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NCBA and African Guarantee Fund (AGF) Strengthen Small and Medium Enterprise (SME) Financing with KES 3 Billion Renewal, Prioritizing Women-Led Businesses

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African Guarantee Fund

The agreement will continue to support the Group’s efforts to provide financial solutions for SMEs, with a special focus on women-led businesses and those in environmentally responsible sectors

NAIROBI, Kenya, April 7, 2025/APO Group/ –NCBA has today renewed its partnership with the African Guarantee Fund (AGF) (https://AfricanGuaranteeFund.com), to enable the Group provide financial solutions to SMEs, through an enhanced guarantee agreement of KES 3 billion for 10 years.

Through the support of AGF’s risk-sharing mechanism, NCBA cumulatively disbursed close to KES 17 billion in loans. Out of these credit facilities, AGF has supported 696 SMEs [over 3,500 transactions] amounting to KES 8.0 billion. The outstanding portfolio is worth KES 1.7 billion.  The partnership has so far generated 7,200 jobs, of which 2,200 target women, while youth account for 4,100 jobs.

Signed by Mr. John Gachora, Group Managing Director of NCBA and Mr. Jules Ngankam, Group Chief Executive Officer of AGF, this enhancement will allow NCBA, on one hand, to further increase its commitment to Kenya’s SME segment and on another, to promote the development of projects in renewable energy and sustainable agriculture as well as support women led/owned businesses.

During the ceremony, the Group Managing Director at NCBA, Mr John Gachora, said, “This strategic partnership with AGF is proof of our devotion to SMEs, particularly those spearheading sustainable practices led by women. I believe that by increasing our guaranteed limit, our capacity to offer more flexible and long-term financial solutions that support SME growth will contribute to economic growth.”

NCBA reaffirmed its commitment to advancing financial inclusion for women entrepreneurs during a recent International Women’s Day dinner in Kapsabet, where the Group hosted its clients. Recognizing the resilience and ambition of women-led businesses, NCBA emphasized its dedication to providing tailored financial solutions, fostering strategic partnerships, and offering business education programs. By equipping women entrepreneurs with the necessary resources, knowledge, and networks, the Group aims to support their growth and long-term success.

Our partnership with NCBA represents a significant step in our mission to support SMEs, who constitute almost 98% of all business in Kenya, and create over 30% of the jobs annually

In addition to the extension of the credit guarantee facility, AGF will provide a Capacity Development grant to NCBA that will be utilized in enhancing the Group’s capacity to lend to more SMEs and particularly to women-led SMEs through creation of a pipeline of credit ready WSMEs.

“Our partnership with NCBA represents a significant step in our mission to support SMEs, who constitute almost 98% of all business in Kenya, and create over 30% of the jobs annually. NCBA has been a valued partner for over 12 years, and this renewal marks a new milestone in our shared mission to unlock financing for SMEs. Our collaboration has already achieved remarkable impact, and by increasing this facility, we can reach even more businesses that are shaping the future of Kenya’s economy,” said AGF Group CEO, Jules Ngankam.

Furthermore, this partnership corresponds with AGF’s goals of promoting women’s empowerment through the Affirmative Finance Action for Women in Africa (AFAWA) program and endorsing green initiatives to stimulate a more sustainable economy, through its Green Guarantee Facility.

NCBA actively promotes sustainability through targeted mentorship and skill-building programs for women and youth, fostering diversity and diligence. The Group directs at least 30% of its procurement to women and youth, advancing inclusion. Through a KES6.5 billion partnership with Proparco, NCBA supports green financing and women’s economic empowerment, aligning with its “Change the Story” agenda.

Moreover, the institution invests KES150 million yearly in community development, education and sports. Its environmental efforts, such as tree planting and plastic reduction, further contribute to sustainable livelihoods.

NCBA encourages SMEs seeking flexible financial solutions to partner with the Group to unlock credit facilities and other services to grow their businesses. The partnership will benefit these businesses as they will have access to a range of solutions, including finance, currency exchange, cash management systems, online banking, and other services.

Distributed by APO Group on behalf of African Guarantee Fund

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A New Era of Manipulation: How Deepfakes and Disinformation Threaten Business (By Anna Collard)

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Anna Collard

The WEF’s 2024 Global Risk Report named misinformation and disinformation as the top global risk, surpassing even climate and geopolitical instability

 A reality where falsity feels familiar, and information is weaponised to polarize societies and manipulate our belief systems

JOHANNESBURG, South Africa, April 14, 2025/APO Group/ —By Anna Collard, SVP Content Strategy & Evangelist, KnowBe4 Africa  (www.KnowBe4.com).

Last weekend, at a typical South African braai (barbeque), I found myself in a heated conversation with someone highly educated—yet passionately defending a piece of Russian propaganda that had already been widely debunked. It was unsettling. The conversation quickly became irrational, emotional, and very uncomfortable. That moment crystallised something for me: we’re no longer just approaching an era where truth is under threat—we’re already living in it. A reality where falsity feels familiar, and information is weaponised to polarize societies and manipulate our belief systems. And now, with the democratisation of AI tools like deepfakes, anyone with enough intent can impersonate authority, generate convincing narratives, and erode trust—at scale.

The Evolution of Disinformation: From Election Interference to Enterprise Exploitation

The 2024 KnowBe4 Political Disinformation in Africa Survey (https://apo-opa.co/3RTVMu1) revealed a striking contradiction: while 84% of respondents use social media as their main news source, 80% admit that most fake news originates there. Despite this, 58% have never received any training on identifying misinformation​.

This confidence gap echoes findings in the Africa Cybersecurity & Awareness 2025 Report, (https://apo-opa.co/4ikY0xv) where 83% of respondents said they’d recognise a security threat if they saw one—yet 37% had fallen for fake news or disinformation, and 35% had lost money due to a scam.

What’s going wrong? It’s not a lack of intelligence—it’s psychology.

The Psychology of Believing the Untrue

Humans are not rational processors of information; we’re emotional, biased, and wired to believe things that feel easy and familiar. Disinformation campaigns—whether political or criminal—exploit this.

  1. The Illusory Truth Effect: The easier something is to process, the more likely we are to believe it—even if it’s false (Unkelbach et al., 2019). Fake content often uses bold headlines, simple language, and dramatic visuals that “feel” true.
  2. The Mere Exposure Effect: The more often we see something, the more we tend to like or accept it—regardless of its accuracy (Zajonc, 1968). Repetition breeds believability.
  3. Confirmation Bias: We’re more likely to believe and even share false information when it aligns with our values or beliefs.

A recent example is the viral deepfake image of Hurricane Helena shared across social media. Despite fact-checkers clearly identifying it as fake, the post continued to spread (https://apo-opa.co/3RMZHZH). Why? Because it resonated emotionally with users’ felt frustration and emotional frame of mind.

Deepfakes and State-Sponsored Deception

According to the Africa Centre for Strategic Studies, disinformation campaigns on the continent have nearly quadrupled since 2022. Even more troubling: nearly 60% are state-sponsored, often aiming to destabilise democracies and economies. The rise of AI-assisted manipulation adds fuel to this fire. Deepfakes now allow anyone to fabricate video or audio that’s nearly indistinguishable from the real thing.

Why This Matters for Business

This isn’t just about national security or political manipulation —it’s about corporate survival too. Today’s attackers don’t need to breach your firewall. They can trick your people. This has already led to corporate-level losses, like the Hong Kong finance employee tricked into transferring over $25 million during a fake video call with deepfaked “executives.” These corporate disinformation or narrative based attack can also result in:

  • Fake press releases can tank your stock.
  • Deepfaked CEOs can authorise wire transfers.
  • Viral falsehoods can ruin reputations before PR even logs in.

The WEF’s 2024 Global Risk Report named misinformation and disinformation as the top global risk, surpassing even climate and geopolitical instability. That’s a red flag businesses cannot ignore.

The convergence of state-sponsored disinformation, AI-enabled fraud, and employee overconfidence creates a perfect storm. Combating this new frontier of cyber risk requires more than just better firewalls. It demands informed minds, digital humility, and resilient cultures.

Building Cognitive Resilience

What can be done? While AI-empowered defenses can help improve detection capabilities, technology alone won’t save us. Organisations must also build cognitive immunity—the ability for employees to discern, verify, and challenge what they see and hear.

  1. Adopt a Zero Trust Mindset—Everywhere
    Just as systems don’t trust a device or user by default, people should treat information the same way, with a healthy dose of scepticism. Encourage employees to verify headlines, validate sources, and challenge urgency or emotional manipulation—even when it looks or sounds familiar.
  2. Introduce Digital Mindfulness Training
    Train employees to pause, reflect, and evaluate before they click, share, or respond. This awareness helps build cognitive resilience—especially against emotionally manipulative or repetitive content designed to bypass critical thinking. Educate on deepfakes, synthetic media, AI impersonation, and narrative manipulation. Build understanding of how human psychology is exploited—not just technology.
  3. Treat Disinformation Like a Threat Vector
    Monitor for fake press releases, viral social media posts, or impersonation attempts targeting your brand, leaders, or employees. Include reputational risk in your incident response plans.

The battle against disinformation isn’t just a technical one—it’s psychological. In a world where anything can be faked, the ability to pause, think clearly, and question intelligently is a vital layer of security. Truth has become a moving target. In this new era, clarity is a skill that we need to hone.

Distributed by APO Group on behalf of KnowBe4

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Tema Oil Refinery Managing Director (MD) Joins Accra Investor Briefing, Targets Greater Fuel Security in Ghana

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Taking place on April 14, 2025 in Accra, the briefing will spotlight emerging opportunities across Ghana’s oil, gas and broader energy sectors

Dr. Yussif Sulemana, Managing Director of the Tema Oil Refinery (TOR) in Ghana, has confirmed his participation in the Invest in African Energies: Accra Investor Briefing, as the company aims to enhance operational efficiency and reinforce Ghanaian fuel security. Taking place on April 14, 2025 at the Kempinski Hotel in Accra, the event serves as a prelude to the African Energy Week (AEW): Invest in African Energies conference, returning to Cape Town from September 29 to October 3, 2025.

The Accra briefing will explore emerging opportunities across Ghana’s energy landscape, from upstream acreage to regulatory reforms to downstream infrastructure developments. With over 17 oil and gas projects expected to come online by 2027, Ghana is poised for a significant expansion in crude production. Backed by over 1.1 billion barrels of crude oil reserves and 2.1 trillion cubic feet of natural gas, the country is ramping up both production and refining efforts. Key projects such as the Jubilee and TEN fields are central to this growth, as Ghana continues to attract upstream investment.

The company’s forward-looking strategy to boost capacity will undoubtedly generate substantial value for both the company and the country

Established in 1963, the Tema Oil Refinery stands as Ghana’s flagship refining facility and hosts the country’s largest single storage tank. The refinery has a crude storage capacity of 1,925,348 barrels across 59 tanks, representing 44% of Ghana’s national storage capacity. TOR is also the country’s sole producer of Premix fuel and operates the largest LPG storage facility in Ghana. Looking ahead, the refinery is seeking $25 million to support the maintenance and reactivation of an essential unit within its crude distillation unit. The goal is to enhance operational efficiency and ensure TOR’s continued role in sustaining national fuel distribution and energy security.

As Managing Director, Dr. Sulemana has committed to revitalizing the refinery’s operations by focusing on productivity, overcoming operational challenges and seizing emerging opportunities. This includes fostering collaboration with industry stakeholders. A recent visit by the National Petroleum Authority in Q1 2025 identified areas for performance improvement, while the refinery’s Finance and Audit team benefited from a KPMG-led in-house training program aimed at aligning internal audit practices with global standards.

“As one of Africa’s first eight refineries and Ghana’s premier facility, the Tema Oil Refinery plays a vital role in reducing petroleum imports and ensuring fuel security in West Africa. The company’s forward-looking strategy to boost capacity will undoubtedly generate substantial value for both the company and the country,” stated NJ Ayuk, Executive Chairman of the African Energy Chamber.

The Invest in African Energies: Accra Investor Briefing will lay the foundation for deal-signing and engagement during AEW 2025: Invest in African Energies in Cape Town. Uniting key players from across Ghana’s oil and gas sector, the briefing will address sector-wide challenges and opportunities, fostering deeper collaboration as the country seeks to scale up production and strengthen regional energy distribution.

Distributed by APO Group on behalf of African Energy Chamber

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Moneda Invest, FNB Namibia, Ino Capital Sign Memorandum of Understanding (MoU) to Empower small and medium-sized enterprises (SMEs) in Namibia

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Supported by the African Energy Chamber, Moneda Invest, FNB Namibia and InoCapital Investments have joined forces to launch a game-changing Local Content Accelerator, driving SME participation and African-led growth in Namibia’s energy sector

CAPE TOWN, South Africa, April 14, 2025/APO Group/ –In a strategic move aimed at transforming Namibia’s energy sector, Nigerian investment firm Moneda Invest has signed a Memorandum of Understanding (MoU) with FNB Namibia and private equity firm Ino Capital Investments to support and scale local small- and medium-sized enterprises (SMEs) in Namibia’s rapidly growing oil, gas and energy industries. The African Energy Chamber (https://EnergyChamber.org) fully endorses this partnership, viewing it as a prime example of how African institutions and investors must lead the charge in fostering inclusive economic growth across the continent.

The MoU formalizes the collaboration between the parties and establishes the Local Content Accelerator program – an inclusive platform designed to empower Namibian SMEs, suppliers and contractors to fully participate in the energy value chain. Central to this transformative initiative is a shared commitment to building a sustainable and dynamic ecosystem for local content development.

A key contributor to this milestone, Ejike Egbuagu, CEO of Moneda Invest, has played an instrumental role in realizing this vision. Egbuagu’s journey with Namibia began at African Energy Week (AEW): Invest in African Energies – the continent’s premier energy event – which brings together African leaders, global investors and energy executives. As a partner of AEW 2024, Moneda has consistently championed the development of local businesses in the energy sector, recognizing Namibia’s potential as a future energy hub and committing to support the country’s local economic transformation.

Moneda’s partnership with Namibia also deepened during AEW 2022, when the firm signed a three-year collaboration agreement with Namibia’s national oil company, NAMCOR, to share knowledge, enhance skills and unlock investment opportunities for MSMEs within the oil and gas sector. Building on this foundation, Moneda is now taking further steps to invest in Namibia’s energy landscape, strengthening its support for local content initiatives and playing a pivotal role in driving sustainable, inclusive growth in the country’s burgeoning energy sector.

This partnership provides the proper backbone, supported by our experience operating in Nigeria, DRC and other parts of Africa

“We are very honored to sign this partnership with FNB,” Egbuagu stated. “The truth is that the opportunity we see here is vast – it’s huge. However, banks and financial institutions must have an appetite for the unknown. Oil and gas represent the unknown in Namibia. This partnership provides the proper backbone, supported by our experience operating in Nigeria, DRC and other parts of Africa.”

https://apo-opa.co/43RjL4z

The MoU outlines a strategic roadmap for unlocking financing and operational support for SMEs across the energy value chain, from contractors to service providers to logistics firms. The partnership marks a significant turning point – a new phase where African businesses are not only recipients of capital but champions of development. This MoU exemplifies the impact of long-term, strategic investment in African talent and businesses, and serves as a call to action for other African institutions and leaders to invest deeply, remain committed and trust in the continent’s potential.

As Africa’s energy sector continues to expand, the need for effective local content policies, strategies and initiatives becomes more urgent for local job creation and value retention. The upcoming AEW 2025: Invest in African Energies conference, taking place in Cape Town from September 29 to October 3, will highlight how well-designed partnerships can drive SME participation and growth. The event will bring together operators, financiers and investors with local companies, fostering collaboration and strengthening Africa’s energy industries.

Distributed by APO Group on behalf of African Energy Chamber

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