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Visa, African Women Impact Fund Initiative (AWIF) Unveil Recipients of Funding to Empower African women

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Three women fund managers from Nigeria, Kenya and South Africa have been selected to receive Visa’s grant funding from the African Women Impact Fund Initiative (AWIF), a collaboration between Standard Bank and the United Nations Economic Commission for Africa (UNECA).

SME.NG (Nigeria), Altree Capital (Kenya) and Maia Capital (South Africa) are the selected recipients and will utilise the grants for their warehousing capital needs to invest in women-owned entrepreneurs across a range of sectors.

Last year Visa announced a grant to the AWIF as an extension of the She’s Next program, a global advocacy program for women-owned businesses that has been expanded to Sub-Saharan Africa to further champion and strengthen African women business owners as they build, sustain, and advance their businesses.

“We are proud to extend our efforts to empower women entrepreneurs to the fund management space. Women fund managers in Africa continue to face numerous challenges in building sustainable businesses.

“Their progress continues to be slow due to systematic barriers and investor bias. Our collaboration with AWIF will accelerate the multiplier effect of funding across the entire value chain where women owned businesses exist” says Aida Diarra, Senior Vice President & Head of Sub-Saharan Africa at Visa.

Women fund managers in Africa continue to face numerous challenges in building sustainable businesses. Research shows slow-moving progress in the visibility and inclusion of women fund managers due to systematic barriers and investor bias.

With African women accounting for just 7.6% of private equity and women-led businesses receiving only 7% of Private Equity (PE) and Venture Capital (VC) in emerging markets, this highlights the opportunities that exist to reduce the current gender gaps.

“When you invest in women, you also invest in their communities. Investments that go into the hands of women fund managers not only go towards the growth and sustainability of the companies they invest in, but the women who are part of the value chain of these companies.

“We are proud to have selected managers who have demonstrated their ability to support the growth and development of their communities, and through the grant these managers will now be in a better position to scale up their efforts and impact the lives of many more women-led businesses,” says Lindeka Dzedze. Global Markets Head of Strategic Partnership at Standard Bank Group.

The selection of the grant recipients was through a due diligence process managed by the appointed investment manager of the AWIF Initiative, Riscura.

The rigorous selection criteria were in alignment with the objectives of Visa’s She’s Next programme and AWIF which are to help women-owned businesses thrive, and to support and develop women fund managers, respectively.

Dinao Lerutla, the Managing Partner of South African based fund manager, Maia Capital, describes her organisation as the nexus between private capital and inclusive growth.

“At Maia Capital we are very intentional about ensuring that our investments make a positive and direct impact on the low-to-middle income households in South Africa and generate a return for investors.

“We have a bias towards women businesses and businesses that promote gender inclusion throughout the value chain. Through our targeted investments, we hope to contribute to economic recovery that is sustainable and inclusive.

“This is why our investment themes include education, healthcare, housing, clean technology, financial inclusion, and gender inclusion” she adds.

Jenni Chamberlain, CEO of Altree Capital Kenya, is the Investment Manager of the Altree Kadzi Gender Climate Fund is one of the selected fund managers. The Fund invests with a gender-lens and climate-smart approach in sub-Saharan Africa, with a strong East African presence.

She explains: “We have four investment pillars that we focus on when we look at an investment, namely, women entrepreneurs, women in leadership (the business must have 30% or more of women in management or on the board), employers of women (over 30% women in employment) and/or products & services that will improve the lives of women.

“The Altree Kadzi Gender Climate Fund will utilise the funding to invest in women-led and women-oriented companies, also driving sustainability and climate adaptation and mitigation strategies.

“By intentionally focusing on women and climate, Altree will provide support not only to the investee companies but also to companies in the greater investment value chain, ensuring gender-equity mainstreaming and sustainability.

“There are numerous barriers to African women accessing finance for their businesses; women-led businesses are an important yet overlooked sector of the economy.

“These companies are growing rapidly and access to finance will improve their growth trajectory exponentially. Altree will prove the ability of these companies to produce strong returns for the female entrepreneurs and investors alike.

“Not only are women most affected by climate change but women are early adopters of climate mitigation and adaptation technologies and solutions, as well as strong benefit multipliers. Supporting women-led and oriented firms, empowers women, ensures climate action, and will transform economies and societies” Ms Chamberlain adds.

Thelma Ekiyor, the co-founder of SME.NG, says her investment platform is driven by a gender lens investment philosophy focussing on the bottom of the pyramid.

The firm leverages private capital, public sector investments and philanthropic donations to deploy capital to impact oriented female entrepreneurs.

As an indigenous gender lens impact investor, SME.NG is committed to providing non-financial support that address the challenges women-owned businesses face, alongside financial capital.

SME.NG is differentiated by the fact that it has presence across eleven states of Nigeria rather than being concentrated in Lagos or Abuja, which makes its reach and impact significant.

Some of the small business SME.NG will invest in include businesses like NicNax Company – a company that collaborates with local farmers to process healthy breakfast and snack options.

Popular brands are the granola and peanut butter, currently available at most retail stores and eateries in Lagos. SME.NG will also invest in Smiley’s Mobile Kitchen – a company that sources organic tomatoes from small-holder farmers and processes into Nigerian “stew” bases, tomato and peppers purees and pastes.

“We have identified women businesses that have the potential to succeed across different sectors and we deliberately put a lot of emphasis on how women are impacted in the value chains of these companies. The grant from Visa and AWIF will help us strengthen our investment pipeline,” says Ms Ekiyor.

 


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NAEC to Deploy Nuclear Science for Power Generation

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Nigeria Atomic Energy Commission (NAEC), in collaboration with the Centre for Energy Research and Training (CERT) at Ahmadu Bello University, Zaria is set to leverage nuclear science and technology to enhance electric power generation in Nigeria.

NAEC to Deploy Nuclear Science for Power Generation

Prof Yusuf-Aminu Ahmed, chairman of NAEC, made this known during the 20th Anniversary Symposium of Nigeria’s first Nuclear Research Reactor-1 (NNR-1) in Zaria.

Prof Ahmed emphasised the accumulated expertise in nuclear power at the center, asserting Nigeria’s readiness to advance to the next stage of power generation through nuclear reactors. “We have utilised the reactor for research and development extensively, and now we are poised to employ it for electricity generation,” Mr Ahmed stated.

He further disclosed that President Bola Tinubu has tasked the commission with contributing to Nigeria’s clean energy initiatives, with the nuclear energy programme set to play a significant role, and noted the signing of intergovernmental agreements with some vendors.

Sen. George Akume, secretary to the government of the federation, lauded the 20 years of safe operation of the nuclear research reactor as a testament to Nigeria’s commitment to the safe application of nuclear energy.

He underscored that the successful operation of the nuclear research reactor paved the way for considering a nuclear reactor for electricity generation, echoing President Tinubu’s advocacy for nuclear energy in Nigeria’s power sources.

In his remarks, Prof Sunday Jonah, director of the center, highlighted the event’s purpose of celebrating two decades of safe operation, maintenance, and utilisation of the NNR-1.

However, amidst the achievements celebrated, Prof Jonah expressed concern over a purported attempt by NAEC to wrest control of the center from the university through the proposed NAEC Bill 2022 and cautioned that such a move would contradict the original vision of the center’s establishment within universities, designed to foster a culture of research and development.

 

 

 

 

 


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INTERPOL Appoints Uche, Nigerian CP as Chairman, African Heads of Cybercrime Units

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International Police Organization (INTERPOL), has appointed  Ifeanyi Henry Uche, Nigerian Police Commissioner, as the chairman of the African heads of cybercrime units comprising heads of 54 countries.

INTERPOL Appoints Uche, Nigerian CP as Chairman, African Heads of Cybercrime Units

Uche who is the Commissioner of Police in charge Nigeria Police Force National Cyber Crime Centre (NPF -NCCC) is taking over from Ratjindua Tjivikua, head of Cybercrime of Namibia after his tenure expired.

Speaking at the closing of the Africa Working Group Meeting on Cybercrime on Friday, Uche said, “The high penetration rate of new technologies in Africa increasingly exposes the sub-regional cyberspace as potential targets for cybercriminals as most African countries still have low levels of commitment to cybersecurity.

“It is important that we join the operational sub groups created by INTERPOL to bolster our collective efficiency in the fight against cybercrime in the subregion.

He said, “Resource sharing, the level of information and intelligence among African law enforcement is still at its lowest ebb largely blamed on extant domestic laws.

“I advocate for the establishment of African Incident Response Mechanism and Cybersecurity Frameworks on a Police-to-Police basis to eliminate the bottlenecks impeding free flow of resources.

“We must leverage the INTERPOL NCB 1/247 communication network and existing capabilities with regard to sharing of classified intelligence.”

Uche said this should be done with “Establishment of Specialized Cybercrime Units, noting it is rather unfortunate that most African countries do not have a specialized Cybercrime Unit dedicated for the investigation of Cybercrime and cyber-enabled crime. I implore member states to under-study the Nigeria police model of the Nigeria police Force National Cybercrime Center (NPF-NCCC).

“Investment in Technology, Infrastructure and Capacity building through a deliberate effort by member states to make the multi-million-dollar commitment in acquiring the much-needed technology and digital solution as a prelude to efficient cybercrime response and prevention. We must begin to look inwards by developing indigenous technologies to address our peculiar socio-cultural challenges.

“Legislative support to push the advocacy and lobby the governments to make and enforce robust cybersecurity laws and regulations that address cybercrime effectively. This includes laws on data protection, online privacy, electronic transactions, and cybercrime prevention.

“With the Fourth Industrial Revolution and emergence of Al and IOT, the undeniable reality is that the global cyberspace is undergoing profound and rapid changes given the penetration of new technologies and growing interconnection of the system.

“Though this evolution offers opportunities for innovations, diversification, and cost optimization, it also carries with it increased exposure to new and devastating risks of imminent cyber-attacks. These attacks permeate and affect the entire global digital ecosystem equally with no exception to geographic belts hence it affects businesses of all sizes both in public and private sectors in all regions at a breakneck speed.

“Cybercrime poses a significant threat to our societies, economies, and security”,  he said. “it is imperative that we work together to address this growing challenge. As Chairman, I am committed to lead from the front, fostering the much-desired collaboration among our member Units to enhance our collective ability to prevent and investigate cyber crimes effectively in Africa.

“I consider this as a call to champion the enthronement of a new charter of technological renaissance and home-grown cybersecurity ethics in Africa and a paradigm shift from absolute dependence on external solutions to African nurtured technological initiatives, adaptive to our Socio-Political ecosystem.

In her remarks at the event, Hajia Imaan Suleiman Ibrahim, minister of State, Police Affairs, said, “The Government of Nigeria is fully committed to reforming our police force, recognizing that cybersecurity is an integral component of our national security agenda.

“We understand that a secure cyberspace is essential for our immediate and long-term development objectives. Therefore, we are dedicated to enhancing our cybersecurity capabilities, investing in the necessary resources, and fostering collaboration both domestically and internationally.

“Consistent with the Renewed Hope Agenda of Mr President, we are working assiduously to move beyond mere conversations to working with key stakeholders to strengthen Nigeria’s cybersecurity legal and regulatory frameworks.

“We are working to enhance the provision of the requisite tools, equipment, and facilities to strengthen the cybersecurity architecture of the Nigeria Police Force, and we remain committed to regional and international cooperation mechanisms.”


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History as Nigeria Acquire First Cosmic Rays Detector in Africa

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National Space Research and Development Agency (NASRDA) said Nigeria has made history by becoming the first country in Africa to acquire a cosmic ray muon detector to aid climate change and atmospheric research.

History as Nigeria Acquire First Cosmic Rays Detector in Africa

The muon detector acquired by Nigeria for monitoring cosmic rays and space weather was built and designed by the Physics and Astronomy Department of Georgia State University (GSU), USA;  Prof. Babatunde Rabiu, director of UN- African Regional Centre for Space Science and Technology Education in English (UN-ARCSSTEE), a research and development centre of NASRDA, disclosed.

He spoke at a symposium on Cosmic Rays and Space Weather was organised by UN-ARCSSTEE in collaboration with Georgia State University (GSU), USA in Abuja.

According to Prof Rabiu a cosmic ray is a natural radiation that is not ionized in the atmosphere. He added that cosmic rays vary in location, latitude, and altitude of location and can be modified when certain anthropogenic activities occur.

“More than ever, scientists are curious about predicting weather, and studying space weather, especially now that climate change is becoming obvious, which is the condition in outer space.

“Cosmic rays are everywhere and it has to do with the earth, and it is useful in studying the climate but is yet to be fully impacted because it is ongoing research.

“That is why we hope that with the measurements, we are taking with the muon detector, we will be able to have effective predictability of our climate system,’’ he said.

Rabiu, while speaking on space weather activities in Africa, said it dated back to 2004 with the distribution of manometers across Africa by donor agencies.

He said that although few countries in Africa had their Global Navigation Satellite System (GNSS) receivers, the continent needed more monitoring systems for space weather.

Prof. He Xiaochun, director of Physics, at GSU, USA, said the project was targeted at exploring living in space, understanding it, and its adaptation, and providing information for stakeholders to protect and make informed decisions.

Xiaochun explained that cosmic ray radiation, mostly proton particles, is produced far in deep space and gets into the solar system and produces cosmic ray showers in the earth’s upper atmosphere.

“We measure the shower particles at the surface of the earth and decode the state of the space and earth weather.

“One needs a network IP address to be able to share data and reconfigure the detector with remote access,” he said.

Dr Bonaventure Okere, director of the Centre for Basic Space Science and Astronomy, said that the facility would aid astronomy studies and enhance research and development in that area.

The symposium highlighted cosmic radiations, how it interacts with the atmosphere, and environments, the impact of climate change, and how such radiations could be studied and analysed using the cosmic rays muon detector.

The meeting also discussed the need for stakeholders to make informed decisions on the reduction of gas emissions and having clean air for sustainable human development.

 

 

 


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