By Kennedy Mubita, Africa Head, SC Ventures.



Imagine a bank whose customers can tap on a wearable device to make a payment, regularly receive updates on changes they could make to their investment portfolio through AI-generated insights. A bank that enables its customer to own their data through the application of blockchain technology and share it with lenders as a validated credit history when applying for a loan anywhere; that bank is likely to remain fully operational for the long term.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1053" height="1024" src="https://www.cnbcafrica.com/wp-content/uploads/2020/10/Mubita_StanChart_-1053x1024.jpg" alt="" class="wp-image-384243" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/10/Mubita_StanChart_-1053x1024.jpg 1053w, https://cms.cnbcafrica.com/wp-content/uploads/2020/10/Mubita_StanChart_-300x292.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/10/Mubita_StanChart_-768x747.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/10/Mubita_StanChart_-1536x1494.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/10/Mubita_StanChart_-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/10/Mubita_StanChart_-150x146.jpg 150w, https://cms.cnbcafrica.com/wp-content/uploads/2020/10/Mubita_StanChart_-696x677.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/10/Mubita_StanChart_-1068x1039.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/10/Mubita_StanChart_-1920x1868.jpg 1920w" sizes="auto, (max-width: 1053px) 100vw, 1053px" /></figure>



According to a PWC global CEO survey, 70% of financial services leaders stated that the speed of technological change is one of their biggest concerns. Clients demand more convenience and customization from their banks, delivered through technology-driven innovation. This trend will accelerate as other industries digitize, allowing microservices to be monetized. New technologies are tooling up non-traditional players such as Neobanks, mobile network operators, e-commerce platforms, and supermarkets with the means to tokenize exchange and intermediate supply chains exclusive of traditional banks. These new entrants in the financial sector are a competitive threat to conventional regulated players. For banks to survive and win in this new paradigm, they will need to adopt technology-driven business models; they must develop an internal culture that is tech-minded, encourage idea generation and execution across all departments. But change doesn&#8217;t happen in a vacuum. For impactful transformation, banks will need to involve their clients, employees, and communities to build solutions that meet evolving needs across a broad social spectrum.



<h2 class="wp-block-heading" id="block-d9e40c66-0eb2-4045-87e9-681a4dc39903">Collaboration is a crucial ingredient</h2>



Digital transformation can only be optimal through a collaborative effort by partnerships with the clients, the Fintech community, regulators, service providers, and other financial services providers applying digital tools to meet their financial goals. Hence, we see traditional banks partnering with FinTechs, MNO&#8217;s, and digital marketplaces by design or necessary survival. These alliances are symbiotic in that the Fintechs see three evolving challenges. First, as they build new digital business models, their activities are becoming economically significant; hence the Central Bank, other regulators, and Governments are getting concerned about potential downside credit and systemic risks. Their days of minimal or no regulatory oversight are coming to an end. Secondly, traditional banks are not sitting back and are beginning to incorporate digital solutions in their processes and strategies. Thirdly, at scale, traditional banks still dominate the sovereign, corporate finance, and long-term lending markets.



On the other hand, while banks lack agility and sufficient qualified and digitally literate managers, they have trusted compliance capabilities. They are accustomed to the regulatory minefield and can help FinTechs navigate that space. Partnerships with banks lend credibility to the Ventures they participate, and in so doing, there is a reverse transfer of skills from the banks to FinTechs. Banks can &#8220;stand in the gap&#8221; between Regulators and FinTechs interpreting the use of new technologies to address regulatory concerns. For instance, Financial institutions can address the issue around authenticating a person&#8217;s human identity when opening an account through the internet of things (IoT) and artificial intelligence (AI). These technologies use various metrics, including location services, user image movement, facial recognition, and temperature checks, to determine whether the person operating the device is an actual human.



Standard Chartered recognizes that technology-driven enablement and partnerships can facilitate the resolution of challenges facing various sectors. For example, small and medium-sized enterprises require access to finance, markets, and simple digital business efficiency tools. Guided by this, SC Ventures, a Standard Chartered business unit, was set up to promote innovation, invest in disruptive financial technology, and explore alternative business models. The business unit provides a platform for collaboration with Fintech, clients, and partners across our markets, connecting them to staff and SCB departments as appropriate.



In Africa, we leverage digital capabilities to resolve social challenges and accelerate economic growth for different market segments. For instance, in Kenya, SC Ventures is currently piloting a digitized and automated water infrastructure system for a water and sanitation company. The Internet of Things-enabled smart water meter solution will reduce leakages, improve revenue collection, provide a platform for remote connections management while aiding in reducing operations and maintenance costs.



SC Ventures at Standard chartered is committed to working with local and global financial technology players who are innovating and developing curated products for these underserved or unbanked market segments that were erstwhile, not reachable due to lack of infrastructure and digital platform.



The community of stakeholders in financial services sectors and other industry verticals enabled by the 3rd and 4th industrial revolution technologies creates a global data lake that will be a massive enabler of innovation in the financial services sector. By gaining API access to various data sources, banks can create customized solutions for different clients across the region. Digital access will minimize direct contact with banks. Soon, data portability, possibly using distributed ledger technology (DLT) through data banks, will allow customers to use their data as an asset by being part of a community or use it to receive bespoke services.



The future of finance is commoditized services on a network of data connected to value; this enabled by ever-increasing research and technology advancements such as 5G and quantum computing. These tools will vastly change the financial ecosystem, and banks that evolve quickly will be better positioned not only to survive but to thrive.

799px-Standard_Chartered_Bank

Disruptive digital solutions is rewiring the DNA of Banking

By Kariuki Ngari, CEO &amp; Managing Director, Standard Chartered, Kenya &amp; East Africa



COVID-19 has upended the social and economic systems and many sectors have experienced major operational and tactical shifts. The pandemic has accelerated digital integration in many sectors; Financial Services and Banking wasn’t left behind with clients demanding to see a level of technological integration that will allow them to continue operating by accessing their accounts uninterrupted. This shift is likely to drive expectations going forward. The change, though rapid, has been easier on agile Organisations that had already incorporated technology in their processes; allowing them to quickly scale up to meet client demand for tech led solutions.<a> </a>Conversely, institutions that were slow adopters of technology have had their digitization process accelerated in the past year. In the banking sector for example, the traditional legacy banking model status quo has been challenged by consumer bias towards digital solutions coupled with the safety measures imposed by the government. This has led to an increase in clients transacting digitally as opposed to transactions in traditional platforms like the branch.



Feeding into this digital shift, is the upsurge of Fintechs in the Kenyan market, on the back of increased adoption of mobile money services.&nbsp; The Fintech revolution in the country has challenged and transformed the banking ecosystem allowing for greater innovation in payments, credit and savings products. Further grounded by an enabling environment, Fintechs have found a fertile environment for growth, supported by a growing digitally savvy and financially literate middleclass. It is clear that Fintechs will play a significant role in advancing economic growth and enhancing financial inclusion in the region.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="683" height="1024" src="https://www.cnbcafrica.com/wp-content/uploads/2020/10/MSM6202-683x1024.jpg" alt="" class="wp-image-384244" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/10/MSM6202-683x1024.jpg 683w, https://cms.cnbcafrica.com/wp-content/uploads/2020/10/MSM6202-200x300.jpg 200w, https://cms.cnbcafrica.com/wp-content/uploads/2020/10/MSM6202-768x1152.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/10/MSM6202-1024x1536.jpg 1024w, https://cms.cnbcafrica.com/wp-content/uploads/2020/10/MSM6202-scaled.jpg 1365w, https://cms.cnbcafrica.com/wp-content/uploads/2020/10/MSM6202-150x225.jpg 150w, https://cms.cnbcafrica.com/wp-content/uploads/2020/10/MSM6202-300x450.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/10/MSM6202-696x1044.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/10/MSM6202-1068x1602.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/10/MSM6202-1920x2880.jpg 1920w" sizes="auto, (max-width: 683px) 100vw, 683px" /></figure>



Many arguments have been made regarding the role of Fintechs and Banks; whether they are competing or collaborating. At Standard Chartered we believe collaboration is the only way to go. SC Ventures &#8211; an innovation hub that serves as a platform to collaborate with Fintechs in Kenya and the broader African region, has helped us develop new business models and services that meet the needs of our current and future clients. By allowing FinTech’s to undertake a Proof of concept( POC) in a controlled environment, we can be able to test ideas before launching to the wider consumers – This platform has allowed the Fintechs with good ideas to compete and have a platform to test them and also importantly for the Bank to learn more about innovation.



It is clear that tech innovation in the Financial Sector has numerous advantages; we also need to be cognizant of the challenges it poses. Tech provides transactional ease but also carries the risk of depleting the human touch and increased cyber in-security. To mitigate this, we in the Financial Sector need to utilize technology to optimize customer engagement and satisfaction. We should also use the most up to date security technologies to protect client and users of digital services for it is only when clients and customers are confident on the security of their funds or access will they continue adopting technology for everyday use.



By leveraging tech to gather data and derive insights, banks are better placed to provide a customized experience that caters to specific client’s need. When clients feel that we understand them, they are less likely to demand a human interaction all the time but only for the most complex of financial matters.



<h2 class="wp-block-heading" id="h-the-future-of-work">The future of work</h2>



As Financial institutions build agile systems for digital innovation, transitioning into new ways of working will be an integral part of the digital transformation journey. &nbsp;COVID-19 has seen most banks transition their employees to remote working &#8211; a move that has unearthed the need for effective collaboration tools, improved network capacity and strong security solutions.



A critical part of this being data security. In the age of big data, brand trust is hedged upon high data privacy and security. With large amounts of client data, Financial Institutions must invest in the right infrastructure to protect the organization’s assets. With internet fraud on the rise, strict monitoring systems are a non-negotiable. This will have to be complemented with absorption of the right talent and implementation of strict security protocols to ensure ongoing cyber security.



<h2 class="wp-block-heading" id="h-the-future-of-banking">The future of banking</h2>



As economies gradually open up, it is expected that the number of transactions will increase, albeit slowly. More than ever there will be increased demand for convenient and efficient banking solutions. To meet this demand, organizations that invest in digital technologies will be better positioned for growth.



Further, innovation will be central to growth and strategic collaborations and partnerships in the sector will help advance an integrated digital banking ecosystem.



At Standard Chartered, we’ve seen an increased appetite for banks with diversified and integrated networks backed by efficient digital platforms. Since 2018, the Bank has heavily invested digital solutions a cross Retail, Commercial and Corporate Banking. Our award winning fully digital retail bank, now operational in 9 countries across the Africa continent, allow our clients to open an account, transact, invest and protect their wealth. With over 70 services available on the platform, our clients are also able to buy insurance, trade in government bonds and invest in some of the most competitive mutual funds across the globe. By continuously incorporating client feedback in product development and aligning with different partners to solve for client needs, we have seen a huge uptake and utilization of our digital platforms, a clear indication that integration is fundamental for consumers across the continent.



COVID-19 brought about an unprecedented crisis and shook up most business continuity plans. Banks that will thrive will be those that will set up new systems and structures that are consumer led. Local banks have the capacity and resources to build innovative and sustainable economies- all we have to do is adapt and disrupt.

Double exposure man working on laptop computer using smart phone and smart city, internet application on phone and computer devices, start up business, software development, internet of things concept

The future of banking; digitization and collaboration as growth accelerants

<h1 class="wp-block-heading" id="h-springbok-captain-siya-kolisi-to-join-industry-luminaries-at-africacom-and-africatech">Springbok Captain, <a href="https://tmt.knect365.com/africa-tech-festival/speakers/siya-kolisi/">Siya Kolisi</a> to join industry luminaries at AfricaCom and AfricaTech</h1>



London, 14 October 2020 – AfricaCom and AfricaTech are anchor events of the new <a href="https://bit.ly/3iYlcTm">Africa Tech Festival,</a> which will take place – online – from 10-12 November this year.&nbsp; Acknowledged as the world’s largest Africa-focused digital infrastructure and emerging tech event, the Africa Tech Festival has always attracted a stellar line-up of critical thinkers, analysts, futurists, keynote and inspirational speakers. 2020 will more than deliver on that reputation, with a stimulating array of visionary industry presenters, raconteurs and even some sporting greats.



<a href="https://bit.ly/3iYlcTm">Register here to attend the event.</a>



Below are just some of the more than 200 speakers who will be at this year’s not to be missed, virtual event.



<h2 class="wp-block-heading" id="h-connectivity-champions">Connectivity Champions:</h2>



<ul class="wp-block-list"><li><a href="https://tmt.knect365.com/africa-tech-festival/speakers/peter-ndegwa-1/">Peter Ndegwa</a>, CEO, Safaricom</li><li><a href="https://tmt.knect365.com/africa-tech-festival/speakers/alioune-ndiaye-2/">Alioune Ndiaye</a>, CEO &#8211; Middle East and Africa, Orange</li><li><a href="https://tmt.knect365.com/africa-tech-festival/speakers/juliet-mhango/">Juliet Mhango</a>, Chief Human Capital Development &amp; Transformation Officer, Cell C</li><li><a href="https://tmt.knect365.com/africa-tech-festival/speakers/dejan-kastelic/">Dejan Kastelic</a>, Group Chief Technology Officer, Vodacom</li><li>Elisabeth Medou Badang, SVP Africa &amp; Indian Ocean, Orange</li><li><a href="https://tmt.knect365.com/africa-tech-festival/speakers/sonia-jorge-1/">Sonia Jorge,</a> Executive Director &#8211; Alliance for Affordable Internet &amp; Head of Digital Inclusion Program at The World Wide Web Foundation</li><li>Olusola Teniola, President, Association of Telecommunications Companies of Nigeria.&nbsp;</li></ul>



<h2 class="wp-block-heading" id="h-forefront-of-the-4ir">&nbsp;Forefront of the 4IR:</h2>



<ul class="wp-block-list"><li><a href="https://tmt.knect365.com/africa-tech-festival/speakers/prof-tshilidzi-marwala/">Prof. Tshilidzi Marwala</a>, Vice-Chancellor of the University of Johannesburg, Deputy Chair at the Presidential 4IR Commission (South Africa)</li><li><a href="https://tmt.knect365.com/africa-tech-festival/speakers/unathi-mtya-2/">Unathi Mtya</a>, Chief Technology Officer at Grindrod Bank</li><li><a href="https://tmt.knect365.com/africa-tech-festival/speakers/toyosi-odukoya-1/">Toyosi Odukoya</a>, Head of Digital Transformation, West Africa, the Coca-Cola company</li><li><a href="https://tmt.knect365.com/africa-tech-festival/speakers/moustapha-cisse/">Moustapha Cisse</a>, at the African institute of Mathematical Sciences; head of AI centre, Google</li><li><a href="https://tmt.knect365.com/africa-tech-festival/speakers/nitin-gajria-1/">Nitin Gajria</a>, Director &#8211; sub-Saharan Africa, Google</li><li><a href="https://tmt.knect365.com/africa-tech-festival/speakers/kojo-boakye-2/">Kojo Boakye</a>, Director, Africa Public Policy, Facebook</li><li><a href="https://tmt.knect365.com/africa-tech-festival/speakers/nomso-kana-2/">Nomso Kana</a>, Governor, Nuclear Energy Foundation Agency, nuclear scientist, Presidential 4IR Commissioner</li><li><a href="https://tmt.knect365.com/africa-tech-festival/speakers/emmanuel-lubanzadio/">Emmanuel Lubanzadio</a>, Head of Public Policy sub-Saharan Africa, Twitter</li><li>Atsushi Yamanaka, Chief Advisor, Rwanda ICT Innovation Ecosystem Strengthening Project.&nbsp;</li></ul>



These industry leaders will also be joined this year by some of the continent’s most inspirational personalities and sporting greats.&nbsp;



That technology can have a huge positive impact on addressing all manner of challenges, including very real basic human needs, goes without saying.&nbsp; However, caught up in the daily grind or only having the big picture in mind, consideration for those less fortunate for whom technology could literally be life or death, can often be disregarded.



When it comes to being inspiring, look no further than <a href="https://tmt.knect365.com/africa-tech-festival/speakers/karen-smit-1/">Karen Smit</a>, Principal Specialist: Specific Needs at Vodacom, <a href="https://tmt.knect365.com/africa-tech-festival/speakers/bernard-chiira/">Bernard Chiira</a>, Director, Innovate Now, Global Disability Innovation Hub and <a href="https://tmt.knect365.com/africa-tech-festival/speakers/shannon-smuts-brauer/">Shannon Smuts Brauer,</a> Founder &amp; CEO at Pure Good Food, who has been shortlisted for the Jack Ma Foundation’s Africa Netpreneur Prize Initiative’s Africa’s Business Heroes Competition 2020. They are joined by a number of other equally motivating presenters, such as <a href="https://tmt.knect365.com/africa-tech-festival/speakers/rapelang-rabana/">Rapelang Rabana</a>, founder and CEO of Rekindle Learning, who will share their experiences and punctuate just how telecommunications and technology can, and is, providing a helping a hand to those who need it.



For truly extraordinary achievements and enthralling stories, delegates will have the opportunity to tune into some of the continent’s (even the world’s) most remarkable humans who have put it all on the line and lived to tell the tale.



A man who needs very little introduction though, particularly in South Africa, and who will no doubt attract an eager audience, is <a href="https://tmt.knect365.com/africa-tech-festival/speakers/siya-kolisi/">Siya Kolisi</a>, Springbok rugby captain who led the team to their latest World Cup victory.&nbsp; Considered one of the continent’s ‘Most Influential Africans’, Siya will be on screen with his wife and co-Founder, <a href="https://tmt.knect365.com/africa-tech-festival/speakers/rachel-kolisi/">Rachel</a>, to discuss the launch their Kolisi Foundation – heart in one project.&nbsp; The Kolisi’s will share how one by one, everyone can make a difference.



<a href="https://tmt.knect365.com/africa-tech-festival/speakers/chris-bertish/">Chris Bertish</a>, adventurer at Mavericks Big Wave champion, SUP Trans-Atlantic paddler and Guinness World Record holder….. Defying all odds, he navigated 4660 mi (7500 km) solo, unsupported and unassisted for 93 days, across the Atlantic Ocean from Morocco, Africa to the Caribbean Island of Antigua. The Stand-Up-Paddle (SUP) Crossing was an unparalleled global feat, which also raised money and awareness for conservation and to helped disadvantaged children in Africa, through the Lunchbox Fund and Operation Smile.



“If you change the way you look at things, the things you look at will change,” comments <a href="https://tmt.knect365.com/africa-tech-festival/speakers/hein-wagner/">Hein Wagner</a>, Global Adventurer, and Founder at Hein Wagner Academy, who was born blind.&nbsp; This has not prevented this in demand motivational speaker from living life to its fullest at all, as he’s competed in triathlons, marathons, the Cape Argus Cycle Tour, the Cape Epic, even participating in a yacht race – across the Atlantic Ocean. Hein is deeply connected to nature, with a keen interest in climate change, and is actively engaged in inspiring those around him to take note.&nbsp; He uses technology on a daily basis, for example, an artificial intelligence (AI) app that helps him ‘see’, by vocally describing the object or person Hein points his phone at.&nbsp;



Going virtual in 2020, presents an excellent opportunity for a wider audience to connect with these speakers and the exceptional content these events are known for year on year.&nbsp; All that is required to feel inspired, is an internet connection to join a community that is actively shaping Africa’s digital future.



To register for a FREE delegate pass – click <a href="https://bit.ly/3iYlcTm">HERE</a>



For further information please visit the 2020 <a href="https://tmt.knect365.com/africacom/">website</a>



Media accreditation is now open: <a href="https://registration.gesevent.com/survey/06t0kg4kkf2ei">https://registration.gesevent.com/survey/06t0kg4kkf2ei</a>



For other media enquiries, interviews and/or images please contact:&nbsp; Kaz Henderson&nbsp;<a href="mailto:kaz@networxpr.co.za">kaz@networxpr.co.za</a>&nbsp;or call on +27 (0) 82&nbsp;339 1199.&nbsp; Please note that media registration will open next week.&nbsp;



About AfricaCom and AfricaTech 2020



Virtual Africa Tech Festival, including AfricaCom and AfricaTech, is part of the Informa Tech Connecting Africa event series, now in its 24th year. A vibrant celebration of Africa’s diverse community of tech champions, Africa Tech Festival is the largest tech and digital connectivity conference and exhibition in Africa, attracting 450 exhibitors and 15,000 attendees in 2019. Key themes for 2020 include 4IR for Africa, Connecting the Next Billion, Digital Infrastructure Investment, Tech for Good, ICT Policy and Regulation, the Future of Work and Talent and Skills Development. Africa Tech Festival also incorporates the AHUB, AccerlateHER Africa and the AfricaCom Awards.

4IR Fourth industrial revolution on ultraviolet background

Star Quality Speaker Line-Up at Africa Tech Festival 2020

By Olga Arara-Kimani, Regional Head, Corporate Affairs and Brand &amp; Marketing



<h2 class="wp-block-heading" id="h-introduction">Introduction</h2>



Mobilising support for female entrepreneurs is a necessary factor in improving livelihoods and transforming the global economy. Studies have shown that, if female entrepreneurs received as much support as their male counterparts, the global economy could experience a boost of $5 trillion<a href="#_ftn1">[1]</a>.&nbsp;



However, the sobering reality is that not enough is being done to enable female start-ups to thrive.



According to the World Economic Forum’s (WEF) <a href="https://www.weforum.org/reports/gender-gap-2020-report-100-years-pay-equality" target="_blank" rel="noreferrer noopener">2020 Gender Gap Report</a><a href="#_ftn2">[2]</a>, women’s economic empowerment is actually worsening, estimating that closing the gender gap in economic participation and opportunity is now 257 years away. This is 55 years longer than what was reported in 2019.



Africa is the only region globally where more women choose to become entrepreneurs than men. However, despite this startling statistic, nowhere near enough is being done to support these females who are determined to establish successful companies. Many face significant obstacles and structural inequalities, with over half of female entrepreneurs citing a lack of financing and limited access to technology in preventing them to scale their businesses.



<h2 class="wp-block-heading" id="h-an-unequal-playing-field-for-women">An unequal playing field for women</h2>



Small businesses already have a hard time securing financing, but this funding gap is more pronounced when it comes to female entrepreneurs. The African Development Bank estimates a $42 billion funding gap for women entrepreneurs across the African continent. This gap exists at various levels of entrepreneurial funding – including bank loans, angel investment, venture capital and private equity – despite there being more female entrepreneurs in sub-Saharan Africa than men.



The WEF Gender Gap report states that women cite lack of access to finance as the largest obstacle to entrepreneurship, by far. When we take a closer look at tech start-ups, only two percent of $725.6 million in venture capital funding was invested in women-owned (or led) businesses in Sub-Saharan Africa throughout 2018. This is astounding when research<a href="#_ftn3">[3]</a> has shown that if female-led businesses are supported, be it through mentoring or financial support, they outperform their male counterparts, achieving higher revenues and offering a 35 percent return on investment.



Yet, the issue that we have witnessed with female entrepreneurs is two-fold: not enough financial support is available, and women often lack access to networks and mentorship. Time and time again, studies have shown that having access to a strong network is a critical element in the long-term success of female-led businesses. The Harvard Business Review<a href="#_ftn4">[4]</a> found that stronger and broader networks are linked to smaller gender gaps in business sustainability and improved access to a wide variety of funding sources.



In order to support female entrepreneurs, we must look at tackling both elements to incite real change, from empowering females to believe in their ideas through a positive network to providing them with the financial capabilities to grow a sustainable business.



At Standard Chartered, we decided to tackle these inequalities head on with our Women in Tech Programme (WiT). Running across five markets in Africa and the Middle East, WiT provides women-led start-ups with a platform to grow their business and support their aspirations. Since its initial launch in Kenya in 2017, we have seen continuous growth of female entrepreneurs coming through the accelerator programme, with the bank providing over $500,000 to various programme cohorts in markets including Nigeria, Pakistan, Bahrain and the UAE. Along with financial backing, we provide training, mentoring and access to a wider network of other companies for these entrepreneurs. In just over three years, WiT has become one of the continent’s leading women in technology incubators, aligning with calls for more diversity in technology and providing more opportunities for women to develop entrepreneurial and leadership excellence.



We recognise that there is a growing tech ecosystem across the continent and that many start-ups are embracing the benefits of technology. WiT is a unique programme in that it not only addresses two of the key problems facing female entrepreneurs, but also tackles the digital-gap many female-led entrepreneurs experience. It’s not surprising that most female entrepreneurs we encounter through the programme want or are using technology to grow their business. &nbsp;



A prime example of a digitally savvy WiT cohort member is Bismart Insurance, a web insurance aggregator based in Kenya. Channelling a solution-oriented shift to digital, Bismart Insurance was set up to address and resolve <a href="https://www.nation.co.ke/lifestyle/saturday/Eunice-Maina-Bismart-Insurance/1216-4238896-4poy9v/index.html" target="_blank" rel="noreferrer noopener">key pain points</a>&nbsp;customers faced when purchasing insurance, including a lack of disclosure of essential information and the absence of a consolidated platform for insurance products. Coupled with its participation in the first WiT Kenya cohort and vision to expand into the digital insurance market, Bismart Insurance efficiently scaled its operations and saw over 100 purchasers by the end of 2017.



We have seen a surge in start-ups that are looking to expand their businesses through eCommerce and digital channels take part in the accelerator programme. The WiT programme is a demonstrated contributor to start-ups with promising business models, leveraging its breadth of expertise and resource to drive and scale their operations. Chief of these start-ups is Chefaa, an Egyptian, AI-powered digital platform that enables chronic patients to order, schedule and refill their recurring medications regardless of location or income. Chefaa participated in the WiT MENA cycle in 2019 and has, to date, raised over $6 million in funding and is in the process of closing an additional $2.5 million in funding. Chefaa is now the second most downloaded application on the Egyptian App Store and the company has subsequently increased their monthly orders by 300 percent since taking part in the WiT programme.



<h2 class="wp-block-heading" id="h-conclusion">Conclusion</h2>



Despite unfavourable conditions, female entrepreneurs have been fighting their way to the top through increased support from international organisations, local governments, and corporate sponsors. However, adjusting attitudes towards female entrepreneurs in&nbsp;Africa&nbsp;is essential and this is something that we must build on through our networks.



It is also crucial to identify and support policy changes that can facilitate the development of female-led businesses. This is where private sector plays a vital role in providing the necessary training, mentorship, and seed funding that would otherwise be difficult to receive elsewhere. As female-led businesses provide an important flow of capital for local communities, every effort should be made to support and grow these businesses, in service of countless families and communities throughout Africa. Most importantly, we need to inspire girls and young female adults with a business dream to have the confidence to make it happen and know that they will be aided both financially and socially.



<hr class="wp-block-separator"/>



<ul class="wp-block-list"><li><a href="#_ftnref1">[1]</a> <a href="https://www.forbes.com/sites/janicegassam/2019/08/08/new-research-finds-that-supporting-female-entrepreneurs-could-boost-global-economy-by-5-trillion/#632a65ba67be">https://www.forbes.com/sites/janicegassam/2019/08/08/new-research-finds-that-supporting-female-entrepreneurs-could-boost-global-economy-by-5-trillion/#632a65ba67be</a></li><li><a href="#_ftnref2">[2]</a> <a href="https://www.weforum.org/reports/gender-gap-2020-report-100-years-pay-equality">https://www.weforum.org/reports/gender-gap-2020-report-100-years-pay-equality</a></li><li><a href="#_ftnref3">[3]</a><a href="https://www.bcg.com/publications/2018/why-women-owned-startups-are-better-bet">https://www.bcg.com/publications/2018/why-women-owned-startups-are-better-bet</a></li><li><a href="#_ftnref4">[4]</a> <a href="https://hbr.org/2019/10/the-trillion-dollar-opportunity-in-supporting-female-entrepreneurs">https://hbr.org/2019/10/the-trillion-dollar-opportunity-in-supporting-female-entrepreneurs</a></li></ul>

Leveling the playing field for female entrepreneurs in Africa

The theme for October Transport Month 2020 is Smart Mobility.  Smart Mobility is an innovative way of getting around. it is the use of various transport modes that are smarter, cleaner, safer and integrated. It is about using technology to respond to the modern commuter’s needs such as the demand for convenience, access to information at all times, a high tech-adoption rate, time and cost savings and increasing environmentally consciousness with various benefits. 



The Gautrain is a smart mobility mode of transport as it provides a smart, clean, safe and integrated public transport service with social, economic, spatial and environmental benefits.



Since its inception as a smart public transport mode, Gautrain has maintained high levels of operational efficiency. The train service operations achieved an average availability of 99.66% and punctuality of 98.11% over the last year. This was backed by excellent personal and property safety and security within the System keeping incidents below a 1% level. Safety and security targets for Gautrain passengers are met through the security enhancement plans.



Gautrain passengers can now use their credit or debit cards to tag in and out of stations, buses and parking facilities. This “tap and go” technology is the first phase of a broader “smart ticketing” plan that will extend to other public transport modes with incentives such as interoperator discounts or rebates.



The service has influenced travel behaviors and currently 70% of trips on the Gautrain cross a city boundary linking important attractions, facilities and services across the region. &nbsp;Each person who has chosen to make a trip on Gautrain instead of by car has delivered approximately R74 of economic benefit in a form of reducing costs from fatal accidents, provided carbon dioxide CO2 emission savings and 22 minutes of time saved on average.



As a smart mobility mode Gautrain wants to go fully green. It is therefore pursuing a sustainable urban mobility plan, which will include procuring new buses with an integrated chassis, meaning it will be possible to convert them to run on electric, hydrogen or hybrid power.



Investigations are underway into using and even producing hydrogen to power Gautrain buses – a far cleaner fuel option than diesel. You may soon be able to charge your electric or hybrid car at Gautrain stations, which will also be retrofitted with solar panels to offset their power requirements. This green mobility plan will also help commuters to offset their carbon footprint.



Compared to road transport, rail provides lower carbon transport solutions to promote a greener Gauteng. The Department of Transport’s Green Transport Strategy builds on the Department of Environmental Affairs’ 2014 Mitigation Report that provides estimates of the potential CO2 emissions reductions that can be achieved through modal shifts in the transport sector, and the estimated costs of achieving these reductions per ton of avoided CO2 emissions. While the initial capital costs are high (approximately R3 000 per tonne of carbon dioxide saved), by 2050 these investments will provide a return of over R1,000 per tonne of CO2saved, with up to over 9,000 kilo-tonnes of CO2 that can be saved through the shift from private vehicles to passenger rail.



Rolling out the Gauteng Rapid Rail Integrated Network (GRINN) extensions is another way the Gautrain contributes to the smart mobility concept by benefiting the economy and society.&nbsp; The GRINN will give workers more access to employment opportunities. It is projected that phase one of the extensions will create close to 29,000 jobs during construction and an additional 7,729 long-term jobs during start of its operations. The GRINN Phase 1’s project is also expected to invest approximately R388 million skills development during the construction phase and a further R29 million during operations of the phase.&nbsp; Phase 1 economic benefits arising from the construction and operation of GRRIN is estimated at total present value of R33 billion.



Follow us on:



<ul class="wp-block-list"><li>Twitter &#8211; @TheGautrain</li><li>Facebook – www.facebook.com/gautrain</li><li>Website – <a href="http://www.gma.gautrain.co.za">www.gma.gautrain.co.za</a></li><li>Call Centre – 0800 42887246</li><li>SMS alert line – 32693</li></ul>

Gautrain – train 01

Smart Mobility: Gautrain the sustainable way of travel!

After years of having served as a senior communications practitioner, I’ve learned that the most important attribute of any effective communicator is being able to look at yourself – your people and brands – through the lens of your most important stakeholders.



When we do that we can ask ourselves: what do I need to be doing to instil trust, to inspire, to energise, or to re-assure? Communications is essential to doing all of these things –more so during times of uncertainty.



Amid the current pandemic, communicators need to intimately understand how perceptions and expectations of their organisations and brands have changed – accelerated by fear, anxiety, changing priorities, and all the uncertainty that comes with physical distancing and a future that for many is on hold or ill-defined.



Through our own experience at Standard Chartered and by watching how other organisations have navigated the pandemic, we believe the current crisis is heralding a new era of communications underpinned by an even more relentless focus on the alignment between the needs and interests of our clients, and our own interests.



But more than simply re-aligning what we do and what we say, we need to adjust the lens through which we think about communications – and re-think what makes us relevant in these uncertain times. This means being more sensitive – to clients, partners and employees – more transparent in communicating why we’re doing what we’re doing, being more authentic and human in how we talk to our stakeholders, engaging in the difficult conversations, and being more agile. &nbsp;



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2020/10/Olga-780x1024.jpg" alt="" class="wp-image-383216" width="780" height="1024" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/10/Olga-780x1024.jpg 780w, https://cms.cnbcafrica.com/wp-content/uploads/2020/10/Olga-228x300.jpg 228w, https://cms.cnbcafrica.com/wp-content/uploads/2020/10/Olga-768x1008.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/10/Olga-1170x1536.jpg 1170w, https://cms.cnbcafrica.com/wp-content/uploads/2020/10/Olga-1560x2048.jpg 1560w, https://cms.cnbcafrica.com/wp-content/uploads/2020/10/Olga-696x914.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/10/Olga-1068x1402.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/10/Olga-1920x2521.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2020/10/Olga-scaled.jpg 1950w" sizes="auto, (max-width: 780px) 100vw, 780px" /><figcaption>Spokesperson: Olga Arara-Kimani, Regional Head of Corporate Affairs, Brand &amp; Marketing, Standard Chartered AME</figcaption></figure>



<h2 class="wp-block-heading" id="h-communications-as-a-lasting-facilitator-of-trust">Communications as a lasting facilitator of trust</h2>



Communicators and marketers serve as the main driver of a corporation’s messaging and play an instrumental role in fortifying existing and potential brand-client relationships. This role was further amplified amid growing concerns surrounding the pandemic as consumers attempted to navigate a ‘new normal’. &nbsp;The pandemic beckoned a fundamental shift in the way brands communicated with consumers, wherein an emphasis was placed on establishing and maintaining trust in brands and what they stand for.



At Standard Chartered, we’ve adapted to the ‘new normal’ by inviting clients, many who are deeply concerned about their finances and their ability to manage them through the pandemic, to take advantage of our wide array of digital services and have marketed these as an efficient method for consumers to conduct their day-to-day banking needs. At the same time, we’re continuing to share regular updates on the status of our operations across our various markets, including our call centre hours, branch closures and our timely transition back to the office.



During the pandemic, we have seen the digital adoption rate for mobile fixed income products has increased dramatically since the we introduced wealth management solutions on our digital bank platforms this year. In Africa alone, the average growth rate was 43 percent in April. The diversification of digital product offerings in investments has given clients the option to choose where to invest based on market volatility during the COVID-19 situation. However, customers still care for an experienced professional who will translate and explain the strategies proposed by the systems, while offering support in the decision-making process.



Without the luxury of face-to-face meetings, Standard Chartered has conducted 30 webinars reaching over 17,500 wealth management clients in AME during COVID-19. The webinars were conducted by the Bank’s economists and investments specialists since April 2020 to keep clients abreast of market developments and investment strategies without the need to meet face to face.



Similarly, we’ve shifted our focus to deliver our suite of external engagement activities through digital platforms. Across our various markets in the Africa and Middle East (AME) region, we’ve hosted virtual roundtables and panel discussions that engage our full range of clientele and facilitate interactions between our industry experts and consumer base.



<h2 class="wp-block-heading" id="h-shift-in-internal-efforts">Shift in internal efforts</h2>



This shift in our external strategy was also mirrored in our internal communications efforts, as during uncertain times employees will rightfully look for guidance, re-assurance and information from senior leadership on ongoing developments.



Ensuring that employees receive valuable information while mitigating against panic and misconception across the wider corporation is absolutely essential. Leaders that practice frequent and transparent communications with employees, through words of encouragement and reassurance, are able to instil faith and provide comfort under unclear conditions.



At the bank, we’ve adopted a communications strategy that facilitates robust two-way engagement between employees and the wider team, during a time where a staggering 90 percent of our personnel were working remotely. We’ve been able to share important messages through digital channels and mobile applications, such as WhatsApp and SMS, while organising internal sessions that congregate the wider corporation through accessible platforms, such as Blue Jeans, where we hosted a regional Town hall with over 3,000 participants across Africa and the Middle East.



We’ve also prioritised the creation and dissemination of content that’s of interest, while conforming to physical barriers imposed by the pandemic, to ensure our employees are continuously engaged with the bank’s ongoing activities. In turn, the bank was able to connect thousands of employees through content that drives our key messaging, further inciting confidence in our wider strategy. &nbsp;&nbsp;



<h2 class="wp-block-heading" id="h-future-of-communications-is-underlined-by-the-covid-era">Future of communications is underlined by the COVID era</h2>



Moving forward, brands will be obliged to navigate a post-COVID consumer-brand dynamic that is underpinned by an emphasis on greater credibility and awareness. The pandemic has uncovered a series of consumer-driven considerations that will undoubtedly decipher how brands communicate with their consumers hereafter.



It’s becoming increasingly evident, for example, that consumers are looking to engage with brands that move beyond virtue-signalling and take meaningful action in support of the communities in which they operate. &nbsp;Studies have shown that consumers across the globe are responding increasingly well to acts of kindness and generosity undertaken by their brands of choice, which directly translates to increased engagement. &nbsp;According to a recent survey, over 40 percent of millennial participants believe brands play an important role at this time. What’s more, one in four millennials surveyed believe brands may be as impactful in addressing societal needs as the government.<a href="#_ftn1">[1]</a>



This is equally true for the approach a brand takes to its communications, wherein these acts of kindness and genuine community support must be shared in a manner that is sensitive, yet impactful. The current crisis has further accelerated the need for corporations to evaluate which messages continue to bolster their value propositions, and which messages impede their ability to practice impactful communications with consumers.



The unprecedented challenges incited by the pandemic have placed corporations under a microscope, wherein their communicative efforts and ability to support consumers is heavily scrutinised. Open and continuous communication is more important than ever, not only for our customers, but for employees, too.



Never has communication had a more important role within businesses than today.



<hr class="wp-block-separator"/>



<a href="#_ftnref1">[1]</a> https://berlincameron.com/newevent-all/2020/4/1/millennials-want-brands-to-communicate-more-during-covid-19-crisis-study-finds

How COVID is teaching us to be better communicators

As we commemorate Women’s Month, we also celebrate remarkable women in the transport sector, while focusing on rail in particular. Given the history of South Africa, rail has always been a male-dominated sector. However, at the height of the 21st century, women have made significant headway in the and pushed the boundaries in the industry.



It is against this backdrop that the Deputy Minister of Transport, Dikeledi Magadzi, in collaboration with the Railway Safety Regulator (RSR) will host a webinar on 25 August 2020. The webinar will provide a platform for industry captains and critical stakeholders to deliberate on pertinent issues including empowerment and equality among other issues. Joined by the Deputy Minister are the RSR Acting CEO, Tshepo Kgare; PRASA Rail CEO, Nosipho Damasane; Transnet Freight Rail CEO, Sizakele Mzimela and the Gautrain’s Executive Manager: Asset and Management Assurance, Nomsa Sivetshe.



The panelists will deliberate on matters concerning gender equity and economic empowerment. The conversion will delve into possible solutions towards economic transformation and social development as driven by the rail sector.



This virtual engagement is the first of a series of roundtable conversations that will discuss matters of economic transformation and social development across all modes of the transport under the theme: “Generation Equality: &nbsp;realising women’s rights for an equal future” and is adapted from the United Nations Women’s theme for 2020: “What Women Want”.&nbsp;



<h2 class="wp-block-heading" id="h-role-of-the-deputy-minister-of-transport">Role of the Deputy Minister of Transport</h2>



The Deputy Minister is charged with great responsibilities towards the fulfillment of the economic transformation agenda as an apex priority area pronounced by both the President of the Republic, President Cyril Ramaphosa and by the Minister of Transport in fulfilment of the obligations of the 6th Administration’s five year term. This specifically relates to gender equity, women empowerment and the eradication of existing gender relations in society, including the eradication of gender-based violence. Transformation is by itself a very broad proposal in South Africa’s developmental agenda, but the Department of Transport (DoT) Strategic Plan lays emphasis on the following areas from which we take cue in defining the context of the programmes planned:



<ol class="wp-block-list" type="I"><li>Transformation of the South African construction, engineering, aviation, maritime sectors in line with national transformation imperatives, in a manner that broadens economic participation, economic growth and job creation.</li><li>The Department of Transport’s and all its entities’ contribution to broad-based black economic empowerment, business skills development and the growth of small, medium, macro enterprises and cooperatives, with a particular bias towards township, dorpie and rural economies.</li></ol>



This series of programmes will be championed by the Ministry of Transport through the Office of the Deputy Minister of Transport, Dikeledi Magadzi in a quest to contribute to the transformation of the transport industry, by:



<ol class="wp-block-list" type="1"><li>Unearthing good women stories in the different modes and programmes of transport and ensuring publicity of those stories while encouraging positive role modelling;</li><li>Understanding the empowerment and equity related challenges faced by women, girls and women with disabilities in the sector;</li><li>Discussing possible solutions to challenges faced;</li><li>Considering employment equity issues affecting women, young women and women with disabilities across the Department of Transport (DoT) and its entities; and</li><li>Informing the Minister of Transport and the Director General of the salient issues raised in the roundtables for possible action.</li></ol>



This virtual roundtable seeks to encourage conversation about pertinent issues that many women still struggle with to this day and will encourage women to become part of the process of finding helpful solutions.

Women in Rail

WOMENS MONTH WEBINAR ON RAIL

Over the last 10 years one of the few constants has been the growth of technology and the impact it has had in, not just our personal lives but also, our professional lives. One would be hard-pressed to remember that at the very beginning of the last decade social media was barely as pervasive as it is today. Social media was at the time just becoming a mainstay in many people&#8217;s lives across Europe and the United States, and yet to become as big on the African continent. Fast forward to the year 2020 and we have the privilege of being able to look back and trace the growth experienced by social media platforms. Social media has grown in leaps and bounds connecting people across the world from one continent to the other, reuniting friends and family and opening up many to worlds unknown to them prior.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2020/09/IMG_1684-683x1024.jpg" alt="" class="wp-image-383120" width="558" height="833"/><figcaption>Terryanne Chebet</figcaption></figure>



However, the biggest impact that has been experienced may be the growth of social media as a viable business platform. Gone are the days when social media was simply just to keep up with your favourite celebrities or message your friends, it has now become a bustling marketplace where businesses can not only grow but also start with the simplest of ease.



Today, in Kenya, many businesses have used platforms such as Instagram to drive them towards success. This has been aided by the swift uptake of technology by most of the population – supported by the fact that it is largely youthful, as well as a willingness to take up the entrepreneurial mantle and start sustainable businesses. Nearly all established businesses prior to the age of social media have accepted the value of being present on social media and have opened pages across all the platforms &#8211; hence its conduciveness as a marketplace. Many businesses in Kenya today have begun on platforms like Instagram, whilst some even operate exclusively on the platform.



One such business that is slowly growing through the use of the platform is Keyara Organics, a platform owned and run by Kenyan media maven Terryanne Chebet. Her business was inspired by the need for a product that could help her deal with her daughter&#8217;s skin condition, eczema. She looked among the existing businesses and was unable to find a suitable product that met her needs. This inspired her to develop the solution on her own and come up with a range of products that filled the gap that she had stumbled upon. Her business is therefore one born of necessity.



“When my oldest daughter was young, I was looking for some suitable products to use for her skin that would not aggravate her condition. That, for me, meant skincare products that were organic and made from natural products. However, as I conducted my search, I was unable to find the kind of products I was looking for – at least locally,” says Chebet. She further adds, “That inspired me to take up the mantle and begin developing the products myself. It is only later that I began to see it as a business opportunity”.



<figure class="wp-block-image alignfull size-large"><img loading="lazy" decoding="async" width="1110" height="740" src="https://www.cnbcafrica.com/wp-content/uploads/2020/09/PHOTO-2020-03-19-21-39-10-1110x740.jpg" alt="" class="wp-image-383118" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/PHOTO-2020-03-19-21-39-10-1110x740.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/PHOTO-2020-03-19-21-39-10-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/PHOTO-2020-03-19-21-39-10-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/PHOTO-2020-03-19-21-39-10-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/PHOTO-2020-03-19-21-39-10-1068x712.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/PHOTO-2020-03-19-21-39-10.jpg 1280w" sizes="auto, (max-width: 1110px) 100vw, 1110px" /><figcaption>Keyara Organics</figcaption></figure>



Social media has simply acted as a catalyst for the adoption of online platforms for making sales. It is now becoming the general consumer behaviour to peruse a business’ offering online and make your order without visiting a physical shop. Many small businesses today have experienced a spike in sales from their online platforms. “About 90% of our sales today come from orders made online. There are very few customers who still insist on physically coming to a shop, especially for those of us in the beauty industry where our products don’t require someone to try them before making the purchase,” says Chebet.



It isn&#8217;t just social media that has helped businesses go digital in Kenya but also payment platforms such as Visa. To support a business’s ability to operate without having a physical premise has also meant that payments must follow suit.&nbsp; With the evolution of technology in the payments sector, such as the addition of chip and pin cards as well as contactless cards, more and more customers are looking to make payments using their debit cards. That is supported by three key aspects &#8211; ease-of-use, security and no surcharge. The relevance of digital payments has also been boosted by the Covid-19 pandemic that started in March 2020. To avoid the spread of the disease and flatten the curve, many customers are shying away from making cash payments. These trends have forced businesses to adopt digital payment platforms such as Visa to ensure that they continue to grow their customer base as well as their business.



Once a business is on-boarded onto the Visa platform, they are provided with a point-of-sale (POS) machine that facilitates the process of card payments. They also connected with a financial partner who will execute the payments via their system. Currently, as part of Visa’s Where You Shop Matters campaign, merchants who sign up on the Visa Small Business Hub turn the chance to win USD 200 worth of advertising, if they are among the first 100 to sign up.



“Our local communities thrive when small businesses are successful. Now more than ever small businesses need all the support that we can offer to promote sustainable growth. The global economy won’t bounce back until small businesses bounce back. At Visa, we are proud to support merchants and recognize that many small businesses have been most adversely affected by the pandemic. From eCommerce to security, our “Where You Shop Matters” initiative aims to help support them and champion the local small businesses that serve as the backbone of our communities” said Visa’s General Manager for East Africa, Corine Mbiaketcha. The growth of social media and the digitisation of payments have therefore played a key role in the evolution of the beauty industry in Kenya. Players in the beauty industry must therefore embrace digitisation so as to continue experiencing the benefits and growing their businesses to maximise their potential.

XQ6G3942_HR_120dpi-1378283171

Digital Payments and their Impact on Small Businesses in the Beauty Industry

The pharmaceuticals group says its management agreement with Ukusekela is already bearing fruit.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="620" height="400" src="https://www.cnbcafrica.com/wp-content/uploads/2020/09/NUTRITIONAL-HOLDINGS-RESULTS_Digital-banners_620x400.jpg" alt="" class="wp-image-382858" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/NUTRITIONAL-HOLDINGS-RESULTS_Digital-banners_620x400.jpg 620w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/NUTRITIONAL-HOLDINGS-RESULTS_Digital-banners_620x400-300x194.jpg 300w" sizes="auto, (max-width: 620px) 100vw, 620px" /></figure>



Nutritional Holdings says its plan to sign an interim management agreement to manage cannabis company Ukusekela Holdings has already borne fruit, with a return to profitability for the first time in several years.



Nutritional, which is a manufacturer and distributor of pharmaceutical products and a range of natural medicines, says its proposed acquisition of Ukusekela bodes well for growth and future positive cash flows due to the spike in demand for cannabidiol (CBD) products because of their medicinal benefits. It believes that Ukusekela, which is involved in the research and development of the cannabis and herbal market, is strategically placed to take advantage of the recent unprecedented spike in demand and awareness for its immune-boosting supplement and other cannabis-infused products.



 Nutritional plans to tie up with major pharmaceutical companies in Europe and Africa to distribute its CBD products. And while interruptions as a result of the Covid-19 pandemic caused production in many industries to come in marginally lower than previous years, it acted as a catalyst to proving sustainability in the group&#8217;s new cannabis arm, helping to offset debt.



 Turnover for the year to end-February rose 10% to R41.7 million and it swung to a R7.47 million profit from a R5.4 million loss a year earlier. Earnings and headline earnings per share improved by 183% from a 0.06c loss in 2019 to profit of 0.05c. Its net asset value jumped 67% to 2.19c per share.



 Earlier this month, Ukusekela signed a supply deal with a leading manufacturing and distribution company in Germany. The contract spans three years and is scheduled to begin in the middle of next month with an initial volume of 50,000 units per month for the first year, which will ultimately grow to 200,000 units per month by year three, totaling a contract value in excess of R1 billion.



 Germany is the third-largest medical cannabis market in the world and is currently the frontrunner in Europe.



 The industrial, medical and recreational potential of the cannabis plant is touted as being worth between $150 billion and $250 billion,&#8221; the company said. &#8220;South Africa could be a world leader in this emerging industry, and Nutritional Holdings under its new regime aims to be the market leader.&#8221; Nutritional said it was currently reviewing its dividend policy with the view to creating more shareholder and stakeholder value.



<a href="http://www.nutritionalholdingssa.com/">http://www.nutritionalholdingssa.com/</a>

NUTRITIONAL HOLDINGS RESULTS_Digital banners_620x400

Nutritional Holdings benefits from cannabis deal

The year 2020 came with lots of hopes and expectations for individuals and businesses, interesting economic projections across most of the world’s thriving industries, a landscape of growth and meaningful insights for what seemed like the most productive year ahead, leading onto the end of yet another decade.



What many did not envisage however, is a global public health emergency – the worst economic downturn since the great depression as described by the <a href="https://blogs.imf.org/2020/04/14/the-great-lockdown-worst-economic-downturn-since-the-great-depression/">International Monetary Fund</a>, a truly global crisis where no country is spared.



Evidently, the impact of the Covid-19 has significantly hindered economic and social development across Africa, with individuals and businesses having to unlearn and learn new changes in lifestyle habits, business restructuring, adoption of innovation and technology and most importantly digitization in the way people live and work. In the last few months, the pandemic have now become a situation countries and people have to live through, with the hopes of an economic recovery. &nbsp;



If Africa is to recover, then a spotlight on small businesses, which make up a large percentage of global and local economies, will be pivotal to this transitioning. This business-led recovery will majorly revolve around digital technology; a catalyst for inclusive growth.



But how do we enable African SMEs to become digitally enabled? Clearly, the introduction of technologies can improve SMEs’ productivity, growth and improve quality of life for consumers, in regards to convenience. According to data from the World Bank in the <a href="https://www.brookings.edu/wp-content/uploads/2020/01/ForesightAfrica2020_20200110.pdf">Foresight Africa</a> 2020-2030 report, GDP growth in the continent could increase by 2% per year if the African Union’s goal of universal and affordable internet coverage is reached, and fast internet could increase the probability of employment to 13.2% from 6.9%.&nbsp;



While this is a major challenge to the growth of Africa’s digital economy and would require years of policy implementation, corporate Africa can begin to support (in their ways) the digital transitioning of SMEs. Digital entrepreneurship has the potential of becoming an instrument of economic revolution for Nigeria’s largely young and business-thinking population for example. The country is home to some of the most innovative startups and small businesses in Africa which provide proof of Nigeria’s digital potential. One of such forward-thinking small businesses is a popular Nigerian indigenous skincare brand, Arami Essentials.



Earlier this year, part of corporate Africa and global digital payments company, Visa had championed a global <a href="http://www.visa.com.ng">WhereYouShopMatters</a> campaign which focuses on supporting small businesses and canvassing for renewed consumer patronage following the impact of the pandemic on shopping behaviors. Visa had researched consumers’ changing shopping habits since the pandemic and leveraged the results of the report to educate small businesses on the need to also change how they sell and do business. The Where You Shop Matters Initiative is an offshoot of Visa’s study which reveals that consumers are increasingly embracing e-commerce and digital payments over cash, and 42% of consumers started purchasing food for the first time online in Nigeria.



Since the pandemic, consumers now want safer and more convenient ways of shopping and so digital payments have been on the rise in Nigeria. Digital payments allow consumers to shop after-hours, when the traditional stores are closed and to avoid crowds and wailing lines, especially during holiday shopping and so retailers and small businesses are encouraged to embrace it.



One very critical angle to the Where You Shop Matters initiative is the educational fragment. Digital skills are a prerequisite for benefitting from any technology at all and the digital economy at large.  With wide digital literacy gaps in Africa, Visa set up a small business resource hub where entrepreneurs can find useful resources for growing their businesses. More importantly, SMEs can do more than just communicate with their customers online – they can find other businesses and create partnerships. This is also one strong element of digitalization for small businesses. The Small Business Hub provides the right visibility and partnerships needed to scale small businesses.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="683" height="1024" src="https://www.cnbcafrica.com/wp-content/uploads/2020/09/Ore-Runsewe-NG-Aramiessentials-CNBC-1-683x1024.jpg" alt="" class="wp-image-382749" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Ore-Runsewe-NG-Aramiessentials-CNBC-1-683x1024.jpg 683w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Ore-Runsewe-NG-Aramiessentials-CNBC-1-200x300.jpg 200w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Ore-Runsewe-NG-Aramiessentials-CNBC-1-768x1152.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Ore-Runsewe-NG-Aramiessentials-CNBC-1-1024x1536.jpg 1024w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Ore-Runsewe-NG-Aramiessentials-CNBC-1-1365x2048.jpg 1365w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Ore-Runsewe-NG-Aramiessentials-CNBC-1-696x1044.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Ore-Runsewe-NG-Aramiessentials-CNBC-1-1068x1602.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Ore-Runsewe-NG-Aramiessentials-CNBC-1-1920x2880.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Ore-Runsewe-NG-Aramiessentials-CNBC-1-scaled.jpg 1707w" sizes="auto, (max-width: 683px) 100vw, 683px" /><figcaption>Ore Runsewe, Founder of Arami Essentials</figcaption></figure>



Nigeria based small business, Arami Essentials, had participated in the Where You Shop Matters initiative and was eventually nominated as a Visa merchant. The brand’s progress through the years have been remarkable especially since it began as an online store. The founder and CEO of Arami Essentials, Ore Runsewe, advocates for more education of the benefits of small business digitization which she believes is the reason for the low number of entrepreneurs doing business online.



“There is need for more education on the essence of small business digitization and if we can get a good number of small businesses in Nigeria logged into the digital economy – that would be a great feat. At Arami Essentials, we started on Instagram and then gradually built the website. Setting up the business on Instagram allowed us to reach a wide audience in such little time because we were constantly in their faces; if we had not a digital store there is the unlikelihood of reaching customers outside of Lagos and Nigeria”.



Ore also advocates for online retailers to partner with payment gateway companies to secure customer’s data on their websites and to enable cross-border payments as well. “The pandemic has shown that we need to look at ways to promote the digitization of Nigeria’s and African small businesses – encouraging merchants to join the digital economy” she says.



Small and medium enterprises that have been able to ‘digitally diversify’ have proven themselves to be more irrepressible during the COVID-19 crisis just like Arami Essentials. Those who were not digital as at the eruption of the pandemic had to play catch-up in the midst of an economic crisis.



To support these businesses, we must influence existing and create new technology offerings tailored towards these small enterprises in Nigeria, rolled out with the support of government.



And as the African Union Commissioner Amani Abou-Zeid had also emphasized in the past: “COVID-19 crisis has become the single biggest catalyst for digital transformation and has moved digitalization from a niche market into mass adoption&#8221;.

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Digitization, a catalyst to the exponential growth of African Small Businesses.

In the digital age, more people have access to some form of mobile device over a bank facility and this is nowhere more evident than in Sub-Saharan Africa. In fact, it must be noted that Sub-Saharan Africa is technologically agile and mobile-first. When looking into mobile phone usage, Africa is the home of mobile money users with at least half of these users originating from our continent. As a result of the current economic climate, mobile money systems are now including millions of people who were previously excluded from mainstream financial services via digital pay. This of course opens up a whole host of opportunities for both SMEs and Visa with regards to eCommerce and the digital space.



In this new norm, the Covid-19 era has pushed more businesses to join the digital age. This move has the potential to not only grow their current earnings but to also reduce expenditure and increase overall consumer base and consumption. The potential to boost and grow a business’ earnings with the use of mobile payments is overwhelming since they are significantly more cost effective than point of sale transactions. Also, when customers scan QR codes associated with a purchase, merchants can seamlessly accept payments through their mobile phones and directly into their bank accounts, instantly and hassle-free.



Visa published the Covid-19 CEMEA Impact Tracker as a way to highlight the effects of the pandemic and show how the company was leading from the front in curbing the strain felt by SMEs as a result of the pandemic. One of the ways Visa did this was by upskilling SME merchants on the value of digitising. By continuously working to provide the most secure and convenient digital payments solutions, such as frictionless eCommerce solutions and contactless payments, Visa has given consumers the confidence to shop via eCommerce and given merchants a new lease on life and the means to continue to thrive in a competitive and evolving world. Visa presents a plethora of unique opportunities for entrepreneurs who are willing to harness emerging technologies and tailor them to the needs of both their businesses and Sub-Saharan Africa as a whole.



Although Sub-Saharan Africa predominantly remains cash-based, Covid-19 has proven that the need for safe, reliable, and convenient financial services is of the utmost importance. Today, consumers expect to be put at the forefront and this in turn means services that are seamless, frictionless, on-demand, mobile-enabled and customisable to suit their daily needs. Because of this, a cashless and digital society is gaining notable traction in the financial sphere. Visa’s recent study has shown that in a post Covid-19 world, the driving growth in digital payments could deliver blanket benefits to various sectors including SMEs, which may ultimately stimulate long-term economic growth.



About Visa Inc.



Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network &#8211; enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device, for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit <a href="https://protect-us.mimecast.com/s/gwH-CVOy8AUxmNMZSytTyD?domain=usa.visa.com">About Visa</a>, <a href="https://protect-us.mimecast.com/s/BQ6tCXDAjLsXjVm9umad5p?domain=visa.com">visa.com/blog</a> and



<a href="https://protect-us.mimecast.com/s/iVPYCYEBkWuLmE59SZi2ia?domain=twitter.com">@VisaNews</a>.

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Digital Transformation: A Key Driver of Business Success

The line-up for the SingularityU South Africa Online Summit features thought leaders from across the globe, some as far as USA, Denmark, Netherlands and Australia, and including sought-after South African captains of industry. 



The event is around the corner, and will take place on 14 and 15 October 2020. 



True to the SingularityU prowess of demystifying exponential technologies and their potential to solve the global grand challenges, the world’s top innovators will share the latest insights. 



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="600" height="600" src="https://www.cnbcafrica.com/wp-content/uploads/2020/09/Vivienne-Ming.png" alt="" class="wp-image-382295" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Vivienne-Ming.png 600w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Vivienne-Ming-300x300.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Vivienne-Ming-150x150.png 150w" sizes="auto, (max-width: 600px) 100vw, 600px" /><figcaption>Vivian Ming, American neuroscientist</figcaption></figure>



American neuroscientist Vivienne Ming and founder of Socos Labs will address how artificial intelligence can make us better humans. Australian AI expert Kellie Nuttall will speak about artificial intelligence and the future of work while South African technology pioneer Andile Ngcaba will share how artificial intelligence can effectively be used by governments. 



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="600" height="600" src="https://www.cnbcafrica.com/wp-content/uploads/2020/09/Andile-Ngcaba-.png" alt="" class="wp-image-382296" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Andile-Ngcaba-.png 600w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Andile-Ngcaba--300x300.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Andile-Ngcaba--150x150.png 150w" sizes="auto, (max-width: 600px) 100vw, 600px" /><figcaption>Andile Ngcaba, South African technology pioneer</figcaption></figure>



LinkedIn’s Top Voice in Tech Cathy Hackl will explain the impact of emerging technologies on business. World renowned leadership, disruption, and innovation expert David Roberts will discuss how to be a strategic, empathetic leader in the new world.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="600" height="600" src="https://www.cnbcafrica.com/wp-content/uploads/2020/09/David-Roberts.png" alt="" class="wp-image-382297" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/David-Roberts.png 600w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/David-Roberts-300x300.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/David-Roberts-150x150.png 150w" sizes="auto, (max-width: 600px) 100vw, 600px" /><figcaption>David Roberts, leadership, disruption, and innovation expert</figcaption></figure>



This year’s summit boasts several female headline speakers. Physician and futurist Dr Divya Chander will address human brain interfaces. 



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2020/09/Divya-Chander.png" alt="" class="wp-image-382298" width="600" height="600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Divya-Chander.png 600w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Divya-Chander-300x300.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Divya-Chander-150x150.png 150w" sizes="auto, (max-width: 600px) 100vw, 600px" /><figcaption> Dr Divya Chander, Physician and futurist</figcaption></figure>



Journalist and educator Esther Wojcicki will talk to after-school learning. South African healthcare entrepreneur Kim Hulett who enthralled audiences at the 2019 summit with her talk on designer babies will return this year to tackle the future of healthcare, while American Tiffany Vora will present an international perspective on this topic. Leading Johannesburg blogger Angie Dauberman will discuss abundance in food. New perspectives on cybersecurity in a digitised world will be addressed by Dutch cybersecurity specialist Jaya Baloo. 



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="600" height="600" src="https://www.cnbcafrica.com/wp-content/uploads/2020/09/Jaya-Baloo.png" alt="" class="wp-image-382299" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Jaya-Baloo.png 600w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Jaya-Baloo-300x300.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Jaya-Baloo-150x150.png 150w" sizes="auto, (max-width: 600px) 100vw, 600px" /><figcaption>Jaya Baloo, Dutch cybersecurity specialist</figcaption></figure>



At the forefront of innovation in governance, Danish Carin Ism will speak on the future of governance in a post-Covid world.



Designer to inspire and empower businesses and entrepreneurs to think bigger and have a positive impact on the world, leading entrepreneurs will take to the stage to share their expertise in an actionable way. MTN executive David Gilarranz will address frictionless payments. 



American entrepreneur David Hite will speak about investing in a new world, while Catherine Wood will share her billion dollar expertise on investing in disruptive innovation. A session on wealth management and transparency will be presented wealth management tycoon Paul Pagnato. The World Bank’s lead economist Waolfgang Fengler and Fred Swaniker, founder of the African Leadership Group will share their unique perspectives on education and business.



The first five interactive workshops have also been announced:



<ul class="wp-block-list"><li>Moonshot Thinking: by Lisa Andrews and Christina Gerakiteys</li><li>Smarten up your home with IOT (internet of things) &#8211; by Phathizwe Malinga</li><li>The Stress code – by author Richard Sutton</li><li>Business Rescue – by Maurice Crespi</li><li>Getting off the grid or whichever plain you’re on &#8211; by Adriana Marais</li></ul>



“We are thrilled to have assembled a stellar line up of trailblazers from around the world to headline the fourth annual SingularityU South Africa Summit, showcasing the ground-breaking technologies and innovations that are available to take the continent forward” said Mic Mann, Co-CEO of SingularityU South Africa. “This year’s summit will make a meaningful contribution to developing human capital in Africa, and work to enhance the quality of life through education, networking and an exponential mindset” added Shayne Mann, Co-CEO of SingularityU South Africa.



Now in its fourth year, the 2020 event will take place in a custom built online environment. The presentation format has been revised for the 2020 summit, with shorter talks making way for deeper engagement online with less screen fatigue and a greater variety of topics to be covered. The summit will also feature an online expo area, where delegates can engage with the latest products and developments from exhibitors and make business happen.



The SingularityU South Africa Summit 2020 will be hosted in collaboration with The Development Bank of Southern Africa, global partner Deloitte, and strategic partner MTN. To join the SingularityU community of changemakers, or to book, visit https://singularityusouthafricasummit.org/.



Ticket prices:



<ul class="wp-block-list"><li>Early Bird: R5 000 incl vat. Book before 11th September 2020 and save R 5 000 off your ticket.</li><li>Early Adopter: R6 250 incl vat. Book before 24th September 2020 and save R 3 750 off your ticket</li><li>Standard Ticket:- R8 000 incl vat. Book before 2nd October 2020 and save R2 000 off your ticket price</li><li>Late Mover Ticket &#8211; R10 000 incl vat. 13th October 2020 Registration closes 16 October 2020</li></ul>



All prices include VAT.

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The star-studded multi-national line-up for SingularityU SA Online Summit 2020

What larger companies need to know about foreign exchange (FX), both during and after COVID-19



The COVID-19 pandemic has plunged communities and economies into a crisis of uncertainty. Tomorrow keeps changing and the future – of business especially – is more unpredictable than ever.



“This uncertainty is reflected in a lot of risk-on and risk-off sentiment,” says Chris Paizis, Head of Corporate FX and International Banking at&nbsp;Absa&nbsp;Group. “Today the world might be having a good day, with scope for a vaccine to come out sooner than expected, so all of a sudden investors are happy to take on riskier assets, and as a result the rand strengthens. But tomorrow might bring a completely different sentiment…”



Clearly, at times like these, currencies flip-flop and exchange rates can – and do – fluctuate more than usual. This volatility can have a significant impact on corporate income statements, as Paizis explains below. Here’s how larger businesses should approach FX in pursuit of a smoother ride.



<h2 class="wp-block-heading">1. KNOW WHERE FX FITS IN</h2>



“Under normal conditions I think that FX is one of the most important components in a corporate treasurer’s life,” says Paizis. “If that’s true, then right now FX must be by far the most significant component!” For corporates, FX is – and remains – an income statement item, he adds. “If, for example, you can’t deliver your goods because of lockdown restrictions, and you have to roll your foreign exchange hedge, that might have big repercussions on your cash flows and on your ability to borrow.”



Take action: “You’re trying to lock the cost of your imports or revenue – if you’re receiving foreign currency – and mitigate the volatility that it can potentially create on your income statement,” says Paizis. Get more info and tailored risk-management support <a href="https://www.absa.co.za/corporate-and-investment-banking/products-and-services/manage-risk/" rel="sponsored nofollow">here</a>







<h2 class="wp-block-heading">2. UNDERSTAND THE VOLATILITY</h2>



“Combined, market volatility and uncertainty are the biggest risk that corporates face during this crisis,” says Paizis. “In the early months of lockdown we saw the rand going to all-time weaknesses (about R19 to the dollar), before quite quickly returning to the lower R17s and R16s. The intraday volatility, often as a reaction to news events, is very choppy. Managing that risk and unpredictability is a very difficult task for corporate treasurers, and for corporates in general. Survival has to do with how you manage your exposures to survive the crisis.”



Take action: With the risk environment changing daily, corporates need an FX platform that enables quick and decisive responses, all online. Check out the new <a href="https://absaaccess.co.za/">Absa Access</a> platform, which provides research, analysis and expert advice – plus FX and payment capabilities – all in one place. To request an invitation to the platform, phone +27&nbsp;11&nbsp;895&nbsp;7318 or email <a href="mailto:AbsaAccessSupport@absa.africa">AbsaAccessSupport@absa.africa</a>.







<h2 class="wp-block-heading">3. UNDERSTAND THAT FX IS ABOUT MORE THAN JUST FX</h2>



FX clearly has an impact on currency exchange and cross-border transactions, but, as Paizis points out, it has deeper implications too. “FX also has an impact on liquidity, on income statements, on a corporate’s ability to borrow,” he explains. “At Absa we’ve stayed very close to our clients, understanding their exposure and providing our ongoing view of how the markets are unfolding. We’ve found this has been very valuable, because standard forecasts clearly don’t count when you’ve got so much volatility on a week-by-week – and day-by-day! – basis.”



Take action: Find the latest, updated forecasts, analysis and reports on the Absa Access research portal and <a href="https://www.absa.co.za/corporate-and-investment-banking/research/" rel="sponsored nofollow">here</a>.







<h2 class="wp-block-heading">4. GET YOUR HEDGING RIGHT</h2>



Paizis believes that every corporate should have a clear and specific hedging policy. “That policy must offer certainty, flexibility and clarity to your management and banking partners,” he says. But he does add a word of warning: “At times like these, there might be the temptation to over-hedge. Say I’m an exporter and the dollar is at R19. It’s very tempting to then put hedges in place for exposures that I might not yet have, and that creates danger on my income statement and credit lines. It’s tempting to be greedy when you see big moves in the exchange rate, but you have to remember that as a corporate your role is not to speculate, it’s to manage your income statement exposures.”



Take action: Stick to a known and workable hedging policy, which makes it easier for banking partners to understand your company’s exposures and support you through the crisis. For advice on how to formulate your hedging policy, contact Absa’s Corporate and Investment Banking team on <a href="tel:0860500703">0860 500 703</a> or email <a href="mailto:Rsc.corpprc@absa.co.za">Rsc.corpprc@absa.co.za</a>.







<h2 class="wp-block-heading">5. KEEP IT SIMPLE AND RATIONAL</h2>



We keep hearing it, even from the world’s top economic experts: this is unprecedented; nobody has seen anything like it before. In light of this, Absa’s Corporate FX and International Banking team is very excited about the all-in-one <a href="https://absaaccess.co.za/">Absa Access platform</a>, which has been purpose-built for South African and Africa-based clients &lt;hyperlink to LinkedIn article&gt; and their unique requirements.



“We had a long journey with our previous online trading system, BARX Africa,” says Paizis. “But Absa Access is much nimbler and allows you to do things you couldn’t do on BARX. For example, it’s a single sign-on system; we know it’s a real pain point for corporates to have to log into three different systems to do a payment, check an account and then do a forex trade.”



Take action: In addition to choosing simple solutions, like Absa Access, now is the time to stay rational. “Every day has a different sentiment,” says Paizis, “but acting on each one is irrational. You need to look through the cycle and know that you can still have a functioning economy during these times of uncertainty.”

ABSA CIB Covid-19 FX

The COVID Currency Survival Guide for Corporates

by: Patricia Holburn



Absa, recent winners at Global Finance’s 2020 World’s Best Corporate/Institutional Digital Banks Awards in Africa, is transforming trade on the continent.



The group is broadening access to trade finance by digitising its trade finance offering, ensuring increased trade opportunities that boost economic growth in Africa.



“Trade is critical to Africa’s growth,” says Michelle Knowles, pan-African head of trade finance product at Absa Corporate and Investment Bank. It has been hindered by a lack of access to trade finance, despite growing demand for products that give importers and exporters multiple ways of financing trade transactions and a range of proven risk mitigation options.



<h2 class="wp-block-heading">Trade finance gap set to widen</h2>



“There is demand for trade finance across the region,” Knowles says. But supply is not keeping up, pointing out that the estimated trade finance gap on the continent is $110bn to $120bn.



“Only a quarter of Africa’s trade finance needs are being met.”



She says the trade finance gap is likely to widen in the next 18 months, leaving businesses facing an uphill battle to access the resources and support they need to fulfil their trade needs.



“Trade finance is an integral part of <a href="https://www.absa.co.za/corporate-and-investment-banking/products-and-services/transactional-banking/?cmpid=SEM_92968">Absa’s business</a>. We are accelerating our efforts to meet the demand for trade finance and be a key provider of trade finance on the continent to enable the <a href="https://www.businesslive.co.za/bd/world/africa/2020-05-07-new-free-trade-pact-could-help-africa-recover-from-virus/">free trade agreement</a>,” Knowles says. This includes digitising trade finance products.



<h2 class="wp-block-heading">African experience and digitisation</h2>



With its experience on the African continent and ongoing digitisation journey, Absa is well placed to make good on its commitment to grow trade.



“Our experience in Africa and understanding of trade finance means we can deliver an accessible trade finance product,” Knowles says.



The group launched its online trade finance portal, Trade Management Online, in 2019, and is busy with other automation initiatives focused on their operations and services to further reduce costs, improve efficiency and provide a consistent client experience across all regions.



The portal recently won <a href="https://d2tyltutevw8th.cloudfront.net/media/document/press-release-worlds-best-digital-banks-2020--1597243977.pdf">Global Finance’s Best Online Portal in the </a><a href="https://d2tyltutevw8th.cloudfront.net/media/document/press-release-worlds-best-digital-banks-2020--1597243977.pdf">World’s Best Corporate/Institutional Digital Banks in Africa 2020 round one award</a>. The bank also won the regional award forBest Trade Finance Services.



Trade Management Online offers the bank’s corporate and business banking clients a comprehensive range of functionalities. Clients can initiate, receive and manage the full lifecycle of trade finance products and services through the channel, including:



<ul class="wp-block-list"><li>letters of credits,</li><li>bank guarantees,</li><li>import and export trade loans, and</li><li>collections.</li></ul>



Clients can also communicate via online messaging with technical experts in the bank through the platform.



Trade Management Online is available to Absa clients in the group’s African markets, including&nbsp; Botswana, Mozambique, Zambia, Tanzania, Kenya, Mauritius, Uganda, Ghana, Seychelles and South Africa.



&nbsp;The portal is accessed through Absa’s best-in-breed digital platform, Absa Access.



“Our clients can now have a single view of all their trade and cash products – a unique proposition in the markets we operate,” says Randy Mavunda, head of digital trade finance operations at Absa.



Mavunda says the system is also multi-tenancy, which means clients have a single view of all their transactions in all the markets they trade in. As with any good digital offering, there is reduced paperwork and a shorter turnaround time. Absa has been on a journey to digitise and make their products easy for clients to access and use.



“We invested in a multi-year programme and developed a common framework to make sure we have a workflow system in place so our online channel can deliver a consistent and reliable client experience across the value chain,” Mavunda says.



<h2 class="wp-block-heading">More efficiency ahead</h2>



The team is now taking the next steps on their digital journey that will see Absa leveraging data and intelligence, including automating key processes. Mavunda says an example of this is automating the checking processes regulation requires.



“We are working on initiatives to leverage the data for decision support using artificial intelligence (AI) and deep learning techniques. This enables us to be better at managing and monitoring fraud without relying heavily on manual controls,” he says.



“Using our AI models we can monitor for anomalies proactively and escalate these to management for a decision, making our trade platform safe for our clients and the bank.”



He says the bank is also focusing on building models to offer better decision support and improve on the overall turnaround times for processing trade products. “This will allow us to get ahead of the curve, and be more adaptive to changes while keeping the costs to serve low.”



Knowles sums up the bank’s trade finance products and platform in three words: efficiency, convenience and protection.



“We recognise the shift towards digital trade finance. Our award-winning portal and products meet our clients’ and the continent’s trade finance needs.”







<hr class="wp-block-separator"/>



This article was paid for by Absa Corporate and Investment Banking.

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Absa commits to growing African trade with award-winning online platform

While the alcohol sector invariably draws strong feelings from across the philosophical divide during Covid-19, what is indisputable is that there are a number of integrated moving parts that have to work together to put a beer in front of a consumer. When the taps were recently switched off in &nbsp;the local pubs, it reverberated through the entire value chain of beer manufacturing.&nbsp; The pandemic had the same adverse effect on the resources and energy sector, but &nbsp;the good news is that this is proving to be one of the under-stated recovery stories in 2020 which proves that there are reasons to be optimistic, if you look for them.



It suddenly feels like we are back in the roaring 80s when gold was all the rage and if one takes a look at the current Gold price of USD2057/ounce, proving once again that Gold is a safe haven, amidst the dollar depreciation. &nbsp;In Rand terms if one takes into consideration the exchange rate volatility, the picture for gold is impressive:



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2020/09/gold.png" alt="A screenshot of a cell phone

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Copper, which is often considered as a good indicator of the health of the industrial or “real” economy is actually trading higher than it was a year ago for example:



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="637" height="421" src="https://www.cnbcafrica.com/wp-content/uploads/2020/09/copper.png" alt="A close up of a map

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Those who follow the oil price will know that it has more than doubled after its unprecedented sell-off in March 2020. The sentiment on fuel demand globally because of the Covid-19 pandemic will have a determining impact on fuel prices. US crude inventory levels and a weakening dollar will also play their part in settling the oil price. A combination of slowly improving oil prices, recent discoveries and the push towards using gas as an environmentally friendly energy source, is contributing to the renewed investor interest in the oil and gas sector on the continent. Africa is one of the leading regions in terms of oil and gas discoveries including the huge gas finds in Mozambique, Mauritania and Senegal will contribute significantly to meeting the growing demand for gas in the global energy mix.



While the sector has experienced an increase in negative investor sentiment over the past years because of rising production costs, infrastructural challenges, electricity supply, increasing environmental, social and governance standards and political and economic instability in certain regions, big name resource shares like Anglo American, BHP Billiton and Kumba have all recently hit new 12-month highs as interest in the resource sector picks up. All the factors mentioned above are placing business leaders under unyielding pressure to deliver superior returns to stakeholders.



Whilst every commodity has unique characteristics that have impacted their price movements, these new 12-month highs are potentially great news for the African continent which holds over 30% of the world’s remaining mineral reserves and increasing finds of reserves of oil and gas.



The key to unlocking investments into Africa is for industry stakeholders to continue to collaborate responsibly to promote economic growth. The key role of a bank is evolving and now includes also making sure that where we provide funding, the economy and communities benefit. The trick now is building sustainability through the value chain, and it’s important that “sustainability” is not dismissed as a “nice-to-have” but rather to see it as a critical part of the funding journey. Already we are seeing shareholder activists are pushing back against projects that don’t take into account environmental and sustainability related issues.



Issues such as climate change are no longer “soft” elements that can be tucked away in a sustainability report somewhere. Shareholders and other stakeholders are demanding that the banking sector adopts a responsible approach to funding of new projects and this is driving a change in behaviour for all sector participants. &nbsp;



The question will remain whether the industry is doing enough with regards to carbon emissions to meet the goals of the Paris agreement on climate change and the scopes listed.



The Paris Agreement’s central aim is to strengthen the global response to the threat of climate change by keeping a global temperature rise this century well below 2 degrees Celsius above pre-industrial levels and to pursue efforts to limit the temperature increase even further to 1.5 degrees Celsius. Additionally, the agreement aims to increase the ability of countries to deal with the impacts of climate change, and at making finance flows consistent with a low GHG emissions and climate-resilient pathway. To reach these ambitious goals, appropriate mobilisation and provision of financial resources, a new technology framework and enhanced capacity-building is to be put in place, thus supporting action by developing countries and the most vulnerable countries, in line with their own national objectives.



<ul class="wp-block-list"><li>Scope 1 covers direct emissions from owned or controlled sources.</li><li>Scope 2 covers indirect emissions from the generation of purchased electricity, steam, heating and cooling consumed by the reporting company.</li><li>Scope 3 includes all other indirect emissions that occur in a company’s value chain.</li></ul>



The EU formally adopted into law a series of measures that included&nbsp;a binding target for 32% of electricity production to come from renewables by 2030. Achieving this would require at least a 50% reduction in global greenhouse gas (GHG) emissions by 2050, whilst global GDP could triple and population could grow by more than 2 billion. Performance so far has been mixed, with global emissions increasing c.1% per year since 2015. We expect climate change to fundamentally reshape the Resources industry.



For many companies, the majority of their greenhouse gas (GHG) emissions and cost reduction opportunities lie outside their own operations, as these include purchased goods and services, business travel, employee commuting, waste disposal, use of sold products, transportation and distribution (up- and downstream), investments, as well as leased assets and franchises. While most of the industry has pledged to reduce operational ‘Scope 1 and 2’ greenhouse gas emissions, it is more difficult tackling those produced by their customers because of the complexities involved.



Green technology will be important to reduce carbon emissions in operations and reduce environmental impacts. The use of minerals and metals that support a transition to low-carbon technologies such as solar panels or wind power will be in demand. Use of water for mineral processing will have to be recycled.



Front-of-mind for all investors is a stable political and regulatory environment and one of the positives we noted at the Mining Indaba earlier this year is that the continent is making positive strides in this regard. The development of an indigenous resources service sector can be challenging due to the capital intensity of the sectors. To address some of these challenges, there is need for international companies to partner with local companies to raise the required capital and in-country capacity building and training. The fiscal framework must also be fair and transparent.



Power supply issues are topical in all countries in Africa and it is encouraging to note that there are a significant number of sizeable diverse renewable power projects being rolled out across the continent. While there has been a major focus on the fields of renewable and more-green energy solutions like gas-to-power, coal will continue to play an important role in our African energy mix in the near-term.



One of the big unknowns for 2020 is the disruptive impact that COVID-19 will play on the relationship between labour and the resource and energy sector. At the Mining Indaba, we noted that the relationship between the mining houses and their labour forces had – specifically in South Africa &#8211; improved and negotiations had been far less confrontational than in previous years. With organisations facing significant cost pressures, will tensions rise here?&nbsp;&nbsp;&nbsp;&nbsp;



Building on the question of labour, impact on surrounding communities is another key theme that corporates need to pay more than lip-service to. Greenfields mining projects have the ability to be a major catalyst for surrounding communities in terms of job creation and supporting small businesses &#8211; mining operations across the continent are becoming more and more sensitive to the role they play in ensuring the sustainability and their responsibilities here. As a funding partner, our deal teams will often conduct site audits and visits prior to approval of funding.&nbsp;



The commitment of 130 banks from 49 countries to the United Nations Principles for Responsible Banking which were adopted in September 2019 marks an important milestone for the banking industry and so for the natural resources and energy industry as well.&nbsp;



The Principles for Responsible Banking are:



<ul class="wp-block-list"><li>Alignment (business strategy to society’s goals)</li><li>Impact and target setting (increase positive impacts and managing risks to people &nbsp;&nbsp;and environment because of our activities)</li><li>Clients and customers (activities to create shared prosperity for the future)</li><li>Stakeholders (engaging to achieve society goals)</li><li>Governance and culture (effective governance)</li><li>Transparency and accountability (reviews and reporting on sustainability)</li></ul>



Ultimately, all participants in the resources sector will need to recognise that the sector can no longer be open to exploitation. As a funding partner, we are committed to working with organisations who share our values and are prepared to invest responsibly throughout the value chain. As Absa we see ourselves as a natural partner to clients active across the natural resources and energy value chain in Africa.

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Responsible banking in a post-COVID commodity market – Investing responsibly throughout the commodity value chain

The Coronavirus pandemic has influenced us in a more global way than the Cold War, affecting the environment, industry, finance, healthcare, leisure and almost every other human endeavour.



Some of the areas of influence are clear and obvious. For example, the acceleration of digital transformation, which changes how organisations operate and provide value to their customers. There is also an increased demand for cloud computing, which provides most of the foundations, tools and infrastructure to fuel the digital transformation. Some world leaders in the cyber security space, including the&nbsp;<a href="https://www.weforum.org/agenda/2020/06/covid-19-pandemic-teaches-us-about-cybersecurity-cyberattack-cyber-pandemic-risk-virus/">World Economic Forum</a>, predict that this rapid and unplanned move will result in a&nbsp;<a href="https://www.checkpoint.com/cybersecurity-protect-from-cyber-pandemic/">cyber-pandemic</a>&nbsp;down the road – more on that later.



This acceleration in digital transformation and demand for cloud computing is occurring because there is no choice. Necessity is the mother of innovation, as businesses could not function normally and were forced to adapt their processes in order to survive. Some examples of this include:



<ol class="wp-block-list" type="1"><li>Working from home: The Times of India calls this “<a href="https://timesofindia.indiatimes.com/business/international-business/the-impact-of-covid-19-on-the-cloud-computing-industry/articleshow/75697290.cms">productivity away from the desk</a>”, where employees spend months working remotely and companies made an unexpected shift to digital collaborative systems like Zoom in order to maintain productivity. Additionally, schools and universities implemented video conferencing systems to allow distance learning. Conversely, it is possible that companies are enjoying some of the benefits of remote work and will allow or even encourage more widespread and long-term remote work after the pandemic has ended.</li><li>E-commerce boom: During the lockdown, online shopping spiked, especially for food and other essential supplies. Online retailers generally use cloud-based solutions that are scalable; business can continue as normal during the demand spikes.</li><li>Healthcare: The primary concern during the Coronavirus has been medical. Remote access to doctors and medical assistance was often the difference between life and death, and we can expect this remote access trend to continue after the pandemic is behind us, albeit with less urgency. Cloud benefits like scalability and redundancy are vital to support this effectively.</li></ol>



In all these examples, business continuity during the pandemic has been dependent on cloud computing. As Paul Tacey-Green, cloud director at Amito,&nbsp;<a href="https://www.raconteur.net/technology/cloud-computing-models-covid">explains in Raconteur.net</a>: “The crisis has been a lesson in staying ahead of the curve when it comes to cloud deployment. Having the option to ramp up capacity has been the difference in being able to run your business or not.”



While IT spending in 2020 will slow significantly due to the coronavirus pandemic, software will be least impacted according to&nbsp;<a href="https://www.idc.com/misc/covid19">an IDC report</a>. It is even possible that public cloud computing will benefit significantly from the long-term impact of the pandemic due to some of the trends mentioned above.



While cloud usage is accelerating, so is the demand for cloud security. Why is this the case?



The first explanation that comes to mind is the simple law of demand and supply. The growth in cloud computing means that more companies are putting more data and applications online, which&nbsp;<a href="https://blog.checkpoint.com/2020/03/30/covid-19-impact-cyber-criminals-target-zoom-domains/">attracts threat actors and cybercriminals</a>&nbsp;eager to benefit from the potential to make easy money through various cloud cybersecurity schemes.



Secondly, remote work, increased home entertainment, remote healthcare and a larger “online footprint”&nbsp; &nbsp;cause different patterns of network access and increases the potential attack surface. Is your home network safe? (In general the answer is “no” and even if “yes”, it is probably less safe than your office network.) Are you able to access business-critical applications and data from a potentially unsecured home network connection?



Finally, the rapid and unplanned quarantine and remote workforce has often resulted in security shortcuts. When faced with the dilemma of “quick and dirty” or “slow and steady”, some companies chose the quick route, intending to retrofit stronger security measures after employees started to work remotely.



Back to the&nbsp;<a href="https://www.checkpoint.com/cybersecurity-protect-from-cyber-pandemic/">cyber-pandemic</a>&nbsp;discussion. One of the key stages that takes place in every attack is reconnaissance – the stage that involves looking for a weak point in security to plan an attack. Why a&nbsp;<a href="https://www.checkpoint.com/cybersecurity-protect-from-cyber-pandemic/">cyber-pandemic</a>&nbsp;is so plausible is because an unplanned or “quick and dirty” move – enabling business continuity without an integrated security strategy – would surely be a top of mind thought for any hacker at the moment. More so, these unplanned migrations create more chances of security holes and become an easy target for a hacker. And with such number of organizations making this move, the idea behind a&nbsp;<a href="https://www.checkpoint.com/cybersecurity-protect-from-cyber-pandemic/">cyber-pandemic</a>&nbsp;becomes even more real.



So how can you speed up while staying safe? Here are a few suggestions:



It is far better to plan properly,&nbsp;consult with a trusted cloud security advisor&nbsp;in order to benefit from industry best practices and&nbsp;<a href="https://pages.checkpoint.com/cloud-security-blueprint.html">architect cloud security into the design</a>.



Secondly,&nbsp;prevention is the only option for cloud security. Cloud security detection exposes organizations to risky and expensive cloud security threats which cause real danger well before the threat can be managed.



Cloud security is much more complex than traditional on-premises security because instead of one perimeter (the network link connecting your company to the internet), you now have&nbsp;<a href="https://www.youtube.com/watch?v=nvVI3azDmOQ">multiple perimeters</a>, including each cloud computing service, each employee and access role accessing those services, each new data storage and each different workload or application operating in the cloud. You need to ensure that you secure your everything.



While each cloud provider has its own security services, there are thousands of 3rd-party vendors providing cloud security solutions to complement and enhance those of the cloud vendors. Each additional such “point solution” in your organization has staffing, training, deployment, integration and maintenance requirements. More point solutions cause an exponential increase in complexity. Therefore, it is strongly recommend&nbsp;to evaluate cloud security solutions that cover the broadest range of capabilities instead of multiple solutions with narrower functionalities.



While you may not have access to a crystal ball, visibility is particularly important in cloud security, because you can’t secure what you can’t see. And cloud computing can often cause multiple visibility problems.&nbsp;Broad and well-integrated cloud security solutions help you to eliminate cloud blind spots.



Organizations need to ensure that they are prepared for all possible scenarios. One of the lessons of the Coronavirus pandemic is to expect the unexpected.&nbsp;Perform regular risk management exercises&nbsp;for every possible and impossible cloud security solution.



Trust no one.&nbsp;Adopt&nbsp;<a href="https://www.checkpoint.com/solutions/zero-trust-security/">zero trust security</a>&nbsp;in everything that you do, for networks, people, devices, data and workloads.



In a post-pandemic world with accelerated cloud computing, a remote workforce, dynamic network access and more attack vectors for cloud threat actors, you need to ensure your business is secure in the cloud, and be ready for the potential of a&nbsp;<a href="https://www.checkpoint.com/cybersecurity-protect-from-cyber-pandemic/">cyber-pandemic</a>.



Cloud security increases cloud confidence. Cloud confidence allows your organization to adapt to the changing world and provide business value. The Pandemic will disappear. Cybersecurity clean up, following the aftermath will stay, unless you act now. Make&nbsp;<a href="https://www.checkpoint.com/solutions/cloud-security/">cloud security</a>&nbsp;your key business enabler.

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A Cyber Pandemic May Be Next: How secure are you in the cloud?

Through the operations of the Gautrain rapid rail link, the Gauteng Provincial Government (GPG) has demonstrated that the face of public transport can be radically transformed. The Gautrain is a modern and efficient public transport system which has presented many benefits to Gauteng, such as contributing to the alleviation of traffic congestion, integrating public transport, influencing transport choices and rejuvenating inner cities in Johannesburg and Tshwane. Gautrain has also created jobs, enhanced the economy and helped to re-establish the rail sector in Gauteng.



These benefits illustrate the need for rail as being the backbone of public transport in the Province and have necessitated a strong demand for the extention of the Gauteng Rapid Rail Integrated Network (GRRIN) project to connect the people of Gauteng and create a sustainable transport service for the Province.



As part of the GRRIN extensions planning the Gautrain Management Agency has completed the feasibility study on the extension. This study has been submitted to Provincial and National Treasuries and to major stakeholders that were consulted during the feasibility process of the proposed GRINN implementation scenarios.&nbsp; The feasibility study identified various links and stations. Timelines are dependent on factors like economic growth, population growth and transport demand.&nbsp; The proposed GRINN extensions will span over various areas and will be developed in multi phases over an extended period.&nbsp;



The GRRIN extensions feasibility study identified a total of 149km of rail and 19 stations for the final route.&nbsp; Herewith the proposed links and stations below:



<ul class="wp-block-list"><li>A link between Marlboro and Soweto with an additional station at Sandton, as well as new stations at Randburg, Cosmo City, Little Falls, Roodepoort and Jabulani;</li><li>A link between Jabulani and Mamelodi through Cosmo City, with new stations at Fourways, Sunninghill, Olievenhoutsbosch, Irene, Tshwane East, Hazeldean, and Mamelodi;</li><li>A link between Rhodesfield and Boksburg with new stations at East Rand Mall and Boksburg; and</li><li>A link between Cosmo City and Lanseria Airport with new stations at Cradle and Lanseria.</li></ul>



As part of the project preparatory work all of the proposed routes will be subjected to the Route Determination process as prescribed by the Gauteng Transport Infrastructure Amendment Act, 2003. This process includes public participation at the appropriate time. In this regard, detailed information will be made available through the GMA website, the media, and Government Gazettes.



The feasibility study also provided various benefits such as significant economic benefits through job creation and investment.&nbsp; It is estimated that Phase 1(Marlboro to Little Falls through Sandton, Randburg, Cosmo City) of the GRINN extension will &nbsp;&nbsp;create close to 29,000 jobs during construction and an additional 7,729 long-term jobs during start of its operations. The GRINN Phase 1’s project is also expected to invest approximately R388 million skills development during the construction phase and a further R29 million during operations of the phase. &nbsp;Phase 1 economic benefits arising from the construction and operation of GRRIN is estimated at total present value of R33 billion.



Currently the GRINN extension’s Phase 1 has been submitted to National Treasury for Treasury Approval 1 (TA1) that will enable the commencement of procurement. This phase was also submitted to the Presidency&#8217;s Investment and Infrastructure Office for consideration.



Other major benefits of GRINN is the provision of; an upgraded-integrated transport network, and integrated city region resulting from the linking of the existing road-based public transport and rail systems and provision of access and connection to opportunities for people by connecting several townships to the centre of Gauteng and wider regions.



Compared to road transport, rail provides lower carbon transport solutions therefore the GRINN project will promote a greener Gauteng by providing environmental benefits and a good quality public transport which will reduce road-based transport thus reducing traffic congestion and carbon footprint.



Demand modelling was also done to determine transport needs for Gauteng in 2025 and 2037. Through the modelling process, it became clear that the ‘cost of doing nothing’ in Gauteng will lead to major road congestion in 2037, at which stage cars will travel at an average of 15 kilometres an hour due to doubling of car growth.



The GRRIN extension project will give access to private sector funds locally and internationally as well as opportunities for innovation and world-best-practice during design, construction, operations and maintenance.



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Brandcom Partner

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Brandcom Partner

Disruptive digital solutions is rewiring the DNA of Banking

The future of banking; digitization and collaboration as growth accelerants

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Leveling the playing field for female entrepreneurs in Africa

Smart Mobility: Gautrain the sustainable way of travel!

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