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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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4 months ago

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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.

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African Energy Week (AEW) 2024 to Navigate the Future of Oil & Gas Financing Amid Energy Transition

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16 hours ago

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September 9, 2024

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The African Energy Week: Invest in African Energy conference will gather industry leaders to explore oil and gas financing tools and strategies in the age of the energy transition

CAPE TOWN, South Africa, September 9, 2024/APO Group/ — 

As the global energy landscape shifts towards cleaner and more sustainable sources, Africa’s oil and gas sector faces challenges in securing financing for upstream projects. Nearly $3 billion was mobilized toward African energy projects in 2023 – with a significant portion directed towards natural gas – according to the African Development Bank (AfDB). As global markets evolve, African financing strategies must adapt to support both economic growth and long-term sustainability.

The Financing Upstream Oil & Gas in the Age of Transition session at African Energy Week (AEW): Invest in African Energy will explore how African oil and gas projects are securing financing in a rapidly changing landscape. The session will unpack evolving regulatory frameworks, innovative financing models and the balance between traditional fossil fuel and renewable energy investments. Moderated by Laura Sima, Director of S&P Global Commodity Insights, the panel will feature Trafigura Group Head of Upstream Finance Matthieu Milandri; Africa Finance Corporation Vice President Taiwo Okwor; and Project & Export Finance Africa Managing Director & Regional Head Fathima Hussain.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

To address shifting investment priorities, a dedicated Africa Energy Bank (AEB) has been launched by the African Petroleum Producers Organization and African Export-Import Bank. To be based in Abuja, the AEB aims to bridge Africa’s infrastructure funding gap and accelerate the development of energy projects across the continent. As a supranational institution, the AEB will provide critical funds for emerging oil and gas projects across Africa, supporting the sector amid the global energy transition, and is currently open for signature by prospective member states.

African natural gas projects have been a leading destination for foreign investment, as gas is considered a cleaner alternative and even labeled as “green energy” in the EU. Projects like Senegal and Mauritania’s Greater Tortue Ahmeyim LNG – led by bp and Kosmos Energy – have secured $4.8 billion in investment from a mix of equity from the IOCs and debt financing supported by multilateral banks. Blended finance – combining both public and private sector capital – has emerged as a critical solution to mobilizing large-scale financing in Africa’s energy sector. The TotalEnergies-led Mozambique LNG project represents a total post-FID investment of $20 billion, of which $14.9 billion comes from senior debt financing including a blend of loans from export credit agencies, multilateral finance agencies like the International Finance Corporation and the AfDB, and commercial banks.

Significant capital is also flowing to high-potential hydrocarbon basins with strong exploration prospects. In Namibia, multinationals TotalEnergies and Shell are continuing to explore the deepwater Orange Basin, with TotalEnergies allocating 30% of its one-billion-dollar exploration budget to the country in 2024 alone. Namibia’s government has been active in courting global financiers, emphasizing the need for sustainable energy development alongside oil and gas exploration and production. In Angola, TotalEnergies, Petronas and state-owned Sonangol secured a $6-billion FID for the Kaminho deepwater project in Block 20 that will develop the Cameia and Golfinho ultra-deepwater fields. The project will employ an all-electric FPSO unit, designed to minimize greenhouse gas emissions and eliminate routine flaring. Independent upstream company Invictus Energy also recently secured $10 million from local institutional investors for its Cabora Bassa project in Zimbabwe to develop the country’s first major oil and gas field.

The upcoming finance session will also position public-private partnerships as a mechanism for financing large-scale energy infrastructure projects, as well as de-risking investments. The Republic of Congo has advanced the development of its Banga Kayo block through an amended PSC with China’s Wing Wah Oil Company, enabling the commercialization of the block’s gas resources. In Nigeria, the $2.6-billion Ajaokuta–Kaduna–Kano gas pipeline is being financed through both public and private funds, with the Nigerian National Petroleum Company as the main financier and international lenders including the Industrial and Commercial Bank of China and Bank of China involved. Nigeria’s Federal Government has provided a sovereign guarantee covering 85% of the project’s costs, securing crucial financing and building investor confidence.

Distributed by APO Group on behalf of African Energy Chamber.

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The Islamic Development Bank Institute (IsDBI) Completes Pilot Implementation of Islamic Finance Strategic Mapping Framework in Kazakhstan

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22 hours ago

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September 9, 2024

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This comprehensive assessment, conducted in collaboration with the Astana International Financial Centre (AIFC), aimed to identify key opportunities and challenges within the country’s Islamic finance sector

ASTANA, Kazakhstan, September 8, 2024/APO Group/ — 

The Islamic Development Bank Institute (IsDBI) (https://ISDBInstitute.org/) is pleased to announce the successful completion of its flagship Islamic Finance Strategic Mapping Framework (IF-MAP, formerly IF-CAF) (https://apo-opa.co/4cXPwti) pilot exercise in the Republic of Kazakhstan. This comprehensive assessment, conducted in collaboration with the Astana International Financial Centre (AIFC), aimed to identify key opportunities and challenges within the country’s Islamic finance sector.

The pilot initiative of IF-MAP was launched (https://apo-opa.co/3MyooGO) in June 2023, and involved extensive consultations with key stakeholders, including government agencies, financial institutions, and industry experts. The resulting tailored policy recommendations report, which outlines the sector’s progress and provides recommendations for future development, has been submitted to the AIFC.

AIFC’s commitment to promoting Islamic finance is evident through favorable conditions offered to Islamic financial companies to operate in both the retail and corporate sectors

As one of the key outcomes of the exercise, IsDBI and AIFC jointly developed the Kazakhstan Islamic Finance Country Report 2024 (https://apo-opa.co/3B4GwFv) which H.E. the Governor of AIFC, H.E. Mr. Renat Bekturov, launched on 6 September during the Astana Finance Days. The report highlights the immense potential of Islamic finance in supporting Kazakhstan’s economic growth and development.

In his welcome address, H.E. Mr. Renat Bekturov noted: “This report not only provides a comprehensive overview of the Islamic finance industry but also highlights our shared vision for the future.  AIFC’s commitment to promoting Islamic finance is evident through favorable conditions offered to Islamic financial companies to operate in both the retail and corporate sectors. The report is an invaluable guide for investors, policymakers, and stakeholders.”

Commenting on the successful completion of the pilot exercise, Dr. Sami Al-Suwailem, Acting Director General of IsDBI, stated, “We are delighted to have collaborated with the AIFC on this important initiative. The Kazakhstan Islamic Finance Country Report offers a valuable analysis of the sector’s current state and future prospects. We believe that the report, together with the IF-MAP policy recommendations submitted to the AIFC, will be instrumental in guiding policymakers, investors, and financial institutions as they work to harness the full potential of Islamic finance in Kazakhstan.”

The IsDB Institute remains committed to supporting the growth and development of the Islamic finance industry worldwide. Through its research, training, and capacity-building programs, the Institute seeks to contribute to the creation of a more inclusive and sustainable financial system.

The Kazakhstan Islamic Finance Country Report 2024 is accessible on IsDBI website here: https://apo-opa.co/4ge7jQ1

Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).

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ST Telemedia Global Data Centres Reinforces Commitment to Digital India, Invests US$3.2 billion to add 550MW Data Centre Capacity

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22 hours ago

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September 9, 2024

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SINGAPORE – Media OutReach Newswire – 6 September 2024 – ST Telemedia Global Data Centres (STT GDC), one of the world’s fastest-growing data centre colocation services provider headquartered in Singapore, today announced a significant investment of US$3.2 billion (INR 26,000 crores) to expand its data centre capacity in India by a substantial 550MW, nearly tripling the company’s IT load capacity to meet the demands of India’s thriving digital economy, over the next 5-6 years.

This strategic investment reflects STT GDC’s confidence in India and the growth of its digital economy, as well as aligning with the burgeoning demand for digital infrastructure, driven by the surge in data consumption, cloud computing, digital transformation, and growing adoption of AI applications. This investment also further solidifies our market leadership in India, where we already command about 28% of market share by revenue.

STT GDC India is majority-owned by STT GDC in partnership with Tata Communications Ltd, which holds a minority stake in the company. STT GDC India’s portfolio consists of 28 data centres across 10 cities throughout India. Today, its data centre portfolio has a total combined capacity of over 318MW of IT load, with a well-diversified portfolio of about 1,000 enterprise customers that include many Fortune 500 companies. More recently, STT GDC India was recognised as a Great Place to Work for the fifth consecutive year, as well as one of the Best Places to Work in Asia.

“As we celebrate STT GDC’s 10th anniversary this year, embarking on this ambitious expansion is a sign of our confidence in Digital India and the future of one of STT GDC’s strategic and fastest growing markets globally. Prime Minister Modi’s vision for Digital India has paved the way for opportunity; today the India digital economy’s growth rate of almost three times overall GDP growth is putting the country on pace to achieve a US$1 trillion digital economy by 2027-20281. At STT GDC, we want to play an active role in co-investing and contributing to India’s long-term success by investing in the foundational digital infrastructure that will help further accelerate Digital India. We are excited about the opportunities ahead and are confident in our ability to contribute significantly to India’s digital transformation,” said Bruno Lopez, President and Group Chief Executive Officer, ST Telemedia Global Data Centres.

STT GDC, along with several other Singapore business leaders, participated in a Business Roundtable with Prime Minister Narendra Modi hosted by the Singapore Business Federation on 5 September 2024.

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1India digital economy: India to be $1 trillion digital economy by FY28: IT minister Rajeev Chandrasekhar – The Economic Times (indiatimes.com)

About ST Telemedia Global Data Centres
ST Telemedia Global Data Centres (STT GDC) is one of the fastest-growing data centre providers with a global platform serving as a cornerstone of the digital ecosystem that helps the world to connect. Powering a sustainable digital future, STT GDC operates across Singapore, the UK, Germany, India, Thailand, South Korea, Indonesia, Japan, the Philippines, Malaysia and Vietnam, providing businesses an exceptional foundation that is built for their growth anywhere. For more information, visit https://www.sttelemediagdc.com/.

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