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FOCUS ON TANZANIA: Investing In The Future: Tanzania’s Blueprint To Become A Middle Income Nation

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Under the guidance of President John Pombe Joseph Magufuli, Tanzania is scheduled to become a middle income nation by 2025. The Development Vision 2025 is focused on creating peace and stability, freedom from corruption, investment in the education of the Tanzanian people and a competitive and sustainable economy. The key to Magufuli’s Vision is industrialisation. “There is no economy in the world that can thrive without industrialisation and we are just beginning,” states Mr Subhash Patel, Chairman of the Motisun Group. Magufuli’s Vision of an industrialised nation is well underway.

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The construction of Tanzania’s US$14.2 billion Standard Gauge Railway, stretching 2,561 kilometres connecting Dar es Salaam port to its land-locked neighbours, is an infrastructure project that will enhance trade opportunities for Tanzania. “Projects such as the SGR could help lower transport costs and improve economic activity from a reduction of production and operational costs, lower cost of consumer goods and increased transit of goods passing through Tanzania to landlocked countries,” says Faraj Abri, director of ASAS. This will increase relationships with East African countries and strengthen all economies of the region.

“As a country, our vision is clear. My administration is determined to make sure that Tanzania achieves its development aspiration of being a middle-income country by 2025 as stated in the National Development Vision. I insist to my government officials and the people that our Vision can be achieved with close collaboration of the public and private sector. As you have seen, I am pioneering the undertaking of major reforms to create more favorable investment environment to ensure that private sector drives our future growth.”

H. E. President John Pombe Joseph Magufuli

The Tanzania Port Authority is working toward this same agenda with the construction of the Dar es Salaam Maritime Gateway Project (DMGP), which “will support the financing of crucial investments in the Port with the aim of improving its effectiveness and efficiency for the benefit of the public and private stakeholders,” says Eng. Deusdedit C.V Kakoko, Director General of TPA. In conjunction with the DMGP, TICTS is working to expand the additional capacity that will be needed at Tanzania’s ports. Chief Executive Officer, Jared Zerbe, states: “The assistance and cooperation received from the government of Tanzania, TPA and our customers using the port have been the source of growth.”

In addition to opening new doors for local and international trade, Tanzania has signed a groundbreaking contract with Egypt to build a new 2,115 MW hydroelectric power station. In an effort to decrease reliance on fossil fuels, the Rufiji Hydro Plant will be the largest in East Africa and is invaluable to Tanzania’s transformation. “The national target for the energy sector is to make sure that we reach 5,000 MW by 2020 and at least 10,000 by 2025. Construction on the 2,115 MW Rufiji Hydro Power Plant Project has just begun and this will greatly help us meet our target,” says, Hon. Medard Kalemani, Tanzania’s Minister of Energy.

            Accessible and reliable energy sources will aid the Finance and ICT sectors in their dedication to the Vision 2025 to create financial inclusion and reliable communication services for the Tanzanian people. As the economy of Tanzania inevitably improves, a system must be in place for its people to benefit from it. Abdulmajid Mussa Nsekela, Managing Director of CRDB Bank states, “In line with the financial inclusion framework, we have developed a digitalisation strategy roadmap, which is aimed at ensuring all Tanzanians and residents have proximity to affordable superior financial services.” Other banking entities such as Stanbic approach inclusivity in a way that allows ease of use and convenience. Kenrick Cockerill, CEO of Stanbic Bank Tanzania says, “We have an ecosystem approach to our clients, which means we like to bank entire communities and not just individual clients, which enables us to offer more seamless transactability across all the players in the ecosystems and value chains that we are supporting.“

            Financial inclusion is made even more possible through mobile money transactions, which rely upon a stable telecom sector in order to function effectively. TCRA works to ensure access to reliable, affordable and secure communication services for Tanzanians and foreign investors alike. “Ninety-four percent of the population is now covered by mobile networks,” says Eng. Kilaba. These coverage and technological goals are shared with Tigo, the fastest growing telecom company in Tanzania. Managing Director Simon Karikari says, “We pride ourselves in being committed to Tanzania as a country. We have been here for 25 years and our determination is for long term growth and potential of this country. We continue to invest in the latest technology such as 4G+ because we believe data is the future.”

            With this level of investment in the infrastructure, communication, technology, energy, and finance sectors, the Vision 2025 is on schedule to become a reality, placing Tanzania on the map as a middle income country, and surely as the guiding light for other African nations to follow their example.

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FOCUS ON Seychelles: Pioneers In Protecting The Beating Blue Heart Of The Planet

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“Our ocean is our most precious resource. We recognise not just its vast potential, but also the fragility of its ecosystems and the need to preserve it for future generations. The ocean is the beating blue heart of our planet.”

President Danny Faure

            The Republic of Seychelles is endowed with extremely rich biodiversity both on land and in its oceans. After tourism, the fisheries sector employs 17% of the Seychelles population, making it the country’s most important industry. As a result, the country has become a pioneer in Blue Economy by recognising the immense importance of protecting earth’s greatest asset.

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This year, President Danny Faure of Seychelles gave an opening speech at the Blue Economy conference in Mozambique. As a guest of honour, President Faure focused on the benefits and importance of the world’s nations coming together to achieve a collective and sustainable plan to conserve the ocean and protect the future of the earth. President Faure said, “Our ocean is our most precious resource. We recognise not just its vast potential, but also the fragility of its ecosystems and the need to preserve it for future generations. The ocean is the beating blue heart of our planet.” Currently, the Blue Economy is backed by 36 countries and growing.

            Blue Economy is an economic initiative that focuses on best practices for business while ensuring that sectors promote safe and sustainable utilisation of ocean and marine resources. The result is economic growth, job creation and improved living conditions while simultaneously protecting the health of the ocean and all relative marine ecosystems. Blue Economy permeates every sector in Seychelles, creating an entire economy that is dedicated toward protecting the ocean. This isn’t just a relevant problem for an island country like Seychelles, this initiative has inspired countries all over the world to implement better practices that have positive effects for the environment. Amb. Barry J.J. Faure, Secretary of State of Foreign Affairs and of the Blue Economy, states, “Blue Economy is the key: not only for island states and coastal states but for states that have waterways.”

In their goal to conserve the environment, Seychelles has introduced a new financial tool to raise capital from impact investors to finance marine and ocean-based projects that have positive environmental, economic and climate benefits: the blue bond. Vice President of Seychelles, Vincent Meriton, says, “The blue bond is one of the world’s most innovative financial instruments in recent years. The bond, which raised USD$15 million from international investors, demonstrates the potential for countries to harness capital markets for financing the Blue Economy.” The blue bond has helped the Seychelles’ government save over USD$8 million in interest charges over the next ten years. Meriton continues, “Mobilising private finance is a major achievement, one that could be replicated in other African nations, allowing them to protect their environment while restructuring and transforming their economy.”
            Blue Economy has an impact on almost every sector: fisheries, agriculture, renewable and tidal energy, pharmaceutical, petroleum and gas. In the tourism sector, maintenance of Seychelles’ oceans and beautiful beaches helps the Seychelles Tourism Board promote the country as a welcoming and exotic getaway for travellers. Construction and infrastructure sectors are adhering to Blue Economy, as well, where they implement eco-friendly practices in their projects. The financial sector has a large hand in Blue Economy with the blue bond, but also in the implementation of the Agriculture Development Fund, the Fisheries Development Fund and the Green Climate Development Fund, which work further to conserve these industries and ensure that they thrive. The message that these sectors are sending is that even the smallest sustainable efforts have impacted the country in a great way. As Johan Van Schalkwyk, Managing Director of Absa has stated, “If we start creating opportunities for us to add more value from what we reap in the ocean, it is an incredible thing for local ventures.” For example, a local business that cleans seaweed from the beaches not only keeps the shores pleasant for tourists but converts the collected seaweed into fertiliser for the agriculture industry, impacting multiple sectors at once. This is just one example of how dedication to Blue Economy can impact the economy in a positive way.

In addition, Seychelles has become an ideal place for research, not only in the sense of exploring the ocean and its riches but as an experimental market. Telecom company Airtel is one such example, arriving in Seychelles for its first geographic expansion, implementing the country’s submarine cable project. The Seychelles East Africa Submarine (SEAS) cable project consisted in the establishment of the first submarine fibre optic cable for international connections from Seychelles to the African continent. After much success in this project, Airtel is now present in several African countries.

In a small country such as Seychelles, movements toward ocean conservation and sustainable development of sectors can have quick and positive results for the economy of the country. Seychelles continues to be an island getaway for tourists from all over the world, and it is obvious that Seychelles is leading by example with Blue Economy. They have positioned themselves as pioneers of Blue Economy, demonstrating to the world that sustainable development is not just a dream–it can be a reality.

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Sanlam & NASASA Launch NASASA Financial Services For Stokvels

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Sanlam and the National Stokvel Association of South Africa (NASASA) have launched NASASA Financial Services (Pty) Ltd; a brokerage catering to the financial services needs of the South African stokvel market. NASASA is a self-regulatory organisation with a database of 125 000 stokvel groups, reaching about 2.5 million individuals. The new entity will foster greater financial inclusion for all members.


Jacqui Rickson, Chief Executive: Group Benefits at Sanlam Developing Markets Limited and Board member of NASASA Financial Services says, “For South African stokvels this is an opportunity to formalise their existence without having to forego their traditions. The peace-of-mind that each member of a stokvel will be protected in their time of need is invaluable.”

“Stokvels are powerful financial services providers in their own right,” says NASASA Financial Services CEO, Mizi Mtshali “and have the potential to help grow South Africa’s economy once they enter the more formalised sector through appropriate product offerings”. Currently, there are over 800 000 stokvels in the country, aggregating an estimated R50-billion pa. They are, however, quite exposed, especially to liquidity issues that may render them unable to discharge benefits to their members, as well as scams that promise to resolve such issues. This results from a lack of accessible, relevant products that meet the needs of a more informal savings sector. 

As a result, some burial stokvels may not pay enough to cover funeral expenses in their entirety. By offering broad-based financial services to members, NASASA Financial Services will empower stokvels through greater socio-economic inclusion and security.

Jacqui Rickson says, “This venture supports our client-centric focus by allowing financial inclusion to be extended to South Africans who are on the edge of the formalised insurance structures.  Through this, we can help families recover financially following difficult, unexpected events.”

NASASA Financial Services is currently licensed as a Juristic Representative of Sanlam Developing Markets, with a long-term plan to become a Financial Services Provider (FSP).  NASASA Financial Services will distribute tailor-made products nationally via its distribution force. Sanlam as underwriter, through NASASA Financial Services, will initially offer group-based funeral benefits, tailored to each individual type of stokvel.

Products are competitively priced and start at R15 per person. Once the stokvel has selected its option, the stokvel will pay one premium for the whole group. For burial stokvels, Sanlam has designed a full product, covering up to nine family members and all products have been created in partnership with NASASA.

Currently, the product offering includes:

  • A Principal Member Only Funeral Benefit
  • An Immediate Family Funeral Benefit
  • A Principal Member Plus Up To 9 Dependents Funeral Benefit
  • Grocery and Airtime Cash Benefits

NASASA is about educating their members about wealth and more appropriately, financial health, which includes saving on the expense of premiums through aggregation and paying group rates rather than more expensive individualised rates. We’ve designed products as an extension of this; as a tangible, affordable, non-intrusive offering that seamlessly blends the required formal structures with community-based traditional structures.

Mizi Mtshali, NASASA CEO, adds, “The research conducted during the build-up of our product launch saw the solution being entirely built by participating stovels. As a result, we deliver unmatched value by buiding a solution briefed in by our constituency. Amongst the majority of South Africans, funeral insurance fulfils an unmistakable need. While many are excluded from the formal financial system, those who do interface with the sector largely feel inadequately serviced. Burial Societies are formed as providers of such services and have developed systems around the real needs of their members. There are roughly 200 000 active Burial Societies in South Africa, with the majority being self-underwritten.

Because such groups rely on their collective savings to discharge their benefit to members, they often face liquidity problems that may lead to their disbandment. This brings about the need for an underwriter who will take on the risk on behalf of the group, as well as offer a set of products and services built around the group’s needs. NASASA is tasked by its members to solve this problem, and we have identified Sanlam as the most suitable partner in this regard.”

Mtshali says this venture will also facilitate job creation, which is key to socioeconomic inclusion, “For South Africans, this opportunity provides meaningful employment particularly in the township economy. Not only is this a step towards financial inclusion, but a giant leap towards societal transformation”

Down the line, NASASA Financial Services is aiming to extend its offering to include life cover as well as short-term products like household insurance and is investigating the potential of integrating other banking products.

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SPONSORED: RISING WOMAN – A Celebration Of Women

Advertorial BY STRATEGY BUSINESS GROUP

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A celebration of women, thought leaders, innovators, thinkers, problem solvers, and drivers of growth and development who are contributing to the Rising Africa Story.


ABENA BRIGIDI

CEO Nimed Capital, Ghana

Nimed Capital’s Managing Director and CEO demonstrated a flair for finance early in her professional career. She quickly rose through the ranks at Zenith Bank from a customer service advisor to a relationship manager and head of customer service. Her expertise in corporate finance, funds and investment management, as well as investment research, has effectively paired with her entrepreneurial drive to create one of Ghana’s leading investment banks. Today, the investment analyst, author, and speaker is a passionate advocate for empowering women through recognition and promotion of the efforts and successes of women in various industries.

Brigidi herself was recognized as one of the Woman Rising’s 100 Most Outstanding Women Entrepreneurs in Ghana in 2017 and adjudged the Emerging Woman Entrepreneur of the Year.


YOADAN TILAHUN

CEO Flawless Events, Ethiopia

Running seamless, perfect – flawless – events was a vision of Ethiopian-born Yoadan Tilahun.

Initially launched in Washington, DC and transplanted to Addis Ababa, Ethiopia, Flawless Events has worked tirelessly to earn its well-deserved reputation for innovation and creativity. As a result, it has achieved substantial growth in its 15 years of operation.

Tilahun is known for instituting exceptionally high work standards and always doing business with integrity and honesty.

Tilahun is also an enthusiastic advocate for professionalizing the MICE industry in East Africa and is an active member of the International Congress & Convention Association (ICCA). In 2018, she was named Seasoned Entrepreneur of the Year by Global Entrepreneurship Week (GEW).


MICHELLE TAKON

Founder Narnia Events, Nigeria

What advice would you give young women entrepreneurs?

Firstly, young women entrepreneurs need to understand the business they’d like to go into; the business environment, target market, and then ensure that their business ideas will solve a problem before they embark on their entrepreneurial journey.

I would also tell them to make sure that whatever they choose to do, should be borne out of passion and not based on what other people are doing or how much money others are making.


DR. IBILOLA AMAO

STEM Specialist & CEO Lonadek, Nigeria

Dr. Amao established Lonadek with a greater purpose than just providing technical consultancy to ensure that local and indigenous companies utilized established systems, processes and procedures to deliver quality goods and services. She envisioned a company that could continually develop the capacity of young Africans in the science, technology, engineering and mathematics (STEM) fields.

Dr. Amao also mentors young professionals and engages with Junior Engineers, Technicians, and Scientists (JETS) clubs. Over the last 25 years, Lonadek has successfully trained over 5,000 certified engineers, designers, and cost consultants in the utilization of engineering software and information technology.


QUEEN OHAMARA

Founder, Qmara Vie Planners, Nigeria

Qmara Vie Planners is a boutique events management company based in Abuja, Nigeria and founded by Queen Ohamara. The company emphasizes adding luxury and sophistication to their client’s event while maintaining a sense of modernity.

Qmara Vie Planner is comprised of a young, vibrant team that is constantly innovating and pushing themselves to creatively turning dreams into reality. The company prides itself on curating unique once in a lifetime experiences. That is why her company bears all the stress of planning an event so clients can enjoy their special day.


ADAMA AMANDA NDIAYE

Adama Paris, Senegal

Adama Amanda Ndiay is a Senegalese fashion designer born in Kinshasa, Zaire. She epitomizes the multicultural fashion designer of the new millennium.

Adama is also the founder and producer of many fashion events such as Dakar Fashion Week, the Afrika Fashion Awards, also known as the Trophies of African Fashion (TMA), and the Black Fashion Week in Prague, Paris, Bahia, and Montreal since 2010. Adama and her team also launched the first Fashion Africa Channel in 2014. She is a passionate advocate for the promotion of women entrepreneurship throughout Africa.


TANG SAU MUOI

CEO of ILCI Business School & IESIG Management School, France

As I ran from war and emigrated to France, I never had the chance to finish my education. I was certain that the only way to succeed was to be well-educated. The benefit of a good education was exemplified by my children; all five attained Master’s degrees and have good jobs.

I wanted to give the same chance to children from abroad, to benefit from a good education. I established the IESIG School and ILCI Business School with the main focus of offering programs that align with future employment needs.

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