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Prime Minister of Barbados Calls for a New Global Financial Paradigm that is Fair to All

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4 years ago

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Global Financial Paradigm

The lecture, an initiative of the African Export-Import Bank (Afreximbank), was held on 14 October under the heading “The Developing World in a Turbulent Global Financial Architecture”

WASHINGTON D.C., United States of America, October 19, 2022/APO Group/ — 

The global financial architecture must be reconfigured completely to reflect the needs and participation of countries in the Global South, many of which were under the yoke of colonialism at the time the current order was fashioned, Her Excellency Prime Minister Mia Amor Mottley of Barbados has argued during the Sixth Annual Babacar Ndiaye Lecture, held on the sidelines of the World Bank-IMF Annual Meetings in Washington DC, USA.

The lecture, an initiative of the African Export-Import Bank (Afreximbank), was held on 14 October under the heading “The Developing World in a Turbulent Global Financial Architecture”. In his welcoming remarks, Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, celebrated the enduring legacy and vision of Dr Ndiaye and called for “renewed efforts to reconnect Africa and the Caribbean through trade and investment in pursuit of the shared purpose of economic emancipation”.

President Oramah praised Prime Minister Mottley for her global leadership in the pursuit of fairness and equality. He referred to their shared belief that “African and Caribbean nations can turn the iniquities of history into platforms for economic prosperity today and in the future. Realizing that vision can only begin with the reconnection of the Caribbean people to their genealogical ties in Africa through trade and investment.”

The lecture was organized at a time of heightening geopolitical tensions, with the weaponization of the US dollar exacerbating the risks of global fragmentation. Simultaneously, the cycle of aggressive interest rate increases by systemically important central banks in response to surging inflation has aggravated macroeconomic management challenges, dramatically increasing debt-servicing costs and raising the specter of a debt crisis in the Global South.

Technology has become the leading driver of growth and effective integration into the global economy

Prime Minister Mottley said the current system operates to the disadvantage of Caribbean and African nations, whose unique circumstances are not accounted for in the decision-making of major financial institutions, but which are nevertheless affected drastically by those decisions. Recalling the genesis of the Bretton Woods institutions, she said they were designed at a time when “we were not seen, we were not heard, and we were not felt”. These structures must be reoriented as a matter of fairness and to reflect the growing role that countries in the Global South play in the world economy.

She said global institutions must be reminded of their founding mandates and seek to fulfil their original purpose in a way that benefits all countries, but especially lower- and middle-income countries, which are currently facing severe challenges. Prime Minister Mottley outlined a set of recommendations for reforming the existing international financial system to better reflect the challenges of our time while concurrently creating the conditions for a process of globalization that serves us all. Among the various recommendations she articulated, the most pertinent include:

  1. Reforming the United Nations Security Council, especially its panel of Permanent Members, which currently lacks representation for more than 1.5 billion people of African descent;
  2. Democratizing the system of global governance, particularly the G7 and G20, by broadening representation to include the African Union as a full member;
  3. Reallocating unused special drawing rights (SDRs) issued by the IMF to assuage liquidity constraints in the Global South;
  4. Developing new facilities for food and agriculture, clean energy, and climate change adaptation in response to emerging global challenges;
  5. Capping debt-service payments to a certain percentage of exports—for instance around 5% of total exports, as was done in Germany to help finance reconstruction following the second world war. As a percentage of exports, debt-service payments have risen to 24% and 20% in Africa and the Caribbean, respectively;
  6. Reforming global credit rating agencies to correct their intrinsic biases, which over the years have led global investors to overprice risks in the Global South, with significant consequences for access to development finance, debt sustainability, and economic growth. To take but one example, Ghana’s Eurobond yield currently exceeds 25%, while Greece pays less than 2% for new issuances;
  7. Suspending temporary surcharges by the IMF, which further raise the debt burden at a time when rising interest rates are exacerbating the fiscal incidence of sovereign debt;
  8. Taking advantage of the Review of Quotas by the IMF scheduled for 2023 to reform the Bretton Woods institutions and account for shifting economic weights. The Prime Minister deplored the fact that 27 low-income countries, with a population of 611 million, have fewer quotas combined than the United Kingdom, with a population of only 67 million, does alone;
  9. Increasing long-term financing and longer maturity loans to support economic development and structural transformation in low-income countries. To underscore the benefits of long-term financing, the Prime Minister highlighted an example from Britain, where a bond issued in 1922 for reconstruction after the first world war was finally repaid in 2014, almost a century later;
  10. Reforming the Bretton Woods institutions and holding them accountable to their mandate, specifically that of development and not just crisis management and structural adjustment. The Prime Minister reminded the audience that what we now call the World Bank Group began life simply enough as the International Bank for Reconstruction and Development. She stressed that its eponymous mandate, which was so effective during the reconstruction of Europe after the second world war, has been noticeably less pronounced in respect of promoting development in the Global South, where poverty is rampant and unemployment rates have been at Great Depression-levels for decades.

Prime Minister Mottley emphasized the need to adopt a sense of urgency, arguing that the devastating effects of global warming, especially in countries on the frontline of the climate crisis, as well as ongoing energy and food crises demand bolder and swifter steps. “Urgent and ambitious action is necessary to save lives and livelihoods,” she said.

She also tasked countries in Africa and the Caribbean to expand their own capacity through creative linkages that will enable them to fund and execute projects. In that context, she praised Afreximbank for recently convening the inaugural AfriCaribbean Trade and Investment Forum, which she said provided an opportunity to build these bridges. “The presence of Caribbean banks in Africa and African banks in the Caribbean is one example of how economic bonds can be built and cemented,” she said. The Prime Minister also praised President Oramah for his Pan-African vision, which recognizes that global prosperity for Africans must include not only the continent of Africa but also its diaspora.

Furthermore, the Prime Minister highlighted the benefits associated with the emergence of digitalization and new technologies, especially in terms of economic development and shared prosperity between Africa and its diaspora. In that regard, she encouraged leaders in Africa and the Caribbean to prepare young Africans for rising development challenges by investing in artificial intelligence, information technology, cybersecurity, and digitalization. “We have to stop looking North, because we have the capacity,” she said.

“Technology has become the leading driver of growth and effective integration into the global economy. Investing in our youth is not only a path towards strengthening ownership of our development process, but also a way to reap the benefits of globalization,” Dr Hippolyte Fofack, Chief Economist of Afreximbank, said in his closing remarks. Dr Fofack thanked and praised the Prime Minister for her leadership on the subject of reforming the international financial system, which for too long has undermined the process of global income convergence and sustained the colonialist dichotomy of developed-developing countries by constraining access to capital in the Global South.

Dr Fofack also emphasized that the emergence of an improved international financial system, as articulated by the Prime Minister, must come as the result of collective effort, with success requiring support from all stakeholders. He invited world leaders—from the Global South and the North, as well as from the public and private sectors—to collaborate to implement the comprehensive recommendations outlined by Prime Minister Mottley to meet our shared challenges of the 21st century.

Distributed by APO Group on behalf of Afreximbank.

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CIT VERICASH Recognized as Best Digital Financial Services Platform of 2026 by Global Business Outlook

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6 days ago

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August 24, 2026

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The recognition marks the latest in a series of industry acknowledgements for the company, which in 2025 was awarded Best Digital Transformation Platform, Fintech Strategic Partner of the Year, and Best Financial Services Platform Africa

LAGOS, Nigeria, August 24, 2026/APO Group/ –CIT VERICASH (https://www.CITVericash.com/), the fintech enablement platform serving banks and financial institutions across Africa, has been awarded Best Digital Financial Services Platform 2026 by Global Business Outlook, the UK-based international business publication known for its annual awards recognizing transformative performance across global financial markets.

The recognition marks the latest in a series of industry acknowledgements for the company, which in 2025 was awarded Best Digital Transformation Platform, Fintech Strategic Partner of the Year, and Best Financial Services Platform Africa. For CIT VERICASH, the Global Business Outlook award extends the company’s growing international profile at a moment when digital financial services adoption across sub-Saharan Africa is accelerating at institutional scale.

Those numbers are difficult to dispute. A single deployment of the VERICASH platform currently powers the digital banking operations of a pan-African banking group across 22 countries, processing over 500 transactions per second, handling more than 30 million digital services per day, and maintaining more than 7 million active subscribers. In the client’s first five years of full digital platform operations, the results compounded: 5x growth in digital subscribers, 10x growth in monthly transactions, and 30x growth in monthly financial transaction value, translating directly into higher fee income and lower servicing costs.

Building the Backbone of African Digital Finance

CIT VERICASH, a division of CIT GLOBAL, draws on the parent company’s 30-plus years of system integration and software expertise since its founding in Toronto in 1993, delivering award-winning technology to clients across more than 50 countries.

The cornerstone of the company’s performance is the VERICASH Fintech Enablement Platform, a centralized, integrated ecosystem designed to enable financial institutions to launch, operate, optimize, and continuously scale digital financial services through a single platform. Powered by an agile, low-code/no-code service builder, the platform allows commercial banks, digital banks, microfinance institutions, mobile money operators, and fintechs to rapidly deploy and evolve digital banking, agency banking, mobile wallets, payment ecosystems, lending, and other financial services while reducing complexity, accelerating time-to-market, and maximizing the value of existing infrastructure. Currently live in approximately 25 markets across Africa, the platform supports Tier 1 banks, digital banks, neobanks, and fintech operators with the technology, operational capabilities, and strategic enablement required to drive sustainable digital growth.

Global Business Outlook, in selecting CIT VERICASH for the 2026 award, pointed to the platform’s demonstrated ability to operate at institutional scale across fragmented regulatory environments, a challenge that continues to frustrate expansion-minded financial institutions across the continent.

Strategic Partnership That Goes beyond software delivery

To ensure sustainable, long-term client growth, CIT VERICASH anchors every deployment in a Strategic Partnership Model that extends far beyond traditional software delivery. Rather than acting as a technology vendor, CIT VERICASH operates as a long-term strategic partner, aligning technology, operational excellence, and business growth around shared success.

The partnership model combines a scalable fintech platform with dedicated Centres of Excellence, 24/7 operational monitoring, continuous platform optimization, development and customization capabilities, business intelligence and performance analytics, application quality support, and proactive fraud monitoring. Beyond technology operations, CIT VERICASH works alongside clients to evaluate business models, support licensing requirements, build operational teams, develop financial forecasts, and accelerate go-to-market execution for new digital service offerings.

Supported by a collaborative revenue-sharing model that aligns incentives between CIT VERICASH and its partners, this approach enables financial institutions to reduce technology risk, accelerate profitability, continuously evolve their digital capabilities, and unlock sustainable long-term growth.

This enterprise-grade approach has translated into critical long-term alliances. In East Africa, CIT VERICASH has formed a strategic alliance with Bluechip Technologies, combining the VERICASH platform with Bluechip’s localized market expertise to deliver agency banking, digital payments, and mobile wallets to banks, telcos, and fintechs. Further across the continent, a decade-long partnership with CWG PLC in West Africa that powers large-scale financial ecosystems.

A key differentiator shaping CIT VERICASH’s product direction is its approach to artificial intelligence. Rather than positioning machine learning as an optional layer, the company operates under a clear philosophy: “AI is not a feature. It is how the digital channel thinks, decides, and acts.” By embedding 360° AI-powered capabilities across retail, SME, and corporate banking, including personalized customer experiences, automated credit scoring, real-time transaction risk scoring, and proactive fraud prevention, the platform is built for the next generation of digital finance infrastructure, not the last.

A Pattern of Recognition

What distinguishes CIT VERICASH’s recent run of awards from standard industry noise is the consistency. Three industry recognitions in 2025, now followed by an international designation from Global Business Outlook in 2026, suggest a narrative that is beginning to cut through: a company that has spent years building infrastructure continues to be acknowledged because its clients are scaling profitable, inclusive digital services.

The timing is not incidental. Digital financial services adoption across sub-Saharan Africa accelerated sharply following the pandemic, and the institutions that emerged well-positioned were largely those that had invested in scalable ecosystems rather than attempting to build proprietary stacks. CIT VERICASH positioned itself on the right side of that structural shift.

Distributed by APO Group on behalf of CIT VERICASH.

 

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Comsol enters wholesale 5G home broadband market with backing from new shareholders

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1 week ago

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August 20, 2026

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Comsol

Comsol aims to blanket South Africa with around 2,000 base stations, representing one of the country’s largest standards-based and highest-capacity 5G networks

JOHANNESBURG, South Africa, August 20, 2026/APO Group/ —

  • New shareholder alignment funds the multibillion-rand buildout of a purpose-built 5G-Advanced fixed wireless access (FWA) network.
  • Wholesale model enables established ISPs, MVNOs, WISPs and new market entrants to access South Africa’s fastest-growing broadband category.
  • Network brings stable, high-speed home connectivity and greater consumer choice to a growing market across the nation, including underserved areas, starting in Gauteng.

 

Comsol (https://Comsol.co.za/), a South African fixed wireless connectivity and private network operator with a history spanning nearly three decades, is entering the home broadband market as a wholesale provider of 5G infrastructure. The move is backed by two new shareholders: Platform Investment Partners, which has made 10 founder-stage fibre investments across four geographies over the past decade, and Wimsey Capital, a privately held investment company.

The new shareholding follows the exit of Nedbank Private Equity, part of Nedbank CIB, from its investment in Comsol. Convergence Partners, a major shareholder and long-standing investor in the business, together with Solcon Capital, is investing additional growth capital. Founder and CEO Iain Stevenson (through Mactavish Investments) retains his stake and is also investing additional capital into the company. RMB arranged and provided an innovative and holistic funding solution that enabled the shareholder transaction and will support the business in its strategic capex roll-out plan.

The move gives South African internet service providers, mobile virtual network operators (MVNOs) and other potential partners access to a standalone 5G-Advanced* network purpose-built for fixed wireless access (FWA). Comsol owns and operates the network as an end-to-end wholesale product, while its partners control the customer relationship and go-to-market strategy, including branding, commercials and support.

One million households in Gauteng already covered

Comsol started building its network six months ago and already covers more than a million households in Gauteng. The company is targeting full coverage of Gauteng by March 2027. Expansion into the Western Cape, KwaZulu-Natal and major regional centres will follow in 2027 and 2028.

Comsol aims to blanket South Africa with around 2,000 base stations, representing one of the country’s largest standards-based and highest-capacity 5G networks. The network creates a new wholesale option for South African service providers, giving them more network capacity choice through new infrastructure, enhancing the competitive landscape to the benefit of the consumer.

“Comsol anticipates where the market is heading and builds ahead of demand,” said Stevenson. “This is why we were investing in licensed spectrum years before its strategic value was widely understood and building private 5G before the market had grasped what it would enable. We see 5G-Advanced for the home as a big growth opportunity.

“ICASA has allocated spectrum to network providers to expand broadband access and increase competition in the market. We believe the way to honour that mandate is to build wholesale infrastructure that extends high-speed broadband to new customer segments and creates a platform for more competition at the well-established service provider layer.”

Backed by investors with deep experience in telecom infrastructure

Comsol anticipates where the market is heading and builds ahead of demand

Shaun Clark, CEO of Platform Investment Partners, added: “We have spent years investing in the construction of open-access digital infrastructure in South Africa, and were founding investors in assets such as DFA, Conduct, Vumatel and N99. Our approach has always been to identify trends in technology adoption and invest behind them. We see fixed wireless as an important part of the connectivity market. Comsol is a natural fit with our portfolio of digital infrastructure businesses, which are all centred around a neutral host model.”

Richard Ladbrook, Director of Wimsey Capital, said: “We see a significant opportunity in 5G fixed wireless access to bring high-quality connectivity to more South African households. Comsol has a multi-decade track record of successfully building and delivering advanced wireless networks in diverse contexts. We are excited to back the business and partner with the world-class Comsol team as they build and scale this next phase of growth.”

Said Andile Ngcaba, executive chairman of Convergence Partners and chairman of the Comsol board: “Comsol is well positioned as the world transitions from 5G to 6G. The depth of its spectrum and nationwide network presence across all provinces creates a significant opportunity to serve South Africa’s enterprise, private and public sectors. Comsol’s platform is equally relevant to urban and rural markets, and to companies of all sizes.”

For Nedbank Private Equity this exit concludes a successful nine-year investment in Comsol. “We are proud to have supported the company’s growth, network rollout and value creation journey alongside management and our co-shareholders. The transaction positions Comsol strongly for its next phase of growth,” said Yougan Moodley of Nedbank Private Equity.

The commercial case for advanced home 5G

Comsol’s wholesale 5G-Advanced offering complements existing fibre networks, expanding consumer choice and the reach of home connectivity.  Approximately 15% of South African households are connected to fibre, largely concentrated in dense metro areas where trenching costs are justified. This leaves a significant market adjacent to suburban markets where 5G FWA can be deployed quickly and at a substantially lower cost. The 5G-Advanced FWA network deployed by Comsol provides high capacity to support home broadband at scale, enabling entire towns to be covered in weeks.

Regulatory and technology developments in recent years have further strengthened the commercial case for 5G-Advanced FWA home connectivity. Comsol received its C-band spectrum licence from ICASA in 2022, providing investors with the certainty to fund the network rollout. The allocated spectrum supports speed-tiered plans with competitive pricing for consumers. Meanwhile, declining 5G chipset and CPE costs have lowered the upfront cost for consumers and ISPs entering the 5G FWA market. As a new entrant into the 5G wholesale market, Comsol also benefits from a modern 5G-Advanced standalone core, unencumbered by legacy technologies.

These advantages of 5G FWA are expected to drive significant growth over the next five years. ICASA data shows FWA subscriptions growing by roughly 39% year on year in 2025.** BMIT predicts that 5G may account for up to 67% of all residential FWA connections by 2029, up from 35% in 2024.***

Built differently

Comsol’s network is one of only two production 5G standalone cores currently live in South Africa. The network offers a level of ultra-low latency and dedicated capacity control that hybrid 4G/5G deployments cannot match, along with roughly double the uplink performance of typical 5G mobile operator networks.

Comsol’s implementation of 5G-Advanced is IMT-conformant, taking advantage of standards-based technologies that deliver significantly greater capacity at a lower cost per bit. Comsol’s network is purpose-built to deliver high-capacity 5G home connectivity at scale.

Advantages for partners

Comsol operates as a wholesaler and does not compete with its consumer-facing partners. ISPs and other partners retain ownership of their go-to-market strategies, including product commercials, packaging, billing and branding. Comsol’s API-driven platform enables partners to bring a branded 5G-Advanced FWA offering to market in weeks, while retaining a high degree of control over their products and customer engagement.

Comsol has designed the network to enable ISPs to reach new customer segments with connectivity geared towards streaming, video calls and smart-home use that make up the bulk of home broadband needs. Its API-driven architecture gives partners the flexibility to build differentiated packages for different customer segments and implement or adapt products within hours, enabling them to respond quickly to changing market demand.

Distributed by APO Group on behalf of Comsol.

 

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Electra Mining Africa: Showcasing the Technologies Shaping the Future of Industry

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1 week ago

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August 20, 2026

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Mining

More than 1,000 exhibitors, technical seminars, industry forums and networking opportunities will bring together the people, products and ideas shaping industrial progress across Africa

JOHANNESBURG, South Africa, August 20, 2026/APO Group/ –As industrial technologies continue to evolve and mining, manufacturing and industrial businesses across Africa pursue greater productivity, improved safety, operational efficiency and more sustainable practices, the need for practical technologies, trusted expertise and strong business partnerships has never been greater. From automation and digitalisation to energy efficiency, sustainability and advanced engineering, organisations are seeking solutions that deliver measurable business value while supporting long-term growth.

Taking place from 7-11 September at the Johannesburg Expo Centre in Nasrec, Johannesburg, Electra Mining Africa will once again provide a meeting place for industry. Recognised as one of Africa’s leading industrial exhibitions, the event will bring together more than 1,000 predominantly local exhibitors, together with international companies, country pavilions, industry organisations, technical specialists, business leaders and decision-makers from across mining, manufacturing and related industries.

By bringing together six complementary sectors—mining, manufacturing, automation, electrical and power, transport and related engineering sectors—under one roof, Electra Mining Africa enables visitors to explore how integrated technologies and solutions can improve productivity, safety and operational performance. The exhibition provides a unique opportunity to compare products, engage directly with technical experts and discover how innovations from different sectors are increasingly working together to support smarter industrial operations.

Reflecting continued industry confidence, Electra Mining Africa has expanded its footprint for the 2026 edition, growing by 4,000m² to a record 44,000m² of net exhibition space across six indoor exhibition halls and expanded outdoor display areas.

Visitors will have the opportunity to explore solutions ranging from large-scale mining equipment and industrial machinery to automation systems, artificial intelligence (AI), robotics, digital manufacturing, predictive maintenance technologies, power solutions and advanced engineering services. The exhibition also features pumps, valves, welding and fabrication equipment, safety solutions, personal protective equipment (PPE), tools, components and specialist industrial services.

Electra Mining Africa has become an important business platform for companies serving markets across Africa. At the previous edition, industry professionals from 58 countries were represented, reflecting the exhibition’s growing international reach and its role in connecting manufacturers, technology suppliers, distributors, buyers and decision-makers from across the continent and beyond. For many exhibitors, the exhibition provides opportunities to strengthen customer relationships, meet prospective buyers, appoint distribution partners and explore new business opportunities. For visitors, it offers access to both internationally recognised brands and locally developed technologies designed to address the operational requirements of African industry.

Electra Mining Africa brings together the technologies, expertise and industry relationships that help organisations make informed decisions

Beyond the exhibition floor

Electra Mining Africa offers an extensive programme of technical knowledge sharing, professional development and industry collaboration. Free-to-attend seminars hosted by the Southern African Institute of Mining and Metallurgy (SAIMM) will explore practical operational challenges and emerging technologies, while the Society for Automation Instrumentation Mechatronics and Computer Engineering (SAIMC) will present specialist workshops on advances in automation and mechatronics. WiMSA’s Women in Mining workshop will provide a forum for discussion around leadership, opportunity and professional development, and the Lifting Equipment Engineering Association of South Africa (LEEASA) will host its two-day National Conference, bringing together industry professionals to share knowledge and discuss developments affecting the sector.

New for 2026, the SA Institution of Mechanical Engineering (SAIMechE) Skills and Career Hub will strengthen collaboration between industry and the education and training sector, encouraging conversations around future workforce requirements, skills development and innovation. Visitors will also be able to experience the Geological Society of South Africa (GSSA) Explorers Pitch, where finalist student teams present their mineral exploration projects to an expert industry judging panel before the winning team is announced.

Also taking place during Electra Mining Africa are the New Products and Innovation Awards, which recognise outstanding achievements by both local and international exhibitors. Adjudicated by the South African Capital Equipment Export Council (SACEEC), entries are evaluated against a comprehensive set of criteria, including innovation, engineering excellence, research and development, product quality, technical expertise and the practical value each solution delivers to industry. The winners are announced during the exhibition, recognising companies whose products and innovations are advancing technology, performance and industrial application.

“Industrial businesses are facing increasingly complex challenges that cannot be solved in isolation. Electra Mining Africa brings together the technologies, expertise and industry relationships that help organisations make informed decisions, identify practical solutions and build partnerships that support long-term growth. That’s what makes the exhibition such an important meeting place for industry, not only in South Africa but for businesses operating across the African continent,” says Charlene Hefer, Portfolio Director at Montgomery Group, organisers of Electra Mining Africa..

Industry professionals wishing to attend Electra Mining Africa can register (https://apo-opa.co/4xthQPH) as a Standard Visitor free of charge. There is also an option to upgrade to a Diamond Select Visitor.

Distributed by APO Group on behalf of Montgomery Group Africa.

 

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