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In its 20th year, Mukuru named in FXC Intelligence Top 100 Cross-Border Payment Companies list for fifth time in a row

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Mukuru

The recognition coincides with the financial services platform turning 20 years old and still growing

CAPE TOWN, South Africa, April 29, 2024/APO Group/ — 

As next-generation financial services platform Mukuru (https://www.Mukuru.com) marks the major milestone of being in business for 20 years, FCX Intelligence has announced that it has made the list of Top 100 Cross-Border Payment Companies for the fifth successive year. The award goes a long way in demonstrating how Mukuru has remained relevant for two decades while still innovating to remain so in the future.

FXC Intelligence is the industry leader in cross-border payments data and intelligence. FXC Intelligence founder and CEO Daniel Webber says: “Mukuru’s presence among the Cross-Border Payments 100 for five consecutive years underscores its dedication to providing innovative financial solutions across borders. Its commitment to leveraging technology and fostering financial inclusion has positioned it as a key player in the industry, recognised by FXC Intelligence for its impactful contributions.”

Mukuru’s CEO Andy Jury says the recognition is validation of the business’s customer-centric and solution-oriented approach. “It is humbling to be recognised in the company of many esteemed businesses that have been in existence far longer than us. These businesses have transformed the financial services landscape globally. It is testimony to the hard work we have put in collectively, which we call the orange energy coursing through our veins – a metaphor for the passion to grow and deliver value to our customers.”

Despite being named on the list for five straight years, Jury says that Mukuru is not static and in its 20th year will continue striving towards reaching more customers in more markets. “While the recognition is great validation of our approach and vision, we really feel that we have only scratched the surface and our work is still in its infancy. Our orientation is to continue to focus on how we can scale our business, how we can solve problems for our customers, and how we can partner with many of the other esteemed businesses named on the top-100 list to continue to improve the lives of our customers.”

While the recognition is great validation of our approach and vision, we really feel that we have only scratched the surface and our work is still in its infancy

Jury says that one of the key ingredients to remaining relevant for 20 years has been the entrepreneurial spirit that forms part of Mukuru’s DNA. “In an emerging market environment you are always confronted with new challenges. You simply cannot rest on your laurels. There needs to be a perpetual focus on solving challenges and addressing customer problems. This has kept us true to our mission, and young and entrepreneurial at heart. It means we focus less on yesterday’s success because our focus must be zeroed onto what’s coming over the horizon,” says Jury.

Looking back, Jury believes that because the business was founded with a single use case it was able to build scale and runway to develop into the successful financial services platform it has become. “We started with a fairly deep but narrow challenge. That was remittances. This enabled us to build scale without needing to manage the complexity that comes with multiple geographies and customer types. It was an homogenous focus on a single problem that was built in a modular way to be re-used in new use cases. That efficiency meant there was value coming in through the front door so we could bootstrap ourselves up off of that,” he explains.

Jury says that this focus was vital over the past 20 years as Mukuru bootstrapped itself without the benefit of outside funding in its formative days. “We have had to remain focused and learn to prioritise because we are a business that has always paid for ourselves. We needed to generate value to keep the lights on and continue growing. This ensures a sharp focus, especially in head winds.”

Shifting his gaze to how the business has evolved from a remittance business to a next-generation financial services platform, with various financial products and services for different customers in different markets, Jury says the modular approach birthed in the early days – of developing solutions for similar but slightly different customer bases and then expanding that network in terms of geographical reach and associated accessible markets –  enabled this.

However, despite this, Jury believes that a fintech’s success is directly proportional to how it listens to its customers and addresses their needs. “What was very important to us from day one with five customers to today with more than 16-million customers hasn’t changed. It is the notion of walking in the shoes of our customers: Understanding their needs, wants and challenges and then building solutions to address those as opposed to starting with a nice shiny product and then trying to force it onto a customer base.”

With the knowledge and insight that comes from being at the helm of a 20-year-old business that is growing and continually deploying new products and services, what advice does Jury have for fintechs?

The key is focus, the ability to prioritise and an understanding that everything must exist in a sense of balance. Focus on what you are good at, focus on the problem or opportunity you are addressing, and don’t forget the customer. Focus on something that has a deep addressable market that is going to allow repeat touch points, and then, very importantly, try not to be too distracted by shiny innovations as they may be just that: distractions.”

Distributed by APO Group on behalf of Mukuru.

Business

Africa Finance Corporation Appoints Central Bank of Nigeria (CBN) Governor Yemi Cardoso as Chairman of the Board

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Mr Cardoso’s appointment comes as AFC continues to expand its role in financing and developing strategic infrastructure assets that address Africa’s infrastructure gap, accelerate industrialisation and strengthen regional integration

LAGOS, Nigeria, October 14, 2026/APO Group/ –Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, announces the appointment of Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), as Chairman of its Board of Directors. He succeeds the immediate-past Chair, Ireti Samuel-Ogbu, who served the Corporation meritoriously during her tenure and continues to serve as a board member.

 




 
 

Mr Cardoso brings extensive experience spanning international banking, investment management, economic policy and public sector leadership. Since assuming office as Governor of the CBN in September 2023, he has led a far-reaching programme of monetary, financial-sector, and institutional reforms to restore macroeconomic stability, strengthen policy credibility, and rebuild investor confidence in Nigeria’s economy.

Under his leadership, the CBN has implemented significant reforms to Nigeria’s foreign exchange market, addressed longstanding foreign exchange obligations, strengthened monetary policy transmission, and enhanced institutional governance and transparency. The Bank has also concluded a recapitalisation programme for the banking sector, aimed at strengthening the resilience and capacity of Nigeria’s financial system to support sustainable economic growth.

I look forward to working with the Board, management and member states to advance The Africa We Build 2050

Prior to his appointment as Governor, Mr Cardoso built a distinguished career in international banking and public service, including a 12-year tenure as Chairman of Citibank Nigeria and service as Commissioner for Economic Planning and Budget in Lagos State. In the latter role, he contributed to economic planning and fiscal management in one of Africa’s largest economies. He holds a degree from Aston University in the United Kingdom and a master’s in public administration from Harvard Kennedy School, where he also served on the Alumni Board.

Mr Cardoso’s appointment comes as AFC continues to expand its role in financing and developing strategic infrastructure assets that address Africa’s infrastructure gap, accelerate industrialisation and strengthen regional integration. His experience in financial sector reform, institutional governance and capital markets will provide valuable perspective on the Corporation’s strategic direction as it mobilises investment to unlock Africa’s economic potential.

Samaila Zubairu, President & CEO of AFC, said: “We are delighted to welcome Mr Cardoso as our Board Chairman. He shares our conviction that Africa’s lasting stability depends on its productive capacity. His leadership will strengthen AFC as we advance The Africa We Build 2050, mobilising African capital to build the infrastructure and industries that create jobs, prosperity and dignity for our people. We also sincerely thank Mrs Samuel-Ogbu for her dedication and contribution to AFC’s board during her tenure.”

Mr. Cardoso commented on his appointment, saying: “A more productive Africa is a more stable Africa. AFC has the credibility and track record to mobilise capital and build the infrastructure and industries that drive transformation. I look forward to working with the Board, management and member states to advance The Africa We Build 2050. Our measure of success must be the productive capacity we create, the industries we enable and the jobs we support.”

AFC continues to advance transformational infrastructure and industrial investments across Africa, with recent milestones including achieving financial close on the US$753 million Lobito Corridor Railway Project in Angola, to support the rehabilitation, upgrade, and long-term operation of the 1,300-kilometre brownfield rail corridor; supporting a US$600 million facility for Dangote Group’s US$7 billion fertiliser expansion programme to scale production in Nigeria; and committing to a combined US$300 million investment alongside Vision Invest in WIOCC Group to accelerate the expansion of critical digital infrastructure across the continent. These investments reflect AFC’s unique approach to developing strategic infrastructure platforms that connect markets, strengthen industrial value chains and mobilise capital at scale to drive Africa’s economic transformation.

Distributed by APO Group on behalf of Africa Finance Corporation (AFC).

 




 

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Ghana Targets End to Liquid Fuel Purchases for Power as Gas Supply Expands

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GECF

Ghana, Senegal and the GECF outlined how African producers can grow domestic gas use alongside exports at the GECF-AEC Strategic Forum

CAPE TOWN, South Africa, October 14, 2026/APO Group/ –Ghana expects to stop procuring liquid fuels for power generation next year, John Jinapor, Minister for Energy and Green Transition, said during a Gas Exporting Countries Forum (GECF)-hosted strategic session at African Energy Week (AEW) 2026 in Cape Town. Ghana has already cut its liquid fuel purchases for electricity from eight cargoes to two, he said, as domestic gas and imports from Nigeria replace diesel and heavy fuel oil in thermal plants.

 




 
 

Ghana’s gas policy prioritizes domestic processing, with gas directed first to power generation and then to industry, Jinapor said. The switch from liquid fuels saved Ghana about $500 million in a single year through import substitution, at a time when electricity demand is growing about 10% annually. Nigeria supplies Ghana through the West African Gas Pipeline, and he said Ghana expects to double those volumes under its current agreements. Ghana is also building a 278 km pipeline to link its main power centers, and is using a levy on pump fuel to fund LPG adoption, targeting 50% penetration within three years.

We are a gas continent before an oil continent

Senegal, which began exporting LNG in 2025, is working to balance exports with supply to its own economy. El Hadji Abdourahmane Diouf, Minister of Energy and Petroleum, said companies often prioritize export markets, leaving governments to secure domestic supply. Senegal is targeting domestic gas supply of around 150 million standard cubic feet per day by 2030, delivered through a national gas network to power plants across the country. Diouf said the network’s pipeline, which has faced delays, is expected within nine months.

Philip Mshelbila, Secretary General of the Gas Exporting Countries Forum (GECF), called the choice between exports and domestic use “a false choice.” In his address, he said: “Exports mobilize capital, revenue and investment confidence. Domestic utilization is the development multiplier.” The GECF’s Global Gas Outlook projects African gas demand will more than double, from 175 billion cubic meters in 2024 to about 374 billion cubic meters by 2055.

Panel moderator Oliver Onyekweli, Partner at McKinsey & Company, noted that only around 3% of gas commercialized in Africa is traded within the continent. Mshelbila said regional cooperation, gas storage and cross-border infrastructure will determine how resilient African markets are to future supply disruptions. He cited the Senegal-Mauritania Greater Tortue Ahmeyim project as a model.

NJ Ayuk, Executive Chairman of the African Energy Chamber, described gas as a “Swiss knife” for African development, with uses spanning power generation, petrochemicals and fertilizers. “We are a gas continent before an oil continent,” he asserted.

Ghana’s gas master plan, currently under review, sets a 15-year blueprint for the country’s gas infrastructure and budgeting.

Distributed by APO Group on behalf of African Energy Chamber.

 

 




 

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Africa Energy Bank to Begin Financing Gas Projects in Early 2027, African Petroleum Producers Organization (APPO) Says

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African Energy Chamber

APPO’s new bank will prioritize regional corridors as GECF forum panelists flag a gap in domestic gas financing

CAPE TOWN, South Africa, October 14, 2026/APO Group/ –The Africa Energy Bank (AEB) will become operational within weeks and begin financing projects at the start of 2027, Farid Ghezali, Secretary General of the African Petroleum Producers Organization (APPO), said during the technical panel of the GECF-AEC Strategic Forum at African Energy Week (AEW) 2026 in Cape Town. The bank, launched by APPO and Afreximbank, will use a corridor approach, prioritizing projects that deliver regional economic development across four pillars: export infrastructure, domestic infrastructure, clean cooking and power.

 




 
 

Ghezali said exports and domestic supply should not compete. “I come from a country where you cannot export any drop of gas if the domestic demand is not satisfied,” he said. APPO and the Gas Exporting Countries Forum (GECF) signed an agreement earlier this year to work jointly on gas corridors, and plan to harmonize transit tariffs and gas contracts across member states.

I come from a country where you cannot export any drop of gas if the domestic demand is not satisfied

The panel focused on why domestic gas markets remain underdeveloped. Rashid Ali Abdallah, Executive Director of the African Energy Commission (AFREC), said recent investment has gone largely into export terminals while regional pipelines struggle to attract funding. He called for regional financing frameworks for cross-border infrastructure, and for joint planning of gas pipelines and power transmission.

In South Africa, industrial consumers face the loss of natural gas supply within about 18 months, with only a short-term coal supply bridge beyond that, said Jaco Human, Executive Officer of the Industrial Gas Users Association of Southern Africa (IGUA-SA). The gas aggregation company was formed to pool demand, share risk and underwrite new infrastructure across the region. Human said a proposed pipeline linking the Orange Basin to Western Cape and inland markets would need around 200 petajoules of annual demand. “We have much more demand than that, so the problem is not an economic one,” he said. “Rather, it is a coordination problem.”

Abubakar Abbas, Senior Energy Forecast Analyst at the GECF, said Africa will require at least $1 trillion over the next 30 years to develop its gas resources. Per capita energy consumption on the continent is about 25 gigajoules a year, well below the global average. Abderrezak Benyoucef, Head of Energy Studies at OPEC, said OPEC expects gas to rise from 17% to 23% of Africa’s energy mix by 2050. Electricity generation is projected to grow from under 1,000 TWh to about 2,700 TWh, with half of it from gas.

The AEB is headquartered in Abuja, where Nigeria handed over the bank’s offices to APPO and Afreximbank in February.

Distributed by APO Group on behalf of African Energy Chamber.

 




 

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