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International Youth Day 2022: The Role of the Youth in Driving Financial Inclusion in Africa

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International Youth Day

Depending on their needs and stage of life, access to financial services can empower young people and improve their well-being in the right circumstances

NAIROBI, Kenya, August 12, 2022/APO Group/ — 

The African Union defines ‘youth’ as someone between the ages of 15 and 35. With 70% of sub-Saharan Africa’s population under the age of 30, Africa has the youngest population in the world. With such a burgeoning young workforce, the continent’s economy has a chance to grow exponentially, but only if the next generations are given the tools they need. It is crucial that young people participate in decision-making processes and be provided with numerous possibilities for employment and innovation.

Depending on their needs and stage of life, access to financial services can empower young people and improve their well-being in the right circumstances. According to research, children start developing good financial habits as early as age seven.

A study done by the OECD for the G20 Global Partnership for Financial Inclusion shows that young people are more likely to choose non-traditional financial service providers since they frequently have weak links with the official banking sector, both in sub-Saharan Africa and globally. It should come as no surprise that this generation is driving fintech adoption globally given that they have never known a world without mobile, web, and app-based services.

International Youth Day 2022: The Role of the Youth in Driving Financial Inclusion in Africa

The study further revealed that; one in three internet users worldwide is under the age of 18, and globally, 71% of young people and only 48% of the general population use the internet. Many national governments, including those of Costa Rica, Estonia, Finland, France, Greece, and Spain, have explicitly recognized Internet access as a human right since access to online information and services has become so crucial.

At Cellulant (www.Cellulant.io), we view fintech collaborations as a vehicle for advancing financial inclusion, business expansion and the overall economic development of Africa. We are daily working towards opening up options for people to become financially autonomous and empowered by giving global, regional, and local enterprises the rails they need to own their financial journeys.

We view collaborations with Fintech firms, especially those Founded and Led by the Youth, as a tool to promote financial inclusion and the growth of individual businesses as well as the continent of Africa’s economy as a whole. As evidenced by some of our recent partnerships, Young African Founders in Africa are making significant steps in a variety of sectors to drive financial inclusion;

A study done by the OECD for the G20 Global Partnership for Financial Inclusion shows that young people are more likely to choose non-traditional financial service providers

Akshay Grover, Cellulant CEO & Benji Fernandes, Nala Founder and CEO

In the Gig Economy:

The one-stop financial platform for Africa’s gig workers, ImaliPay (www.ImaliPay.com) partnered with Cellulant, for its payments infrastructure and solutions in Kenya and Nigeria. Founded by 2 young Africans, Tatenda Furusa (https://bit.ly/3QoO9tw) & Sanmi Akinmusire (https://bit.ly/3zQi3Q8), ImaliPay is driving financial inclusion by allowing ImaliPay users to access financial services quicker through Cellulant’s payment rails while at the same time building an ecosystem where gig workers can create a safety net around their work through savings, credit,  and insurance that drives their productivity and economic empowerment.

Cellulant is also the Payments Processor for Grey (https://bit.ly/3JNRakz), a Y-combinator-backed fintech startup, powering its payouts to thousands of Grey customers. Grey offers a unique international money transfer service that enables its users to send and receive international payments without restrictions quickly. Grey was launched in 2021 by Idorenyin Obong (https://bit.ly/3zK17uE) and Femi Aghedo (https://bit.ly/3zOl1Vr), who wanted to help Nigerians easily exchange to local currency and access the foreign currencies in their accounts.

In the Retail Sector:

Leveraging Cellulant’s footprint across the continent, where we are present in 35 countries, MarketForce (https://bit.ly/3AhDfzZ) entered a partnership with Cellulant to offer additional revenue opportunities for informal retailers through empowering them to be agents for major financial services, as well as access payments, savings, investments, insurance and buy-now-pay-later products. Founded in 2018 by Tesh Mbaabu (https://bit.ly/3QmKE6O) and Mesongo Sibuti (https://bit.ly/3C3ZJG8), MarketForce is an all-inclusive B2B commerce platform that empowers informal merchants in Africa to source, order and pay for inventory digitally and conveniently, access financing, collect digital payments and make extra money by reselling digital financial services such as airtime, electricity tokens and bill payments through its RejaReja app.

David Waithaka, Cellulant Chief Revenue Officer & Tesh Mbaabu, MarketForce CEO and Co-Founder

In the Remittances Sector:

At Cellulant, our goal is to simplify how payments are made by ensuring they are made in the most seamless manner. This seamlessness is also required in the remittance space hence our partnership with Nala (https://www.Nala.com) to facilitate seamless cross-border payments and significantly reduce the cost of sending money from the UK and the US into Africa. Nala is a Y-Combinator-backed company, founded by Benjamin Fernandes (https://bit.ly/3SGQ7XL), that provides an app for Africans living in the United Kingdom and the United States to send money to the continent seamlessly.

Cellulant continues to power payments across the continent, one transaction at a time assisting businesses to explore how the evolution of digital payment solutions may assist job creation, increase efficiency in service delivery, and encourage financial inclusion for our youth population in order to develop Africa’s payment sector and to boost economic development.

Distributed by APO Group on behalf of Cellulant.

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ACG CEO Paulo J. Cruz to Speak at the Angola Access & Investment Conference 2026 in Luanda on How Sport and Entertainment Districts Can Drive Inclusive Economic Growth Across Africa

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Cruz joins heads of state, ministers, ambassadors, and CEOs from over 60 international markets at one of Angola’s flagship investment conferences, connecting sport infrastructure to job creation, accessibility, and sustainable development

LUANDA, Angola, October 14, 2026/APO Group/ –African Collaborations Group (ACG) (www.ACGafrica.com), the leading strategic project origination and collaboration platform focused on the industrialisation of sport in Africa through the origination of bankable sport and entertainment district ecosystems, today announced that its CEO, Paulo J. Cruz, will speak at the Angola Access & Investment Conference 2026 (AAIC) (www.aaic.ao) in Luanda, Angola, from 14 to 17 October 2026.

 




 
 

The AAIC is organised by Expo Connect Angola in partnership with Skyliam Properties, the Cópia Group, and Angolan Business Beyond Borders, with the support of the Angola-Mozambique Chamber of Commerce and Industry (CCIAM) and the Angolan Ministry of Tourism and the Ministry of Telecommunications, Information Technologies, and Social Communication. The conference brings together heads of state, ministers, ambassadors, CEOs, investors, development banks, and business leaders from over 60 international markets.

Mr Cruz will address how ACG’s origination of integrated sport and entertainment districts contributes directly to inclusive economic growth. His intervention will focus on how sport infrastructure, when designed as a financially self-sustaining urban ecosystem, becomes a catalyst for large-scale job creation, skills development, accessible infrastructure, and long-term economic diversification.

Sport infrastructure has the power to be one of the most inclusive economic assets a country can build

The AAIC’s focus on accessibility and inclusion aligns directly with ACG’s approach to sport and entertainment district development. A Victory District™ is designed from inception to serve the widest possible community: creating permanent employment across dozens of professions, providing professional sport training facilities for young athletes, and generating economic activity that benefits surrounding neighbourhoods year-round.

“Sport infrastructure has the power to be one of the most inclusive economic assets a country can build,” said Paulo J. Cruz, CEO of ACG. “A Victory District™ does not just create stadiums. It creates thousands of permanent jobs, from hospitality to broadcast production, from sport coaching to facility management. It creates training pathways for young athletes. And it creates an urban ecosystem that generates economic activity 365 days a year. That is inclusive growth in practice, not in theory. I am honoured to share that vision at the AAIC alongside some of Africa’s most influential investors and decision-makers.”

The AAIC programme includes official MoU signing ceremonies, B2B investment rounds, VIP executive networking with senior government and business leaders across 10 dedicated Business Lounges, and the inauguration of Angola’s first assistive technology factory. The conference covers priority sectors including energy, mining, accessible tourism, agriculture, logistics, health, and infrastructure.

ACG’s Victory District™ framework is designed to originate integrated, mixed-use sport and entertainment districts that move beyond single-venue development models. Each district combines stadiums, indoor arenas, training academies, hotels, conference centres, retail, entertainment, residential, and commercial space within a single masterplanned development, financed by private and institutional capital without reliance on public subsidy.

Mr Cruz brings more than 28 years of experience across Africa, the Middle East, and Europe in originating, structuring, and delivering large-scale infrastructure, urbanisation, and real estate development initiatives. Prior to ACG, he served as Senior Vice President at DAMAC Group, the largest private real estate developer in the Middle East, and as Group CEO of LandAfrique, a pan-African development platform focused on industrial parks, infrastructure, housing, and power projects across Sub-Saharan Africa.

Distributed by APO Group on behalf of African Collaborations Group (ACG).

 

 




 

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Venezuelan Oil and Gas Opportunities Take Center Stage at African Energy Week (AEW) 2026

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Venezuela

The country is promoting new hydrocarbons contracts, upstream and refining opportunities, and technical partnerships with Africa to attract investment and strengthen local energy sector capabilities

CAPE TOWN, South Africa, October 14, 2026/APO Group/ –Venezuela is seeking to attract international investment into its oil and gas sector while building stronger energy partnerships with African countries. Revised hydrocarbon legislation offers new entry routes for private operators, while cooperation on technical training could help African markets draw on Venezuela’s industry expertise. These opportunities featured at the Venezuela Global Investment Forum during African Energy Week (AEW) 2026 in Cape Town.

 




 
 

Ricardo Gomez, Venezuela’s Vice Minister of Commercial Policy, outlined the country’s investment proposition, highlighting 303 billion barrels of proven oil reserves and 193 trillion cubic feet of natural gas.

“Venezuela combines a large hydrocarbon resource base with refining infrastructure and a market that needs reliable energy,” he said. “The opportunities extend from upstream projects to downstream and refining.”

The country’s amended Organic Hydrocarbons Law introduces new ways for international companies to enter the market. Hydrocarbon production participation contracts allow private operators to manage designated assets, oversee operations and market production under negotiated terms. Agreements can extend for 25 years, offering a longer investment horizon for field development and rehabilitation.

Restructured joint venture companies provide another route, retaining majority state ownership while allowing international partners to take on operational responsibilities through approved agreements. Direct ministerial contracts and strategic alliances offer additional opportunities in field redevelopment, oilfield services and infrastructure.

Venezuela is seeing a lot of interest as a result of aggressive fiscal and regulatory changes that are making the country more attractive

Potential investments span heavy-oil production in the Orinoco Belt, mature onshore fields, offshore gas, pipeline rehabilitation, export terminals and refinery upgrades. Venezuela’s target of signing 105 definitive oil contracts by year-end reflects its wider effort to attract operators and accelerate project development.

Scott Gilbert, CEO and Executive Director of Corcel Plc and Non-Executive Chairman of Apertura Energy, highlighted investor interest in the changing regulatory environment. “Venezuela is seeing a lot of interest as a result of aggressive fiscal and regulatory changes that are making the country more attractive,” he said.

Alongside these commercial opportunities, Venezuela is promoting its technical expertise through the Venezuelan University of Hydrocarbons (UVH). Celia Bejarano, the university’s President, explained how the institution trains engineers and geologists in geophysics, reservoir engineering, well management, natural gas and petrochemicals.

“The Venezuelan University of Hydrocarbons was created to deliver a specialized institution where the country can train its own recruits to develop its own premier resources,” Bejarano said.

Through its Africa-Venezuela Energy Partnership with the African Energy Chamber (AEC), UVH is advancing technical training, knowledge exchange and workforce development. The initiative could help African energy projects apply Venezuela’s experience in heavy-oil production and offshore engineering while strengthening local capabilities. Rene Awambeng, founder and managing partner of Premier Invest, highlighted this opportunity for African developers.

“When we are developing our assets here, we always import talent,” he said. “With the Venezuelan University of Hydrocarbons, we can actually leverage Venezuela’s immense experience to support local content development here in Africa.”

Also speaking during the discussion, NJ Ayuk, Executive Chairman of the AEC, emphasized the strategic value of closer ties between the regions. “Our energy industry has an amazing ally in Venezuela,” he said, describing the country as “open for business and ready to partner with Africa.”

Distributed by APO Group on behalf of African Energy Chamber.

 




 

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Sonangol Cites Commitment to Privatization as Company Charts Next Growth Phase

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Katambi

Katambi-2 appraisal, infill drilling and downstream construction frame the national oil company’s priorities as it marks its 50th anniversary

CAPE TOWN, South Africa, October 14, 2026/APO Group/ –Angolan National Oil Company Sonangol is advancing plans for an initial public offering (IPO) while expanding its upstream portfolio and investing in Angola’s domestic refining capacity, as the national oil company charts its next phase of growth following its 50th anniversary in 2026. Speaking at the opening ceremony of African Energy Week (AEW) 2026, Executive Board Member Osvaldo Inácio reaffirmed the company’s commitment to privatization, alongside efforts to increase production, progress new developments and translate Angola’s oil and gas resources into broader economic growth.

 




 
 

 

“We want to make sure that we do it in a way that, when you buy your shares, you are happy with the performance of those shares. We are doing the internal work required to make sure that when we get to that point, it’s a successful story,” he said.

We want to make sure that we do it in a way that, when you buy your shares, you are happy with the performance of those shares

Sonangol’s 50th anniversary comes as Angola’s NOC develops opportunities across exploration, producing assets and domestic processing. Its next investment phase requires capital and technical partners to turn appraisal results into developments while delivering refinery infrastructure and expanding the value retained from Angola’s oil and gas production.

“We are thinking about what the next 50 years will be like, focusing on producing to transform. We are not only looking at managing resources but how we translate those resources into overall development in the country,” he said.

Sonangol’s September account of its Katambi-2 work in Block 24 described a completed formation test in a non-associated gas reservoir, providing further evidence for assessment of the field’s development potential. In its producing portfolio, the company and its partners also reported approximately 100 meters of net oil pay at PAC 416 in Block 3/05, as part of a program intended to increase operated production. The results give Sonangol a technical basis for future investment, while appraisal, development design and commercial arrangements remain necessary steps.

“If you look at our portfolio, we have both operated and non-operated assets. The focus is on making sure we are doing everything we can to make sure those assets are still producing at the highest rate possible. New developments such as Block 3/05 are advancing. We are also part of Kaminho with TotalEnergies,” Inácio shared.

Downstream, Angola’s government reported in September that the Lobito refinery was approximately 26% physically complete, with around $1.6 billion invested and completion envisaged for 2029. A potential petrochemical complex was under study. Alongside Cabinda’s initial 30,000-bpd refining phase, Lobito gives Sonangol’s diversification program a concrete industrial focus, with financing, construction progress and product marketing central to the next stage.

Distributed by APO Group on behalf of African Energy Chamber.

 




 

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