E-Financial
Elumelu Advocates Collaborations to Boost Africa’s Fortunes
Tony O. Elumelu, group chairman, United Bank for Africa (UBA) Plc, has said that the Corona virus pandemic has presented a perfect opportunity for foreign investors to invest in Africa, owing to the huge opportunities that are inherent in the African economy.
“This is the time to invest. Africa is a land of opportunities; There is huge population and there is now the realisation by African leaders who are creating an enabling environment to encourage these investments,” Elumelu said on Thursday, while speaking at a virtual session organised by the TIME100TALKS on the theme, ‘Empowering Entrepreneurs’.
Bill Gates, Founder of Bill and Melinda Gates Foundation and United States Senator, Tammy Duckworth were other thought leaders who also spoke in sessions at the event.
While pointing out that the African continent is well positioned to emerge into a strong digital economy, Elumelu said, there is now more macro-economic stability than ever before, especially given that the young African is energetic, restless and has the ambition to succeed, in the face of difficult circumstances.
“Challenges exist in Africa, but we have huge returns on investments. There is huge population and there is realisation by African leaders who are now creating an enabling environment to encourage investments into Africa. There is no better time to make the multi-million dollar bet I made in Africa, than the times we live in now,” he said in a chat with Kimberly Dozier, a Time Correspondent who moderated the session.
Speaking on the effect that the pandemic has had on the operations of UBA in the last few months, Elumelu noted that there has been a rapid increase in technological embrace and called for the strengthening of infrastructure, networks and digital platforms to support the growth.
“In banking business this whole digital transformation is heightened further by COVID-19, right now, you have less than 15% of our over 20million bank customers that are transacting in the bank. Most of them now transact online, which is 85% of over 20million customers. That is significant. Before COVID, it was about 65%. UBA is seeing an explosion in its digital platforms. Thankfully, the bank invested significantly in technology, and now, they are investing even more so that they can serve their customers better. So, the digital connectivity technical infrastructure should be strengthened in such a way as to aid this explosion we are seeing,” Elumelu said.
He also spoke on how the Tony Elumelu Foundation, which he founded, has been supporting the growth of its entrepreneurs especially in the tough business climate presented by the ravaging coronavirus pandemic.
“Through the TEF virtual platform called the TEFConnect, we are able to engage our entrepreneurs on a day-to-day basis; get resource speakers from all over the world and ourselves, to talk to them and to train them and let them know how to manage difficult moments like this. And I can say that at-least 72% of our 9,500 beneficiaries are hanging in there, expanding their businesses. You know most SMEs typically die after their first year, but we are seeing a different trend, where beneficiaries of our programme in different countries are contributing towards fighting the virus in their different countries. We are seeing the creation of jobs, the one million jobs we set out to achieve,” he noted.
The TEFConnect Community is a meeting ground where entrepreneurship ecosystem players share information and ask questions on their business activity. Currently one million entrepreneurs are on TEFConnect
Elumelu seized the opportunity to call on all bodies and key sectors such as the private sector, public sector, development agencies like the African Development Bank and other institutions to work together to make a difference, adding that “What the world needs today and Africans, in particular, is hope and that to me is what will make the difference but that hope has to be backed by tangibility, some substance so that we can make it work.”
In his submission, Bill Gates sought for collaboration between the private and public sector to end the pandemic, adding “Every country has to think through the right policies to stop the spread, there is need to speed up the process of getting new drugs and vaccines, we need a global response.”
Senator Duckworth who also emphasised the need for funding for teaching and appreciation for teachers, advocated for more teamwork at all levels to fight the pandemic, said, “What the country needs is a team that will step forward to deal with the crisis. It is very significant for me to be on a national stage for other Asian Americans, because we often are the forgotten minority in this country.”
TIME100 Talks, an initiative of TIME magazine, is a new live event series that convenes leaders from every field to spotlight solutions to urgent global problems and encourage cross-disciplinary action.
The Katsina State police command, on Thursday, paraded one Adewumi Gabriel, Head of ATM Operations of Access Bank Daura branch, for conspiring with a colleague to steal the sum of N18 million from a customer’s account.
Adewumi confessed to conspiring with David Mesioye, now at large, using their expertise of the bank’s operations to carry out the theft discovered during an audit.
Spokesperson of Katsina State Police Command, Abubakar Aliyu said, some of the exhibits recovered from Adewumi include the sum of N10.18million from his different bank accounts and a physical cash of N366,900, among other valuables.
In a separate incident, Bishir Abdullahi, a 37-year-old resident of Sokoto State, was arrested at an Old Generation Bank ATM in Katsina with 14 stolen ATM cards in his possession.
According to Sadiq, the suspect was a notorious fraudster who specialised in swapping ATM cards of unsuspecting members of the public at ATM points.
He explained that the suspect was arrested by a police officer on duty at the bank’s branch of Tudun Katsira quarters in the Katsina metropolis, following suspicious activities around the ATM machine.
“Upon instant search, 14 suspected stolen ATM cards of different banks were found in his possession.
“Preliminary investigation revealed that the suspect had been using the stolen ATM cards to withdraw sums of money from his victims’ accounts.
“The total amount withdrawn by the suspect from the victims’ accounts is N2.705million. The suspect will be charged to court upon completion of the investigation.”
PalmPay, a leading fintech company in Nigeria, has reiterated its commitment to combating financial fraud through cutting-edge technology. This was emphasized during a high-level courtesy visit by the company’s Managing Director and management team to the Nigerian Financial Intelligence Unit (NFIU).
Addressing the growing prevalence of fraud in the country, Chika Nwosu, Managing Director of PalmPay Limited, stressed the need for robust collaboration between fintech companies and government agencies. “At PalmPay, we believe that a secure financial ecosystem is the foundation for a thriving digital economy,” he stated.
“Our partnership with the NFIU underscores our dedication to supporting Nigeria’s anti-fraud and anti-money laundering (AML) efforts. Together, we aim to ensure a safer digital experience for all Nigerians.”
Chika also highlighted the significant rise in electronic payment transactions across Nigeria’s financial system, underscoring the importance of proactive measures to address emerging threats.
PalmPay reaffirmed its support for the NFIU’s mission to safeguard the country’s financial infrastructure. The company outlined plans for close collaboration with the agency, including knowledge-sharing initiatives, stakeholder training programs, and the development of innovative solutions to combat fraud in the digital space.
Hafsat Abubakar Bakari, Chief Executive Officer of the NFIU, commended PalmPay for its proactive approach to financial security and its commitment to aligning with national and international regulatory frameworks. She emphasized the importance of continuous collaboration between private sector players and government institutions in the fight against financial crimes.
PalmPay’s visit to the NFIU reflects its vision of contributing to a secure, transparent, and inclusive financial ecosystem in Nigeria. As a fintech leader, PalmPay remains steadfast in its mission to create a digital economy where trust and security drive growth and innovation.
In a bid to provide credit protection to foster investment in Africa under the “Mattei Plan”, SACE, an Italian insurance-financial group and the African Development Bank Group (AfDB) have signed a $6bn deal.
The collaboration between SACE and AfDB is to sustain the development of initiatives with Africa’s public and private sectors, with additional opportunities for Italian businesses in education, agribusiness, healthcare, energy, water and infrastructure.
The signing took place during the African Investment Forum (AIF) 2024 Market Days currently underway in Rabat, Morocco. The AIF is a platform that helps develop bankable projects, secures funding, and facilitates deal closures. Its goal is to mobilize capital for key sectors, supporting the UN’s Sustainable Development Goals and Africa’s development agendas.
The collaboration agreement was signed by Michal Ron, chief international business officer of SACE responsible for the Overseas Network, and Hassatou N’Sele, AfDB’s vice president for finance and chief financial officer.
“The $6 billion Mattei plan to bolster economic links and create an energy hub for Europe, while curbing African emigration to Europe, was unveiled by Italian Prime Minister Georgia Meloni in February this year. The Italian Government and the African Development Bank Group have planned a series of joint initiatives to support the implementation of the Mattei Plan.”
This initiative establishes synergies between SACE’s products, such as the Push Strategy as an untied export credit product, traditional export credit insurance, and the financial products offered by the African Development Bank Group.
It will support the financing of high-impact projects in Africa while jointly generating opportunities for business matching between African and Italian companies.
The initiative brings together SACE’s products, including untied export credits, traditional export credit insurance, and financial solutions from the AfDB. The collaboration aims to finance high-impact projects in Africa while fostering business partnerships between African and Italian companies.
“Africa represents a market of great potential for our companies, and our collaboration under the “Mattei Plan” will strengthen their positioning in key sectors for the continent’s development, in line with the purpose of the Mattei Plan,” said Ron.
“In particular, we are already identifying new business opportunities where SACE can make a difference thanks to the Push Strategy, a financial instrument that, through guarantees, connects African buyers with Italian SMEs, involving them in strategic projects related to infrastructure, agribusiness, healthcare, energy, and education: priority sectors where Made in Italy, with SACE’s support, can offer a significant contribution.”
The collaboration also looks to expand commercial relations between Italy and Africa, encouraging the business of Italian companies interested in operating on the continent in priority sectors of the Mattei Plan: education and training, agriculture/agro-industry, healthcare, energy, water, infrastructure, including digital economy infrastructure.
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