Category: Finance

The development of the envisaged uranium mine at Leonardville village in the Omeheke Region, will alleviate poverty and drastically reduce incidences of stock theft, which has become a major concern in the area.

This was the view of the region’s Governor, Pijoo Nganate during the official opening of the Uranium One office at the village on Thursday.

According to Nganate, the region this year, recorded N.dollars 5.8 million in livestock theft while only N.dollars 2.3 million has been recovered.

Nganate said poverty is a contributing factor to the high numbers in stock theft as villagers are hungry and desperate to do everything to feed their families.

“Farmers can only be alleviated of the problem of theft if an opportunity for locals to work and earn a living that does not require stealing is developed.

Any economic development in Leonardville will have beneficial spill over effects that will benefit other villages and towns,” he said.

Meanwhile, the governor advised the residents who are for and against the uranium in-situ mining currently in the pipeline for Leonardville to come together and find solutions.

“Advocating for the mine’s approval by the government will help alleviate poverty in the village, which is the main concern for the village’s and region’s high rate of stock theft,” he said.

Namibian Police Force (NamPol) Inspector Lina Binga on the sideline of the ceremony confirmed to Nampa that stock theft has become out of control and a major concern for the police as a problem that is rapidly worsening at the village in surrounding farms.

”The rate at which locals are stealing, butchering, and selling livestock to support their families or feed their addiction has become a major issue for my officers. Because the residents in this area have no other source of money, they resort to crime. People such as police officers, nurses, and teachers are already employed in this area. There are no opportunities for our people other than these specialists,” she added.

She said through the mine, residents will earn an honest income rather than resorting to crime and violence as a means of life.

Headspring Investments is the Namibian subsidiary of Uranium One, which is a subsidiary of Rosatom, the Russian state-owned nuclear energy company.

The company’s exploration has now been halted for nearly a year while it applies for and receives approval from the government for extraction and mining rights.

Source: The Namibian Press Agency

AU Trade and Industry Commissioner Muchanga has emphasized today the need for Africa to maintain durable peace and security to achieve sustainable development and integration.

Speaking on the commemoration of the African Integration Day, Albert Muchanga noted that among the outstanding issues before us is the question of peace and security.

“One of the outstanding issues before us is the question of peace and security. If you look around Africa today, there are areas of instability. Southern Africa, Central Africa, East Africa, West Africa, North Africa; all our regions are engulfed in conflict and that can undermine integration.”

Therefore, he noted that Africa should wake up and “create durable conditions of durable peace and security.”

According to him, economic prosperity is an anchor to that. Governance is an anchor to that. Giving opportunities to everybody is an anchor to that; and it’s in the spirit that will come the theme which brings us to the present, and the present is that we want to use economic integration to facilitate accelerated, inclusive growth, and sustainable development.

The commissioner pointed out that Africans have not yet achieved much in the free movement of people.

When “we do it, there will be deeper integration of Africa… When we come together as regional economic communities, we have a stronger voice because we are acting in unity,” Muchanga stressed.

The commissioner added that “as we look back to what we have done in promoting regional economic integration, we say we’ve done well, there’s a lot of work still to be done. We are on the right path.”

African heads of state and government decided the commemoration of African Integration Day to facilitate the implementation of the agreements of AfCFTA, it was learned.

Muchanga underscored that Africans have had very insightful lessons of experience and “one of the lessons of experience is that regional economic integration is complex, but not impossible.”

The African Integration Day commemoration focused on the regional and continental integration agenda, particularly job creation and digital and financial inclusion in the African Free Trade Area (AfCFTA) market. In connection with this, Labor and Skills Minister, Muferiat Kamil said on her part that strengthening digital sector cooperation among African countries is crucial to create job opportunities.

According to her, Ethiopia has a job creation plan that aligns with the continental agenda and is creating millions of permanent jobs annually.

The country is working on developing skilled workers by especially encouraging youth entrepreneurs to contribute to the sector.

The minister pointed out that Ethiopia has created 3.1 million permanent job opportunities in the past 11 months of the Ethiopian Fiscal Year.

Source: Ethiopian News Agency

Acting Executive Secretary of the Economic Commission for Africa (ECA), Antonio Pedro described the Ethiopian Securities Exchange (ESX) as a “game-changer for Ethiopia and the region.”

Efforts are underway to develop Ethiopia’s financial market as the government prepares to launch its first-ever securities exchange in 2024.

In light of this, representatives from the public and private sectors, potential investors, policymakers, and regulators met in Addis Ababa for a two-day workshop aimed at strengthening the capabilities of key market participants, preparing potential issuers and investors for the ESX’s portfolio of instruments, and garnering support from key policy-making institutions and regulators.

Speaking at the opening of the workshop on Thursday, Antonio Pedro, Acting Executive Secretary of ECA, described the ESX as a “game-changer for Ethiopia and the region.”

He stressed the importance of inclusivity, sustainability, and connectivity to harness the platform’s full potential.

Pedro has also reaffirmed ECA’s commitment to supporting African countries in their socio-economic development and expressed enthusiasm for partnering with Ethiopia on this groundbreaking financial market initiative.

Director-General of the Ethiopian Capital Market Authority (ECMA), Brook Taye said the ESX will serve as a “key part of a functioning Ethiopian capital market ecosystem.”

The Director-General emphasized that ECMA was “fully committed to supporting the launch of the ESX and will work closely with the ESX team as it becomes a full-fledged securities exchange over the next year.”

The workshop is co-organized by the Economic Commission for Africa (ECA), Ethiopian Investment Holdings (EIH), Ethiopian Securities Exchange (ESX), and FSD Africa.

Mark Napier, CEO, FSD Africa said: “We are pleased to be collaborating with the Government of Ethiopia in this historic initiative that will accelerate the development of capital markets in Ethiopia. Our assistance for establishing the Ethiopian Securities Exchange will leverage FSD Africa’s vast expertise and experience in developing capital markets infrastructure across Africa. This support signals our long-term commitment to a thriving capital market that is deep, liquid, and efficient”.

Michael Habte, ESX Project Manager said the platform will “play a critical role in the development and growth of the Ethiopian capital markets.”

He stated that ESX will deploy a “state-of-the-art electronic trading platform for the equity and fixed-income markets as well as an innovative alternative capital market that caters specifically to up-and-coming SMEs.”

Michael underscored the importance promoting accessibility of the market to issuers and investors in Ethiopia and abroad, including Ethiopia’s large retail and diaspora investor base.

“A thriving, deep, and liquid Ethiopian capital market will require the full support of valuable development partners to realize the catalytic development impact of a modern securities exchange as we embark on the launch of the Ethiopian capital markets,” said Michael.

The capacity-building workshop addresses a wide range of topics, including the money market, fixed-income market, equity market, policymaking, and market development.

With technical support from ECMA and financial assistance from the Bill and Melinda Gates Foundation, the workshop aims to establish the groundwork for a prosperous securities exchange in Ethiopia.

This initiative can spur economic growth while fostering a robust financial ecosystem for investors and issuers alike, according to a press release by the ECA.

Source: Ethiopian News Agency

Nestlé Professional continued its project to foster economic growth among food vendors in Nigeria at the Business of Food workshop in Ilorin. Over 300 participants including food vendors, chefs, canteen and restaurant operators as well as culinary school students were trained on how to improve their food businesses.

The training covered various aspects of the food industry, including culinary techniques, menu planning, customer engagement, and good hygiene practices. Attendees were able to gain valuable insights from seasoned professionals who shared their expertise and best practices.

Mrs. Funmi Osineye, head of Nestlé Professional business in Nigeria said “This workshop is aligned with our vision to foster economic growth in local communities. Our aim is to equip local food vendors with the essential knowledge and skills to grow and sustain their businesses. We believe that in addition to the practical skills, local entrepreneurs need a supportive environment where they can thrive. We therefore designed the workshop to include networking opportunities where participants can exchange ideas, share their experiences, and build valuable connections within the industry. We are confident that the training today will equip the food vendors, chefs, canteen and restaurants operators as well as the culinary school students to excel in the business of food.”

One of the highlights of the workshop was the live cooking master class by popular OAP – Olushola Folake Mutiat on the fundamentals of Wanke, a popular West African dish made from a combination of rice and beans, using Maggi Chicken and Maggi Star seasoning.

There was also a cooking competition where the teams – ‘Chicken’ and ‘Star’ – tried to outdo each other in their task to make the best jollof rice dish.The president of the Association of Caterers and Restaurant Owners in Ilorin, Mrs. Olayinka Atoyebi, thanked Nestlé Professional for the initiative and the opportunity for the members of the association to learn new skills for improving their businesses and livelihoods.

Catering schools present at the workshop include IVTEC, Ajase-Ipo, Imi-Ini Venture and Best Apple Treat. Students of the culinary schools expressed gratitude to Nestlé Professional for the opportunity to meet and learn from accomplished industry practitioners.

Mrs. Osineye assured participants that Nestlé Professional remains committed to supporting the growth and success of food vendors in Nigeria. “We aim to uplift the local food industry, promote entrepreneurship, and create a positive impact in communities,” she said.

Source: News Agency of Nigeria

Ethiopia’s industry sector is expected to grow by 8.2 percent as the Ethiopian Tamirt movement has played a crucial role in mobilizing industries, Prime Minister Abiy Ahmed said.

Addressing questions raised by members of the HPR in session today, PM Aby said industry has 28 percent share of the total GDP of the nation; and the sector is expected to register 8.2 percent growth this Ethiopian fiscal year.

The source of the growth, according to the premier, is the Ethiopia Tamrit movement (Let Ethiopia produce) that has been undertaken for the past one and half years.

Some 160 factories which are new and renovated have been operational by the Ethiopia Tamirt movement. Therefore, huge production and productivity is expected as the result of the movement was effective.

In relation to the sector, the premier said that utilization of energy has increased by 15 percent, showing the ever-increasing demand of the industry sector.

Recall that the Ethiopia Tamrit movement was launched by Prime Minister Abiy Ahmed, with the aim of realizing a competitive manufacturing industry by solving the bottlenecks in the sector.

Ethiopia Tamrit movement is a national effort to create a competitive manufacturing industry by solving the multifaceted problems of the sector in a sustainable, integrated and comprehensive manner. The manufacturing industry sector is projected to grow from 6.8 percent in 2020 to 17.2 percent by 2030, increase its production capacity to 85 percent from the 50 percent target, and increase foreign trade revenue to 9 billion USD from the current 400 million USD from the sector.

Source: Ethiopian News Agency

Verve International, Africa’s 1st and largest domestic payments scheme has yet again announced a remarkable new milestone in its business, firmly consolidating its growing market share in Nigeria – in terms of card issuance and transactions. Verve now has over 50 million issued payment cards to date. This development comes barely a year after the scheme announced it had issued 35 million cards in Nigeria in March 2022, translating to 42% growth in issuance volumes YoY.

Verve has become the payment card of choice across various tiers of banking service and particularly within the burgeoning fintech space in Nigeria. It would be recalled that in October 2022, Verve and Opay announced a significant partnership in Nigeria, rolling out the OPay Verve Instant Debit Card, directly linked to OPay user wallets, thereby making it easy and convenient to make payments for goods and services, essentially empowering millions of Opay users to transact with Verve cards directly from their wallets

Verve, as Africa’s premier and leading domestic payment cards scheme is focused on addressing peculiar market challenges in Africa by providing secure and cost-effective payment options for individuals and businesses to exchange value. Verve offers both virtual and physical cards that facilitate payment for an increasing number of international services in local currency, and has made significant progress in this regard, having achieved merchant acceptance with platforms such as Netflix, Showmax, Amazon Prime, Facebook, Microsoft, Uber, and Flywire, to mention a few. Verve also has a number of major partnerships in the works, underscoring its strong resolve to continue to drive such partnerships that provide users in Africa convenient opportunities to access global services in local denominations.

On the African front, Verve cardholders are provided with the benefit of using the Verve card in Nigeria and over 21 other African countries, underscoring the company’s resolve to ensure the seamlessness of transactions across the continent, particularly for the critical mass of consumer demographics, whilst driving value and efficiency for African financial institutions. Particularly noteworthy, are rapidly expanding issuing and acceptance partnerships across East Africa, including major financial institutions such as the 2 largest financial institutions KCB Group and more recently Equity Bank.

On a global perspective, through strategic partnerships with Discover Financial Services, Verve cardholders are able to perform transactions and make payments while outside Africa, using their Verve Global Cards. The Verve Global Card from the Discover partnership is accepted in 185 countries that include the United States of America, United Kingdom, South Africa, and the United Arab Emirates (UAE).

Verve has significantly expanded its footprints in the East African region, deepening its partnership with KCB Bank of Uganda in a move that will see the acceptance of the Verve Card on KCB Bank’s widespread and strategically distributed Point of Sale (POS) merchant network across the region, in addition to a more recent partnership with Equity Bank Group announced in June 2022, which saw Equity also become an acquirer for Verve cards, adding to its wide portfolio of cards accepted by all Point-of-Sale (POS) machine locations and ATMs countrywide.

Speaking on this latest business milestone Chief Executive Officer (CEO) for Verve International, Vincent Ogbunude, stated that Verve continues to provide innovative ways to make transactions and payment more secure and convenient for our customers across Africa and beyond.

He said, “As the progressive shift towards cashless payments accelerates, and in view of the peculiarities of the markets in which we do business, it has become important that we continue to consolidate in delivering global-standard payment solutions tailored to economic and operational realities of the environment, whilst doubling-down on value-adding partnerships that ensure we scale our impact and turbo-charge financial inclusion on the African continent…”

“13 years ago, we defied daunting odds and set out to chart a course for a brave new world of payments in Africa. Today we are thoroughly delighted and proud to celebrate this phenomenal milestone of 50 million cards and counting, which effectively positions Verve as the leading payment cards scheme in Africa’s most significant consumer market.”

Verve international, a subsidiary of the Interswitch Group, Africa’s leading integrated digital payments and commerce enabler is the first EMV-certified pan-African domestic payment card scheme (a subsidiary of the Interswitch Group), issuing cards and payment solutions to individuals, issuers, and organizations; and remains committed to pushing the bounds in terms of customer experience and payment possibilities.

Cardholders have come to regard Verve as a safe, convenient and reliable payment solution for everything payment. Verve cards can be used across a wide range of payment channels like Point of Sale (POS) terminals, Automated Teller Machines (ATMs), Agency banking channel, Web / eCommerce, and Mobile Apps

Source: News Agency of Nigeria