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Index Launch: Remittances Play a Powerful Role in Consumers’ Financial Planning

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3 years ago

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financial planning

As global populations navigate macroeconomic headwinds, consumers expect remittances to play an even stronger role in their current and future financial planning

CASABLANCA, Morocco, March 22, 2023/APO Group/ — 

Inaugural Global Money Transfer Index surveys 30,600 consumers in 20 countries across the Middle East, Africa and Asia Pacific; Index voices consumers’ international money transfer preferences for today and tomorrow as they navigate global headwinds.

As global populations navigate macroeconomic headwinds, consumers expect remittances to play an even stronger role in their current and future financial planning. According to Western Union’s inaugural Global Money Transfer Index (https://apo-opa.info/402bPIO) launched today, 64% of global money transfer consumers send and/or receive money once a month or more. Over the next 12 months, 75% expect these remittances to increase.  

The Global Money Transfer Index asks consumers how, when and why they use international money transfer capabilities today, as well as their expectations for tomorrow. Surveying 30,600 consumers in 20 countries across the Middle East, Africa, and Asia Pacific, it is the largest consumer research published by a money transfer operator. The results bolster Western Union’s ‘Evolve 25’ (https://apo-opa.info/3ZceYEx) strategy to combine high-value, accessible retail and digital financial services for all. 

Focus on Africa

In Africa, five key markets were surveyed. These are South Africa, Kenya, Nigeria, Senegal and Morocco. 

According to the findings, the majority of Africa’s consumers (62%) receive money transfers at least once a month or more. Fifty-nine percent send funds across borders at the same rate. Over the next 12 months, more than three-quarters of Africa’s receivers (78%) expect these remittances to increase.

The Global Money Transfer Index shows that economic challenges such as higher global cost of living mean 81% of receiving consumers (compared to 79% globally) across the African continent are asking senders for more money. For the same reason, 72% of African senders (71%, globally) agree they are sending more than previously. This may contribute to why consumers state frequency and volume of remittances are primarily influenced by family requirements, despite common perception that remittances are driven by when salaries are received. 

“The Index tells us that the cost-of-living squeeze across Africa means consumers are relying on money transfers as their daily lives have become more challenging,” said Mohamed Touhami el Ouazzani, Head of Africa at Western Union. “As consumers tell us that the remittances they receive will need to increase, it is imperative for money transfer providers to stay agile, and support consumers on their journey.” 

While family support is identified as the main purpose for remitting, consumers say transfers also play a strong role in future financial planning. Paying for education costs ranks second-highest as a reason consumers remit money. Supporting business interests at home and saving for the future are cited by consumers as critical reasons too.

Maximizing opportunity during times of instability

Consumers also demonstrate that they keep a sharp eye on how their local currency performs back home. In a bid to maximise on opportunity, 67% of consumers in Africa (68%, globally) send more money when the currency value falls in their receiving country. Sixty-five percent of receivers across the region agree that when currency values fall, they receive more money.

The Index tells us that the cost-of-living squeeze across Africa means consumers are relying on money transfers as their daily lives have become more challenging

Currency fluctuations are front-of-mind for consumers. When asked about the future, 84% (79%, globally) of senders want money transfer brands to offer an additional service notifying them when relevant currency values begin to shift so they can plan transfers accordingly. Achieving better service and greater value also reflects in how consumers determine which money transfer brands to use. Criteria such as achieving the best exchange rate, ensuring lowest or no charges paid by receivers and speed of transfers sit in the top three.

Digital today, choice tomorrow

Industry research shows that there are over five billion internet users in the world today, growing at an annual rate of 1.9%. This growth rate is even higher in developing economies. 1 In sync with this, the Index highlights that over half (58%) of Africa’s consumers want to use digital-only solutions for their money movement needs.

However, three billion people remain unconnected, so there is much more to do to achieve true digital equity. Of those who choose not to use digital transfer services at all, trust and customer experience are identified as top barriers—along with a preference to seek face-to-face interaction—among both senders and receivers.

When consumers look to the future, however, the picture changes. Almost half, 49% of consumers in Africa (52%, globally), want a choice in platforms when transferring or collecting. Bridging the digital with in-person experiences will significantly broaden the consumer financial ecosystem.

“Combining digital and physical experiences is the power behind Western Union’s strategy,” said Ouazzani. “If we want to maximise financial inclusion, we must offer consumers diverse options when moving money. This is vital if we want to create long-lasting relationships with consumers and make meaningful impact in communities.”

Innovation sits high on consumers’ agenda

Consumer preferences will continue to spur innovation within the financial services industry. When asked how they would like remittances to evolve, the focus is on advances that will enable even greater convenience, better planning and inclusivity.

Seventy-four percent of senders and receivers across Africa are frustrated with repetitive and time-consuming paperwork (72%, globally). In fact, 83% of senders in Africa (79%, globally) would prefer facial recognition/biometric technology for instant and reliable registration. Seventy-eight percent of receivers in Africa also want their funds to be disbursed on a prepaid card or e-wallet that does not require a bank account, as well as the option of receiving in different currencies (90%). Eighty-five percent of all consumers surveyed in the region are also eager for integrated ‘super’ apps, allowing them to manage remittances alongside other financial products with ease.

[1] https://apo-opa.info/3yYOgVk

Distributed by APO Group on behalf of Western Union Holdings, Inc..

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Sierra Leone’s PDSL to Host Strategic Investor Roundtable at Paris Energy Forum

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21 hours ago

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March 24, 2026

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The Petroleum Directorate of Sierra Leone will lead a targeted roundtable at Invest in African Energy 2026, spotlighting upstream potential and cross-regional partnerships

PARIS, France, March 24, 2026/APO Group/ –The Petroleum Directorate of Sierra Leone (PDSL) is set to convene an investor roundtable at Invest in African Energy (IAE) Forum 2026 in Paris, underscoring growing interest in West and North African energy markets and the need for deeper capital engagement across exploration, renewable and offshore services. The session reflects a strategic effort by Sierra Leone to connect its emerging upstream prospects with established operators and project developers as the country moves to unlock the full potential of its emerging oil and gas industry.

 

Sierra Leone is increasingly positioning itself as a frontier oil and gas market with significant offshore potential, and part of the PDSL’s mandate is to catalyze investment interest in its offshore acreage through direct engagement with global capital. Recent data suggest the country holds estimated recoverable resources in the tens of billions of barrels, backed by discoveries and extensive multi‑client seismic datasets that prospective investors are evaluating. The PDSL is actively promoting licensing opportunities and drilling plans, emphasizing fiscal terms and exploration readiness to attract strategic partners.

 

A cornerstone of this strategy is the anticipated launch of the country’s sixth licensing round. Offering a rare early-entry opportunity into a largely untapped deepwater terrain with considerable upside, the upcoming bid round is backed by fresh 3D datasets which de-risk exploration and support new drilling campaigns. Just this month, GeoPartners announced that the final Pre-Stack Time Migration data for its recently acquired 3D multi-client seismic survey in the country was complete and is now available for licensing. The dataset provides a 3D window into the hydrocarbon potential of the underexplored northern Sierra Leone region.

 

Sierra Leone’s licensing drive comes as major operators advance exploration activities. In 2025, Eni signed a Reconnaissance Permit Agreement with the PDSL, securing rights to conduct reconnaissance and technical evaluation activities across offshore blocks G113, G129, G130, G131 and G132. The acreage covers 6,790 square kilometers within Sierra Leone’s territorial waters. Nigeria’s F.A. Oil Limited is pursuing drilling following its award of six offshore blocks through the country’s fifth licensing round in 2023. The company is currently seeking a farm-in partner to advance the project from exploration to production, offering a 40% stake in each of the G Blocks 53, 54, 55, 71, 72 and 73.

 

As these development unfold, the upcoming roundtable at IAE 2026 offers a unique opportunity for operators and policymakers to engage potential investors. The IAE 2026 Forum has become a strategic bridge between African upstream opportunities and global investors, with sessions like the PDSL roundtable designed to foster deeper dialogue and provide clarity on project pipelines and investment prerequisites. Discussions are expected to cover mechanisms for de‑risking exploration activity, optimizing fiscal and contractual frameworks and identifying synergies between hydrocarbon investment and renewable energy commitments.

 

For investors seeking differentiated exposure to African energy markets, the Sierra Leone roundtable represents both a focused exploration of frontier oil potential and a broader conversation about regional infrastructure, partnerships and the evolving demands of energy capital in the years ahead.

 

IAE 2026 (www.Invest-Africa-Energy.com) is an exclusive forum designed to connect African energy markets with global investors, serving as a key platform for deal-making in the lead-up to African Energy Week. Scheduled for April 22–23, 2026, in Paris, the event will provide delegates with two days of in-depth engagement with industry experts, project developers, investors and policymakers. For more information, visit www.Invest-Africa-Energy.com. To sponsor or register as a delegate, please contact sales@energycapitalpower.com

 

Distributed by APO Group on behalf of Energy Capital & Power.

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Cape Town Prepares for African Mining Week 2026 as Draft Program Reveals Continent’s Mineral Drive

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March 24, 2026

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African Mining Week returns for its 2026 edition with an expanded three-day program, bringing together African mining leaders and global partners to shape the future of the continent’s mining sector

CAPE TOWN, South Africa, March 24, 2026/APO Group/ –Global economic trends – from record-breaking commodity prices to intensifying geopolitical competition for resources – are reshaping the strategic importance of Africa’s mineral wealth. As global countries race to secure supply chains for energy transition metals – which are expected to triple by 2030 – Africa is positioning its 30% share of the world’s critical minerals as a key pillar of economic growth. African governments are modernizing mining codes, developing industrial corridors and investing in mineral processing facilities to support local beneficiation, job creation, workforce development and regional mineral markets.

 

Against this backdrop, the upcoming African Mining Week (AMW) Conference & Exhibition – Africa’s premier gathering for mining stakeholders – has launched the draft program for its 2026 edition {https://apo-opa.co/3NneKLj}. Scheduled to take place October 14–16 in Cape Town, the event provides a platform where policymakers, global investors, project operators, technology providers, academia and mining service companies examine Africa’s mining opportunities, challenges and long-term strategic direction.

Under the theme ‘Mining the Future: Unearthing Africa’s Full Mineral Value’, the three-day, multi-track agenda reflects the growing urgency among African markets to strengthen value addition across the mining value chain.

Regional Cooperation and Policy Alignment in Focus

A key feature of the agenda is the Ministerial Forum, where African mining ministers will provide updates on regulatory reforms and policy alignment initiatives aimed at unlocking greater value from the continent’s mineral resources. Discussions will examine how harmonized regulatory frameworks and regional cooperation can accelerate investment flows and strengthen Africa’s position in global mineral supply chains.

The inclusion of regional policy integration reflects a growing continental push to leverage frameworks such as the African Continental Free Trade Area (AfCFTA) to enhance cross-border mineral cooperation and trade.

We are acting to enhance regional integration through frameworks such as the African Mining Vision and the Africa Mineral Strategy Group

“Africa’s integration is not only a political objective but a strategic economic vision,” stated Emmanuel Armah-Kofi Buah, Ghana’s Minister of Lands and Natural Resources, in remarks reported by Energy Capital & Power – organizers of AMW – in February 2026. “Our natural resources require coordinated policies. Isolated legal frameworks cannot fully unlock their value. Through integration and initiatives such as the ECOWAS [Economic Community of West African States] Mining Code and the African Mining Vision, we can build a stronger and more competitive mineral economy.”

Nigeria’s Minister of Solid Minerals Development, Henry Alake, echoed this emphasis on regional cooperation and beneficiation.

“We are acting to enhance regional integration through frameworks such as the African Mining Vision and the Africa Mineral Strategy Group,” he stated. “We must develop mineral corridors that connect resources, infrastructure and markets across the continent. Our goal is not to simply export raw materials, but to develop industrial hubs that create jobs and value across borders.”

Connecting Global Investors with African Opportunities

Strategic roundtables and Country Focus sessions form a key part of the AMW 2026 program, connecting African mining jurisdictions with international partners from the U.S, Europe, the Middle East and China. These sessions will provide African stakeholders with a platform to showcase exploration opportunities and project pipelines across the mining value chain.

Meanwhile, technical workshops and the exhibition floor at AMW 2026 will provide a platform for equipment manufacturers, technology providers and engineering firms to showcase innovations designed to enhance operational performance across mining operations.

By combining high-level policy dialogue with technical expertise and investment matchmaking, AMW 2026 positions itself as a critical marketplace where Africa’s mineral potential converges with global capital, technology and strategic partnerships – helping shape the next phase of growth for the continent’s mining sector.

AMW serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2026 conference from October 12-16 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

Distributed by APO Group on behalf of Energy Capital & Power.

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Tony Elumelu Foundation Selects Seven North African Entrepreneurs in 2026 Cohort

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March 24, 2026

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Seven North African entrepreneurs in technology, education, professional services and agriculture selected from 265,000 applications at historic Abuja ceremony

Hope is not just a feeling — it is a system we can build

ABUJA, Nigeria, March 24, 2026/APO Group/ —
  • 7 North African entrepreneurs selected from Morocco, Tunisia and Egypt
  • 51% of the 2026 cohort are women, all selected purely on merit, without any quota in place
  • 3,200 total entrepreneurs selected from 265,000+ applications across 54 African countries
  • USD 5,000 in non-refundable seed capital for each selected entrepreneur
  • Selection conducted independently by Ernst & Young

 

The Tony Elumelu Foundation (TEF) (www.TonyElumeluFoundation.org), the leading philanthropy empowering young African entrepreneurs, announced on Sunday, 22 March 2026 the 12th cohort of the TEF Entrepreneurship Programme at a ceremony held at the Transcorp Hilton, Abuja. The announcement was made by Founder Tony O. Elumelu, C.F.R.

 

Among the 3,200 entrepreneurs selected from 265,000 applications received from all 54 African countries: seven from North Africa. Three from Tunisia, two from Morocco, two from Egypt. Spanning technology, education, professional services and agribusiness, they represent a generation of North African founders building businesses that address the urgent needs of their communities. Their selection, which was conducted independently by Ernst & Young, places them among the most rigorously assessed young entrepreneurs on the continent.

 

This year’s cohort carries a historic signal: 51 percent of the 2026 entrepreneurs are women. They were selected purely on merit, without quota. Across hundreds of thousands of applications, women distinguished themselves through the strength of their ideas, the clarity of their business models and the ambition of their vision.

 

In 2026, the Foundation is empowering a total of 3,200 entrepreneurs across all its entrepreneurship programmes:

 

  • 1,751 entrepreneurs through Heirs Holdings Group: Heirs Energies, Transcorp Power, Transcorp Hotels, and United Capital;
  • 1,049 entrepreneurs in partnership with the European Commission, OACPS, BMZ and GIZ;
  • 100 entrepreneurs in partnership with Sèmè City Development Agency;
  • 100 entrepreneurs in partnership with DEG, the German Development Agency;
  • 100 entrepreneurs in partnership with the IKEA Foundation, UNICEF’s Generation Unlimited and the Dutch Government; and
  • 100 entrepreneurs in partnership with UNDP and the Rwandan Ministry of Youth and Arts.

 

 

Each selected Tony Elumelu Entrepreneur will receive USD 5,000 in non-refundable seed capital, access to world-class business management training on TEFConnect, one-on-one mentorship, and entry into a powerful network of investors, partners and fellow entrepreneurs.

 

In his annual letter (https://apo-opa.co/4uOFepM), “A Story of Hope,” Tony O. Elumelu, C.F.R., Founder of the Tony Elumelu Foundation, shared a powerful message to the new cohort:

 

“For a long time, I believed luck was something that simply happened to you. Then I came to understand: luck can be engineered. Opportunity can be democratised. Hope is not just a feeling — it is a system we can build.” — Tony O. Elumelu, C.F.R., Founder, Tony Elumelu Foundation — 2026 Annual Letter

 

The Tony Elumelu Foundation has empowered over 2.5 million young Africans with access to business management training on TEFConnect (https://TEFConnect.com), and disbursed over USD 100 million in seed capital to more than 24,000 selected entrepreneurs.

 

Collectively, these entrepreneurs have generated USD 4.2 billion in revenue and created more than 1.5 million direct and indirect jobs. Through its support for African entrepreneurs, TEF has lifted 2.1 million Africans above the poverty line and positively impacted more than 4 million African households, with 46% of supported entrepreneurs being African women. Eighty percent of TEF-supported businesses survive and scale, against a global average of ten to twenty percent.

 

 

The announcement ceremony was broadcast live in English (https://apo-opa.co/3PWLiML), French (https://apo-opa.co/3PWLiML), Portuguese (https://apo-opa.co/4t4Y7Da) and Arabic (https://apo-opa.co/4bYHlQl).

 

Distributed by APO Group on behalf of The Tony Elumelu Foundation.

 

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