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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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60 Hearty Cheers to Chioma Ekeh, Africa’s Leading Unusual Female Tech

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The story has often been told in tech circles of how a relatively unknown Nigerian female student became a sensation of sorts among the international student population back in the early 80s in India owing to the unusual course of study she was undertaking.

60 Hearty Cheers to Chioma Ekeh, Africa’s Leading Unusual Female Tech

Chioma Ekeh

Electing to study Mathematics at Bachelor’s degree level – a course that required not only battling differential equations, calculus, advanced algebra, and so on, but also pitting one’s wits against that of wizened professors – is not a task for the faint-hearted. But that was the path that this unusual lady took at Punjab University, located in the culturally rich and aesthetically pleasing city of Chandigarh, India.

It was a decision that would lead Chioma Ekeh (nee Emelonye) along the path of meeting the love of her life, a certain Leo Stan Ekeh and returning to Nigeria with him to play a leading role in shaping the course of technology distribution in Africa.

Undoubtedly, unusual may also be a word that defines Chioma and Leo Stan Ekeh’s remarkable journey together. A power couple and exemplary partners who have worked together for over 30 years building a successful technology empire is a rarity, one that is not often seen.

That sojourn to India and her subsequent career trajectory laid the groundwork for the impressive reputation Chioma Ekeh has built in the highly competitive technology space. Business associates and representatives of global brands never fail to cite her intellect and brainpower.

Job seekers who cross her path during interviews often recall being asked to solve a simple arithmetic problem. For those who eventually become employees, there is never-ending adulation.

Her husband, Leo Stan Ekeh, describes her as the integral analytics, the backbone behind the brilliant success of the Zinox Group where she has continued to support all the businesses across the board.

Such is the cerebral aptitude of this unusual woman that she is reported to have taken the stage once at a company-wide business review to present a financial report punctuated by humongous accurate numbers, figures and percentages, all from memory and without recourse to any notes, a device or an actual presentation document.

Born on April 25, 1964, the story of the impressive diffusion, accessibility, useability and affordability of cutting-edge technology devices and solutions in Nigeria and indeed, sub-Saharan Africa will be grossly incomplete without a detailed citation on Chioma Ekeh and the leadership role she has played – one she has continued to play as a silent innovator and disruptor–alongside her legendary spouse.

A Fellow of the Chartered Institute of Certified Accountants (FCCA, UK), Mrs. Chioma Ekeh is the brains behind TD Africa, a regional technology distribution powerhouse headquartered in Nigeria and with branches across Africa and in four other continents.

A company she led from start-up stage, TD Africa with Chioma Ekeh as CEO, pioneered ICT distribution in Sub-Saharan Africa and has remained the industry leader by market share in the region and the biggest provider of credit to resellers.

Founded in 1999, TD Africa is Africa’s leading distributor of technology and lifestyle products, boasting an unmatched and growing network of partnership with global brands like HP, Microsoft, Apple, Starlink, IBM, Dell Technologies, Ring (by Amazon), Cisco, Lenovo, APC by Schneider Electric, Samsung, Bosch, Phillips, Logitech, Vivo, among several others. Under Chioma’s exemplary leadership, the company has achieved numerous milestones, earned a long list of local and international awards/accolades and ensured Nigeria and indeed Africa is reckoned with at the global table of technology conversations and discussion-making.

However, this remarkable story may have turned out differently, had Chioma not returned to Nigeria under the guidance of her husband.

Armed with a formidable Mathematics degree after completing her studies in India, Chioma had the world at her feet and was the toast of leading companies the world over.

Moving to the United Kingdom at the invitation of her husband, Chioma joined the exalted league of Chartered Accountants and thereafter, bagged an MBA at the reputable Heriot Watts University.In 1987, she joined Sterling Deveraux as an Investment Analyst, engaging in researchand analyzing assets, such as stocks, bonds, currenciesand commodities.

Her acumen and exceptional skills were growing in demand and before long, she left Sterling Deveraux, joining the London Borough of Lewisham as an accountant in 1988.

Between 1988 and 1991, Chioma’s sterling work saw her rise swiftly through the ranks at the London Borough of Lewisham, moving from Accountant to Senior Auditor and then to Financial Auditor.

Certainly, Chioma Ekeh had a clear path to becoming CFO and possibly CEO at the London Borough of Lewisham or even going on immediately to taking up other elevated roles at other organizations. But the love of motherland and the call of her husband – Leo Stan Ekeh – to return home to Nigeria with him and build a technology legacy for Nigeria and Africa proved too strong.

Back home, Chioma Ekeh’s initial area of responsibility was with Task Systems Ltd., the first of many companies in the Zinox Group set up by Leo Stan Ekeh.

She took up the position of Financial Controller and spent six achievement-filled years at Task before driving the vision of technology distribution birthed by her husband in launching TD Africa where she became the company’s pioneer CEO.

A quiet, unassuming tech icon, Chioma Ekeh has acquired a well-deserved status as unarguably one of Nigeria’s top three leading Women-in-Tech, a female technology business leader with extensive years of proven capacity in building high-performing teams and transforming businesses beyond stakeholders’ expectations.

In partnership with her husband, Chioma Ekeh has played immense roles in growing and nurturing partner businesses, launching several thriving new businesses and successfully closing some of the biggest acquisitions in the technology space in Nigeria.

The Tech Experience Centre – Africa’s first technology experience centre – located at Yudala Heights, a sprawling edifice in the heart of Victoria Island – is another project that has Chioma Ekeh’s indelible signature on it.

The launch of the Tech Experience Centre in October 2020 received high praise from the Nigerian government and representatives of global Original Equipment Manufacturers (OEMs).

Under her guidance, Celebrating You, an annual showpiece celebratory event hosted by TD Africa has become unarguably the biggest year-end event in the Nigerian technology industry for over a decade.

Also, she has spearheaded several CSR projects, including The Herwakening – an empowerment programme for female entrepreneurs– and Girls in ICT – a project targeted at encouraging young girls to take up STEM (Science, Technology, Engineering, Mathematics) disciplines and considering careers in technology.

As she turns 60, Chioma Ekeh deserves rarefied mention and unmitigated encomiums. An amazon, this unusual female tech icon who has shattered several glass ceilings, knows no fatigue and has continued to innovate, effortlessly leading from the front.

 

 


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Academic Technologists Propose N350,000 Minimum Wage

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National Association of Academic Technologists (NAAT), has proposed N350,000 as the new minimum wage for Technologists in the tertiary institutions.

Academic Technologists Propose N350,000 Minimum Wage

Comrade Ibeji Nwokoma, national pesident of NAAT, stated this at 5th National Delegate Conference in University of Abuja.

Nwokoma, said the proposal was based on the present economic situation in the country occasioned by the removal of fuel subsidy, high inflationary rate and the attendant hardship.

Nwokoma maintained that technology rule the world and advanced development and shaping the landscape of education in developed countries.

Prof. Tahir Mamman, minister of Education, said the federal government will soon introduce the policy that will make skill acquisition compulsory for primary and secondary schools.

The minister said global space is driven by technology which the advanced world is using to solve problems and gaining grounds.

The Union protect, defend, and promote the rights and well being and interests of all members and to advance the cause of members, employed in Nigerian Tertiary Institutions Universities, Polytechnics, and Colleges of Education.

The theme of the conference is, “Technology, a recipe for national development and socioeconomic growth in the 21st century: the Nigeria quest for a better tomorrow.”

 

 


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9mobile Partners Microsoft to Host Impactful Training Session for Journalists

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9mobile, telecommunications company, recently partnered with tech giant, Microsoft to host a capacity-building session for journalists aimed at empowering them with innovative tools to improve their skills for maximum performance in their field.

The learning session held at Microsoft Africa Development Center had in attendance media partners from print and online platforms and publications.

The training session provided a platform to introduce journalists to the benefits of Microsoft Copilot and its potential to revolutionize the profession.

Microsoft Copilot is an advanced AI-powered tool which offers a wide array of functionalities designed to streamline workflow, enhance productivity, and elevate the quality of their output.

Through this partnership, 9mobile and Microsoft sought to equip journalists with the skills and knowledge necessary to leverage Copilot effectively in their day-to-day work.

Speaking at the training session, Chineze Amanfo, PR Lead, 9mobile, expressed her enthusiasm and satisfaction with the session, emphasizing the company’s commitment to fostering innovation and empowerment within the media industry.

She stated, “We are thrilled to collaborate with Microsoft in providing this invaluable training opportunity for journalists. At 9mobile, we recognize the pivotal role that the media plays in shaping public discourse and driving societal change.

Therefore, equipping them with the requisite knowledge and tools such as the Microsoft Copilot, will enhance their capability to deliver on their respective assignments efficiently by disseminating accurate and impactful information to the public.”

“We prioritize our relationship with the media hence, the need for the periodic capacity building session for journalists. With this training, we have clearly demonstrated our unwavering commitment to sustaining the initiative.

“We will continue to explore new avenues for collaboration and innovation, ensuring that our partners in the media industry have access to the tools and resources they need to thrive, Amanfo added.”

Yemi Orimolade, The Senior Business Programme Manager, Marketing Communications, Microsoft Africa Development Center, appreciated the participants for their contributions in making the session an engaging experience and enjoined them to champion the message of AI responsibility.

He said, “Microsoft’s Copilot is poised to be a game-changer for journalists. It is a reliable tool for generating and optimising content, staying informed, and enhancing productivity. Our commitment is to harness the transformative potential of AI for societal betterment. Welcome to the future of journalism, working smarter with Microsoft Copilot.”

The capacity-building session received an overwhelmingly positive response from participants, who lauded the practical insights and demos provided.

Attendees expressed their appreciation for the opportunity to familiarize themselves with a tool as powerful and versatile as Microsoft Copilot, acknowledging its potential to revolutionize their workflow and enhance their journalistic endeavors.

With the successful hosting of the capacity-building session, 9mobile and Microsoft look forward to more areas of sustained collaboration to drive positive change and innovation within media ecosystem in Nigeria.


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