World
Afreximbank Calls for Youth-focused Intra-African Trade, Financing
By Adedapo Adesanya
Pan-African multilateral finance institution, the African Export-Import Bank (Afreximbank), has called for an increase in intra-African trade and financing on the back of the continent’s youth and technology resources.
Speaking during the 29th Annual Meetings of Afreximbank on Wednesday in Cairo, Mr Benedict Okechukwu Oramah, President and Chairman of the Board of Directors, made a strong case for increasing intra-African trade, providing insight into the challenges restricting trade and providing clear solutions as to how the continent can resolve them.
Mr Oramah’s suggestions come at a time when Africa is well-positioned to become a highly competitive trade hub.
In January 2021, the African Continental Free Trade Agreement (AfCFTA) was implemented, ushering in a new era of simplified trade in Africa.
A year on, the continent has been slow to unlock the full potential of this agreement, leading to an accelerated push by the Afreximbank to promote intra-African trade and finance in Africa.
“While the problem was identified decades ago, it is only now that Africa can boast of possessing a combination of factors that can resolve it. These consist of visionary and committed leadership, the youth, and digital technology.
“Our leadership has done the courageous work of giving us the AfCFTA. A lot now hinges on our youth. It is for this reason that Afreximbank dedicated this year’s Annual Meeting to the theme, Realizing the AfCFTA Potential in the Post-COVID-19 Era: Leveraging the Power of The Youth, stated Mr Oramah in his opening remarks.
Africa’s youth represent the key to accelerating strong and sustainable economic growth. Representing one of the youngest and fastest-growing populations worldwide, the continent has all the ingredients to create highly attractive domestic markets on the back of improved intra-African trade and commerce.
Mr Oramah stated, “It is our view that the youth will be the catalytic force to the realization of the continental agenda. Indeed, the youth have always been the catalyst to economic transformations and at the base of every industrial revolution in advanced economies. It is no coincidence that at the height of each Industrial Revolution, youth constituted the largest proportion of the labour force and population.”
Therefore, by focusing on capacity building, skills transfer and the upliftment of the domestic workforce, while at the same time injecting capital into small to medium enterprises and African startups, the continent will see intra-African trade expand and market growth realized.
“Whether a youth-powered AfCFTA will trigger a continental economic explosion or whether the next decades will become ‘Lost Decades’ for Africa will depend on how we creatively deploy the energies and talents of the continent’s youth to implement the AfCFTA,” Mr Oramah concluded.
On his part, Mr NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC) said, “We believe that Afreximbank’s demonstrated drive for enhanced intra-African trade will only strengthen Africa’s socio-economic development. Frameworks such as the AfCFTA have made it possible to increase trade within and across the continent, and now, everyday Africans need to capitalize on the opportunities presented by this framework and develop an Africa that we are proud of, an Africa that everyday Africans deserve.
“Going forward, it is important for us to de-risk African investments and drives commercial opportunities within African countries. Afreximbank has been one of the main drivers of energy transactions across the continent and has been willing to drive up things including solar, wind and other renewables, as well as oil and natural gas. What’s more, in a post-COVID-19 era, Afreximbank stood with Africans, assessing communities that are at risk and made sure vaccinations were provided,” Mr Ayuk noted.
By Modupe Gbadeyanka
For transforming cross-border payments through its deployment with Global Money Exchange, Comviva has been named Best In-Class Cross Border Payments.
The global leader in digital transformation solutions clinched this latest accolade at the IBS Intelligence Global FinTech Innovation Award 2025.
The recognition highlights how Comviva’s mobiquity Pay is helping shape a modern cross-border payment ecosystem that stretches far beyond conventional remittance services.
Deployed as a white label Wallet Platform and launched as Global Pay Oman App, it fulfils GMEC’s dual vision—positioning itself as an innovative payment service provider while digitally extending its core money transfer business.
The solution allows GMEC to offer international money transfers alongside seamless forex ordering and other services. These capabilities sit alongside a broad suite of everyday financial services, including bill and utility payments, merchant transactions, education-related payments, and other digital conveniences — all delivered through one unified experience.
“This award is a testament to Oman’s accelerating digital transformation and our commitment to reshaping how cross-border payments serve people and businesses across the Sultanate.
“By partnering with Comviva and bringing the Global Pay Oman Super App, we have moved beyond traditional remittance services to create a truly inclusive and future-ready financial ecosystem.
“This innovation is not only enhancing convenience and transparency for our customers but is also supporting Oman’s broader vision of building a digitally empowered economy,” the Managing Director at Global Money Exchange, Subromoniyan K.S, said.
Also commenting, the chief executive of Comviva, Mr Rajesh Chandiramani, said, “Cross-border payments are becoming a daily necessity, not a niche service, particularly for migrant and trade-linked economies.
“This recognition from IBS Intelligence validates our focus on building payment platforms that combine global reach with local relevance, operational resilience and a strong user experience. The deployment with Global Money Exchange Co. demonstrates how mobiquity® Pay enables financial institutions to move beyond remittances and deliver integrated digital services at scale.”
“The deployment of mobiquity Pay for GMEC showcases how scalable, API-driven digital wallet platforms can transform cross-border payments into seamless, value-rich experiences.
“By integrating remittances, bill payments, forex services, and AI-powered engagement into a unified Super App, Comviva has reimagined customer journeys and operational agility.
“This Best-in-Class Cross-border Payments award win stands as a testament to Comviva’s excellence in enabling financial institutions to compete and grow in a digitally convergent world,” the Director for Research and Digital Properties at IBS Intelligence, Nikhil Gokhale, said.
By Kestér Kenn Klomegâh
At the end of an extensive consultation with African foreign ministers, Russian Foreign Minister, Sergey Lavrov, has emphasized that Moscow would advance its economic engagement across Africa, admittedly outlining obstacles delaying the prompt implementation of several initiatives set forth in Strategic Action Plan (2023-2026) approved in St. Petersburg during the Russia-Africa Summit.
The second Ministerial Conference, by the Russian Foreign Ministry with support from Roscongress Foundation and the Arab Republic of Egypt, marked an important milestone towards raising bilateral investment and economic cooperation.
In Cairo, the capital city of the Arab Republic of Egypt, Lavrov read out the final resolution script, in a full-packed conference hall, and voiced strong confidence that Moscow would achieve its strategic economic goals with Africa, with support from the African Union (AU) and other Regional Economic blocs in the subsequent years. Despite the complexities posed by the Russia-Ukraine crisis, combined with geopolitical conditions inside the African continent, Moscow however reiterated its position to take serious steps in finding pragmatic prospects for mutual cooperation and improve multifaceted relations with Africa, distinctively in the different sectors: in trade, economic and investment spheres, education and culture, humanitarian and other promising areas.
The main event was the plenary session co-chaired by Russian Foreign Minister Sergey Lavrov and Egyptian Minister of Foreign Affairs, Emigration, and Egyptians Abroad Bashar Abdelathi. Welcome messages from Russian President Vladimir Putin and Egyptian President Abdelhak Sisi were read.
And broadly, the meeting participants compared notes on the most pressing issues on the international and Russian-African agendas, with a focus on the full implementation of the Russia-Africa Partnership Forum Action Plan for 2023-2026, approved at the second Russia-Africa Summit in St. Petersburg in 2023.
In addition, on the sidelines of the conference, Lavrov held talks with his African counterparts, and a number of bilateral documents were signed. A thematic event was held with the participation of Russian and African relevant agencies and organizations, aimed at unlocking the potential of trilateral Russia-Egypt-Africa cooperation in trade, economic, and educational spheres.
With changing times, Africa is rapidly becoming one of the key centers of a multipolar world order. It is experiencing a second awakening. Following their long-ago political independence, African countries are increasingly insisting on respect for their sovereignty and their right to independently manage their resources and destiny. Based on these conditions, it was concluded that Moscow begins an effective and comprehensive work on preparing a new three-year Cooperation and Joint Action Plan between Russia and Africa.
Moreover, these important areas of joint practical work are already detailed in the Joint Statement, which was unanimously approved and will serve as an important guideline for future work. According to reports, the Joint Statement reflects the progress of discussions on international and regional issues, as well as matters of global significance.
Following the conference, the Joint Statement adopted reflects shared approaches to addressing challenges and a mutual commitment to strengthening multifaceted cooperation with a view to ensuring high-quality preparation for the third Russia-Africa Summit in 2026.
On December 19-20, the Second Ministerial Conference of the Russia-Africa Partnership Forum was held in Cairo, Egypt. It was held for the first time on the African continent, attended by heads and representatives of the foreign policy ministries of 52 African states and the executive bodies of eight regional integration associations.
By Adedapo Adesanya
Social media platform, TikTok’s Chinese owner ByteDance has signed binding agreements with United States and global investors to operate its business in America.
Half of the joint venture will be owned by a group of investors, including Oracle, Silver Lake and the Emirati investment firm MGX, according to a memo sent by chief executive, Mr Shou Zi Chew.
The deal, which is set to close on January 22, 2026 would end years of efforts by the US government to force ByteDance to sell its US operations over national security concerns.
It is in line with a deal unveiled in September, when US President Donald Trump delayed the enforcement of a law that would ban the app unless it was sold.
In the memo, TikTok said the deal will enable “over 170 million Americans to continue discovering a world of endless possibilities as part of a vital global community”.
Under the agreement, ByteDance will retain 19.9 per cent of the business, while Oracle, Silver Lake and Abu Dhabi-based MGX will hold 15 per cent each.
Another 30.1 per cent will be held by affiliates of existing ByteDance investors, according to the memo.
The White House previously said that Oracle, which was co-founded by President Trump’s supporter Larry Ellison, will license TikTok’s recommendation algorithm as part of the deal.
The deal comes after a series of delays.
Business Post reported in April 2024 that the administration of President Joe Biden passed a law to ban the app over national security concerns, unless it was sold.
The law was set to go into effect on January 20, 2025 but was pushed back multiple times by President Trump, while his administration worked out a deal to transfer ownership.
President Trump said in September that he had spoken on the phone to China’s President Xi Jinping, who he said had given the deal the go ahead.
The platform’s future remained unclear after the leaders met face to face in October.
The app’s fate was clouded by ongoing tensions between the two nations on trade and other matters.
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