our portfolio projects. This is coordinated in collaboration with our project, sales, and legal teams, who engage the investor to understand their homeownership needs and/or investment appetite, in order to assist them in identifying suitable properties. In addition, we inform foreign investors on applicable laws and guide them to ensure compliance with all legal and statutory obligations. The process facilitates them to complete the transaction, pay taxes as well as obtain title documentation.



5. How do you ensure that all your community housing is resilient in the face of climate change?



Centum RE’s development process is guided by robust Environmental and Social Management System (ESMS) as well as ESG (Environmental, Social, and Governance) frameworks that outline provisions to build resilience against climate change through the adoption of green building standards in portfolio projects.



5. Which are your three biggest projects in Kenya and Uganda in terms of Capitalization and Sales?



Our three biggest projects are:



<ul>
<li>26 Mzizi Court – Mzizi is an affordable housing project that comprises of a total of 1,940 units currently under construction at the Two Rivers Social City in Nairobi, Kenya. The project is valued at $76 million.</li>



<li>256 Bella Vista Apartments – Bellavista offers stylish, yet affordable units located within Pearl Marina Estate in Entebbe, Uganda. The project is valued at $21.2 million.</li>



<li>1255 Palm Ridge Apartments – Palm Ridge is a uniquely crafted affordable housing project nestled within Vipingo City, Kenya. The project is valued at $8 million.</li>
</ul>


<div class="wp-block-image">
<figure class="alignright size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="1024" src="https://cms.forbesafrica.com/wp-content/uploads/2024/07/Create_Tangible_Wealth_QR_code-transformed-1024x1024.png" alt="" class="wp-image-62527" style="width:185px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/07/Create_Tangible_Wealth_QR_code-transformed-1024x1024.png 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/Create_Tangible_Wealth_QR_code-transformed-300x300.png 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/Create_Tangible_Wealth_QR_code-transformed-150x150.png 150w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/Create_Tangible_Wealth_QR_code-transformed-768x768.png 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/Create_Tangible_Wealth_QR_code-transformed-1536x1536.png 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/Create_Tangible_Wealth_QR_code-transformed-2048x2048.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure></div>


6. You are encouraging Africans to invest and buy homes from you, which countries/nationalities have shown most interest and why?



A majority of our clients in Africa come from the East African Community, since that is where our operations are based.



To create tangible wealth with Centum Real estate, scan the code below:

MD Centum RE profile

Spotlight On Kenya’s Trailblazing Real Estate Developer

Few people could have anticipated the scope of the Covid-19 pandemic and its dire effects on health systems and beyond throughout the world. Fewer people even could have predicted how Covid-19 would change our perception of health sovereignty.



This pandemic was a sober reminder of how Africa is vulnerable to large-scale public health crises due to its heavy reliance on external sources for critical medical supplies, including vaccines.



As we look toward the future, it is imperative that Africa takes decisive steps to bolster its local vaccine manufacturing capacity and invest in creating a robust pharmaceutical business ecosystem capable of meeting its needs.



It is not only a health priority but a strategic necessity for the continent’s sovereignty and self-sufficiency.



Where do we stand? And what should we do?



Currently, Africa imports more than 99% of its vaccines for its more than 1 billion citizens, relying heavily on global supply chains. At the height of the Covid-19 pandemic, Africans faced severe delays in accessing life-saving countermeasures. This shortage highlighted Africa’s imperative for the scaling up of local manufacturing capabilities.



Despite initiatives like the COVAX facility coordinated by GAVI, the Vaccine Alliance, with the support of key partners like CEPI, WHO, and UNICEF, global procurement, and delivery of vaccines in Africa was an uphill battle.



I was the Deputy Global Coordinator for Covid-19 Vaccine Delivery Partnership and led the COVAX Facility delivery team. This first-hand experience has shaped my outlook on what I think should be done differently to build healthier African healthcare delivery systems.



We should build a local vaccine manufacturing ecosystem (and for other medical products as well) in a holistic manner by fostering partnerships between governments, private sectors, and international organizations. Taking into consideration all the issues we are facing currently, our efforts should go toward a dedicated approach to strengthening the required infrastructure and important investment, and developing robust regulatory bodies to ensure the safety and efficacy of locally-produced vaccines. Thus, we would ensure the appropriate training and retention of a skilled workforce including collaboration with educational institutions to develop relevant training programs.



Already, countries like Rwanda, Senegal and South Africa are making great strides in this direction. For instance, Rwanda is setting up a manufacturing plant together with the German company BioNTech, which will focus on the production of mRNA vaccines and other medical products.



Similarly, Senegal&#8217;s Institut Pasteur de Dakar will become a key player in vaccine production with recent investments; it is set to expand its manufacturing capacity significantly.



In addition, there is a strong need to attract financial investment to ramp up existing production volumes and R&amp;D for African pharma industries. Public-private partnerships will be key to achieving this; vaccines and medical products in general should be considered public goods requiring public investments on the same level as roads or bridges.



International financial institutions and foreign pharmaceutical firms must play their part in supporting these initiatives and tap into this emerging market.



What’s next for African health?



As a candidate for the position of Regional Director of WHO in the African Region, my vision for the future of the vaccine manufacturing industry in Africa is clear. As a continent we must become self-reliant and capable of meeting our own needs, and in time even becoming a global supplier of quality medical products. We can no longer afford to wait to be saved, Africans must do the needful for ourselves.



Local vaccine manufacturing is pivotal for Africa’s health security, economic growth, and equitable access to vaccines. In a very dynamic and promising continent like Africa, where 70% of the population are under 30 years old, health should be at the forefront of all development efforts. It should also be at the center of our efforts in reaching the Sustainable Development Goals (SDGs).



I will make it my priority, should I be appointed, to speak for all Africans at the WHO working right away on advocacy and developing country-tailored programs. Boosting the local manufacture of vaccines and other medical products will be one of my priorities with the aim to improve our self-reliance but also boosting our economies and creating jobs for our youths.



The journey to self-sufficiency will be long and challenging. However, by leveraging the lessons learned from previous pandemics and investing in African-made pharmaceutical solutions, we can build better healthcare for better lives, here in Africa.

IMG_8928

Building A Healthier Future In Africa: The Need For Local Vaccine Manufacturing

“I knew the African market was ripe for a Home transformation,” says Ewaen Sorae, a visionary entrepreneur from Nigeria, who is on a mission to transform Africa&#8217;s Home hospitality and home decor industry. As the founder and CEO of E’sorae Home, Sorae is redefining the standards of comfort, quality, and elegance across the continent.



A Bold Decision



In 2010, just short of qualifying for British citizenship, Sorae made a bold and unconventional decision. For many Africans, the opportunity to extend their stay in the U.K. as a path to citizenship is an important generational decision, offering stability and improved prospects for future generations. However, for Sorae, the call to entrepreneurship was stronger. Recognizing the immense potential in an underdeveloped market, he chose to return to Nigeria from the U.K. &#8220;The U.K. offered better prospects at the time, but I saw an opportunity in Nigeria that couldn’t wait,&#8221; Sorae recalls. This decision marked the beginning of E’sorae Home, a brand that would grow to rival global giants and redefine Home in Africa.



Building the Brand



E’sorae Home started with a focus on high-quality beddings and towels in Lagos. The company quickly expanded to include a wide range of home and lifestyle products, establishing a strong market presence across Nigeria. Today, E’sorae Home serves over 94,000 customers and 736 hotels, producing up to 856 duvets and numerous premium mattresses daily.



Innovation and Quality



At the heart of E’sorae Home&#8217;s success is its commitment to innovation and quality. The company employs a dedicated research and development team to create products that enhance sleep quality. Their flagship products, including high-breed massage beds and pocket spring mattresses, are designed to provide unparalleled comfort and support. Additionally, E’sorae offers a range of sleep-related products, such as fragrances and scented candles, and provides in-house sleep doctor consultations.



Expanding Horizons



Sorae’s vision extends beyond Nigeria. E’sorae Home is embarking on an Africa-wide expansion, targeting markets in Accra, Dakar, and Abidjan. The company is also exploring opportunities in the United States and the United Kingdom, leveraging trade agreements like the African Growth and Opportunity Act (AGOA) and the US-Africa Trade Relations Act.



Overcoming Challenges



The journey has not been without challenges. Sorae faced significant hurdles in navigating regulatory environments and economic volatility in Nigeria. However, his resilience and ability to leverage his experience and network have been instrumental in overcoming these obstacles. &#8220;Building strong relationships with all partners in the value chain and focusing on local production have been key to our success,&#8221; Sorae explains.



Social Impact



E’sorae Home&#8217;s impact extends beyond its commercial success. The company has created numerous jobs and contributed to the local economy by supporting local production and reducing the need for imported goods. Sorae and his wife, Iyobosa, also established the OpesVenit Family Office to create generational wealth for their family. This initiative has led to projects in retail, hospitality, education, and technology, including the acquisition of one of their businesses, WhiteTree Gourmet, a Home retail groceries supermarket.


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="819" src="https://cms.forbesafrica.com/wp-content/uploads/2024/07/Iyobosa-Sorae-CEO-of-OpesVenit-Family-Office-with-Ewaen-Sorae-CEO-of-ESorae-Luxury-Bedding-Homeware-for-Hospitality-Homes-1024x819.png" alt="" class="wp-image-62435" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/07/Iyobosa-Sorae-CEO-of-OpesVenit-Family-Office-with-Ewaen-Sorae-CEO-of-ESorae-Luxury-Bedding-Homeware-for-Hospitality-Homes-1024x819.png 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/Iyobosa-Sorae-CEO-of-OpesVenit-Family-Office-with-Ewaen-Sorae-CEO-of-ESorae-Luxury-Bedding-Homeware-for-Hospitality-Homes-300x240.png 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/Iyobosa-Sorae-CEO-of-OpesVenit-Family-Office-with-Ewaen-Sorae-CEO-of-ESorae-Luxury-Bedding-Homeware-for-Hospitality-Homes-768x614.png 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/Iyobosa-Sorae-CEO-of-OpesVenit-Family-Office-with-Ewaen-Sorae-CEO-of-ESorae-Luxury-Bedding-Homeware-for-Hospitality-Homes-1536x1229.png 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/Iyobosa-Sorae-CEO-of-OpesVenit-Family-Office-with-Ewaen-Sorae-CEO-of-ESorae-Luxury-Bedding-Homeware-for-Hospitality-Homes.png 2000w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Iyobosa Sorae, CEO of OpesVenit Family Office, with Ewaen Sorae, CEO of E’Sorae Luxury Bedding &amp; Homeware for Hospitality &amp; Homes</figcaption></figure></div>


The E’sorae Foundation, a non-profit organization focused on various community initiatives, has recognized that education is the foundation of any society. In light of the impact of COVID-19, there was an urgent need to delve into a reformative strategy within the education sector. To address this gap, the foundation introduced experiential learning to early childhood education. The school established under this initiative is currently one of the best experiential Montessori institutions in the region. Here, children learn by transitioning from concrete experiences to abstract concepts, with a strong emphasis on extracurricular activities, moving away from traditional rote memorization methods.



The Future



Looking ahead, Sorae envisions E’sorae Home becoming a leading brand in the global hospitality and furniture industry. The company&#8217;s long-term vision includes expanding its product offerings, entering new markets, and maintaining its innovative edge. &#8220;We aim to set new standards in the hospitality sleep industry and create opportunities that improve the quality of life for people across the continent,&#8221; Sorae states.



Sorae&#8217;s journey is a powerful example of how visionary leadership can transform industries and drive economic growth. His story is a testament to the power of resilience, creativity, and a commitment to excellence. As E’sorae Home continues to grow and expand, it is poised to become a global leader, setting new benchmarks for quality and innovation.

Ewaen Sorae, CEO of E’Sorae Luxury Bedding & Homeware for Hospitality & Homes

From Nigeria To The World: How This Entrepreneur Is Building Africa’s Premier Luxury Hospitality And Home Decor Brand

For nearly three decades, I&#8217;ve been fortunate to be part of MultiChoice&#8217;s journey, one that has been as intertwined with the development of African storytelling as it has been with the continent&#8217;s evolution itself. Looking back, the path has been filled with triumphs and challenges, each one a valuable lesson that echoes in MultiChoice&#8217;s unwavering commitment to Africa.


<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/2024/07/IMG_8622-1024x683.jpeg" alt="" class="wp-image-62326" style="width:328px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/07/IMG_8622-1024x683.jpeg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/IMG_8622-300x200.jpeg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/IMG_8622-768x512.jpeg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/IMG_8622-1536x1024.jpeg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/IMG_8622-2048x1365.jpeg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure></div>


In this piece, I want to share some of these key takeaways, hoping they become guiding lights for future undertakings on the continent.



The power of stories from our backyards



From the outset, MultiChoice understood the strength of local narratives. We weren&#8217;t just distributors of foreign content; we were committed to fostering African stories, created by Africans, for Africans. This wasn&#8217;t just about showcasing our cultures on screen; it was about nurturing a sense of identity and community across a continent brimming with diverse voices.



Investing in local productions wasn&#8217;t without its difficulties. We had to navigate unfamiliar territory, from identifying and developing local talent to understanding the storytelling nuances across borders. But the rewards were far greater. Local content resonated with audiences in a way foreign productions never could. It sparked conversations, challenged perspectives, and fostered a sense of unity and pride.



This focus on local content remains a cornerstone of MultiChoice&#8217;s success. It&#8217;s a testament to the fact that audiences crave authenticity, and that stories that reflect their lived experiences have the power to connect on a deeper level.



Building bridges through innovation



Africa is a land of vast potential, but it also presents logistical hurdles. From remote locations to underdeveloped infrastructure, being able to reach every corner of the continent with traditional broadcast methods proved challenging. This is where innovation became our guide.



MultiChoice embraced technological advancements to bridge these gaps. The introduction of DStv, a satellite pay-TV service, was a game-changer. It allowed us to deliver high-quality content directly to homes, bypassing geographical limitations. As technology evolved, we continued to adapt, from offering mobile streaming services to exploring possibilities in the ever-expanding realm of digital entertainment.



The lesson here is clear: innovation is not just about staying ahead; it&#8217;s about finding solutions that address the specific needs of the people. By embracing technological advancements, we were able to not only expand our reach but also empower African audiences to consume content in new and exciting ways.



Stronger together rings true



Our continent is a tapestry of cultures, languages, and traditions. To truly succeed, we needed to foster a spirit of collaboration, working not just within Multichoice but also with partners across the continent. This meant forging relationships with local content creators, distributors, and regulators.



Collaboration wasn&#8217;t always easy. There were differences in perspectives, and navigating cultural sensitivities was essential. But through open communication and a shared vision of empowering African storytelling, we were able to build bridges and create an ecosystem that thrived on collective effort. The message here is that success in Africa is rarely a solitary venture. By working together, sharing resources and expertise, we can create a more robust and sustainable broadcasting and video entertainment industry that benefits all stakeholders.



The power of investing in people



At the heart of any successful organization is its people. Throughout my time at MultiChoice, I&#8217;ve always believed in the importance of investing in our talent. We strived to create a work environment that nurtured creativity, encouraged professional development, and celebrated diversity.



This investment paid off in immense growth. We built a team of passionate individuals who were not only skilled professionals but also deeply invested in the vision of a thriving African broadcast industry. Their dedication, resilience, and understanding of the local context were instrumental in overcoming challenges and achieving success.



The takeaway? Africa&#8217;s potential lies not just in its resources but also in its people. By empowering and nurturing local talent, businesses can build a strong foundation for long-term success.



The audacity to dream big



There&#8217;s one more lesson that stands out for me: the audacity to dream big. When MultiChoice began its journey, the African broadcast media landscape was vastly different. Satellite technology was in its early stages, and the continent&#8217;s infrastructure presented formidable challenges. Yet, we dared to dream of a future where African stories would be heard across the continent and beyond.



This audacity to dream big fueled our innovation and perseverance. It allowed us to see past the limitations of the present and chart a course for a brighter future. It&#8217;s a reminder that even the most ambitious goals can be achieved with a healthy dose of optimism, a willingness to take risks, and a relentless determination to succeed.



MultiChoice&#8217;s enduring commitment to Africa is a story of perseverance, adaptation, and a deep belief in the continent&#8217;s potential. The lessons we&#8217;ve learned along the way are not merely reflections of the past; they are guiding principles for the future. As the African broadcast industry continues to evolve, these lessons will serve as a compass, helping us navigate the exciting opportunities and challenges that lie ahead. Together, we can continue to unlock the power of African storytelling and ensure that the continent claims its rightful space on the global stage.



About Nolo Letele:



Nolo Letele&#8217;s journey is a testament to persistence. After facing limited opportunities in apartheid South Africa, he built his skills in Lesotho before joining M-Net. There, his expertise was instrumental in turning DStv into a continental giant. His leadership extended beyond South Africa&#8217;s borders as he pioneered MultiChoice&#8217;s expansion across Africa, ensuring African voices were heard. This dedication to the continent&#8217;s media development was recognized through numerous awards, solidifying his legacy as a champion for African storytelling.

IMG_8623 1

An Enduring Commitment To Africa

We often read the statistics around unemployment in South Africa and the challenges we face with regard to creating sufficient jobs. Although large corporations have a significant impact due to their scale, it is local businesses that are key to the success of our economy, providing 60% to 70% of the available jobs in South Africa.&nbsp;



“Given how important local businesses are in terms of job creation, it is vital to support the individuals who establish and run these businesses,” says Alan Wellburn, Head of Wealth at Standard Bank Wealth and Investment SA. “This includes enabling them to build and preserve their personal wealth.” 


<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/2024/07/GettyImages-1317509052-1024x683.jpg" alt="" class="wp-image-62316" style="width:532px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1317509052-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1317509052-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1317509052-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1317509052-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1317509052-2048x1366.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Getty Images</figcaption></figure></div>


Risk versus reward&nbsp;



Wellburn says that it is useful to distinguish between building wealth and preserving wealth, as they are very different but equally necessary.&nbsp;



“Starting a business would be considered as building wealth,” says Wellburn. “It is typically subjective, requiring one’s time and energy, and is quite often concentrated in one sector, region, or industry. It often comes with a high level of risk, but with the opportunity to generate excess returns and build one’s wealth.”&nbsp;



“When preserving wealth, one tries to be more objective, making use of asset managers or index funds to allocate capital,” Wellburn continues. “It doesn’t require your time or energy and should ‘grow while you are sleeping’. These investments should also be less concentrated and well-diversified over regions, sectors and asset classes. They should provide a return at a lower level of risk.”&nbsp;



When running a business, one’s focus is typically on building the business and building wealth, but it is equally important to find opportunities to allocate funds to preserving wealth. “This can be done monthly, or as lump sums when dividends are declared and distributed,” says Wellburn. “It is also essential to consider doing this when there is a liquidity event, such as when a business, or a portion of a business, is sold.”&nbsp;



Hope for the best, prepare for the worst&nbsp;



According to Wellburn, it is essential to ensure that the appropriate structures are put in place with regard to the ownership of a business. “This is important for a number of reasons, such as separating personal assets from business risk to ensure that business ventures do not destroy personal wealth.”&nbsp;



“Not paying appropriate attention to succession planning and estate planning can have unintended consequences which can sometimes be very undesirable,” he continues. “An example of this is an entrepreneur who held the shares of his very successful business in his personal capacity. When he passed away, his family was forced to sell the business to settle debt, and pay capital gains tax (CGT) and Estate Duty.”&nbsp;



“Starting and growing a successful business is often the result of individuals with different and complementary skills coming together,” adds Wellburn. “However, if your business partner leaves their share of the business to a spouse who does not have the same skill set, it can be a challenge to continue to run a business with them. It is therefore important to put measures in place to mitigate this risk.”&nbsp;



This may be a simple ‘Buy and Sell’ agreement with the appropriate risk solutions to provide the financial resources for the surviving business partner to buy out the deceased business partner’s interest. This also provides the spouse of the deceased business partner with the financial resources to support their lifestyle without having to suddenly become an expert in a business they may not be interested in.&nbsp;



A commitment to the future&nbsp;



“At Wealth and Investment, we recognize that while local businesses are very important, the real heroes are the people who start and run them,” says Wellburn. “We are committed to supporting them with bespoke solutions and quality advice that will enable them to build and preserve their personal wealth, and leave a lasting legacy for future generations.”&nbsp;

Bike shop owner leaning on counter using his smartphone

Local Businesses: A Guide To Building And Preserving Wealth

McDonald’s South Africa and its suppliers emphasized their transparency journey, aimed at educating customers about the quality and sustainable sourcing of its food.



The customer of today is increasingly interested in where their food comes from, what is in it and how it is prepared. These questions are easily answered when the food is prepared by them in their homes but this is nearly impossible when it’s not.



Food consciousness continues to influence market maturity amongst customers who have shifted from the narrative of aesthetically-pleasing food to a more responsible consumer outlook.



This trend, which has given rise to heightened individual senses of responsibility when it comes to where food comes from, means that customers now care more about the value chain and what goes into their meals. Factors such as sustainability, sourcing, farming techniques, packaging and the actual nature of the ingredients continue to be heightened and influence where customers buy their meals.



“We are cognisant of our customers&#8217; needs. Increasingly, our customers are very discerning about the food they consume. They want transparency and more information to make informed food choices. Through Know Our Food, we hope to demonstrate our pride in the food we serve to them,” says Daniel Padiachy, Chief Marketing Officer at McDonald’s South Africa.



“Our top priority is serving customers great-tasting, quality food. We believe in serving food in a way that supports quality ingredients, as well as sourcing beef, chicken and fresh produce from farmers who share the same values as we do.”



McDonald’s sources from, invests and collaborates with partners and suppliers who align with these values, while supporting projects and initiatives designed to help build a thriving, resilient food system.



Here are just a few of the supplier partnerships:



<ul>
<li>Beef is sourced from beef farmers in South Africa, such as the Fouries, who are committed to ethical and sustainable farming practices.</li>



<li>The Rametses are one of the nurturing chicken farmers who provide great quality chicken for the much-loved McDonald’s chicken meals.</li>



<li>McDonald’s takes its coffee seriously – from it’s sourced to how it’s brewed. That’s why every freshly-ground McCafé® coffee uses 100% responsibly-sourced Arabica beans grown on Rainforest Alliance Certified™ farms.</li>
</ul>



“‘Know Our Food’ represents our on-going commitment to transparency and customer satisfaction; we want our customers to feel confident about the food choices they make at McDonald’s, knowing that we prioritize quality, food safety, transparency, and responsible sourcing,” concludes Padiachy.



To learn more about the McDonald’s ‘Know Our Food’ initiative, please visit <a href="http://www.knowourfood.co.za">www.knowourfood.co.za</a>.

How A Fast Food Giant Is Demonstrating Pride In The Food They Serve

<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="1024" src="https://cms.forbesafrica.com/wp-content/uploads/2024/06/IMG_8490-1024x1024.jpeg" alt="" class="wp-image-62252" style="width:413px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/06/IMG_8490-1024x1024.jpeg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/IMG_8490-300x300.jpeg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/IMG_8490-150x150.jpeg 150w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/IMG_8490-768x768.jpeg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/IMG_8490-1536x1536.jpeg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/IMG_8490-2048x2048.jpeg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



The University of Johannesburg (UJ) is now ranked number one in South Africa and on the African continent among universities that are younger than 50 years worldwide, according to the latest&nbsp;<a href="https://www.timeshighereducation.com/world-university-rankings/2024/young-university-rankings" target="_blank" rel="noreferrer noopener">Times Higher Education (THE) Young University Rankings</a>,&nbsp;released on May 14, 2024. UJ has also achieved its highest-ever position, soaring to 60th place among universities in the same category.



Huge improvement



This marks a significant leap from the university’s previous ranking in the 151-200 band, demonstrating its relentless commitment to student success, cutting-edge research and societal impact.



UJ also claimed the top spot in Africa and South Africa, reaffirming its standing in the region. The&nbsp;<a href="https://www.timeshighereducation.com/world-university-rankings/2024/young-university-rankings" target="_blank" rel="noreferrer noopener">THE Young University Rankings</a>&nbsp;assess universities across key pillars including teaching, research, knowledge transfer, and international outlook, providing a comprehensive evaluation of institutional performance.



The 2024 ranking includes 673 universities, up from 605 in 2023. A further 499 institutions are listed with “reporter” status, meaning that they provided data but did not meet our eligibility criteria to receive a rank.



Global excellence



This recognition of UJ by&nbsp;<a href="https://www.timeshighereducation.com/world-university-rankings/2024/young-university-rankings" target="_blank" rel="noreferrer noopener">THE Young University Rankings</a>&nbsp;highlights the university’s rapid growth and outstanding potential in the global academic arena. Despite its relatively short history of 20 years of existence, UJ has demonstrated exceptional progress, challenging well-established institutions, some of which have more than a century of legacy.



In addition to its remarkable performance in the&nbsp;<a href="https://www.timeshighereducation.com/world-university-rankings/2024/young-university-rankings" target="_blank" rel="noreferrer noopener">THE rankings</a>, UJ has also secured a notable global position of 624 in the&nbsp;<a href="https://cwur.org/2024.php" target="_blank" rel="noreferrer noopener">Center for World University Rankings (CWUR)</a>&nbsp;for 2024. With a staggering 20,966 institutions evaluated for the 2024 edition of the CWUR, this assessment stands as one of the largest academic rankings of global universities.



Only the top 2,000 institutions from this rigorous evaluation attained a coveted spot on the published global list. &nbsp;UJ’s consistent upward trajectory in the CWUR reinforces its status as a premier educational institution in South Africa and beyond.



Professor Letlhokwa George Mpedi, Vice-Chancellor and Principal of UJ, expressed his delight in the University’s latest achievements.



“These rankings are a testament to the dedication and hard work of our faculty, staff, and students. UJ remains resolute in its mission to deliver world-class education, drive impactful research and innovation that contributes to societal advancement,” he says.



“Our progress is not just about numbers and figures; it’s all about the positive and lasting impact we have on our students and the broader society.”



<a href="https://uj.ac.za/possibilities/">Learn more</a> about UJ here.

Untitled design

The University of Johannesburg Celebrates Rise In Global Rankings

At its annual customer engagement and thought leadership conference in Southern Africa, the Mastercard Indaba 2024, Gabriel Swanepoel, Country Manager for Southern Africa at Mastercard, sheds light on the technological advancements and economic evolution shaping the continent. Swanepoel highlights Mastercard’s commitment to utilizing technology to enhance cybersecurity, support SMEs, and drive financial inclusion across Africa.



As the digital landscape in Africa continues to transform and evolve, challenges like cybersecurity and customer experience become increasingly critical. Swanepoel highlights the importance of deploying fit-for-purpose technology to ensure safety and efficiency in digital transactions.



“We live in a world that is more interconnected than ever. But the reality of it is that we are also more exposed to bad actors. Mastercard’s commitment is to ensure the financial safety of all stakeholders operating within the ecosystem by innovating tools that facilitate secure and easy transactions—this is crucial for both merchants and consumers alike,” Swanepoel explains.



“The key to growth is access,” &nbsp;Swanepoel states as he talks about Mastercard’s approach to enabling SMEs who contribute almost half of Africa’s GDP, yet face a multi-billion-dollar financing gap in the cash economy.



“We believe in the entrepreneurial spirit of small businesses that embrace opportunities, provide livelihoods, and support communities across Africa. That’s why we are using our technology, expertise, and partnerships to empower every business everywhere to grow digitally, and succeed in a more connected and inclusive world,” he states.



Mastercard’s operations in South Africa, which has an estimated 2.6 &nbsp;million micro, small and medium enterprises, has grown significantly. “If you look at the numbers from 2021 up until the end of 2023, the card acceptance rate has grown significantly. That is testament to the innovation and deployment of technology that enables the types of transactions that satisfy consumers but also serve merchants.”



Mastercard’s efforts, however, go beyond payment solutions. The global technology leader is committed to helping SMEs get paid, get capital and get digital – safely and securely – wherever they are. Through collaboration with local governments, fintech companies, and startups, Mastercard is scaling solutions that impact the region’s financial ecosystem. “We are building a community of stakeholders who can act together, make a difference, and drive sustainable, lasting impact,” Swanepoel states.



Mastercard’s vision for Africa also involves enhancing digital infrastructure to support the continent’s growing need for seamless digital transactions. With innovations like tokenization, the company enables consumers to make payments using any device, thus supporting the growing new generation of digitally native consumers. “The proliferation of mobile phones across the continent and the expansion of infrastructure with low-cost point-of-sale devices enable us to provide value and support economies on their digitization journey,” he says.



Cross border remittances are another critical area where Mastercard is making strides. By opening up intra-Africa corridors, Mastercard allows people to send money quickly and efficiently across borders. “For example, if you are a Zimbabwean living in South Africa, you can easily send money back home to your family, who can collect the funds within 30 minutes,” Swanepoel explains.



Mastercard’s commitment to Africa is not just about technology—it’s about empowering communities and creating opportunities for future generations. “Mastercard is in Africa for Africa. By fostering innovation, partnerships, and digital transformation, we aim to drive sustainable, inclusive growth across the continent,” Swanepoel states.

GP3TTHCW4AA_5MB

Connecting Africa: How Mastercard is transforming the continent’s digital economy

KCB Bank Tanzania is a forerunner in the shifting financial landscape, handling dynamic transformations in the banking sector and positioning itself as a leader in the evolving industry. Quote: Embracing ‘For People, For Better’ as our purpose, we’re committed to delivering the best service for our clients by staying connected and fostering closeness.” Cosmas Kimario, Group Regional Businesses Director and MD of KCB Bank Tanzania. 



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="173" src="https://cms.forbesafrica.com/wp-content/uploads/2024/06/kcb-logo-1024x173.jpg" alt="" class="wp-image-62215" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/06/kcb-logo-1024x173.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/kcb-logo-300x51.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/kcb-logo-768x129.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/kcb-logo-1536x259.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/kcb-logo-2048x345.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



KCB Bank Tanzania has recently achieved remarkable growth, transitioning from a tier-two to a tier-one institution with an asset base exceeding one trillion Tanzanian shillings. Cosmas Kimario, the Group Regional Businesses Director and MD of KCB Bank Tanzania, provides a comprehensive perspective on the bank’s exceptional expansion, groundbreaking transformation, and the evolving dynamics of the Tanzanian banking industry. 



This journey, characterized by deliberate expansions, technological strides, and customer-centric methodologies, not only mirrors KCB’s triumph but also reflects the dynamic shifts within the financial sector of the country.



Kimario underscores KCB’s five-year growth trajectory across diverse metrics, encompassing assets, clientele, and the balance sheet. “Our entire business performance has been growing for the past five years,” Kimario says, citing an annual average growth rate of approximately 15%. This ascendancy, he stresses, is a testament to KCB’s strategic dedication to customer satisfaction, encapsulated in its current theme, ‘For people, for better.’



A pivotal facet of KCB’s strategy involves the expansion of its branch network, albeit with a judicious and tech-savvy approach. “We are selectively looking for strategic locations to put branches,” Kimario says.



Currently operating 17 branches, KCB aims to attain 18 branches by the end of 2024, with locales strategically chosen for their economic potential. Kimario emphasizes the crucial role of technology in improving service delivery. 



“Technology aids us in providing services more efficiently,” he says. “Our growth and our success today are also anchored on the turnaround time on how fast we can serve our clients,” he adds. KCB’s commitment to digital financial services, encompassing channels like Mobi, point-of-sale transactions, internet banking, and mobile platforms, has experienced remarkable expansion. 



KCB is dedicated to social responsibility, evident in its extensive Corporate Social Investment (CSI) endeavors. “But again, as our business continues to grow the businesses, we also must continue to look at our people because we need to create employment. We need to make sure that whoever is surrounding us, we contribute to their welfare,” Kimario says.



“That’s why we engage in numerous CSI activities. For instance, we have the KCB Foundation, which supports various initiatives



An excellent example is the ‘2Jiajiri’ program.” He underscores KCB’s commitment to training 5,000 youth this year, covering diverse fields ranging from brick manufacturing to sewing and mechanical skills.



Looking forward, Kimario radiated optimism about the Tanzanian banking sector’s trajectory, underpinned by the nation’s economic expansion and supportive business environment. The transformative path undertaken by KCB is evident in its current position as one of the leading 10 banks in terms of profitability, with Kimario envisioning KCB ascending the ranks to secure a position among the top five banks in the next three to four years, citing the bank’s robust performance, technological strides, and strategic investments. 



The acknowledgment from the market as the “number one most notable regional bank in the country,” according to Kimario, signifies KCB’s influence and accomplishments in the sector.



A key catalyst for KCB’s expansion is the positive outlook on the Tanzanian economy. Kimario conveys certainty about growth possibilities in all sectors, pointing to the encouraging business atmosphere cultivated by the present government. 



“The ongoing government has established a framework that nurtures business expansion, particularly in the private sector,” Kimario remarks. He underlines the significance of policies favoring private sector development and adherence to regulations and encourages foreign investors to partake in Tanzania’s ongoing prosperity. “The business environment in Tanzania is very conducive for anyone to bring their investments. Good government policies, a stable political system, and a very young, growing population are here to support growth,” Kimario says.



As KCB continues to shape the future of the Tanzanian banking industry, its calculated expansions, technological strides, and strategic investments position the bank as a pivotal player in the evolving financial milieu of the country, promising continued success and resilience in the dynamic landscape of the Tanzanian financial sector.

Screenshot 2024-06-21 at 15.52.34

Tanzania: Uniting People, Fostering Prosperity- KCB Bank’s Path to Tanzanian Excellence

Ed McLaughlin, President and Chief Technology Officer at Mastercard, shares insights on the company’s commitment to leveraging technology to foster financial inclusion, enhance cybersecurity, and secure transactions across Africa.



With the rapid transformation of the digital landscape, Mastercard is adapting and innovating to meet the changing needs of consumers. McLaughlin emphasizes that the company’s primary focus is on connecting people in new and meaningful ways.



“We are in a time of tremendous change, particularly in technology. But what’s most important is how we can bring that change to market and to our consumers,” McLaughlin notes. Mastercard is driving this change through contextual commerce, blending the physical and digital worlds to create new capabilities and opportunities for financial inclusion.



One of the key elements in the payments industry is trust, particularly in regions with evolving financial landscapes like Africa. McLaughlin discusses the importance of cybersecurity in building and maintaining this trust. “Trust is essential for doing business, especially in changing markets within the electronic realm. Mastercard has invested over US$7 billion in the last five years to build security systems that ensure reliability for end consumers,” he explains. This investment has led to significant advancements in endpoint defense, encryption, and AI-driven fraud prevention, stopping over $20 billion in fraud last year alone.



McLaughlin highlights that consumers using Mastercard have zero liability for fraud, reinforcing the company’s commitment to secure and trustworthy transactions. This foundation of trust enables Mastercard to introduce innovative technologies that enhance user experiences and expand financial inclusion.



Africa is at the forefront of some of the most exciting technological advancements, and Mastercard is actively implementing these innovations to benefit the continent. McLaughlin expresses his enthusiasm for the region’s mobile money offerings and the potential of AI to deliver personalized experiences while protecting against fraud. “Some of the most exciting technologies we’ve seen are in Africa because a lot of that development is happening here first,” he says. Mastercard’s initiatives in Southern Africa aim to increase the reliability and speed of financial processes, leveraging powerful AI techniques to unlock new opportunities.



McLaughlin underscores the importance of building a secure digital ecosystem that supports financial inclusion, emphasizing that as more people and businesses are integrated into the digital economy, it is crucial to protect them. “We can’t put vulnerable populations at risk – it is important not to put the full burden of security on their shoulders,” he states. Ensuring that the most vulnerable are shielded from the consequences of weak security and fraud prevention tools is essential to maintaining trust and advancing financial inclusion efforts.



Mastercard’s focus is on building a digital economy that is secure, inclusive, and innovative. It is what guides the company’s mission to integrate 1 billion people – and 50 million micro and small businesses – into the digital economy by 2025. “We’re building a community of stakeholders who can act together, make a difference, and drive sustainable, lasting impact,” McLaughlin states.



Mastercard’s collaborative approach is evident in partnerships like with MTN, which connects local entrepreneurs with data analytics and payments tools, and drives financial and digital literacy across Africa. Additionally, Mastercard’s recent infrastructure investments in South Africa aim to modernize the payments industry and enable local processing, further supporting the region’s digital transformation.



As the fintech landscape in Africa continues to evolve, Mastercard remains committed to co-creating solutions that integrate seamlessly into digital ecosystems. The company’s Start Path program supports fintech startups like Nigerian company Duplo, which simplifies business-to-business payments. By leveraging AI, machine learning, and biometrics, Mastercard ensures that commerce thrives and trust is built within the digital economy.



This year, Mastercard marks 50 years of operations in Africa. Through these five decades, the company has connected millions of people and businesses to the digital economy, and introduced numerous solutions to help drive commerce and secure transactions.



As Mastercard celebrates its milestones in Africa and looks toward the future, the company is more committed than ever to its mission of creating a more inclusive digital economy that benefits all Africans. “I believe that Africa will continue to grow and prosper, with a much-expanded, more inclusive digital economy that will have risen to meet its potential. Now is the time to drive digital infrastructure and enable the enablers that can scale financial access and foster economic growth,” McLaughlin concludes.

Ed McLaughlin 1

Mastercard’s vision for Africa: Connecting communities through innovation and trust

Ola Oyetayo, the Founder at Verto, a cross-border payments platform for businesses, speaks about what sparked the idea for the business and its work helping customers, from startups and SMEs to large corporates, move millions of USD.



1. Introduce Verto’s journey from its startup days. Verto is a cross-border payments platform for businesses. Our mission is to simplify cross-border payments in emerging markets, particularly Africa. We do this by providing businesses with superb infrastructure that they can use to convert, hold, receive and make payments across 49 currencies.



2. How many countries in Africa does VertoFX have a solid footprint in and exactly where can businesses use it from? What are the basic requirements to use VertoFX for global B2B operations? We offer payout to 170+ countries across the world and have licences in the UK, Nigeria, Kenya, South Africa and USA. Businesses in these countries can payout and receive international payments in 24 currencies while businesses in other countries can leverage Verto&#8217;s payout functionalities. We also offer domestic accounts for USD, KES, EUR, NGN and GBP. To use Verto, a business needs to pass our regulatory checks to complete their onboarding.



3. How would you describe your integration to in-country banking systems? Verto is dedicated to seamless integration with in-country banking systems, enabling efficient and cost-effective cross-border transactions for our clients. We establish direct partnerships with local banks in key markets and through these partnerships, we offer clients local currency accounts, allowing them to hold and manage funds in multiple currencies, reducing the need for costly conversions.



Our commitment to compliance with in-country banking regulations, including KYC/AML requirements, ensures that we provide a fully compliant framework for clients while adhering to local regulatory standards.



4. As CEO of one of Africa largest global B2B financial technology firms, tell us a little bit about your journey. I completed my early education in Nigeria, where I grew up before moving to the UK to study economics 15 years ago. After that, I dove headfirst into the world of finance, consulting, and even dabbled in entrepreneurship. Working at places like American Express, Barclays, and Lloyds Bank definitely gave me some serious financial chops. My co-founder and CTO, Anthony Oduu, was launching a prop-tech company and starting his MBA. Over a regular game of poker, I mentioned all the issues I’d seen with paying suppliers abroad. We both got fired up – fired up enough to quit our jobs and start Verto together. It was a crazy leap, but we knew we were onto something special.



5. Venture capitalists have played a major role in financial inclusion in Africa, such venture capital firms as Y Combinator, DST Global, and Accel; describe their role in Verto.



As an early supporter of Verto, Y Combinator provided us with initial funding and strategic guidance needed to build a strong foundation. Their mentorship during our time in their accelerator program was invaluable, helping us refine our business model and focus on solving the specific challenges of cross-border payments in emerging markets.



Venture capital investment into other businesses across Africa has also helped Verto by positioning the continent as a suitable market, encouraging further investment and enabling us to thrive within an increasingly supportive ecosystem.



6. Are there particular patterns or trends in money transfer that have amazed you at Verto in helping your 1,000+ customers, from startups, SMEs to large corporate companies move millions of USD?



Patterns and trends vary between countries in Africa, depending on the banking and regulatory landscape. However, we have seen an increased trend in the appetite for rapid, tech-first and intuitive payment networks like ours to circumvent the often-cumbersome routes traditional banks use.



7. What is the next vision for Verto?



We are intent on being the primary publicly-listed non-bank financial institution facilitating cross-border payments for companies doing business in Africa. Our path to achieving this consists of us continuing to expand our footprint into other key markets, as well as ensuring that our products and services continue to stay best in class so that we can continue our fantastic service for businesses across Africa.

Ola’s Edit

‘Ensuring Our Products And Services Continue To Stay Best In Class’

In the bustling corridors of P&amp;G&#8217;s South African headquarters, one name resonates with innovation, compassion, and unwavering leadership: Alicia Eggington. As the Vice President and General Manager for P&amp;G South Africa, Botswana, and Namibia, Eggington serves as a driving force behind processes and procedures, one strategic decision at a time.



With a career spanning over 15 years within P&amp;G, Eggington&#8217;s journey from Trade Marketing to Category Management at P&amp;G Australia – which serves as an independent advisor to retailers on major trends shaping the FMCG landscape – has been nothing short of extraordinary. A Business Honours graduate from the University of Technology in Sydney, her expertise spans corporate sales strategies, modern trade and e-commerce operations across the Asia Pacific, Middle East and Africa.



Eggington&#8217;s influence is not limited to boardrooms and the bottom-line. She is a passionate advocate for gender equality, a value deeply ingrained in her role as the Founder of the Australian Women’s Network at P&amp;G. Having set empowerment policies and practices, she upholds the core philosophies of equality, inclusion, and sustainability, embodying a people-first mindset in her work and beyond.



Outside the confines of corporate responsibilities, Eggington&#8217;s commitment to driving positive change demonstrates her tenacity, as she serves on the Board of the American Chamber of Commerce. She truly is a beacon of inspiration for aspiring leaders, cultivating a culture of empowerment and progress.



Eggington&#8217;s position at P&amp;G is accentuated by a string of accolades, including the prestigious Woolworths Supplier of the Year Award in 2019 and the esteemed Global Raise the Bar Award in 2016. Her career trajectory speaks volumes, culminating in her current role as Vice President and General Manager, a testament to her exemplary leadership and unwavering dedication.



Through her leadership, P&amp;G has spearheaded initiatives to advance equality for girls, collaborating with global organizations such as UNICEF, Women Deliver and Global Citizen. The Always Keeping Girls in School #BloodSisters initiative has received global recognition, breaking down barriers to education caused by period poverty and empowering over one million girls across sub-Saharan Africa.



Her unwavering resolve to address pressing issues such as poverty and education resonates deeply with the United Nations&#8217; Sustainable Development Goals, particularly Goal Five, which calls for gender equality by 2030. P&amp;G is proud to have found an extraordinary leader, who is a catalyst for change in an ever-evolving world. As Eggington continues to redefine the boundaries of possibilities, her legacy serves as a beacon of hope, inspiring generations to come and reminding us all that true leadership transcends titles — it&#8217;s about making a tangible difference championing the empowerment of women and girls in Africa.



Championing the empowerment of women and girls in Africa



Investing in women and championing gender equality turbocharges a future where everyone in society can thrive, and that&#8217;s something Eggington strongly believes in.



In line with P&amp;G&#8217;s long-standing commitment to foster diversity and inclusion in the workplace, her position enables her to play an active role in enabling all members of the South African team to embrace their full, unique selves at work.



Her dedication to fostering the empowerment of women and girls to be changemakers was affirmed by her inclusion in the Break The Ceiling Touch The Sky list of Africa&#8217;s most Inspirational Women in Leadership in 2023.



&#8220;It&#8217;s an incredible honor to have taken leadership of P&amp;G South, Botswana and Namibia. Everyday, I&#8217;m simply fortunate to be surrounded by incredible talent, and to be a part of the big strides that this wonderful organization is making, as a force for growth in business and a force for good in the communities that we serve,&#8221; she says.

IMG_8372

The Visionary Leader Championing Change

1. Introduction:



Nestled in the heart of Rwanda&#8217;s capital city, Kigali, the Radisson Blu Hotel &amp; Convention Centre stands as a beacon of sustainable hospitality and architectural magnificence. Since its inception, this iconic establishment has not only elevated Rwanda&#8217;s hospitality sector but has also played a pivotal role in transforming Kigali into a prominent conference destination in Africa. With its blend of modern luxury, eco-conscious practices, and deep community engagement, the Radisson Blu &amp; Kigali Convention Centre (KCC) epitomizes the convergence of sustainability, culture, and economic development in Rwanda. Let us delve into the remarkable journey of this pioneering establishment and its unwavering commitment to sustainability and societal impact.



2. Driving Economic and Social Impact:



The Radisson Blu &amp; KCC has not only boosted Rwanda&#8217;s hospitality sector but has also played a crucial role in transforming Kigali into a premier conference destination in Africa. By hosting over 1,322 major international events since 2016, including high-profile meetings and conventions like CHOGM, Women Deliver CEO forum, African Union and many more, the center has significantly increased local employment and fostered numerous opportunities for local businesses. However, its impact transcends economic boundaries; deeply embedded in the community, it engages in various CSR initiatives aimed at education, environmental sustainability, and healthcare, bringing it closer to the people and benefiting the community at large.



3. Commitment to Sustainability:



The Radisson Blu Hotel &amp; Convention Centre, Kigali, has been awarded the Green Key certification, making it the third facility in East Africa recognized for its commitment to environmental responsibility. This achievement highlights the hotel&#8217;s dedication to implementing a variety of sustainability strategies and providing skilled solutions to environmental challenges. From eco-friendly cleaning practices to water conservation efforts and the pioneering integration of electric vehicles (EVs) into their operations, the hotel sets a high standard for sustainability in the hospitality industry.



4. Cultural and Architectural Icon:



More than just a place for lodging and events, the Radisson Blu &amp; KCC is a cultural icon. Its architecture seamlessly blends modern design with local Rwandan influences, serving as a symbol of Rwanda&#8217;s rapid modernization and deep-rooted cultural heritage. This unique blend of aesthetics enhances the hotel&#8217;s allure, attracting visitors seeking an authentic Rwandan experience coupled with luxurious accommodations and state-of-the-art conference facilities. The Radisson Blu Hotel &amp; Convention Centre, Kigali, is not merely a hotel; it is a cornerstone of community development and sustainability in Rwanda. As it continues to set benchmarks in the hospitality industry, it serves as a model for others, demonstrating that businesses can thrive financially while significantly contributing to societal goals. In an era of challenges and changes, the Radisson Blu &amp; KCC stands out as a leader, an innovator, and a true small giant on the African continent.

IMG_4708

The Cultural Icon And True Small Giant On The African Continent

In construction since the latter part of 2018, OR Tambo International Airport SEZ Precinct 1 officially opened all its doors during the month of March 2024.



The milestone, which marked the end of OR Tambo Special Economic Zone (SEZ) Precinct 1’s development, was celebrated at an event attended by key government leaders, investors, tenants and stakeholder partners. This commemoration followed similar occasions held in April 2019, when the second largest food factory of its kind became operational and again in February 2023, when a building that houses a Belgian investor was unveiled in the presence of key dignitaries, including King Philippe of Belgium.



In addition to the building openings marked on other occasions, two other buildings have been operational at the Zone since 2020; these include a precious metals refinery as well as an administrative building where national regulatory agencies are located. These agencies, namely the South African Diamonds and Precious Metals Regulator (SADPMR) and the State Diamond Trader (SDT) are mandated with providing regulatory guidance and oversight of the minerals industry in South Africa as well as promoting equitable access to and beneficiation of the country’s diamond resources, respectively. Their presence at the Zone contributes to efficient operations by the manufacturers, who must, on a regular basis, engage with the agencies on issues of licensing, raw material access and exporting.



To herald the end of Precinct 1’s development, the six remaining buildings were completed, bringing to a successful realization, the objective set by the Gauteng Provincial Government to establish a globally competitive mineral beneficiation cluster – next to Africa’s largest airport.



This vision, which gives impetus to South Africa’s mineral beneficiation strategy, was conceptualized in support of the objective to contribute to the country’s re-industrialization, by facilitating enhanced value addition of minerals mined in South Africa, some of which continue to be exported in their raw form, resulting in the export of jobs to countries that add value.



To counter this and in recognition of South Africa’s mineral endowments, the development of a globally-competitive mineral beneficiation industrial park supported by a sector nuanced manufacturing eco-system and comprised of different role players within proximity to each other (thereby enhancing operational efficiencies), was birthed.


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="702" src="https://cms.forbesafrica.com/wp-content/uploads/2024/06/IMG_8339-1024x702.jpeg" alt="" class="wp-image-62139" style="width:774px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/06/IMG_8339-1024x702.jpeg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/IMG_8339-300x206.jpeg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/IMG_8339-768x526.jpeg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/IMG_8339-1536x1053.jpeg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/IMG_8339-2048x1403.jpeg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Official opening of one of the JMP buildings, attended by key dignitaries, in March 2024.</figcaption></figure></div>


In acknowledgement of the competitive location of the OR Tambo International Airport (ORTIA) SEZ – next to sub-Saharan Africa’s largest airport, manufacturing activities at the first phase of the SEZ also include fresh food production. This is because the food system has the ability to employ a large number of people, supporting the country’s objective to create much needed job opportunities.



It is no mistake therefore, that the anchor on the northern side of ORTIA Precinct 1 is a premium fresh food producer with the capacity to package more than 1,400 food products.



Unpacking ORTIA Precinct 1: Fresh food, jewelry and diamond manufacturing



Globally competitive food processing operations



ORTIA Precinct 1 comprises of 63,000 square meters of developed space. This includes a 22,735 square meter food-processing facility that became operational in 2019.



Described as the largest and most diverse ultra-fresh food facility of its kind in the southern hemisphere, In2food Bonaero, as it is known, accommodates food preparation, storage, office areas as well as a canteen, showers and a medical clinic.



The Bonaero industrial operations boast an impressive refrigeration and PV system that reduces demand on the grid. In addition, all water sources are monitored through a comprehensive building management system. Because of all this, In2food Bonaero is one of the few industrial facilities in South Africa that has achieved 4-star green accreditation and net-zero carbon level 1 certification, setting the benchmark for other industrial developments.



Since its opening, this facility has created over 2,500 operational jobs and has also supported and promoted emerging farmers that provide input to the facility for value addition.



Globally dynamic mineral beneficiation cluster



The remaining part of the precinct is where the Jewellery and Diamond Manufacturing Cluster is located.



Comprised of over 40,000 square meters of developed space, the JMP, as it is known, is home to 19 different companies that share similar characteristics and operating requirements. These include a precious metal refinery, diamond cutting and polishing companies, jewelry manufacturers, diamond-trading entities, a skills hub as well as regulatory agencies that support the industry. In addition, sector-specific service providers that support in high level security requirements inclusive of the movement of goods, also form part of the development.



Enhanced connection and collaboration in mineral beneficiation



The location of like-minded businesses at the precinct is an intentional move by the OR Tambo SEZ aimed at ensuring that the mineral beneficiation cluster functions competitively and efficiently. This is because, worldwide, the cluster approach to economic development has been shown to not just foster industrial development, but also promote connection and collaboration, leading to increased creativity and productivity.



It is anticipated that through this approach, minerals mined and beneficiated in South Africa for global consumption will increase.



The next frontier: ORTIA Precinct 2 and the Springs Precinct



With the completion of ORTIA Precinct 1, focus of the SEZ’s development is on ORTIA Precinct 2, a 29ha land parcel projected to have 265,000 square meters of developable space and the Springs Precinct, a 13ha land parcel projected to have 45,000 square meters of developable space.



In lieu of their individual competitive locations, each precinct is positioned to promote the production and export of products best suited to their locations. In respect of ORTIA Precinct 2, which is located a stone’s throw away from ORTIA Precinct 1 and OR Tambo International Air Cargo, these are mineral-beneficiated products, pharmaceutical and health products, electronics and other just-in-time products, such as fresh food.



In respect of the Springs Precinct, there are fuel cells, electrolysers, capital as well as mining equipment. This is because the Springs Precinct is competitively located near a platinum refinery, making it ideal for the production of platinum-related products.



Available opportunities



The OR Tambo SEZ is open to interest from companies manufacturing for export in the sectors identified at ORTIA Precinct 2 or the Springs Precinct.



Construction on the precincts (both are greenfield investments) is anticipated to commence in the latter part of 2024.



For more information, visit <a href="http://www.ortambosez.co.za/">www.ortambosez.co.za</a>

Author: BrandVoice Partner | Paid Program

FORBES AFRICA SOCIAL MEDIA