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Riding the Wave: South Africa’s Financial Digital Revolution

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GITEX Africa

GITEX Africa 2024: Fostering Digital Finance and Economic Empowerment

CAPE TOWN, South Africa, May 13, 2024/APO Group/ — 

GITEX Africa 2024 (www.GITEXAfrica.com), the continent’s largest tech and startup exhibition scheduled from 29-31 May in Marrakech, Morocco, emerges as a pivotal platform for exploring the intersections of digital transformation, financial inclusion, and economic empowerment. As South Africa’s banking of finance sector takes center stage in this global dialogue, the event promises to be a catalyst for innovation, collaboration, and growth.

In South Africa, digital transformation has become imperative across industries, and the financial sector is no exception. From the convenience of online banking to mobile payment solutions, banks are leveraging digital technologies to enhance efficiency, improve customer experience, and expand access to financial services.

With a growing youth population favoring digital banking, financial institutions are investing in user-friendly mobile apps and online platforms to meet evolving customer preferences.

Banks Face Competition from Fintech and Innovative Platforms

These digital banking platforms provide users with convenient access to a wide range of financial services, including account management, payments, and lending, all through intuitive user-friendly mobile and online interfaces.

However, amidst this digital transformation, banks face stiff competition from a diverse array of players, including agile fintech startups and innovative tech-driven platforms. These disruptors offer innovative solutions that challenge traditional norms and cater to evolving customer needs.

South African fintech startups, recognized locally and globally, provide convenient digital banking services, investment platforms, and innovative lending solutions, drawing customers away from traditional banks with their agility and customer-centric approach. In 2021, South Africa boasted the highest number of fintech startups in the African region with 154 companies (https://apo-opa.co/3KjmVTL). As of May 2022, fintech startups in South Africa secured close to $US77 million (https://apo-opa.co/3ys79ms).

The fintech value chain encompasses a wide range of services including banking, infrastructure, crowdfunding, digital currencies, lending, payment, and regulation technology.

By facilitating dialogue, collaboration, and knowledge sharing, GITEX Africa accelerates the pace of digital transformation in the financial services sector, driving inclusive growth and economic empowerment across the African continent. Among the more than 35 esteemed speakers from South Africa include Lillian Barnard, President at Microsoft Africa; Zondwa Mandela from Mandela Legacy; and Chipo Mushwana, Executive of Emerging Innovation and Payments, Nedbank.

Major South African investment funds, unicorns, and start-ups fast-forwarding cross-continental progress at GITEX AFRICA 2024 include SAVANT, Zindi, and go1.

Lillian Barnard, President of Microsoft Africa, said: “Africa has long been recognised for its formidable growth prospects and AI is the long-awaited key to help unlock that potential.”

Africa has long been recognised for its formidable growth prospects and AI is the long-awaited key to help unlock that potential

“The AI-powered innovation we’re seeing today is poised to reinvent every aspect of society from healthcare to financial services, manufacturing and beyond. If Africa is to benefit from the paradigm shift currently sweeping the globe, we must make the promise of AI real for people and organisations across the continent – and do so responsibly.”

Hands-on Support Required for Startups

Bongani Sithole, CEO of Founders Factory Africa and a speaker at GITEX Africa outlines key challenges facing African startups: difficulties in finding product-market fit, hiring the right talent, maintaining company culture while expanding into new markets and securing funding.

Despite these challenges, Sithole highlights opportunities for startups to tap into, including the “development of new products and services to meet the needs of their growing customer base. This can lead to increased innovation and competitiveness.”    

In terms of specific trends within the African startup ecosystem, Sithole says we can expect to see more mergers and acquisitions (M&As) continue this year, primarily driven by larger companies seeking to acquire earlier-stage companies. “M&As are strengthening the startup ecosystem by offering a guarantee of revenue and funding for founders.” Additionally, he notes the potential of AI applications to address societal challenges and drive economic growth.

As Africa’s tech ecosystem evolves, he sees opportunities for cross-regional collaboration through initiatives like cross-border agreements for trade and talent, full implementation of the African Continental Free Trade Agreement (AfCFTA), fast-tracking of regulatory approvals.

Reflecting on lessons from leading African unicorns, he highlights the importance of solving societal problems and embracing failure as part of the startup journey. “Many successful founders are not first-time successes. Founders are encouraged to remain within the ecosystem even after failures to create potential unicorn by leveraging their experience.”

At GITEX Africa, Sithole aims to emphasize the importance of “hands-on support” for early-stage ventures beyond just capital. He also hopes to develop actionable steps to stimulate innovation and funding across Africa, advancing the tech and startup ecosystems.

Financial Inclusion and Economic Empowerment

Recognizing the significance of digital transformation, the South African government has taken proactive steps to promote financial inclusion and economic growth. In 2023, the National Treasury released a policy framework to broaden financial inclusion (https://apo-opa.co/4bff3OC), to achieve 90 percent banked status by 2030. This initiative highlights the government’s commitment to leveraging digital technologies to drive socioeconomic development and create opportunities for all South Africans.

While progress has been significant, challenges persist, highlighting the need for targeted interventions to ensure equal access to financial services. As South Africa continues to ride the wave of digital finance, the possibilities are boundless. By embracing innovation and strengthening collaboration, the country is charting a journey toward a brighter and more equitable future for all.

Distributed by APO Group on behalf of GITEX Africa.

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Azentio expands its leadership team with 2 new appointments

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Women in leadership takes centre stage as Azentio welcomes Aarthi Ramesh and Emma Foley

SINGAPORE, Singapore, July 4, 2024/APO Group/ — 

Azentio Software (“Azentio“) (https://apo-opa.co/3XVs4JH)- a leading end-to-end software company specializing in the BFSI sector, today announced the appointment of Aarthi Ramesh as Chief Customer Officer and Emma Foley as Chief Marketing Officer.

Ramesh joins Azentio with over two decades of experience in the IT industry, both within the services and SaaS space. Most recently she served as Vice President at Freshworks, managing a large portfolio of strategic accounts across Asia Pacific, Middle East and Africa. During this time, she contributed significantly to the company’s growth, including as Head of GTM Operations, where she played a pivotal role in scaling the operations function and aligning it with the company’s IPO objectives. Prior to Freshworks, Aarthi had a long successful stint with Cognizant as global COO for a large business unit.

At Azentio, Ramesh will primarily be focused on delivering excellence in customer success. In her role, Aarthi will ensure customer satisfaction and retention by overseeing all customer-facing activities. This includes managing customer success teams, support services, and customer experience strategies to ensure seamless onboarding, adoption and ongoing engagement with Azentio products suite.

Aarthi and Emma are both driven and effective leaders who bring a wealth of experience, vision and innovation that will play a pivotal role in shaping the future of Azentio

Commenting on the announcement, Aarthi said, “I am delighted to join Azentio and lead our efforts towards achieving complete customer centricity. With my extensive background in both product and services and my dedication to driving customer success, I am confident I can significantly benefit both our business and our customers.”

Foley brings with her over 20 years of B2B marketing experience primarily focused on the tech space in the MEA, APAC and European markets. Most recently serving as the Head of Marketing for Europe, Middle East & Africa at Temenos, Foley is immersed in building high performing teams to drive transformative marketing models. Her expertise in leveraging data analytics to enhance marketing efficiency and effectiveness is expected to play a pivotal role in shaping Azentio’s marketing strategies into the future.

Her primary focus will be in ensuring Azentio’s value propositions are clear, compelling, and simple for customers as well as supporting the business in its strategic growth plans throughout the Middle East, Africa and South East Asia, with a significant focus on digital marketing technology as well as data-driven marketing initiatives.

Speaking about her appointment Foley commented, “I am thrilled to join Azentio, a company I have known and regarded highly for its cutting-edge solutions and customer-first approach. I look forward to leveraging my experience to contribute towards the company’s growth, driving marketing strategies that resonate with our customers and set new standards in the industry.”

Sanjay Singh, CEO at Azentio added, “Aarthi and Emma are both driven and effective leaders who bring a wealth of experience, vision and innovation that will play a pivotal role in shaping the future of Azentio. As our company continues to grow, I am confident that both of these leaders will help us to achieve Azentio’s vision and growth ambitions while championing innovation and a customer first mindset.”

Distributed by APO Group on behalf of Azentio Software Private Limited.

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Siemens and PANA Infrastructure Join Forces in Groundbreaking Initiative to Modernize Nigeria’s Power Sector

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Siemens

By integrating innovative technologies and forming strategic partnerships, PANA Infrastructure provides sustainable solutions that support Nigeria’s growth across a range of industry sectors

ABUJA, Nigeria, July 3, 2024/APO Group/ — 

Siemens (www.Siemens.com​) and PANA Infrastructure announce a strategic collaboration to tackle Nigeria’s Electrical Infrastructure sector; The initiative aims to enhance power stability and create job opportunities in Nigeria; Combining expertise, they aim to enhance Nigeria’s power sector.

Siemens, a leading global technology company, and PANA Infrastructure, a Nigerian conglomerate with an increasing footprint across Sub-Saharan Africa, have formally announced a strategic partnership aimed at modernizing and upgrading Nigeria’s electric power infrastructure through the provision of grid automation, and smart infrastructure solutions across Nigeria. This collaboration, solidified through a formal agreement signifies a pivotal step towards addressing Nigeria’s pressing electricity challenges while fostering economic growth and technological advancement in the region.

“This collaboration underscores our commitment to fostering sustainable development and advancing technology in Nigeria,” stated Sabine Dall’Omo, CEO of Siemens Sub-Saharan Africa. “By combining Siemens’ expertise in smart grid technologies with PANA Infrastructure’s deep market insights, we aim to ensure a reliable power supply and drive economic progress in the region.”

We are committed to addressing Nigeria’s critical power infrastructure with the use of advanced low voltage, medium voltage, and smart grid management technologies

According to Mr. Daere Akobo, Chairman of PANA Holdings, “this strategic collaboration with Siemens is a pivotal opportunity to transform Nigeria’s power sector. We are committed to addressing Nigeria’s critical power infrastructure with the use of advanced low voltage, medium voltage, and smart grid management technologies. This collaboration is in alignment with the transformation agenda in the power sector by the Nigerian government to significantly improve power supply in the country, in a manner that translates to economic progress for all Nigerians.”

The agreement signed between Siemens and PANA Infrastructure, focuses on enhancing grid reliability and stability, deepening electrification rates to meet the rapidly growing demand for electricity in Nigeria.

Simultaneously, recognizing Nigeria’s potential for substantial investments in industrial modernization, the partnership will concentrate on unlocking Nigeria’s potential in the industrial power sector. This initiative aims to revolutionize Nigeria’s industrial landscape by harnessing the power of advanced technologies and solutions to enhance productivity, efficiency, and quality. Through local capacity development, enhancing employees’ skills and capabilities, Siemens and PANA Infrastructure will pave the way for a new era of industrial excellence in Nigeria.

“Siemens reaffirms its commitment to Nigeria, with a focus on identifying and developing strategic business opportunities within the region. By leveraging a go-to-market strategy that includes knowledge platforms, collaborative business strategies, integrated sales and marketing teams, and global support, Siemens strives to bring significant business value to the Nigerian market,” says Sabine Dall’Omo.

Meanwhile, PANA Infrastructure has positioned itself as a key player in understanding and envisioning the needs of industry stakeholders and local communities. By integrating innovative technologies and forming strategic partnerships, PANA Infrastructure provides sustainable solutions that support Nigeria’s growth across a range of industry sectors.

This strategic collaboration between Siemens and PANA Infrastructure represents the convergence of proven expertise and application know-how, ensuring the highest quality of solution implementation for Nigeria’s industrial power sector. By addressing key challenges in Nigeria’s power and industrial sectors, including electricity losses, rural electrification, capacity building, local production, technology transfer, and quality standards, this partnership aims to drive sustainable growth and development in Nigeria.

Distributed by APO Group on behalf of Siemens AG.

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Afreximbank announces Board changes and increase in authorized capital

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Afreximbank

Mrs. Lydia Shehu Jafiya was elected to replace Mr. Aliyu Ahmed

CAIRO, Egypt, July 3, 2024/APO Group/ — 

African Export-Import Bank (“Afreximbank” or the “Bank”) (www.Afreximbank.com) is pleased to announce the following Board changes which took place at the Bank’s 31st Annual General Meeting held recently in Nassau, The Bahamas,

Board Changes

Class “A”

Mrs. Lydia Shehu Jafiya was elected to replace Mr. Aliyu Ahmed. Mrs. Jafiya is the Permanent Secretary, Federal Ministry of Finance of the Federal Republic of Nigeria.

Mr. Amadou Hott was elected to fill the position of the African Development Bank nominated board seat. Mr. Hott is currently the Special Envoy of the President of the African Development Bank (AfDB) Group on the Alliance for Green Infrastructure in Africa. Prior to this appointment, Mr. Hott was Senegal’s Minister for Economy, Planning and Cooperation.

Class “B”

We look forward to their support and insight as we strive to build a prosperous Global Africa

Mr. Noël Mekulu Mvondo Akame was elected to replace Mr. Jean-Marie Mani. Mr. Mekulu Mvondo Akame is currently the Director General of the National Social Insurance Fund (CNPS) of Cameroon.

Class “C”

Ms. Yu Wen was elected to replace Ms Lili Yang. Ms. Yu Wen currently serves as the General Manager of the International Department at the Export-Import Bank of China (CEXIM).

Increase in Authorised Share Capital

The shareholders of the Bank also approved an increase in the authorised share capital from US$5 billion to US$25 billion. The increase recognizes the rapid growth of the Bank in response to the challenges facing the African continent. It also creates capacity for the Bank to support the growth and development envisaged for the African continent in line with its mandate to promote the continent’s trade and affirm its relevance on the global stage.

Commenting on these significant developments, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank remarked:

“Afreximbank is most grateful to departing Board Members for their services to the Bank and Africa. They were for many years, part of a formidable team, that made significant contribution to the Bank’s vision for Africa, created alliances, and assisted Africa in navigating major headwinds. We welcome our new board members. We look forward to their support and insight as we strive to build a prosperous Global Africa. Together, we will restore dignity and pride to Africans around the world.”

 He added: “the overwhelming endorsement by Shareholders of the historic increase of the Bank from US$5 billion to US$25 billion reflected their firm belief and trust in the Board and Management of the Bank and in the Bank’s mission. This move gives us the necessary headroom to mobilise the capital we need to create a bank that serves all Africans.”

Distributed by APO Group on behalf of Afreximbank.

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