Connect with us

World

Comviva, Cassava Fintech win GSMA GLOMO Award

Published

on

By Modupe Gbadeyanka

Comviva and Cassava Fintech have been announced a joint winners of the GSMA GLOMO award in the ‘Best Mobile Innovation for Women in Emerging Markets’ category for the EcoCash Savings Club service powered by Comviva’s mobiquity Money platform.

The award was presented to the winners at the MWC 2018 held in Barcelona, Spain on February 27.

Judged by a panel of world-leading industry experts, EcoCash Savings Club developed and managed by Cassava Fintech and powered by Comviva was recognized for its ability to increase digital & financial inclusion for women in Zimbabwe, as well as supporting the United Nations Sustainable Development Goals, and in particular SDG 5: “to achieve gender equality and empower all women and girls”. The competition this year was huge, with strong participation from across the globe. In judges opinion “Increases access to savings and financial security for women. Innovative, with a clear business strategy, commercial viability, sustainability and thoughtful implementation” made EcoCash Savings Club a wining product.

“We are truly honoured to win this prestigious award second time in a row. The award recognizes our technology leadership in digital payments as well as our continuous effort to innovate and make an impact towards the overall betterment of the society,” said Manoranjan Mohapatra, Chief Executive Officer at Comviva. “Moreover, the win is especially significant, as it coincides with mobiquity Money’s ten-year milestone. It marks a decade of hard work and leadership in the digital payments space and will motivate us to do even better work in the future.”

Darlington Mandivenga, Group Chief Executive Officer at Cassava Fintech said, “The impact of community-based savings schemes on the well-being of African communities cannot be overstated especially in resource-poor environments.

“The concept of savings clubs is well established across Africa. Supporting such initiatives, which promote a savings culture has become an economic imperative as the money proceeds from these savings is used to feed and educate children.

“As a business, which has its roots on the African continent, Cassava Fintech is committed to supporting these groups by providing them with innovative ways of strengthening their saving clubs, making it easier and convenient for them to operate not only in Zimbabwe but also in the rest of Africa.

“Whilst we are grateful for having been recognized for this award the real accolade belongs to the Women who strive each and every day to create a better life for themselves and their communities.”

Congratulating the winners of MWC 2018, Michael O’Hara, Chief Marketing Officer, GSMA said, “The GLOMOs recognise the best of the best in mobile, highlighting the technologies, products, companies and individuals that are pushing the boundaries of ingenuity and innovation and creating a better future for all of us.”

Across the world and in Zimbabwe, women with small-savings save and borrow through informal savings group. In Zimbabwe, these savings groups are locally called ‘mukando’ or ‘maround’.

While the practice is widespread, informal savings groups face multiple challenges related to cash-handling, security, transparency, records keeping and zero-interest.

To overcome these challenges, EcoCash, Zimbabwe’s largest mobile money service launched country’s first digital Savings Club ‘EcoCash Savings Club’ in May 2015. EcoCash Savings Club provides inclusive, secure, transparent and convenient way for people to pool funds using mobile money (EcoCash) and meet their financial needs.

EcoCash Savings Club provides women with access to far larger pool of money than possible on their own. EcoCash Savings Club is helping multiple women groups to become financially independent, women entrepreneurs to get start-up funds and money to purchase stock, pregnant women to meet medical expenses during delivery, homemakers to save money to make big-ticket purchases like second hand car et al.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

World

How Russia’s Multifaceted Relations Changing Egypt

Published

on

Russia partners Egypt

By Kestér Kenn Klomegâh

The Arab Republic of Egypt, a country spanning the northeast corner of Africa and the southwest corner of Asia, has a highly strategic location and attracts multifaceted interests of foreign players. For decades, Russia has established diplomatic relations with Egypt and has consistently sustained diverse ties with this country. It is no secret that Russia’s lust for the region is primarily due to the strategic importance of the Mediterranean Sea for investment and economic cooperation with the Maghreb region.

Determined to strengthen, particularly, economic cooperation, Russian President Vladimir Putin has maintained regular contacts with his colleague, President of Egypt, Abdel Fattah el-Sisi, mostly discussing both bilateral cooperation and broader regional developments. The current world’s geopolitical development, for instance, the United States-Israeli war on Iran in the Middle East, constitutes one theme both leaders frequently review, attempting to find long-term solutions.

On April 2, Putin met with the Minister of Foreign Affairs, Emigration, and Egyptian Expatriates of the Arab Republic of Egypt, Badr Abdelatty, in the Kremlin – the seat of Russia’s presidency. In attendance during the official talks on the Russian side were Foreign Minister Sergei Lavrov and Presidential Aide Yury Ushakov, while Egypt was represented by Ambassador Extraordinary and Plenipotentiary to the Russian Federation Hamdy Shaaban. Ultimately, there is no need to overstate the importance of this meeting.

Russia’s footprints are expanding in Egypt, highlighting the growing industrial investment and the strengthening of bilateral manufacturing ties by undertaking projects to ensure energy security. At the same time, maintaining regular dialogue remains very important for both leaders.

Putin, speaking with the three-member delegation in the Kremlin, underlined the fact that there are many promising initiatives underway, many of which are already being implemented. He has previously spoken in detail about the construction of a nuclear power plant and the construction of an industrial zone, and over ten major Russian companies have expressed interest in participating in this project.

Nuclear Plants in El-Dabaa, Egypt

The construction of nuclear plants in the city of El-Dabaa, about 320 kilometres northwest of Cairo, the capital of Egypt. It is the first nuclear power plant in Egypt, and will have four VVER-1200 reactors, making Egypt the only country in the region to have a Generation III+ reactor. On November 19, 2015, Egypt and Russia signed an initial agreement, under which Russia agreed to build and finance Egypt’s first nuclear power plant. These are now being carried out, not as a charity project, but with a loan of $28 billion. According to reports, Russia will finance 85% as a state loan of $25 billion, and Egypt will provide the remaining 15% in the form of instalments. The Russian loan has a repayment period of 22 years, with an annual interest rate of 3%.

At the meeting, Putin also raised the construction of an industrial zone in Egypt. There are many appealing and related opportunities in this, regarding having an industrial zone to be located on the banks of the Suez Canal. The industrial zone is also entering a new phase, as Russian auto-manufacturing enterprises are advancing distinctive plans to expand local vehicle production, reinforcing the country’s role as a regional manufacturing hub. The move reflects broader economic linkages between Russia and Africa, particularly in industrial development and supply chain integration.

Conveying Greetings and Reviewing the Middle East Situation

Naturally, the situation in the region remains a shared concern, according to Putin, and further hope that the ongoing conflict will be promptly resolved. “As you know, President Trump also addressed this issue yesterday. Let me reiterate that we are prepared to make every effort to help stabilise the situation and, as they say in such cases, return it to normal,” he stressed during the meeting. In this context, it is particularly important to know Egypt’s assessment as a key country in the Middle East.

Putin reminded the delegation of another Russia-Africa summit, which is planned for October 2026. With high hopes that Egypt will be represented by a strong, high-level delegation. Should the Egyptian President’s schedule allow, he would, of course, ahead of the summit, be very pleased to welcome him to Moscow. Jointly chaired by Vladimir Putin and Abdel Fattah el-Sisi, the first Russia-Africa summit, an important acute phase of the developments with Africa, under the motto of ‘For Peace, Security and Development’, was held for the first time in October 2019, in Sochi, a city located on the Black Sea coast. The idea to hold a Russia-Africa forum was initiated by President Putin at the BRICS (Brazil, Russia, India, China and South Africa) summit in Johannesburg in July 2018.

The head of the Egyptian Foreign Ministry, as traditionally expected, conveyed greetings from President El-Sisi to the Russian president and handed over a written message. President el-Sisi places great value on all aspects of the bilateral cooperation, and is extremely grateful for constructive collaboration on the El Dabaa Nuclear Power Plant, which represents a key milestone in the partnership. Despite the challenges, it is evident that the project is moving forward and will be completed by 2028.

In summary, as Egypt and Russia are reliable and time-tested partners, Putin plans to promote strategic projects, particularly in trade, economics, energy, and food security. With over 107 million inhabitants, Egypt is the most populous country in the Arab world, the third-most populous country in Africa, and the 15th-most populous in the world.

Continue Reading

World

US-Israeli War on Iran: Africa’s Reactions Through the Prism of the Global South

Published

on

Senator Mushahid Hussain

By Kestér Kenn Klomegâh

In an interview, Senator Mushahid Hussain, President of Pakistan-Africa Institute for Development and Research (PAIDR), explicitly offers a few important insights into the US-Israeli war on Iran and its implications for BRICS+ and Africa. Here are the interview excerpts:

What’s your interpretation of the US-Israel war on Iran, in the context of developments in the Middle East region?

The US-Israel illegal and unwarranted war on Iran was spearheaded by [Benjamin] Netanyahu (Prime Minister of Israel) and actively supported by [Donald] Trump (President of USA) as a Joint Operation with three fundamental goals: a) decimate the Islamic Revolutionary Regime; b) reshape the Middle East as part of Zionism’s ‘Greater Israel’ Project; c) preclude any possibility of establishing a Palestinian State with Jerusalem as its capital.

What is your assessment of Iran’s joining BRICS+ in 2025, China’s and Russia’s roles as members of this association, in this US-Israel war with Iran?

China and Russia have played, by and large, a low-key diplomatic role in supporting Iran but without any active political initiatives. BRICS is divided from within, as India is keen to curry favour with the USA and avoids close association with BRICS since the time that Trump attacked BRICS last year. But China & Russia are clear political beneficiaries of the war as American prestige is at an all-time low, having got entangled in an unwinnable war, resulting in weakening of the US ‘sole superpower’ image.

As an Asian expert, how would you characterise Africa’s reactions? And do you think that reactions were objectively authentic, basing perspectives broadly on Arab and Middle East contributions to Africa’s development?

Africa’s reactions to the war are primarily through the prism of the Global South, viewing Iran as resisting American-Israeli hegemonic designs, as, for example, manifested in two examples: South Africa’s rejection of American pressures to wean South Africa away from its support for Iran. Plus, Somalia joined Pakistan and China in supporting the Russian resolution in the UN Security Council seeking an immediate ceasefire and negotiations to halt the War, despite strident Western/US opposition to the Russian resolution.

Continue Reading

World

Middle East War: World Trade Facing Worst Disruptions Since World War II

Published

on

world trade organisation

By Adedapo Adesanya

The Director-General (DG) of the World Trade Organisation (WTO), Mrs Ngozi Okonjo-Iweala, has said the global trading system is experiencing the worst disruptions in the past 80 years.

The trade body chief warned about the consequences as the WTO ministerial conference opened Thursday in Cameroon.

“The world order and the multilateral system we know has irrevocably changed,” she said, adding: “We cannot deny the scale of the problems confronting the world today.”

The organisation’s 166 members appear deeply divided as trade ministers gather in the Cameroonian capital for the WTO’s top conference, amid global economic turmoil linked to the Middle East war.

Over four days in Yaounde, WTO members will try to revitalise an institution weakened by geopolitical tensions, stalled negotiations, and rising protectionism — against the backdrop of the war in the Middle East, which poses a serious threat to international trade.

“The scale of the problems confronting the world today, even before the conflict in the Gulf, destabilised trade in energy, fertiliser and food,” Mrs Okonjo-Iweala said.

“National governments and international institutions alike have been struggling to navigate rising geopolitical tensions, intensifying climate pressures, and rapid technological change.

“Accompanying these shifts has been an increasingly loud questioning of multilateralism,” she added.

Mrs Okonjo-Iweala said these disruptions were just one symptom of broader upheavals shaking the international order created after World War II to prevent a repeat of the disasters of the first half of the 20th century.

“It feels appropriate that at the moment when the world is in turmoil with conflict in the Middle East, Sudan, Ukraine, and elsewhere, at this time of great disruption and uncertainty, we have gathered in Africa to discuss the road ahead for the global trading system,” she said.

“Africa is the continent of the future.”

WTO ministerial conferences are typically held every two years. The current edition in Yaounde is the second to be held in Africa, after Nairobi (Kenya) in 2015.

Continue Reading

Trending