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IFC Partners Deutsche Bank to Boost Trade Finance in Africa with a Focus on Small, Fragile
To help provide vital financing to importers and exporters of essential goods in Africa, especially in small, fragile, and conflict-affected states, IFC announced a risk-sharing facility with Deutsche Bank of up to €215 million.
In 2022, African countries imported and exported $1.1 trillion worth of goods and services, equivalent to 54 percent of the continent’s GDP. However, cashflow limitations restrict banks in Africa from meeting client demand for trade finance, IFC annual bank surveys and an IFC-WTO joint study of West Africa show.
The partnership with Deutsche Bank is expected to help meet this demand, enabling Deutsche Bank to continue providing trade financing to African countries at a time when many global banks are pulling back—ultimately supporting the ongoing flow of trade on the continent. Increased trade in Africa and in other regions can help countries adapt to climate change and strengthen food security, including by improving the availability and affordability of food supplies, according to the IMF.
Under the facility, IFC will provide risk participation in a portfolio of trade transactions originated by Deutsche Bank with local issuing banks in Africa. The initial portfolio will cover risk for 40 issuing banks across 18 countries on the continent, 14 of which are classified by the International Development Agency (IDA) as small, fragile and/or conflict-affected.
“IFC’s risk participation with Deutsche Bank leverages our issuing bank network to enable trade flows in Africa with our Global Hausbank clients and echoes a shared commitment to ongoing economic growth in emerging markets,” said Borislav Ivanov-Blankenburg, Global Head of Documentary Trade Finance for Deutsche Bank.
“IFC’s partnership with Deutsche Bank comes at a time when traders in Africa are finding it increasingly difficult to access credit, with demand for trade finance from banks on the continent greatly outstripping supply,” said Mohamed Gouled, IFC Vice President for Industries. “This risk-sharing facility will help African importers and exporters participate in global value chains, creating jobs and driving economic growth.”
IFC anticipates that its investment will encourage other financial institutions to deliver trade finance to credit-issuing banks in Africa, resulting in more support for trade in essential goods across the continent.
The project is the first Global Trade Liquidity Program (GTLP) facility under the IFC Africa Trade and Supply Chain Recovery Initiative (ATRI) supported by the IDA Private Sector Window (PSW) Blended Finance Facility to help increase the amount of credit made available to emerging market issuing banks in Africa.
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MultiChoice Introduces New Channel, Renames Three others on DStv, GOtv
Pay-TV operator, Multichoice Group, has rebranded its SuperSport variety channels on both DStv and GOtv platforms.
In a statement on Thursday by the Executive Head of Marketing at MultiChoice West Africa, Tope Oshunkeye, MultiChoice announced that the changes took effect from Wednesday, October 9, 2024.
Changes on DStv, GOtv
As part of the rebranding, the current SuperSport Select Channel has been renamed SuperSport Africa.
A new channel, SuperSport Action, has also been introduced, featuring a broader range of sports content, including UFC matches and additional Champions League games.
GOtv packages will see the following changes:
- On the GOtv Jinja and GOtv Jolli packages, SuperSport Africa will replace Select 2 (Channel 64).
- On the GOtv Max package, SuperSport Africa and SuperSport Africa 2 will replace Select 1 and Select 2 (Channels 63 and 64).
- SuperSport Action will replace Select 3 (Channel 69) on the GOtv Supa and SupaPlus bouquets.
Oshunkeye explained the reason for the updates, stating, “The channel revamp is part of our ongoing efforts to enhance our sports offering and provide customers with more unbeatable sports content that resonates with them.”
He added that the new channels would deliver top sports action from around the world, including local boxing, UFC events, comprehensive analysis, and other engaging content curated for the African audience.
Oshunkeye reiterated MultiChoice’s commitment to offering premium services, saying, “We remain dedicated to delivering the best sporting action to our customers and continuously exploring ways to delight them with more choices, exciting live content, and great value.”
Subscribers are encouraged to subscribe, reconnect, or upgrade their packages through the MyGOtv App or by dialing *288#. They can also watch their favourite sports on the go using the GOtv Stream app.
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XA Network Expands Footprint to Africa with Launch of XA Africa
XA Network, a leading investment network founded by tech alumni in Southeast Asia, on Thursday announced its expansion into Africa with the launch of XA Africa.
The move underscores the network’s vision and commitment to fostering innovation and supporting promising startups globally.
XA Africa is founded by a trio of experienced tech professionals:
● Nitin Gajria, former MD of Google Sub-Saharan Africa
● Jason Scott, venture capitalist and an architect of the Black Founders Fund at Google
● Marek Dawidowicz, current Marketing Director at YouTube and South African native
“Founders of technology startups in Africa are uniquely placed to solve some of Africa’s most profound challenges and unlock its greatest opportunities.
“We see the foray of XA Network into Africa as a natural progression, allowing us to connect amazing founders to experienced and expert operators from the tech industry”, says Nitin Gajria, Co-Founder of XA Africa.
XA Africa aims to connect exceptional African tech founders with seasoned investors and industry experts, primarily from global and regional technology companies, to provide not just capital but also the guidance and support needed to scale their ventures.
The newly established XA Africa has already made notable investments in promising African startups, including:
● Crop2Cash (Nigeria)
● BuuPass (Kenya)
● Kaya (South Africa)
● Talamus Health (Ghana)
“We are excited to have XA network on board because of their strong network of experts who are open to listening and helping.
“They’ve introduced us to advisors from Expedia and truly understand the dynamics of emerging markets, making them a valuable investor.” – Sonia Kabra & Wyclife Omondi – Founders of BuuPass
“Partnering with XA Network has been a game-changer for our company. Their strategic guidance and network have opened doors to new opportunities, and we’re excited to see the impact of our collaboration continue to unfold.
“We’re grateful for their trust in our vision.” – Michael Ogundare – CEO of Crop2Cash
Since its inception six years ago, XA Network has established itself as a significant player in the Southeast Asian startup ecosystem, making nearly 100 investments in the region, and consistent ranked as #1 investment network in the region.
XA Network comprises senior leaders from prominent global and regional technology companies and notable company founders.
This approach distinguishes XA Network, enabling it to offer portfolio companies unparalleled guidance and support from experienced industry operators.
“We also see an opportunity to build a stronger bridge between ecosystems in Africa and Southeast Asia along the way.
“In fact, this investment hypothesis has already been proven across some of the African founders we are currently supporting.”, Mr Gajria added
The XA Africa team will be hosting their first public Demo Day webinar on Thursday November 7, 1-2pm GMT+1, where Africa focused investors can meet and invest in four founding companies and learn more about XA Africa. Click here to register for the event.
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Sophos Unveils New XGS Desktop Firewalls & Software Series
Sophos, a global leader of innovative security solutions for defeating cyberattacks, on Wednesday introduced nine new XGS Series desktop firewall appliances for midmarket and smaller-sized businesses, as well as branch offices of larger organizations.
The new XGS appliances feature a streamlined architecture to deliver double the performance of previous models, but with 50% lower energy consumption.
All of the new Sophos XGS appliances are available with multiple high-speed connectivity options, and four models are fanless, making them ideal for noise-sensitive environments.
Sophos has also announced updated Sophos Firewall software that provides enhanced protection against cyberattacks, including the ability to integrate third-party threat intelligence feeds.
This allows organizations with specific regional or vertical market requirements to customize and apply additional information to strengthen their firewall security.
The new software also enhances distributed network scalability and provides a seamless transition for customers on legacy firewalls to upgrade to the latest Sophos XGS appliances.
By leveraging the improved acceleration capabilities of the virtual FastPath in the new Sophos Firewall software, along with the new streamlined architecture, the new Sophos XGS firewall appliances can deliver up to three times the performance in IPsec VPN throughput compared to previous models.
“The new Sophos XGS appliances and Sophos Firewall software launches are all about providing users with world-class ‘performance and protection’ at competitive pricing.
“We’re innovating and advancing how organizations should use firewall technology to defend against persistent, modern-day cyberattacks targeting the midmarket and smaller businesses,” said Dan Cole, senior vice president, Network and Content Security at Sophos.
“This includes designing our firewall software to now also leverage threat intelligence feeds from third-party sources, in addition to Sophos’ native threat intelligence, for faster, real-time response to a broader scope of suspicious activity.
“The support also gives defenders greater control over their risk profile.”
Specifically, users can now configure Sophos Firewall software to ingest paid and free feeds published by security vendors, Managed Service Providers (MSPs), specific industry consortiums and Information Sharing and Analysis Centers (ISACs), or other threat intelligence platforms.
The third-party data augments Sophos’ proprietary threat intelligence, which derives from Sophos X-Ops and includes telemetry from SophosLabs, Sophos Managed Detection and Response (MDR) and Sophos Extended Detection and Response (XDR) technology.
In conjunction with Sophos Active Threat Response, a feature built into Sophos-managed endpoints and the intelligence feeds, Sophos Firewall software will initiate a synchronized response that automatically walls off potential attacks, giving defenders critical time to assess, respond and remediate.
Additional Sophos Firewall software enhancements include:
· Enhanced performance and scalability: Triple the IPsec VPN performance boost on the new XGS Series desktop appliances, as well as faster authentication burst performance and optimizations to reduce downtime and increase resiliency during failovers for SD-RED tunnels, dynamic routes and Active Directory interactions for distributed enterprise environments
· Streamlined management: Refreshed user experiences; support for Let’s Encrypt certificates; integrated support for Google Workspace authentication; and expanded network object visibility that simplifies firewall management
· Seamless device upgrades: A new configuration backup assistant and port mapping support, backed by free license overlap for Sophos XG firewall customers, that enables added flexibility and easy upgrading from previous hardware generations
“This release of new desktop models as part of the Sophos XGS Series of hardware appliances sets a new high bar for performance and efficiency.
“The update enhances value at every price-point, with a three-fold increase in IPsec VPN throughput and up to two times better overall performance, all while cutting energy consumption in half,” said Christopher Rodriguez, research director for Security and Trust at IDC.
“Combined with enhancements in protection, scalability and ease-of-use from their latest OS release, Sophos Firewall provides significant value to organizations of all sizes, without raising its prices.”
“Sophos makes firewall deployment, integration and management straightforward,” said Benjamin Schwarzbauer, team lead, Network and Security at Luithle + Luithle, a Sophos partner in Germany.
“Its tight integration with the broader Sophos ecosystem allows us to efficiently manage security for our customers.
“The firewall’s comprehensive features not only strengthen security, but also ensure reliable performance and regulatory compliance. This allows our customers to focus on their business.”
Availability
Sophos’ new XGS desktop firewall appliances and Sophos Firewall software are available exclusively through Sophos’ global channel of partners and Managed Service Providers (MSPs).
Defenders can easily manage the solutions in the cloud-native Sophos Central platform alongside Sophos’ portfolio of endpoint, email and cloud solutions and oversee installations, respond to alerts and track licenses and upcoming renewal dates via a single, intuitive interface.
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