Much has changed in the corporate world and business sector over the past three years, with the biggest trigger for the change being the Covid-19 pandemic. It altered the workplace dynamic and resulted in the introduction of hybrid work models. These have impacted the way business leaders engage with their teams – both from a practical perspective and on an emotional level – and led to challenges that many still struggle to overcome.



Research by Gartner, which reveals that most hybrid employees believe their direct manager is their most direct connection to company culture, highlights the key role that leaders and managers play in the new ‘world of work’.



The way in which a leader responds to employee needs, represents the company and its culture, and manages employees will ultimately impact the overall success of the team, and the responsibility should therefore be treated with the importance that it requires. &nbsp;&nbsp;



The productivity versus wellbeing conundrum



<a>A big factor within the hybrid/remote working environment is finding the right balance between keeping productivity levels up while ensuring the wellbeing of your team.</a>



On the one hand, self-disciplined employees do well with working remotely and are able to manage their time and workload effectively. In fact, their productivity often increases because they feel the need to prove they are working and producing results. However, this constant “always on” pressure can eventually take its toll as they may struggle to find a work-life balance, and begin to suffer mentally – at which point productivity declines.



On the other hand, there are employees who struggle with the flexibility of working from home and may be unable to manage themselves effectively. These employees generally need more input from teammates and leaders, and managers can typically see a dip in productivity when they are not physically in office.



According to the Sapien Labs 2022 Mental State of the Worldreport, South Africa is among the five countries with the highest proportion of respondents who reported being ‘distressed’ or ‘struggling’. From a Human Resources (HR) perspective, these results are consistent as we see that mental health continues to top the list of issues that employees seek assistance for via company employee wellness programs.



Balancing a business’ need for productivity versus the employees’ need for overall wellbeing has therefore, probably, been one of the biggest challenges that leaders face in a post-pandemic world.



A need for soft skills



The necessity of balancing employee wellbeing with productivity has led to a greater need for soft skills within companies’ leadership ranks. Business leaders can no longer get away with only being technically strong. A high level of emotional intelligence (EQ) – both in terms of understanding their own emotions and how they impact others, as well as understanding their team members’ emotions and its impact on their behavior – is now a critical requirement for leaders.



Leaders must be compassionate, transparent and visible while working remotely through increased communication. They must have a high level of EQ to manage different personality types and get the best out of them in a virtual environment. They must also help team members navigate the intricacies of a work/life balance so that the business, and its people, can move forward in the best possible way.



Leaders should not set out to drive productivity but rather start by creating a space where people want to be. When employees feel they are in a safe space and are valued, they become stronger and give discretionary effort – when you give more than what is expected of you. Once you create that space and culture, productivity will naturally flow. Bounce-ability



And finally, leaders must be adaptable. There’s a great term for it: bounce-ability – it means having the ability to bounce back from challenges.



The past three years have taught us that things can change in a heartbeat. Resilience and agility are important traits for leaders who must make quick decisions and adapt to changing market conditions in real time. They must be visionaries and have the foresight to accurately scenario plan for what may be coming around the corner, in order to lead their organizations forward sustainably.



Authenticity has never been more important; leaders must be authentic and vulnerable because it’s in one’s vulnerability that people see your strength.

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Productivity vs Employee Wellbeing: Why New Leadership Skills Are Required For Businesses To Succeed In 2023

The telecommunications landscape is thriving – well-nourished by the plentiful possibilities of diversification, digital transformation and fintech solutions. This much was evident as leading mobile money and fintech business CEOs gathered in a landmark session at Mastercard Collaborate to Innovate, an annual gathering that invites businesses to discover new ways of embracing disruption and redefining the future.



In one of the event’s most anticipated sessions, three leaders in the telco-fintech transformation space – Airtel, e&amp; and MTN – gathered on one stage to share their thoughts about the future of mobile money and their evolution from one-time pioneers to mainstream movers and shakers.



This is because, in some respects, mobile money is becoming more valuable than the core telco business of operators, presenting an interesting challenge in shifting the mindsets of stakeholders. However, with new separate divisions within the businesses, there is now also a chance to give greater visibility to investors and shareholders into fintech, so that mobile network operators can become the fully fledged financial services businesses that can drive future growth.



As Ian Ferrao, CEO, Airtel Money put it, mobile network operators have come a long way. “Telcos started out as engineering businesses, then became marketing companies, and eventually developed into retail. Now, it’s very much a customer-first outfit, focusing on how we can meet the needs of our customers with the right technology.”



Mobile money has disrupted the way whole economies work, especially in Africa, where the amalgamation of largescale mobile phone adoption and accessible mobile financial services leapfrogged the traditional finance infrastructure. “It’s been a privilege to see the way mobile money brought prosperity and bridged the divide,” continued Ferrao.



Centralizing our product design and experience around the customer is definitely a focus area, emphasizes Khalifa Al Shamsi, CEO, e&amp; life. &#8220;As we double down on pioneering our digital businesses that combine both technology and product innovation, we’re continuously looking to address the diverse customer segments needs with a commitment to agility and adaptation based on regional variations in digital experience expectations.”



Along with knowing where to focus, the fintech leaders also highlighted that the ‘how to get there’ is equally important. “The key to success is excellence in execution, by deploying the right strategy at the right speed, because that will lead to partnerships that can fuel growth in the right direction,” says Serigne Dioum, Group CEO, MTN Fintech.



“To move from telco to techco, we have to build the right platforms that can offer the right value proposition. This is where the right partners can add value. The future is in partnerships, enablement, access to assets, service to customers, and a superior customer experience via the best-in-class apps,” Serigne continued.



What do they think of the competition? “We’re all competing against cash,” said Ferrao. “The market is still underpenetrated. Together we’re building a cashless society that supports financial inclusion, offering people and small businesses the chance to realize transfers, savings, loans, payments, insurance, wealth building, and much



more, especially as a new middle class in Africa emerges. Customer centricity is essential and adapting at speed is imperative. This is only possible by simplifying Technology stacks and IT architecture, and addressing the culture of an organization so that there isn’t an inherent resistance to change.”



Amnah Ajmal, Executive Vice President, Market Development, at Mastercard Eastern Europe, Middle East and Africa who hosted the panel discussion, emphasized the value of mobile money solutions for SMEs, especially in Africa, where they drive a significant part of the economy, community employment and trade.



“Mobile money solutions help SMEs to grow and scale faster, expanding their customer base quicker, improving their capabilities for financial management, enhancing their operational efficiency, and ultimately increasing profits. SMEs, are responsible for 90% of the world&#8217;s businesses, and more than 50% of employment worldwide. Formal SMEs also create 7 out of 10 jobs. SMEs contribute around 40% of the national income (GDP) in emerging markets which is a game changer. Furthermore, harnessing the power of data to grow commerce can help retailers, small businesses, and customers in various industries where dedicated insights can drive better decision-making,” said Ajmal.



As 5G becomes more widespread in Africa, and more use cases come online, the growth in fintech, mobile money and diversified telco offerings will benefit further. So too will people and businesses. In its capacity as a global technology company in the payments industry, with a full suite of enterprise products and solutions to drive loyalty, growth, and personalization, Mastercard is a key partner for many mobile network operators in the region and beyond.



Ajmal says Mastercard develops strategic digital transformation strategies for telcos and other enterprises by listening to pain points, deploying the relevant technology, and co-creating where new potential emerge. “This is a business of partnerships that leverage complementing capabilities, reach and expertise. From our side, we will continue to tap into new technologies to develop new value propositions that are personalized and contextual, shaping the future of commerce, solving real problems for businesses, and making people’s lives easier.”

TELCO panel at Collaborate to Innovate 2023

From Telco to Techco: Digital Transformation Discussed at Mastercard Collaborate to Innovate

When you really take a moment to look back, it’s crazy to think just how much the world of work has changed in recent years. So many of the business processes that we used to do manually are now done at the touch of a button thanks to new and emerging digital technologies. And our working day is no longer defined by a set number of hours that we have to spend in front of our desks in an office.



In addition to this, changing employee and customer expectations demand that businesses deliver technologically-enabled ways of working so that they don’t fall behind the competition. This is particularly true in Africa, where the simplest solutions can bring about quite massive leaps forward. But when implementing new technologies and embracing the transformation of work, a lot of business leaders battle with maintaining control, while also trusting that the technology can do what it promises. This is where conversations around cybersecurity are so important.



In our hyperconnected world, businesses always have to keep an eye on security to guarantee that they meet changing customer needs without upping risks. In recent years, we have seen cybersecurity rise on the business agenda, as more and more organizations realize that cyberattacks are no longer something that “only ever happens to others”.



For modern businesses, the challenge is to bring in emerging technologies to improve the level of service they offer to their customers without creating new pathways for cyberattacks.



Today, if you want to safely accelerate your business operations, it is critical that you have robust cybersecurity measures in place. But unfortunately, the same technologies that can help businesses improve agility, predict customer demands and improve efficiency, can also be leveraged by threat actors to create more advanced methods of attack.



For example, in recent months, we have all been caught up in the hype around artificial intelligence (AI) and have witnessed how incredibly powerful AI is – and able to transform every aspect of our lives. Yes, the AI genie is well and truly out of the bottle but if we are to benefit from it, we must be aware of what it can do when it falls into the wrong hands. When used by sinister actors, AI can create malicious software, draft more convincing phishing emails and spread disinformation in less time and with less effort, making it easier for hackers to launch multiple attacks at the same time.



According to Vodacom research, few are finding a happy balance between product, process and service innovation, keeping an eye on emerging trends and prioritizing security. While more than 65% of businesses claim to have never been affected by a cybersecurity incident, recent research from independent analyst and consultancy firm, Omdia, found that a staggering 91% of security decision makers have had to deal with a security-related incident in the last year.



Unfortunately, in many instances, legislation trails technological innovation. And when it comes to cybersecurity, this can be a major stumbling block because there are no guidelines around how to innovate, safely. With all of this in mind, it’s essential that organizations build resilience so that they can disrupt but also prevent themselves from being disrupted in the future.



The successful transformation of work and the creation of ‘fit for future businesses’ cannot happen without the five Cs – collaboration, communication, connectivity, consumers and cybersecurity. In order to deliver on the final C on this list, businesses need to start with a plan. Not only must your cyber strategy be built into the foundation of everything you do, it must also be understood and adopted by all key stakeholders and employees.



A simple way to improve your security resilience is by changing the behaviour of your people. We know that people are often the weakest link in an organization’s cyber defences, which is why fit for future businesses work to cultivate a culture of cyber awareness by constantly reinforcing security priorities.



In line with this, it’s important to remember that having strong cybersecurity measures in place is not only about safeguarding your business against malicious activities; it’s also about building trust – among your customers, partners and stakeholders. When you take cybersecurity seriously, this showcases that you care about data and privacy and are actively working to keep sensitive information secure.



Cybersecurity is not a one-time implementation. It requires ongoing maintenance and improvement process; especially with the playing field shifting as quickly as it is. This makes it essential for businesses to regularly assess the strength of their cybersecurity defences and quickly fill in any gaps that might exist.



What does this look like? Running regular workshops to educate employees about the latest threats, keeping up-to-date with software updates, conducting vulnerability assessments (internally and across your supply chain) and always staying informed about emerging threats. As a simple example, in the same way that AI can be used by cybercriminals to improve their attacks, cybersecurity professionals can also leverage AI to boost their defences. When using AI, cyber teams are able to process large amounts of data quite quickly, which empowers them to make more timely decisions, enhances threat intelligence and detection as well as speeds up incident response.



At Vodacom, we have witnessed the level of innovation that can happen when you connect people and when you place something as simple as a mobile device in someone’s hand. We have also seen society regularly downplay how much potential there is for seemingly ‘low tech’ solutions to deliver big results.



But innovations also carry risks. Truly impactful innovation can only be achieved if cybersecurity is at its core. When this is the case, businesses are able to tap into future ways of working that will unlock new levels of competitiveness for the country and the continent.

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Securing The Future In The Rapidly Evolving World Of Work

What started out as an idea between two best friends, a little over a decade ago, grew into an established business operating nationally and recently becoming global partners with a billion Euro European technology group. It’s the classic nothing-to-something, rags-to-riches story.



Eco-Cycle Environmental Group (EEG) was co-founded in 2010 by Michael Calamas and Garth Oertel. Initially, the duo recognized an undiscovered opportunity within the recycling industry. However, their vision was always to build an environmental group. EEG now offers holistic environmental solutions nationwide with plans to expand across the African continent. During their existence, they’ve managed to secure both national investment by one of the largest packaging manufacturers in South Africa, the Corruseal Group, and, more recently, global investment by French technology group, TSG.



But how did it all start?



Prior to establishing EEG, Calamas and Oertel were lifelong friends and worked together for several years in corporate.&nbsp; However, their entrepreneurial spirit inspired them to strive for more, and they wanted to partner up and &nbsp;build their own dream – their own empire.&nbsp; After years of traveling the globe, in the buildup to inception, they recognized the beginning of the environmental movement, specifically in first world countries.&nbsp; This sparked their interest in realizing that the environmental space was not yet saturated in South Africa and had huge scope for growth.&nbsp;



With ideas circulating in their minds, fate would also have a role to play.&nbsp; In 2009, on a leisure trip to Cape Town, South Africa, stationed at a red traffic light within the city, Calamas noticed a magazine being sold which had Sir Richard Branson on the cover.&nbsp; The magazine named the ‘Big Issue’ had been sold by underprivileged people within the Cape for several years (and still to this day), and Calamas was inspired by the fact that this charity-style of business helped put food on people’s plates whilst remaining economically viable.&nbsp; This would later have an influence on how EEG would model their business in the future.



Within the cover article, Branson dives into the excitement surrounding the environmental space and how it would become the next trillion-dollar industry.&nbsp; Weeks later, Calamas was having dinner at the high-end neighborhood precinct, Melrose Arch in Johannesburg.&nbsp; Across the square, he noticed Branson standing within the Melrose Arch Hotel lobby.&nbsp; Calamas dashed across the square and into the hotel lobby, greeted Branson and began to unpack his intentions of entering the environmental space.&nbsp; Branson, humorously pleased, provided words of advice, gave his best wishes and a handshake.&nbsp;



In 2010, research began on the recycling and renewable energy industries.&nbsp; They realized both spaces were untapped in South Africa but concluded that the recycling opportunity was immediate.&nbsp; Renewable energy at the time, particularly solar and batteries was not financially viable and new generation tech was on the horizon, which would perform significantly better.



With limited resources, both coming from humble beginnings and no financial backing, Calamas and Oertel had a mere R5,000 ($262) between them to start.&nbsp; They decided to focus their energy on building innovative industrial/commercial recycling models. They uncovered that supermarket retailers were experiencing major issues with high volumes of recycling materials in their receiving areas, causing space constraints, rodent infestations, enabling theft, hampering deliveries, and increasing waste costs.&nbsp; They sourced a vertical compact baling machine from Denmark – the first of its kind in South Africa.&nbsp;



The machine simply crushed and compacted the materials into a solid 40kg bale illuminating air/volume, along with all the retailer’s challenges.&nbsp; On the realization of its success, they sourced a local engineering partner and manufactured the vertical baler locally, punting it as proudly South African.&nbsp; They built, presented and implemented a ‘reverse logistics’ model, routing all bales back to the retailers’ distribution centers.&nbsp; This dramatically increased the value of the commodity/recyclables and created a new, highly-profitable revenue stream for the retailers.&nbsp; This was niche, groundbreaking and disruptive, and they placed hundreds of these machines, securing large volumes of recyclables and a large market share.&nbsp; Today, these vertical balers have become industry norm and are a standard fixture at all supermarkets, pharmacies and butcheries.



This success soon caught the attention of the Corruseal Group, leaders in the corrugated manufacturing space in South Africa.&nbsp; The idea was that Eco-Cycle supply Corruseal with recyclable material sourced from supermarkets to manufacture new packaging instead of using planet earth’s raw materials and then supplying packaging back to the supermarkets, which created a unique environmental loop, and differentiated Eco-Cycle from its competitors.&nbsp; A deal was done quickly and Corruseal acquired an equity stake in the now recycling division of EEG, Eco-Recycle.



As Calamas says, “the overarching vision was always to build an environmental group” and, in 2015, the pair created a holding company called Eco-Cycle Environmental Group.In 2018, they launched their renewable energy division, Eco-Cycle Innovate, offering solar and battery hybrid solutions as well as LED lighting.&nbsp; With loadshedding in South Africa spiking, Calamas adds that “the timing was right, economies of scales kicked in driving solar hardware pricing down, new generation tech evolved, performing brilliantly and the market was ready to respond.”&nbsp; Oertel elaborates further that “it was a natural progression for us, targeting all our current recycling clients was an easy entry point and we secured major solar projects early on, which set a fantastic trajectory for the division.”



Within the first two years of trading, the division installed more than 20 megawatts of solar power, with their third looking to eclipse that.&nbsp; It wasn’t long before the young entrepreneurs were approached again, but this time by a billion Euro global technology and service giant, TSG Group.&nbsp; After nine months of due diligence and technical audits, Calamas was invited to Paris, TSG’s headquarters to sign the final agreements, with TSG acquiring an equity stake in Eco-Cycle Innovate.&nbsp; Why this is a remarkable feat is, over the last two years, TSG have assessed almost 500 companies globally for acquisition purposes and have only acquired 20 companies with Eco-Cycle Innovate being the 20th, placing them within the elite top 5 percentile.



What is truly admirable about this authentic organization is their business ethos, philosophy and practice, which is based on the ‘Triple Bottom Line’.&nbsp; The entire EEG business model is geared towards benefiting the environment, making economic sense and supporting the socially underprivileged – Planet-People-Profit.&nbsp;



The group is a member of the Green Building Council of South Africa (GBCSA) and a green network partner of the World Wildlife Fund (WWF), donating annually to conservation projects.&nbsp; Socially, they’ve implemented a two-year character-building program called Men &amp; Ladies of Honor within township high schools.&nbsp; Eco-Cycle’s co-founders and management team teach imperative life lessons each week and on students’ commissioning, they can qualify for university funding.



What does the future hold?&nbsp; Building large commercial power plants throughout Africa. &nbsp;The launch of Electric Vehicle Charge technology in South Africa. Hardware distribution through Africa, environmental products and water services are all on the agenda.



In closing, what these dynamic, hardworking entrepreneurs have proven is that they know how to build a sellable business.&nbsp; Nothing great comes easy or quickly – you need to be consistent over a lengthy period and you will be rewarded.&nbsp; Honesty, good ethics and caring for others can form part of your DNA and you can still be profitable. There’s certainly a lot that can be learned from the Eco-Cycle Environmental Group.

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From Start-Up To Global Game-Changer

Climate change continues to be at the top of the agenda for both developing and developed nations. It brings with it unprecedented challenges. This uncertainty has brought about the need for governments and businesses alike to create climate-resilient societies and markets.



Mark Boshoff, Head of Climate Resilience and Sustainability Strategy at Nedbank Commercial Banking, looks at how businesses can make the right choice – one that will not only ensure that their business models are climate resilient, but that they contribute to the fight to save the planet.



Resilience is broadly defined as the ability to bounce back. Boshoff characterizes climate resilience and sustainability as something everyone in a business is responsible for; from level one employees right up to the CEO. He says to create climate-resilient strategies, businesses need to think of the acronym MAT: Mitigate, Adapt and Transform.



“You can mitigate by first cleaning up your own act, by reducing your carbon footprint, reducing your emissions, and trying to get it going on that basis. It also looks at what happens when that event strikes you: Do you have adequate insurance? Are your supply chains in a position so that you can reorganize them?” he asks.



Risks



As with any major global shift, climate change not only poses risks to the planet but also risks to your business operations. Boshoff identifies the following four risks:



• Financial Loss: Your company can be sued for being a polluter;



• Infrastructure and Supply Chain: You need to look at how you can protect your infrastructure and insure it to mitigate loss in the event of a disaster;



• Reputation: How do stakeholders and the communities you do business in perceive you?



• Stranded Assets: Insuring your business isn’t obsolete in a few years.



Boshoff explains stranded assets by saying: “You’ve got to be very, very certain that you don’t have a business that is running some kind of operation that is going to be obsolete in a couple of years’ time. Think, for example, of fossil fuels and coal mines, not because they are necessarily bad, but because industries are moving away from them and you don’t want that to be your sole offering, or your only product or only asset.”



Opportunities



It isn’t all doom and gloom, as climate resilience can also present businesses with the opportunity to pivot and expand into untapped markets, like the renewable energies sector.



“One of the opportunities is the demographic that is involved here. Think of millennials – they are very, very aware of climate change. They are the generation that is going to inherit this planet and if they decide that your company may not be on the right track, they can very quickly boycott you. Just think of the power someone like Greta Thunberg has got,” he adds.



Nedbank leads the way in its sector and is known as the ‘green bank’, helping businesses see the opportunities in climate resilience by creating various funding mechanisms to support the shift to more sustainability-focused business models.

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Climate Resilience: Preparing your business for a sustainable future

The growing participation of iconic South African fashion designers in exclusive international fashion events, as witnessed in September 2023 at the Paris, Milan and New York Fashion Weeks respectively, not only bodes well for the careers of top South African fashion designers but for the entire SA fashion industry, in terms of growth and potential exports.



“From Viviers Studio and their third showcase at Milan Fashion Week, Celeste Arendse’s SELFI showcasing in New York City, to the incredible partnership between Tumi Buys’&nbsp;<a href="https://www.instagram.com/p/CwNiFsytukR/?img_index=1">The Fashion Firm SA</a>, Mercedes Benz and 10 South African designers at Milan’s The White Show – suffice to say that South Africa is showing no signs of slowing our presence internationally,” commented fashion writer and wordsmith Holly Beaton, on the independent media space and integrated agency, CEC, following SA designers’ presence at recent international fashion events.



“While we have never needed international recognition to affirm the creative ingenuity of South Africa, this kind of global exposure, networking, cultural exchange and market exposure are immeasurable additions to our local industry; nurturing the possibilities of designers in the present and the talent of the future, to experience the world as truly their stage,” she added.



Catching the Eye



Indeed, when it comes to bold and vibrant colours, style, variety and innovation, South African designers are increasingly catching the eye and claiming their stake, both locally and internationally. Design icons like Nkhensani Nkosi (Stoned Cherrie); Linda Gale (Stitch &amp; Steel); Jacques van der Watt (Black Coffee); stalwart Marianne Fassler (Leopard Frock); David Tlale; &nbsp;Palesa Mokubung (Mantsho); Mzukisi Mbane (Swagger Diaries); Wandile Zondo (Thesis Lifestyle); Thula Sindi; Bongiwe Walaza; Cari Stephenson (Tart); Laduma Ngxokolo (MaXhosa Africa); Leigh Schubert; Thebe Magugu and Gert-Johan Coetzee are only a few of the country’s designers who are leading the way. Moreover, many of these designers have successfully showcased their work and labels at international fashion events and are becoming internationally renowned.



Industry Overview&nbsp;



 According to SME South Africa, the Clothing, Textiles, Footwear, and Leather (CTFL) industry is big business in South Africa, currently representing some  <a href="https://capeclothingcluster.org.za/sector-profile/#:~:text=Clothing%20and%20textile%20production%20in%20South%20Africa&amp;text=It%20accounts%20for%20around%2014,GDP%20(Industrial%20Development%20Corporation).">14%</a> of manufacturing employment in the country, which would mean that the sector facilitates an estimated 60,000 to 80,000 jobs. Textiles are also the country’s eleventh largest manufactured goods export.



The South African textile industry is very versatile, with a blend of traditional and modern textile production processes being used. Government has recognized the opportunities that the textile industry offers, and so it has focused on improving domestic textile products, processes, and delivery efficiencies.&nbsp;Over&nbsp;<a href="https://zuidafrika.nl/trade-investment/ks-textiles/">$1 billion</a>&nbsp;has been spent on the South African textile industry since 1994, to help the industry upgrade and modernize. This has also been done to help the textile industry compete on a global scale.&nbsp;



As a small business, the South African textile industry offers many opportunities. From producing clothes and selling them in a local market, to mass textile production, there are many examples of&nbsp;<a href="https://smesouthafrica.co.za/south-african-list-of-businesses-in-fashion/">South African fashion businesses</a>&nbsp;that have achieved great success.&nbsp;&nbsp;



Fashion Designers Contribution to GDP



Already in 2020, Mohair South Africa predicted that South Africa’s fashion designers could play an important role in helping to rejuvenate manufacturing and help create jobs and skills as the country grapples with the impact of and recovery from the Covid-19 pandemic.



A collaborative study in 2020 between the DTIC and the South African Cotton Cluster titled, Assessing the Economic Value of the Designer Fashion Sector in South Africa, revealed that designers, “an often-forgotten segment of South Africa’s clothing and textile sector, contributed at least R1 billion (approximately $53 million) to GDP during 2019. It also concluded that designers had substantial growth opportunities within an evolving local middle-class market estimated to be worth approximately R180 billion (approximately $9 billion).”



The study noted that the sector could aggressively target the growing upper-middle class of South Africa. It also identified opportunities for this segment of the sector to position itself in line with changing societal trends and influences, particularly when it came to growing the ‘slow fashion’ segment of the clothing market.&nbsp;



Researchers noted that international markets had already begun to shift their buying behaviour towards ‘slow fashion’ which is defined as a more conscious approach, in which small-scale, responsibly produced products are favoured. Slow fashion sees an emphasis on considered designs, limited production of ranges and a focus on the use of natural fibres and recycled materials as opposed to harmful synthetic alternatives. The study highlighted that the South African designer clothing sector was incredibly well-placed to adopt the slow fashion mentality and to cater to this growing trend.



“The sector has the ability to service the increasingly stringent requirements of the market when it comes to sustainability and ethicality throughout brands’ value chains. There are ample opportunities when it comes to positioning the designer apparel sector as a pioneer and custodian of sustainability. The sector’s contribution to the local economy, as well as identified potential impact, positions the designer apparel sector as a key investment opportunity,” the study states.



Industry Growth



In his SONA 2023 address to the nation, President Cyril Ramaphosa pointed out that the clothing manufacturing industry in South Africa contributes around one-third of GDP. It is an important sector to invest in, which is why government’s textile, footwear and clothing cluster master plan intends increasing the amount of locally-made garments in stores from 44% to 65% by 2030. If it succeeds, it could create 120,0000 more jobs, bringing the total number of work opportunities across the entire fashion supply chain to 330,000, he said.



In terms of the recently implemented industry masterplan, major retailers have committed to increasing locally-made clothing ranges in their stores from around 50% currently to 65% by 2030.



Head of Global Markets at Brand South Africa, Jimmy Ranamane says that the South African fashion industry plays a crucial role in positioning the country as a ‘nation brand’ and a manufacturing hub in Africa. “Our fashion and textile industry not only contributes significantly to the country’s GDP and ultimately job creation. It is a key sector that helps promote South African exports in global markets and a crucial pillar of our country’s trade and investment story,” he says, adding that “the level of talent that South Africa exports in the fashion landscape competes with the best designers across the globe. The fact that our products are celebrated within the best of breed fashion events bears testament to the quality of designs that South Africans export to different markets,” says Ranamane.



Constraints



Economic pressures, however, continue to weigh heavily on the clothing trade, and consumer spending remains constrained. The relatively robust performance of the value/discount fashion segment reflects the migration of cash-strapped customers to stores offering cheaper products. The&nbsp;March 27, 2020&nbsp;lockdown precipitated a surge in online retail sales, as people cut back on in-store shopping. There were significantly fewer new store openings in 2020, with major retailers prioritizing cash preservation over capital expenditure. Adding to weaker consumer demand, supply chain disruptions and other pandemic-related challenges, was an eight-day spate of civil unrest in&nbsp;July 2021.



Yet, despite the above constraints, industry pundits are confident that South Africa’s fashion design and textile industry, particularly in the e-commerce sector is set to grow. “The South African Fashion ecommerce market is predicted to reach $858.4 million by 2023 and accounts for 13.6% of the total ecommerce market in South Africa. It is expected to increase over the next years. The expected compound annual growth rate for the next four years (CAGR 2023-2027) will be 14.1%, resulting in a projected market volume of $1,452.9 million by 2027.

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Up And Away: South African Fashion Designers In Demand Abroad; Local Textile Production Set To Increase

The South African informal sector is vibrant, pulsating with entrepreneurial energy. Valued at almost<a href="https://www.africabig7.com/township-economy/"> $10 billion</a> and representing 17% of the country’s total jobs, the informal economy is an indispensable cog in the economic machine. And yet, it remains largely disconnected from formal financial systems and services.



<a href="https://bit.ly/3s64dJE">Mukuru</a> is a leading next-generation financial services platform in Southern Africa that offers affordable and reliable financial services to a customer base of over 13 million people across Africa, Asia and Europe. It is leading the charge in building a bridge to include the underserved population in the mainstream economy and connect them to services they would otherwise miss out on. Importantly, Mukuru simultaneously provides access to this growing, dynamic customer base to its partners who previously had no platform to interact with the underserved communities.



“With the informal sector constituting such a significant percentage of the country’s economy, its exclusion from the formal financial ecosystem is detrimental on a number of levels. For one, by depriving more than 50% of South Africa’s urban population who live in townships and informal communities from financial access, the economy is losing the potential to harness the power of the sector to drive growth and financial stability,” says Mukuru CEO, Andy Jury.



Addressing the gap



Innovative fintech players have an unprecedented opportunity to address this gap. By leveraging digital technologies, Mukuru is designing financial services that cater to the unique needs and contexts of the informal sector.



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“With more than 100 million transactions to date, we’ve developed a set of services to address the broader financial needs of our customers,” explains Jury, adding that Mukuru’s core was built on providing international transfers and has evolved into a platform that provides financial services that its customers want.



“We put the customer front and centre of everything we do. As such, we serve clients across physical and digital channels, and by various payment methods including cash, card and wallet, as well as a range of engagement platforms including WhatsApp, USSD, contact centre, app, website, agents and a branch and booth network. We ensure that we meet customers where they want to transact and then work to build trust on their financial journeys.”



Trust is the lifeblood of any financial relationship, says Jury, and even more so in the informal sector. Relationships hinge on in-person engagements and handshakes. This makes establishing trust through digital platforms a difficult undertaking. It requires savvy fintechs to focus on elements such as convenience, transparency, reliability, and safety. It also relies heavily on social influencers who already have trust within communities.



Adding to the value chain



Jury says that hidden fees and costs erode trust and discourage engagement with <a href="https://bit.ly/3tH9iZj">formal financial services</a>. Digital platforms that make all costs visible and easily understandable foster trust by ensuring customers know exactly what they are paying for.



The ability to deliver on promises consistently is pivotal in establishing confidence. Whether it is order delivery, cash collection or digital distribution, the assurance that services will function as promised and when needed is crucial in maintaining trust.



“Mukuru spends a great deal of time analysing where we are over delivering and under-delivering and then make sure steps are taken immediately to live up to our trust-based proposition,” he says.



Listening to the customer



“Engaging in a consistent feedback loop with customers is also crucial to maintaining trust. By actively seeking customer feedback and incorporating it into service design and delivery, digital financial services show that they value and respect their customers. This feedback loop, combined with dedicated customer service, fosters trust by showing customers that their voices are heard, and their concerns addressed,” he says.



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Integrating user-friendly digital payment systems that are widely accepted throughout informal communities while providing accessible cash withdrawal points are essential. Ultimately, according to Mukuru, establishing an environment of trust is the key to creating a pan-African digital financial system that is inclusive, resilient, and robust.



“It is incredibly rewarding to walk the journey with a customer from his or her first experience with a digital store of value, all through a card to accept salaries and make online purchases, as well as stepping up into broader financial services,” says Jury.



About Mukuru



Mukuru is a leading next generation financial services platform in Southern Africa. With over 100 million transactions to date, our core was built providing international money transfers and from this base, we’ve developed a set of services to address the broader financial needs of our customers. We now operate in over 50 countries and across over 300 remittance corridors.



Mukuru has, for the fourth consecutive year, been listed as one of the top 100 Cross Border Payments businesses in the world in the 2023 FXC Intelligence <a href="https://news.cision.com/fxc-intelligence/r/top-african-payment-companies-increase-by-100--in-five-years,c3754830">Top 100 Cross-Border Payment Companies</a>, one of only six African companies to receive this accolade.



In April 2023, Mukuru officially ranked sixth on the 2023 LinkedIn Top Companies List in South Africa. Further information can be found at <a href="https://www.mukuru.com">https://www.mukuru.com</a>

janet

Building A Digital Bridge To Financial Inclusion In SA’s Informal Sector

If you’ve ever wanted to experience the privacy and luxury of a premium yacht, but also want the wide range of facilities that only a large cruise ship can offer, your dream is sure to come true this summer. MSC Cruises’ ship-within-a-ship concept, <a href="https://www.msccruises.co.za/our-cruises/msc-yacht-club">MSC Yacht Club</a> on-board MSC Splendida, is coming to South Africa for the first time in 2023, and will set new standards for cruising, giving discerning cruisers the best of both worlds.



Once you have experienced MSC Yacht Club, you’ll never cruise any other way again.


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<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="812" src="https://cms.forbesafrica.com/wp-content/uploads/2023/10/MSC18016739-1024x812.jpg" alt="" class="wp-image-59995" style="aspect-ratio:1.2610837438423645;width:484px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/10/MSC18016739-1024x812.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/MSC18016739-300x238.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/MSC18016739-768x609.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/MSC18016739-1536x1218.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/MSC18016739-2048x1624.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure></div>


From November 2023, MSC Yacht Club will be available for the local market to experience for the first time on local shores, offering guests a curated collection of exclusive experiences.



MSC Yacht Club is located on the foredeck of MSC Splendida. Its exclusive 71 suites were created by world renowned architects, De Jorio Design International, with every detail carefully crafted to provide the ultimate in personalized service. MSC Yacht Club’s design and style is built on five pillars: Personalization, Exclusivity, Premium Food &amp; Beverages, Amenities and Comfort, and Sustainability, all working together to create an unforgettable experience for guests.


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<figure class="alignleft size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="684" src="https://cms.forbesafrica.com/wp-content/uploads/2023/10/MSC16008705-1-1024x684.jpg" alt="" class="wp-image-59994" style="aspect-ratio:1.4970760233918128;width:469px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/10/MSC16008705-1-1024x684.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/MSC16008705-1-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/MSC16008705-1-768x513.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/MSC16008705-1-1536x1025.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/MSC16008705-1-2048x1367.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure></div>


A dedicated team of culinary experts, butlers and a concierge is available 24/7 to attend to guests’ needs.



The private restaurant offers classic Mediterranean dishes, with local favourites added for that South African flavor and flair. Naturally, the restaurant’s dedicated sommelier will make sure that guests’ food is paired with the perfect bottle of wine every time. &nbsp;



The exclusive MSC Yacht Club package includes:



<ul>
<li>Complimentary access to the Thermal Suite in the MSC Aurea Spa</li>



<li>Luggage packing and unpacking service</li>



<li>Daily newspaper delivery</li>



<li>Complimentary shoe-shine service upon request</li>



<li>Complimentary bottled water, soft drinks and beer replenished daily</li>



<li>Premium extra drinks package</li>



<li>Premium internet package</li>
</ul>



MSC Cruises is excited to bring this product for South Africans to experience for the first time and encourages fans of cruising and those who are looking for an alternative holiday to book their cabins now.


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="681" src="https://cms.forbesafrica.com/wp-content/uploads/2023/10/MSC13015323-1-1024x681.jpg" alt="" class="wp-image-59993" style="aspect-ratio:1.5036710719530102;width:488px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/10/MSC13015323-1-1024x681.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/MSC13015323-1-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/MSC13015323-1-768x511.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/MSC13015323-1-1536x1022.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/MSC13015323-1-2048x1363.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure></div>


In addition, all the amenities of this popular liner are available to MSC Yacht Club patrons, including several speciality restaurants and bars, an ultra-modern gym, a squash court and a jogging track. In the evenings, adults can choose between top-quality shows at the Strand Theatre, dancing in the disco or trying their luck in the casino.



With this on offer and so much more, make <a href="https://www.msccruises.co.za/">MSC Cruises</a> your cruise partner of choice this summer.



MSC Cruises looks forward to welcoming you and your loved ones onboard!

MSC Splendida

Cruising The High Seas: All Aboard For A Luxury Experience

Addressing the challenges faced by manufacturers requires a systematic approach to boosting operations and optimizing technological processes. These include reaping the benefits of 5G connectivity which, alone, is predicted to add <a href="https://www3.weforum.org/docs/WEF_The_Impact_of_5G_Report.pdf">$13,2 trillion</a> to the global value produced by industries by 2035. Of this, almost 33% will come from manufacturing.



Across the world, manufacturing companies that have added 5G private networks to their operations are already benefiting from the technology, which is driving automation, the Internet of Things (IoT) and artificial intelligence (AI) on the factory floor.



The benefits of moving to 5G private networks include improved quality resulting from the use of predictive analysis to reduce the number of defects and detect damage in real-time. Virtual reality-based training is also ensuring safer work practices.



For manufacturers, the problems posed by the traditional factory challenges &#8211; which range from machine downtime and maintenance to supply chain delays and quality issues, and inefficient material handling &#8211; can be reduced significantly by using 5G private networks to drive the optimization of processes.



Manufacturers acting proactively to address these challenges will benefit through reduced production cycle times, increasing productivity, and overall efficiency on their floor.



The ‘smart factories’ that increasingly rely on automation, augmented reality and IoT will see 5G private networks powering devices and sensors around the factory, integrating AI into operations. Smart innovations could include automated guided vehicles to transport materials or produced goods, remote-controlled operations, digital quality inspection of production to detect defects, rework or enable root-cause analysis of issues.



The introduction of 5G private networks will also see industrial robotics communicating more reliably and with much less delay than was previously possible. Tethered and untethered robots could also be controlled, monitored, and reconfigured remotely over the 5G private network.



Already, some automotive manufacturers are leveraging partnerships with telecom tech companies. Their plant’s 5G private networks are helping to support automotive production on site and being used to track goods in and out of the factories. The networks also support automated guided vehicles in use throughout the plants.



Realizing the benefits, manufacturers are steadily moving to private networks to ensure that they can optimize the benefits of 5G.



Private networks empower users to utilize dedicated equipment and configurations in their networks. And, as they run separately from public networks, they can be deployed within a customer’s premises or in specified geographical areas, offering a dedicated and isolated network environment.



Amongst the other benefits of private networks is exclusive capacity, as there is no competition for space from other network users. High data speeds, up to 10 times faster than previous connectivity, translate into quicker downloads and uploads of large files and data sets, video streaming and large-scale data transfers. Notably, the problems associated with working in industrial areas far from urban centers and having spotty or weak indoor coverage are eliminated.



In a sector where supply chain stock sitting idly on shelves is expensive, 5G private network users are effectively managing supply chains by utilizing ‘just in time’ (JIT) techniques to ensure that materials and equipment are available when needed. The benefits are reduced production delays and improved efficiency. Savings, through reducing the cost of holding excess stock in storage facilities, are also achieved.



MTN believes that 5G private networks will play a pivotal role in transforming manufacturing. Its judicious implementation will be especially beneficial to African-based manufacturers who will be able to use its capabilities to leapfrog competitors who are not as connected, while producing high-quality, desirable products for local and international markets.

GM-for-ICT,-MTN-Business—Sudipto-Moitra-(1)

5G Private Networks Are Set To Transform The Manufacturing Sector

Situated in the vibrant heart of Rwanda’s capital, the Radisson Blu Hotel &amp; Convention Centre in Kigali isn’t merely a hotel, it’s a holistic leisure destination. Seamlessly combining luxury, comfort, gastronomy, and entertainment, this establishment ensures that every guest experiences the essence of Rwandan hospitality coupled with global standards of indulgence.



A Culinary Odyssey Awaits



At the center of any leisurely escape is the pursuit of culinary delight, and this is where the Radisson Blu Kigali truly excels:



• Filini Restaurant offers an authentic slice of Italy in Kigali. With its casually sophisticated ambiance reminiscent of Italy’s charming landscapes, guests can stroll through a seasonal deli and marvel at the open-concept show kitchen. Here, Italian cuisine transforms into a mesmerizing sensory experience.


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<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="614" src="https://cms.forbesafrica.com/wp-content/uploads/2023/10/2019-05-rhg-kglzh-064182-2-1024x614.jpg" alt="" class="wp-image-59925" style="aspect-ratio:1.6677524429967427;width:410px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/10/2019-05-rhg-kglzh-064182-2-1024x614.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/2019-05-rhg-kglzh-064182-2-300x180.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/2019-05-rhg-kglzh-064182-2-768x461.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/2019-05-rhg-kglzh-064182-2-1536x921.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/2019-05-rhg-kglzh-064182-2-2048x1228.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure></div>


• The Auditorium Club is a haven for luxury dining enthusiasts. Synonymous with aspirational opulence, this venue crafts a gourmet experience and offers a tranquil escape from the city’s hustle and bustle.



• The Business Class Lounge, designed for the discerning business traveler, strikes a balance between luxury and functionality. Modern interiors, plush seating, and ambient lighting ensure comfort while providing an environment conducive to both work and relaxation. Featuring high-speed Wi-Fi, and a range of business services, it’s a haven for those who wish to work in tranquility and an exquisite menu of light bites and beverages ensures that guests can refuel and refresh at any time of day. With large screens broadcasting live sports events from around the globe, the • Piazza Bar is a dream destination for every sports connoisseur. It offers a range of classic cocktails, select wines, craft beers and non-alcoholic delights, so there’s a drink for every palate. A contemporary design combined with comfortable seating ensures guests can relax, socialize, and soak in the vibrant energy. At the heart of the Radisson Blu Hotel &amp; Convention Centre in Kigali lies the • Izuba Wellness Spa, a haven of tranquility within the urban pulse of the city. “Izuba,” meaning ‘sun’ in Kinyarwanda (local language) truly encapsulates the warmth and rejuvenation offered by this exquisite retreat. Every element, from the ambient lighting to the aromatic scents, is curated to transport guests into a world of relaxation and revitalization. With a diverse range of therapeutic treatments inspired by both local Rwandan traditions and global wellness practices, the spa promises a bespoke experience for every visitor. Expert therapists, state-of-the-art facilities, and holistic treatments converge to create a harmonious journey for the mind, body, and soul. Whether you seek a deep-tissue massage to melt away the tension or a soothing facial to bring out your inner glow, the Izuba Wellness Spa stands as a testament to luxury, selfcare, and unparalleled pampering.


<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/2023/10/IMG_9439-1024x683.jpg" alt="" class="wp-image-59923" style="aspect-ratio:1.499267935578331;width:408px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/10/IMG_9439-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/IMG_9439-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/IMG_9439-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/IMG_9439-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/IMG_9439-2048x1366.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure></div>


• Izuba Café elegantly marries luxury with Kigali’s local essence. Nestled within one of the city’s premier hotels, this café truly embodies the vibrant spirit of Kigali while upholding an unparalleled standard of refinement for its guests. Beyond its culinary delights, Izuba Café prides itself on offering an exclusive and intimate ambiance, making it the ideal choice for private events and meetings where discretion and quality are paramount for our clients.



• Events Beyond Compare Aside from its gastronomical delights, the Radisson Blu Hotel &amp; Convention Centre stands as Kigali’s premier events venue. From global conferences and sumptuous weddings to intimate gatherings, the Convention Centre boasts state-of-the-art facilities capable of accommodating events of varying scales. With its technological prowess, elegant design and dedicated staff, each event transforms into a memorable spectacle.


<div class="wp-block-image">
<figure class="alignright size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="492" src="https://cms.forbesafrica.com/wp-content/uploads/2023/10/Auditorium-1-1024x492.jpg" alt="" class="wp-image-59922" style="aspect-ratio:2.0813008130081303;width:418px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/10/Auditorium-1-1024x492.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/Auditorium-1-300x144.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/Auditorium-1-768x369.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/Auditorium-1-1536x737.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/Auditorium-1-2048x983.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure></div>


• Leisure Amplified For those seeking more relaxed pursuits, the Radisson Blu doesn’t disappoint. Whether it’s lounging by a pristine pool, indulging in spa treatments or exploring curated cultural events, guests are assured of a plethora of activities designed for rejuvenation and recreation. In conclusion, the Radisson Blu Hotel &amp; Convention Centre in Kigali, embodies the very essence of a one-stop leisure hub. By offering a harmonious blend of exquisite dining, premier event hosting, and leisure activities, it has etched its mark as a must-visit destination for both the discerning traveler and the leisure seeker. When in Kigali, making a pit stop here isn’t just an option; it’s an experience waiting to be savored.

IMG_4734 (14008923)

Your Ultimate Leisure Destination

GSMA’s Director General Mats Granryd explains why rolling out global mobile broadband coverage is good, but it is not enough to close the mobile usage gap which is holding people back; joint measures by the mobile industry and policymakers will help break down the digital divide so that high-quality access to mobile services <a>are</a> available and affordable to all.



Chances are that you’re reading this article on a mobile device. But even if you’re not, you’re likely one of the <a href="https://www.gsma.com/mobileeconomy/wp-content/uploads/2023/03/270223-The-Mobile-Economy-2023.pdf">5.4 billion people</a> – two-thirds of the global population – who use a mobile phone, and one of the <a href="https://www.gsma.com/mobileeconomy/wp-content/uploads/2023/03/270223-The-Mobile-Economy-2023.pdf">4.4 billion</a> people worldwide who use mobile internet. Indeed, the number of mobile subscribers has increased significantly over the past few years, reflecting the substantial investments made by mobile operators worldwide in their connectivity and network infrastructure since the pandemic. Indeed, the number of mobile subscribers has increased significantly over the past few years, reflecting the substantial investments made by mobile operators worldwide in their connectivity and network infrastructure since the pandemic.



But the most notable growth has been within low and middle-income countries (LMICs). <a href="https://www.gsma.com/betterfuture/2022sdgimpactreport">Around 3.3 billion mobile internet subscribers</a> now come from LMICs, where mobile is the primary – and in many cases only – form of internet access.



Investment, collaboration and targeted, informed action by key stakeholders including mobile operators and policymakers will be critical to breaking down the digital divide and closing the usage gap. Next week in Rwanda we’ll open the doors to <a href="https://www.mwckigali.com/">MWC Kigali</a>, the perfect place to address and help erode some of the five key barriers to mobile internet adoption which we’ve identified as: affordability of handset devices and data services; lack of digital knowledge and skills; lack of relevant content or services; online safety and security concerns; and lack of access to services or enablers. As Africa’s digital transformation journey gains momentum, MWC Kigali is where powerful global innovators and political leaders from all sub-regions of the continent come together to push forward and create a better future for all.



To date, investments in mobile broadband infrastructure have brought connectivity to millions of people worldwide, enabling individuals to play an active role in the growing global digital economy. In fact, the investments made by operators have been so significant that they have closed the coverage gap to <a href="https://www.gsma.com/newsroom/press-release/mobile-internets-usage-gap-is-almost-eight-times-the-size-of-the-coverage-gap-gsma-research-reveals/">just 5%.</a> <a>In</a> the past year alone<a href="https://www.gsma.com/newsroom/press-release/mobile-internets-usage-gap-is-almost-eight-times-the-size-of-the-coverage-gap-gsma-research-reveals/">, almost 300 million people</a> from the world’s poorest regions became connected via mobile, in turn increasing individuals’ social and economic mobility, and narrowing the gender gap of mobile connectivity access.<a href="https://www.mwckigali.com/"></a>



The numbers have also been a powerful enabler in the delivery of the United Nations Sustainable Development Goals (SDGs), with mobile contributing strongly to eleven of the seventeen SDGs. In particular, it is playing a massive role in enabling Industry, Innovation and Infrastructure development (SDG9), as well as contributing to SDGs 1 (No Poverty), 2 (Zero Hunger) and 4 (Quality Education), as the smaller the connectivity gap, the more able populations are to search and apply for jobs, access government services, and educate themselves and their families online.



Where the connectivity gap closes, the usage gap prevails



This progress made towards getting <a>the majority of</a> the world covered by mobile connectivity services seems like a very promising picture. But, despite this progress, we can’t get carried away. There’s still a long way to go.



Truly connecting citizens means more than bringing network coverage to where they live. Coverage and connectivity are just one side of the coin: being able to make use of these services is another.



Unfortunately, even though the connectivity gap is closing, in many regions, including Sub-Saharan Africa and South Asia, the usage gap is widening – according to the GSMA’s State of Mobile Internet Connectivity Report 2023, the usage gap still impacts <a href="https://www.gsma.com/r/somic/">38% of the global population</a>, a total of three billion people. That is equivalent to the entire populations of China, India, USA and Spain combined being unable to benefit from their access to mobile broadband networks.



But it affects people disproportionately. Currently, individuals without access to the internet tend to be poorer, less educated, women, rural, or people with disabilities. And, while we’re talking about a global issue, it’s one that is more likely to hit the world’s lowest-income countries – the usage gap rises to 59% when looking specifically at Sub-Saharan Africa.&nbsp;



The result? Missed opportunities and life chances: the usage gap is holding people back. Instead of taking an active role in our increasingly online world, people affected by the usage gap are less able to cope with this era’s unique economic and social disruptions. When people are excluded from the digital world, today&#8217;s challenges such as climate change, high energy prices and inflation are harder to overcome. It&#8217;s a vicious circle that prevents access to critical information and services such as healthcare, education, e-commerce, financial services and income-generating opportunities.



Breaking barriers to the usage gap



Tackling the barriers that are driving the usage gap is one of the GSMA’s key priorities. We have been working with partners for over a decade to address these key obstacles.



One of the largest components of the usage gap is that large swathes of the population can’t afford the handsets needed to access digital services from the outset. After all, if you haven’t the financial means to get connected, then all the other barriers are inconsequential. Indeed, it’s a challenge we’re inviting network operators, industry stakeholders, policymakers and even world leaders to come together to tackle at MWC Kigali.



The good news is that the barriers driving the usage gap are by no means insurmountable, and we believe they can be overcome. But we need a stronger collective effort to do so. From investing in digital skills training to improving the affordability of services, reducing <a href="https://www.gsma.com/spectrum/">spectrum</a> fees, or cutting back on unnecessary regulation, there’s a lot that can be done.



Taking tangible action, together



It’s time to break down the barriers to the usage gap, and to take the steps now to ensure a fairer world for all. We can meet the challenge, but we are calling on the entire mobile ecosystem to come together on this important issue. Operators, manufacturers, governments, regulators; we all have a crucial role to play in finding solutions, and closing the usage gap so that generations to come can benefit from the best our connected world can provide. <a href="https://www.mwckigali.com/">Join us</a> at MWC Kigali to learn about the future of Africa’s rapidly growing digital economy.

Denham 111

Breaking Barriers: Closing the Mobile Usage Gap and Fostering Digital Inclusion

In an era marked by an increasing demand for diversity, equality, and inclusivity, women have emerged as a force to be reckoned with in the global finance industry. Beyond financial gains, women are now leading the charge for meaningful change, leaving an indelible impact that transcends balance sheets and profit margins.



This shift is particularly significant in the context of South Africa, a nation with a complex history that makes the quest for gender parity even more essential.



United Nations (UN) estimates&nbsp;suggest it will take 140 years for women to be represented equally in positions of power and leadership in the workplace, far from the 2030 target set out by the UN’s Sustainable Development Goals on gender equality and women&#8217;s empowerment.&nbsp;



There are signs of positive change in business and finance &#8211; <a href="https://www.grantthornton.global/en/insights/women-in-business-2023/Women-take-a-leading-role/">incremental increases</a> in the number of women occupying leadership roles in financial services such as investment firms, banks, fintech start-ups, and regulatory bodies. Aside from representation, the business world recognizes the value and importance that women leaders bring.



So, where does South Africa place in this race?



In South Africa, the&nbsp;narrative is evolving. Women are at the forefront of change and innovation.&nbsp;



I explored this topic at an&nbsp;event I recently hosted&nbsp;in Johannesburg to coincide with South Africa&#8217;s National Women&#8217;s Day – a public holiday observed annually on August 9, which seeks to draw attention to critical gender equality issues women in the region continue to face. The audience shared <a href="https://www.jerseyfinance.je/events/perspectives-women-in-leadership-from-meaningful-change-to-making-an-impact/">clear, resounding themes</a>: Women are competent, resilient, and can drive change in the finance industry.



Designed exclusively for women, the panel of women leaders drew in a crowd of more than 80 participants, comprising mostly of senior leaders and professionals from the financial services industry, and entrepreneurs.



We listened and shared thought-provoking and inspirational insights about our career journeys, the knowledge we&#8217;ve gained along the way, and perspectives on gender-focused investing and strategies that can support women&#8217;s empowerment now and in the future.&nbsp;



I spoke about my experiences as a thought leader on financial inclusion for women and my work to empower the upcoming generation. As the Jersey Finance lead in South Africa, I regularly meet with professionals who work in Jersey firms (there are more than 40 Jersey-based firms focused on Africa and these firms have expertise to support African clients), so I took the opportunity to share examples of the positive work being done via Jersey to support impact-investing strategies.&nbsp;



Impact investing, which means that investments are directed towards generating positive environmental and social benefits alongside financial returns, holds significant weight in South Africa where there is huge unemployment and increasing levels of poverty.


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On the positive side, the opportunities for Africa are tremendous; it is the second largest continent in the world in terms of size and population after Asia, and 60% of the population is under 25 years old. We should seek to empower this population to make meaningful changes.&nbsp;



Interestingly, South Africa was the&nbsp;highest-ranking entrepreneurial African country&nbsp;in 2021, according to CEOWORLD Magazine, and here lies another opportunity.&nbsp;



Small and medium enterprises (SMEs) have emerged as noteworthy contributors to the nation&#8217;s gross value-added (GVA) figures,&nbsp;cited by an Organisation for Economic Co-operation and Development (OECD) report, highlighting an impressive surge in GVA contributions from 18% in 2010 to an outstanding 40% in 2020. SMEs contribute to a stable environment for capital-raising, which goes a long way towards fostering entrepreneurship on the continent.&nbsp;&nbsp;



So, how do women entrepreneurs and women-owned SMEs impact the future of finance in South Africa?



The influence of women in boardrooms goes beyond their inspirational stories. Seeing women breaking barriers today gives the next generation of women in finance the courage to overcome their own challenges in the future.&nbsp;It is not just about equality in numbers but a diversity of views. Also, most financial services organizations have a diverse client base, so having women in the boardroom represents and reflects this diversity. Having the viewpoints of women in decision-making positions can bring richness to business strategies and positively contribute to an organization’s reputation.



The question has shifted from &#8216;Can women do well in finance?&#8217; to &#8216;How can women participate in changing the game in finance?&#8217;. There are some clear examples of how African women in the financial sector are already transforming and addressing the diversity and impact agenda – the speakers at our recent event in Johannesburg are a case in point:&nbsp; &nbsp;&nbsp;



Moushmi Patel is an Executive Director and Partner at Sanari Capital – a private equity firm headquartered in South Africa – with an investment focus in tech, education, health and agriculture in Africa. Sanari Capital stands out because it is women-led and majority black and women-owned.



Sindi Mabaso-Koyana is the Executive Chairperson of African Women Chartered Accountants (AWCA) Investment Holdings and a co-founder. The women-only organization aims to change and facilitate young women aspiring to get into accounting careers by supporting their journey through school and work.


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Tshepiso Kobile – the skills she has acquired through working in both the public and private sectors have become handy as the CEO of the Southern African Venture Capital and Private Equity Association (SAVCA), a membership body at the heart of supporting aspiring entrepreneurs.



Simone Cooper, Head of Business and Commercial Banking at Standard Bank has been involved in various initiatives promoting the development of SMEs over the years.



As more and more women leaders focus on initiatives and projects with a meaningful purpose and go beyond just making money, the more it will encourage future generations to take up the same path. This is especially important in South Africa, where a history of inequality requires deliberate strategies to avoid marginalized groups or communities being left behind.&nbsp;



Here, women in finance have a unique opportunity to help. As I saw from the all-women audience (and <a href="https://www.jerseyfinance.je/our-work/seven-critical-considerations-for-south-africas-next-generation-entrepreneurs-and-fund-managers/">similar discussions</a> I’ve had with leading women in finance), women are achieving this by offering assistance and encouragement to one another, collaborating closely, sitting on boards and actively pursuing roles that break gender bias.



We spoke of mentorship and its importance because it keeps a steady flow of inspired and talented women leaders coming forward. The industry will change by teaming up to action mentorship and knowledge-sharing programs such as these, creating a future where everyone is included. It was clear that women leaders are committed to lifting others as they rise.



So, where does Jersey fit in?



My recent Women&#8217;s Day event formed part of Jersey Finance&#8217;s broader Africa strategy to contribute towards the economic development of the continent and be part to shaping the financial landscape for women in Africa and develop new opportunities for <a href="https://www.jerseyfinance.je/our-work/video-jerseys-relationship-with-south-africa/?utm_source=forbesafrica.com&amp;utm_medium=referral&amp;utm_campaign=AfricaPR">Jersey firms in Africa and South African firms</a> in Jersey&#8217;s International Finance Centre (IFC).  We continue to collaborate and work with women across Africa based on shared interests.



By attending, sponsoring, or hosting multiple events throughout the continent for Africa-focused firms based in Jersey, our IFC continually fosters new and existing relationships which lead to sustainable partnerships. One example of this symbiotic relationship can be seen in Standard Bank&#8217;s decision to launch a foundation in Jersey – the&nbsp;African Women Impact Fund (AWIF).



By nurturing its symbiotic relationship with African entrepreneurs and businesses, built over decades through providing support to business owners, corporates and families in Africa, helping them to grow and protect their wealth, Jersey&#8217;s IFC provides the environment and platform to leverage women&#8217;s leadership to affect positive change on the continent, now and in the future.

Empowering Women Leaders In South Africa’s Finance Industry Through Collaboration And Mentorship

Innovations in digital payments are driving the Sub-Saharan region’s prospects for economic growth. As seen around the world, investment into digital transformation is paving the way for growth across the Central Europe, Middle East, and Africa (CEMEA) region – a trend reflected in the increasing share of consumers and retail merchants making transactions online.



In tandem, prospects for new businesses are encouraging, especially in Sub-Saharan Africa (SSA): while start-ups across CEMEA are seeing triple-digit growth rates for investment, the figures for SSA are particularly strong, with investment up 285% to US$2,1 million and deals up 26% to 392 in number in the last year, according to Visa Business and Economic Insights and analysis of data from Apptopia, Magnitt State of Startup Funding &#8211; 2022 Emerging Venture Markets Report.



How has the digital transformation seen around the world supported current and future growth in SSA? Acceptance of new forms of digital payments is key, businesses say. In the 2021 Visa Back to Business Study, three quarters of small businesses indicated that accepting digital payments was essential to their growth, with 90% reporting that pivoting to ecommerce – which relies on digital acceptance – had helped them survive the pandemic.



If there’s going to be a digital payments revolution, it cannot be limited to large businesses. In solving for this segment, we need to address the complexity, drive lower costs and innovate to create more frictionless ways for SMEs to begin accepting payments.



Inside The Great E-commerce Pivot



In SSA, as seen around the world, reduced movement and an increased wariness of handling cash has encouraged a shift from in-person to digital transactions, which can present new risks to manage. Aida Diarra, Visa’s Senior Vice President and Group Country Manager for SSA, explains: “There has been an accelerated growth in e-commerce as more consumers have become comfortable with transacting online and that necessitates a need to secure those transactions.”



Indeed, the Global Cybersecurity Outlook for 2022 reports a 31% increase between 2020 and 2021 in terms of cybercrime accelerated by the pandemic.



In response, and pioneered by Visa, tokenization – where a customer’s card number is replaced with a 16-digit equivalent, or token – continues to be a simple but powerful concept to protect sensitive payment data, to secure digital payments and, thereby, accelerate e-commerce acceptance. Through the Visa Token Service (VTS), Visa has already issued more than four billion network tokens, surpassing the number of physical cards in circulation globally.



Some 8,600 issuers and 800,000 merchants now use the service worldwide, leading to a 28% reduction in fraud rates and a three-point increase in transaction approval rates, helping to boost sales for merchants, while also saving them money on fraud-related expenses.



In SSA specifically, Visa issued nearly 1.2 million tokens, across 17 countries, in the month of August this year alone. This clear appetite among issuers, acquirers, merchants, and consumers to use Visa tokens reinforces that the future of money is truly digital – and that digital money must, as with any form of currency, be built on trust. That is why Visa will continue to prioritize enabling tokenization in the region, working with local e-commerce partners (including on its Click to Pay service, which eliminates passwords and having to enter card details manually), with the goal of taking tokenization to 70-80% of local transactions.



Accelerating Contactless



If digital sales are developing, in-person transactions are also changing shape. Nearly half of all card-present transactions in SSA are now contactless, another shift accelerated by the pandemic. This growth is largely concentrated in South and East Africa, so the opportunity is to support contactless take-up in the rest of the region because a market with strong contactless adoption not only depends less on cash, with all the benefits that can bring, but its merchants also see a lift in transactions. So how is this best achieved? Contactless only grows when the entire ecosystem engages to fully understand the landscape and its barriers. For example, engaging regulators and retailers to establish reasonable limits and a risk management approach that all stakeholders are comfortable with.”



To that end, Visa has upped its efforts with contactless in Botswana, South Africa, and Kenya, using what it has learned in those markets to launch contactless pilots in four more SSA countries, involving five urban transport operators.



Building Trust In BNPL



In SSA countries, consumers increasingly not only expect to pay how they want, but when it suits them too. The rise of buy- now-pay-later (BNPL) transactions can be attributed to several factors: the flexibility they offer the consumer; growing adoption by merchants; and their appeal for both online and physical purchases. As a result, younger consumers, in particular, have embraced BNPL as a payment option. While spending by this method is still relatively low compared to that of cards, its growing popularity deserves focus: BNPL is expected to account for roughly 24% of all global ecommerce transactions by 2026, up from 9% in 2021. This is illustrated by merchants’ appetite for the solution, with 65% of merchants in the 2022 Commerce and Payment Trends Report by Global Payments planning to add BNPL as a payment method.



The benefits are clear, globally, Visa has seen BNPL drive a bigger basket and the purchase of higher ticket items. We’re also seeing merchants embed BNPL in consumer shopping journeys and how consumers are using BNPL for everyday purchases as well.



As with any new payment method, practical realities are still catching up. In SSA, Visa is working to enable the BNPL ecosystem in key markets by incentivizing development for processors and gateways. Specifically, Visa is supporting the ecosystem for installment payment services (that let consumers use their existing Visa cards to enter into BNPL plans) in several SSA countries by launching installment payments with key card issuers.



BNPL is not the only new way to pay that is growing in popularity in SSA. Africa is the fastest growing cryptocurrency market among developing economies, as well as the third-fastest growing market in the world.



Our view is that interest in crypto will continue. Our research shows that consumers are intrigued by crypto – 85% of South African consumers surveyed are interested in their bank offering a crypto card, with 93% reporting they’d be interested in crypto rewards as a “risk- free” way to get into crypto. Consumers would also be more willing to acquire crypto from their primary bank.

Aida (5) (3)

Destination Digital: Spotlight On Sub-Saharan Africa’s Prospects 

Nine out of ten consumers are at significant risk of falling prey to a scam – even the most experienced ones.&nbsp;&nbsp;&nbsp;&nbsp;



In the sub-Saharan African (SSA) financial landscape, electronic payments have emerged as a thriving industry, drawing in more investment than any other financial services sector. Over the past decade, it has consistently delivered remarkable returns and substantial growth. Africa has been no exception to this trend. In 2020, the e-payments industry on the continent, encompassing both domestic and cross-border transactions, boasted revenues reaching approximately $24 billion. Of this substantial sum, approximately $15 billion was attributed to domestic electronic payments alone. This revenue was generated from a staggering 47 billion individual transactions, collectively exceeding $800 billion in transaction values.



Despite these impressive numbers, it&#8217;s noteworthy that only 5-7% of all payment transactions in Africa were conducted through electronic or digital channels, a sharp contrast to countries like Turkey, where more than 50% of transactions flow through these channels. This glaring difference underscores the immense growth potential that e-payments represent on the African continent. As payment methods become more convenient and scalable while the supporting infrastructure continues to develop, the prospects for e-payments in Africa are undeniably promising.



Electronic payments have been gaining momentum in Africa since the turn of the millennium, mirroring a global trend that saw them take a giant leap forward during the COVID-19 pandemic. This surge in digital payment activity sets the stage for a critical examination of fraud prevention in the evolving landscape of SSA’s digital payments. We&#8217;re going to explore how Visa, a global financial services provider, leverages its expertise to safeguard the burgeoning digital payment ecosystem across the region, as well as the imperative role of consumer awareness in mitigating the risks associated with this transformative shift in the financial landscape.



Safeguarding the Digital Frontier and Foiling Fraudsters&nbsp;&nbsp;&nbsp;&nbsp;



Scams are becoming increasingly prevalent with the rapid pace of digitization. At Visa, we continue to innovate and are putting the best technology in place to protect the digital ecosystem and educate consumers to be more vigilant. Last year alone Visa prevented $27.1 billion worth of attempted fraudulent payments across 122 million transactions, stopping fraudsters in their tracks.&nbsp;



However, as Frank Abagnale said in Catch Me If You Can, “There is no technology today that cannot be defeated by social engineering.” And this is where raising consumer awareness plays the most significant role.



To determine how best to tackle consumer awareness about fraud in SSA, Visa commissioned the Visa Stay Secure 2023 CEMEA Study in partnership with Wakefield Research, which surveyed 5,800 adults in 17 markets across the Central Europe, Middle East and Africa (CEMEA) region.



The study provided a valuable foundation for understanding how and why people fall victim to fraud. According to the study, confidence in the ability to spot a scam, and the vulnerability it may bring, is highest in countries like Kenya (65%), South Africa (65%) and Nigeria (63%).



The Honeypot



In many cases, 56% of respondents claim to be highly knowledgeable at recognizing a scam. However, the reality is that 9 out of ten (90%) consumers typically respond to standard terms or phrases that scammers utilize in emails and text messages.



Of even more concern is the fact that those who describe themselves as being ‘very’ or ‘extremely’ knowledgeable at recognizing scams are more likely to be fooled and act on at least one type of common scam message than those who are less confident in their scam-deducing abilities. It appears that there is a strong correlation between overconfidence and being too quick to click. Or, as the common adage goes: “Pride comes before a fall.”



Indeed, it could be attributed to optimism bias, the belief that we are much less likely to experience adverse events than positive ones. So, when a friend reaches out to you to admit they fell victim to a scam, you think, “Well, that could never happen to me.” But the truth is that it could happen to any single one of us.



Visa’s study reveals a pattern of the language and scenarios that scammers tap into to nudge their victims to respond in a way that benefits their purposes. Namely: urgency, positive news, and action required.



Scammers orchestrate a sense of urgency to trigger impulsive action in their target. According to the study, in SSA, being offered a financially advantageous opportunity will prompt 44% of the respondents (64% Kenyans, 61% Nigerians and 41% South Africans) to click on a link. Other examples include being notified of a security risk &#8211; such as a stolen password or data breach &#8211; or receiving a notice from an authority such as a government entity or law enforcement.&nbsp;



In such scenarios, individuals must make an effort to avoid reacting instantly or impulsively. Whatever the apparent urgency at first glance – stop and take a moment to verify the credibility of the email or message. Is the email address or the phone number it was sent from valid? Does it include the company name and logo? Is the information personalized? And make sure to check for grammatical errors and spelling mistakes.



Trojan horses such as “free gift/gift card,” “you have been selected,” or “you are a winner” should set off alarm bells. Sadly, unexpected ‘good’ news is not always what it may seem at first glance. And yet, we are so keen to believe in sudden windfalls and good fortune, especially when it comes to money: the Visa Stay Secure 2023 CEMEA Study found that nearly 71% of respondents would take action if the message had positive news phrases.



Relationship dynamics have also been found to play significant role, with some of the common stereotypes still very prevalent amongst adults in SSA, with Gen X and Baby boomers in these markets most concerned about retired people falling victim to scams.



The final theme in the scammer playbook is to present the target with an easily resolvable problem. For example, my friends’ outstanding import duty seemed like a quick fix, and it was a nominal amount, he didn’t dwell too much on its legitimacy. Other examples include false notices about a frozen account, problems with an order, or expiring subscriptions – all of which will prompt 60% of consumers into action.



Exploiting the Cracks



Overall, cybercriminals seek to extract confidential information from consumers, threatening their security. These are all cases of social engineering, where a malicious actor attempts to deceive a user to access personal information, financial data, or even corporate secrets.



Social engineering comes in various forms, many of which have made the headlines in recent years. Terminologies such as phishing, pretexting, baiting, and tailgating are now familiar to us, and yet we are still falling for the associated scams. Despite how shrewd, tech-savvy or worldly we might tout ourselves to be, our most significant security risk remains – regrettably – only us!



Sometimes, we willingly offer it up by broadcasting every intimate detail of our lives, our pets’ names, and our whereabouts on social media. For scammers, this is a treasure trove they can plunder to access our personal preferences, mine to ascertain the answers to common security questions, and devise bespoke scams specifically tailored to you.



Our study found that over one in two people (52%) in the CEMEA region has been a victim of a scam at least once, while 15% have experienced being conned multiple times. With the research indicating that adults in African countries – 74% Kenyan, 72% Nigerian and 64% South African – are most likely to report having been scammed.



These incidents are not the sole concern of each consumer. All it takes is for one person to put an entire organization or network at risk. That’s why we see so many headlines about cybersecurity breaches that immobilize operations or put data security to ransom – they get to the finish line by finding the weakest link, which is usually a human folly.



Security, A Shared Responsibility



At Visa, we’re staying one step ahead of an increasingly-sophisticated band of bad actors by taking a 360-degree approach to security. It’s working: our uncompromising commitment to security has kept fraud at historic lows. We heavily invest in cutting-edge cybersecurity, including artificial intelligence and data analytics, to detect, deter and disrupt fraud pre-emptively.



Advancements in payment security will continue to help drive down fraud. However, technology can only do so much. Consumer awareness and education are the critical first lines of defence against criminal intent.



Visa’s study is part of a more significant effort to ensure that individuals and organizations in the SSA know the risks and can adequately safeguard themselves from attacks. Understanding the language of scams is essential in our digital-first world.



Collaborating to enforce robust legislation, prioritizing security in technological innovation, and integrating scam awareness into public safety programs are but some of the milestones on the horizon.



As technology progresses, people must preserve the human quality of curiosity and questioning. Social media and artificial intelligence can impair the foundations of trust and security. Equipping the weakest link – the consumer – with the tools they need to combat increasingly sophisticated fraudulent tactics is the only way forward for a robust and exciting digital future.

Irene-Auma—Head-of-Risk,-SSA-(1)

Op-Ed: A Strategic Approach To Combatting Digital Payment Fraud In Sub-Saharan Africa    

I overheard this statement once and I think it’s one of the strangest myths around Zillennials (apart from us needing coffee to cope) – the myth is that we think we’re too young to be investing. Now, if that sounds very familiar and it resonates with you, from one Zillennial to another, it’s a must that you change your mindset.



It takes a very self-aware generation to know what they don’t know. Zillennials refer to themselves as being “too young for Millennials but too old for Gen Z.” And they are forming the largest part of the world’s living adult population.



These adults are seeing their wealth grow, they’re moving forward in their careers and lives, and planning for their finances have come to the forefront of their thinking.



What does unleashing the financial power of a tech-savvy generation look like? Practically &#8211; if you earn R10,000 ($523) a month, and, at the end of the month, you’ve got R1,000 ($52) left over in your bank account. The money that you should invest isn’t necessarily the entire R1,000 ($52); it’s whatever of that amount that you can afford to put away and not need ever again. So, let’s say you consistently save R200 ($10) every month, it will add up.



Starting your investment while young is key to your financial independence. Just have a look at the returns of your favourite company over the long term, it will shock you. Apple Inc., the biggest company in the world, has returned nearly 237% to its shareholders over the last five years. It’s not as if one needed to be a portfolio manager to have known that Apple would have grown in the subsequent years. High quality companies on the forefront of ubiquitous themes tend to do well, it’s not rocket science.



Getting started early with your investments has a couple of obvious benefits – on one hand, you have the advantage of compounding where the earlier you start investing, the better off you are. On the other hand, you have an abundance of knowledge at your fingertips. In fact, I would say that our access to information is unprecedented. From podcasts and TikTok to<a href="https://sasfin.com/wealth/"> Sasfin’s</a> Content Hub, there is more than enough help to get you on the right track with your investments.



The key takeaway here is that one should not be shy about doing their own due diligence on shares or other type of financial instruments and then invest accordingly. The habit of investing needs to be fostered now, while we’re young. It is so important, and I cannot overstate that enough.



Another important point that I’d like to raise and be candid about is this: our generation should be conscious of how we look at the market. They can be volatile and uncertain, and it’s easy to become impatient, so we tend to view the market as a vehicle to get rich fast.



If there is one thing that you should take from this article, it’s this – don’t look at the market as a vehicle to make you rich, but rather a vehicle that will assist your financial goals in the long term.



The amount of money that you’re willing to lose without it negatively impacting your life or changing any part of your lifestyle is the amount of money that you should be saving for the long term. Assuming one has done one’s own due diligence, diversify your money, and don’t put all your eggs in one basket. Enter your investing era by investing in as many high-quality instruments as you can that include a solid reputation, a history of success, and potential for growth. That&#8217;s your key to enter the millionaire&#8217;s (maybe even billionaire’s) club at retirement.



<a href="https://sasfin.com/wealth/">Click here for more infomation </a>

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