This funding is a key part of Cassava’s plan to strengthen its balance sheet, drive sustainable profitable growth, and cement its position as a global technology company of African heritage

LONDON, United Kingdom, December 17, 2024/APO Group/ — 

Cassava Technologies (Cassava) (www.CassavaTechnologies.com), a global technology leader of African heritage, proudly announces three significant milestones: a substantial equity injection, the successful completion of its South African Rand (ZAR) debt refinancing, and the finalization of its legal reorganization. These strategic initiatives position Cassava for robust growth underpinned by a strong balance sheet.

Cassava has closed an equity investment round of $90 million with participation from U.S. International Development Finance Corporation (DFC), Finnish Fund for Industrial Cooperation (Finnfund), and Google LLC. This funding is a key part of Cassava’s plan to strengthen its balance sheet, drive sustainable profitable growth, and cement its position as a global technology company of African heritage.

The conclusion of this equity round coincides with the successful reorganization of Cassava’s business to create an integrated digital solutions platform. This platform provides Broadband Connectivity, Co-location (data centres), Cloud, Cybersecurity, Compute (AI), and Payment services across more than 30 markets in Africa, the Middle East, India, and Latin America.

We are excited to announce these significant achievements, which collectively strengthen our financial position

Additionally, Liquid Intelligent Technologies, a business of Cassava Technologies, has successfully signed new facilities to refinance its South African Rand term loan on a multi-tenor basis. The new facilities, equivalent to USD 220 million in South African Rands, are being provided by Standard Bank of South Africa, Rand Merchant Bank, Nedbank of South Africa, and International Finance Corporation (IFC).

“We are excited to announce these significant achievements, which collectively strengthen our financial position and are a powerful testament to the vision of our founder and Group Chairman, Strive Masiyiwa, and the dedication and commitment of our teams across the Group,” said Hardy Pemhiwa, President and Group CEO of Cassava. “The closing of this equity round, completion of our ZAR debt refinancing, and reorganization represent more than just capital – it’s a pivotal milestone that we expect to unlock immense value and catalyze the further expansion of our digital infrastructure and services to bridge the digital divide on the continent”.

With the addition of DFC, Google LLC, and Finnfund, Cassava’s impressive roster of shareholders includes Econet Group, British International Investment (BII), Public Investment Corporation (PIC), Royal Bafokeng Holdings (RBH), Africa-Export Import Bank (Afreximbank/FEDA), and Gateway Capital.

Cassava Technologies has built a strong portfolio of business units comprising Liquid Intelligent Technologies, Africa Data Centres, Liquid C2, Cassava.ai, and Sasai Fintech, all of which are leaders in their respective sectors. This integrated platform of business units enables the Group to fulfill its vision of a digitally connected future that leaves no African behind.

Distributed by APO Group on behalf of Cassava Technologies.

Modern payroll platforms are cutting through cross-border payroll issues that erode business performance

JOHANNESBURG, South Africa, December 17, 2024/APO Group/ — 

Can global payroll truly exist in an era where business is increasingly international, and employees work from more places and locations than the office? More specifically, organisations need a single, global payroll platform with configuration, scalability, and compliance across all sizes and locations to achieve flexible global payroll management. Is that achievable?

Business might go global, but payroll often remains very local. No matter which country one operates in, local regulations and requirements dictate payroll in that area. According to the 2021 “Getting the World Paid” survey (https://apo-opa.co/4ixXH3T), compliance is the biggest global payroll challenge.

“The enormous amount of variable administration can make it very difficult to manage payrolls in different regions under one umbrella,” says Heinrich Swanepoel, Head of Growth at PaySpace by Deel. “Every territory has different requirements. Navigating those local requirements is tricky and creates layers of bureaucracy. It becomes very expensive once you operate in a few territories.”

Payroll dampens global business

According to Forrester (https://apo-opa.co/3DgZY2Z), almost half of payroll administrators encountered substantial hidden costs when managing global payrolls. Compliance, language barriers, tax calculations, labour relations, and fluctuating exchange rates are among the culprits. But, the underlying issue is that different payroll administration is often fractured by necessity, relying on local representatives to manage that territory’s payroll on behalf of a company.

While that solves some of the problems, it’s impossible with traditional payroll systems to consolidate and centralise management on a global scale. Companies that achieve this do so with very fractured systems, incurring substantial costs and other risks.

“I’ve met many companies that want to expand into new regions but then reduce their plans or abandon them due to payroll management, transparency, or cost issues. That is a pity because they won’t have to have these problems if they used integrated payroll platforms,” says Swanepoel.

Global expansions are risky, and most companies don’t profit from their cross-border expansions (https://apo-opa.co/3VK4GN7). Any edge will help, and integrated global payroll management can turn overseas folly into victory. But what does integrated global payroll look like?

Winning with integrated payroll platforms

Companies reduce risks by centralising their payroll systems, including data breaches, fraud, and fines

An integrated payroll system has several attributes, some laying the foundation for more advanced features. Centralisation helps companies reduce risks by consolidating their payroll data and processes. Using integration, companies can connect payroll with finance and human resource systems, further reducing administrative overhead—especially when they start to automate processes, says Swanepoel:

“Automation removes many manual checks that take time and create opportunities for payroll fraud. An integrated centralised payroll system exchanges information with other business systems. When you start automating processes based on those exchanges, you can run continuous payroll that operates efficiently throughout the month, not just at the end.”

Centralisation through integration and automation also delivers other benefits, such as standard data sets, centralised management and reporting, streamlined enrolment, and adding advanced features such as self-service portals for employees. Every business should aspire for an integrated payroll environment, not only those looking to go global.

Fixing global payroll

However, a centralised and integrated payroll system can sound much like regional payroll systems. These are not capable of handling global payroll needs. But there is a new breed of payroll system that can handle global requirements while supporting centralisation, integration, and automation, and it remains flexible and affordable—global payroll platforms.

“The best global payroll platforms have ways to overcome typical issues that in-house and traditional software cannot. For example, they monitor different regions for legislative changes and apply them to their platform, which reflects immediately for all their customers. You can only do this with a cloud-native multi-tenant platform. The payroll service provider runs the platform, and each customer company accesses a secure instance meant specifically for them. That way, every customer gets updates without needing to do anything.”

These platforms naturally incorporate features such as automation, single data standards, and controlled access so that different departments can access payroll information and reports. They effortlessly cross borders, accommodating different cultures, languages, and sovereign laws.

Deel is the very first payroll platform to have been able to achieve these goals and allocate the resources to create global payroll coverage. But there are exceptions. For example, Deel recently acquired payroll platform PaySpace to offer global payroll and employee-of-record services on one software-as-a-service platform that serves multiple regions. This revolutionary bundling and delivery are poised to change how organisations manage local and global payrolls.

“A cloud-native payroll platform radically reduces the costs and risks associated with managing global payroll,” says Swanepoel. “You get payroll systems tailored to each territory you operate in. But there is no fracturing because they all interconnect on the same platform, and costs are lower because you save by automating processes, reducing administration, and don’t have to chase legislative changes. If you pay people in different jurisdictions, you should use a cloud-native integrated payroll platform. There really is no better choice.”

Distributed by APO Group on behalf of PaySpace.

Capex trends all demonstrate that investors won’t limit themselves to mature fields: Eyes are on fresh locations, fresh facilities, and fresh opportunities in Africa

JOHANNESBURG, South Africa, December 16, 2024/APO Group/ — 

By NJ Ayuk, Executive Chairman, African Energy Chamber (https://EnergyChamber.org/).

I’ve said for years that African energy is a vital investment. Backers clearly agree — to the tune of USD47 billion. That’s how much capital expenditure (capex) 2024 saw in African oil and gas, showing a 23% increase from last year. Better yet, we expect growth to continue through the end of the decade.

This capex activity is a welcome sign that energy majors are deepening their long-term interests in Africa. And as our 2025 State of African Energy report details, their momentum has created unique opportunities for local communities, indigenous companies, and national oil companies (NOCs) from other continents.

Emerging Players

While the majority of 2024’s capex was driven by established producers like Angola and Nigeria, emerging players are making noise in the industry. Take Senegal, which saw its first offshore oil production this year. Ghana, following a five-year slump, increased oil output during 2024 by 10% and gas output by 7%.

Exploration hotspot Namibia also deserves a special mention: The Southern African nation aims todrill over 12 offshore wells next year, begin production by 2029, and become one of the top-five African producers by the 2030s. Good work for a nation that only discovered its enormous reserves in 2022! I frequently cite Namibia because it proves that a complete newcomer can attract serious foreign investment with smart, swift policy changes — and poise itself to shake up the energy industry.

Increased Exploration

An exciting question remains: Just where will we find the next Namibia? Thanks to a resurgence in exploration, another hotspot may be around the corner. There were 1,060 wells drilled in Africa this year — more than any time since 2015. Africa has also become a global leader in drilling high-impact wells, which have the potential to significantly increase overall reserves. That strategy is already paying off: Notable 2024 finds include Namibia’s Mopane complex, which holds approximately 10 billion barrel of oil equivalent (boe) – “one of the world’s largest offshore finds,” according to Offshore Magazine. Even while global exploration as a whole remains stagnant, Africa is stepping up to meet growing energy demands.

When exploration is successful, new fields follow. We also expect to see African greenfield spending exceed brownfield by 10% by 2030. These capex trends all demonstrate that investors won’t limit themselves to mature fields: Eyes are on fresh locations, fresh facilities, and fresh opportunities in Africa.

A Gas Future

As we highlight in our 2025 report, one of those opportunities is natural gas. Africa holds nearly 18 trillion cubic meters of reserves, which will prove essential for a just energy transition as natural gas can provide significant near-term emissions reductions while fostering energy security and economic development. Global demand for this clean-burning resource is also growing, particularly in Asia. That’s why I’m glad to see a greater emphasis on developing natural gas resources. In 2023, capex spending on natural gas was about 30%, but this is projected to grow 10% by 2030. It’s another sign that more investors are thinking in the long term about Africa, and interested in being part of a just energy transition.

Take Senegal, where the Greater Tortue Ahmeyim gas field will begin production next year. A Final Investment Decision is also expected in 2024 on Yakaar-Teranga. The West African nation is another fantastic example of how operator-friendly policies, political stability, and vast reserves can attract significant foreign investment: I’m excited to see Senegal transform itself from an oil importer to a gas exporter.

I urge all parties to continue building a thriving energy industry that takes Africa – and the world – into the next century

M&A Opportunity

The past year saw a huge increase in divestment by O&G majors: Large IOCs are aggressively streamlining their African portfolios. As a rule, they’re selling mature, high-emission, and high-cost assets. While large divestments often signal trouble, they’re actually creating some promising changes for African O&G.

For one, Asian and Middle Eastern nations are purchasing more assets: Dubai, Qatar, the U.A.E., Malaysia, and Chinese NOCs acquired stakes in Egypt, Mozambique, Namibia, Kenya, and South Africa this year. As global demand for energy grows, particularly in Asia, I’m glad to see these nations looking to Africa for long-term solutions.

Foreign divestment also matters because it’s creating opportunities for indigenous companies. Thanks to a recent Shell acquisition, Aradel Holdings became Nigeria’s most valuable oil company (https://apo-opa.co/3ZVzGwh). In Angola, IOC Afentra has acquired Azule’s (a joint BP and Eni venture) assets and plans to dramatically increase the nation’s overall output.

“Having the big players sell to independents is the future,” oil trader Trafigura said in a statement.

It’s a promising pattern: Majors sell off mature assets and use the capital to invest in fresh fields and facilities. Independent foreign or indigenous companies use their acquired assets to expand but are spared the expense of building facilities from the ground up. These smaller companies are also strongly motivated to further develop and reduce emissions from these existing fields — an environmental and financial win for everyone.

The Angolan government clearly agrees, encouraging regional players with tax incentives and reduced government profit shares. It will be truly fascinating to watch this industry shakeup in Nigeria and Angola, which have been dominated for decades by majors.

It’s no secret that Africa needs O&G majors to stay: They drill over half of our exploration wells and hold a quarter of the continent’s equity production. However, I’m thrilled to see indigenous companies growing and harnessing these assets to their fullest extent.

Conclusion

Just what prompted this surge in African capex? A great deal of credit goes to common sense policy changes in nations such as Namibia, Senegal, Mauritania, Egypt, and Angola. We can also point out that the COVID-19 pandemic artificially slowed capex for several years, so an uptick was inevitable once the world opened up again. 

However, I believe a lot of it comes down to economic reality: Global energy needs are rising. Africa has vast, untapped resources. I urge all parties to continue building a thriving energy industry that takes Africa – and the world – into the next century.

For further insights, check out our 2025 State of African Energy report here (https://apo-opa.co/3ZHldTr).

Distributed by APO Group on behalf of African Energy Chamber.