In an interview with FORBES AFRICA, Joel Bronkowski, Paystack&#8217;s country lead in South Africa, discusses how the startup has facilitated integration with African regional payment channels, deepened security practices, and attracted top talent, following its acquisition by Stripe in 2020.



Paystack, a Nigerian fintech startup founded by Shola Akinlade and Ezra Olubi, has been making significant strides in the African market since its establishment in 2015. As the first Nigerian startup &nbsp;invited to join the Y Combinator accelerator program, Paystack has expanded its reach, serving over 60,000 businesses across Africa and processing billions of dollars in transactions annually.



In 2020, Paystack made headlines when it was acquired by Stripe, the Irish-American financial services company powering online payments for some of the world’s largest firms. This deal, reportedly valued at over $200 million, stands as the most substantial acquisition of an African startup and represents a pivotal moment for the continent&#8217;s tech ecosystem.



Since the merger with Stripe, what changes have occurred at Paystack? How has this acquisition empowered the startup to enhance its operations, refine its products, and enter new markets? Additionally, what challenges and opportunities lie ahead for Paystack and the broader African fintech sector?



To address these questions, FORBES AFRICA speaks to Joel Bronkowski, Paystack’s country lead in South Africa for insights into how the acquisition has enabled seamless integration with African regional payment channels, bolstered security measures, and attracted top-tier talent to the organization.



Touching on strategies for growth and expansion in African markets, Bronkowski elaborates on Paystack&#8217;s focus on expanding into North Africa and Francophone Africa, while strengthening its existing markets with reliable infrastructure.



“In addition to launching in new countries, we’re also focused on deepening the value we offer in our existing markets,” he says.



“Paystack is licensed in Nigeria, Ghana, South Africa, and Kenya, and we never lose sight of the fact that thousands of businesses rely on us. We invest deeply in infrastructure, and this investment has earned us an unparalleled reputation for high reliability. Overall, we’re excited to explore newer markets while building deeper foundations in our existing ones.”



When addressing unique challenges and opportunities in African markets, Paystack&#8217;s approach, according to Bronkowski, involves extensive collaboration with stakeholders, including merchants, regulators, and ambitious companies, to tailor solutions to each market&#8217;s needs.



To create an omnichannel experience for African merchants, Bronkowski explains Paystack&#8217;s move beyond digital payments, including the introduction of the Paystack Terminal, aimed at unifying online and in-person payment experiences.



In order to adapt to fintech trends, build partnerships, and expand services, Paystack anticipates trends like the shift to bank transfers, and embraces commerce platforms, and plans to introduce innovative products such as an extension to Paystack Terminal and global payment methods like Apple Pay.



“Paystack has invested significantly in building direct integrations with over 40 platforms, which means that merchants who use those tools can immediately begin accepting payments with Paystack. These platforms include general ecommerce solutions like Shopify and WooCommerce, as well as specialized platforms like Commerce7 (for wineries), SiteMinder (for hotels), and Xero (for seamless accounting). We’re constantly investing in building new platform integrations that allow businesses in Africa to have access to these best-in-class tools to grow their businesses,&#8221; he says.



To promote financial inclusion and collaborative growth, Bronkowski outlines Paystack&#8217;s initiatives to incorporate regional payment methods, partner with other African fintechs, and provide resources, discounts, and insights to support startup growth.



“Many consumers across Africa operate outside of traditional bank or card-based payment systems. In recognition of this, Paystack has integrated channels like M-Pesa in Kenya and Mobile Money in Ghana, giving customers who primarily use these channels a chance to engage with the rest of the formal economy,” says Bronkowski.



“By tapping into these regional payment methods, businesses can reach a broad spectrum of users, ensuring that even those without bank accounts can access, transfer, and receive funds on the Paystack platform.”



He adds, “Understanding that it takes more than an API call to build a successful tech startup, we launched Paystack Catalyst – a suite of high-growth tools and resources to help tech startups in Africa scale. We partnered with companies like Stripe, Intercom, and Amazon Web Services (AWS), to offer the Paystack Startup Bundle, which includes discounts on best-in-class tools that startups use in their daily operations. Startups can access perks like $25,000 in free Paystack processing, $25,000 in AWS Activate Credits, 100% off their first year on Intercom, and more to help cut operating costs.”



Showcasing the success stories of African merchants benefiting from Paystack&#8217;s services, Bronkowski shares case studies highlighting how Paystack has positively impacted a variety of businesses, from e-commerce platforms like The Local Edit and healthtech, mPharma to financial services like PiggyVest and the implementation of custom solutions for companies like Burger King and UPS Nigeria.



“We process payments for some of the most ambitious organizations on the continent, from small businesses to tech startups to government agencies to enterprise businesses and global brands,” says Bronkowski.

instagram daily – 2023-10-05T141120.764

Paystack To Focus On Expansion Into North Africa and Francophone Africa And Strengthening Existing Markets

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



Elon Musk, <a href="https://www.forbes.com/profile/elon-musk/?sh=5b8ba5487999">the world’s richest man</a>, grew his net worth by $10.5 billion Wednesday, a 4.2% increase, on the back of an approximately 6% jump in Tesla’s stock, which comprises a vast majority of his wealth—putting his total riches at $260.4 billion.



<h2 class="wp-block-heading">KEY FACTS</h2>



Tesla’s 5.9% increase brought the share price to about $261 for the stock when markets closed Wednesday afternoon.



This comes despite a&nbsp;<a href="https://ir.tesla.com/press-release/tesla-vehicle-production-deliveries-and-date-financial-results-webcast-third-quarter-2023" target="_blank" rel="noreferrer noopener">report</a>&nbsp;released Monday that showed a 7% decline in vehicle deliveries during the third quarter, something the company blamed on factories being temporarily shut down for upgrades.



Still, investors bet on a fourth-quarter rebound with the launch of a revamped Model 3 car in China and the expected launch of the Cybertruck, according to&nbsp;<a href="https://www.investors.com/news/tesla-stock-flashes-buy-signal-leads-sp-500-bulls-shrug-off-bad-news/" target="_blank" rel="noreferrer noopener">Investor’s Business Daily</a>.



<h2 class="wp-block-heading">KEY BACKGROUND</h2>



Musk first&nbsp;<a href="https://www.forbes.com/sites/forbeswealthteam/article/elon-musk/?sh=27503b4726af">jumped</a>&nbsp;into the top spot on&nbsp;Forbes’&nbsp;Billionaires List in September 2021. “I’m sending a giant statue of the digit ‘2’ to Jeffrey B., along with a silver medal,” he told&nbsp;Forbes&nbsp;after&nbsp;<a href="https://www.forbes.com/profile/jeff-bezos/?sh=4ffe328c1b23">overtaking Amazon’s Jeff Bezos</a>—who, with a $149.8 billion estimated net worth, is now No. 3—for the spot. Recently, he and French fashion mogul&nbsp;<a href="https://www.forbes.com/profile/bernard-arnault/?list=rtb/&amp;sh=25a8e88f66fa">Bernard Arnault</a>&nbsp;have been flipping back and forth between the No. 1 and No. 2 spots, though Musk has maintained his spot as No. 1 in recent weeks. Around $170.6 billion of his $260.4 billion net worth comes in the form of Tesla stock. Other significant assets include his 42% stake in SpaceX, which amounts to $60.2 billion, and his acquisition of Twitter in October 2022, which is now worth $8.9 billion (he purchased the social media platform for $44 billion).&nbsp;Forbes&nbsp;estimates he has $5.2 billion in cash and other liquid assets.



<h2 class="wp-block-heading">TANGENT</h2>



Musk has given away a meager fraction of his wealth to charitable causes,&nbsp;Forbes&nbsp;has found.&nbsp;Forbes&nbsp;<a href="https://www.forbes.com/sites/forbeswealthteam/article/elon-musk/?sh=27503b4726af">estimates</a>&nbsp;Musk, who signed the Giving Pledge in 2012, has donated $281 million over his lifetime to charitable causes, which is less than 1% of his net worth as of September 2023. Though, he’s not alone among America’s richest in his lack of philanthropy. Oracle cofounder Larry Ellison, Nvidia cofounder Jensen Huang and 124 others on&nbsp;Forbes’&nbsp;400 list have all given away&nbsp;<a href="https://www.forbes.com/sites/phoebeliu/2023/10/03/the-forbes-philanthropy-score-2023-how-charitable-are-the-richest-americans/?sh=51f3f084eccc">less than 1%</a>&nbsp;of their wealth. Of the 400 richest Americans, only a handful have given away&nbsp;<a href="https://www.forbes.com/sites/phoebeliu/2023/10/03/the-forbes-philanthropy-score-2023-how-charitable-are-the-richest-americans/?sh=51f3f084eccc">more than 20%</a>&nbsp;of their wealth: John Arnold, Edythe Broad, Warren Buffett, Bill Gates, Melinda French Gates, Amos Hostetter Jr., Pierre Omidyar, MacKenzie Scott, Lynn Schusterman, Jeff Skoll and George Soros.



<h2 class="wp-block-heading">FURTHER READING</h2>



<a href="https://www.forbes.com/sites/forbeswealthteam/article/elon-musk/?sh=27503b4726af">Elon Musk’s Road To Riches: Behind The Billions</a> (Forbes)



<a href="https://www.forbes.com/sites/maryroeloffs/2023/10/03/grimes-reportedly-sues-elon-musk-over-parental-rights-to-child/?sh=3131bc3421ed">Grimes Reportedly Sues Elon Musk Over Parental Rights To Child</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/willskipworth/2023/09/12/musk-bio-bombshells-secret-child-techno-mechanicus-and-rocky-romantic-relationships-among-these-explosive-revelations/?sh=4322672b17b4">Musk Bio Bombshells: Secret Child Techno Mechanicus And Rocky Romantic Relationships Among These Explosive Revelations</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/willskipworth/2023/10/02/elon-musk-sued-for-falsely-linking-man-to-neo-nazi-group-and-federal-agency/?sh=3cc354ea7956">Elon Musk Sued For Falsely Linking Man To Neo-Nazi Group—And Federal Agency</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/willskipworth/2023/09/18/elon-musk-says-he-might-put-xtwitter-behind-a-paywall/?sh=639508407209">Elon Musk Says He Might Put X/Twitter Behind A Paywall</a>&nbsp;(Forbes)

gettyimages-490597722-594×594

Elon Musk Becomes $10 Billion Richer After Tesla Stock Shoots Up 6%

The Central Bank of Nigeria&#8217;s (CBN) May economic report, recently released, reveals a surge in foreign exchange inflow, reaching $6.03 billion, marking a significant 29.1% increase from the previous month. The data indicates robust economic performance with net inflows of $3.59 billion, showcasing a positive trend in the nation&#8217;s foreign exchange activity.



Despite the overall surge, the CBN experienced a decrease of 27.9% in foreign exchange inflows through the Bank, dropping to $1.70 billion from $2.36 billion in April. This shift resulted in a net outflow of $0.33 billion, contrasting with the net outflow of $0.03 billion in the preceding month.



The CBN report highlights a remarkable 87.2% increase in autonomous inflow, reaching $4.33 billion, demonstrating the resilience of external sources contributing to the country&#8217;s foreign exchange strength. While autonomous outflow also saw an uptick to $0.41 billion, the net inflow rose to $3.92 billion, surpassing the April figure of $2.05 billion. This positive trajectory indicates diverse channels contributing to Nigeria&#8217;s foreign exchange resilience.



Analyzing the intricacies of these fluctuations, economist Kelvin Emmanuel provides insights into the dynamics of Nigeria&#8217;s foreign exchange landscape, pointing out that the CBN report reveals a stark reality of disjointed FX markets in the country.



Emmanuel emphasizes that the autonomous FX flows, measuring inflows into Nigeria from sources outside registered government channels, have failed to bring about convergence in the parallel and Investors&#8217; and Exporters&#8217; (I&amp;E) markets.



&#8220;The real effective exchange rate (REER) does not accurately reflect the willing buyer, willing seller rate, contributing to the existing disparities in the FX markets,&#8221; says Emmanuel.



One key factor highlighted by the economist is the behavior of companies importing USD into Nigeria through autonomous sources. Rather than immediately discharging these funds into the I&amp;E markets, these companies prefer to retain their USD for internal FX operations. Emmanuel attributes this tendency to the substantial black-market premium, currently standing at 32.5%.



The economist stresses that addressing the challenges in the FX markets requires the CBN to take decisive actions. &#8220;Clearing outstanding FX forwards and reducing the incentive to divert funds from parallel markets to official markets is crucial,&#8221; states Emmanuel.



He further emphasizes that as long as companies find it more lucrative to hoard funds due to prevailing market conditions, the issue of disjointed FX markets is likely to persist.



However, financial expert and doctor of business administration, Iheakanwah Felix Arinzeh, expresses optimism to FORBES AFRICA about the findings, attributing the surge to various factors contributing to the nation&#8217;s economic resilience. &#8220;The increase in FX inflow can be attributed to factors such as increased oil production and exports, improved investor sentiment, and effective CBN interventions,&#8221; Arinzeh notes.



Arinzeh sees the surge in the share of autonomous inflows in the total FX influx as a positive indicator, signaling strong demand for Nigerian assets from foreign investors.



He emphasizes the significance of autonomous inflows, stemming from private sources like foreign direct investment and export proceeds. He highlights their resilience to fluctuations in oil prices, a crucial factor given Nigeria&#8217;s heavy reliance on oil as a primary source of foreign exchange earnings.



The surge in FX inflow is anticipated to yield several positive impacts on the Nigerian economy. These include improvements in the country&#8217;s balance of payments, bolstering foreign reserves, providing support for the naira, and enhancing the affordability of imports. However, Arinzeh cautions that the increase in FX inflow remains relatively fragile. He stresses the need for sustained efforts by the Nigerian government and the CBN to implement policies that support economic growth and maintain FX liquidity.

Naira Value Plunges on Street Amid ‘Stampede’ for Dollars

Central Bank of Nigeria Report Reveals Surge In Foreign Exchange Inflow To $10.7 Billion In Two Months

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



The Food and Drug Administration gave&nbsp;<a href="https://www.fda.gov/vaccines-blood-biologics/coronavirus-covid-19-cber-regulated-biologics/novavax-covid-19-vaccine-adjuvanted#:~:text=Novavax%20COVID-19%20Vaccine%2C%20Adjuvanted%20is%20available%20under%20emergency%20use,years%20of%20age%20and%20older" target="_blank" rel="noreferrer noopener">emergency use authorization</a>&nbsp;on Tuesday to Novavax’s new Covid vaccine designed to target the coronavirus’ dominant XBB sublineage, which is fueling a spike in cases, hospitalizations and deaths across the country.



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



At&nbsp;<a href="https://www.ama-assn.org/delivering-care/public-health/updated-covid-vaccine-who-should-get-it-and-when-it-will-be-available" target="_blank" rel="noreferrer noopener">$130</a>&nbsp;a dose, the vaccine was approved for those 12 years and older—for those already vaccinated with any vaccine, one dose can be given at least two months after a person’s last Covid shot, and two doses administered three months apart can be given to the unvaccinated.



Novavax’s approval follows the&nbsp;<a href="https://www.forbes.com/sites/willskipworth/2023/09/11/fda-approves-new-covid-vaccines-to-target-latest-strains/?sh=1be38e906e09">approval</a>&nbsp;of Moderna and Pfizer-BioNTech’s monovalent vaccines targeting new coronavirus variant, which were also given emergency use authorization last month by the FDA for those six months and older.



This comes after the agency&nbsp;<a href="https://www.fda.gov/media/169591/download?attachment" target="_blank" rel="noreferrer noopener">encouraged</a>&nbsp;Moderna, Pfizer and Novavax to create new monovalent vaccines that target the XBB lineage, which makes up the majority of the variants circulating in the U.S.



The Novavax vaccine&nbsp;<a href="https://ir.novavax.com/press-releases/US-CDC-and-Advisory-Committee-Recommend-Use-of-Authorized-and-Approved-2023-2024-Monovalent-XBB-COVID-19-Vaccines" target="_blank" rel="noreferrer noopener">received approval</a>&nbsp;from an advisory committee of the Centers for Disease Control and Prevention last month, though it still awaits approval from the agency’s director.



This is the first time since the shots were commercialized that they won’t be free, and both&nbsp;<a href="https://apnews.com/article/science-health-business-covid-medicare-1a5d65356ebc7b5bc76524ae99deb55e" target="_blank" rel="noreferrer noopener">Pfizer</a>&nbsp;and&nbsp;<a href="https://www.reuters.com/business/healthcare-pharmaceuticals/moderna-expects-price-its-covid-vaccine-about-130-us-2023-03-20/" target="_blank" rel="noreferrer noopener">Moderna</a>&nbsp;estimate their shots will cost between $110 and $130 a dose.



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Though most insurance companies are expected to cover the cost of Covid boosters, the CDC’s&nbsp;<a href="https://www.hhs.gov/about/news/2023/07/13/cdc-launch-bridge-access-program-fall-2023-provide-free-covid-19-vaccines-treatments-uninsured-underinsured-adults.html" target="_blank" rel="noreferrer noopener">Bridge Program</a>&nbsp;is set to launch this fall, providing Covid vaccine coverage to the uninsured.



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



Covid-related deaths and hospitalizations have increased since the start of the summer and are expected to keep rising as fall and winter kick into gear. Deaths increased by 8% between September 17 and September 23, and hospitalizations stood at 19,079 during this period, according to the CDC’s most recent data. EG.5, or the “Eris” variant—part of the XBB lineage—is the dominant strain in the U.S., making up 29.4% of all cases between September 17 and September 30. As of June, the XBB omicron subvariants made up 95% of all Covid cases in the U.S., according to an FDA&nbsp;<a href="https://www.fda.gov/media/169591/download?attachment" target="_blank" rel="noreferrer noopener">report</a>. The existing bivalent boosters offer about 50% protection against XBB variants in most adults and about 33% protection in those 65 years and older, according to a January&nbsp;<a href="https://www.cdc.gov/mmwr/volumes/72/wr/mm7205e1.htm?s_cid=mm7205e1_w" target="_blank" rel="noreferrer noopener">study</a>&nbsp;conducted by the CDC. Moderna&nbsp;<a href="https://investors.modernatx.com/news/news-details/2023/Moderna-Clinical-Trial-Data-Confirm-Its-Updated-COVID-19-Vaccine-Generates-Robust-Immune-Response-in-Humans-Against-Widely-Circulating-Variants/default.aspx" target="_blank" rel="noreferrer noopener">said</a>&nbsp;its new booster may be effective at protecting against the Eris variant, Novavax&nbsp;<a href="https://www.cnbc.com/2023/08/22/covid-novavax-vaccine-eris-variant.html" target="_blank" rel="noreferrer noopener">said</a>&nbsp;its shot provided a broad immune response against Eris in small animals and Pfizer&nbsp;<a href="https://www.reuters.com/business/healthcare-pharmaceuticals/pfizers-updated-covid-shot-effective-against-eris-variant-mice-study-2023-08-17/" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;its new shot protected against the variant when tested on mice. Because the current bivalent boosters don’t specifically protect against XBB, some experts&nbsp;<a href="https://www.forbes.com/sites/ariannajohnson/2023/08/21/new-covid-boosters-expected-this-fall-why-some-doctors-suggest-holding-off-on-getting-your-next-booster-until-then/?sh=447d21af438b">recommend</a>&nbsp;waiting until the new monovalent boosters release before getting an updated shot.



<h2 class="wp-block-heading" id="h-contra">CONTRA</h2>



An earlier round of updated Covid boosters provided additional protection against previous variants, but only&nbsp;<a href="https://covid.cdc.gov/covid-data-tracker/#vaccination-states-jurisdictions" target="_blank" rel="noreferrer noopener">17%</a>&nbsp;of the U.S. has received at least one booster.



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



A new Covid variant called BA.2.86, or “Pirola,” is a descendant of the BA sublineage and has begun circulating in the U.S. Although there aren’t enough cases for it to appear on the CDC’s variant tracker, the World Health Organization has&nbsp;<a href="https://twitter.com/WHO/status/1692255671687794902" target="_blank" rel="noreferrer noopener">labeled</a>&nbsp;it as a variant under monitoring. This is because Pirola has 36 more&nbsp;<a href="https://slides.com/jbloom/new_2nd_gen_ba2_variant?ftag=YHF4eb9d17#/3" target="_blank" rel="noreferrer noopener">mutation spikes</a>&nbsp;than XBB.1.5—the dominant strain in the U.S. earlier this year—and 34 additional mutations compared to BA.2. Pirola isn’t a descendant of the XBB sublineages, so there may be concern they won’t protect against Pirola. However, Moderna&nbsp;<a href="https://www.forbes.com/sites/roberthart/2023/09/06/modernas-updated-covid-vaccine-is-effective-against-pirola-variant-as-concern-over-new-strain-grows/?sh=3f334501a06c">said</a>&nbsp;Wednesday its new booster provided an 8.7-fold increase in neutralizing antibodies against Pirola in its clinical trial.



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<a href="https://www.nbcnews.com/health/health-news/fda-green-light-new-covid-boosters-early-friday-rcna103379" target="_blank" rel="noreferrer noopener">FDA could green light new Covid boosters as early as Friday</a>&nbsp;(NBC)



<a href="https://www.forbes.com/sites/roberthart/2023/09/06/modernas-updated-covid-vaccine-is-effective-against-pirola-variant-as-concern-over-new-strain-grows/?sh=3f334501a06c">Moderna’s Updated Covid Vaccine Is Effective Against Pirola Variant—As Concern Over New Strain Grows</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/ariannajohnson/2023/08/21/new-covid-boosters-expected-this-fall-why-some-doctors-suggest-holding-off-on-getting-your-next-booster-until-then/?sh=447d21af438b">New Covid Boosters Expected This Fall: Why Some Doctors Suggest Holding Off On Getting Your Next Booster Until Then</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/ariannajohnson/2023/09/01/its-ok-to-get-your-covid-flu-and-rsv-shots-at-the-same-time-experts-say/?sh=486139df3099">It’s Okay To Get Your Covid, Flu And RSV Shots At The Same Time, Experts Say</a>&nbsp;(Forbes)

Vaccinations at Egoli Township as Omicron Cases Spread

FDA Approves Novavax’s New Covid Vaccine Designed To Protect Against The Latest Strain

<blockquote class="wp-block-quote has-text-align-center is-layout-flow wp-block-quote-is-layout-flow">
“The conduct of the Big Five leaves a lot to be desired in the management of conflicts, trade agreements and in financial grants.”
</blockquote>



There has been an explosion in the number of conferences in Africa over the last 12 months. While the diary was always busy, it seems like anyone not engaging with or traveling to some part of Africa exploring ideas, would be missing out. The themes follow the flavor of our present time; the environment, energy (in all its avatars), trade, agriculture, infrastructure, and the complete value chain of finance and education. Most global multilaterals and institutions were in Africa this year and we had a bird’s eye view of almost all the discussions through some very insightful interviews on our television platform, CNBC Africa. The cherry on the top was the BRICS Summit meetings in South Africa with a clear message to the west that the new-world alignments are an indication of the future of our world where a rebalance is inevitable; the incongruity of the past has to be realigned giving a greater voice to developing economies.



I have over the last several years, like many others, been raising an important issue; the relevance of the United Nations (UN) as it stands today. This was further underscored by none other than the Secretary General of the UN. A bit of history will provide context. The League of Nations was the first inter-governmental organization that was established after World War I to ensure peace and stability. It lasted 26 years. The United Kingdom (UK), Japan, Italy and France were the four permanent members of the executive council and only 58 countries (its highest level of member states) were part of the League of Nations. Italy and Japan left the League for their roles in aggression and conflicts. The United States (US) never joined the League of Nations and some departments of the League of Nations were transferred to the UN, which was formed in 1945 after World War II.



The UN has played a constructive role over the last eight decades in maintaining world order, selectively distributing wealth, and while significant good has come from the institutions that have formed part of the UN, the convergence and selective streamlining of power has created ongoing conflicts of interest. At the nerve center of the UN are five permanent members of the Security Council – the US, UK, China, Russia and France (Big Five). The selection criteria for this pedestal was circumstantial and relevant to 1945 as the ‘Big Five’ played a leading role in World War II and had notably amassed the largest number of nuclear weapons.



It has taken over eight decades for the saying, ‘absolute power corrupts absolutely’ to bring to the fore the conflicts of interest that exist in the world today. Benito Mussolini’s words from 1935 – at the time of the Second Italo-Ethiopian War – that “the League is very well when the sparrows shout, but no good at all when the eagles fall out” resonate with the same fervor as we see the Big Five go about the business of the UN; from the power of veto to the allocation of resources. Little has changed in the behavior of the strong.



<blockquote class="wp-block-quote has-text-align-center is-layout-flow wp-block-quote-is-layout-flow">
“The vicious circle of centralized global control is creating a vortex that is detrimental for the future of mutual benefit and co-existence.” 
</blockquote>



There are several other moving parts particularly relating to Africa. The western powers colonized Africa with the UK, France, Belgium, Italy, Netherlands and Portugal splitting the spoils of a resource-rich continent. The umbilical cord of slavery and colonization did not get severed even after African nations secured their independence and remain the agricultural and mineral resource hinterlands of colonial powers. With education, transparency, the immediacy of information and stark poverty, people have started questioning the hold colonial powers, large multinational corporations and other state actors continue to have over African nations. The uprisings in Niger, Gabon and many other African nations that were French colonies have resulted from inequitable deals (notably uranium from Gabon) that France continues to enjoy from the former colonies. On the one hand, these former colonial powers talk of corruption in Africa but on the other, are the very propagators of this corruption.



The other bloc that needs review is the Commonwealth constituting 56 countries which were mostly former colonies of the UK; 21 of these are in Africa. The head of the Commonwealth is King Charles III and this congregation is now nothing more than an inconsequential talk shop under the ceremonial traditions of a faded empire. The colonial era has ended but the desire to control and have the developing world continue to be subservient to the British Empire has not ended.



Let’s examine the relevance of the two former colonial powers (UK and France) in the context of their economic and political clout in the new world order. While there is a lot of historic wealth and institutional strength in these countries, it’s no secret that they are declining powers. Significant money that has been invested into these two economies over the last two decades has come from the Middle East, China, Russia and the Indian sub-continent. The internal economies are not as resilient as before and political uncertainties and the global sustainability of institutions will be questionable. Both the UK and France have strong tourism and education sectors that are thriving because of student mobility and visitors/tourists traveling from emerging countries.



Additionally, indigenous population growth in both the UK and France has been on the decline; the recent demographic growth has come from migration from all parts of the world. Interestingly, even the sports teams of these countries have a large representation from Asia and Africa. The glaring question is whether these nations should still be part of the Big Five?



The conduct of the Big Five leaves a lot to be desired in the management of conflicts, trade agreements and in financial grants. The US’ share of the global armament market in 2021 was about 38%-40% of the approximately $127 billion. It is in the national interest of the US to fuel conflicts around the world; the same goes for China, the UK, France, Russia and Germany. In a sad dichotomy, the custodians of peace are also the largest arms dealers. They have trade deficits and unemployment when there are no conflicts.



The crisis in Ukraine today is the most recent example of the world being held ransom by a permanent member of the Security Council. But the conflict did not start with that. It’s no secret that the US and EU have been expanding the North Atlantic Treaty Organization (NATO) and have created instability where it did not exist. The current conflict in Ukraine will embolden China to act recklessly with their own aggression which will also go unchecked. What will continue to thrive will be arms sales to countries that need food for their people and not more guns. These arms exports and other resource-based contracts are allegedly linked to financial aid and grants that are disbursed by multilaterals. There are wheels within wheels when approvals of grants are given to poorer nations.



Another important aspect of note is the power of sanctions. Each time there is a conflict, there are sanctions that have resulted in the forfeiting of overseas assets by defaulters where the dominant nations are the judge, jury and executioners. All overseas assets and reserves of most nations today are held in US dollars, British pounds or in euros which are the default reserve currencies. What was seen as a strength earlier is now being seen as a weakness and threat by emerging economies. Sadly, the vicious circle of centralized global control is creating a vortex that is detrimental for the future of mutual benefit and co-existence. &nbsp;



Over the last few decades, there have been calls from emerging economies to grow the permanent membership of the UN. This has been largely ignored owing to the veto powers of the Big Five. The developed world as we know it today is unlikely to retain their status as other emerging economies begin to overtake them in economic and military might. In recognition of this, the G20 was formed which included the 19 major economies of the world and the EU as an economic bloc. The reality is that there are so many countries in the EU that are protected through their belonging to the EU. The global financial crisis brought out the weaknesses in the economies of Portugal, Italy, Greece and Spain (PIGS) that have not recovered and with continuing problems will at best remain marginal economies in the near term. Europe in general will face a decline as we progress through the first half of this century. India, in its leadership role of the G20 since December last year, has played an important role in ensuring that the African Union, as an economic and regional bloc, gets a permanent seat at the G20.



The real question is whether the expanded G20 with limited powers (other than to the Big Five) will be seen as adequate by the emerging powers. Consequently, BRICS (Brazil, Russia, India, China and South Africa in the alliance) has increasingly been seen as an answer to the frustration that has come about from the high-handed behavior of western nations led by the US.



There were many disparities that emerged during the pandemic and African countries, along with other emerging economies, faced the brunt of their citizens (as one example) being given lower priority for vaccinations. The need for indigenization and self-reliance has become a part of every country’s national agenda.



The BRICS meetings in South Africa have now led to the expansion of the bloc with the addition of Egypt, Ethiopia, Argentina, Saudi Arabia, Iran and the United Arab Emirates. While there is a long way to go in expanding the BRICS mandate, the BRICS bank (New Development Bank) has been established and each of the countries is setting up mechanisms for bilateral trade and payment settlements in currencies other than the reserve currencies. With the establishment of the African Continental Free Trade Area (AfCFTA) agreement, Afreximbank has already taken steps to launch the Pan-African Payment and Settlement System (PAPSS) as a cross-border payment system for African countries and has committed significant resources as a credit advance to underwrite this project which will save African countries an estimated $5 billion in annual transaction costs. The impact of all this will be seen in the not-so-distant future.



We are going through perhaps the most defining phase in human evolution. On one side, technology and innovation are disrupting the world and on the other, there are deliberate steps being taken for the realignment of bilateral and multilateral partnerships that will see a very polarized world in the short-term. Let’s hope and pray that when the dust settles, the world is a more inclusive, harmonious and fair place that is respectful to all citizens of the world, where opportunities are not based on religion, ethnicity, gender or any other man-made obstacle. I am reminded of the words of the former President of Poland and Nobel Peace Prize winner, Lech Wałęsa: “The path to a brighter future of the world leads through honest reconciliation of the conflicting interests and not through hatred and bloodshed. To follow that path means to enhance the moral power of the all-embracing idea of human solidarity.”



Amidst all the geopolitics, FORBES AFRICA turns 12 this month. My congratulations to Sid, Roberta, Renuka and the entire team at FORBES AFRICA who work tirelessly to keep the wheels turning slowly but surely towards showcasing the best in entrepreneurship in Africa. I also thank all our sponsors and readers for your continued support.

Rakesh Wahi

The New-World Alignments: An Indication Of Our Future

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



Microsoft CEO Satya Nadella said that Microsoft can’t compete with Google and that the search engine’s market share is so large the internet has basically become the “Google web” Monday during more than three-and-a-half hours of testimony in Google’s antitrust trial, according to&nbsp;<a href="https://www.nytimes.com/2023/10/02/technology/microsoft-ceo-testifies-google-search.html?smtyp=cur&amp;smid=tw-nytimes" target="_blank" rel="noreferrer noopener">multiple</a>&nbsp;<a href="https://www.washingtonpost.com/technology/2023/10/02/microsoft-ceo-google-antitrust-trial/" target="_blank" rel="noreferrer noopener">news</a>&nbsp;<a href="https://www.wsj.com/tech/ai/microsoft-ceo-testifies-about-limits-of-ai-at-google-antitrust-trial-32d032a9?mod=hp_lead_pos5" target="_blank" rel="noreferrer noopener">organizations</a>.



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



Nadella reportedly testified that Microsoft and Bing, its search engine, was unable to compete with Google because of deals Google has made with partners like Apple and Samsung to make Google the default search engine on their devices and browsers.



Nadella described Google’s deal with Apple in particular as “oligopolistic,” and said the deals in sum amount to a “vicious cycle” for Microsoft, according to reports.



He also said that at one point Microsoft was willing to pay “north of 10 plus billion a year” to convince companies to make Bing the default over Google, but companies wouldn’t give in (equity firm Sanford Bernstein estimated Google is paying Apple $18 billion to $19 billion this year to make Google the default on iPhones and other Apple products, according to the&nbsp;<a href="https://www.washingtonpost.com/technology/2023/10/02/microsoft-ceo-google-antitrust-trial/" target="_blank" rel="noreferrer noopener">Washington Post</a>).



Google’s lawyers continually argued that Microsoft’s lack of ability to compete was because it had an inferior product, not because of the default agreements.



<h2 class="wp-block-heading" id="h-crucial-quote">CRUCIAL QUOTE</h2>



“The entire notion that users have choice, and they go from one website to another website … is completely bogus,” Nadella testified Monday. “Defaults is the only thing that matters in changing search behavior.”



<h2 class="wp-block-heading" id="h-surprising-fact">SURPRISING FACT</h2>



“Google” is the most searched for word on Bing, John Schmidtlein, Google’s lead litigator, pointed out as he cross-examined Nadella.



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



When this trial began earlier this month, it became the biggest antitrust trial in more than two decades. The trial revolves around these agreements Google’s made with Apple, Samsung and other partners. The Department of Justice, which brought the case, argues that they constitute illegal means of creating and maintaining a monopoly. Google has continually argued that it is the default search engine on so many products, as well as most users’ preferred search engine, because it is simply a superior product.



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<a href="https://www.nytimes.com/2023/10/02/technology/microsoft-ceo-testifies-google-search.html?smtyp=cur&amp;smid=tw-nytimes" target="_blank" rel="noreferrer noopener">Microsoft C.E.O. Testifies That Google’s Power in Search Is Ubiquitous</a>&nbsp;(New York Times)



Forbes Daily: Get our best stories, exclusive reporting and essential analysis of the day’s news in your inbox every weekday.Sign Up



By signing up, you accept and agree to our&nbsp;<a href="https://www.forbes.com/terms-and-conditions" target="_blank" rel="noreferrer noopener">Terms of Service</a>&nbsp;(including the class action waiver and arbitration provisions), and&nbsp;<a href="https://www.forbes.com/privacy" target="_blank" rel="noreferrer noopener">Privacy Statement</a>.



<a href="https://www.washingtonpost.com/technology/2023/10/02/microsoft-ceo-google-antitrust-trial/" target="_blank" rel="noreferrer noopener">Microsoft CEO says Google’s deals with Apple led to its dominance</a>&nbsp;(Washington Post)



<a href="https://www.wsj.com/tech/ai/microsoft-ceo-testifies-about-limits-of-ai-at-google-antitrust-trial-32d032a9?mod=hp_lead_pos5" target="_blank" rel="noreferrer noopener">Microsoft CEO Says Google’s Agreements With Apple Unfairly Harmed Bing</a> (Wall Street Journal)

Google Chrome Requests A New Emergency Security Update

The Internet Is Really Just The “Google Web,” Microsoft CEO Says During Google’s Antitrust Trial

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



Tesla CEO Elon Musk took to X to scrutinize a German humanitarian group conducting a rescue operation in the Mediterranean Sea, suggesting such operations and their transport of rescued immigrants to Italy are a violation of the country’s sovereignty.



<h2 class="wp-block-heading">KEY FACTS</h2>



The video was posted by a user claiming to show German NGO ships in the Mediterranean Sea collecting illegal immigrants before they are unloaded in Italy— and also pledging support for the far-right Alternative for Germany party, a&nbsp;<a href="https://www.politico.eu/article/afd-alternative-for-germany-deutschland-immigration-economy-decline-climate-change-right-wing-populism-opinion-mathias-dopfner/" target="_blank" rel="noreferrer noopener">surging political party</a>&nbsp;that runs on an anti-immigrant platform.



Musk reposted the video, asking if the German public was aware of such rescue operations—which prompted a reply from the German government’s official X account, which said, “Yes. And it’s called saving lives.”



Musk said he doubted the majority of the German public supported the operations, claiming they are “surely” violations of Italy’s sovereignty and saying they had “invasion vibes.”



The German government confirmed this week it was backing three NGOs that operate in the Mediterranean Sea and bring migrants to Italy, according to&nbsp;<a href="https://www.reuters.com/world/europe/elon-musk-wades-into-german-debate-over-migration-2023-09-29/" target="_blank" rel="noreferrer noopener">Reuters</a>, which reported the funding has been met with pushback from Italy’s government.



Far-right Italian Prime Minister Meloni said in a letter sent to German Chancellor Olaf Scholz this month that she “learned with astonishment” that Germany, “without coordinating with the Italian government,” allegedly decided to bankroll NGOs engaged in the “reception” of migrants in Italian territory,&nbsp;<a href="https://www.reuters.com/world/italy-learned-with-astonishment-german-funding-migrant-charities-2023-09-25/" target="_blank" rel="noreferrer noopener">Reuters</a>&nbsp;reported.



Meloni suggested in the letter that Germany, which is <a href="https://apnews.com/article/germany-migration-asylum-housing-22372cf1e5ece2e55c5f2e6c9d10e594" target="_blank" rel="noreferrer noopener">struggling to provide space</a> for asylum seekers, should instead focus on helping migrants on its own soil, arguing the work of the NGOs incentivizes people to attempt dangerous trips for asylum in other countries.



<h2 class="wp-block-heading">CONTRA</h2>



The German foreign ministry has denied the idea that the NGOs provoke migrants to make the&nbsp;<a href="https://www.voanews.com/a/more-than-2-500-migrants-dead-or-missing-in-mediterranean-in-2023-un-says-/7289741.html" target="_blank" rel="noreferrer noopener">deadly maritime trips</a>&nbsp;to Europe and&nbsp;<a href="https://www.theguardian.com/world/2023/sep/25/italian-pm-astonished-at-germany-paying-charities-for-refugee-rescues" target="_blank" rel="noreferrer noopener">said</a>&nbsp;rescuing those at sea is a &#8220;legal, humanitarian and moral duty.”



<h2 class="wp-block-heading">BIG NUMBER</h2>



More than 220,000. That’s the number of people who applied for asylum in Germany between January and August this year, according to&nbsp;<a href="https://www.theguardian.com/world/2023/sep/30/german-government-rebukes-elon-musk-over-refugee-rescue-criticism" target="_blank" rel="noreferrer noopener">The Guardian</a>. Additionally, more than 127,000 migrants have reached Italy by sea so far this year, almost double the amount of the same period last year, the&nbsp;<a href="https://apnews.com/article/migration-italy-lampedusa-3b47cdacb91c2d72f99b11aa396a6d59" target="_blank" rel="noreferrer noopener">Associated Press</a>&nbsp;reported.



<h2 class="wp-block-heading">KEY BACKGROUND</h2>



Musk, who has amplified&nbsp;<a href="https://www.forbes.com/sites/anafaguy/2023/05/09/musk-fuels-unfounded-texas-shooter-conspiracy-theories-doubting-shooters-far-right-connections/?sh=372bbb268098">conspiracy theories</a>&nbsp;and&nbsp;<a href="https://www.forbes.com/sites/saradorn/2022/12/13/elon-musk-tests-the-waters-of-extremism-in-attacking-fauci-roth-in-latest-shift-to-the-right/?sh=39966e9a1681">right-wing ideology</a>&nbsp;on X, has recently become more publicly invested on the topic of immigration. The tech billionaire&nbsp;<a href="https://www.forbes.com/sites/roberthart/2023/09/29/elon-musk-citizen-journalist-heres-why-the-tesla-billionaire-visited-the-texas-mexico-border/?sh=d8128627f196">visited the United States’ border</a>&nbsp;with Mexico on Thursday and livestreamed his experience on X. Musk said he traveled to the border to meet with local officials and law enforcement so he could gain an “unfiltered” perspective on migration and “see exactly what’s going on.” Musk, who was born in South Africa and is an immigrant to the U.S. himself, considered himself “extremely pro-immigrant,” saying the country’s immigration system should “greatly expand” so as to accept “hardworking and honest” people who will be contributors. He also said a “collapse in social services” would materialize if the U.S. didn’t curb illegal immigration.



<h2 class="wp-block-heading">FURTHER READING</h2>



<a href="https://www.forbes.com/sites/roberthart/2023/09/29/elon-musk-citizen-journalist-heres-why-the-tesla-billionaire-visited-the-texas-mexico-border/?sh=d8128627f196">Elon Musk, Citizen Journalist: Here’s Why The Tesla Billionaire Visited The Texas-Mexico Border</a>&nbsp;(Forbes)



<a href="https://apnews.com/article/elon-musk-germany-migrants-rescue-ship-mediterranean-fab94f0fc68833f80ad5df8ca9a071e1" target="_blank" rel="noreferrer noopener">Germany’s government and Elon Musk spar on X over migrant rescue ships</a>&nbsp;(AP)

Elon Musk Makes Twitter Account Private

Elon Musk Attacks Germany Over Its Migrant Rescues, Cites ‘Invasion Vibes’

Lawyer and Founder of Law City, Dorothy Adu-Mfum tells FORBES AFRICA about what it means to her to be able to help others gain access into what is widely seen as an incredibly exclusive industry. 



There’s an informal but rather well-known term given to the top five prestigious law firms in the United Kingdom (UK). It’s called the Magic Circle. These firms, which all specialize in corporate law, are seen as exemplary, based on their outstanding and distinguished results. Securing a seat at the table with the best of the best would certainly be a tall order. However, Ghanaian-born Dorothy Adu-Mfum has done just that.



She is one of a few black women, bucking a trend in the UK of a white and male-dominated legal sector. As a training solicitor with one of the Magic Circle firms – namely Allen &amp; Overy, Clifford Chance, Freshfields Bruckhaus Deringer, Linklaters and Slaughter and May – Adu-Mfum has managed to carve out a niche that many from her background have found impossible to achieve.



The services provided by these legal firms at the highest levels have created a social divide between those privileged enough to attend the best universities and those from low-income backgrounds. This makes the journey towards becoming a lawyer for black Britons extremely difficult.



Not only do you need to get the right A-levels, attend the right universities – which the top law firms recruit from – and secure a first-class degree, you also need to have vacation schemes and internships in order to achieve a training contract with a firm, before finally qualifying as a lawyer. A seemingly arduous task for anybody from a disadvantaged economic background to achieve, this is what led Adu-Mfum to create Law City.



“In Ghana, I came from a middle-class background so everything was provided for me and I had all the opportunities. Then I came to London and realized that I was from a working-class background. I had to work from the age of 16 which meant I couldn’t go for various internships or vacation schemes or insight days. Although I graduated with a first class, I found it difficult to transfer the theory aspect into the practicality needed for applying to law firms,” says Adu-Mfum.



Despite the fact that she got the first-class degree, Adu-Mfum faced all the disadvantages her socio-economic background presented her. She did not attend the prestigious universities that law firms recruited from and her need to work two jobs to make ends meet meant that she did not have the practical experience that law firms were looking for.



“I decided to no longer focus on law and went into banking for about three years, and I got promoted to the lending services department. So, what I was doing was reviewing mortgage documents and business loans and I found out that I was still interested in law because I spent more time reviewing the legal elements instead of the financial elements,” says Adu-Mfum.



In order to qualify to receive a training contract, one has to first complete a Legal Practice Course (LPC). An LPC is a postgraduate course and the final educational stage for becoming a solicitor. You can only get it in one of two ways – either a law firm recruits you and pays for the program, or you self-fund it.



Adu-Mfum decided to do the latter after a discussion with her father who advocated that she return to her first love, which was law.



“While I was doing my LPC, I was also volunteering in the community. I had a lot of young people coming to me saying I am interested in law and I don’t know how to gain access or I have never been to a law firm before. So, I thought I should build a community of people who also want to gain access and together, we try and gain access.”



“My reason for that was I didn’t really want to go to an event by myself but if I had a group of people who wanted to gain access and were uninformed, and from similar backgrounds, it would be easier for us to achieve what we wanted to achieve together. That is where Law City came from,” recalls Adu-Mfum.



Law City aims to connect aspiring lawyers from low-income socio-economic backgrounds to the legal sector in London. Currently, the platform has over 3,000 aspiring lawyers and legal professionals with over 80% of its network from the aforementioned backgrounds.



Adu-Mfum’s first event was created at a law firm in London and was a resounding success. Two of the attendants secured an internship with a law firm and Adu-Mfum, through that experience, began to bolster her CV. Very soon, with the help of a legal mentor, she managed to improve her application and secure a training contract with a Magic Circle firm.



“I had a black boy who came to me and said, ‘I didn’t think this type of community existed and I didn’t think a legal career was possible for me until today’. We had people who were saying this is the first time they had been to a law firm. Our head of events has secured a training contract with a law firm. Before I started, I wasn’t a lawyer, I was an aspiring lawyer and I am now about to qualify as a lawyer with a Magic Circle firm,” says Adu-Mfum, regarding the milestones of herself and her online legal community.



Through Law City, Adu-Mfum is hoping to continue to create advantages for people from low-income backgrounds, which will hopefully reduce the barriers to entry in the legal profession in the UK.



The platform has expanded globally, due to the pandemic and the increase of virtual events, to include South Africa and Dubai.



Despite breaking numerous glass ceilings and paving the way for others, Adu-Mfum remains resolute in her quest to make it to the top of her profession, and to inspire the Law City community in spite of the insurmountable odds they may face.

instagram daily – 2023-10-01T183433.735

Access Granted: The Legal Professional Cementing Her Place In London

South Africa has descended in rankings in the Organized Crime Index (OCI), published by the Global Initiative against Transnational Organized Crime (GI-TOC) this week. The latest OCI rankings place South Africa as the seventh most vulnerable nation to organized crime globally, a steep fall from its 19th position as of the last report in 2021.



The report employs a dual-metric system, evaluating countries based on their Criminality and Resilience scores. South Africa&#8217;s metrics indicate a rise in criminal activity and a decline in resilience, placing it in global rankings between Nigeria and Iraq.



In the African context, the Southern African Region fares relatively well in the OCI, making South Africa&#8217;s decline even more glaring. Julian Rademeyer, a GI-TOC Director, notes to FORBES AFRICAthat the country has historically shown a robust ability to counter organized crime, despite its high levels of violent crime.



&#8220;We&#8217;re at a critical juncture,&#8221; warns Rademeyer. “We need to act… and if we are going to act we need to act now.” He emphasizes that the nation&#8217;s democracy and populace are under siege from escalating organized criminal activities.



The report sheds light on the multifaceted nature of organized crime in South Africa. While human trafficking and drug trade are noted as salient issues, the data reveals an unsettling rise in environmental crimes like illegal logging and wildlife poaching.



The report highlights the failure of law enforcement to respond adequately to these challenges as being crucial in South Africa’s rankings. While arrests for high visibility challenges are common, Rademeyer makes it clear that a lack of cohesive strategic intent and disruption of higher levels of organized criminal structures are preventing greater progress.



“What I think is necessary to have here is a targeted focus” says Rademeyer. “Police are running around and putting out fires, but not really getting control of the blaze that’s burning.”



The report also highlights a concerning lack of leadership, and that this is magnified by the current economic crisis. The highly publicized scandals surrounding political officials have deepened a sense of mistrust in both the public sector and those that lead them, the report states.



While the report makes clear that significant obstacles exist to positive change in the battle against organized crime, it too highlights the uniqueness of South Africa’s resilience in the face of these challenges, with the independence of the judiciary, comprehensive legislation and strength of both civil society as well as whistleblower action noted as playing a significant role.



“If you can deal with the leadership issues, and you get the direction and strategy right… the knock-on effect could be quite big,” continues Rademeyer.



South Africa&#8217;s OCI ranking calls for urgent, strategic action. The country&#8217;s historical resilience offers a glimmer of hope, but reclaiming that legacy will require a concerted effort from all sectors of society. The data is clear: it&#8217;s time for South Africa to confront its organized crime crisis head-on.



“I think what the relatively high resilience says is that there’s something worth struggling for here,” says Rademeyer.

Large-scale police operation in Johannesburg

‘At A Critical Juncture’: South Africa’s Decline In Global Rankings And Battle Against Organized Crime

The Nigerian naira has plummeted, alarming experts who suggest to us measures that may be used to address the situation.



The Nigerian naira has reached an all-time low, with the exchange rate hitting ₦1,005 to $1 in the parallel market, according to FORBES AFRICA&#8217;s latest findings.



This depreciation represents a drop from around ₦900 per dollar at the beginning of September.



Observers say the lack of intervention from the Central Bank of Nigeria (CBN) this month has allowed the naira&#8217;s value to plummet in the parallel market.



The recent decision by President Bola Tinubu to unify exchange rates in Nigeria led to the CBN&#8217;s move towards a free-floating system, allowing deposit money banks (DMBs) and foreign exchange market dealers to freely buy and sell forex at market-determined rates. This shift marked a transition from the previous multiple forex regime to a more flexible approach, implemented on June 14.



Dr Olayemi Cardoso, who was recently nominated and confirmed as the 12th Governor of the CBN, emphasized the importance of economic growth during his confirmation by the Nigerian Senate.



&#8220;Our feeling is that in identifying the important issues with economic growth, we believe very strongly that size matters,&#8221; said Cardoso. He highlighted the administration&#8217;s goal of achieving $1 trillion-GDP within eight years and underscored the need for stability in various economic indices.



But Iheakanwah Felix Arinzeh, a financial expert and doctor of business administration, expresses his concerns to FORBES AFRICA: &#8220;The current rate of over ₦1,000 to a dollar at the FX parallel market is a sign of the lack of confidence in the Nigerian economy.&#8221;



Arinzeh points out that the parallel market rate is typically higher due to the premium people are willing to pay for dollars to safeguard their savings and make international investments. &#8220;The fact that this rate has reached over ₦1,000 suggests that many Nigerians are losing faith in the naira, seeking ways to hedge their financial security.&#8221;



The consequences of this decline are multifaceted. It makes importing goods and services more expensive, eroding the value of savings and, according to Arinzeh, is likely to lead to higher inflation and operational challenges for businesses, especially those already struggling.



Arinzeh emphasizes that Nigerians&#8217; reliance on the parallel market for foreign exchange stems from disruptions in the official supply of foreign exchange through the CBN.



&#8220;Factors contributing to the naira&#8217;s decline include global currency shortages exacerbated by events like the Ukraine war, Nigeria&#8217;s high debt levels, and overreliance on oil exports.&#8221;



To combat these challenges, Arinzeh proposes a series of measures, such as &#8220;addressing the underlying causes of the FX shortage, including declining oil exports, rising imports, and capital flight&#8221;.



He also suggests &#8220;public education about the dangers of round-tripping and parallel market activities” and adds: “Offering incentives, such as tax breaks, to encourage businesses to use official FX channels. A crackdown on corruption within the FX market. Transparent communication of the government&#8217;s plans to stabilize the naira and address FX shortages.&#8221;



Kelvin Emmanuel, an economist, highlights the situation of the naira to FORBES AFRICA, stating, &#8220;The drop of the naira above 1,000, and the quotes seen on exchange traded platforms for currency futures at ₦1,200, explain the pressure on the spot markets to provide the liquidity the market requires for various critical financial transactions, including Form A, M, Q, matured (commercial) Letters of Credit, capital remittances, and dividend remittances.&#8221;



Emphasizing the impact of a growing parallel-market premium, one trend Emmanuel points out is the pressure on the spot markets, &#8220;exacerbated by the fact that the attempted liberalization of the foreign exchange (FX) markets has not removed the ban placed on 41 items; 0.40 cents of every $1 moves from the I&amp;E window to the parallel market&#8221;.



Emmanuel proposes several short-term solutions to address the crisis, including the government raising an intra-Central Bank loan, converting foreign direct investment pledges into certificates of capital import, or seeking assistance from the International Monetary Fund (IMF).



He stresses the urgency of resolving the outstanding forwards, stating: &#8220;Considering how sensitive Nigeria’s supply chain is, and the shocks that a falling naira portends to key imports in food and energy, it’s important that the outstanding forwards are sorted out immediately.&#8221;

Nigeria  High Resolution Economy Concept

Naira Hits Historic Low At ₦1,005 To $1 In Parallel Market, Raising Concerns Amid Economic Challenges

A new deal between Hollywood studios and writers will for the first time require streamers like Netflix, Hulu and Disney+ to report viewership numbers of original and syndicated content, shining a light on what experts have called a “black hole” of information that has allowed companies to largely avoid justifying in-house programming decisions.



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



A&nbsp;<a href="https://www.forbes.com/sites/anafaguy/2023/09/27/hollywood-writers-strike-ends-deal-finalized-after-148-day-work-stoppage/?sh=e88fb758cbf3">new contract</a>&nbsp;negotiated between the Writers Guild of America union, which ended its 148-day strike on Wednesday, and the Alliance of Motion Picture and Television Producers will force services to report to the union how many hours a show has been streamed domestically and across the world, a first for a collection of streaming companies that have historically kept a dark veil over the information.



Apple TV+, Amazon Prime Video, Disney+, Paramount+, Netflix, Hulu and HBOMax are among the companies that have shared what the&nbsp;Verge&nbsp;<a href="https://www.theverge.com/2023/9/26/23891835/wga-contract-summary-ai-streaming-data" target="_blank" rel="noreferrer noopener">called&nbsp;</a>“weird metrics or meaningless self-referential rankings” instead of the actual viewership data available for broadcast networks and cable channels like ABC, NBC, CBS, ESPN, Fox News, CNN and others.



The data was a sticking point in the tense union negotiations as writers called for measurable performance metrics that could be translated into residuals—long-term payments sent when their show or movies rerun or are purchased—for union members who work on hit shows.



Writers have for decades been paid every time their show or movie is re-aired on its original network or on cable television, or when someone buys a DVD, but that stopped on on-demand streaming platforms, and writers who’ve had network shows become popular on streaming services complain they have not been adequately compensated for its secondary success on those platforms.



It’s possible the numbers studios provide will be subject to nondisclosure agreements and therefore not released to the public, but the WGA may still be able to release aggregated data.



Representatives for WGA, Netflix and Hulu did not immediately respond to&nbsp;Forbes’&nbsp;request for comment Wednesday.



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<h2 class="wp-block-heading" id="h-crucial-quote">CRUCIAL QUOTE</h2>



Not knowing the numbers is “very frustrating,”&nbsp;<a href="https://www.latimes.com/entertainment-arts/business/story/2023-09-14/wga-writers-strike-sag-aftra-actors-strike-netflix-ratings-data-transparency?_gl=1*ywpsu6*_gcl_au*MTQ5MzQ4MjQ4OS4xNjk1ODIwNzQ4" target="_blank" rel="noreferrer noopener">said&nbsp;</a>Gloria Calderón Kellett, the co-showrunner for Netflix’s reboot of&nbsp;One Day at a Time, which was canceled. “Because you just don’t know what you don’t know. You are in this black hole.”



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



Historically, a lack of data has led to a lack of accountability for streamers when it comes to making programming decisions. Without viewership information, Nexflix and other companies have been allowed to make decisions on canceling and renewing projects without any transparency, and they can claim a project has or hasn’t been successful on a whim. Viewers have expressed discontent about the cancellation of shows that seemed to do well in the public eye—like&nbsp;Daredevil, Warrior Nun, The OA&nbsp;and&nbsp;Inside Job—only to be shut down by the streamer. It has also shielded companies from having to admit when a high-budget show flops. Netflix CEOs Ted Sarandos and Greg Peters told Bloomberg earlier this year that the streamer has “never canceled a successful show.” Netflix is slightly more transparent than its competitors, it does provide a weekly top-10&nbsp;<a href="https://www.netflix.com/tudum/top10/" target="_blank" rel="noreferrer noopener">breakdown&nbsp;</a>of the top movies and shows by country, but it only covers the most popular programs and provides no indication as to what isn’t doing well. Others, like Disney+, will on occasion release how many people watched a popular show’s premiere or finale but not in any kind of context to other services or shows on the same platform. Nielsen, the media data company that tracks viewership behavior, provides a top-10 list of streaming platform ratings based on the devices people use to stream (think smart TVs or video game consoles).



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



15.2 million. That&#8217;s how many views Netflix says its original film&nbsp;Love At First Sight, the most-watched English movie of the week, got between September 18 and September 24.



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



Sharing streaming data with the public could put publicly traded companies like Netflix, Disney and Paramount in the hot seat when it comes to their shareholders. Michael Smith, a professor of information technology and marketing at Carnegie Mellon University, told&nbsp;Forbes&nbsp;he doesn’t think sharing the data privately with the WGA will have a dramatic impact on how stocks perform, but that they could be impacted if the world knows an expensive project ultimately flopped. Measuring the performance of a streaming company now is largely based on revenues, costs and an aggregate number of subscribers (which not all streaming services have made public), Smith said, but streamers have fought tooth and nail against revealing streaming data because of a potential impact to share prices. He added that streamers differ from traditional broadcast channels that rely on viewership numbers to sell ad space, while platforms like Hulu have more flexibility in their advertising options. “I think this is the most interesting part of the (WGA) deal,” Smith said.



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<a href="https://www.forbes.com/sites/anafaguy/2023/09/27/hollywood-writers-strike-ends-deal-finalized-after-148-day-work-stoppage/">Hollywood Writers Strike Ends: Deal Finalized After 148 Days Of Work Stoppage</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/daniellechemtob/2023/09/26/forbes-daily-another-strike-on-the-horizon-as-sag-aftra-authorizes-second-walkout/">Another Strike On The Horizon As SAG-AFTRA Authorizes Second Walkout</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/maryroeloffs/2023/09/26/swifties-take-nfl-ratings-soared-for-chiefs-game-as-taylor-swift-cheered-on-travis-kelce/">Swifties Take NFL: Ratings Soared For Chiefs Game As Taylor Swift Cheered On Travis Kelce</a>&nbsp;(Forbes)

Stay at home and watch TV

What’s Really The Most-Watched Netflix Show? Hollywood Writers’ Deal Could Bring Streaming Data To Light

&#8216;Sustained crisis’. I came across this terminology in a Harvard Business Review article recently, and it immediately struck a chord with my struggles running my company and also with what I see in the world around me.



The Covid-19 pandemic was a global crisis that came out of the blue, and we were all in it together. It did not matter which country we lived in or what our backgrounds were. It was a common fight.



But post-pandemic, we are dealing with a world that has become economically volatile for varying reasons, and it is becoming clearer that each country will first protect its own people and its own interests. Likewise, it has hit the interdependence of certain structures with a fragility like never before. And this has not abated since 2020.



For countries that are largely donor-dependent for their development needs and for humanitarian aid spending, vulnerabilities have increased. The aid narrative comes with its own politics and interests.



Several studies point to the fact that foreign aid is not as generous as it used to be.



In 2022, Ukraine accounted for a large chunk of foreign aid. And now many donor countries are facing pressures of their own from the post Covid-19 economic downturn to geopolitical vulnerabilities and political instabilities that have persisted over a long time.



Developing economies struggle with unsustainable debt burdens, rising food costs and liquidity crises. It is estimated by the World Bank that 7% of the world’s population will still be living in poverty by 2030.



For entrepreneurs in many countries, the ecosystem has changed significantly. Inflation persists and markets continue to shrink. Doing business has become costlier and more complex and negotiating the scale of challenges more difficult.



With increased advanced technological interface in business operations, the ecosystem demands a different resilience that government and business leaders must adopt and adapt to at a faster pace.



The common man is forced to navigate his needs confronted with higher prices, declining savings, more borrowing and employment loss. 



In Nepal, where I am, the middle- and lower-income demographic is struggling with job cuts, unpaid salaries, cutdown on consumer expenditure and access to loans. There is a relentless outflow of Nepali youth entering the international labor market. The country’s central bank macroeconomic report shows that in the first 10 months of the current fiscal year, the government has issued permits for over 660,000 Nepalis to work abroad. This number excludes Nepalis going to India for work and the migration of students. 



When young people see no future to build their lives in their country, it hurts the productivity and pride of the nation; but there is nothing to hold them back.



A crisis response is effective within a contained timeframe but when there is a prolonged state of crisis, the response needs to be inspired by a wider and more inclusive approach.



I ask what then is the lifeblood that will enable countries to navigate what is now a sustained crisis? Can countries do it alone?



Does this mark the departure of multilateralism? Why are the terms ‘deglobalization’ and ‘dedollarization’ increasingly making the rounds of panel discussions and economic reports?



The lifeblood perhaps lies in our ability to pause, reflect and continue. I believe that sustained crisis can only be overcome by sustained action. However, action must come from deeper values of integrity, innovation and compassion in the unfolding world order. It requires leaders – government and business – to be focused, flexible and decisive. Economic growth and social progress must be given equal emphasis. It requires citizens across the world to be more aware about their choices and actions. This is, perhaps, each one’s obligation and opportunity to create a meaningful world.



A writer-photographer from Nepal who keeps the values of freedom and compassion at the core of her work

Kathmandu, city view

‘Sustained Crisis Can Only Be Overcome By Sustained Action’

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



OpenAI, the artificial intelligence company that created ChatGPT, is in discussions about a potential share sale that would value it at $80 to $90 billion,&nbsp;<a href="https://www.wsj.com/tech/ai/openai-seeks-new-valuation-of-up-to-90-billion-in-sale-of-existing-shares-ed6229e0?mod=e2tw" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the&nbsp;Wall Street Journal—about three times what it was valued in&nbsp;<a href="https://www.forbes.com/sites/nicholasreimann/2023/01/05/chatgpt-creator-openai-discussing-offer-valuing-company-at-29-billion-report-says/?sh=62fa761311e0">January</a>, as the AI race heats up.



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



It’s expected that the deal will let employees sell their shares, instead of OpenAI issuing new ones, the&nbsp;Journal&nbsp;reported, citing multiple unnamed sources.



A valuation of $80 or $90 billion would make OpenAI—which is privately held—one of the highest valued startups, joining the ranks of TikTok owner ByteDance and SpaceX and surpassing companies like Shein and Canva.



OpenAI is positioned to earn more than $1 billion in revenue over the next year by selling access to a higher-quality version of ChatGPT and the technology behind it, Reuters&nbsp;<a href="https://www.reuters.com/technology/openai-track-generate-more-than-1-bln-revenue-over-12-months-information-2023-08-29/" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;last month.



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



OpenAI is backed largely by Microsoft, which owns 49% of the company, according to the&nbsp;Journal. Microsoft&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2023/01/23/chatgpt-parent-open-ai-gets-game-changing-multibillion-dollar-boost-from-microsoft/?sh=4173fcd63c0c">expanded</a>&nbsp;its investment earlier this year when it put billions more into OpenAI, and it has begun integrating the company’s AI technology into its&nbsp;<a href="https://www.nytimes.com/2023/02/08/technology/microsoft-bing-openai-artificial-intelligence.html" target="_blank" rel="noreferrer noopener">Bing search engine</a>&nbsp;in a bid to compete with Google.



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



ChatGPT—OpenAI’s chief product—launched last November and quickly became one of the most popular artificial intelligence programs. Within a week of its launch, the program attracted one million signed-up users who were able to use it for free while the product was in a “research preview” phase. People can still use ChatGPT for free, but OpenAI also offers ChatGPT+ for a $20 per month subscription fee. Beyond normal access to ChatGPT, subscribers get faster response times, are able to use the service even during peak times and get priority access to new features, according to its&nbsp;<a href="https://openai.com/blog/chatgpt-plus" target="_blank" rel="noreferrer noopener">website</a>.



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<h2 class="wp-block-heading" id="h-what-to-watch-for">WHAT TO WATCH FOR</h2>



OpenAI backer Microsoft isn’t the only major tech company to invest in artificial intelligence. Google <a href="https://www.forbes.com/sites/anafaguy/2023/03/21/google-releases-bard-ai-chatbot-amid-competition-with-chatgpt/?sh=769740e832b7">launched</a> its Bard AI chatbot earlier this year, and has <a href="https://www.forbes.com/sites/tylerroush/2023/09/19/google-expands-ai-chatbot-bard-to-apps-like-gmail-drive-and-youtube/?sh=594736544905">begun integrating it</a> into services like Gmail and YouTube, while Amazon announced a <a href="https://www.forbes.com/sites/siladityaray/2023/09/25/amazon-plans-to-invest-up-to-4-billion-in-ai-startup-anthropic/?sh=7408d8aa30e0">$4 billion investment</a> in AI startup Anthropic on Monday.

In this photo illustration a Open AI logo is displayed on a

OpenAI Could Reach Massive $90 Billion Valuation With New Share Sales, Report Says

Cloud-literate employees are increasingly needed across every industry. In an exclusive interview, Amazon Web Services’ commercial sales lead for sub-Saharan Africa tells us how they want to fast-track this objective. And the one area the company is focused on is startups. 



Amazon Web Services (AWS), Amazon’s cloud computing platform, has its eye on Africa. The company recently opened its first international skills center in Cape Town in a strategic move to upskill local cloud talent. Cape Town is not only AWS’ third skill center but the first to be built outside of North America.



“South Africa is a country close and dear to our hearts. It’s where we started our engineering center back in 2004 and our region investments – it has always been our first entry into Africa,” says Amrote Abdella, AWS’ sub-Saharan Africa’s commercial sales lead, in an exclusive interview with FORBES AFRICA.



In 2020, AWS launched the Cape Town region with three local availability zones. “This was when we started to really look at how we could fast-track this cloud transformation that was starting to take off across sub-Saharan Africa,” she says. “In September 2022, we launched our AWS Nigeria local presence… Nigeria now has the largest GDP in Africa and you have to look at the cloud adoption rate and other investments being made into the market. We see an opportunity to not just be a partner, but lead the way in how we’re driving investments into the market.”



The one area AWS is focused on is startups. Africa is home to many thriving fintech startups and the company is looking to grow that number exponentially, recently launching its first, equity-free accelerator. The initial cohort includes startups from Nigeria, Kenya, Ghana, Uganda, Cameroon, Egypt and South Africa.



“Innovation is something that despite of the challenges that we’ve had, we’ve had to accelerate on. If you think about fintech and mobile payments and where we are now (and where we have been), the African startups that are really getting traction are the ones addressing real challenges,” she says. About trying to force solutions that work in the western world into African, she adds: “Our realities are different.”



Build locally, export globally



For Abdella, the idea of creating African solutions for African problems works, but it is only the first step. “How about we build locally and export globally?” she asks. “We’re now seeing customers that are not only building solutions with a multicultural presence in Africa, but globally as well.



“By investing in infrastructure, we are making sure we create the platform for innovators and developers to start building. The AWS Skills Centre is the beginning of what it means to be able to provide these tools and services so as Africans, we can start competing but also have access to the opportunities.”



In 2020, Amazon shared the goal that they would help 29 million people worldwide grow their tech skills with free cloud computing skills training by 2025. Since 2017, the cloud giant has trained over 100,000 people in South Africa and are hoping the new skills center will remove barriers to access by offering free and interacting training.



“As an African working in Africa, it’s our responsibility. If not me, it’s you. If not you, then who?” asks Abdella. “If we want to really be able to deliver on Africa’s potential, we have to start with our people. We have to start building capabilities and we have to be able to get to a point, from a competitiveness perspective, deliver African world-class solutions.”

Amrote Abdella; photo by Tiana Cline

‘Deliver African World-Class Solutions’: Amazon’s Cloud Computing Platform On Plans For Continent

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



Spotify will start using artificial intelligence to translate podcasts into other languages, the company announced Monday as part of a partnership with OpenAI, as Spotify becomes the latest to use generative AI for its products.



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



Spotify&nbsp;<a href="https://newsroom.spotify.com/2023-09-25/ai-voice-translation-pilot-lex-fridman-dax-shepard-steven-bartlett/" target="_blank" rel="noreferrer noopener">announced</a>&nbsp;Monday that it is releasing a pilot for its “Voice Translation” feature, which will translate podcasts into other languages that will match the original speaker’s voice and style.



The feature was created in partnership with OpenAI, which&nbsp;<a href="https://openai.com/blog/chatgpt-can-now-see-hear-and-speak" target="_blank" rel="noreferrer noopener">announced</a>&nbsp;Monday that it was releasing new “voice and image capabilities” for ChatGPT, allowing users to speak with the AI chatbot with generated “human-like audio from just text and a few seconds of sample speech.”



Spotify’s new feature is based on OpenAI’s voice transcription tool Whisper, which transcribes English speech and translates other languages into English.



The pilot includes three podcast episodes—including the&nbsp;Lex Fridman Podcast,&nbsp;Armchair Expert&nbsp;and&nbsp;The Diary of a CEO with Steven Bartlett—available in Spanish to both subscribed and unsubscribed users, with episodes available in French and German “in the coming days and weeks.”



All translated podcasts will be available in Spotify’s “<a href="https://spoti.fi/VoiceTranslation" target="_blank" rel="noreferrer noopener">Voice Translations Hub</a>,” which will be updated with additional episodes and podcasts “over the coming weeks and months.”



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



100 million. That’s how many users “regularly” listen to podcasts on Spotify, according to the company.



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



Other companies have started to use generative AI for its products in recent months. Meta&nbsp;<a href="https://www.forbes.com/sites/irenebenedicto/2023/08/02/meta-launches-tool-to-create-music-using-ai-heres-what-to-know/?sh=4eddc404444d">announced</a>&nbsp;earlier this year that it would release AudioCraft, a tool that allows users to create AI-generated music and sounds. The&nbsp;<a href="https://www.ft.com/content/6f022306-2f83-4da7-8066-51386e8fe63b?list=intlhomepage" target="_blank" rel="noreferrer noopener">Financial Times</a>&nbsp;reported in August that Google and Universal Music Group were in discussions over whether to license artists’ melodies and vocals for AI-generated music. Google also&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/09/19/google-expands-ai-chatbot-bard-to-apps-like-gmail-drive-and-youtube/?sh=3282847f4905">announced</a>&nbsp;earlier this month that it had integrated its AI chatbot Bard into its other applications, including YouTube, Gmail and Drive. Amid concerns over privacy and safety, OpenAI said it was gradually releasing its image and voice capabilities for ChatGPT, after the company warned the new features could present new risks, including “the potential for malicious actors to impersonate public figures or commit fraud.”



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<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<a href="https://www.forbes.com/sites/tylerroush/2023/08/08/google-and-universal-music-group-negotiating-ai-generated-music-tool-report-says/?sh=3d4d29cf22e7">Google And Universal Music Group Negotiating AI-Generated Music Tool, Report Says</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/irenebenedicto/2023/08/02/meta-launches-tool-to-create-music-using-ai-heres-what-to-know/?sh=4eddc404444d">Meta Launches Tool To Create Music Using AI—Here’s What To Know</a> (Forbes)<a href="https://www.forbes.com/sites/tylerroush/"></a>

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