Phupho Gumede K’s Rent-A-Dress is redefining sustainable fashion by making high-quality style more accessible, whilst simultaneously working to reduce the environmental impact of fast fashion.



The style and fashion industry is brimming with thriving businesses but the reality is that this passion-profession is also gradually harming the planet.



According to the United Nations Environment Programme (UNEP), the fashion industry accounts for 2-8% of global carbon emissions. It’s also the second biggest consumer of water.



For Phupho Gumede, a visionary stylist and fashion entrepreneur, acknowledging the impact his passion-profession has had on the environment has not been an easy journey. But, it led to the creation of Rent-A-Dress – a dress rental service that stands at the intersection of style, sustainability and value consciousness.



Threads of Transformation



Starting his journey as a Bachelor of Arts in Fashion student, Gumede’s ardor for apparel provided access to styling opportunities that better acquainted him with the industry.



This experience not only cemented his zeal for style curation, it also revealed the importance of understanding each client’s unique needs.



“Styling is not just about clothes,” Gumede explains.



“It’s about solving personal issues, understanding individual needs, and making people feel like the best-dressed version of themselves.”


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<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/12/image4-1-1024x683.jpeg" alt="" class="wp-image-63833" style="width:480px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/12/image4-1-1024x683.jpeg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/12/image4-1-300x200.jpeg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/12/image4-1-768x512.jpeg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/12/image4-1-1536x1025.jpeg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/12/image4-1-2048x1366.jpeg 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></figure></div>


In adopting this new philosophy, Gumede applied it as a core focus of Rent-A-Dress, which he created to not only provide style, but also encourage sustainability and self-expression.



A Sustainable and Stylish Solution



As often reported, fashion is a big contributor to environmental pollution, and thus climate change. Be it the mass production of garments, or the poor disposal of barely-worn clothes, the clothing industry has created significant challenges.



Through Rent-A-Dress, Gumede has created a sustainable model that provides stylish options at affordable rates, all whilst cutting down on textile waste, and curbing the demand for fast fashion.



“Every dress that is rented instead of bought is one less item that risks ending up in a landfill,” Gumede emphasizes.



Alongside his co-founder, a renowned fashion designer, Gumede offers clients the opportunity to rent an array of garments for a variety of events, be it weddings, galas, or other formal events, thus avoiding the risk of continuous new purchases.



Smart Spending meets High Style



Rent-A-Dress is also appealing from a financial aspect, as it offers clients access to high-end and stylish attire without having to make a large investment.



Through this approach, Gumede is able to appeal to consumers who have seen less value from high spending for temporary use.



“We are in the age of financial responsibility, and Rent-A-Dress is here to help people make financially sound choices without compromising on style,” shares Gumede.



As per Data Bridge Market Research, the global online clothing rental market size was valued at $2.06 billion in 2023, and this number is projected to reach $4.61 billion by 2031, at a CAGR of 10.60% during the forecast period 2024 to 2031.



In a somewhat congested industry, it can be difficult to make a name for yourself, but Gumede relied on just that.



Having built credibility in the industry as a stylist, Gumede uses his well-renowned personal brand to position Rent-A-Dress as a trusted name in the dress rental industry.



In addition to his brand, Gumede has cemented Rent-A-Dress as a known name by using his and his co-owner’s fashion expertise in selecting quality and stylish garments. He has also made the entire rental process as seamless, accessible, and user-friendly as possible.



A Green and Trendy Future



With Rent-A-Dress, Gumede effortlessly bridged the gap between consumer needs and convenience, coupled with environmental responsibility.



“When people choose Rent-A-Dress, they’re not just making a stylish choice; they’re making a sustainable one that contributes to a healthier planet,” he adds.



By leveraging his fashion skills, Gumede has created more than just a noteworthy business – he’s created a legacy that will leave a positive (and stylish) impact on the environment, and the world.

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Sustainable Solutions For Fashion Lovers

Orange Middle East and Africa (OMEA) and Mastercard have announced a strategic partnership to expand access to mobile financial services across Sub-Saharan Africa.



This collaboration, the largest of its kind in the region, is set to enable millions of Orange Money wallet holders to access digital payments through Mastercard’s global network of merchants by 2025.



The partnership will be rolled out in seven countries including Cameroon, Central African Republic, Guinea-Bissau, Mali, Senegal, Sierra Leone and Liberia. Orange Money customers will be able to instantly obtain a virtual or physical debit card, linked directly to their Orange Money wallets.



These cards will allow seamless payments both locally and internationally, enabling transactions with local merchants and on any website or mobile app that accepts Mastercard.



Talking more about the importance of this partnership along with the empowering goal to uplift millions of Africans from a digital transformation perspective is Amnah Ajmal, Executive Vice President Market Development, Mastercard EEMEA, and CEO of Orange Money Group, Aminata Kane:



Q.What motivated Orange and Mastercard to enter into this strategic partnership at this time, particularly in Sub-Saharan Africa?



Ajmal: This collaboration has come at a pivotal time for Africa, where there’s great momentum in the digital and financial services landscape. If we look back just a decade or so, mobile money was a bold, promising idea. Today, it is essential — it’s how millions in Africa access basic financial services.



But even with this leap forward, <a href="https://www.weforum.org/agenda/2023/11/africa-digital-mobile-banking-financial-inclusion/#:~:text=Today%2C%2048%25%20of%20Africa's%20population,at%20pace%20across%20the%20continent.">only about 48% of adults in Africa are banked</a>. Mastercard and Orange share a mission to bridge that gap by making the global economy accessible to everyone, particularly those in underserved regions.



Our combined footprint and experience allow us to reach millions who might not otherwise be included in the digital economy. It is exciting to think about what this partnership means for individuals and businesses across Africa, and especially in Cameroon, Central African Republic, Guinea-Bissau, Liberia, Mali, Senegal, and Sierra Leone, where we are expanding mobile-based financial services through this collaboration.



Users can now engage in the global marketplace from wherever they are, with access to a digital ecosystem that’s inclusive and empowering. By 2025, millions will be able to shop, transact, and participate in the global economy, and we’re proud to be leading this change together.



Kane: The motivation behind this strategic partnership stems from a shared vision to significantly enhance financial inclusion and digital transformation across Sub-Saharan Africa.



The ambition for our Orange Money customers is to “break the walls” of payment. Today, an OM customer can already use their<ins> </ins>OM wallet to pay a local bill, a local merchant or on a local website. There are already many services used.



But how can our customer place an order to an international e-commerce website? How can they subscribe to Netflix, order on Alibaba or sponsor his ads on Facebook? How can they pay when travelling to Turkiye, Dubai or during a business trip to meet with suppliers in China?



In all these situations<ins>,</ins> we need international payment mean<ins>s</ins> with a global acceptance network like Mastercard’s. This partnership will help our Orange Money customers mov<ins>e</ins> from local to global payments. It will allow us to leapfrog the growth of our acceptance network and connect our Orange Money accounts to all major websites, merchants, and ATMs. This means so much in terms of business development for our pro and SME customers.



This partnership will empower millions of Orange Money wallet holders to make digital payments through Mastercard’s global network of merchants by 2025, thereby opening up new possibilities for financial independence and participation in the global economy.



Mastercard shares our ambition to drive financial inclusion and has a strong presence in Africa, making them an ideal partner for this initiative.



Q.How does this collaboration between Orange and Mastercard align with both companies&#8217; broader goals of financial inclusion and digital transformation in Africa?



Ajmal: Mastercard’s core mission is to create an inclusive digital economy, and our mission is directly aligned with Orange’s commitment to creating a responsible digital world for Africa. We recognize that financial inclusion is not just a goal but a catalyst for economic growth and digital transformation.



By linking Orange Money wallets to Mastercard’s payment network, we are giving millions of people the freedom to transact securely, both locally and internationally.



We are proud to partner with Orange, where collaboratively we are removing the barriers that have kept so many Africans from fully engaging with the global digital economy, turning mobile devices into financial tools that allow seamless global payments. It’s a unique opportunity to bring our expertise together and make a lasting impact on Africa’s economic and digital landscape.



Kane:  Financial inclusion is at the heart of Orange&#8217;s strategy on the African continent and is part of our desire to be a player in socio-economic development wherever we are present. 



Orange is an economic player and contributor on the continent. We invest in connectivity to ensure the development of Orange Money. Through Orange Money, we offer increasingly innovative mobile financial services to meet the needs of our customers.



Orange and Mastercard are highly complementary: Orange brings a vast customer base and a wide range of everyday use cases, while Mastercard provides access to international markets, e-commerce, and high-value merchant payment networks.



This solution will enable Orange to save significant time in connecting with domestic and international merchants already equipped with Mastercard terminals. By partnering strategically, Orange can accelerate its merchant coverage, sometimes by several years. This approach aligns perfectly with our broader strategy to onboard tens of thousands of everyday merchants, including those operating in the informal sector.



Moreover, Orange contributes its ability to democratize financial services, deliver education, and leverage its strong distribution network. This includes equipping people currently excluded from traditional distribution channels with physical or virtual Mastercard cards, fostering greater financial inclusion.



Finally, Orange will tightly integrate our shared service into our ambitious digital program: our 15 million Maxit super app user base is available to more than 60% of our customers who already have a smartphone.



Q. Can you elaborate on the expected impact of empowering over 40 million Orange Money wallets with digital payment capabilities by 2025?



Kane:&nbsp; Orange Money is already mainstream, with over 100 million Africans using it to send and receive money, make payments, and access other financial services in 17 countries. This partnership could help to accelerate the growth of mobile money in Africa as Mastercard uses its expertise and resources to make mobile money more accessible to people across the continent.



This partnership will make Orange Money even more relevant as a global payment solution, thanks to the Mastercard ecosystem and support.



It will increase the perceived value of Orange Money for both high value customers and businesses that will be able to seamlessly connect their existing mobile wallet to the payments they need to perform on a daily basis, but also enable new usages for the mass market users that were kept away from accessing an international payment card. Both trends should increase our customers’ commitment to their mobile wallet, and increase the threshold at which a “full bank account” is needed.



Combining domestic efficiency and international relevance, we expect to become the most inclusive and dynamic mobile money operator in Africa in 2030.



Q. How does this partnership promote financial independence, particularly for the unbanked population in Sub-Saharan Africa, and what steps are being taken to ensure security in these transactions?



Ajmal: True financial independence comes from having reliable, accessible tools at your fingertips. This partnership with Orange means that millions of users can now use their Orange Money wallets to make secure, instant payments—whether that’s paying for goods, sending remittances, accessing online shopping, or making a hotel booking. This opens up a world of possibilities, particularly for those in remote areas where banking infrastructure is limited.



This collaboration also ensures these services meet the highest security standards. Mastercard has a longstanding reputation for safeguarding financial transactions globally, and we are applying the same rigor here, working with Orange’s in-depth market reach and knowledge.



Security is foundational, and our combined expertise ensures that users can transact safely. Ultimately, this collaboration is about empowering users, giving them confidence in their transactions, and ensuring they have a secure path to engage in the broader economy.



Q. How will Orange Money users benefit from having access to Mastercard’s global network, and what kind of opportunities will this unlock for them, particularly in underserved communities?



Kane:  Many people might associate Mastercard with international payments and upscale stores in city centers. With this mindset, one might question the relevance of this service for underserved communities. While this perception holds some truth, it overlooks hundreds of practical use cases tailored to the needs of communities currently excluded from the financial system, such as rural populations, students, retirees, and others. These include withdrawing cash from secure ATMs available 24/7, accessing online training content, promoting a local business through sponsored Facebook pages to expand its reach, paying for digital content produced abroad, or ordering supplies from distant providers.



These are highly tangible use cases where the partnership between Orange Money and Mastercard proves to be an ideal fit. Based on our experience in a few pilot markets, all it takes is offering a simple solution and a few use cases for people to embrace it and adopt practices far beyond what we could have anticipated.



Q. Could you share insights on how this partnership will drive economic growth in these regions, especially with respect to supporting small and medium-sized enterprises (SMEs)? 



Ajmal: SMEs are the backbone of Africa’s economy, driving job creation, innovation, and regional resilience. Through our partnership with Orange, SMEs now gain digital tools that open new markets and foster growth. This partnership provides SMEs with more ways to transact securely and reach a wider customer base, which is critical for their sustainability and scalability. Imagine a small business in Mali that previously relied only on cash transactions — now, with digital payments, they can streamline their sales, reduce cash-handling risks, and even build a transaction history that opens doors to microcredit.



Access to digital transactions also translates to data, which is invaluable for these businesses. SMEs gain insights into spending patterns and customer preferences, which helps them make more informed decisions.



At Mastercard, we are excited about these growth possibilities and the opportunities this partnership unlocks for African entrepreneurs to thrive, innovate, and grow.



Q. How do you envision this collaboration contributing to reducing the gap between formal banking and mobile financial services in Africa?



Kane:&nbsp; Bank penetration rates are still relatively low and vary from region to region, from 20% in Sub-Saharan countries to 60% in the Maghreb.



Around 100 million Africans, long excluded from the banking system, have opened an Orange Money account. It’s a major change: from anywhere, you can put your money safely in your Orange Money account, send it to whomever you like, pay for your shopping, your car registration sticker or your children’s schooling, and so on.



However, mobile money sometimes hits a glass ceiling. As usage grows, customers who rely on Orange Money as their primary account may encounter certain limitations. For instance, while they might receive their salary in their Orange Money account and use it daily for their purchases, they may find themselves unable to make online payment on international websites such as Facebook or Netflix, withdraw from an ATM or use their wallet when they travel abroad. These services are currently reserved for holders of bank accounts—accounts that are not accessible to everyone due to barriers such as minimum deposits, required documents, travel to branches, or monthly fees.



This partnership allows the Orange Money wallet to go further, breaking the ceiling on usage and bringing it closer to the capabilities of a full bank account, while maintaining the simplicity and accessibility that makes it available to the widest possible audience. Customers will no longer have to choose, especially when the banking option isn’t available to them. Their everyday account will meet all their new needs.



Q. How do you see this partnership evolving in the future to further advance Africa’s digital and financial transformation?



Kane:&nbsp; The partnership may evolve to include additional countries and financial products. As digital infrastructure improves, the collaboration could expand to incorporate more innovative solutions that cater to the diverse needs of African consumers and businesses.



There are many options to explore. Developing the virtual card is one, facilitating supplier payments is another. We can also envision linking this card to the credit and overdraft solutions we have launched in several countries such as Côte d’Ivoire and Botswana. Finally, by analyzing the usage data from our new service, we will be able to significantly enhance our offerings at both Mastercard and Orange Money—undoubtedly uncovering some major surprises along the way.<del></del>



Q. What are the biggest challenges and opportunities you anticipate in rolling out this partnership across the seven countries and what are the plans to expand this collaboration beyond the initial seven countries?



Kane:&nbsp; As we can see it, we have three main challenges:



<ul class="wp-block-list">
<li>Regulatory framework which imposes some limits to the Mobile Money Operators that are necessary from a regulation perspective but that sometimes limit the services we can provide customers. While some regions are ahead, some countries still see mobile money as a risk or a new tax opportunity rather than a fantastic accelerator of financial inclusion.</li>



<li>Varying levels of digital literacy in different countries. What made the success of Orange Money is the pedagogy and the education. We carry on with any new service.</li>



<li>Adapting to the unexpected in an agile way. A payment card linked to a mobile money account behaves fundamentally differently from one linked to a bank account. The reasons for transaction failures are different, the target merchants are different, and both the frequency and average transaction amounts vary. Orange Money and Mastercard will need to adapt to this new framework to evolve the solution and better meet customer expectations.</li>
</ul>



We work daily on tackling these issues with our teams in our 17 markets, but also with our suppliers, partners, and with the regulatory bodies. Expansion is of course on the menu. We are considering many new markets and new products, capitalizing on the experience gathered from the first markets. We are excited to learn about customers behaviors and knowing how innovative Africans are, see how they create new use cases that were not the initial ones. We are also betting on merchants, mainly informal and SMEs. They are the backbone of our economies, and they need all the tailored financial tools to support their growth and way to prosperity. <ins></ins>



Q. How does the partnership fit into Orange’s and Mastercard’s long-term strategies for the African continent, particularly in terms of leveraging mobile technology to enhance financial services?



Ajmal: At Mastercard, we have long envisioned a digital economy that’s accessible to everyone, everywhere, and Africa is at the forefront of this vision. This partnership with Orange harnesses the power of mobile technology, which is already transforming the way Africans engage with financial services. Orange’s reach and our secure, digital payment capabilities create an ecosystem that is accessible, sustainable, and resilient.



We see this partnership as laying a foundation for further innovations across Africa. By 2025, we are aiming not only to provide practical tools but also to foster a landscape where digital wallets offer everything from payments to microloans and e-commerce access.



For Mastercard and Orange, this isn’t just a regional initiative but a long-term commitment to empowering Africa through meaningful, scalable technology solutions that meet the continent’s unique needs.



Kane: Our vision has always been to drive digital transformation and financial inclusion across Africa.



Our objective is to provide accessible, reliable, and secure financial services to underserved communities, thereby empowering individuals and fostering economic growth.



With over 100 million Orange Money accounts in 17 countries, we have built a robust network and infrastructure that supports this vision. <del></del>



By partnering with Mastercard, we are further strengthening our commitment to offering innovative and seamless payment solutions that meet the needs of our customers. <ins></ins>



We aim to achieve this fully and quickly. With partners like Mastercard, we save time by integrating into our offering robust networks built over decades, and we create opportunities to innovate together in the longer term, drawing on the daily feedback from our customers.

Orange Middle East and Africa and Mastercard partner to digitize payments for millions across Africa by 2025_2 (1)

Significant Strides Taken In Expanding Access To Mobile Financial Services In Sub-Saharan Africa

Nestlé regards sustainability at the heart of its goals to protect the environment. 



World Sustainability Day was commemorated recently to serve as an annual reminder to address environmental issues and shift our focus towards reducing waste, preserving the planet, and fostering a sustainable future. This requires a commitment from big corporations to take a bold stance when it comes to sustainability.&nbsp;&nbsp;



That is why Nestlé has always put in place practical solutions to reduce waste – from production to packaging. At the heart of this transformation are circular principles, simple yet fundamental means of shifting their approach to recycling. Critically, at Nestlé, circularity comes alive in three sustainability pillars: Rethink, Reduce, and Repurpose. These principles are a practical roadmap for evolving operations towards more sustainable means of production.&nbsp;



The company’s commitment to sustainability is highlighted by its focus on Designed for Recycling (D4R) materials. This strategy ensures that packaging, like the new laminate material used in Nestlé Nespray sachets, can easily enter the recycling process, preventing more waste from ending up in landfills. The shift to D4R materials has already resulted in a 78-tonne reduction in packaging waste per year, demonstrating the significant impact that thoughtful design can have.&nbsp;&nbsp;



Nestlé&#8217;s brands are making great strides towards packaging Designed for Recycling. Each of these popular products are known for their distinctive qualities – KitKat&#8217;s famous finger chocolate wafer, Bar One&#8217;s layered caramel and malted nougat, Tex&#8217;s crispy chocolate-covered wafers, Aero&#8217;s bubbly texture, the biggest coffee brand in the world NESCAFÉ, household powdered milk products like Nestlé Nespray and Nestlé Klim, and the chocolate malt beverage Nestlé Milo – demonstrate this commitment. In addition, there are many practical ways in which consumers can rethink the way that they repurpose materials, such as empty NESCAFÉ jars. Beyond recycling, the jars can be used to store various dry goods; you can decorate your garden by using them as planters, they can be wrapped and used for putting thoughtful gifts inside, and you can even use them as a decorative piece to store your stationery in.&nbsp;



NESCAFÉ is a brand which stands out when it comes to sustainability from an environmental point of view. Not only are NESCAFÉ’s great tasting products accessible, but they are also responsibly sourced. In 2022, the brand launched its NESCAFÉ Plan 2030, which focuses on regenerative agriculture and greenhouse gas emission reduction. Building on 10 years&#8217; experience of the NESCAFÉ Plan 2030, Nestlé is accelerating its work to help tackle climate change and address social and economic challenges in the NESCAFÉ value chains.&nbsp;



Some of the packaging aligns with Nestlé&#8217;s broader goal of reducing its reliance on virgin plastic. Virgin plastic, made from new rather than recycled materials, significantly contributes to environmental degradation. Nestlé has already achieved an 8.1% reduction as of 2021. In 2023, the company integrated 30% recycled plastic into all shrink film used in its packaging, leading to a 190-tonne reduction in virgin plastic annually. These efforts are part of Nestlé&#8217;s commitment to reducing virgin plastic consumption by 33% by 2025, a goal that aligns with the company&#8217;s broader vision of environmental stewardship. Further to the above, Nestlé&#8217;s ambitious strides towards plastic neutrality stand out as a significant contribution to global environmental goals. As the world&#8217;s largest food and beverage company, the company is committed to reducing plastic waste and designing recyclable packaging, addressing the growing concerns over plastic pollution. By 2025, the company aims to have 100% of its packaging recyclable or reusable and has already achieved notable milestones along this journey.&nbsp;



In line with its vision for a waste-free future, Nestlé aims to ensure that none of its packaging —particularly plastics — ends up in landfills, oceans, lakes, or rivers. Mark Helfrich, Packaging Engineering Manager for Nestlé East &amp; Southern Africa Region (ESAR), states, &#8220;We are committed to tackling plastic waste at every level, ensuring that our packaging does not contribute to environmental harm. By leveraging innovation and scale, we aim to deliver solutions that matter.&#8221;&nbsp;



South Africa&#8217;s plastic recycling landscape is also evolving, and Nestlé plays a key role. The South African Plastics Pact&#8217;s 2023 report shows that plastic waste is declining, with a <a href="https://www.saplasticspact.org.za/2022/12/29/sa-plastics-pact-2021-annual-report-published/" target="_blank" rel="noreferrer noopener">recycling</a> rate of 43.2% in 2020, including a 35.4% rate for plastic packaging. This progress is supported by a growing recycling industry that reduces pollution and provides employment for thousands of reclaimers nationwide. Nestlé&#8217;s efforts have contributed to this momentum by reducing plastic usage at a time when sustainability is more important than ever. In 2023, Nestlé reduced the amount of plastic used for pallet wrapping in its South African factories by 50%. By adopting new shrink film technology that maintains strength and tear resistance while using less material, the company reduced plastic packaging by 115 tonnes annually.&nbsp;



Innovation remains central to Nestlé&#8217;s efforts to tackle plastic pollution. The Fit-for-Purpose initiative optimizes packaging by reducing material thickness, size, and weight and minimises the company&#8217;s environmental footprint. A notable example of this is the 2022 lightweighting project, where Nestlé redesigned the plastic spoons included in infant formula cans for products like Nestlé Nan, Nestlé Nido, and Nestlé Lactogen. This redesign resulted in a 60% weight reduction, saving 93 tonnes of plastic annually. These efforts reflect Nestlé&#8217;s dedication to reducing plastic waste and demonstrate the company&#8217;s leadership in implementing circular economy principles, which aim to minimise waste by reusing and recycling materials.&nbsp;



It is essential to reflect on corporations&#8217; role in the global effort to reduce plastic pollution and achieve a more sustainable future. Nestlé&#8217;s initiatives are a powerful reminder that large-scale businesses have both the responsibility and the capacity to lead by example. The company&#8217;s ongoing efforts to reduce plastic waste, increase recyclability, and design packaging for a circular economy reflect a long-term vision of sustainability that extends far beyond corporate profitability.&nbsp;



Nestlé&#8217;s leadership in this area demonstrates that achieving plastic neutrality is possible and within reach, if companies commit to making sustainability a core part of their operations. As Helfrich concludes, &#8220;Plastic neutrality is not a choice — it&#8217;s a necessity. We have the opportunity and responsibility to create lasting change, and every step we take brings us closer to a world where waste is minimised, and resources are preserved for future generations&#8221;.&nbsp;



Nestlé&#8217;s continued commitment to plastic neutrality offers hope that a waste-free future is achievable through innovation, collaboration, and determination. It also sets a new standard for corporate environmental responsibility.&nbsp;

Nestle Sustainability Campaign Creative

The World’s Largest F&B Company’s Plastic Neutrality Commitment Towards A Waste-Free Future 

Alma Mater International School in Johannesburg, South Africa is proving that education goes beyond textbooks and traditional classrooms, embodying a vision that prepares students for the complexities of the modern world.



With recent accolades like the Best STEM-Focused Primary and Secondary School 2024 and the Holistic Education Excellence Award 2024, Alma Mater International School is earning recognition for creating a learning environment that champions both academic and personal growth.



A Legacy of Academic Excellence and Innovation



Since its establishment in 1998, Alma Mater International School has pursued its mission to foster excellence through a unique and rigorous STEM program, one of the school’s most distinctive offerings.



Alma Mater integrates a focus on Science, Technology, Engineering, and Mathematics (STEM) throughout its curriculum, while also promoting critical thinking and problem-solving skills across various disciplines. With state-of-the-art laboratories, students at Alma Mater receive hands-on experience in STEM, setting a strong foundation for their future careers in an increasingly STEM-driven world.


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Additionally, the school supports interdisciplinary projects, encouraging students to connect diverse concepts, fueling both intellectual curiosity and innovation.



“Our focus on STEM, combined with a holistic approach, is designed to nurture global citizens who are equipped not only with knowledge but with the empathy and skills to drive change,” says Director, James Moir.



Transformative Research that Opens Doors Worldwide



A hallmark of Alma Mater’s program is its emphasis on advanced research, encouraging students to engage deeply with complex topics, even at a secondary level. In their Cambridge Advanced Level program, students undertake projects that not only build academic rigor but also open doors to global opportunities.



One standout project focused on the treatment options for Epidermolysis Bullosa, earning an A* and contributing significantly to a university acceptance in Korea. Another student’s impressive research on the effects of heartbreak on physical heart health secured a scholarship in the U.S. These achievements underscore Alma Mater’s commitment to impactful education that extends beyond school grounds.



From research exploring ventilation methods for neonatal care to studies on cultural shifts in African societies, Alma Mater students are making discoveries with global relevance. These research projects are more than academic exercises—they are pathways to influence, allowing students to apply their knowledge and insights in ways that resonate worldwide.



Borderless Learning: Preparing Students



 At Alma Mater International School, the Borderless Learning Philosophy goes beyond traditional education by integrating interdisciplinary collaboration, seamless technology use, and global citizenship.



Through initiatives like the Cambridge International Project Qualification (C-IPQ) and internships with institutions such as the Shibaura Institute of Technology in Japan, students gain critical thinking, problem-solving, and leadership skills.



Our curriculum mapping ensures that learning transcends individual subjects, fostering deeper understanding and connecting knowledge across disciplines. This approach empowers students to apply their learning to real-world scenarios, preparing them for academic success and leadership in an interconnected world.



Preparing Global Citizens for Tomorrow



A distinct feature of Alma Mater International School’s approach is its commitment to cultivating well-rounded individuals.



The school offers a range of extracurricular activities, from sports to community service, all contributing to the development of responsible global citizens. Through its Global Citizenship Student Committee, Alma Mater integrates lessons in social justice, environmental stewardship, and cultural understanding, ensuring students gain practical skills alongside academic knowledge.



This dedication to holistic development extends beyond the classroom. Alumni success stories highlight Alma Mater’s impact, with graduates gaining entry into prestigious universities worldwide, including New York University, the University of Cape Town, University of Stellenbosch, WITS, The Korean Advanced Institute of Science and Technology, the University of Pretoria, the University of Queensland, and the University of London.



This diverse range of top institutions underscores Alma Mater’s commitment to preparing students for success on a global stage.



Recognizing Excellence and Looking Ahead



As Alma Mater International School continues to expand its offerings, it has recently introduced initiatives such as an enhanced internship program and new partnerships with global institutions.



The school is also expanding its sports facilities and integrating more digital tools to keep pace with the latest educational advancements.



In an era where education must evolve to meet global challenges, Alma Mater International School stands out as a beacon of quality and innovation.



With its commitment to academic and personal excellence, Alma Mater exemplifies the future of education in Africa – one that prepares students not only for professional success but also for a lifetime of positive impact.

20230313-TAN_5772

South African School Sets the Gold Standard in STEM and Holistic Education

There are so many reasons Africa is the growth capital of the world.



The continent’s competitive advantages include a young population, abundant mineral wealth, fertile land and a growing renewable- and distributed-energy sector, says Bill Blackie, CEO of Business and Commercial Banking at Standard Bank, while addressing delegates at the recent inaugural Standard Bank Business and Commercial Banking Conference held in Cape Town, South Africa.



“GDP growth is not the only reason to be positive about Africa’s future,” he explains at the opening plenary of the conference.



Other reasons to be optimistic, he said, include the continent’s vast resources, and particularly those resources needed for producing renewable-energy infrastructure, such as cobalt, manganese, lithium and copper, as well as the fact that 60% of Africa’s population is below the age of 25.



The inaugural conference drew over 200 delegates from all over Africa, including the 20 countries where Standard Bank has a footprint. The theme of the conference was ‘Africa Unlocked: Unlocking Africa’s Growth’.



Blackie highlights the structural shift in many African economies away from agriculture and extractive industries, to manufacturing and trade sectors.



“Our goal at Standard Bank is to meet the needs of small- and medium-sized enterprises (SMEs),” he says, “and to partner with them, so that they can realize their growth potential.



Harnessing renewable energy’s potential



Lungisa Fuzile, Group Head: Public Policy and Regulation and Regional Chief Executive of the South &amp; Central Region, says renewable energy is a massive economic opportunity that Africa needs to harness.



“Over half of cobalt reserves in the world are found on our continent,” he says. “Mining the minerals needed for solar panels and wind turbines will generate significant revenue and raise the living standard of millions of people. But to realize this potential, we need to forge more meaningful partnerships.”



Acknowledging the infrastructure deficit that exists in Africa, Fuzile says he is nevertheless hopeful that the continent could leapfrog its competitors by playing to its advantages.



“The WEF says that by 2040, Africa can switch to 76% renewable energy if we embrace hydro, solar and wind power.



“Africa can be a beacon of hope and opportunity for its 1.2 billion inhabitants if it seizes these opportunities, which include having the world’s most fertile arable land.”



Seismic geopolitical shifts



While acknowledging Africa’s strategic advantages, Standard Bank Group chief economist Goolam Ballim points out the backdrop against which global seismic shifts are occurring.



“We are shifting from a world of moderate multilateralism towards geopolitical confrontation and fragmentation,” he says. This is evident in the U.K.’s withdrawal from the European Union, the advent of BRICS and BRICS+, and a spreading emphasis on insular, domestic issues alongside rising populism in countries such as Brazil and the U.S. and across Europe.



“Politically, there is a growing tilt away from democracy to illiberalism,”



“And, in trade, we are transitioning from globalization to regionalism. In economic terms, power is shifting from the West to the East,” Ballim comments, highlighting the rising importance of China.



“On the technology front, the digital world is experiencing an accelerating race into the unknown, catalyzed by artificial intelligence, quantum computing, the Metaverse, and immersive-reality technologies.”



On the positive side, Ballim says it is encouraging that dirty energy is now making way for cleaner, renewable energy.



“Although the momentum behind renewable-energy projects initially came from Western countries, today it is increasingly driven by China, which produces most of the world’s wind turbines and photovoltaic panels.”



Achieving consistent economic growth is a challenge for many African countries, including South Africa, whose growth rate for 2024 is projected at 1.1%, says Ballim.



“We are seeing multispeed economic growth in sub-Saharan Africa, with some countries growing consistently, others accelerating, and still others lagging behind.”



Regional integration is key to Africa’s growth



On the topic of regional integration, more efforts are needed to advance agreements such as the African Continental Free Trade Area (AfCFTA), says Fuzile.



“We can unlock Africa’s growth only by focusing on more regional integration”, he adds.



The 44 member countries of AfCFTA have committed themselves to the elimination of tariffs on most goods and services over the next decade, creating a single, liberalized market.



“We need to reduce barriers to capital, facilitate investment and develop regional infrastructure if we want to achieve the sustainable and inclusive future for Africa that we envisage.”



As for SMEs, Blackie says Standard Bank is committed not only to providing the necessary finance to help them grow, but also to sharing knowledge and lending support.



“We are dedicated to supporting entrepreneurs at every stage of their journey – whether they are starting, managing or growing their businesses. We want to understand businesses better so that we can help them form new partnerships and sharpen their competitive edge.



“In this way, we aim to continue our 161-year track record of building multigenerational wealth on the continent.”



Despite her enormous mineral wealth, the biggest resource that Africa possesses is human potential, Blackie concludes.



“We are confident that by investing in businesses and people, prioritizing regional integration, capitalizing on the digital revolution and adopting new approaches to agriculture, we can unlock Africa’s growth.”

Bill Blackie1

Africa’s Future Looks Resilient Despite A Fragmented World

Creating an enterprise with longevity and grip means building relationships, understanding innovation, and challenging perceptions.&nbsp;



<a href="https://medium.com/theagency/the-ad-that-changed-advertising-18291a67488c" target="_blank" rel="noreferrer noopener">Think Small</a>. The tagline of the world’s most famous advertisement for now one of the world’s leading vehicle manufacturers changed advertising and the VW brand, forever.&nbsp;&nbsp;



Today, Volkswagen <a href="https://www.statista.com/topics/1574/volkswagen/#topicOverview" target="_blank" rel="noreferrer noopener">has 6% of the global market</a> and its luxury car brand, Audi, is considered one of the ten most valuable brands. That small VW campaign proved that creativity and innovation aren’t about size. Gaining ground in competitive markets means listening to people and creating solutions that solve their problems. It means thinking small when it comes to personalized service and collaborative customer relationships, but thinking far beyond the box when it comes to solutions, innovation and growth.&nbsp;



This is the same approach taken by Braintree. A small idea about a dream team of experts with a knack for solving problems and creating world-class solutions built on the right technology; a tree with roots extending into global industry expertise, solutioning, customization, talent acquisition, and building future-proof, resilient technology architectures. The company started small and today is one of the largest Microsoft Dynamics partners in South Africa.&nbsp;



Braintree is built on the foundations of talent and the Microsoft ecosystem. Finding the right people took a long time, but everyone understands the value of the Microsoft technology stack and how to create solutions that are tailored to fit the unique needs of different organizations.&nbsp;&nbsp;



Capable of deploying, managing and maintaining solutions on-site or in the cloud, Braintree has a 27-year track record and solidified its status as a go-to Microsoft partner with the perfect combination of people, problem-solving and creativity.&nbsp;



One of the core reasons for Braintree’s growth has been its investment into people. Yes, most companies talk about how they prioritize talent and recognize the value of skilled people. Not all of them spent nearly 30 years tracking down the right personalities so the culture is a delightful mix of ingenuity, engineering, expertise and long-term relationships.&nbsp;&nbsp;



Talent acquisition is as important as client retention – without the one, you can’t really have the other. Customers know when the services and expertise they receive are delivered with passion. And that passion translates into solutions.&nbsp;



It also translates into a deeper understanding of the market. The IT consulting industry is challenging and mercurial. There’s no guarantee you will retain your employees or your customers. Customers don’t want to feel they’ve been thrown into a lion’s den where every employee is fighting for their share of the wallet, and this is a common pitfall in this industry. It’s very easy to get lost in sell, sell, sell, and lose sight of the end goal, which should be building genuine relationships that span years.&nbsp;&nbsp;



When you get to know your customers, you have the space to design solutions that evolve with them. It shouldn’t be a case of grabbing the whole pie in the first bite, but rather a collaborative and strategic effort that leverages the strengths and talents of your people to unearth the strengths and talents of your customer’s business and people.&nbsp;&nbsp;



The baseline to building a business that thrives in a highly competitive and noisy market needs to be adding depth to your support and structures. This allows the business to flourish, and, most importantly, ensures that customers flourish.&nbsp;



Braintree’s vision for customer service and retention aligns with the name – a tree with roots that grows thanks to mutual respect and shared investment. It’s not a race to the bottom, it is people and processes that prioritize results over politics and power plays.&nbsp;&nbsp;



The result is that the company has grown significantly, expanding into new markets such as the United Kingdom, and building a solid customer base that trusts in its ability to consistently deliver results.&nbsp;&nbsp;



Braintree is growing because of how we grow our customers – we keep on thinking small when it comes to prioritizing customer care, agility, and connections. We will always think big when it comes to building solutions that are sustainable, remarkable and resilient.&nbsp;&nbsp;



Looking for a reliable partner to help you reach your business objectives? <a href="https://www.braintree.co.za/about-us?utm_medium=internet&amp;utm_source=online&amp;utm_campaign=braintree_brand_forbes_article&amp;utm_content=traffic">Contact Braintree </a>and let’s explore how we can collaborate.

Heath Huxtable – Managing Director Braintree

Talent, Time And Customer Retention At The Root Of Business Strategy  

Wilderness Bisate Reserve, the newest gem in Africa’s luxury safari landscape, has opened in Rwanda, set against the dramatic backdrop of Volcanoes National Park (VNP). 



The pinnacle of luxury lodges for connoisseurs of conservation, Wilderness Bisate Reserve offers the grandest base from which to witness the renowned mountain gorillas in the park, and redefines exclusivity with its design, bespoke approach and service excellence.



“We are thrilled to unveil this sophisticated lodge, enhancing our much-acclaimed offering at Bisate. Every thread of its design reflects our deep sense of purpose, seamlessly woven into the fabric of the property,” says Manzi Kayihura, Wilderness Rwanda Chairman.



“With breathtaking views over the surrounding volcanoes and neighboring protected parkland, it is quickly clear why our mission is so vital. Immense care and thought have been poured into every inch of this haven, honoring the motivation it serves and the extraordinary adventure it promises.”



Perched at an elevated vantage point, Bisate Reserve offers unobstructed 360-degree views of all six of the Virunga’s dormant volcanoes, including Bisoke, Karisimbi and Mikeno.



The lodge’s architecture and décor, crafted by architect, Nick Plewman and interior designer Caline Williams-Wynn of Artichoke Interior Design, reflect the essence of Rwanda, through their blend of thatch, timber, hand-chipped volcanic rock, exposed brick and basketry. This elegant fusion honors the regal grandeur and timeless traditions of the region while providing comfort for a maximum of just eight guests.



Each villa features private decks and cozy fireplaces, cocooning guests in supreme comfort with options for private dining, outdoor hot tub soaks, and tailored in-room massage treatments.



Additionally, guests can enjoy special screenings of wildlife and natural world documentaries, ensuring a deep connection with the lodge’s spectacular surroundings after a day of transformative trekking encounters.



Under the expert guidance of Executive Chef, Angelus Karangwa, the culinary experience at Bisate Reserve blends traditional East African flavors with refined elegance. Embracing a philosophy of simplicity and sustainability, the cuisine features local ingredients such as coconut, chili, ginger and turmeric, with a subtle nod to French culinary techniques. The reserve’s earth-to-plate approach is underscored by daily harvests from two on-site kitchen gardens, and when necessary, ingredients are sourced from local farmers.



The name “Bisate Reserve’’ evokes a place meant to be cherished and savored, which perfectly encapsulates the lodge’s commitment to reforestation and habitat preservation.



“Our core mission here is to transcend luxury hospitality to embrace a profound commitment to conservation, as showcased in the restoration of Bisate itself, with previous farmland now a thriving reforested area. Our ambitious rehabilitation efforts have seen over 100,000 trees meticulously hand planted to date, with the aim to safeguard, enrich and enlarge the natural habitats that sustain the species residing in these hills”, adds Kayihura.



On-site activities, including exploring scenic nature trails, transformative trekking and engaging with local communities, elevate the guest experience and deepen their connection to the region. Bisate Reserve offers every indulgence, allowing guests to tailor their stay to their preferences – for those



seeking absolute privacy, the lodge provides intimate in-room dining, bespoke setups and thoughtfully-designed service hatches for a seamlessly exclusive, world-class experience.



Meanwhile, guests who wish to embrace the lodge’s vibrant atmosphere will find ample opportunities to interact with fellow visitors and the enthusiastic staff. From elegant cocktails at the Reserve Bar to live painting sessions with local artist, Rigobert Uwiduhaye, whose captivating gorilla artworks adorn the walls, every detail is crafted to enhance the luxurious experience at Bisate Reserve.



“We look forward to welcoming guests to explore the mesmerizing natural beauty of this remarkable retreat, where every detail reflects our steadfast commitment to creating truly transformative experiences,” concludes Kayihura.

Bisate reserve

A Luxury Safari Lodge In Rwanda’s Vibrant Parklands

Renee Ngamau, co-founder and President of <a href="https://www.checkupsmed.com/" target="_blank" rel="noreferrer noopener">CheckUps Medical Hub</a>, has been a passionate advocate for human rights and women’s economic power for over two decades. Through her leadership in social impact initiatives, health, and fintech, she has worked to address the barriers to economic power, particularly for women in low- and middle-income countries.&nbsp;&nbsp;



In this Q&amp;A, Ngamau shares her insights on the link between women’s health and economic power, the vision behind launching CheckUps Medical Hub, and the essential role that leaders in the public and private sectors can play in shaping policies that consider women’s health as a key lever for women’s economic power.&nbsp;



Q. What inspired you to launch your social impact, health, and fintech start-up – CheckUps Medical Hub, and how have you seen its impact extend beyond improving healthcare access to financially empowering women? 



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A. The <a href="https://widgets.weforum.org/outlook15/10.html" target="_blank" rel="noreferrer noopener">World Bank reports</a> that 50% of economic growth differentials between developing and developed nations are attributed to poor health and low life expectancy. Healthcare access must be holistic – encompassing nutrition, hygiene, finance, and education. At CheckUps COVA, we focus on three key barriers: resources, finances, and time. By providing accessible outpatient care and flexible payment solutions, we’re helping bridge this gap, particularly for women who often must choose between earning an income or seeking healthcare. Moreover, we appreciate that women care for many people, not just direct family members. We allow the sharing of benefits with whoever they nominate – African style. 



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Q. Health is a human right that is denied to many living in poverty. What steps can be taken to address the issues at the nexus of health, economic power, and development? 



A. Studies show that chronic illness in families creates a devastating cycle of reduced earnings and increased expenses. When 40%+ of the population faces these health-poverty barriers, development stagnates. The solution requires three fundamental catalysts: access, safeguard, and control. Expand access to information, proper nutrition, and tools of production. Safeguard people’s ability to produce and be paid dignified wages for their production. Ensure people can control, preserve and grow their resources without bias or discrimination. Success demands both enabling policies and supportive initiatives. Not addressing these interconnected factors, perpetuates ill health, poverty, uneven development, and trapped potential in an increasingly impatient populace. 



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Q. What role can leaders in the public and private sectors, philanthropy, and development play in driving conversations and advocating for better health policies that support women’s economic power? Additionally, what are some key policies that should be prioritized to ensure women&#8217;s health is integrated into broader economic empowerment strategies? 



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A. Four critical policy shifts are needed. First, make healthcare caregiver-accessible through delivery-based models rather than facility-dependent care. Second, eliminate gender bias in medical treatment &#8211; studies show women’s pain complaints are downgraded 90% of the time, while men&#8217;s are upgraded 80% of the time. Third, financial policies must recognize women’s proven reliability – in lower-income countries, women show 90% loan repayment rates compared to men’s 46-67%. Let us grow women-owned medium to large-scale entrepreneurs. Fourth – equal pay for equal work. These changes and workplace policies supporting women’s roles as earners and caregivers will catalyze true economic power. 



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Q. Looking ahead, what do you envision as the future of women’s economic power and what role will quality, affordable, and accessible healthcare play? How can individuals and organizations best contribute to this vision? 



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A. We’re revolutionizing healthcare distribution across sub-Saharan Africa through CheckUps COVA, making quality care accessible when and where it’s needed. Inspired by Grameen Bank’s success in Bangladesh, our model combines AI-powered diagnostics with flexible financing solutions. The goal is to ensure women never have to choose between work and health, effectively breaking the cycle of poverty and poor health outcomes. Institutions and individuals can begin by auditing their personal, business, workplace and national policies to identify and eliminate discriminatory practices that, whether consciously or unconsciously, maintain systems that disadvantage women—50% of the population—simply because of their biology. 



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Empowering Women In Africa Through Health And Economic Independence 

In recent years, Africa has emerged as a hotbed for innovation and entrepreneurship, with a significant uptick in the establishment of tech companies and startups across the continent. A catalyst for change, Hiruy Amanuel moved back to Africa to found his own tech company and invest in other tech companies in the ecosystem.



Hiruy Amanuel’s career began in the heart of innovation — Silicon Valley in Northern California in the U.S. With a decade of experience in private equity and venture capital, Amanuel was well-versed in the dynamics of the tech and financial sectors.



His first visit to Africa in 2015 was a pivotal moment that reshaped his career trajectory. Struck by the continent’s untapped tech talent and rapidly developing technology landscape, Amanuel envisioned a future where Africa could rival global tech hubs if given the right resources and opportunities.



According to the United Nations, Africa has the youngest population in the world, with 70% of sub-Saharan Africa under the age of 30. These statistics position Africa’s youth as crucial drivers in shaping a sustainable future for the continent’s communities and ecosystems.



Amanuel’s vision materialized with his first investment in the continent into Gebeya Inc in 2015, which he later went on to co-found. Gebeya is a SaaS talent marketplace that utilizes AI to match talent for projects outsourced to clients.



Gebeya has not only provided employment but has also set a precedent for tech talent outsourcing from Africa.



In partnership with Mastercard Foundation, Gebeya was able to launch Mesirat, a five-year program that equips 100 entrepreneurs in Ethiopia with their own multi-sided gig marketplaces. Powered by $48 million, the partnership saw the two organizations and several other consortium partners leverage their combined experience and expertise to co-create and replicate Gebeya’s model. Gebeya has also recently rebranded to a talent cloud provider – a move that has seen the firm garner partnership opportunities with notable brands such as Microsoft and O’Reilly.



Expanding his impact, Amanuel co-founded Gullit VC, a venture capital firm dedicated to investing in African tech startups. Through Gullit VC, Amanuel has invested in a diverse range of companies, including BuuPass (Digital Mobility), WellaHealth (Health Tech), and Logidoo (Logistics). These impactful investments reflect Amanuel’s commitment to nurturing a variety of tech-driven solutions on the continent.



Buupass revolutionizes the travel industry in Africa by offering a comprehensive ticketing platform for buses, trains, and flights. The firm recently expanded its operations into South Africa, and received a groundbreaking investment from Tim Draper, a global icon in venture capital and a fervent supporter of entrepreneurship and innovation. This investment marked a monumental leap toward BuuPass’s vision of becoming a unicorn in the transportation sector.



WellaHealth aims to transform healthcare access across Africa, starting with Nigeria. WellaHealth launched an enhanced version of its services which includes several new features aimed at improving healthcare accessibility. These features include telemedicine services, where users can consult doctors virtually, as well as comprehensive care bundles for chronic conditions like diabetes and hypertension.



WellaHealth has also recently introduced funeral coverage, cash-back on hospital visits, and access to an online community for healthcare practitioners, reflecting the company&#8217;s commitment to addressing the diverse healthcare needs of Nigerians.



Logidoo has made significant strides in 2024, solidifying its position as a leader in the Pan-African logistics sector. One of the key achievements this year was securing $1.55 million in seed capital. This funding will support Logidoo’s ambitious expansion plans, which include extending its franchise network to five additional African countries, bringing its services to a total of ten countries across the continent. This expansion is part of Logidoo’s strategy to enhance its market presence and impact within the African



Continental Free Trade Area (AfCFTA).



Furthermore, Logidoo has shown impressive operational efficiency, having aggregated over 3,000 logistics suppliers, completed more than 100,000 operations, and served over 400 clients in eight countries. The company has been EBITDA positive since January 2023, a rare feat among logistics startups.



Amanuel’s work is instrumental in driving both economic and technological progress in Africa. As an individual and through his firm, he is empowering local talent and investing in tech-driven solutions, contributing to job creation, skill development, and economic diversification. The companies he has co-founded and invested in employ hundreds of African engineers, creating a ripple effect that extends beyond the tech industry to impact various aspects of the economy.



The success of these tech ventures has also opened up multiple commercial real estate ventures for Amanuel across Africa. He has demonstrated his prowess in real estate, with five strategic investments across Africa and the Middle East and is further looking to expand his operations into the Middle East, particularly motivated by the UAE’s strategic vision for 2026.



The UAE’s plan focuses on opening new corridors, which is expected to boost the logistics sector in the region significantly. By capitalizing on this opportunity, Amanuel aims to leverage growing infrastructure and economic developments, making it an ideal time for expansion into logistics and real estate in the Middle East.



Recent statistics underscore the burgeoning entrepreneurial landscape in Africa. According to the African Development Bank, the continent is home to over 400 tech hubs and has seen a 40% increase in tech startup funding between 2020 and 2022. Additionally, the International Finance Corporation (IFC) reports that African startups raised a record $5 billion in 2021, a testament to the growing investor confidence in the region’s tech potential.



Hiruy Amanuel’s journey from Silicon Valley to Africa is a powerful narrative of vision, commitment, and impact. Through his ventures, he has demonstrated that Africa is not just a recipient of technology but a creator and innovator in its own right. His work in building tech companies and investing in startups is laying the groundwork for a sustainable and thriving tech ecosystem in Africa.



As Africa continues to rise on the global tech stage, Amanuel’s contributions serve as a blueprint for other investors and entrepreneurs looking to make a meaningful impact. His story is a testament to the transformative power of entrepreneurship and the boundless potential that lies within the African continent.

Hiruy-Amanuel

A Look At Tech Entrepreneurship In Africa

Pinagare Mogodi’s life and professional journey can be described as resilient and visionary with an unyielding drive to break barriers.



Born with a modest background, Pinagare Mogodi was raised by his single mother, Puleng Mogodi, who juggled three jobs to provide for her children. At the same time, his uncle, Ignitius Oupa Mphomane, played a pivotal role as a mentor and father figure, introducing Mogodi to business ethics and the significance of earning respect through hard work.



His uncle’s success, wealth and influence as a businessman contrasted with Mogodi’s humble beginnings, making him feel like a “Fresh Prince of Bel-Air”. This experience left a lasting impression and sparked Mogodi’s desire to pursue more than just financial security — he wanted freedom, respect, and the opportunity to help others.



Mogodi’s entrepreneurial journey began early in life. While still in high school, he found ways to make money by selling sweets, PlayStation games, and music CDs. His drive to succeed was evident even then, and by the time he reached his second year of university, he had already registered his first company, MAB Group (Matsapa-A-Botshelo).


<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/2024/10/IMG_0306option1-1024x702.jpg" alt="" class="wp-image-63517" style="width:598px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/10/IMG_0306option1-1024x702.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/IMG_0306option1-300x206.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/IMG_0306option1-768x526.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/IMG_0306option1-1536x1052.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/IMG_0306option1-2048x1403.jpg 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">MAB aims to be at the forefront of mining projects</figcaption></figure></div>


The initial motivation behind the company was deeply personal — to alleviate his mother’s financial struggles. However, what began as a small operation soon grew into something far more significant.



MAB Group quickly expanded, venturing into industries that were not only highly competitive but also capital-intensive, such as mining, construction, real estate development, and trucking. Mogodi’s initial goal of helping his family gradually evolved into something much larger: he wanted MAB Group to be a symbol of success, a company that would challenge industry giants and redefine what was possible for a young, ambitious entrepreneur from humble beginnings.



Breaking into the mining industry was one of Mogodi’s biggest challenges. Mining, especially coal mining, is a sector dominated by established players with deep financial reserves and extensive industry connections.



As a young entrepreneur with limited capital, Mogodi had to overcome significant skepticism from potential clients who doubted whether MAB Group could deliver on large-scale coal exports, manage the logistics, and secure the necessary financial backing. Yet, with persistence, strategic insight, and unwavering faith in his vision, Mogodi worked to prove his doubters wrong.



He built trust with clients, demonstrating that MAB Group was not only capable of handling large projects but was also committed to quality and reliability.


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<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="965" src="https://cms.forbesafrica.com/wp-content/uploads/2024/10/IMG_3656option2-1024x965.jpg" alt="" class="wp-image-63518" style="width:590px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/10/IMG_3656option2-1024x965.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/IMG_3656option2-300x283.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/IMG_3656option2-768x724.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/IMG_3656option2-1536x1448.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/IMG_3656option2-2048x1930.jpg 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Building success through hands-on mining leadership</figcaption></figure></div>


Despite his success in business, Mogodi’s journey has not been without its personal struggles,which included facing financial difficulties early on. Yet, even during these challenging times, he never wavered in his commitment to building MAB Group into a respected name in the industry.



One of the most significant decisions Mogodi made along his journey was to leave school to focus fully on his growing business. It was a difficult choice, as education had always been important to him. However, as MAB Group continued to expand and become more successful, Mogodi decided to return to school to complete his studies.



His decision to return was not just for personal fulfillment — it was also motivated by a desire to set a strong example for his children, showcasing that no matter how successful one becomes, education is an essential pillar of personal growth and development. With the support of his fiancée and children, Mogodi is now pursuing his academic goals while continuing to lead MAB Group to new heights.



Under Mogodi’s leadership, MAB Group has evolved into a multifaceted organization with a diverse portfolio. The company’s mining division offers a range of services, from exploration and extraction to processing and export, all while maintaining a strong focus on sustainability and community involvement. In the construction sector, MAB Group has taken on large-scale residential, commercial, and industrial projects, contributing to South Africa’s infrastructure development. Additionally, the company’s trucking services ensure efficient transportation of goods across the country, further solidifying its position as a key player in the logistics industry.



Beyond its business success, MAB Group is deeply committed to community development and social responsibility. Mogodi’s belief in the importance of uplifting the communities where the company operates is reflected in MAB Group’s numerous initiatives. The company offers internship and learnership programs that equip individuals with the skills they need to succeed in the workforce. It also supports local businesses and promotes economic growth in the areas where it operates. For Mogodi, giving back to the community is not just an obligation, it’s a core part of his company’s mission.



Throughout his 14-year journey, one of the key lessons Mogodi has learned is the power of strategic partnerships. These alliances have been instrumental in MAB Group’s growth, providing the financial strength and industry expertise necessary to scale operations and enter new markets. By partnering with other companies, MAB Group has been able to mitigate risk, innovate, and expand its reach, both locally and globally.



The company has significantly expanded its coal export operations, handling between 75,000 and 150,000 tons of coal. It is also in the process of developing new coal and chrome mines, with plans to complete a state-of-the-art wash plant by 2025.



In the construction sector, MAB Group has been involved in major projects such as Rama City, a large-scale development, and several public-private partnerships with the government. Despite facing challenges like debt and the economic impact of Covid-19, Mogodi has guided the company through these turbulent times.



Looking to the future, Mogodi remains optimistic about the prospects for South Africa’s mining, construction, and logistics industries. He believes that the country’s new Government of National Unity (GNU) has the potential to drive economic improvement, despite challenges such as disruptions in rail infrastructure and port logistics etc. For Mogodi, these challenges represent opportunities for growth and innovation, and he is confident that MAB Group will continue to thrive by adhering to ethical business practices.



Mogodi’s vision for MAB Group extends far beyond business success. He sees the company becoming one of Africa’s largest mining and exporting houses, with a mission to help reduce unemployment across the continent.



His focus on strategic expansion, innovation, and sustainability reflects his commitment to creating lasting change, not only for his company but for Africa as a whole.

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From Start To Scale:A South African Entrepreneur’s Foray Into Mining, Construction And More

Idorenyin Obong, CEO of Grey, discusses his journey from fintech expert to an industry disruptor offering innovative global banking solutions for digital nomads and remote workers.



With over seven years of impactful experience in the fintech industry, Idorenyin Obong has established himself as a key player in driving innovation and excellence. His career includes technical roles at leading companies like Busha, Paystack, and Yellow Card, where he honed his skills in scaling brands, optimizing operations, and enhancing financial performance. Recognizing a gap in the market, Obong, alongside Femi Aghedo, co-founded <a href="https://grey.co">Grey</a>, a finance app that has quickly become a game-changer for <a href="https://grey.co/discover/digital-nomad">remote workers and digital nomads,</a> offering secure and seamless global banking solutions.



In this exclusive interview, Obong, affectionately known as ‘Idee’ by his inner circle, delves into his journey, sharing insights on his dedication to advancing the African fintech landscape, his advice for aspiring entrepreneurs, and the significance of corporate social responsibility in building a platform as impactful as Grey.



Q. Can you share the story behind the founding of Grey in 2020? What inspired you to start this venture specifically for remote workers and digital nomads?



A. Our founding story began in 2019, although the company officially started in 2020. I lived in Lagos, Nigeria, working for international companies like Auth0 and Busha. As a remote worker, I needed to receive international payments in USD, but getting a local USD account was very hard. It took almost three months to complete the process – multiple trips to the bank, filling out forms and finding referees who were current account holders. Afterwards, I also had to figure out the conversion to local currency. The tedious and lengthy process led me to call my co-founder, who faced similar challenges. We realized there was a gap in the market that we could fill. By late 2019, we decided to build a solution, and by 2020, Grey was born.



Q. How did the global pandemic influence the creation and early development of Grey?



A. We started building Grey properly in early 2020, January to be precise, and the pandemic became full-blown a few months later. The pandemic further exposed the inadequacy of the current payment options, especially for people in emerging markets like Nigeria. Apart from exposing those gaps, we also saw that the pandemic created a new market because many companies in the global West were getting more comfortable than ever with hiring people from these regions. The pandemic changed the attitude of employers and created space for our proposed market at the time to actually grow.



Q. Grey&#8217;s mission is to make life easier for digital nomads and remote workers. How do you see this mission evolving in the next five years?



A. I like to say that it’s still the early days for us at Grey, as there’s so much we want to do for remote workers and freelancers. When we started the mission, we focused on one or two countries. But in the last few weeks, we have expanded our reach to serve other customers across Latin America and Southeast Asia. So, in the next couple of years, the first thing, mission-wise, is expanding this reach some more. There are still a lot of customers and countries that are emerging markets that we can serve in the coming years. Still, within our mission, payment is very broad, and people say that payment has still not been permanently fixed, especially in places in Africa and the Middle East. We are experiencing that firsthand while trying to build this solution. And I think that something we’re willing to do to achieve this is to build infrastructure in certain markets. Because in our target market, you just realize that there are inadequate infrastructure options for you to serve the market with and that is something that we need to do to actualize our mission.



Q. In what ways does Grey go beyond just facilitating payments to truly make a



difference in the lives of remote workers in developing economies?



A. <a href="https://grey.co/about">At Grey</a>, we are not just concerned with receiving and sending payment. We like to see ourselves as part of our customers’ entire journey. From when they get the job to receiving their paycheck, to how they want to spend, budget, save, build wealth, and send money. These are the things that influence the initiatives and product features we are rolling out for customers. So, we aren’t just sticking to sending and receiving payment. For instance, last year, we rolled out an expense tracking feature where our customers can get insight into what they spend and how they spend. Later this year, we intend to roll out a new feature that enables customers to save and earn interest. So, we don’t just want to be part of the first and last phases of our customers’ financial journey. Beyond that, we also try to build partnerships to improve the lives of remote workers and digital nomads outside of payments. We have partnerships we rolled out in the last couple of months that give them access to affordable health and travel insurance because they’re always on the move.



Q. What were some of the biggest challenges you faced in the early stages of Grey, especially concerning financial regulations in different countries?



A. When you start out with fintechs, there is a huge possibility that you will not be able to acquire everything you need from day one. So, one of our approaches was partnering with licensed entities before we went ahead and applied for certain licenses and money service business registrations across multiple countries. Compliance is a continuous thing, not a one-off. We had to figure out the market and how we would position ourselves, compliance and regulatory-wise, to further expand our services, and so far, so good; that is going well for us.



Q. How does Grey address the specific challenges of currency exchange and transfer fees for remote workers in emerging markets?



A. So, on average, banks charge you 3% to 5% for currency exchange. Then, if you look at international payments as a whole, including transfer fees, that might rack up to over 6%; in places like Africa, it’s about over 7%. So, we took an approach that made us very fundamentally different from banks. We provide offshore accounts, so if you are trying to receive payment from the US, we are giving you a US bank account, and doing that means that the sender is paying you via their local payment scheme, ACH, for instance. So, if it’s paid from ACH to ACH, the fees are not as high as if you were to receive payments in a local account in Africa. That’s one of the things we do to ensure we reduce the cost of sending and receiving money. So, we’re optimizing for payment schemes across these regions. Also, if our users want to send money across borders, since we’ve partnered with different local payment players in different regions, we are able to offer this service at a good speed and an affordable cost. Through these partnerships, we’ve been able to drive down the cost on average from previously over 6% to somewhere around less than 2%.



Q. Are there any upcoming technological innovations or features that Grey plans to introduce to further support remote workers and digital nomads?



A. Yes, we want to roll out a couple of features in the next few months. One of them is savings, which I mentioned earlier. We are trying to enable our customers to earn an interest on their money. This has been one of the major requests from the customers for over a year now. Something customers have also requested a lot is physical cards for transactions. These are some of several features we plan to roll out soon.



Q. How important are partnerships for Grey’s growth, and can you highlight any key collaborations that have significantly contributed to your success?



A. Partnerships are crucial to Grey’s growth. Initially, we collaborated with parent businesses to launch, and since then, we&#8217;ve teamed up with like-minded companies. For example, <a href="https://grey.co/blog/grey-partners-with-payments-company-cellulant-for-east-africa-expansion">partnering with Cellulant</a> accelerated our entry into East Africa. We also worked with Moringa School to provide tech education to future remote workers, aligning with our mission and allowing us to grow quickly and effectively.



Q. What qualities do you look for in potential partners, and how do these partnerships align with Grey’s mission and goals?



A. The major thing we look for in partnerships is an alignment of goals. Case in point: Cellulant. They aim to provide payment solutions, which align with our goal of making it easy for remote workers and digital nomads to live and work in the modern world. One of the core requirements for that is payment.



Look at Moringa School and Insured Nomads as case studies. These examples show that we are all on the same mission. Connecting with them felt like an absolute no-brainer because we are aligned. So, the major thing here is alignment.



Q. What opportunities do you see for Grey to expand its services or enter new markets in the coming years?



A. When we started this company, we were focused on just a few countries, and now, we have opened up to 10 countries. So definitely, we are looking to expand the number of countries we will be able to serve and deepen our market penetration in <a href="https://grey.co/blog/grey-is-available-in-six-new-countries-including-latam-and-southeast-asia">these countries</a>, particularly in Asia, Latin America, and Africa. These are the core markets we want to serve. In the next couple of years, apart from just expanding to more countries within this region, we want to cover a lot of markets here.



Q. What advice would you give to entrepreneurs looking to start a fintech company focused on financial inclusion and serving emerging markets?



A. Well, I think there are still many opportunities in fintech. It isn’t just about what we are building here. So, for upcoming entrepreneurs, if you are convinced about what you are doing and there is a market for it, then go for it! Build an MVP, launch as soon as possible, try to get partnerships to propel your growth, and move fast! So, I&#8217;m saying&#8230; just launch!



Q. How do you stay motivated and inspired as a leader in the fintech industry, and what keeps you passionate about Grey’s mission?



A. If you asked me before 2020 or 2019 if I wanted to be an entrepreneur, I would have definitely said no. But now, because I am solving a personal pain point, my motivation may differ from what you would typically see with other startup founders. So, this alone gives me a natural motivation every morning when I wake up because this is personal to me, and I’m focused on this segment of customers in the market. Also, seeing the success of it so far is very motivating. When we hear people talk about our products, services, and how good they have been, it also fuels the desire to continue. You could walk on the road and stumble on people speaking about Grey, and it is really pleasant.



Q. How has your background and personal journey influenced your approach to



leading?



A. I had the opportunity to work at three different fintech startups before founding Grey: Busha Digital Limited, Yellow Card, and Paystack. These experiences spanned various stages of startup development, providing valuable insights. At Busha, I was the first engineer and was involved in the intense early stages, working closely with the founders. Yellow Card, which I joined at the seed stage, had a product but no mobile app, and I led the development of the app, which served over 10 countries. Paystack, on the other hand, was more mature when I joined, giving me exposure to a more developed startup environment. Each experience offered unique leadership lessons tailored to the startup&#8217;s life cycle, which has been instrumental in building and positioning Grey. My diverse background across these stages has thoroughly prepared me for this role.



Q. What are some of the most valuable lessons you’ve learned as the CEO of Grey, and how have they shaped your leadership style?



A. I think the most important lesson, and this is for all startups, is ‘speed’. One advantage a startup has over other incumbents they want to ‘disrupt’ is speed because if you are doing things at the same pace as the incumbents, then how are you really different? How are you going to disrupt them? What works for them also most likely would not work out for you, so you have to be able to find different unique ways of getting things out. And so, I think startups should continually optimize for speed, and I think that has influenced my leadership style. Nonetheless, sometimes you need to put the brakes on because, with financial services, it’s a lot more tricky because of regulations. But generally, I think people should optimize for speed, and that’s what we do over here.

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Disrupting Fintech And Empowering Digital Nomads Worldwide

Rwanda has once again demonstrated its commitment to business excellence, achieving impressive results in the newly-launched World Bank Business Ready (B-READY) Report unveiled today, solidifying its position as a leading investment destination in Africa.



The first edition of B-READY assessed the business environments of 50 global economies, focusing on three pillars – regulatory frameworks, public service delivery, and operational efficiency, and has 10 indicators, which include Business Entry, Business Location, Utility Services (water, electricity, and internet), Labour Force, Financial Services (access), International Trade, Taxation, Disputes Resolution, Market Competition (Public Procurement), and Business Insolvency.


<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/2024/10/B-Ready-2-1024x683.jpeg" alt="" class="wp-image-63470" style="width:570px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/10/B-Ready-2-1024x683.jpeg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/B-Ready-2-300x200.jpeg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/B-Ready-2-768x512.jpeg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/B-Ready-2-1536x1024.jpeg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/B-Ready-2.jpeg 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></figure></div>


Rwanda is among the top performers in several key areas, demonstrating the country’s sustained drive to enhance its business environment and foster a welcoming climate for investors. In the 2024 B-READY Report, Rwanda achieved the following scores:



<ul class="wp-block-list">
<li>81.31 in Operational Efficiency (3rd globally)</li>



<li>67.37 in Public Services (8th globally)</li>



<li>70.35 in Regulatory Framework (17th globally)</li>
</ul>



These scores position Rwanda as one of the top-performing countries globally, and the top performing country in sub-Saharan Africa.&nbsp;



Key Highlights of Rwanda’s Performance:&nbsp;



<ol start="1" class="wp-block-list">
<li>Operational Efficiency: Rwanda remains one of the fastest countries in Africa and globally for company registration. This efficiency stands in contrast to global averages of 32 days for domestic firms and 39 days for foreign firms, reinforcing Rwanda’s position as a regional leader in ease of doing business.</li>



<li>Public Services: Rwanda’s digitization of public services has been a key driver of its strong performance. Systems like the Integrated Electronic Case Management System (IECMS) for the judiciary and the e-titles system for land services have streamlined processes, reducing both the time and cost of doing business. These innovations play a vital role in enhancing the overall business environment.</li>



<li>Regulatory Framework: Rwanda’s legal reforms continue to enhance its global competitiveness. Recent legislative efforts, including the 2021 Investment Promotion Law, the Company Law, and the Insolvency Law, have created a more business-friendly regulatory environment. Additionally, Rwanda’s commercial courts and streamlined processes for business registration and dispute resolution set benchmarks for the region.</li>



<li>Environmental Sustainability: The B-READY report highlights Rwanda’s leadership in integrating environmental sustainability into its business practices. Initiatives such as e-mobility and renewable energy demonstrate the country’s commitment to a green economy, positioning Rwanda as a leader in sustainable development across Africa.</li>
</ol>



Rwanda’s Strategic Reforms:



Rwanda’s success in the B-READY report is attributed to its long-term reform strategy, which began in 2008 with the creation of the Rwanda Development Board (RDB). Over the years, Rwanda has focused on administrative, legal, and digital reforms to enhance the business environment, attract foreign direct investment (FDI), and drive economic growth.


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="745" src="https://cms.forbesafrica.com/wp-content/uploads/2024/10/B-Ready-3-1024x745.jpeg" alt="" class="wp-image-63469" style="width:520px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/10/B-Ready-3-1024x745.jpeg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/B-Ready-3-300x218.jpeg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/B-Ready-3-768x558.jpeg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/B-Ready-3-1536x1117.jpeg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/B-Ready-3.jpeg 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></figure></div>


Key reforms include:



<ul class="wp-block-list">
<li>Free online business registration</li>



<li>Automated tax filing and payments</li>



<li>One-stop centre services for business permits and licences</li>



<li>Support for foreign ownership and ease of profit repatriation</li>



<li>Electronic Integrated Case Management System</li>
</ul>



Rwanda’s holistic approach to reform also prioritizes good governance, macroeconomic stability, and anti-corruption measures, all of which have contributed to its favorable rankings in the B-READY report.



Looking Ahead:



As Rwanda builds on these achievements, efforts are underway to further improve the business environment. Ongoing initiatives include the digitization of the One Stop Center, upgrades to business and mortgage registration systems, and the integration of trade services under a Single Transaction Portal.



Francis Gatare, CEO of the Rwanda Development Board, commented: “Rwanda’s performance in the B-READY report reflects our unwavering commitment to creating a conducive environment for private sector growth and investment. These reforms are the foundation of our socioeconomic transformation, and we will continue to prioritise innovation, sustainability, and efficiency to attract investment and grow the private sector.”&nbsp;



Download the World Bank Business Ready 2024 (B-READY) Report&nbsp;<a href="about:blank">here</a>.



About the B-READY Report:



The inaugural World Bank Business Ready (B-READY) Report assesses the regulatory environments, public service delivery, and operational efficiency of 50 economies globally. The report also incorporates an environmental sustainability assessment, making it a comprehensive tool for guiding policy reforms and fostering economic development. The 2025 report will assess more than 100 economies and in 2026, the coverage will expand to about 180 economies.



About the Rwanda Development Board:



The Rwanda Development Board (RDB) is a government agency in Rwanda with a vision to transform Rwanda into a dynamic global hub for business, investment, and innovation. Its mission is to fast-track economic development in Rwanda by enabling private sector growth. Learn more about the Rwanda Development Board at&nbsp;<a href="about:blank">www.rdb.rw</a>&nbsp;

B-Ready 1

Rwanda Among Top Global Performers In Inaugural World Bank B-READY Report

&nbsp;&nbsp;&nbsp;&nbsp; <a href="https://mastercardfdn.org/">The Mastercard Foundation</a> is expanding its long-standing partnerships with the <a href="https://camfed.org/">Campaign for Female Education </a>(CAMFED) and the <a href="https://fawe.org/">Forum for African Women Educationalists</a> (FAWE) to support over 70,400 young women and girls facing the most significant financial and social barriers to education and building a livelihood. These initiatives are expected to benefit 3.3 million young women and men.


<div class="wp-block-image">
<figure class="alignleft size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/10/The-partnership-between-the-Mastercard-Foundation-CAMFED-and-FAWE-1024x683.jpg" alt="" class="wp-image-63317" style="width:490px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/10/The-partnership-between-the-Mastercard-Foundation-CAMFED-and-FAWE-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/The-partnership-between-the-Mastercard-Foundation-CAMFED-and-FAWE-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/The-partnership-between-the-Mastercard-Foundation-CAMFED-and-FAWE-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/The-partnership-between-the-Mastercard-Foundation-CAMFED-and-FAWE-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/The-partnership-between-the-Mastercard-Foundation-CAMFED-and-FAWE-2048x1365.jpg 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">The partnership between the Mastercard Foundation, CAMFED and FAWE</figcaption></figure></div>


The Mastercard Foundation will support young women in their pathways through education, entrepreneurship or entering the world of work with an additional $360 million investment over the next seven years.



The investment for CAMFED over the next six years will support the transition of 62,000 girls in Tanzania, Zambia, Zimbabwe, Ghana, and Malawi into secondary and tertiary education, employment, and entrepreneurship while partnering to improve education systems for millions of young people.



The extended seven-year FAWE and Mastercard Foundation partnership will bolster access to tertiary education, post-secondary technical vocational and educational training (TVET), and job opportunities for over 10,500 young people, primarily in Uganda, Rwanda, Zambia, Ethiopia, Malawi, Ghana, Liberia, Tanzania, Zimbabwe, and Senegal.



The program includes bursaries for participants starting new businesses or innovating within existing businesses. The expanded partnership will increase the number of post-secondary school programs supported by FAWE to over 500 accredited tertiary institutions in Africa, benefiting an estimated 1.2 million young women.



<a></a>“We’re incredibly proud to deepen our collaboration with CAMFED and FAWE, building on years of shared commitment to supporting girls across Africa to complete their education and gain the skills they need to become transformative changemakers within their communities,” says Tina Muparadzi, Executive Director of Education And Transitions at the Mastercard Foundation.


<div class="wp-block-image">
<figure class="alignright size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/10/Conversation-with-a-Mastercard-Foundation-Scholars-Program-Alumni-1024x683.jpg" alt="" class="wp-image-63314" style="width:568px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/10/Conversation-with-a-Mastercard-Foundation-Scholars-Program-Alumni-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Conversation-with-a-Mastercard-Foundation-Scholars-Program-Alumni-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Conversation-with-a-Mastercard-Foundation-Scholars-Program-Alumni-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Conversation-with-a-Mastercard-Foundation-Scholars-Program-Alumni-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Conversation-with-a-Mastercard-Foundation-Scholars-Program-Alumni-2048x1365.jpg 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Conversation with a Mastercard Foundation Scholars Program Alumni</figcaption></figure></div>


“Currently contributing just 11% of Africa’s GDP, the continent’s young women have huge potential to drive its economic transition. We believe this partnership will be pivotal in establishing the inclusive and equitable environment required to fully unlock this opportunity, enabling the most vulnerable and underserved girls in society to thrive.”



This partnership expands more than a decade of collaboration between the Mastercard Foundation and CAMFED, which have worked together to improve access to secondary and higher education for over 35,000 young women facing the highest financial and social barriers. It has also created opportunities for a further 35,000 young women to access dignified and fulfilling work.



Reflecting on this continued partnership, Angeline Murimirwa, CEO, CAMFED, says, “CAMFED is thrilled to embark on the next phase of our long-standing collaboration with the Mastercard Foundation.”



“This investment supercharges our ambitious vision for 2030 as we support millions more girls in rural Africa to thrive in secondary school, graduate into secure livelihoods and leadership, and in turn, mentor and support the next generation, multiplying partner investment. With the commitment of every member of our global movement, we can transform education systems and economies across Africa, driving progress towards the Sustainable Development Goals.”



<a>The Foundation launched its partnership with FAWE in 2013 as part of the Mastercard Foundation Scholars Program. The partnership was established to provide 1,200 secondary education scholarships for girls in Rwanda and 600 girls in Ethiopia.</a>



Since then, over 70% of the Mastercard Foundation Scholars have transitioned into tertiary education, and 300 enterprises have been established through the Mastercard Foundation Scholars Entrepreneurship Fund.


<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/2024/10/A-Ministerial-Panel-Discussion-on-Girls-Inclusion-in-Education-1024x683.jpg" alt="" class="wp-image-63315" style="width:566px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/10/A-Ministerial-Panel-Discussion-on-Girls-Inclusion-in-Education-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/A-Ministerial-Panel-Discussion-on-Girls-Inclusion-in-Education-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/A-Ministerial-Panel-Discussion-on-Girls-Inclusion-in-Education-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/A-Ministerial-Panel-Discussion-on-Girls-Inclusion-in-Education-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/A-Ministerial-Panel-Discussion-on-Girls-Inclusion-in-Education-2048x1365.jpg 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">A Ministerial Panel Discussion on Girls&#8217; Inclusion in Education</figcaption></figure></div>


Martha Muhwezi, Executive Director of FAWE Africa, underscored the importance of continuing this work.



“This collaboration reaffirms FAWE’s shared vision with the Foundation’s Young African Works strategy and the Africa Union strategy for employment of the youth. We are particularly thrilled to see this program expand from three countries to 10, a clear testament of its impact and potential.”



“We are confident, with support from partners such as the Foundation, we will scale to reach all our 34 chapters across Africa. Education, skills development, and leadership will remain our priority to prepare the current generation to lead, innovate, and drive positive change across the continent.”



These partnerships with CAMFED and FAWE will significantly accelerate the Mastercard Foundation’s Young Africa Works strategy, which aims to enable 30 million young Africans, especially girls, to access dignified and fulfilling work by 2030.

Fireside Chat; Building Resilient Learning Systems

Accelerating Education And Job Creation for Over 70,000 Young Africans

Tackling systemic barriers towards the participation of young women in Africa’s workforce will drive an estimated $287 billion to its economy by 2030, boosting GDP by 5%, a new report commissioned by the Mastercard Foundation reveals.


<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/2024/10/Mastercard-Foundation-Gender-2-Empowering-young-women-and-transforming-Africa-1024x683.jpg" alt="" class="wp-image-63235" style="width:644px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-2-Empowering-young-women-and-transforming-Africa-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-2-Empowering-young-women-and-transforming-Africa-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-2-Empowering-young-women-and-transforming-Africa-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-2-Empowering-young-women-and-transforming-Africa-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-2-Empowering-young-women-and-transforming-Africa-2048x1365.jpg 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Empowering young women and transforming Africa</figcaption></figure></div>


Conducted in collaboration with <a href="https://www.mckinsey.com/">McKinsey &amp; Company</a>, the study reinforces the crucial role of women’s economic empowerment in driving the continent into a new era of transformational growth.



The report, <a href="https://mastercardfdn.org/report/young-women-in-africa-agents-of-economic-growth-and-transformation-by-2030/">Young Women in Africa: Agents of Economic Growth and Transformation By 2030 &#8211; Mastercard Foundation</a>, outlines a series of immediate, actionable solutions for government, private sector, and civil society to reverse the steep decline of young women’s contribution to Africa’s GDP from 18% in 2000 to just 11% in 2022. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;



The most pivotal areas to tackle include care burdens that restrict women’s access to the labor market, poor education completion rates, the need to bolster competitive skills in key sectors and adopt gender-inclusive employment policies, and lack of access to financial services.


<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/2024/10/Mastercard-Foundation-Gender-4-Marieme-Esther-Dassanou-Director-of-Gender-Programs-Mastercard-Foundation-1024x683.jpg" alt="" class="wp-image-63236" style="width:742px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-4-Marieme-Esther-Dassanou-Director-of-Gender-Programs-Mastercard-Foundation-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-4-Marieme-Esther-Dassanou-Director-of-Gender-Programs-Mastercard-Foundation-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-4-Marieme-Esther-Dassanou-Director-of-Gender-Programs-Mastercard-Foundation-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-4-Marieme-Esther-Dassanou-Director-of-Gender-Programs-Mastercard-Foundation-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-4-Marieme-Esther-Dassanou-Director-of-Gender-Programs-Mastercard-Foundation-2048x1365.jpg 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Marieme Esther Dassanou, Director of Gender Programs, Mastercard Foundation</figcaption></figure></div>


The report notes that effective private sector-led approaches and government-funded models focused on expanding childcare centers and employer-provided childcare can alleviate the burden of care on young women and create over 11 million jobs by 2030.



With agriculture, education, food and accommodation, trade, wholesale, and retail sectors among Africa’s highest employers of young women, the Foundation advocates for the roll-out of apprenticeships and boot camps to accelerate women’s participation in these high-growth areas. The ICT sector is also identified as a leading industry to catalyze substantial productivity, boasting a higher rate of remuneration for women compared to men in Nigeria, Ghana and Uganda.



The study spotlights Namibia as a key model for other African nations to follow in prioritizing the economic benefits of gender equality, having increased women’s economic participation from 40% to 42% in just five years. Egypt, the Democratic Republic of the Congo, Ethiopia, Kenya, Mali, Nigeria, Rwanda, Senegal, Tanzania, and Uganda have the potential to achieve the fastest growth should they replicate Namibia’s strategy.


<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/2024/10/Mastercard-Foundation-Gender-3-Winnie-Byanyima-Executive-Director-of-UNAIDS-1024x683.jpg" alt="" class="wp-image-63237" style="width:613px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-3-Winnie-Byanyima-Executive-Director-of-UNAIDS-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-3-Winnie-Byanyima-Executive-Director-of-UNAIDS-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-3-Winnie-Byanyima-Executive-Director-of-UNAIDS-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-3-Winnie-Byanyima-Executive-Director-of-UNAIDS-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-3-Winnie-Byanyima-Executive-Director-of-UNAIDS-2048x1365.jpg 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Winnie Byanyima, Executive Director of UNAIDS</figcaption></figure></div>


Speaking on the launch of the report, Marieme Esther Dassanou, Director, Gender Programs at the Mastercard Foundation, says: “Empowering young women in Africa is both an economic imperative and a transformative opportunity for the continent.”



“By addressing systemic barriers, enhancing skills, and fostering gender-inclusive policies, we can unlock $287 billion in additional GDP by 2030. We need to create environments where women can succeed as employees and entrepreneurs, ensuring Africa’s growth will be inclusive, sustainable, and driven by the full potential of its young women’s population.”



<a></a>Women’s unemployment rates have historically been higher than those of men, a disparity further exacerbated by the Covid-19 pandemic. Only 26% of girls complete secondary school, and the high burden of unpaid care work keeps 35-40% of women out of the workforce.



Furthermore, financial inclusion remains a significant challenge, with 63% of African women being unbanked compared to 52% of men.



The Foundation also plans to expand successful programs aimed at transforming the educational landscape for women and girls. Over the next seven years, the Foundation will scale its long-standing partnerships with Campaign for Female Education (CAMFED) and <a href="https://fawe.org/">Forum for African Women Educationalists</a> (FAWE) with $360 million to support more than 70,400 young women and girls in completing their education journeys, starting their own businesses, or accessing employment opportunities.



The report findings informed the Mastercard Foundation’s sideline event, Invincible: Empowering Women, Transforming Africa at the <a href="https://www.un.org/en/ga/">79th Session of the United Nations General Assembly (UNGA 79)</a><a href="https://www.un.org/en/ga/"> </a>on September 22, 2024, at the Millenium Hilton New York, One UN Plaza Hotel in the U.S. Held in collaboration with ALADI &#8211; African Leadership and Dialogue Institute, the event spotlighted the unrivalled impact of young African women in driving economic transformation and proposed bold strategies to bolster their access to critical and affordable finance.



To download the full report, please click <a href="https://mastercardfdn.org/report/young-women-in-africa-agents-of-economic-growth-and-transformation-by-2030/">here</a>.

Mastercard Foundation Gender 1 – Engaging discussions at the Invincible event

Gender Parity Will Unlock $287 Billion For Africa’s Economy By 2030

As a care innovator, gender equity expert and Founder &amp; CEO of Mother Honestly Group Inc., Blessing Oyeleye Adesiyan is on a global mission to close the care gap for families, workplaces, and economies. In this Q&amp;A, she shares her insights on the care economy, strategies to support working women, and how collaboration between governments, businesses and communities can make a difference.



Q. Your work focuses heavily on the care economy and its impact on women’s economic power. Can you share the inspiration behind your organization, Mother Honestly, and how it addresses the unique challenges faced by working women, particularly in balancing career and caregiving responsibilities?



A. I entered corporate America at 23 as a young mother, juggling a budding career with the demands of caregiving. While my peers focused on climbing the corporate ladder, I navigated late-night baby research, childcare challenges, and the pressure of balancing personal and professional ambitions. Mother Honestly (MH) was born from my experiences in my previous corporate jobs, where I spent over a decade advocating for better parental leave, affordable childcare, and inclusive workplace policies. During this time, especially while breastfeeding my second child, I faced the anxiety and isolation familiar to many mothers. I founded MH to provide working women and families with the tools, resources, and community to thrive in both their careers and caregiving. We&#8217;ve expanded to reach over 30 million families globally, closing the care gap through initiatives like The Care Gap, Caring Africa, and Caring Blocks. MH is reshaping the care economy by advocating for equitable solutions that allow women to pursue their ambitions without sacrificing wellbeing.



Q. What are some of the most pressing policy or structural changes needed to ensure that care work is recognized in both corporate and community settings? And what advice would you give business leaders and policymakers on this topic?



A. Care work is vital to both the economy and society, yet it remains undervalued. How do we address this?. 1. Strengthening paid leave — whether for parental, caregiving, or eldercare — will ease the caregiving burden on women and help them fully engage in the workforce. 2. Affordable, accessible childcare should be prioritized through collaboration between employers and governments, particularly in underserved areas. 3. Corporate performance metrics should recognize caregiving as part of an employee’s experience, offering flexible schedules without penalizing career growth. And finally, greater investment in the care economy is needed, including fair wages and proper training for caregivers in childcare and eldercare. Lastly, creating a culture that values and normalizes caregiving responsibilities, especially among men, fosters an equitable and productive workforce. By recognizing care work and sharing responsibilities, we can promote gender equality, empower families, and strengthen the overall economy.



Q. In some African countries, women can spend up to 20% of their time in unpaid care work compared to a maximum of 8% for men. What is your view on male allyship as you work to address the challenges posed by paid and unpaid care work?



A. The disparity in unpaid care work, with women spending up to 20% of their time on it compared to 8% for men in some African countries, calls for a shift in how we view care responsibilities. Men must fully embrace caregiving, not just as allies but as equal participants. Care is a universal responsibility, and when men take on caregiving roles — whether raising children, managing households, or caring for elders — it promotes a more balanced society. This also empowers women to engage more fully in the workforce, boosting economic growth. Shared caregiving strengthens family bonds and challenges traditional gender norms, fostering greater equality. Employers and policymakers must support this shift with gender-neutral parental leave, flexible work, and workplace cultures that value caregiving. By fully engaging in care, men not only support women but also contribute meaningfully to society’s advancement and wellbeing.



Q. Can you share examples of innovative strategies or programs that have proven most effective in addressing the care gap, and how these strategies are advancing women’s economic power and leadership?



A. At Mother Honestly (MH), we’ve developed innovative strategies to address the care gap and empower women’s leadership. Our Caring Blocks platform helps families hire and retain domestic workers while ensuring fair wages and benefits for caregivers, providing stability for women in caregiving roles. We also offer gender-neutral care packages for new parents, supporting both mothers and fathers in balancing work and caregiving. Additionally, MH advocates for corporate care policies such as extended paid leave, flexible work, and on-site childcare to help women advance in their careers without sacrificing family responsibilities. Our global care coalition unites governments, businesses, and communities to promote shared caregiving responsibilities and reshape the care economy. These initiatives are closing the care gap and empowering women as leaders in the workforce and beyond.



Q. Looking ahead, what is your vision for the care economy in Africa? How can collaboration between governments, businesses, and communities help accelerate progress toward greater economic power for women?



A. My vision for the care economy in Africa is one where care work is fully recognized, valued, and equitably shared, allowing women to exercise their economic power without being constrained by unequal caregiving responsibilities. To achieve this, collaboration between governments, businesses, and communities is essential. Governments should implement gender-neutral parental leave, invest in affordable childcare, and formalize the care sector with fair wages and protections. Businesses must create family-friendly policies like flexible work, subsidized child care, and normalized parental leave for all employees. Communities should drive cultural change, challenging gender norms and promoting shared caregiving. Collaboration between these sectors will create a robust support system that empowers women and promotes gender equality, unlocking Africa’s full economic potential. By elevating care work, Africa can achieve greater gender equality and economic prosperity.

Blessing Landscape

An Entrepreneur’s Vision For The Care Economy In Africa

Africa’s youthful energy is driving economic and social progress with its innovative ideas and entrepreneurial drive.



With 40% of the population under the age of fifteen, and another 100 million children expected by 2050, Africa is projected to have the youngest and largest workforce globally by 2035. This presents the continent, and the world, with an unprecedented opportunity to increase food security, improve health, heal our planet, and create jobs. But it hinges on a critical factor: harnessing the full energy and talents of young women and girls across Africa.



The Mastercard Foundation’s new report, Young Women in Africa: Agents of Economic Growth and Transformation by 2030, forecasts that accelerating young women’s economic productivity can unlock an estimated $287 billion in economic value in Africa—equivalent to a 5% increase in GDP —and create 23 million jobs on the continent by 2030. What would it take to achieve this? Several factors – first and foremost, we must ensure that girls and young women have access to education and stay in school.



Right now, 34 million adolescent girls of secondary school age are not in school. Only 26% of young women in Sub-Saharan Africa complete secondary education. About 8% are enrolled in tertiary education. This translates into staggering losses in life-time productivity and earnings equivalent to a $10 billion loss in GDP across the continent.



The Mastercard Foundation is guided by our vision of a world where everyone has the opportunity to learn and prosper. We have worked with extraordinary organizations over the past decade to support girls’ education and increase women’s participation in the workforce. Substantial progress has been made, thanks to the dedication and grassroots efforts of our partners.



To date, the Mastercard Foundation Scholars Program has enabled over 45,000 young women and men to access quality education and develop their leadership capabilities, working with more than 40 education partners.



Additionally, we work with young edtech entrepreneurs to deliver education via digital platforms to two million young people. About 70% of them are young women.



Much more remains to be done.



We are scaling successful programs to advance access to secondary education and improve post-secondary school pathways, including tertiary education, Technical and Vocational Education and Training (TVET) and work opportunities.



These will enable girls and young women to access and complete their education. Over the next seven years, the Foundation will significantly expand our long-standing partnerships with CAMFED and the Forum for African Women Educationalists (FAWE) with $360 million &#8211; to support over 70,400 young women and girls who live in economically-disadvantaged communities to complete their education, start their own businesses or access employment.



Take the example of Juliana: Born into a family of seven in the northeast region of Ghana, Juliana’s journey to becoming a qualified nurse was fraught with challenges. Her parents, who are farmers,



struggled to pay for her school fees and learning materials. Through our partnership with CAMFED, she completed her secondary education and went on to study nursing at Central University in Ghana.



Today, she not only serves her community as a Nursing Officer, but also leads a social enterprise, the Sumwaana Shea Butter Processing and Marketing Co-operative, which is providing employment for over 100 women in her region. Juliana is a powerful illustration of how access to education and support transforms lives and communities.



Working with CAMFED and FAWE, we will deepen our collaboration with ministries of education across 10 African countries, over 500 universities and tertiary institutions and more than 1,400 secondary schools, to ensure education systems are responsive to the needs of girls and young women.



Through these partnerships, we will continue to foster collaboration with government entities, schools, and community stakeholders to integrate important program components such as implementing re-entry policies for young mothers and promoting equitable allocation of education budgets. These programs will provide in-school mentorship to enable girls to access and complete secondary education.



Additionally, they provide opportunities for those who left school to transition to tertiary education. These systems-level initiatives are expected to reach close to three million young people.



Education is the bedrock for realizing and sustaining Africa’s economic growth. As you’ll see in our report, integrating women into the workforce and enabling them to succeed as employees and entrepreneurs requires more than education. We also need policies that ensure young women have access to affordable capital, land, equipment, as well as business networks and markets.



Importantly, we must understand and respect the unique roles many women play in their families and provide them with the right support. For example, many young mothers need affordable childcare options, transportation, and flexible work arrangements. This essential footing will enable them to pursue higher-paying jobs and entrepreneurial opportunities, driving both innovation and economic diversification.



At the UN General Assembly, we are convening leaders and practitioners who play an influential and impactful role in girls’ education and women’s economic empowerment in Africa. This exchange of ideas is focused on insights of successful programs and how they can be expanded.



The economic future of Africa depends on the empowerment of all young people, especially girls and young women playing a full and meaningful role. Through education, economic integration, and a shift in mindsets, we can build a future where every girl can learn and every woman can earn, lead, and thrive.



This is not just a vision; it is an imperative to create a prosperous and sustainable Africa.

RS5782_Reeta Roy Head Shot (1)

Educating Girls Generates Economic Transformation in Africa

The Zeepay story is a notable one given its foundations as a bootstrapped startup born in 2014.



Zeepay, an indigenous African brand, founded in Ghana in West Africa, has proven that technology has indeed democratized the world and accelerated globalization.



Although the fintech originated in Ghana, it has successfully expanded its footprint globally, becoming an African business success story in the 21st century. Zeepay has demonstrated that when fintech companies develop a robust strategy, international expansion becomes significantly more achievable.



Currently, the brand has mobile money licenses and approvals in six countries: Ghana, Côte d&#8217;Ivoire, Sierra Leone, The Gambia, Zambia, and Barbados in the Caribbean, with license applications pending in three African countries and three Caribbean markets. This enables the brand to stand tall alongside other global mobile money brands operating in Africa.



The key difference is that Zeepay is not only indigenous to Africa but also operates as a non-telco. In addition to the mobile money licenses mentioned above, Zeepay&#8217;s presence extends to over 20 markets on the continent, where it specializes in remittance termination.



Achieving this has not been an easy feat. It requires the leadership of founder, Andrew Takyi-Appiah, who has overcome numerous challenges and fierce competition to turn this vision into reality.



Approximately 10 years ago, Zeepay entered the market to bridge the cross-border payments gap and reduce the cost of remittances, which was on average 10-15% of the principal amount sent at that time. At inception, the brand&#8217;s mandate was to work with remittance service providers by enabling them to make payments directly into digital assets such as mobile money wallets, bank accounts, and cards (debit and prepaid), while providing market access for the varied money transfer operators across the value chain—traditional service providers, disruptors, and corridor specialists.



By doing so, it reduced the regulatory red tape and improved time to market. Subsequently, after having processed over $6.7 billion worth of transactions in volume over the last 10 years, the brand&#8217;s strategy is to expand its business model by converting all the current termination markets into mobile money opportunities, with the hope of becoming the largest mobile money operator in Africa by geography and, subsequently, by volume.



Zeepay is currently testing outbound payments in Ghana and Zambia, and positioning itself to support the fulfillment of the Africa free trade dream.



“In the medium term, my objective is to create one of Africa’s largest and most successful mobile money operations &#8211; meaning we will be fully licensed in over 20 countries,” says Takyi-Appiah, a product of the University of California, Los Angeles.



After successfully raising $17 million from Investisseurs &amp; Partenaires, Injaro, OikoCredit, and Africa50, and a follow-on round by Verdant Capital Hybrid Fund, the company is optimistic that investor confidence in the brand remains strong. Especially notable is the retention of the initial private equity investment, with follow-on funding by Investisseurs &amp; Partenaires with an additional $2 million.



Zeepay sees this as a strong testament to the brand’s promising growth trajectory.



Going forward, the fintech, over the next 18 months, anticipates completing an aggressive funding round in Series B, achieving Unicorn status, and implementing its expansion into Canada, the USA, and Europe.



It is also poised to increase its African market share and to grow its balance sheet from the current $58 million to $80 million, all while remaining a cross-border fintech giant, serving the global community.

Andrew-Forbes 1

Disruption, Destiny And A Calling: An African Fintech’s Plan To Extend Its Presence Globally

South African company ITHUBA on how it’s empowering women and fostering their growth as business leaders.



As South Africa recently concluded Women’s Month, we reflect on the historic march of over 20,000 women in 1956, a pivotal moment in our fight for women&#8217;s rights. This annual observance urges us to consider not only the progress made but also the ongoing struggle for women&#8217;s rightful place in our economy. True empowerment necessitates more than acknowledgment; it requires sustained commitment from all sectors of society.



Despite the Employment Equity Act of 1998 aimed at promoting equity, the reality remains stark. The 2022-2023 Commission for Employment Equity report reveals that women hold just 25.3% of top management positions in the private sector. With women representing 46% of South Africa’s economically active population, they occupy only 35% of board positions and 25% of executive roles in the Top 40 JSE-listed companies. These statistics highlight the slow progress in gender transformation.



At ITHUBA, we view these figures as a call to action. Our commitment to women’s empowerment is evident, with five out of our six executive team members being women. As a Black female leader, we understand the challenges posed by racial and gender discrimination, motivating our focus on elevating women into decision-making roles. Our flagship initiative, the ITHUBA Female Retailer Development Programme, has empowered over 100 women in townships to enhance their businesses and acquire vital business skills.



Through partnerships with institutions like Regenesys and the University of Johannesburg, we provide qualifications in Advanced Social Entrepreneurship. Additionally, our ITHUBA Scholarship Foundation and Graduate Programme focus on youth, especially young women, equipping them for leadership roles.



Our annual Enterprise and Supplier Development (ESD) Programme supports women-owned SMMEs, fostering their growth as business leaders.



Here is what some of our beneficiaries have to say about how the ITHUBA ESD Programme empowered them and contributed to the growth of their businesses.



Caroline Tshawe – Tarospace Branding



Q. How has the support from ITHUBA impacted your business and allowed it to grow?



A. ITHUBA provided me with funding and an opportunity to receive business training through a business incubation program. I was given the funding to secure a working space and purchase equipment for Tarospace, my printing and branding business. I used to outsource a lot of the services that my business offers, but now that we have our own equipment, we do not outsource anymore, and that has significantly improved our bottom-line. I have since hired more young people and women, and upskilled them through on-the-job training. I am no longer viewed as a middleman in the industry, but rather an expert supplier with capabilities and resources, just as my male counterparts.



Mummy Seopa – WOP Resources



Q. Can you share a specific success story or milestone that your business has achieved with the help of ITHUBA?



A. I used to run an informal business, selling food as a street vendor. Through ITHUBA’s support, I was able to formalize my business and register it, namely WOP Resources. ITHUBA opened their doors and offered me a space to operate a fully-equipped canteen that services ITHUBA and surrounding businesses. Not only am I running a canteen but also a catering business that caters for clients across all economical classes. Endorsed by ITHUBA, high-profile clients started trusting me with their catering needs. This was a direct result of being entrusted by a prestigious company such as ITHUBA, which endorsed my services.



I was also able to venture into cleaning services, and once again, ITHUBA was the first organization to employ our services at ITHUBA’s headquarters in Johannesburg.



Naledi Msibi – Greysun Media



Q. In your opinion, what role do women-owned businesses play in contributing to the economic empowerment of women in our country, and how does ITHUBA assist in this regard?



A. Our nurturing nature is our superpower. I have seen this even with ITHUBA’s CEO, Charmaine Mabuza, who is hands-on with the company’s CSI programs that uplift communities all around the country, be it in business, education or even housing. As a former ITHUBA employee myself, I have followed suit in paying it forward. Through Greysun Media, we have an active school-shoe drive program that donates school shoes at the beginning of each year to those who need it the most. We offer computer lessons to unemployed persons around Soweto to help upskill them with basic computer skills and improve their chances of employment. Recently, I have been able to assist a family member to move out of abusive domestic conditions. I was able to fund decent and comfortable accommodation for her and her daughter. Even though she is in her early 50s, she has a dream to become a phlebotomist, and we are busy with the necessary applications to make her dream come true; the course will be paid-for by Greysun Media. All of this is testament to the transformation that takes place when women are active in the economy.



Judy Shabangu – Juds Salon



Q. How do you think corporate South Africa can better support women-owned businesses to further advance economic equity?



A. Corporate South Africa can enhance support for women-owned businesses by offering more educational workshops. Many women face challenges in their ventures due to limited knowledge and funding. While talent and drive are essential, starting a business without sufficient capital is difficult. Increased collaborative events are needed to uplift women in the business sector and provide the necessary support for their success.

Landscape image for Forbes

An Advocate And Catalyst For The Growth Of Women-Owned Businesses

As a PhD student in Africa, I often find myself in enriching discussions with my classmates, who are both senior women and men in diverse fields. One afternoon, we found ourselves delving into the issue of the gender pay gap. &#8220;Motherhood is treated as a penalty,&#8221; remarked one colleague. “Even in global spaces, we must keep questioning pay equity,” added another. &#8220;Society has placed women low on the totem pole,&#8221; chimed in yet another. What started as a tea break conversation led to more conversations that showcased both the systemic and self-imposed barriers that exist when it comes to the topic on pay equity.



In our discussion, a senior professor once shared her journey of balancing motherhood and her career. She had to greatly reduce her working hours after her first child&#8217;s birth to manage family responsibilities. This decision, aimed at ensuring her family&#8217;s wellbeing, came at a high cost. &#8220;It&#8217;s not just about taking time off,&#8221; she explained, &#8220;it&#8217;s about the long-term impact on our careers and earnings.&#8221; A sentiment that resonated deeply with many in the group, underscoring the systemic barriers that women face.



A lot has been highlighted about gender pay gap, and much research has been done, yet the progress is slow, not because women do not ask for more or equitable pay, Women Do Ask!



The gender pay gap is a blatant symbol of the struggle for gender equality. It persists across industries, borders, and generations, and no country in the world has been able to successfully close it. The UN Women (2023) report ‘Why Women Earn Less? finds that women earn 21% less than men in the East and southern Africa region, with substantial variations across countries. This gap exists even after accounting for differences in education, seniority, work experience, and job type. This leads to lifetime income inequality between women and men.



A myriad of reasons explains why women earn less than men. Historically, women have been clustered into lower-paying fields, such as caregiving, education, and service industries, while men have dominated higher-paying sectors like technology and finance. Women also have fewer opportunities for leadership positions and career advancement. Discrimination, both overt and subtle, plays a critical role in the gender pay gap in the region. Deeply ingrained cultural norms and gender stereotypes underpin the pay gap, shaping educational choices, career aspirations, and workplace behavior, often reinforcing gender-based wage disparities.



The situation is even more dire for Black women, working in global settings, who face compounded challenges due to both gender and racial discrimination. Despite their qualifications and contributions, Black women are often underrepresented in leadership positions and overrepresented in lower-paying jobs. The gender pay gap is a measurable indicator of inequality between women and men, but when intersected with race, the disparities become even more pronounced. Black women earn significantly less than their White counterparts, and their opportunities for advancement are often limited by systemic biases.



None of this is new. A 2023 stakeholder analysis on women’s leadership in health, carried out by WomenLift Health and partners in North America, Europe, Nigeria, Kenya, Uganda, Rwanda, and India, highlights unequal pay as one of the universal barriers impacting women’s ability to advance to leadership positions in health. While equal pay for men and women has been widely endorsed, applying it in practice has been difficult. Achieving equal pay is an important milestone for gender equality, requiring the effort of the entire world community. The gender pay gap needs to be considered in the context of overall gender inequality. It is one of the more visible examples of structural gender discrimination stemming from the horizontal and vertical segmentation of labor forces. The greater participation of women in the labor market and their higher levels of education alone have proven to be insufficient to dismantle this segmentation.



The gender pay gap remains largely unexplained by traditional factors, such as education. Lack of equal pay for work of equal value is one of the &#8220;unexplained&#8221; drivers of the gender pay gap.



Proactive pay equity laws are necessary to ensure fair compensation for all workers. The ILO Equal Remuneration Convention, 1951 (No. 100), is one of the most highly ratified conventions, yet the gender pay gap persists. The World Economic Forum estimates it will take 202 years to close the global gender pay gap, based on the trend observed over the past 12 years.



Working hours and time out of the workforce are significant contributors to the gender pay gap. Women are more likely to work part-time and take career breaks to raise children or care for family members. These breaks often result in women falling behind in career advancement and remuneration. Even when women advance to higher-paying jobs in management, the gender pay gap is frequently found. To address these disparities, several proactive measures must be implemented. Promoting STEM studies for women can open doors to higher-paying jobs. The motherhood pay gap can be addressed through better work-life balance policies, such as affordable childcare, maternity, paternity, and parental leave, and family-friendly workplaces.



Eliminating the gender pay gap can provide incentives for more women to be economically active, advancing gender equality and creating a virtuous circle. Studies have linked increased labor participation rates of women with higher levels of GDP. The ILO estimates that reducing the gap in participation rates between men and women by 25% by the year 2025 could raise global GDP by 3.9%, or US$5.8 trillion.



Women Do Ask for salary increments, for promotions, for positions, and for a seat at the table. Yet, the systemic barriers and biases they face often hold them back.



The conversation with my peers awakened a collective resolve within us to keep pushing forward, to speak up more, and to ask for what we deserve. Such brave conversations are the foundation of the wins we seek in bridging the gender and racial pay gaps.

Lizz Op-Ed (Facebook Post)

Pay Disparities: Women Do Ask, But Are Often Not Heard

A new generation of writers, directors and technical crew is leading the charge to reshape how we tell and consume our own African stories across the MultiChoice Group platforms – and the storytelling charge is being led by women.



“The desire for homegrown content is increasing exponentially, audience consumption patterns are evolving and viewership behavior is changing,” says Nomsa Philiso, CEO: General Entertainment for MultiChoice Group. “Through our various initiatives, including the MultiChoice Talent Factory, we’re working hard to develop talent and meet the needs of our pan-African audiences”.



Philiso herself has extensive broadcast and media experience, spanning nearly three decades in media sales, channel and content management, technology project implementation and general management. Having worked her way to the top of the industry, empowering other women is an imperative for her. “Whether we’re working with MultiChoice Talent Factory graduates, young creatives or women who have been in the industry for years, the priority needs to be, at the very least, equality,” she says. “We have a powerful network of female producers, directors, commissioning editors, creators and technical people across the continent which is constantly growing – and it’s imperative to make sure that their voices are heard, because they have important things to say that deserve a space on the global stage”.



In her current role as the Executive Head of Content &amp; Channels, West Africa, at MultiChoice, Dr Busola Tejumola plays a pivotal role in shaping the storytelling and content deployment direction of the Africa Magic channels in Nigeria and Akwaaba Magic channel in Ghana. “I love bringing concepts, ideas and stories to life through collaborations, working with creatives with vast lived experiences and diverse perspectives,” she says. “I am passionate about creating content because it allows me to tell stories that resonate with audiences and have a meaningful impact. The opportunity to engage with viewers, spark conversations, and drive positive change through storytelling is what excites me the most.”



Encouraged by how MultiChoice’s work with producers across the continent continues to improve the quality and diversity of content, her wish for the African broadcasting industry is to see continued growth and innovation, with a focus on producing high-quality, diverse, and culturally relevant content that not only entertains, but also educates and inspires. “I hope to see a thriving ecosystem of African filmmakers, writers, directors, and actors creating high-quality content that continues to compete on a global scale. I hope to see more collaboration and investment in local talent and the expansion of African stories to the world,” she says.



In a career packed with highlights, Dr Tejumola names some recent achievements as wins. “Leading content strategy for acclaimed editions of Big Brother Naija, revitalizing the Africa Magic Brand (including the AMVCAs) with a strategic approach to content and channel development and the relaunch of Showmax – a pivotal project that set the stage for a new era of streaming in Nigeria are highlights for me,” she says. “What sets these projects apart is their impact on subscriber growth, ad revenue, audience engagement – and setting standards for impactful content in our African entertainment landscape. Being recognized among the Top 50 Women in Management by Forbes Afrique was also a great honor!”



Dr Tejumola believes that women in the film and television industry are not just breaking barriers. “We are leading the charge – in producing, directing, marketing and distribution – shaping narratives that resonate across cultures and generations. By embracing collaboration over competition, we foster a spirit of coopetition, where we elevate one another, creating a stronger, more representative industry,” she says.



Nicola van Niekerk, Head of Premium Content &amp; Co-Productions at M-Net, still gets a thrill out of creating ‘something from nothing’ when it comes to content. “From pitch concept to scripts, to posters to merchandise, to seeing people relating to characters as though they know them, it’s an incredibly



heartwarming process about the value chain and how we create content and capture the hearts of our people across Africa,” she says.



Van Niekerk cites true crime documentary Devilsdorp, Cape Flats-located drama series Spinners and murder mystery White Lies as her most-recent career highlights. “Devilsdorp is currently being seen around the world and it really put us at the top of the true crime drama list and has started a strong pipeline of documentaries,” she says. “Taking a story like Spinners, set in the Cape Flats in a South African dialect that nobody overseas has heard before – and winning all these accolades – is truly amazing. Seeing White Lies at number three on Stan in Australia is thrilling because it shows that people are enjoying seeing our local stories on a global stage”.



She says that there’s a misconception amongst women in film and television that there are less spaces for them at the top of the industry – but that’s not true. “The women who are there need to know that women need to be prioritized and that women need to help each other get there. Women in the industry are their own value chain and we need to work hard to help them every step of the way.”



Flavia Motsisi, Senior Manager: Scripted Series at MultiChoice, plays a major role in steering commissioning teams towards strategic business objectives and fostering innovation, helping shape the series’ portfolio across linear and streaming platforms. She is also a co-founder and former board member of Sisters Working in Film and Television (SWIFT), a non-profit organization that advocates for gender and race parity and intersectionality in the sector.



“Words cannot describe how fulfilling it is to follow a concept from inception to seeing it on a screen and watching the impact it can make on an audience – or an entire culture,” she says. “It is one of the most thrilling, challenging, exciting and satisfying journeys. What excites me the most about making content is being able to evoke emotions from the viewers, getting them invested in the stories and characters and connecting with the content pieces we work so hard to deliver.”



Speaking on her career highlights so far, she says that being part of the The River set the bar high because it received the International Emmy nomination early in her career. “We launched the first season of Gomora on the first Monday after President Cyril Ramaphosa announced the initial 21-day COVID lockdown. The show found its way into millions of South African households and became a source of entertainment and escape for the country.” Motsisi says that The Wife marked a monumental moment in the unveiling of Showmax’s scripted content slate as the most-watched show and captivated the nation, achieving record-breaking viewership and sparking endless conversations on social media.



Motsisi’s wish for our African broadcasting industry is for platforms to be open to hearing – and then telling – different types of stories and finding fresh voices to tell these stories. “African storytelling has a rich and vibrant tradition that holds immense cultural significance. There are many stories that are yet to be told and we have not even scraped the surface. The more voices are given opportunities; the more stories will be told; the more authentic stories are told; the better the industry becomes. This will inevitably create an affinity for and appreciation of our content for viewers locally and globally”.

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The Queens Of Local Content

As a firm that invests in African startup founders at the earliest stages of their entrepreneurship journey, we believe working with high-potential, tech-enabled ventures that are designed to serve real needs at scale can drive generational progress and prosperity across the continent. Doing so means supporting African founders in ways that recognize their needs and context, including the market dynamics shaping their approach to entrepreneurship.



Recognizing this unique need, and reflecting our pan-African ambitions, we improved our operating model to become 54 Collective &#8211; a venture capital firm that supports transformative technology ventures across the continent with catalytic capital and robust support through its Venture Success Platform.



<h4 class="wp-block-heading" id="h-a-new-chapter-for-54-collective"><a></a>A New Chapter for 54 Collective</h4>



54 Collective is building on an exceptional track record of investing in and scaling early-stage ventures in Africa, encapsulating our ambitious vision of helping entrepreneurs grow their businesses to serve all 54 African countries.



As a commercial-first investor embedding impact in every facet of its operations, 54 Collective offers equity and non-dilutive capital up to a total of $500,000, with an additional $150,000 in non-dilutive capital for female founders. This strategic move ensures a level playing field for youth and women founders, enhancing their opportunities to scale.



This catalytic capital and value-add support to founders, through our Venture Success Platform, signifies our ongoing mission to support entrepreneurs across Africa and enable them to build without boundaries to drive commercial and impact returns in ways that recognizes their unique needs. This offering has been shaped on insights from the continent’s founders and our own experiences in the ecosystem.



<h4 class="wp-block-heading" id="h-empowering-ventures-with-catalytic-capital-and-support"><a></a>Empowering Ventures with Catalytic Capital and Support</h4>



On occasion, African founders spend precious capital identifying a business model, while others move too quickly in adding staff or other costs before truly reaching product-market fit. As 54 Collective, we offer side-by-side support to help the continent’s founders navigate these challenges, anchored in our innovative Venture Success Platform.



The platform is a team of highly-experienced venture specialists that provide tailored support in product development, growth, commercial relationships, business strategy, talent acquisition, technology, and data. This comprehensive support prepares founders for investor readiness, access to funding, and strategies for fundraising, debt, and impact capital, empowering them to succeed globally and head off challenges that could undermine their growth.



This combination of significant funding and comprehensive support distinguishes 54 Collective as the only venture capital firm in Africa offering early-stage founders the highest amount of catalytic capital and support from the largest Africa-based venture capital team, comprising over 70 staff members in Kenya, South Africa, Nigeria, and the United Kingdom.



<h4 class="wp-block-heading" id="h-sector-agnostic-investment-strategy"><a></a>Sector-Agnostic Investment Strategy</h4>



We want to work with the best African founders and they are solving problems in not just fintech but other verticals too.



As a sector-agnostic investor, 54 Collective is ready to support innovation across all sectors. This broader approach helps entrepreneurs navigate complex challenges, achieve commercial success, and make a significant impact through economic growth and job creation.



So far, 54 Collective has supported more than 70 ventures and helped its portfolio startups raise over $140 million in follow-on capital. We recognize that, at different points in a founder’s journey, they need varying types and amounts of funding.



<h4 class="wp-block-heading" id="h-the-future-of-african-venture-capital"><a></a>The Future of African Venture Capital</h4>



Despite considerable growth over the last decade, Africa represents less than 1% of global venture funding, indicating a significant unmet need for smart capital. 54 Collective aims to bridge this gap by investing in 105 startups across Africa in the next five years, enabling entrepreneurs to address the continent&#8217;s biggest challenges and transform lives and industries.



We are targeting a portfolio where 50% or more of our startups are founded by women. Currently, 45% of the investments made up to July 2024 are women-led. The firm’s investments are also creating socio-economic impact, exemplified by Asaak, a vehicle asset financing company that has improved financial inclusion for over 11,000 boda boda drivers, significantly enhancing their quality of life and income.



<h3 class="wp-block-heading" id="h-conclusion"><a></a>Conclusion</h3>



54 Collective’s approach to funding African tech startups redefines investing for the venture capital ecosystem in Africa. With our catalytic capital, value-add Venture Success Platform, and commitment to empowering entrepreneurs, 54 Collective is redefining investing across the continent. By enabling founders to build without boundaries and solve some of Africa’s biggest challenges, 54 Collective is poised to drive transformative change and enable entrepreneurs to build without boundaries across Africa.



For more information about 54 Collective and their mission to support African startups, visit <a href="https://54collective.vc/">https://54collective.vc/</a>.

Bongani Sithole, CEO, 54CO

Africa’s Entrepreneurs Need Catalytic Capital, Side-by-Side Support To Build

Risk in investing is a feature, not a bug. It is, in fact, the reason we expect to earn higher long-term returns than provided by risk-free assets. When thinking about risk, investors should think equally about the investment term, too. The longer we remain invested, the lower the risk generally becomes – a principle that the most successful investors have well understood.



There are many sources of risk that might concern investors currently – making the case for diversification as strong today as it ever was. Below we highlight some of these risks and the opportunities they present.



When Will the Rates Abate?



Investors have been anticipating rate cuts from central banks as inflation has subsided. However, inflation can be challenging to control, and central banks have remained cautious longer than expected. When rates are eventually cut, it should be positive for fixed income bonds and equities, as borrowing costs for leveraged companies will decrease, and the risk-free rate used to value companies will reduce.



Impact of Middle Eastern Conflict on Equities



Oil is a crucial commodity, influenced by many factors, including OPEC’s coordinated supply, which represents almost 80% of the world’s proven oil reserves and about 40% of its production. Oil&#8217;s price significantly affects transportation costs and overall inflation, given its widespread use and role as a base ingredient in many products. However, new oil discoveries, such as those off the coast of Namibia, diversify supply and make the market more resilient to regional or geopolitical disruptions.



Global Diversification: Africa and India



Global diversification is crucial for South Africans as our market represents a small portion of global investment opportunities. Emerging markets generally offer higher economic growth potential, often reflected in their equity markets and offset by typically higher interest rates. The U.S. has benefited from low interest rates for over a decade, with its market led primarily by the innovative technology sector.



India, the fastest-growing large economy, has a substantial technology services industry and is priced at a significantly higher Price/Earnings multiple compared to the broad MSCI Emerging Markets Index. It is even marginally higher than the MSCI USA Index as it prices in future growth prospects. It’s an exciting investment market, but it should be part of a broader portfolio that also includes undervalued segments offering potential upside.



The Tech Bubble Question



Nico Katzke, Head of Portfolio Solutions at Satrix*, believes that valuations across the global tech sector, although seemingly stretched at present, are largely on the back of more solid fundamentals and real opportunities than was the case in previous tech rallies. Tech index proxies, like the Nasdaq, are dominated by large corporations with strong cash-flows investing in their capacity to service tomorrow’s applications in AI. Growth opportunities remain in this sector, and it is unlikely to wane in its importance in the economy of tomorrow. Building diversified exposure to global tech through time, and not timing entry, seems the best approach at present.



Benefits of Offshore Diversification



At Satrix, we advocate investing primarily through well-diversified asset class exposures, tracking broad market indices. We review asset classes for medium- to long-term performance to inform a strategically-diversified asset allocation for our multi-asset balanced funds. We also target long-term drivers of excess returns within equities by tilting our portfolios towards well-recognized performance drivers, avoiding the temptation to profit from short-term market movements and noise.



Local Investments in South Africa



South Africa stands at a critical point 30 years after democracy. The new Government of National Unity, led by President Cyril Ramaphosa, aims to revive economic growth through policy reforms and restructuring. As these efforts take hold, investor confidence could lead to a re-rating in our equity market, currently trading at a discount (13.3x) to its long-term average (15.4x). Against this backdrop, the rand is likely to re-rate, posing a headwind to offshore investments as they devalue in rand terms. A stronger currency would give the South African Reserve Bank more freedom to cut interest rates, supporting local bonds.



While uncertainties remain, excluding the home market from investments may not be wise. Balancing global and local investments offers a robust strategy to achieve financial goals amidst uncertainty.



Approaches to Robust Diversification



Investors can ensure a diversified portfolio through several approaches:



<ol start="1" class="wp-block-list">
<li>Outsourcing to a Financial Adviser: A financial adviser can construct an appropriately diversified portfolio.</li>



<li>Investing in Multi-Asset Funds: Investment managers can diversify optimally across different asset classes and geographies.</li>



<li>Constructing a Multi-Asset Portfolio: Building a diversified portfolio by investing in different specialist asset class funds yourself.</li>
</ol>



Each option should be weighed against one’s life stage, investment expertise, and the time and information available to make informed decisions.



*Satrix is a division of Sanlam Investment Management



Disclaimer Satrix Investments (Pty) Ltd is an approved FSP in terms of the Financial Advisory and Intermediary Services Act (FAIS). The information does not constitute advice as contemplated in FAIS. Use or rely on this information at your own risk. Consult your Financial Adviser before making an investment decision. Satrix Managers is a registered Manager in terms of the Collective Investment Schemes Control Act, 2002. While every effort has been made to ensure the reasonableness and accuracy of the information contained in this document (“the information”), the FSPs, their shareholders, subsidiaries, clients, agents, officers and employees do not make any representations or warranties regarding the accuracy or suitability of the information and shall not be held responsible and disclaim all liability for any loss, liability and damage whatsoever suffered as a result of or which may be attributable, directly or indirectly, to any use of or reliance upon the information.&nbsp; &nbsp; &nbsp; &nbsp;



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Navigating Global Waters: Unlocking Offshore Diversification

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Manuel Moses commenced his role as the Chief Executive Officer of The African Trade and Investment Development Insurance’s (ATIDI) on December 1, 2020. He has over 25 years of experience in finance, banking, insurance, and investment at the international level.



Q. The African Trade and Investment Development Insurance’s 24th Annual General Meetings (AGM) was held in Zambia this year. Please share the highlights of this Pan-African event in line with the theme, “Empowering tomorrow, Enabling investment”.



A. Our AGM validated our results for 2023 and allowed us to bring together key government representatives, policy makers and investors to reflect on the event’s theme, which is aligned with Africa’s main development constraint: accessing capital to fund our continent’s development. In 2021, Africa received only 3.5% of global Foreign Direct Investment (FDI) flows, the lowest among the six continents, despite ample investment opportunities. Through extremely rich panels, deliberations identified ways and opportunities of addressing this challenge. Leveraging ATIDI’s unique de-risking solutions was one of them.



Q. Tell us more about ATIDI’s 2023 results, highlighting the positives despite significant geopolitical and economic challenges globally and in Africa.



A. 2023 was ATIDI’s best year since inception. Here are a few highlights:



<ul class="wp-block-list">
<li>Our profit for the year increased by 205% to US$69.1 million;</li>



<li>Our insurance revenue grew by 14% to US$155.7 million;</li>



<li>Our gross exposures grew by 19% to US$9.6 billion;</li>



<li>Our total assets grew by 27% to US$837.1 million;</li>



<li>Our equity grew by 25% to US$699 million; and</li>



<li>We declared a US$17.3 million dividend.</li>
</ul>



Our record performance is all the more outstanding as it comes in a period marked by uncertainties, slow global economic recovery, tight financial conditions and geopolitical tensions.



Q. Briefly describe the corporate strategic plan for the 2023-2027 period, which seems to be geared at optimizing the organization’s governance processes and performance to strengthen its developmental impact for ATIDI.



A. Our 2023-2027 corporate strategic plan is indeed ambitious. Its core pillars are product innovation, increasing our equity, our capital and our number of member states and institutional shareholders, optimizing our internal processes and corporate governance to optimize our efficiency, and strengthening our strategic partnerships and our stakeholder engagement. These are set to strengthen our status as the premier Pan-African risk mitigation institution, catalyzing the transformation of Africa into a prime destination for trade and investment.



Q. Has the re-branding of ATIDI in Africa increased your footprint on the continent? What is the current membership in numbers and are there any new countries in this period?



A. Our new brand better reflects our stature as one of Africa’s highest-rated financial institutions and most important multilaterals. As for our membership, ATIDI has grown from seven member states in 2001 at its creation, to 24 member states and 13 institutional shareholders today.&nbsp; In 2023, Angola and Mali became member states in the organization, while Japan’s Export Credit Agency, the Nippon Export and Investment Insurance (NEXI), joined ATIDI as an institutional shareholder. More recently, in early 2024, Burkina Faso and Chad became the latest joining member states in the organization.



Q. ATIDI’s net profit for the financial year ended December 2023 tripled on an increased uptake of the insurer’s political and credit risk products on the continent. Describe this success.



A. ATIDI notably achieved a net profit of US$69.1 million in 2023, representing a 205% year-on-year increase. This growth was driven by a strong deal flow, which resulted in significant new deals and renewals from ATIDI member states. Consequently, gross exposure grew by 18.6% to US$9.6 billion, up from US$8.1 billion the previous year.



Insurance revenue rose by 14% to US$155.7 million, with new deals contributing US$95.4 million. This success underscores ATIDI&#8217;s commitment to promoting trade and investment across its member states.



The more we grow our membership, the more we can engage and have impact. Our goal is to one day count each African country as a member of ATIDI. Imagine how much more of an impact we can have then.

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East African Insurer Prioritizing Innovation And Strategic Partnerships On The Road To Growth

The last two decades have seen a global narrowing of the gender wealth gap, with recent statistics indicating that 33% of the world’s wealth is held by women.


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With the Great Wealth Transfer on the horizon, it is anticipated that the next decade will see a $30 trillion transfer of wealth from male Baby Boomers to their wives and female children.



Despite having a third of the world’s wealth under their control, women continue to face challenges in the wealth management arena. Lucratia Mathe, Head of Client Value Proposition at Standard Bank Wealth and Investment SA, says that many of these challenges are based on a lack of understanding by others of women’s motivations and objectives for building wealth.



“As women, we see wealth in more than just material terms. To us, wealth involves a combination of financial freedom, personal fulfilment and emotional and physical wellbeing,” says Mathe. “At the same time, we have to overcome hurdles that differ from those of our male counterparts, which can negatively impact our wealth growth potential.”



“In addition to the gender pay gap, major life events like childbirth, divorce, widowhood and caregiving responsibilities can lead to fluctuating career patterns which affect both our time and financial resources,” Mathe continues. “Women also live longer than men, and this means that their wealth needs to last longer too.”



Taking a holistic approach



Mathe explains that there is a need for a holistic wealth advisory approach that takes these factors into account.



“At Standard Bank Wealth and Investment, we recognize that women do not want or need products that are different to the ones offered to men; instead, they want integrated solutions that are tailored to their personal goals and objectives,” she says.



“The solutions we offer have been created following in-depth consultations and engagements with women from all sectors of society, and are based on an understanding of what motivates and drives them; the challenges they face; and what their plans are for the future. Whether this involves short- and long-term liquidity planning, starting or expanding a business, pursuing philanthropic endeavors, or leaving a legacy for future generations, our aim is to support and empower our women clients on their wealth journeys.”



A platform for mutual support



Another important component of Standard Bank Wealth and Investment’s value proposition is their Women’s Wealth Academy. Designed to empower and equip high-net-worth women with the tools they need to build their individual, business and family legacies, it also provides a platform for discussion, interaction and mutual support.



“We believe that by sharing their personal experiences, challenges and motivations, women can inspire one another and truly make an impact, not just on a personal level, but in society as a whole,” Mathe says.



“South Africa is home to some of the top female thought leaders and custodians of our key social and economic development areas. With an abundance of courageous role models to choose from across different sectors, South Africa’s women are not only leaving a legacy for their younger peers, but their insights and resilience are truly inspiring.”



“They have continued to build on the legacy of the 20,000 fearless women who marched to the Union Buildings on the 9th of August 1956 to advocate for freedom of movement,” Mathe continues.



“Their actions paved the way for our constitutional democracy, and the quote, ‘You strike a woman, you strike a rock’, continues to inspire and strengthen women from all walks of life today.”



Paving the way for future generations



“At Standard Bank Wealth and Investment, we recognize the immeasurable influence and transformative impact that women have in society, and we are committed to delivering relevant, innovative solutions that elevate their wealth ambitions,” Mathe says.



“This will ensure that the legacies they leave behind will not only inspire and empower the next generation, but also provide them with a firm foundation upon which they can build and create future wealth.”

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Women’s Wealth: Redefining The Future

Africa has a young and diverse population, spanning 54 countries, with over 3,000 languages and even more ethnic tribes, serving as a great source of inspiration for rich storytelling. Local audiences want to see themselves on screen. It’s something we’ve seen play out again and again, all around the world, and it’s certainly true here on our home continent.



MultiChoice remains the largest producer of original content on the African continent.



“In the last year, we produced 6,502 hours of local content, taking our collective local content library total to 84,871 hours. The MultiChoice platform hosts over 30 proprietary, dedicated local content channels across 10 markets,” explains Nomsa Philiso, CEO: General Entertainment at MultiChoice Group, speaking at the opening of MIP Africa, hosted in Cape Town from September 1-7, 2024.



The MultiChoice Group has 39 years – and counting – of video entertainment industry experience and market leadership; a unique understanding of the African continent, customers’ entertainment preferences in different markets, as well as their broader consumer needs and deep experience in critical operational fields such as content licensing, production, packaging and distribution, advertising sales, as well as in regulation and administrative fields such as taxation.



“Africa is a challenging market because of those differences. We’ve faced every challenge you can imagine, and a few more you probably can’t, and have had to be creative innovators at every hurdle,” says Philiso.



“We have had to be as tenacious as the people we serve, who get up every day to make ends meet amid very challenging macroeconomic conditions. Their commitment inspires us to remain deeply committed to unearthing opportunities in Africa”.



Philiso says that the differences between us also make it near-impossible to speak about a unified Africa market – nor should we.



“Our stats show clearly that Nigerians are watching Nigerian content, Kenyans Kenyan content, and South Africans their own content, with little overlap. That said, there are exceptions, like Big Brother Naija and The Real Housewives of Lagos and Nairobi, but they’re few and far between – and that’s evidence that our hyper-local focus on content is working. MultiChoice is deeply rooted in the communities in which we operate. Our entertainment speaks to people in their own languages and tells stories in which their own lives are reflected.”



“It’s important to us to never forget that our reason for being is to make beautiful stories for very different Africans, in our indigenous languages and set in our diverse communities,” says Philiso.



“When we start by looking for what is most personal, we find the things that are most universal, but it doesn’t work as well the other way around. When we start asking, ‘How do we make a show for the whole world?’ it’s easy to start to over-explain, or over-simplify, or start to cheat geography and casting and accents.”



Philiso believes that the more content is made for communities, the greater the increase in investment interest and better-quality content &#8211; which will inevitably travel further and further around the world.



“Expanding our focus on local channels, we launched Afia TV in the Nigerian Igbo language and Maningue Magic in Mozambique, along with Maaddii Abol in East Africa featuring content in the Oromo language, the fourth most widely spoken African language,” she says.



Nigeria is the country of honor at MIP Africa this year, and Africa Magic has played a significant role in MultiChoice’s transformation, producing over 25,000 hours of authentic Nigerian content. As Africa Magic celebrates its 21st anniversary, its impact is evident in how African storytelling continues to inspire, connect, and drive progress across the continent.



“We’ve had arguably our best year ever for content &#8211; the heart of what we do. We&#8217;ve seen shows like Shaka iLembe, Sibongile &amp; The Dlaminis, Outlaws, The Mommy Club and Adulting set viewing records on their respective launch platforms &#8211; with Shaka iLembe seeing more than four million views on its premiere episode and becoming the most searched TV series on Google in South Africa,” says Philiso.



“We’ve also seen increased international recognition, with productions like Spinners, surpassing our expectation and becoming the first African series at Canneseries and winning at the Shanghai TV Festival’s Magnolia Awards, amongst a growing list of awards it continues to win. Catch Me A Killer became the first African series to feature at Series Mania, Rise: The Siya Kolisi Story won at Tribeca, Two Sides was nominated at the International Emmys and Wyfie was nominated for ‘Best TV Series’ at Seoul and the Global Production Awards, presented by Screen International in Cannes.”



MultiChoice aired three successful co-productions on linear, namely Reyka season 2, Devil’s Peak and White Lies, which were produced in collaboration with international partners at Fremantle, Canal +, and Abacus Distribution and BBC Studios-owned Lookout Point. Devil&#8217;s Peak, the crime thriller based on the best-selling 2004 novel by Deon Meyer, continues to garner international attention. The series was sold to Fox’s Tubi video-on-demand platform for exclusive streaming in the U.S. and Canada in January 2024. White Lies is an eight-part drama co-produced by M-Net, Quizzical Pictures and Fremantle, starring award-winning actress Natalie Dormer (Game of Thrones, The Hunger Games, Picnic at Hanging Rock) and Brendon Daniels (Four Corners, Skemerdans, Trackers).



MultiChoice continues to work alongside international partners including Fremantle to STUDIOCANAL to take African stories to the world, and co-producing with the likes of Banijay, the BBC, CANAL+, HBO and NBCUniversal.



“You can now see MultiChoice content all around the world,” says Philiso.



“Spinners made it to #6 on the CANAL+ charts in France during its primetime run there. Reyka is licensed to over 150 territories; Recipes for Love and Murder to over 90; Whites Lies to the likes of Sundance Now; Catch Me A Killer to the likes of Britbox; and The Real Housewives of Durban to the likes of Hayu, Bravo and Peacock,” Philiso adds. “As it stands, as MultiChoice, we have over 84,000 hours of local content to showcase on the world stage.”



Through initiatives like the Africa Magic Viewers’ Choice Awards (AMVCAs), the African film industry has seen significant growth, investing ₦9 billion in the sector over the past decade. The AMVCAs have elevated African film standards, gained international recognition, and fostered talent.



The MultiChoice Talent Factory is a continent-wide skills-development initiative that has also helped foster talent. We have academies in Lagos, Johannesburg and Nairobi offering training, masterclasses and industry network sessions. We are upskilling young filmmakers and empowering them to direct their love for production and filmmaking into our industry. Talent Factory graduates are now playing key roles across the industry &#8211; like Nandisa Mkhize, the head writer on Showmax’s hit teen telenovela Youngins.&nbsp;



“Where others dip a toe, white label a platform, test a business case, make a splash and then disappear without a trace, MultiChoice has always been &#8211; and we will remain,” says Philiso. “Africa is not our side hustle.”

Nomsa-Philiso NEW

Africa’s Greatest Storyteller Doubles Down On African Content

<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="395" height="181" src="https://cms.forbesafrica.com/wp-content/uploads/2024/08/Outlook-cxkpgodw.png" alt="" class="wp-image-62951" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/08/Outlook-cxkpgodw.png 395w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Outlook-cxkpgodw-300x137.png 300w" sizes="auto, (max-width: 395px) 100vw, 395px" /></figure></div>


ATFX, a globally-regulated and award-winning fintech broker, has set its sights on Africa.&nbsp;&nbsp;



To expand its operations on the continent, ATFX acquired Khwezi Financial Services (FS), a South African forex and CFDs broker based in Cape Town. With an established clientele and a commitment to customer service, Khwezi FS was one of the first non-bank, financial services provider in the country to be licensed as an over-the-counter derivatives provider (ODP).&nbsp;&nbsp;



Now operating as ATFX Africa, the local brokerage forms part of ATFX’s global business led by Linton White, ATFX’s new regional head, and Monty Barnard, ATFX Africa’s COO.&nbsp;&nbsp;



Local expertise, global knowledge&nbsp;



“We’re driving ATFX in South Africa. We have a big task ahead of us but we’re very excited,” says White.&nbsp;&nbsp;



ATFX started in 2017 and currently has 23 locations around the world in countries such Australia, the U.K., Cyprus, Malaysia, Jordan and Dubai. It has also been ranked the fourth largest broker of its kind in terms of the total volume of contracts for difference (CFDs) and derivatives traded on the MetaTrader 5 trading platform.&nbsp;&nbsp;



“We’ve got good coverage on most of the continents and a key eye on expansion,” says White.&nbsp;&nbsp;



Tasked with establishing ATFX’s footprint in South Africa and with a goal of moving further up the continent by 2025, White explains that ATFX was particular about what they were after when making the South African acquisition. Being fully-licensed was the first step, but ATFX also required local knowledge and expertise from the people who were part of those companies.&nbsp;&nbsp;



“That’s what sets ATFX apart from a lot of the other global brokers,” says White, adding, “They’ve focused on maintaining the local presence, knowledge and expertise instead of bringing in an international template and applying that to a local business.”&nbsp;&nbsp;



White believes that the autonomy ATFX has given to their Africa-based team will be paramount to the success of the business.&nbsp;&nbsp;



“It’s not a straightforward process. When you’re a key part of South Africa’s financial infrastructure, you need the regulator’s approval on anything that you do,” says Barnard. “That said, it was and still is a very exciting process. The team is growing and we’re expanding quickly.”&nbsp;&nbsp;



Unlike other acquisitions where a business is bought out and the staff let go, the entire Khwezi team moved across to ATFX, which was an important part of the deal.&nbsp;&nbsp;



“We’ve simply built on from the great team that we originally had,” says Barnard, who also shares that one of the highlights of being a part of ATFX was the annual dinner in Vietnam earlier in the year.&nbsp;&nbsp;&nbsp;



With over 700 employees worldwide, seeing the global team together was not only an unforgettable experience but a reminder of what makes ATFX different from its competitors.&nbsp;&nbsp;



“There’s a lot of copy-and-paste-style businesses and brokers in our space and they all tend to focus on what the competition is doing in order to present themselves as a competitor,” says White.&nbsp;&nbsp;



“But ATFX is a completely different business and we’re approaching the industry with a unique perspective because we don’t just want to be seen as another competitor.”&nbsp;&nbsp;



The perfect match&nbsp;



From ATFX’s client-centric approach to maintaining the highest standards of regulatory compliance, White likens their customer service to what you would receive from a personal banker – professional, personalized and respectful.&nbsp;&nbsp;



“… [to] not immediately go for the jugular and get deposits and force transactions, it’s more about taking care of the clients and making sure that their needs are met rather than trying to force them to meet ours,” says White.&nbsp;&nbsp;



“It’s one of the reasons the two brands, Khwezi and ATFX, came together. The focus is the client. It’s all about treating them fairly,” adds Barnard. “This industry can be cutthroat and sometimes the consumer comes second. We want to change that; we want people to trust us while we accommodate all of their requests quickly.”&nbsp;&nbsp;



Being one of the first non-bank financial services providers in South Africa with an ODP license, ATFX could also be assured that Khwezi FS aligned with the global standards of regulatory compliance and security that the company upholds.&nbsp;&nbsp;



Acting as an agent of one of the five major banks in South Africa, ATFX Africa is allowed to open segregated bank accounts for clients which means, from an administrative point of view, the funds are kept completely separate from the fintech broker’s day-to-day accounts.&nbsp;&nbsp;



“Investors want to know that their money is going to be safe and this gives our clients an extra layer of security,” says Barnard.&nbsp;&nbsp;



“We also work quite closely with the banks, sharing FICA processes and they conduct annual checks to make sure we’re doing things the right way.”&nbsp;



As for the services ATFX offers, they provide a comprehensive range of financial services in Africa such as trading in currencies and commodities like gold and oil, and indices like the S&amp;P 500, Dow Jones and NASDAQ. In South Africa, ATFX uses MetaTrader 5 which is one of the most popular trading platforms among brokers worldwide.&nbsp;&nbsp;



“The ODP license is fairly new as there are only 11 of these licenses locally which have been awarded to non-banks. These licenses determine what we can sell and are determined on aspects like capital adequacy and manpower,” adds Barnard.&nbsp;&nbsp;



“But with the ATFX acquisition, there are big plans for Q3 and Q4 of this year regarding what we can add to those products such as shares or crypto. The sky’s the limit.”&nbsp;&nbsp;



Being the fourth largest brokerage, globally, comes with other benefits like a big liquidity pool which means competitive trading fees – an advantage in a high-risk trading environment.&nbsp;&nbsp;



Giving back, moving forward&nbsp;



Handling billions of dollars in transactions every day, it’s easy to assume that ATFX would be purely focused on maximizing revenue but the fintech broker’s extensive educational resources demonstrate its commitment to prioritizing clients&#8217; needs and long-term success over short-term profits.&nbsp;&nbsp;



“In Africa, there is major opportunity for a broker who is legitimate, trustworthy and focused on educating those who need access to these kinds of resources,” says White, who adds that they’re also in talks with some of the larger institutions across South Africa about scholarships and internships going into 2025.&nbsp;&nbsp;



Globally, ATFX is also the official partner to the Duke of Edinburgh Cup, an international event that raises funds for children in need.&nbsp;&nbsp;



“It&#8217;s not just about making money for the business, but it&#8217;s about how you provide and give back to the community,” says White. “Personally, and professionally, you need to treat everyone with the same level of respect.”&nbsp;&nbsp;



For both White and Barnard, this is only the beginning. With all the noise around regulations, they believe that ATFX is the broker that everyone has been waiting for.&nbsp;&nbsp;



“Being able to represent ATFX in Africa is not only exciting, we feel privileged to work for them,” says Barnard. “There’s definitely a need for growth in the South African brokerage space and we’re poised to be that entity going forward.”&nbsp;

PNG image

Customer-Centric And Growth-Focused, This Fintech Is Moving Onwards And Upwards 

Meet <a href="https://www.linkedin.com/in/elizabeth-rossiello-589b8b1/" target="_blank" rel="noreferrer noopener">Elizabeth Rossiello</a>, CEO and founder of the global b2b fintech, <a href="http://www.azafinance.com/" target="_blank" rel="noreferrer noopener">AZA Finance</a>. Founded in Nairobi in 2013, the company’s mission is to power African trade and accelerate the growth of businesses across the continent. The last decade has seen AZA Finance serve more than 1.5 million customers, making them the most experienced fintech for businesses operating in frontier markets and currencies.&nbsp;



In 2021, Rossiello was in the inaugural class of Bloomberg’s New Economy Catalysts, and AZA’s progress under her purview has led her to be named as one of the Standout 45 in the Women in FinTech Powerlist by Innovate Finance every year since 2022. Under her leadership, AZA was recently named a Top 50 Inspiring Workplace in the Middle East and Africa, and was shortlisted for FinTech Future’s PayTech Awards for the Best Use of Tech in the Business Payments category. In 2021, AZA Finance was also named as one of the global top 10 Most Innovative Companies by Fast Company.&nbsp;



Journey and global footprint&nbsp;



In 2009, Rossiello was working in Nairobi, Kenya, as a ratings analyst for financial institutions. Frustrated by the low ratings and mistrust Western institutions had in African currencies, she set out to understand why they chronically underserved African economies in this way. The answer, at the time, was currency connections. When abroad, it was impossible to send money back to Kenya as Kenyan shillings. Millions of people, including AZA’s founding team, traveled across Africa for work, but could not top-up or send payments to their home networks when out of the country. It was possible to use a country’s currency for everything while physically there, but as soon as you left its borders, access evaporated. The reason for this lack of access was that many financial institutions didn’t offer African currency pairs. The only currency pair was with a G20 currency, like the US dollar, meaning that every African-to-African currency transaction was slower and more expensive. The financial infrastructure to connect currencies and markets directly was starting to be explored by fintechs like AZA Finance, but also by digital currency enthusiasts – and it would be key to realizing Africa’s predicted trillion-dollar growth.&nbsp;&nbsp;



AZA Finance was born with the aim to bridge the currency and financial services gap for African businesses, using fintech as the solution for better and cheaper FX, payments, and treasury.&nbsp; Even to this day, major financial institutions in London, New York and Frankfurt, among others, still offer very high prices for African currencies because they don&#8217;t have much data about the market. AZA does, which is why they can be competitive in their pricing, speed, and access.&nbsp;



Today, AZA’s offices in Ghana, Kenya, Nigeria, Senegal, South Africa, Spain, Uganda and the United Kingdom (UK) allow the company to be active across Africa, Europe, and North America (with payments coverage throughout Latin America, the Caribbean, and Asia).&nbsp;&nbsp;



Now, African businesses (as well as multinational companies operating in Africa, or other enterprises and NGOs expanding in Africa) can operate in more markets more efficiently. By providing the tech layer that syncs all of the financial players – banks, mobile money, payments services providers, money transmitter organizations, cash networks, fintechs – AZA has found a way to provide licensed, secure, stable and reliable business payments, FX, and treasury. When a customer comes to AZA, they can reach the continent.&nbsp;&nbsp;&nbsp;



Additionally, AZA Finance is fully regulated and licensed by the Bank of Uganda, the Central Bank of Nigeria, The South African Reserve Bank, Bank of Spain, and the UK’s Financial Conduct Authority. It is also certified by world-class security standards including PCI-DSS, ISO27001 and SOCII.&nbsp;

Corporate Photographer London

Fintech Finesse: How a Founder in Nairobi Bridged the African Currency Gap 

Gugulethu Siso, Chief Executive Officer, Thumeza, on inclusive development and unleashing the economic power of the African woman. 



In the dynamic world of African entrepreneurship, Gugulethu Siso stands out for her resolve and resilience. As the Chief Executive Officer of Thumeza, a fintech company serving the logistics industry, expanding its footprint across Africa through strategic partnerships such as the one with Lori Systems, Siso exemplifies the challenges and triumphs of navigating business as an African woman. Her journey is marked by a fearless approach to problem-solving, a keen eye for overlooked opportunities, and a relentless drive to uplift others. In a continent where identity and access to financial services often limit women’s participation in economic growth, Siso is not just breaking barriers — she&#8217;s creating new pathways for women to thrive in the entrepreneurial landscape.&nbsp;



<ol start="1" class="wp-block-list">
<li>As a serial entrepreneur passionate about sustainable and inclusive development, what strikes you about the realities of founding and successfully running a business as an African woman? </li>
</ol>



A unique blend of audacity and resilience marks the African entrepreneurship journey. It takes audacity to challenge the status quo and navigate spaces where representation is limited. The key is to embrace failure, not as a setback but as a learning opportunity — don’t take it personally as hard as it may seem. Every venture should be treated as an experiment; start small, test in a controlled environment, and then scale up when proven successful. Also, don’t shy away from investing in opportunities. While prudence is important, sometimes you must take financial risks to unlock growth even though it may be uncomfortable.&nbsp;



<ol start="2" class="wp-block-list">
<li>What inspired you to become an entrepreneur, and what hurdles along your journey taught you the most profound lessons about entrepreneurship? </li>
</ol>



My journey into entrepreneurship was inspired by a desire to solve everyday problems that have a significant impact on the daily lives of Africans. My first venture involved providing retail management solutions by servicing shopping trolleys for retail companies. This idea came from a personal frustration —walking into a store only to find malfunctioning or dirty trolleys. The trolley industry is part of the much-larger retail industry that in 2018 alone, had ZAR500 billion ($27 billion) in sales. This experience has shaped my approach to new ventures: identifying what impacts people’s daily lives but is often overlooked. This mindset has consistently led to solid, sustainable business models.&nbsp;



<ol start="3" class="wp-block-list">
<li>An estimated 500 million Africans, many of them girls and women, lack proof of identity. Further, one billion women across the world, many of them in Africa, do not have access to formal financial services. What connections do you see between this and the limitations to women’s full participation in entrepreneurship and economic growth? </li>
</ol>



Lack of proof of identification and limited access to financial services are interconnected with the barriers to women&#8217;s participation in entrepreneurship and economic growth. Identification is the cornerstone of a citizen&#8217;s ability to contribute to economic activity, both within their home country and across borders. Without it, access to education, civic engagement, let alone participation in economic activities becomes even more difficult stifling the woman&#8217;s potential to contribute to their community and the greater economy. As a result, women without identification are more likely to face significant hurdles in accessing essential services like banking and formal employment opportunities excluding them from financial activities.&nbsp;&nbsp;



<ol start="4" class="wp-block-list">
<li>Studies have shown that Digital Public Infrastructure (DPI) can unleash women’s economic power by including them in the formal financial system. How can DPI be applied in the African context to empower more women, especially as entrepreneurs? </li>
</ol>



Digital Public Infrastructure can empower African women, especially entrepreneurs, by integrating them into the formal financial system. In contexts where many lack formal identity documents, community leaders like village headmen can verify identities at the grassroots level, enabling access to essential services. This process can be enhanced by digital blockchain-based identity systems, providing secure, decentralized identities for those excluded from banking due to lack of documentation. Combining community-led verification with blockchain technology can help bridge gaps in financial inclusion, empowering women to fully participate in entrepreneurship and economic growth.&nbsp;



<ol start="5" class="wp-block-list">
<li>What systems do you think countries need to urgently put in place to advance efforts to empower women through business, and what would you say to young African women striving to succeed in business in the (temporary) absence of these systems? </li>
</ol>



Key to the need to empower women in business is through enforcing gender-based policies, particularly in procurement. Many countries already have policies that mandate a certain percentage of government contracts be awarded to women-owned businesses, but these need to be rigorously enforced and expanded.&nbsp;&nbsp;



For young African women striving to succeed in business, I would say, be resilient and resourceful. Network as much as you can as goodwill is what makes the world go round in business and that can only be leveraged from relationships. These relationships will then open doors in the form of new business opportunities, funding etc that may seem difficult to attain.&nbsp;

Gugulethu Siso, Chief Executive Officer, Thumeza

Creating New Pathways For Women To Thrive 

The University of Johannesburg (UJ) has consolidated its position among the leading institutions of higher learning in the world, soaring to its highest-ever position in the global rankings.



The educational institution secured the #36 position in the <a href="https://www.timeshighereducation.com/world-university-rankings/university-johannesburg">Times Higher Education (THE) Impact Rankings</a> released in June this year. This is quite a feat for a university, considering that this year’s rankings included 1,963 institutions, an increase of 372 from the previous year.&nbsp;Its &nbsp;standing in these global rankings marks a significant rise of 10 places from its previous position of #46 in the 2023 edition.


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="682" src="https://cms.forbesafrica.com/wp-content/uploads/2024/08/Professor-Letlhokwa-Mpedi-–-Vice-Chancellor-and-Principal-of-the-University-of-Johannesburg.-Photo-UJ--1024x682.jpg" alt="" class="wp-image-62833" style="width:726px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/08/Professor-Letlhokwa-Mpedi-–-Vice-Chancellor-and-Principal-of-the-University-of-Johannesburg.-Photo-UJ--1024x682.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Professor-Letlhokwa-Mpedi-–-Vice-Chancellor-and-Principal-of-the-University-of-Johannesburg.-Photo-UJ--300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Professor-Letlhokwa-Mpedi-–-Vice-Chancellor-and-Principal-of-the-University-of-Johannesburg.-Photo-UJ--768x511.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Professor-Letlhokwa-Mpedi-–-Vice-Chancellor-and-Principal-of-the-University-of-Johannesburg.-Photo-UJ--1536x1022.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Professor-Letlhokwa-Mpedi-–-Vice-Chancellor-and-Principal-of-the-University-of-Johannesburg.-Photo-UJ--2048x1363.jpg 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Professor Letlhokwa Mpedi – Vice-Chancellor and Principal of the University of Johannesburg. (Photo, UJ)</figcaption></figure></div>


Consistently leading as the top university in Africa and South Africa, UJ has also maintained its #1 spot in both these regions.



This achievement is for its exceptional contribution to poverty alleviation, securing the top position in Sustainable Development Goal (SDG) 1: No Poverty. UJ now ranks #3 globally in this SDG category, highlighting its firm commitment to research and support initiatives aimed at assisting impoverished students and local communities.



It also highlights UJ&#8217;s dedication to addressing some of the world’s most critical challenges, including environmental sustainability, social inclusion, economic growth, and collaborative partnerships.



UJ’s performance across individual SDGs is commendable, achieving top 100 rankings in six SDGs:



#3 for SDG 1: No Poverty



#6 for SDG 8: Decent Work and Economic Growth



#13 for SDG 5: Gender Equality



#46 for SDG 10: Reduced Inequalities



#53 for SDG 4: Quality Education



#93 for SDG 2: Zero Hunger



The univrsity’s rankings for other SDGs are as follows:



101-200 for SDG 7: Affordable and Clean Energy



101-200 for SDG 12: Responsible Consumption and Production



201-300 for SDG 9: Industry, Innovation and Infrastructure



201-300 for SDG 17: Partnerships for the Goals



301-400 for SDG 6: Clean Water and Sanitation



301-400 for SDG 16: Peace, Justice and Strong Institutions



401-600 for SDG 11: Sustainable Cities and Communities



401-600 for SDG 3: Good Health and Well-being



401-600 for SDG 13: Climate Action



Apart from its showing in the THE Impact Ranking, UJ continues its strong performance in the QS World University Rankings, maintaining its position among the top 350, globally. UJ is also recognized as the most improved African institution over the past five years. Previously, the THE Young University Rankings named UJ as the leading university in South Africa and Africa among institutions under 50 years old.



“This recognition of UJ in the various global rankings&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,” says Letlhokwa George Mpedi, UJ Vice-Chancellor and Principal.



“The university remains steadfast in its commitment to addressing societal challenges through research and knowledge production. 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.”

Auckland Park Kingsway Campus. Photo, UJ

South African University Achieves Its Highest-ever Position In Global Rankings

At the 2nd National Presidential SMME and Cooperative Awards, President Cyril Ramaphosa stated that “focusing on Small, Medium and Micro Enterprises and cooperatives can trigger growth, create jobs and build a more inclusive economy”.



According to the International Finance Corporation, Small, Medium and Micro Enterprises (SMMEs) in South Africa provide an estimated 50-60% of all employment opportunities and contribute approximately 34% to the GDP.



SMMEs have played a crucial role in democratizing the labor market and driving inclusive economic growth. However, South African SMMEs have faced significant economic challenges since the onset of Covid-19, struggling to expand and grow. With an estimated 2.4 million SMMEs in South Africa, these enterprises often need help to secure the necessary funding to achieve their business objectives.



In this context, private debt funds could play a significant role in stimulating economic growth by bridging the funding gap experienced by SMMEs.



Private debt (or direct lending) funds are non-bank lenders that provide loans to support the financing needs of businesses that traditional banks typically would not fund. Like banks, private debt funds extend loans and borrowers are obligated to fulfil certain terms and conditions over the debt term. However, unlike banks, these funds can offer flexibility, shorter lead times, and niche expertise that SMMEs need when accessing debt to support their unique business requirements.



The question then arises: why are our banks not funding SMMEs? The reluctance of banks to lend to SMMEs can be attributed to cost-benefit considerations. For example, if an entrepreneur seeks a business loan ranging from ZAR1 million to ZAR20 million ($54,848 to $1.09 million), the costs and time involved in processing such loans render them relatively unprofitable for banks.



According to recent Bloomberg data, the global private debt market has grown by over 12% annually, reaching approximately $1.6 trillion in assets under management. There are several reasons for this trend.



A significant driver behind the proliferation of private debt was the introduction of Basel banking rules in 2008. These ‘regulation-imposed constraints’ on banks make it less economically viable for them to lend to SMMEs.



This growth reflects a broader trend towards alternative lending solutions that can offer more flexible and tailored financing options for businesses.



Private debt funds can help bridge the funding gap by channeling much-needed credit to the mid-market, which serves as the engine of growth in South Africa. Addressing this funding gap will create employment opportunities and contribute significantly to the broader economy.



The Sasfin RBN Enhanced Jobs Fund exemplifies the significant impact private debt funds can have. By financing a new packing line for an agricultural business, the fund enabled the company to meet both current and future production demands. This expansion is projected to create 200 seasonal jobs, showcasing the positive ripple effects that such investments can have on our economy.



Stories like these highlight the vital role private debt funds play in driving growth and creating employment opportunities.



Additionally, private debt funds benefit investors. South African investors’ appetite for private debt and equity is increasing, which can be partly due to the lack of opportunities on the Johannesburg Stock Exchange (JSE), which has seen over 400 companies delist in the past two decades.



Private debt offers the potential for higher current income and returns compared to below investment-grade fixed-income alternatives, leveraging the illiquidity premium or the excess return potential from investing in assets that cannot be easily converted to cash.



Looking ahead, the future of private debt in South Africa appears promising. With ongoing regulatory support and growing success stories, private debt funds are well-positioned to play a pivotal role in fostering economic resilience and growth.

Category: Brand Voice