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



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



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



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


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="702" src="https://cms.forbesafrica.com/wp-content/uploads/2024/10/IMG_0306option1-1024x702.jpg" alt="" class="wp-image-63517" style="width:598px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/10/IMG_0306option1-1024x702.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/IMG_0306option1-300x206.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/IMG_0306option1-768x526.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/IMG_0306option1-1536x1052.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/IMG_0306option1-2048x1403.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">MAB aims to be at the forefront of mining projects</figcaption></figure></div>


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



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



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



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



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


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


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



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



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



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



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



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



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



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



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



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



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

IMG_0294option4

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

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



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



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



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



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



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



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



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



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



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



difference in the lives of remote workers in developing economies?



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



leading?



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



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



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

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Disrupting Fintech And Empowering Digital Nomads Worldwide

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



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


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/10/B-Ready-2-1024x683.jpeg" alt="" class="wp-image-63470" style="width:570px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/10/B-Ready-2-1024x683.jpeg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/B-Ready-2-300x200.jpeg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/B-Ready-2-768x512.jpeg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/B-Ready-2-1536x1024.jpeg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/B-Ready-2.jpeg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure></div>


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



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



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



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



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



Key Highlights of Rwanda’s Performance:&nbsp;



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



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



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



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



Rwanda’s Strategic Reforms:



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


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


Key reforms include:



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



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



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



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



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



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



Looking Ahead:



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



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



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



About the B-READY Report:



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



About the Rwanda Development Board:



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

B-Ready 1

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

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


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


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



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



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



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



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


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


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



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



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



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



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



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


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/10/A-Ministerial-Panel-Discussion-on-Girls-Inclusion-in-Education-1024x683.jpg" alt="" class="wp-image-63315" style="width:566px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/10/A-Ministerial-Panel-Discussion-on-Girls-Inclusion-in-Education-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/A-Ministerial-Panel-Discussion-on-Girls-Inclusion-in-Education-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/A-Ministerial-Panel-Discussion-on-Girls-Inclusion-in-Education-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/A-Ministerial-Panel-Discussion-on-Girls-Inclusion-in-Education-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/A-Ministerial-Panel-Discussion-on-Girls-Inclusion-in-Education-2048x1365.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">A Ministerial Panel Discussion on Girls&#8217; Inclusion in Education</figcaption></figure></div>


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



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



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



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

Fireside Chat; Building Resilient Learning Systems

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

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


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-2-Empowering-young-women-and-transforming-Africa-1024x683.jpg" alt="" class="wp-image-63235" style="width:644px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-2-Empowering-young-women-and-transforming-Africa-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-2-Empowering-young-women-and-transforming-Africa-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-2-Empowering-young-women-and-transforming-Africa-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-2-Empowering-young-women-and-transforming-Africa-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-2-Empowering-young-women-and-transforming-Africa-2048x1365.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Empowering young women and transforming Africa</figcaption></figure></div>


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



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



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


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-4-Marieme-Esther-Dassanou-Director-of-Gender-Programs-Mastercard-Foundation-1024x683.jpg" alt="" class="wp-image-63236" style="width:742px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-4-Marieme-Esther-Dassanou-Director-of-Gender-Programs-Mastercard-Foundation-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-4-Marieme-Esther-Dassanou-Director-of-Gender-Programs-Mastercard-Foundation-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-4-Marieme-Esther-Dassanou-Director-of-Gender-Programs-Mastercard-Foundation-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-4-Marieme-Esther-Dassanou-Director-of-Gender-Programs-Mastercard-Foundation-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-4-Marieme-Esther-Dassanou-Director-of-Gender-Programs-Mastercard-Foundation-2048x1365.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Marieme Esther Dassanou, Director of Gender Programs, Mastercard Foundation</figcaption></figure></div>


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



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



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


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-3-Winnie-Byanyima-Executive-Director-of-UNAIDS-1024x683.jpg" alt="" class="wp-image-63237" style="width:613px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-3-Winnie-Byanyima-Executive-Director-of-UNAIDS-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-3-Winnie-Byanyima-Executive-Director-of-UNAIDS-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-3-Winnie-Byanyima-Executive-Director-of-UNAIDS-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-3-Winnie-Byanyima-Executive-Director-of-UNAIDS-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/Mastercard-Foundation-Gender-3-Winnie-Byanyima-Executive-Director-of-UNAIDS-2048x1365.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Winnie Byanyima, Executive Director of UNAIDS</figcaption></figure></div>


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



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



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



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



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



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



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

Mastercard Foundation Gender 1 – Engaging discussions at the Invincible event

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

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



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



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



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



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



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



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



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



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



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



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

Blessing Landscape

An Entrepreneur’s Vision For The Care Economy In Africa

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



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



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



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



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



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



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



Much more remains to be done.



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



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



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



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



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



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



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



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



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



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



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



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



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

RS5782_Reeta Roy Head Shot (1)

Educating Girls Generates Economic Transformation in Africa

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



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



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



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



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



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



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



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



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



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



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



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



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



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

Andrew-Forbes 1

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

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



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



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



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



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



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



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



Caroline Tshawe – Tarospace Branding



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



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



Mummy Seopa – WOP Resources



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



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



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



Naledi Msibi – Greysun Media



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



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



Judy Shabangu – Juds Salon



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



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

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

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



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



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



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



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



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



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



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



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



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



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



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



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

Lizz Op-Ed (Facebook Post)

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

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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

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The Queens Of Local Content

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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

Bongani Sithole, CEO, 54CO

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

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



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



When Will the Rates Abate?



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



Impact of Middle Eastern Conflict on Equities



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



Global Diversification: Africa and India



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



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



The Tech Bubble Question



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



Benefits of Offshore Diversification



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



Local Investments in South Africa



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



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



Approaches to Robust Diversification



Investors can ensure a diversified portfolio through several approaches:



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



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



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



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



*Satrix is a division of Sanlam Investment Management



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



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Navigating Global Waters: Unlocking Offshore Diversification

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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

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

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


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



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



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



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



Taking a holistic approach



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



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



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



A platform for mutual support



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



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



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



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



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



Paving the way for future generations



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



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

IMG_9938

Women’s Wealth: Redefining The Future

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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

Nomsa-Philiso NEW

Africa’s Greatest Storyteller Doubles Down On African Content

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


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



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



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



Local expertise, global knowledge&nbsp;



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



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



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



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



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



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



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



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



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



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



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



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



The perfect match&nbsp;



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



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



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



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



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



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



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



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



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



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



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



Giving back, moving forward&nbsp;



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



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



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



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



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



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

PNG image

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

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



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



Journey and global footprint&nbsp;



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



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



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



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



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

Corporate Photographer London

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

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



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



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



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



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



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



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



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



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



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



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



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



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

Gugulethu Siso, Chief Executive Officer, Thumeza

Creating New Pathways For Women To Thrive 

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



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


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


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



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



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



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



#3 for SDG 1: No Poverty



#6 for SDG 8: Decent Work and Economic Growth



#13 for SDG 5: Gender Equality



#46 for SDG 10: Reduced Inequalities



#53 for SDG 4: Quality Education



#93 for SDG 2: Zero Hunger



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



101-200 for SDG 7: Affordable and Clean Energy



101-200 for SDG 12: Responsible Consumption and Production



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



201-300 for SDG 17: Partnerships for the Goals



301-400 for SDG 6: Clean Water and Sanitation



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



401-600 for SDG 11: Sustainable Cities and Communities



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



401-600 for SDG 13: Climate Action



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



“This recognition of UJ in the various global rankings&nbsp;highlights the university’s rapid growth and outstanding potential in the global academic arena. Despite its relatively short history of 20 years of existence, UJ has demonstrated exceptional progress, challenging well-established institutions, some of which have more than a century of legacy,” says Letlhokwa George Mpedi, UJ Vice-Chancellor and Principal.



“The university remains steadfast in its commitment to addressing societal challenges through research and knowledge production. Our progress is not just about numbers and figures; it’s all about the positive and lasting impact we have on our students and the broader society.”

Auckland Park Kingsway Campus. Photo, UJ

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

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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

MPHATHI YENGWA, ANALYST CREDIT RISK, SASFIN

A Solution To South African Unemployment And Economic Growth

Federal Express Corporation (FedEx), the world&#8217;s largest express transportation company, has celebrated a decade driving growth and sustainability in Africa.



Since entering the African market, FedEx has strategically expanded its footprint. The acquisitions of SupaSwift in 2014, and TNT in 2016, solidified FedEx’s position as one of Africa&#8217;s leading domestic and international transportation solutions providers.



FedEx has always been conscious of its social and environmental impact, aiming to deliver responsibly and resourcefully for communities worldwide. To mark ten years of operations, Taarek Hinedi, Vice-President of FedEx Middle East and Africa Operations speaks about the company’s commitment to Environmental, Social, and Governance (ESG) principles, its evolving impact in Africa, and progress in Sub-Saharan Africa.



Q. Can you share some key FedEx sustainability goals for the coming years?



A. We are focused on optimizing our network to meet the evolving needs of customers and to, ultimately, build a more intelligent enterprise that can deliver a sustainable future and smarter supply chains for all. By investing in network efficiency and resilience, we work to reduce our environmental footprint, while growing responsibly and creating a simplified customer experience.



Our enterprise-wide sustainability goal is to achieve carbon-neutral global operations by 2040, guided by strategic principles that also support the transition of the transportation and logistics industry. To decarbonize our operations, we have interim goals for electric pickup and delivery vehicle purchases and sustainable fuel procurement.



Q. How does FedEx balance business objectives with its commitment to environmental stewardship?



A. Our philosophy of practical sustainability drives us toward responsible business stewardship while innovative solutions improve efficiency. We match technology to operating environments, to ensure reliability and help us deliver the superior service our customers expect.



Business objectives and environmental stewardship aren’t always in competition: improving energy efficiency can reduce fuel and energy costs.



Q. What impact has the introduction of electric vehicles had so far in Africa?



A. Introducing electric vehicles is a promising recent initiative that commenced in June 2023, with the deployment of ten electric vehicles in South Africa. While it is still early to gauge the full extent of the initiative&#8217;s impact, swapping traditional internal combustion engine vehicles for zero-emissions electric models does contribute to cleaner air, and aligns with our global sustainability goals.



Initial trials assessed the MAXUS eDeliver 3 model’s performance on standard routes. It has a 240km range on a single charge, which has proven sufficient for typical delivery routes, ensuring our technology can cater to network demands and customer expectations.



Q. Please highlight some impactful charitable FedEx initiatives in Africa.



A. Under the FedEx Cares umbrella, we have partnered with various non-profit organizations to deliver resources that improve the lives of those we serve.



In FY24, through a collaboration with The Wana Johnson Development Project, we donated a new container classroom, which serves as a Montessori Center for children in Taweni in Eastern Cape, South Africa.



We also donated two boreholes to Kanana, an underserved town in South Africa’s Gauteng province, to alleviate the area’s water shortage and help residents access clean drinking water.



Q. How does FedEx support local businesses and entrepreneurs in Africa?



A. FedEx enables SMEs to reach their full potential by connecting them to a world of possibilities through the strength of our global network, tailored services, and digital solutions.



In South Africa’s thriving wine industry, for example, we sponsor the FedEx Next Generation Awards, which recognizes start-up wine producers. This is in line with our specialized export solutions, where we offer free packaging designed specifically for shipping wine internationally. This has broadened our customer network and allows high-speed transit times through the world’s largest cargo airline.



We also support our customers’ sustainability goals and help them make informed supply-chain decisions with digital solutions. Our direct-access emissions reporting tool, FedEx® Sustainability Insights, is available in 34 languages and provides emissions estimates at package and account level for eligible shipments.



Such offerings can benefit business partners as well as the planet at large.

20170912_MK_09499_11963053 1

Marking A Decade Of Business And Social Impact In Africa

In the dynamic world of street dance, passion and perseverance pave the way for success. Living out this ethos is South African born B-girl turned businesswoman, Courtnaé Paul.



At the age of 21 and with just ZAR600 ($33) in her pocket, Courtnaé Paul pursued her dream of dancing on bigger and better stages and set out to carve her own path in the world. It is this determination that propelled her to turn her passions into paychecks.



Paul has found a way to combine her passion for dance, sport and culture, and has progressed in leaps and bounds, from practicing breaking (Breakdancing) in her bedroom in Durban in South Africa’s KwaZulu-Natal province, to flipping the business world on its head, through her company, CP Entertainment (CPE), by collaborating with world renowned brands on various projects around the globe.



This includes her role as the entertainment sponsor at the 2024 FORBES WOMAN AFRICA Leading Women Summit.



CPE has become a home for local dancers to explore the world of dance-business, whilst playing a role in creating sustainable careers for an industry that is often not well-supported.



Recognizing the limited opportunities and resources available for street dancers, Paul sought to create platforms that would empower and support the community she cherished.



Her first foray into business was the establishment of dance workshops and training programs. These initiatives aimed to nurture young talent, providing them with the skills and confidence to excel both on and off the dance floor.



Her talent quickly garnered attention, and she became a prominent figure in the South African music and dance scene. As a B-girl, Paul has competed in numerous national and international competitions, earning accolades and respect from her peers.



Her unique style, characterized by fluidity, precision, and flair, set her apart in a male-dominated arena. With breaking now added as an Olympic sport, Paul has pushed boundaries for male and female African breakers alike, by ranking top of the continent at the inaugural Olympic Qualifier Series held recently in Shanghai and Budapest, respectively.



As a speaker at the FORBES WOMAN AFRICA summit, Paul shared her story about being the middle child of three girls and copying everything her male cousins did, to the loss of her dad at a young age and having to navigate life without the only person who made her feel like she belonged.



This moment, Paul said, completely changed her life. It was what propelled her into the trailblazer the world knows her as today.



Beyond dance, the award winning 4x SA breaking champ and Red Bull BC One Ambassador has also ventured into music and bagged her first South African Hip Hop Award nomination for DJ of the Year.



She has played on notable stages like Back To The City and Rocking the Daisies, and has also shared the stage and opened for some of the biggest names in the entertainment industry, the likes of Lil Wayne, Pitbull, Rae Sremmurd and Nigerian singer, songwriter and producer, Burna Boy.



Paul has also demonstrated her skills in campaigns for Halls, Shield, vivo and L’Oreal, and graced platforms like the BBC, CNN, Olympics.com and France24.



Throughout her career, Paul has remained steadfast in her mission to make the world a better place, whilst showing the world what Africa has to offer. She embodies love, patience, and empathy, always striving to create opportunities for her community.



Her journey is a testament to the power of staying true to oneself and the impact one can have when driven by passion and purpose.



Courtnaé Paul&#8217;s story is one of triumph over adversity, a celebration of individuality, and a powerful reminder that true success comes from embracing who you are and using your talents to uplift others.

COURTNAÉ PAUL

The Business Of Dance: Embracing One’s Individuality And Style

From growth and transformation to economic inclusion, these leaders from within the Property Point team are doing their part to champion change.



Bringing out the best in entrepreneurs



Carmine Fritz, the Senior Program Manager at Property Point, the leading small business accelerator program in South Africa, says leadership is being true to who you are and mentoring others in a way that leaves a lasting impact.



“It’s about creating an environment that encourages and fosters great ideas, bringing out the best in people without them even realizing it,” she adds.



Fritz has earned the reputation of being a problem solver. Over her two-year tenure, she has tackled some of the most challenging programs, transforming them into success stories.



One of her most notable achievements is transforming a challenging cohort of small and medium business enterprises known for their disruptive methods.



“I quickly realized that to help this group grow and transform, I had to unlearn my preconceptions and see them through a lens that believed in their entrepreneurial capabilities,” she recounts.



Fritz’s strategy involved extensive personal development for the business founders and rigorous business development milestones. The results were nothing short of transformative.



“The entrepreneurs started with no clear business strategy other than demanding 30% of community projects. Now, they are securing new clients and leading major construction projects as main contractors, with contracts ranging from ZAR4 million to ZAR6 million,” she says.



Championing research for developmental impact



“Leadership is such a crucial part of our everyday lives. It’s a combination of being born with the skill and nurturing the responsibility that comes with it,” says Maphefo Sipula, Head of Research and Impact at Property Point.



Sipula’s journey is deeply influenced by her socially-entrepreneurial parents – her father, a medical doctor and her social worker mother – who instilled in her the values of education, hard work, and dedication.



After joining Property Point in 2018 as a Monitoring, Evaluation, and Reporting (MER) Analyst, Sipula became Head of Research and Impact, overseeing research and MER functions and leading an all-women team of economists and MER analysts.



“Through our research, we can continuously shape our understanding of entrepreneurs&#8217; challenges and identify the most effective solutions through a practitioner-driven approach,” she says.



This is evident in the group’s women-only intake program, She Builds, and the recently launched sustainability specialization program, Greenpreneur. Both programs aim to increase the number of underrepresented groups in their respective sectors.



Despite the challenges of women’s representation in the property industry, Sipula is optimistic about the future.



“It’s exciting to see female entrepreneurs breaking barriers, building sustainable businesses, and driving innovation,” she says. “Although we still have a long way to go, our progress is encouraging.”



Driving economic inclusion through local engagement



As an expert in fostering economic inclusion in previously-disadvantaged communities, Ntsako Ngomane’s strategic approach to addressing inequality has proven pivotal in breaking down barriers and creating sustainable growth.



Ngomane, the Head of Local Economic Development (LED) and Stakeholder Management at Property Point, takes a pragmatic and visionary approach.



“The construction sector is close-knit and fragmented, with contractors preferring to work with subcontractors they trust. This has, unfortunately, led to the exclusion of many SMMEs from previously disadvantaged backgrounds,” she explains.



“By positioning Property Point as a catalyst with the skillset to manage LED expectations, we have successfully integrated economic inclusion into development projects, transforming potential societal risks into strategic community relationships.”



Ngomane’s impact extends beyond the confines of individual projects. Her work reshapes how the construction sector views economic inclusion and stakeholder engagement. By highlighting the strategic benefits of proactive LED implementation, she challenges traditional perceptions and paves the way for a more inclusive industry.



“We aim to show that economic inclusion is not just about mitigating risk but about building strategic relationships in the communities where projects are located,” she emphasizes.

Maphefo Sipula is the Head of Research and Impact at Property Point

The Women On A Mission To Empower The Next Generation Of Leader

Across Africa, a revolution is brewing, one of empowerment, driven by a simple transformative force: financial inclusion. By ensuring that more Africans have access to essential financial services, I believe we can not only accelerate economic growth, but also begin to solve some of the continent’s most pressing issues.&nbsp;



Africa has always been a continent of immense potential, with abundant resources, a young and growing population, and a vibrant entrepreneurial spirit. But financial inclusion has been a key missing piece, with only 43% of sub-Saharan Africa’s population having a traditional bank account, according to the International Monetary Fund (IMF).&nbsp;&nbsp;



Traditional banking systems, often reliant on brick-and-mortar access, have failed to reach vast swathes of the population. This has left millions trapped in a cycle of poverty – unable&nbsp; to save for emergencies, invest in businesses, or weather financial shocks.&nbsp;



The tide is turning, however, thanks to the rise of mobile money and other digital financial technologies, as well as the use of alternative data for credit scoring. These tools are by-passing traditional limitations, reaching even the most remote corners of the continent.&nbsp;



For TransUnion, financial inclusion is about so much more than giving consumers access to financial products and services. It’s about giving them access to hope, to a better life for their families. It’s about giving small businesses the chance they need to scale, to create new jobs, to contribute to economic growth. It’s about solving problems that matter.&nbsp;



Of course, the journey is not without challenges: infrastructure gaps, regulatory hurdles and digital illiteracy all need to be addressed. But we cannot deny the potential benefits.&nbsp;



The role of our youth cannot be underestimated, given that the reported average population age across Africa’s 54 countries is 18.8 years. Given this breathtaking statistic, we must focus on providing key services such as education, family planning and healthcare, and combine that with employment opportunities. If we do that, the IMF predicts that Africa’s demographic dividend will lead to quickly expanding economic growth – as much as 1.5% per year.&nbsp;



In addition, Africa’s young population represents a significant part of the future global consumer market. The span of the demand globally and across the continent will lead to greater integration and collaboration across the continent, and greater regional demand of services and products.&nbsp;



Finally, Africa’s youth are key to driving innovation and challenging existing business models and will create up to 80% of employment across the continent – we need to tap into&nbsp;



that significant potential for the continent’s future prosperity.&nbsp;



Alternative data a key ingredient to greater financial inclusion&nbsp;&nbsp;



In a very competitive global market, businesses, both large and small, will need to use technologies and alternate data-sets to understand and grow their customer base and those customers’ loyalty.&nbsp;



These datasets are also vital for financial institutions. Credit scoring, for instance, is more challenging in cash-dependent markets – we need to be able to assess the individual and their business potential where applicable, and we can do that by integrating alternative data from mobile money and other non-traditional data sources. For example, through TransUnion Africa’s strategic partnership with Chenosis, alternative telcos data can now be included in credit scores, expanding access to financial services for Rwandan and Zambian consumers.&nbsp;



Alternative data makes those who were once credit-invisible visible – and thus scorable. Telcos data can bridge the information gap between traditional credit information and the data generated by consumers and entrepreneurs when they use their mobile phone. This gives lenders a record of their ability to make regular or semi-regular payments and can help&nbsp;



demonstrate the ability to afford monthly credit repayments.&nbsp;



Collaboration is the name of the game – if governments, financial institutions, fintech companies and civil society work together, we can overcome these challenges, unlock the power of financial inclusion and usher in a new era of prosperity and progress for Africa for generations to come.&nbsp;

Lee-Naik,-CEO-of-TransUnion-Africa

Financial Inclusion: The Key To Accelerating Africa’s Growth

Africa is the world’s second most populated continent, accounting for just under 18% of the global population. Despite this, the continent is accountable for at least 25% of the world’s disease burden.&nbsp;&nbsp;



With more than its fair share of diseases, the World Economic Forum estimates that the total demand for packaged medicines in Africa is around $18 billion per year. Interestingly, 61% of that is serviced through imported products, with only 36% being locally produced.&nbsp;



For Africa to effectively service the medical requirements of its 1.4 billion people, countries on the continent acknowledge the need to enhance their pharmaceutical and medical production capabilities.&nbsp;&nbsp;



In recognition of this, the OR Tambo International Airport Special Economic Zone (SEZ) has designed, and is in the process of developing, a globally competitive medical manufacturing cluster that will enhance the production and export of medical products from South Africa.&nbsp;&nbsp;



OR Tambo SEZ’s Bold Ambitions&nbsp;&nbsp;



Comprised of 265,000m² of developable space, the OR Tambo SEZ Precinct 2 development is well-positioned to support the production and export of time-sensitive products such as medicines.&nbsp;&nbsp;



Located on the doorstep of OR Tambo International, the SEZ is an ideal location for the production and export of high-value, light-weight products that utilize air freight as a mode of transport.&nbsp;&nbsp;



In support of its competitive value proposition, the OR Tambo SEZ completed industry-specific research that identified different elements essential for the establishment of a globally competitive medical manufacturing cluster. The result of this research is a bold plan that aims to secure continental as well as international buy-in, thereby ensuring that the cluster is well-positioned to support the manufacturing of different elements that form part of the broader pharmaceutical and medical product value chain in Africa.&nbsp;&nbsp;



The Competitization of the OR Tambo SEZ Pharma and Medical Cluster&nbsp;&nbsp;



The cluster-based approach is globally acknowledged as an effective approach to enhance economic growth and development.&nbsp;&nbsp;



For it to be competitive, any cluster must pursue and ensure the existence of linkages between different elements that form part of the production process; these include basic inputs, manufacturers, role players that approve the products for consumption and those that move the goods to market. Equally important are the research, development and innovation institutions. The OR Tambo SEZ’s planned pharma and medical manufacturing precinct will have all the above inclusive of a variety of medical production processes such as pharmaceutical mixing, medical device component manufacturing, sub-assembling, labelling and packaging, warehousing and storage, training, standard testing, patent compliance and regulatory approval institutions.&nbsp;&nbsp;



Through this approach, the SEZ, which already boasts of a competitive location, is destined to become a world class pharma and medical products manufacturing destination.&nbsp;&nbsp;



Available Incentives&nbsp;&nbsp;



As a designated Special Economic Zone, the OR Tambo SEZ will also provide manufacturers that are looking to set up operations with the opportunity to access incentives that reduce the cost of production; this is particularly key, given that manufacturing costs remain a major impediment in the enhancement of manufacturing in Africa.&nbsp;&nbsp;



Available incentives include duty-free importation of production-related materials and assets as well as VAT exemption on exports.&nbsp;&nbsp;



OR Tambo SEZ: The Competitive Choice&nbsp;&nbsp;



Underpinned by factors such as a skilled labor force, South Africa has long been a location of choice for multinationals looking at Africa. The country also has an established supply chain to foster the medical manufacturing expansion.&nbsp;&nbsp;



All the above, coupled with Gauteng City-Region’s competitive positioning serving as a gateway to sub-Saharan Africa, make the OR Tambo SEZ an ideal location for the production, export and trade of pharmaceutical and medical products within Africa.&nbsp;&nbsp;



FOR MORE INFORMATION ON THE PHARMACEUTICAL AND MEDICAL CLUSTER BEING DEVELOPED AT OR TAMBO INTERNATIONAL AIRPORT SEZ, VISIT: WWW.ORTAMBOSEZ.CO.ZA&nbsp;

Work in progress at a pharmaceutical facility (1)

Establishing A Globally Competitive Pharma and Medical Manufacturing Cluster 

Top female leaders in finance share their thoughts on the moving goalposts of a ‘work-life balance’.


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With the hybrid working model catapulting to popularity after Covid-19, the notion of work-life balance, and pressure to achieve it, has increasingly become synonymous with success for many women, globally. Yet, women continue to take on the majority of caregiving and domestic tasks – placing further hurdles in the way of achieving the elusive work-life balance equilibrium.



According to <a href="https://www.deloitte.com/content/dam/assets-shared/docs/collections/2024/deloitte-women-at-work-2024-a-global-outlook.pdf?dl=1">Deloitte’s Women @ Work 2024: A Global Outlook annual report</a>, women are experiencing the mounting pressures of ‘misbalanced caregiving and domestic responsibilities’, with 50% of women globally who live with a partner and have children saying they take the most responsibility for childcare. This is up from 46% in 2023, with only 12% saying this falls to their partner.



In addition to this, 57% of women are also taking the greatest responsibility for caring for another adult, while only 6% report this being done by a partner. Interestingly, the imbalance exists even for women who are the primary earners in the household.



These pressures, in addition to career responsibilities and aspirations, make achieving the mirage of “work-life” balance a seemingly unachievable task. CEO of PSG Asset Management, Anet Ahern believes that society must move away from women having to do the heavy lifting to find ‘balance’.



“It is not a female problem. I think the idyllic balanced life is a fantasy for the most part, but there are things you can do to manage your energy, which is more important than managing your time,” she says.



For Ahern, managing one’s energy removes the excessive pressure to achieve the rigid, unrealistic goal of balance in all spheres of one’s life. Instead, it provides the fluidity to adapt to life’s ever-changing seasons where the goal posts are always moving and the priorities shifting.



Instead, Ahern suggests focusing on three pillars – simplicity, efficiency and presence. These can then be applied to make room for whichever season is taking priority at the time.



“Simplifying your life is the first step, otherwise complexity and decision fatigue will overwhelm you. Especially important is simplifying your finances and admin – use a financial adviser to take some of these worries off your mind,” says Ahern.



Next, she believes that efficiency and organization are key.



“Building a support system will help you to be more efficient in your day. Pay for services when you need to, and can afford it, and negotiate a fair split with your partner on the rest,” she says.



Ahern adds that being organized is a large part of setting yourself up for success.&nbsp;



Lastly, she emphasizes the importance of being present wherever you are. According to the same Deloitte study, less than two in five women say they feel able to switch off from their work, and nearly one in five regularly work more than their contracted hours every week.



“If you are at work, focus and be effective &#8211; be ‘at’ work.&nbsp; At home, try your best to leave after-hours work for later when you have spent quality time with your loved ones, not when you are having dinner with your family.’’



For Wendy Myers, Head of Securities at PSG Wealth, the most effective strategy to achieve a sense of equilibrium in the spheres of her life, is to harness the collective when embarking on an initiative.



“I purposefully leverage talent in the organization to get the job done. So much can be achieved with an inspired, directed team as opposed to one person ‘fighting the good fight’ on their own,” says Myers.



A critical part of this, however, is effective management as a high functioning team creates efficiencies and opens space for personal time.



“Ineffective managers have ineffective teams,” says Myers. “Make sure you harness your teams to work together and put the right managers and staff in the right roles. This professional support structure is the key to securing time for yourself and your family.” &nbsp;



Myers also highlights the need for support structures to extend upwards to leadership and employment policies.



“Women are most vulnerable in scenarios where there is no support structure. This is why leaders need to be understanding and empathetic &#8211; offering flexible working hours and working from home within reason,” she says.



This means that women want flexibility in how their hours are structured. The latest Working Women report from top recruiter, <a href="https://www.iol.co.za/business/jobs/almost-half-of-south-africas-female-workforce-is-unsatisfied-with-their-current-positions-study-finds-04b45bc0-6dda-42b5-96ad-31a51b2c7e11">RecruitMyMom,</a> found that 55% of South African women respondents, regardless of age, choose to work full-time hours, showing the appetite for career trajectory and financial independence.



Of those who wanted to work full-time, 32% wanted a full week, while 23% wanted full-time with a shorter week, and the rest chose fewer workdays and hours.



“Women who operate in a supportive working environment tend to be more loyal to the organization and are prepared to go the extra mile,” says Myers.



She explains that given these flexible parameters, she has embraced the rigorous demands and high pressure of the industry as she believes this is what drives the industry forward.



Karen Rimmer, Head of Distribution at PSG Insure agrees that the notion of work-life balance is not black and white.



“Everything in life has a price tag – success too. You determine what you are willing to pay for and where your limits are,” she says.



For Rimmer, mentorship is an extremely useful tool to help with methods and strategies for balance – especially since the guidance is extremely personal.



“For your survival, you need a safe space – away from work and home; a place where you can vent, but also receive objective feedback. I got that through formal coaching and a few trusted colleagues who made the time to listen, empathize and help me to re-balance and face another day. Industry networks are important to do more than you would have been able to do on your own,” she explains.



Unfortunately, mentors are few and far between – especially in a male-dominated sector like financial services. According to global leadership consultancy<a href="https://www.ddiworld.com/blog/women-leadership-statistics#:~:text=On%20average%2C%20only%2024%25%20of,compared%20to%2038%25%20of%20men."> DDI</a>, only 27% of women in senior leadership roles have had a formal mentor, compared to 38% of men.



Rimmer proactively started a female empowerment group with six junior females at PSG 10 years ago.



“We meet monthly and have healthy debates on topical issues, but only after having an informal catch-up on our personal and professional lives,” she explains. &nbsp;



Rimmer says that her engagement with other female colleagues demonstrates that ideas of success and balance differ and there is not a one size fits all.



“If you have a family that includes a partner and children, your priorities must be a family decision. Your employer will expect you to do the maximum and you need to determine the boundaries. There will be exceptions and then you need to manage expectations – both that of your family and employer. This is not always an easy choice, but it is possible,” she concludes.

Forbes – headline image

Unpacking The Work-Life Balance Conundrum

A leader in South Africa&#8217;s telecommunications sector, Telkom has redefined the role of mobile telecommunication companies by driving economic growth and community empowerment in the country. 



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“Our focus has always been to deliver the best value to our customers through various innovations.” 
</blockquote>



The growth of telecommunications has revamped how we interact on the continent, and this ease of communication is an aspect of the industry that Gugu Mthembu, Telkom’s Chief Marketing Officer, appreciates.&nbsp;



The volume of data circulating correlates with the growth of the telecommunications industry. Telecoms has cemented itself as one of the main pillars of South Africa’s economy and, along with pay-TV service revenue, generated $9.4 billion in 2023, as stated by Global Data.&nbsp;



Introduced to the mobile telecommunications industry through her interest in information technology and problem-solving, Mthembu quickly developed a passion for marketing, viewing it as a pivotal aspect of a company’s success.&nbsp;



With over a decade of experience in marketing leadership, primarily within the telecommunications sector, Mthembu has identified marketing as a strategic function to deliver value to customers, the business, and shareholders.&nbsp;



She’s found that Telkom provides an ideal environment for her to effectively execute these strategies.&nbsp;



The power of connectivity&nbsp;



In a saturated and price-sensitive market, it becomes a company’s top priority to both build and maintain a resilient brand that will not only contribute to the telecommunications market but also lead it.&nbsp;



“Competitiveness for Telkom is driven by the well-differentiated and disruptive products we have launched in the market,” explains Mthembu.&nbsp;



“Our focus has always been to deliver the best value to our customers through various innovations.”&nbsp;



With this, Telkom&#8217;s main investments include fibre optic networks, mobile networks, data centers and technological advancements, to ensure reliable and high-speed connectivity.&nbsp;



In addition to its innovative prowess is the brand’s strong adaptiveness, particuarly with market changes and customer preferences, which Mthembu identifies as one of the traits needed to build a sustainable and resilient business.&nbsp;



That said, there’s another aspect that sets Telkom apart from its competitors.&nbsp;



“Establishing a strong brand purpose that resonates with customers and maintaining a positive reputation is vital,” she says.&nbsp;



For instance, the consumer brand’s latest campaign slogan, “Possible begins here”, speaks to the company’s values of driving transformation to unlock progress in the lives of its customers.&nbsp;



“Our new brand expression is a representation of how the power of being connected through Telkom helps consumers push the boundaries and move beyond good, to great,” comments Mthembu.&nbsp;



Consistently on call&nbsp;



For many mobile network companies, their innovations often involve advancements in technology generation, such as the introduction of 5G. Telkom has gone beyond that by using its innovative competence to improve customer satisfaction.&nbsp;



“By addressing changing consumer behaviors, we ensure continued relevance and enhance customer satisfaction and loyalty,” says Mthembu.&nbsp;



For instance, Telkom’s investment and continuous improvement of its marketing technology (MarTech) suite has led to an improvement in responsiveness.&nbsp;



Mthembu adds that the brand’s quest to improve its customer relations now also includes in-store experiences, thanks to the introduction of the ‘Store of the Future’.&nbsp;



“It has revolutionized the retail landscape, offering our customers a unique, unforgettable and immersive experience that combines cutting-edge technology with unparalleled convenience and entertainment.”&nbsp;



Telkom also works to enhance entertainment options for customers, offering access to streaming platforms and online gaming.&nbsp;



“We partner with various organizations, such as Amazon, to give our customers more value so they can benefit from being connected,” she says.&nbsp;



“We also understand the ability of gaming to develop cognitive, critical thinking and problem-solving skills, and its contribution to relaxation and leisure, hence our continuous&nbsp;



investment in the Telkom vs Gaming platform.”&nbsp;



Beyond communication&nbsp;



Despite being a telecommunications company, Telkom does more than improve communication lines.&nbsp;



The company also leverages connectivity to significantly enhance customer experiences and improve their quality of life.&nbsp;



As we know, information is the biggest commodity that we possess and access to it can improve our lives.&nbsp;



With that understanding, Telkom allows customers to access a wealth of information and online services, which includes the TelkomLearn platform – an educational resource where Telkom accelerates digital inclusion and improves access to quality education.&nbsp;



“One of the few initiatives we have embarked on that brings collaborative partnerships to life for the broader benefit of society, is the Innovation Labs we have with higher education institutions in South Africa,” explains Mthembu, who adds that innovation that benefits business and society is crucial.&nbsp;



The company understands the role that small businesses play in growing the economy, which is why they work to facilitate smooth operations, collaboration among teams, and customer interactions.&nbsp;



“We also enable businesses to leverage the power of online presence through digital marketing solutions and our Yep! Digital marketplace” says Mthembu, who describes Yep! As a thriving small business fraternity that contributes to economic growth and job creation, benefiting communities and the society at large.&nbsp;



Furthermore, according to Mthembu, the Telkom Future-makers program, which has benefited 2,500 SMEs to date, ensures that SMEs operating in the technology field are able to participate in the economy through skills development, mentorship, funding, and access to markets.&nbsp;



Technology, gender equality and the power of sport&nbsp;



With a background in the South African information and communications technology (ICT) sector, Mthembu is well aware of the gender equality imbalance that exists within the industry.&nbsp;



Coupled with the lack of investment identified in female sports, Telkom has chosen to address both of these important issues.&nbsp;



“Unless brands and investors boldly involve themselves in initiatives that redress these imbalances, nothing will change,” states Mthembu.&nbsp;



Shedding light on the brand’s corporate social responsibility (CSR) goals, Mthembu explains that the purpose is to contribute to the transformation of disenfranchised communities through meaningful and sustainable development programs, one of which is focused on netball.&nbsp;



“We believe that we need to throw our weight behind this sport which gives young girls and women the possibility of a career in sports, and at a global scale,” says Mthembu.&nbsp;



Telkom also sponsors the Wired4Women Awards, an act that reflects the company&#8217;s commitment to diversity in the technology sector.&nbsp;



“By supporting these awards, we aim to champion female excellence and promote gender diversity, ensuring that women’s contributions are celebrated and acknowledged,” explains Mthembu, who views the awards as a holistic approach to ensuring a sustainable pipeline for women in technology fields and a platform to provide role models for future generations.&nbsp;



With their commitment to innovation, customer satisfaction, and societal improvement, Telkom has set a new standard for telecommunications and paved the way for a more connected and empowered future.&nbsp;



As the world continues to find new ways to communicate, Telkom is working to ensure that no words are left unsaid and that no one is left behind.&nbsp;

Chief Marketing Officer at Telkom, Gugu Mthembu

The Journey From Customer Connectivity to Consumer Empowerment

Glory Art First, under the direction of Serge Hié, is dedicated to the preservation and promotion of classical African art. By creating cultural bridges between Africa and the West, the brand highlights the richness and diversity of this unique heritage. 


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<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="573" src="https://cms.forbesafrica.com/wp-content/uploads/2024/08/Logo-Glory-Art-First-I-Forbes-Africa-1024x573.jpeg" alt="" class="wp-image-62744" style="width:564px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/08/Logo-Glory-Art-First-I-Forbes-Africa-1024x573.jpeg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Logo-Glory-Art-First-I-Forbes-Africa-300x168.jpeg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Logo-Glory-Art-First-I-Forbes-Africa-768x430.jpeg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Logo-Glory-Art-First-I-Forbes-Africa-1536x860.jpeg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Logo-Glory-Art-First-I-Forbes-Africa.jpeg 1600w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure></div>


Glory Art First’s mission is to promote and preserve African primitive art, creating a strong link between African and Western cultures. Founded by Serge Hié, a passionate collector and businessman from Côte d&#8217;Ivoire, Glory Art First is distinguished by its commitment to making African primitive art accessible, while respecting and honoring the cultural traditions from which it originates.&nbsp;&nbsp;



Hié, a former soldier in the French army, inherited a passion for primitive art from his family.&nbsp;



His collection, developed over more than 20 years, is much more than a collection of rare pieces: it embodies a mission of transmission, education and awareness of the importance of this cultural heritage.&nbsp;



VALUES AND COMMITMENTS&nbsp;



Authenticity and cultural respect&nbsp;



Glory Art First strives to present primitive art in its most authentic form, respecting the cultures and traditions from which the works originate. Each piece in its collection is a window to the soul of a civilization.&nbsp;



Innovation and preservation&nbsp;



Glory Art First uses innovative approaches to enhance and preserve primitive art. It collaborates with experts and institutions to ensure the longevity of this unique heritage.&nbsp;



Education and awareness&nbsp;



The brand firmly believes that education is essential to the preservation of our cultural heritage. It has set up educational programs to raise awareness among younger generations of the richness of African primitive art.&nbsp;


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<figure class="alignleft size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="768" src="https://cms.forbesafrica.com/wp-content/uploads/2024/08/Statue-Fétiche-Kongo-RDC-Collection-Hie-©-Valentin-Clavairolles-2-1024x768.jpg" alt="" class="wp-image-62742" style="width:457px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/08/Statue-Fétiche-Kongo-RDC-Collection-Hie-©-Valentin-Clavairolles-2-1024x768.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Statue-Fétiche-Kongo-RDC-Collection-Hie-©-Valentin-Clavairolles-2-300x225.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Statue-Fétiche-Kongo-RDC-Collection-Hie-©-Valentin-Clavairolles-2-768x576.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Statue-Fétiche-Kongo-RDC-Collection-Hie-©-Valentin-Clavairolles-2-1536x1152.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Statue-Fétiche-Kongo-RDC-Collection-Hie-©-Valentin-Clavairolles-2-2048x1537.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Statue Fétiche Kongo (RDC), Collection Hie © Valentin Clavairolles </figcaption></figure></div>


International collaboration&nbsp;



To strengthen cultural ties and ensure a better global understanding of African art, Glory Art First has also established partnerships with museums, universities and cultural institutions around the world. 



KEY INITIATIVES&nbsp;



Provenance and indemnity work&nbsp;



Glory Art First is exploring different approaches and regulations concerning compensation for the countries the works of art have originated from. Its aim is to establish fair standards to ensure that the communities and cultures from which these pieces originate are properly recognized and compensated.&nbsp;



Reflection on the decree of October 20, 2021&nbsp;



Glory Art First is conducting a thorough review of the decree of October 20, 2021, which sets out the terms and conditions for the application of droit de suite. This decree is crucial for artists and their heirs, and they are striving to maximize its positive impact on the protection of the rights of African artists.&nbsp;



Social commitment&nbsp;



The brand actively supports humanitarian initiatives, notably Madame Dominique Ouattara&#8217;s Children of Africa Foundation. At the foundation&#8217;s Charity Gala Dinner, one of the pieces from the Hié Collection was auctioned off and sold for over 140,000 euros, contributing directly to projects for the disadvantaged children of Côte d&#8217;Ivoire. 



A visionary who inspires&nbsp;



Serge Hié, the founding member of Résidence Abidjan and founding president of Glory Art First, is determined to give voice to the true and authentic interpretation of African primitive art. His network and expertise are put to good use in promoting the ancient arts of Africa, making his pieces accessible to the public through worldwide exhibitions. By combining tradition and modernity, Glory Art First has positioned itself as a key player in the preservation and promotion of African primitive art, building a cultural bridge between Africa and the West.&nbsp;



PRESS CONTACTS: CLAUDIA@GLORYARTFIRST.COM | WWW.GLORYARTFIRST.COM | @GLORYARTFIRST

Redefining The Heritage of Classical African Art

McDonald’s South Africa demonstrated a special “Together Mzansi” community initiative that underscores its commitment to giving back and making a positive impact. 


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The McDonald’s team visited the Andries Meyer Old Age Home in Eldorado Park in Soweto, South Africa, to provide free haircuts to the residents as part of the “Mobile Barber” service. This initiative reflects the company’s belief in supporting and empowering local communities through meaningful and impactful actions.&nbsp;



“At McDonald&#8217;s South Africa, we are dedicated to supporting and empowering our communities through initiatives focused on literacy, education, sustainability and social impact,” says Sechaba Motsieloa Marketing Director, McDonald’s South Africa.&nbsp;



“Providing free haircuts, through our Mobile Barber initiatives, to the residents of Andries Meyer Old Age Home is a way for us to show respect, dignity, and care to those who are often overlooked. This is one way where we acknowledge that there is no us without you.”&nbsp;



McDonald’s South Africa is committed to creating positive social impact and enriching the lives of the communities it serves. Through various initiatives, it strives to support literacy, education, sustainability, and social well-being. Their mission goes beyond serving delicious food; they aim to make meaningful contributions that empower and uplift individuals across the nation.&nbsp;



The Mobile Barber forms part of McDonald’s nation-building initiative, Together Mzansi, which is a call to action for communities to come together in finding solutions to the challenges we face in society.&nbsp;



Together Mzansi is the unique result of using its influence and reach to partner with McDonald’s customers, company staff, franchisees, suppliers and other stakeholders to drive impact by coming together with communities to foster positive change, one initiative at a time.&nbsp;



Drawing inspiration from 28 years of changing lives through various charitable initiatives in the country, Together Mzansi is a collective effort of all levels of society, to make a positive difference to the lives of people and communities.&nbsp;



Founded by Elizabeth Harriesunker, the Mobile Barber team uses their hair-cutting and barber skills in the best way, offering free haircuts to people in orphanages, disability homes, old age homes, skill centers, and schools.&nbsp;



“The concept of Mobile Barber Co was born in 2019. It was inspired from the love for people, creating connections and value in society,” she says.&nbsp;



With her two vans, she services around 90 organizations and travels around Joburg and Pretoria on amonthly basis.&nbsp;



“We go to places like Soshanguve and Mamelodi and we service the areas there,” she says.&nbsp;



Running the Mobile Barber has not always been easy for Harriesunker. Choosing the right vehicle is of the utmost importance because not any ordinary vehicle will do. It has to have a high roof because barbers need to be comfortable in there and people need to walk in, so they can also stand in there.&nbsp;



The right furniture and equipment is equally important so that the vehicle would work for the intended function.&nbsp;



&nbsp;“The partnership with McDonald’s SA is a synergy that is truly a blessing. It results in bringing a unique contribution to communities which is dearly heartfelt,” says Harriesunker.&nbsp;



“The project brings everyone involved immense joy, especially when seeing the happiness on our clients’ faces. Who doesn’t love the feeling of having their hair done? For many, this is a luxury that is now looked forward to on a regular basis. The mobile barber team are changing lives, one haircut at a time and we are loving it.”&nbsp;

Category: Brand Voice