Between February and March 2023, foreign investors’ transactions on the Nigerian Exchange Limited declined by 53.16 percent, from N19.62 billion (about $42.51 million) to N9.19 billion (roughly $19.94 million). This information was revealed this month in the March issue of NGX’s Domestic & Foreign Portfolio Investment Report.
According to the report, “Total domestic transactions decreased by 19.06% from N169.29 billion in February to N137.03 billion in March 2023, as shown by total transactions executed between the current and prior month (February 2023).” Similarly, between February 2023 and March 2023, total foreign transactions declined more noticeably by 53.16 percent, from N19.62 billion (about $42.51 million) to N9.19 billion (around $19.94).
Additionally, as of March 31, 2023, the local bourse’s total transactions had dropped by 22.60% from N188.91 billion (about $409.72 million) in February 2023 to N146.22 billion (around $317.09 million).
Total transactions declined by 21.07 percent in the current month when compared to the same time in 2022 (N185.26 billion). In March 2023, domestic investors’ total transaction value exceeded international investors’ total transaction value by around 88%; local investors’ total transaction value outpaced foreign investors’ total transaction value by 96% to 6%.
Retail transactions climbed by 51.85% from N34.79 billion in February to N52.83 billion in March 2023, according to a comparison of domestic transactions for this month and the previous month (February 2023) in Nigeria. However, from N134.50 billion in February 2023 to N84.20 billion in March 2023, the institutional component of the domestic market declined dramatically by 37.40 percent.
Domestic transactions made up over 84 percent of all transactions in 2022, while international transactions made up roughly 16 percent of all transactions during same time. Foreign transactions totaled N53.71 billion as of the first quarter of 2023; the figures for January were N24.90 billion, February 2023 recorded N19.62 billion, and March 2023 reported N9.19 billion.
While speaking at the end of the Capital Market Committee meeting, the Director-General of the Securities and Exchange Commission, Lamido Yuguda, also blamed forex for the exit of foreign investors.
Yuguda said, “No matter how attractive the domestic capital market is, a foreign investor will always factor in the ability to transfer their domestic earnings into foreign exchange so that they can repatriate this foreign exchange to their countries.
“At the moment, we all know that we are having some challenges with the foreign exchange situation in Nigeria. That is international investors who are invested, are reporting some delays in assessing foreign exchange for the repatriation of their dividends or their capital.
“So because of this, you are seeing a reduced proportion of foreign investors in the Nigerian capital market relative to what this market has been used to. That is a situation that is not permanent. We expect the foreign exchange situation in this country to substantially improve.”
On Tuesday, the Federal Government announced that it has started disconnecting several power companies from the national grid due to their violation of the Electricity Market Rules. The government claimed that the Nigerian electricity supply industry was controlled by laws, which were critically required for the viability and sustainability of the sector, but it avoided naming the impacted power facilities.
The Federal Government claimed that these regulations were inviolate and that any new or current actors in the industry had to abide by them.
Electricity generating, transmission, and distribution businesses are key actors in the power sector. The regulations must be followed and kept in order for all participants to interact successfully and establish the necessary harmony for the growth, efficiency, and profitability of the secto, according to the government.
“Some of these rules are domiciled with the Market Operator, but today, adherence to the Market Rule is below expectation,” the Market Operator, an arm of the Federal Government’s Transmission Company of Nigeria, Dr Edmund Eje, said in a statement issued in Abuja.
He added, “NESI market indiscipline is one of the major factors dealing a disastrous blow to the scalability and growth of the market.
“Market Participation Agreement is signed by all participants, but to comply with them is usually an uphill task for many. If the rules of every game are observed, there would be no need for sanctions.
“Currently, the Market Operator – TCN, is embarking on sanctioning erring market participants, having given them notices and time to comply with the market rules. One of the fallouts of the sanctions will be the partial or complete disconnection of defaulters from their point of connection to the grid.”
Eje said it was understandable that some of the players who had been punished could try to politicize the situation in order to garner quick points and inflame unwarranted feelings, but he advised against ignoring the main concerns, which were the effectiveness and continued existence of the NESI.
He clarified the steps the government takes through TCN before suspending or disconnecting a power business from the market in order to ensure clarity. When a participant broke the market’s regulations or failed to pay sums owed to the Market Operator, he claimed notification of non-compliance would be sent out first.
“Notice of intention to suspend is then sent. If the participant fails to comply with the notice, the Market Operator may issue a notice of intention to suspend a participant’s access to the market.
“This notice will specify the reasons for the intended suspension, the proposed duration of the suspension, and the conditions for lifting the suspension. This is followed by an opportunity to respond, where the participant will be allowed to respond to the notice of intention to suspend and provide reasons why the suspension should not be imposed.
Then the notice of suspension would follow. Here, if the participant still fails to comply with the ‘Notice of Intention to Suspend’, the Market Operator may issue a ‘Notice of Suspension’, which may last for 30 business days after which the MO can escalate the suspension to the Commission for the Business Continuity Regulation to click in,” Eje explained.
The RTS, S/AS01 malaria vaccine is anticipated to be available in the nation by April 2024, according to the Federal Government. At a news conference held on Tuesday to mark World Malaria Day, the minister of health, Dr. Osagie Ehanire, stated that Nigeria has submitted an application for the RTS,S/AS01 malaria vaccine within the third application window, which concluded on April 18, 2023.
Every year on April 25, World Malaria Day is observed to raise awareness of the importance of ongoing financial support and political commitment to malaria prevention and control. Before the second application window ended on January 17, 2023, Nigeria did not submit an application for the new malaria vaccine.
The World Health Organisation, in 2021, recommended the widespread use of the RTS,S/AS01 (RTS,S) malaria vaccine among children in sub-Saharan Africa and other regions with moderate to high Plasmodium falciparum malaria transmission. Meanwhile, a third window of applications for support from Gavi opened until April 18.
Dr Osagie, who was represented by the Permanent Secretary of the Ministry of Health, Mamman Mamuda, said, “Let me also inform you that the national programme is working closely with the National Primary Health Care Development Agency and other stakeholders in accessing and deploying the malaria vaccine (RTS,S) in a phased version, subject to availability of the needed quantity.
“The country has also successfully submitted an application to Gavi for the RTS,S vaccine allocation. This is expected to be in-country by April 2024.”
Nigeria accounts for 27% of worldwide malaria infections and 32% of global malaria fatalities, despite efforts by the government and its allies to battle the disease’s consequences. The Federal Government and its agencies are allegedly moving too slowly to combat malaria, according to the House of Representatives.
In a statement released on Tuesday in honor of World Malaria Day 2023, the chairman of the House Committee on Media and Public Affairs, Benjamin Kalu, stated that “four African countries, including Nigeria, accounted for over half of all malaria deaths worldwide.” He pointed out that 31.3% of malaria fatalities worldwide occurred in Nigeria alone.
He said, “In Nigeria, malaria remains a significant public health challenge with an estimated 97 million cases and 300,000 deaths annually. Although progress has been made in reducing the burden of this disease, much work still needs to be done to eliminate it.
“The key areas of challenge to address the malaria burden in Nigeria have been issues of donor-dependence for malaria intervention in the country. Hence, the 9th National Assembly has identified lack of domestic financing and lack of use of local content in terms of production and patronage of local manufacturing of LLINs and anti-malarial drugs as a key challenge.
“To address this, the sum of over $300m has been approved under the World Bank and the Islamic Bank IMPACT projects to address and compliment donor support. However, this effort is at a slow speed in implementation. Despite the passage of the legislative resolution in December 2021 to access the credit facility, none of the essential commodities has been procured.
“The lukewarm attitude of the National Malaria Elimination Programme leadership and slow actions from United Nations Office for Project Services, the procurement agency for Islamic Bank funding and the World Bank, has affected the urgent procurements of these commodities despite availability of the funds and commodities locally produced in Nigeria.”
According to the House’ spokesperson, the development had given the members of the National Assembly, as reported by the Chairman of the House Committee on AIDS, Tuberculosis and Malaria, “a great concern due to lack of procurement of these commodities.”
Kalu stated, “With the onset of the rainy season and its aftermath of flooding, leading to surge in mosquitoes breeding and increasing malaria morbidity, mortality and more deaths of Nigerians, the House calls for immediate action to save more lives.”
“In view of the above, the NMEP, UNOPS and the World Bank are urgently called upon to fast-track the procurements of these life-saving commodities to mitigate the high burden of malaria in Nigeria, as reiterated in the 2023 World Malaria Theme.”
Robert Sylvester Kelly, also known as R. Kelly, an R&B artist, has been sent to a correctional facility in North Carolina, the United States of America, where he will likely serve a 30-year jail term for a number of sexual offenses.
According to the US Federal Bureau of Prisons, he was transferred from the Metropolitan Correctional Center in Chicago on Wednesday of last week to the Federal Correctional Institution in Butner, North Carolina.
In February 2023, R. Kelly received a one-year jail extension for his federal child pornography and child enticement convictions in Chicago. Along with that, he will also serve an additional 30 years in prison on a separate New York conviction.
A federal jury in Chicago found the singer guilty of six counts of sexual assault against three women in September. On tape, the ladies had given their testimony under the aliases Jane, Pauline, and Nia.
The jury also found him not guilty of the enticement allegations brought against him by Tracy and Brittany. In addition, the singer was cleared of seven more counts, including obstructing justice for allegedly manipulating his 2008 child pornography trial in Cook County with two of his accomplices.
The Nigerian Exchange (NGX) is rising due to bargain hunters after the local market posted a N305 billion weekly loss the previous week. Stock market capitalization increased by N137 billion to close at N28.1 trillion, up from N27.963 trillion at the end of the previous trading session on Thursday as a result of several bellwether stocks recovering losses.
The All-Share Index increased by 250.75 points, or 0.49 percent, to close at 51,606.49 points from the level it reached on Thursday of 51,355.74 points. Price increases in major and medium capitalized equities, including MTN Nigeria Communications, Stanbic IBTC Holdings, Unilever Nigeria, Berger Paints, and Access Holdings, were the primary factor behind the market rise.
On Tuesday, 33 equities saw price increases while only nine had value declines. The company with the largest price increase, up 10% to finish at $33,000 per share, was Japaul Gold & Ventures. Following closely after, Honeywell Flour Mills increased by 9.91% to end at N2.55, and Berger Paints increased by 9.87% to conclude at N8.35 per share.
Ikeja Hotels increased by 9.35% to end at N1.52 per share, while Transcorp increased by 9.8% to conclude at N2.69 per share. Wapic Insurance, which fell by 7.32% to settle at 38k per share, topped the list of losers.
Nigerian Exchange Group closed at N25.30 with a loss of 4.89 percent, while RT Briscoe lost 4 percent to end at 24k per share. AIICO Insurance shed 3.64 per cent to close at 53k per share, while Royal Exchange Assurance dipped by 3.17 per cent to close at 61k per share. Today, total volume of trade increased by 247.9 per cent to 2.09 billion units, valued at N8.849 billion, and exchanged in 6,404 deals.
Transactions in the shares of Transcorp topped the activity chart with 1.66 billion shares valued at N4.093 billion. Access Holdings followed with 217.419 million shares worth N2.313 billion, while Fidelity Bank traded 30.706 million shares valued at N175.789 million.
Zenith Bank traded 27.553 million shares valued at N608.809 million, while United Bank for Africa transacted 18.212 million shares worth N143.601 million.
According to a recent survey by the Africa Private Equity and Venture Capital Association, Nigeria has emerged as the top destination for venture capital investments in 2022.
In its annual report, titled “2022 AVCA Venture Capital in Africa Report”, the continental body said that Nigeria outperformed other countries that made the list to account for 22 per cent
The report said, “By region, West Africa maintained the top spot for the second consecutive year, with Nigeria as the most active country both in the region and on the continent.
“West Africa attracted the largest proportion of venture capital deal volume in Africa (30 per cent), driven by Nigeria which was the most active country by volume at 22 per cent.”
The financials sector, which accounted for 42% of transaction value and 31% of deal volume across the continent, was where most deals were made. Additionally, overseas investors made up 77% of active investors in Africa’s venture scene in 2022, while African investors made up 23%.
Africa raised $5.2 billion in venture capital in 786 transactions in 2022, accounting for 3% of the overall volume and 1.2% of the total value of venture funding globally. Venture inflows to Africa last year increased to $6.5 billion funded across 853 projects when venture debt was taken into account.
The study also discovered that businesses receiving their first round of venture capital only made up 37% of the number of VC deals volume in 2022 and startups with a gender-diverse founding team raised a cumulative total of close to US$950 million.
While startup investment significantly decreased globally and to varied degrees regionally, Africa’s venture ecosystem remained largely steady and only had a funding decrease of less than US$50 million from 2021 to 22.
Comparatively, Asia saw reductions of 35% while Latin America experienced the largest yearly decreases in startup investment at 59%. As a result, the financing gap between Africa and Latin America, its closest socioeconomic comparison, shrunk by almost five times, from US$14.8 billion in 2021 to US$3.1 billion in 2022.
According to the research, even while venture capital in Africa is still relatively modest in volume and value when compared to other continents like North America and Asia, it has been gradually increasing in recent years and shows potential for further growth in the future.
According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).
This would mean that the Nigerian currency either gained or lose in value against the United States dollar, as the foreign exchange (forex) trading closed at N460.47 per $1 on Thursday, April 20.
How much is the dollarto naira at the black market today?
Going by sources at the Bureau De Change (BDC) in Lagos, the dollar to naira last traded between ₦740 and ₦750 with an average of ₦743.33 in the black market in the state.
It is however pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.
The Federal Government (FG) has expressed sympathy to Nigerians stranded in Sudan, but has urged them against risky travels home.
The advise was given in a joint statement on Tuesday by the Director Overseeing the Office of the Permanent Secretary, Ministry of Foreign Affairs, Amb. Janet Olisa, and the Permanent Secretary, Ministry of Humanitarian Affairs, Disaster Management, and Social Development, Nasir Sani-Gwarzo.
“The Ministers, therefore, urge parents to advise their wards that while concerted efforts are being made to evacuate them, the students should endeavour to remain calm and maintain constant communication with officials of the Nigerian Embassy in Sudan for instructions and updates,” the statement read.
“They can reach the Embassy Officials on the following telephone numbers, +2348035866773, +249961956284, +2348063636862, +249961956274, +2349066663493.
“Furthermore, they are also advised to guard against undertaking the treacherous journey to the borders on their own, in view of the dangers involved.”
While emphasizing their concern for Nigerians stranded in the North African country, the ministries restated their commitment to working with necessary authorities to ensure the evacuation takes place.
“The Honourable Ministers, Ministry of Foreign Affairs and Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development express concern over the dire humanitarian situation in Sudan and empathize with the entire civilian population in the country, including the Nigerian students, and other members of the Nigerian community caught up in the on-going crisis between the Sudanese Army and the Paramilitary Rapid Support Forces,” they said.
“The Honourable Ministers note with concern that some of these students are trying to find their way to contiguous borders of either Egypt, Eritrea, Ethiopia or Chad on their own.”
“On this note, the Honourable Ministers emphasise that concrete plans are underway, to deploy, very shortly, air transport to evacuate all stranded Nigerian citizens through the identified safe transit areas back home to Nigeria in safety and dignity.”
Access Holding’s Group Managing Director and CEO, Herbert Wigwe discussed the company’s expansion goals and how the banking market is changing in a conversation with CNN’s Zain Asher on Marketplace Africa.
Wigwe said that he hoped the company would be known as, “Africa’s gateway to the world.”
He discussed this intended international expansion, “I think that you would see a lot of expansion across the continent over the next couple of years, but I think beyond that, you would see us do a bit more in Europe and perhaps before the end of the next five years, the corporate strategic plan would definitely have put our flags in the US.”
Wigwe and his business partner acquired Access Bank in 2002. He spoke about how the banking landscape has changed in that time, “The consumer has changed in terms of demographics, because it has changed in terms of their own needs. People would take a lot of cash in 2002.
“Now most of those things, or most of those facilities or transactions that would’ve been done using cash are done using cards. And we’ve also seen the evolution right now to more digital means. And of course, we’re now talking about cryptos, right? So it’s been big changes from 2002 to now.”
Wigwe also spoke about the future of the banking sector. He highlighted the rise of crypto currency, and how Nigeria is attempting to regulate the sector, “It’s very interesting and in the context of Nigeria, very regulated, because the regulators are trying to make sure that they have a better grasp of what is happening as far as crypto is concerned. […] Leveraging that, we will have the Access coin for instance and the idea is to help support financial inclusion.”
As more and more unicorns (startups valued at over $1 billion) are created on the continent, Wigwe says that African entrepreneurs’ potential has been unlocked, “I think there’s still so much more that can happen.
“There are people doing great things in South Africa, in Kenya and more and more will be born. And the reason some of us are happy is that people are beginning to see that intellect, talent, technical skills also exists here. It’s not a European thing or an American thing.”
The World Health Organization (WHO), UNICEF, Gavi, the Vaccine Alliance and the Bill & Melinda Gates Foundation, along with Immunisation Agenda 2030 and many other global and national health partners, are today joining forces to call for “The Big Catch-up”, a targeted global effort to boost vaccination among children following declines driven by the COVID-19 pandemic.
This effort aims to reverse the declines in childhood vaccination recorded in over 100 countries since the pandemic, due to overburdened health services, closed clinics, and disrupted imports and exports of vials, syringes and other medical supplies.
Meanwhile, communities and families experienced lockdowns, restricting travel and access to services, and financial and human resources were limited along with access to health commodities, due to the emergency response. Ongoing challenges like conflicts, climate crises and vaccine hesitancy also contributed to the decline in coverage rates.
With over 25 million children missing at least one vaccination in 2021 alone, outbreaks of preventable diseases, including measles, diphtheria, polio and yellow fever are already becoming more prevalent and severe. The Big Catch-up aims to protect populations from vaccine-preventable outbreaks, save children’s lives and strengthen national health systems.
While calling on people and governments in every country to play their part in helping to catch up by reaching the children who missed out, The Big Catch-up will have a particular focus on the 20 countries where three quarters of the children who missed vaccinations in 2021 live*.
Although global coverage levels have declined, there have also been bright spots of resilience. For example, early reports indicate India saw a strong recovery in essential immunisation in 2022, while Uganda maintained high coverage levels during the pandemic.
Countries have also been successful at reaching groups in vulnerable situations. In Kenya, for instance, collaborations with community health workers and local leaders have improved levels of immunisation among nomadic populations in the north of the country.
To ensure progress on childhood immunisation, partners are working with countries to strengthen health care workforces, improve health service delivery, build trust and demand for vaccines within communities, and address gaps and obstacles to restoring immunisation. In addition to catching-up on childhood immunisation, intensified efforts are needed to introduce the human papillomavirus (HPV) vaccine to adolescents to prevent cervical cancer, particularly in low- and middle-income countries where the burden is highest.
WHO Director-General Dr Tedros Adhanom Ghebreyesus said: “Millions of children and adolescents, particularly in lower-income countries, have missed out on life-saving vaccinations, while outbreaks of these deadly diseases have risen. WHO is supporting dozens of countries to restore immunisation and other essential health services. Catching up is a top priority. No child should die of a vaccine-preventable disease.”
“Routine vaccines are typically a child’s first entry into their health system and so children who miss out on their early vaccines are at added risk of being cut out of health care in the long run,” said UNICEF Executive Director Catherine Russell.
“The longer we wait to reach and vaccinate these children, the more vulnerable they become and the greater the risk of more deadly disease outbreaks. Countries, global partners and local communities must come together to strengthen services, build trust and save lives.”
“We cannot allow a legacy of the pandemic to be the undoing of many years’ work protecting more and more children from deadly, preventable diseases,” said Dr Seth Berkley, CEO of Gavi, the Vaccine Alliance.
“Global health partners, working with governments and communities, must do everything we can to protect the life of every child.”
“Vaccines are a public health triumph,” said Dr. Chris Elias, president of Global Development at the Bill & Melinda Gates Foundation. “The incredible progress that has been made toward ending polio and reducing the incidence of infectious diseases is the direct result of thousands of dedicated global partners and local health workers who have worked to immunize millions of children.
“We must double down to reach all children with the vaccines they need to live healthier lives and ensure that future generations live free of preventable diseases like polio.”
The increase in malaria cases across the African continent has drawn the serious concern of the World Health Organization. According to the WHO, malaria claimed 593 000 lives and caused 234 million cases in Africa in 2021.
It has blamed the situation on its discovery that a sizable portion of the continent’s population lacks access to healthcare facilities and must pay exorbitant prices to obtain care.
The worldwide organization addressed the issue in a statement to mark World Malaria Day in 2023. This year’s Malaria Day is centered around the idea of Time to Deliver Zero Malaria: Invest, Innovate, Implement.
While recognizing the accomplishments of our Member States and development partners over the past year, it says in part, “We are deeply concerned that malaria deaths continue to be intolerably high, and cases have continued to increase since 2015.”
“In 2021, the WHO African Region alone accounted for an estimated 234 million malaria cases and 593 000 deaths, bearing the heaviest burden of over 95% of cases and 96% of deaths globally,” the WHO said in a statement.
It continued, “Our region, therefore, continues to be most severely affected by this deadly disease, in part because too many people lack access to preventative and curative interventions.”
According to the WHO, the majority of people in most African nations cannot afford to access basic health services, and nearly 30% of the population cannot afford these costs.
In contrast, about 80% of malaria cases and deaths occur in children under five, it was noted that “significant inequities affect the most vulnerable, young children and women.”
WHO African countries need to rethink and regenerate their healthcare strategies by investing, innovating, and executing cleverly to guarantee simple and affordable healthcare for their larger populations in order to reverse these trends and speed up progress.
Popular singer, David Adeleke, otherwise known as Davido, has been projected to earn $20 million ( N14.4 billion) in 2023.
According to Forbes, the projected earnings for the year would come from different sources, including royalties, brand partnerships, merchandise sales, and concert tours.
Davido makes stage comeback with Timeless concert
Davido’s anticipated comeback concert, held on Sunday night at the Tafawa Balewa Square (TBS), was one for the books. It was an unforgettable time for his fans that had yearned for some live performance and new music from their favorite who was off the radar for five months
At the concert, Davido and his team erected what could pass for the biggest stages in Africa for the musical event. The stage was a replica of the national theatre, one of Nigeria’s notable edifices. It was the first of its kind concert in Nigeria by anyone.
His recently released fourth studio album, Timeless, has already attracted critical praise and digital plays. Within the first ten days of its release, the album hit #2 on Billboard’s World Album chart, after it was streamed over 133 million times—with over 43 million streams in the US market alone. The album has garnered over 1.9 million views on Youtube as of the time of writing, which according to Nairametricsequates to $29 thousand.
Generally, Google, YouTube’s parent company, pays content creators a portion of the ad revenue generated from their videos. The payment is done per 1,000 views which has helped Davido hit $29 thousand in less than a month, other streaming services on which Davido is expected to hit big are Spotify, Apple Music, and Amazon Music among several others.
As one of the most successful African artistes of this era, Davido has inked endorsement deals with Pernod Ricard’s Martell Cognac, smartphone maker Infinix Mobile, and Puma. His music represents a modern fusion of African and international influence.
As Davido travels the world to promote his latest album, he is expected to earn an even greater sum in the years to come. With over 2 billion streams and the honor of being chosen by FIFA to lead the 2022 World Cup Soundtrack collaboration with “Hayya Hayya (Better Together).”
African Banker magazine has announced the shortlist of nominees for this year’s edition of its African Banker Awards. Since their inception in 2007, the African Banker Awards aim to recognise the exceptional individuals and organisations driving Africa’s rapidly transforming financial services sector.
The winners of the African Banker Awards will be announced during the official gala ceremony taking place 24 May, in Sharm El Sheikh, Egypt, and part of the official programme of the African Development Bank Annual Meetings. The 2023 edition of the African Banker Awards is being organised by African Banker and IC Events. The ceremony will be sponsored at platinum level by the African Guarantee Fund (AGF) and at associate level by the Trade and Development Bank (TDB) and Tunisia’s Caisse des Dépots et Consignations, that is managing an important project to support start-ups and SMEs.
This year’s Awards gala is poised to accentuate the theme of gender equity in the industry, as demonstrated by the substantial proportion of female candidates vying for the coveted title of Banker of the Year. In addition, in partnership with the African Guarantee Fund, a fresh accolade has been instituted to acknowledge and encourage initiatives aimed at propelling financial inclusivity for women across the African continent, the AFAWA Bank of the Year award. AFAWA (Affirmative Finance Action for Women in Africa) is a pan-African initiative to bridge the $42 billion financing gap facing women in Africa.
The African Banker Awards nominees were selected from a record number of entries, representing the entirety of the African continent, over a total of 10 categories, and shortlisted by the Awards committee. The nominees for the African Banker Awards 2023 are:
Banker of the Year:
Mr Admassu Tadesse – Trade and Development Bank
Prof Benedict Oramah – Afreximbank
Ms Esther Kariuki – Co-operative Bank of Kenya
Mr Moezz Mir – SBM Bank, Kenya
Ms Mukwandi Chibesakunda – Zanaco, Zambia
Mr Othman Benjelloun – Bank of Africa
Ms Yemi Edun – First City Monument Bank
Bank of the Year:
Afreximbank
Bank of Africa
Co-operative Bank of Kenya
CRDB Bank – Tanzania
The Mauritius Commercial Bank
Trade and Development Bank
Trust Merchant Bank, Democratic Republic of the Congo
Sustainable Bank of the Year:
Absa, South Africa
Commercial International Bank, Egypt
Nedbank, South Africa
Rand Merchant Bank, South Africa
Trade and Development Bank
DFI of the Year:
Afreximbank
Africa Finance Corporation
Arab Bank for Economic Development in Africa: BADEA
Lesotho National Development Corporation
Trade and Development Bank
Fintech of the Year:
Ensibuuko Technologies, Uganda
Flutterwave, Nigeria
JUMO World, South Africa
Lulalend, South Africa
MFS Africa, South Africa
SME Bank of the Year:
Absa, South Africa
Caisse de compensation et de consignation, Tunisia
CRDB Bank, Tanzania
Ecobank, Senegal
KCB Bank, Kenya
Deal of the Year – Debt:
EUR174m (US$190m) investment in the 44MW Singrobo-Ahouaty Project – Africa Finance Corporation
R1.143bn (US$66.13m) gender-linked bond (“GLB”) issuance across 3-year and 5-year tranches for Barloworld Limited– Rand Merchant Bank
US$564m equivalent private placement green bond issuance for GrowthPoint – Absa
Harmony Gold Company syndicated multi-tranche, multi-currency, loan facility of US$400 million and R4 billion– Absa & Nedbank
Dual currency USD 292.4 Million, and EGP 1.9 billion Syndicated Long Term Facility (US$400m) to the Egyptian Chemical Industries Company (KIMA) – National Bank of Egypt
Deal of the Year – Equity:
Advisory on the US$2.5bn initial public offering (IPO) of ADNOC Gas – EFG Hermes
US$47m investment in Africa Go Green – International Finance Corporation (IFC)
US$298m Infinity Energy equity investment and Lekela Power acquisition – Africa Finance Corporation
R892m (US$55m) acquisition of Windlab Africa’s wind and solar assets I partnership with Seriti Resources – Rand Merchant Bank
R8.9bn (US$550m) evergreen B-BBEE transaction for Shoprite– Rand Merchant Bank
Agriculture deal of the Year:
Launch of a first-of-its-kind AgriHarvest Platform – Rand Merchant Bank
US$100m working capital trade finance facility to Export Trading Group (ETG) – Trade and Development Bank
8bn EGP (US$266m) Syndicated Long-Term Loan Facility for Evergrow – Banque Misr
Syndicated Long Term Facility US$161m General Authority for Rehabilitation Projects & Agricultural Development (GARPAD) – National Bank of Egypt
US$78m funding facility for the Southern Oil Structured Commodity Finance Transaction – Absa
Infrastructure deal of the Year:
US$650m equivalent syndicated loan facility to EDF Renewable – Absa
US$21.7m Corporate Sukuk issuance for Family Homes Fund – Greenwich Merchant Bank
US$1bn 7-year Amortizing Term Loan in favour of a Special Purpose Vehicle (“SPV”) for NNPC Limited Project Yield – Afreximbank
US$900m debt funding facility for Scatec Solar PV plus Battery Storage Project – Standard Bank
US$310m debt package for the Sports and Roads Infrastructure Kigali – Trade and Development Bank
African Banker Awards hosts first AFAWA Bank of the Year Award
In partnership with the African Guarantee Fund, AFAWA Bank of the Year Award will spotlight the banks advancing the financial inclusion of women across the continent. The nominees for the AFAWA Bank of the Year Award are:
Letshego Nigeria
Fin’ELLE; Rawbank
Letshego Uganda
Oiko Credit
For more information on the African Banker Awards or details on how to attend the official Awards ceremony, please visit www.AfricanBankerAwards.com
As Internet casinos have become more popular over the past few years, so require easier and more reliable ways to pay. It might be hard for gamers to choose the best payment method from the many offered. In this piece, we’ll look at the many ways online casinos let you deposit and withdraw money.
Pexels At Internet casinos, credit and debit cards are often used to pay. Visa and Mastercard are the two credit card companies we know the most about. They are easy to use, and most gamers already have one, which makes it easy to pay and withdraw money. Some online players might choose not to use their cards because they worry about safety.
Bank Transfers at Online Casinos
We can use direct bank transfers, a safe and trustworthy way to pay for things. Some people still like them even though they take longer than other payment methods. Using this method, players can move money straight from their bank account to their casino account. Bank withdrawals are very safe, but the time it takes to process them can vary.
Cryptocurrencies at Online Casinos
More cryptocurrencies, like Bitcoin and Ethereum, are being accepted by online casinos. Cryptocurrencies make it possible to send money instantly and without risk, and some gaming sites even give extra benefits to people who use them. Some people may like that cryptocurrency gives a certain level of anonymity. However, people who need to learn more about technology might need to help understand it.
Prepaid Cards at Online Casinos
There are many ways to deposit money at online casinos, but Paysafecard and EntroPay are two of the most common. They are generally used because they are safe and keep people’s identities secret. Prepaid cards are useful for players because they can buy them quickly and easily at any store or online. But using some prepaid cards could mean that you have to pay extra fees.
E-Wallets at Online Casinos
A mobile wallet is another popular way to put money into an online casino. Gamers like using e-wallets like PayPal, Skrill, Neteller, and ecoPayz. E-wallets are also very convenient because they make adding and taking money from their accounts easy. But there may be fees for using digital wallets, so we must choose the best PayPal casinos.
The Importance of Online Casino Payment Choices
Online casinos’ long-term health and success depend greatly on the number and reliability of their payment and withdrawal methods. Online casinos need more than one way to pay for several reasons, some of which are mentioned below:
One of the most crucial things is how easy it is for players to make payments and withdrawals. By letting us use different ways to pay, internet casinos can improve the whole experience for their customers.
Second, online casinos put a lot of value on ensuring their customers’ money is safe. Online casinos can gain customers’ trust and protect their financial information by providing several safe payment options.
Third, how we like to make deposits and withdrawals depends on where we live, how stable our funds are, and our preferences. Online casinos can serve players worldwide because they have many ways to enter and withdraw money.
Fourth, in the already very competitive world of online gambling, offering a wider range of ways to pay can give a business an edge. Giving payment methods that are unique or cutting-edge, an online casino may stand out from the rest and attract new customers.
Fifth, regulations Online casinos have to follow a lot of rules and laws about how to process payments. By allowing a variety of ways to pay, internet casinos can ensure they are real and avoid problems.
Different Ways to Pay at an Online Casino and How to Use Them
1. We go to the casino’s website and sign up for an account there.
2. We go to the bank area of the online casino.
3. Choose the way of payment that works best for us. Credit and debit cards, e-wallets like PayPal and Skrill, prepaid cards like Paysafecard, and bank transfers are often used to buy things online.
4. Type in how much we want to give.
5. To finish our purchase, follow the on-screen instructions for the way of payment we choose. We might be asked for our credit card number, login information, or information about our bank account.
6. Be calm while we wait for the deal to be done. Most ways to send money are instant, but a few are not.
7. The money should be sent to our casino account after the deal. We can play the gambling games we like best.
We are Bringing it all Together!
In conclusion, online casinos give us many options for making deposits and withdrawals, each with pros and cons. When choosing a payment method, players should consider their needs and tastes. Remember that not all casinos accept all payment methods, and some may only be available in certain countries or areas. Check the casino’s banking choices before signing up to ensure we can easily deposit and withdraw money.
In an effort to use the domestic debt market to finance Nigeria’s budget deficit, the Debt Management Office (DMO) has raised N2.2 trillion so far this year, which is more than 91% of its objective. The debt office of Nigeria launched its monthly FGN Bonds auction, according to MarketForces Africa, and issued N360 billion in securities for subscriptions at the local debt capital market earlier in April 2023.
The debt agency raised N368.7 billion, according the auction results, by reopening the 13.98% FGN notes due in February 2028, 12.50% FGN bonds due in April 2032, 13.00% FGN bonds due in January 2042, and 12.98% FGN bonds due in March 2050.
A multitude of fixed income analysts observed that demand was subdued despite the system’s limited liquidity. According to Coronation Research, demand at the auction decreased by 82.1% to N444.0 billion from N808.4 billion observed the month prior. Spot prices for the bids for the five-year FGN bonds, nine-year FGN bonds, fifteen-year FGN bonds, and twenty-seven-year FGN bonds varied.
The spot rate for FGN Bonds that mature in 2028 is 14.000%. FGN Bonds with a 2032 maturity date were sold for 14.80%, a decrease from the spot price of 15.20%. FGN debt instruments due in 2050 were sold at a spot price of 15.80% while FGN bonds due in 2042 were allocated at a spot rate of 15.40%.
Bid-to-cover stood at 1.2x compared with 1.4x recorded in the March auction, Coronation Research said, noting that demand at this auction primarily reflects tight system liquidity.
Analysts noted that market liquidity stood at a deficit of -N203.2 million on Friday as outflows from, OMO and NTB auctions outweighed coupon maturities. Tightening in liquidity level has pushed short-term benchmark rates to double-digit highs.
Both repo and overnight lending are already approaching 20% after a sustained deficit widened by local banks’ demand for liquidity.
According to Coronation Research, the CBN’s discretionary cash reserves (CRR) debits on local banks for failing to meet a 65% loan-to-deposit ratio contributed to tight system liquidity resulting in further upticks in the interbank market rates.
Call, overnight and repo rates closed within a range of 6 – 19% on Friday last week, contributing to softer demand at the auction, according to analysts’ notes. `
“.. We recall that the CBN’s circular dated 07 October 2022, prohibits participants with successful bids at FGN bond auctions from accessing the CBN’s discount window for short-term loans on the settlement day.
“Failure to comply would attract a penal charge of 5% on the allotment value. This directive has also contributed to reduced demand at the auction. As expected, domestic institutions were the core participants at the auction as foreign portfolio investors remain on the sideline”, the firm added,.
The latest monthly National Pension Commission report shows that as of end-February 2023, FGN bonds held by pension fund administrators (PFAs) had increased by 18.5% to N9.6 trillion and accounted for 61.7% of total assets under management.
Negative real interest rates on the back of persistent upticks in headline inflation reading of 22.04% have also contributed to the apathy of foreign portfolio investors towards FGN bonds, Coronation Research said.
In the second quarter of 2023, analysts indicate that they expect a small improvement in system liquidity, largely on the back of an FGN bond maturity, Nigerian T-Bills and OMO maturities as well as bond coupon payments.
“These maturities and coupon payments collectively amount to N1.6 trillion. We expect a slight moderation in the average yield of fixed-income instruments, even as the FGN continues to front load domestic borrowing”.
The DMO had set out to raise a maximum of N2.4 trillion in the first half of 2023 through FGN bonds. However, it has raised N2.2 trillion, representing 91.6% of its target from the beginning of the year to date.
Due to problems with pipeline vandalism and the ensuing oil theft, Nigeria lost the chance to produce and export roughly 65,700,000 barrels of oil in the past year. If the current exchange rate and average oil price are applied, this corresponds to a loss in oil income of around N2.3 trillion.
At the recently ended Nigerian International Energy Summit held in Abuja, the Chairman of Shell Companies in Nigeria, Dr Osagie Okubor, stated that the 180 000 barrels per day Trans Niger Pipeline had been closed for more than a year—from March 2022 to March 2023.
The loss from March last year to March this year brings the total shut in/loss to about 65, 700, 000 barrels. Brent crude price averaged about $83 per barrel from March 2022 to March 2023, meaning the country could have lost as much as N2.3tr to the menace.
The TNP, a Joint Venture operated by SPDC is a major pipeline capable of transporting about 180,000 barrels of crude per day to the Bonny export terminal.
Speaking at the NIES, Okunbor said the TNP remained shut for one year due to the massive crude oil theft on the pipeline.
The pipeline, according to Shell, is part of the gas liquids evacuation infrastructure, critical for continued domestic power generation and liquefied gas exports.
He said, “What keeps me awake today as regards my onshore business in Shell is the fact that we cannot operate a pipeline, and that’s what is responsible for the 60 per cent capacity. I think today that is almost just how much gas we can supply,” he said.
“And this is because one of our key gas infrastructures — the TNP — was shut down for one year; we removed 460 illegal connections on that line. We just reopened that line. Today we are struggling to catch up with our first programme.”
Okunbor said the loss was often viewed as affecting Nigeria’s oil production quota to the Organisation of Petroleum Exporting Countries. He stressed that the situation was also having devastating implications on the supply of gas to the Nigeria Liquefied Natural Gas.
“So, if you ask me what the number one issue has to be for the incoming administration, it has to be the security of oil and gas infrastructure. If you don’t fix it, then we have a huge problem on our hands,” Okunbor said.
Okunbor advised the incoming administration to prioritised the security of oil infrastructure.There were reports that the Federal Government was planning to reopen the pipeline last October.
However, talks with the Bodo community in the Gokana Local Government Area of Rivers State appear to have collapsed. Okunbor however said Nigeria was not short of frameworks and written documents on how to tackle the various challenges in the oil sector. He noted that the decade of gas document, for example, included steps to deepen gas use, but implementation remained a challenge.
On his part, Managing Director of Nigerian Liquefied Natural Gas Limited, Philip Mshelbila, pointed out that 40 per cent of globally renowned gas firms’ capacity had been lying fallow due to theft.
He added that the lack of power to execute the recommendations and policies in the various documents and laws of the oil sector remained a challenge to the industry. Last year, the Nigerian National Petroleum Company said it detected an illegal connection on the Trans Escravos pipeline looped to the four-kilometre Afremo test line.
Through the Priceless Gift of Sight Initiative of First City Monument Bank (FCMB) in collaboration with the Tulsi Chanrai Foundation (TCF), free corrective surgeries have been successfully performed on over 20,000 blind Nigerians and their ability to see was restored.
The initiative has provided free testing, optical services, surgeries, free glasses, and management of eye diseases to more than 350,000 Nigerians across the states of Cross River, Ogun, Kebbi, Imo, Abuja, Katsina, and Adamawa, among others.
Stephen Oyedokun, one of the beneficiaries of the free eye surgery, praised FCMB and TCF, saying, “For many years, I have worn glasses. However, in April 2021, I felt my vision deteriorating and found it difficult to see clearly. Everything I did was impacted by the situation as it grew worse.
The Priceless Gift of Sight program was then mentioned to me. I underwent the surgery successfully after visiting the hospital for an evaluation. Everything was provided without charge.
A trader named Helen Simon, who is another beneficiary, thanked FCMB for giving her the chance to move on with her life and for giving her sight back. Helen disclosed that she had a severe eye condition and was about to give up when a neighbor told her about the Priceless Gift of Sight initiative.
She said, “At first I had my doubts about the program. It was absurd for organizations to provide people with free eye surgery. I sought treatment elsewhere as a result, but the issue grew worse”.
She continued, “It did not improve. I went back to my neighbor, who gave me the address of the Tulsi Chanrai Hospital. There, I was examined and given a surgical recommendation. My happiness is now boundless thanks to my successful eye surgery”.
She further said, “The fact that everything was free surprised me because I had assumed they would demand payment. We received free meals, lodging, and medication. I discovered later that our surgery and everything else were sponsored by a bank called FCMB. I don’t know how to express my gratitude to FCMB, but I am confident that God will give the bank even greater rewards.
In 2009, FCMB launched the priceless Gift of Sight initiative. In Nigeria’s rural and periurban communities, the Bank aimed to reduce the prevalence of avoidable blindness and needless visual impairment.
The Tulsi Chanrai Foundation, a leading non-governmental organization that improves the accessibility and affordability of health care services in outlying areas of Nigeria, is the First City Monument Bank’s implementing partner. Restoring sight, ensuring access to primary healthcare, and providing clean water are TCF’s three main areas of focus.
TCF Eye Hospital in Abuja Administrator Arun Blasi stated, “We have worked with FCMB for fourteen years. Thousands of people have benefited from this relationship, which has been very healthy. With the Bank’s assistance, we were able to treat over 30,000 outpatients and perform 20,000 successful eye surgeries”.
According to Ladi Balogun, CEO of FCMB Group, blindness is a medical condition that frequently results in lost income and severe hardship. For no other reason than that it limits movement, fosters social isolation, leads to poor mental health, and restricts access to information. He urged better advocacy and the requirement that eye care be included in all forms of universal health care.
As evidence of how unnecessary blindness impedes social and economic advancement, approximately 90% of all blind people live in the world’s poorest nations.
According to a recent report by the Unite for Sight Foundation, poverty worsens blindness, and blindness worsens poverty. The majority of blindness victims lose their ability to work. They’ll probably struggle to support themselves and their families as a result, furthering poverty.
The managing director of FCMB, Yemisi Edun, revealed that there are over a million blind adults in Nigeria. She claimed that the Priceless Gift of Sight, which has lowered the curve, was created to stop more people from becoming blind due to a lack of access to eye care.
We are happy that the Priceless Gift of Sight is closing the gap, averting avoidable blindness, and giving disadvantaged and lower-income Nigerians their sight back. Benefit recipients have provided us with a lot of encouraging feedback. I appreciate the Tulsi Chanrai Foundation’s collaboration with us in assisting thousands of Nigerians who have lost their sight to lead fulfilling lives.
Trade is crucial to bridging economic gaps and boosting infrastructural development. Countries with strong international trade portfolios tend to grow faster, innovate more, and provide higher incomes and economic opportunities for their citizens.
Beyond the integration into the global economy through trade and global value chains that help drive economic growth, open trade also benefits low-income households by allowing consumers to access affordable goods and services.
However, the impact of Russia’s war in Ukraine has been felt by people far beyond the country’s borders, due in part to its effects on trade-in – and the prices of – foodstuff and energy commodities.
One year since the war began, the World Trade Organisation (WTO) published a report assessing the conflict’s impact on trade and development. Cereal exportation to Africa which is germane to food security in the region declined by almost 15% in 2022 with prices of commodities like wheat increasing by almost 17%.
This trade disruption led the World Trade Organisation (WTO) to readjust its 2023 trade growth projection downwards from 3.4% to 1% given the continuing reduced global trade demand, general inflation, and geopolitical tensions.
The United Nations Conference on Trade and Development (UNCTAD) agreed, lowering their projections for 2023 in their latest Global Trade Update, published in December. Furthermore, Export Development Canada (EDC) published their annual year-end Trade Confidence Index, reporting that trade confidence has declined sharply for Canadian businesses over the past year and continues to decrease among concerns over rising interest rates and a looming global recession.
In Nigeria, a similar slow-down trend in Trade is expected for 2023 considering that the global geopolitical tension and inflation hike will trickle down to the micro-economy as well as the FX illiquidity issues we have been experiencing locally for about 2 years due to revenue drop will further slowdown trade for 2023.
However, amid the challenges militating the flow of international trade in Europe; the Americas, Asia, and Africa could be viable trading partners for the rest of the world in supplying cereals, fertilizer, energy, and manufactured goods thereby having a thriving trade business for 2023 and beyond.
The Global Trade Review is an annual event where global experts in the trade and commerce industries come together to discuss global trade as it affects the economies of each continent and country and seek solutions to maneuver challenges that may be presented. This year’s event themed “A new dawn: plotting a course for West African trade” plans to bring together stakeholders and global experts to discuss how Africa as a whole and West Africa as a region can maximize the Trade opportunities that this global challenging time has thrown up.
On the African continental stage, Stanbic IBTC Bank’s unique intra-African trade products enabled settlements of international transactions while preventing payment risks associated with the international trade business.
This was in addition to providing regional solutions such as the issuance of payment guarantees to exporters without the need for a letter of credit and its related costs to the importer.
As global trade weathers the current challenges, the need for providing cross-border payments remains imperative. Africa is a major trade partner with Europe, China, and other Asian countries, thus, the significance of Stanbic IBTC’s Africa China Agent Proposition (ACAP), a product tailored to providing world-class financial solutions to African importers who transact with China exporters.
The payment system makes available exclusive access to approved trade agents responsible for linking African businesses to numerous suppliers and manufacturers across China. The appointed agent provides access to over 10,000 Chinese suppliers and assesses suppliers, to ensure that their products meet global standards.
ACAP offers a broad ecosystem of services, solutions, and support, which equips African businesses to leverage trade as well as growth opportunities and ultimately drive Africa’s economic growth. The ecosystem services afford importers from Africa sufficient lead time to place orders for their goods before payment is made.
It also helps to ease the cash flow of African importers, by providing access to financing while also empowering importers to have end-to-end visibility of the entire importation and logistic process.
Inter-dependencies with other countries at different levels of trade are necessary as no country is self-sufficient in the global economy. Integration into the global economy has proven to be a powerful tool for countries to promote economic growth, development and reduce poverty.
Stanbic IBTC also engaged in strategic partnerships with other multilateral and regional organizations such as the African Development Bank, African Export– Bank, ECOWAS Bank for Investment and Development, and Arab Bank for Economic Development in Africa (BADEA) in the facilitation and implementation of the African Continental Free Trade Area (AFCFTA) agreement to the benefits of its clients.
Furthermore, it has continued to provide financial guarantees and solutions to small and medium-scale enterprises in the continent, which account for more than 80 percent of the continent’s economic space.
Similarly, through Stanbic IBTC’s Trade Club solution, there is access to unlimited opportunities for business owners to meet and trade with suppliers anywhere in the world. The Stanbic IBTC Trade Club solution provides financing solutions for domestic or cross-border trade activities.
It also provides good exposure for business owners to trade with manufacturers and suppliers worldwide, giving them the necessary exposure for their businesses to thrive. The solution identifies businesses, empowering them with the required trade tools and expertise, while linking them with new global trade partnerships they can trust while nurturing their growth through good human relationships.
The Stanbic IBTC Trade Club, using its trade resources, provides relevant tips and the right tools to build your business. It also provides useful information regarding business models, accounting, marketing, and legal aspects that enable businesses to achieve set goals.
With Stanbic IBTC’s unique financial offerings, Africa remains on the part of an economic resurgence that will eventually enable the continent to compete with other economies of the world.
The Sustainability Publishing House Office, Basel, Switzerland, announced the winners of the Sustainability 2022 Carbon Neutrality Award, with a Nigerian university lecturer named Professor Ademola Adenle standing out as the only African winner.
On the organization’s website, Adenle, a lecturer at the Technical University of Denmark’s Department of Technology Management and Economics, was listed as the third-place winner.
The Sustainability Award is an internationally renowned honor that recognizes outstanding accomplishments related to carbon neutrality and a sustainable future. It is given by the Sustainability Publishing House Office in Basel, Switzerland.
According to the statement, the recipient would also receive cash and a certificate as part of the award. For his outstanding contribution to the field of sustainable development and outstanding scholarly work in carbon neutrality, Prof. Adenle the only scholar from Africa was recognized in this category of the award.
The Department of Technology, Management, and Economics at the Technical University of Denmark is home to Adenle, a visiting professor of sustainability and innovation policy.
His interdisciplinary work spans the natural and social sciences, and he has more than 22 years of experience working with stakeholders, teaching, and conducting research at the international level.
He focuses on the role of science, technology, and innovation policy in addressing issues like energy poverty, climate change, and food insecurity that are related to sustainable development.
Kuda, the money app for Africans, has emerged as the winner of the 2023 Africa Fintech Summit (AFTS) Excellence In Fintech Award presented by the Africa Fintech Summit (AFS) in Washington, DCs. Kuda beat four other major African fintech – TymeBank, Moniepoint, FairMoney, and MNT-Halan – to clinch the award.
Kuda, alongside the four fintechs, was nominated for the award by the Africa Fintech Summit earlier this year. The winner of the award was selected through an open voting system. A representative of Kuda received the award on the company’s behalf at the Africa Fintech Summit ceremony in Washington, DC, on April 12, 2023.
Commenting on the award, Babs Ogundeyi, Founder/CEO of Kuda, said the company, and indeed the entire staff of Kuda, were excited at winning the Africa Fintech Summit’s 2023 Excellence In Digital Banking award. He said the recognition was an acknowledgement of the commitment and resilience of the Kuda team to building innovative solutions that increase access for Africans living on the continent and those in the Diaspora to enjoy affordable and quality financial services at all times.
“In almost four years of building the money app for Africans, awards like this have been a meaningful acknowledgement of the work we are doing to make financial services accessible, affordable and rewarding on the continent and in diaspora,” he stated.
Ogundeyi congratulated fellow nominees and expressed gratitude to everyone who voted for Kuda to win the award. He also thanked the AFTS team for the recognition, while assuring that the Kuda team will keep up the good work.
“It’s no small feat to beat out four other fast-rising African fintechs to this award, and I’m excited about the next phase of our mission to make financial services accessible and affordable for all Africans. Congratulations to the team!,” Ogundeyi enthused further.
AFTS is the largest bi-annual gathering of financial technology stakeholders on the African continent: welcoming over 4,000 stakeholders from across over 100 countries since its first summit in early 2018. The AFTS was founded in 2017 with the mission of bringing the issues, trends, and changemakers impacting Africa’s financial technology ecosystem together.
Kuda is a fintech company operating in Nigeria and the United Kingdom. Co-founded by Babs Ogundeyi and Musty Mustapha in 2019, Kuda is valued at US$500 million and has raised over US$90 million from investors including Target Global and Valar Ventures.
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