World
Organizing Committee Prepares for Russia-Africa Summit
By Kester Kenn Klomegah
On March 19, under the Chairmanship of Yury Ushakov, an aide to the Russian President Vladimir Putin, the Organizing Committee on Russia-Africa, held its first meeting in Moscow. The Organizing Committee, established by a presidential decree, has been given the responsibility of preparing for and holding the Russia-Africa summit in October 2019 in Sochi.
The meeting was attended by representatives of the Administration of the President of the Russian Federation, the Russian Ministry of Foreign Affairs, the Russian Ministry of Finance, the Russian Ministry of Economic Development, the Russian Ministry of Industry and Trade, the Administration of Krasnodar Territory, Russian Export Center, the Roscongress Foundation and many others.
The meeting participants discussed issues related to organizational preparations for the Russia–Africa events as well as the participation of the heads of Africa states and representatives of the Russian and international business community, state institutions and governments.
The meeting participants further discussed the main preparation stages of the business program and the forthcoming meetings between the African leaders and the Russian business community, thanks to which Russia’s interaction with African countries will receive state and broad public support.
The Russia–Africa summit is expected to be attended by roughly 3,000 African businessmen, according to the official meeting report.
Anton Kobyakov, Adviser to the President of the Russian Federation, reported on the preparation progress. “It should be noted that this is an event of unprecedented scale, which has never been held before in the USSR or in Russia. The summit will be a strategically important step towards creating the most favourable conditions to develop the trade and economic relations and diversify the forms and areas of Russia–African cooperation. Economies of most African countries develop progressively, and Africa will play an increasing role in the system of Russia’s foreign economic relations in the long term, as the region becomes more and more attractive for trade and investment,” Kobyakov said.
In his contribution at the meeting, Krasnodar Governor Veniamin Kondratyev stressed that “Sochi has repeatedly proved its full commitment to hosting major international events. We will do everything in our power to ensure functioning of the entire urban infrastructure and to maintain an atmosphere of hospitality and a high level of service, which Russia has repeatedly shown when hosting guests from all over the world.”
The Roscongress Foundation together with Russian Export Center are the key institutions responsible for preparation and holding of the events for the general shareholder meeting of the African Export-Import Bank (Afreximbank) and the business conference.
“Afreximbank, being one of the continent’s largest supranational financial institutions, has held the general meeting of shareholders outside of Africa only once in its history. This undoubtedly shows the tremendous interest from the African side to develop mutually beneficial cooperation with Russia, and it will allow us to maximize the potential of these events to establish and strengthen bilateral and multilateral business relations,” according to Andrey Slepnev, Head of the Russian Export Center, who attended the meeting.
Mikhail Bogdanov, Special Representative of the Russian President to the Middle East and African countries, and Deputy Minister of Foreign Affairs, said in his speech: “Africans pin high hopes on the summit, particularly in terms of securing a course for developing constructive cooperation with Russia in solving global and regional problems, creating fair and balanced system of international relations, ensuring peace and security including joint efforts to counter terrorist threat.”
Bogdanov informed the meeting that a sizeable package of agreements in trade, economic and investment spheres and a number of other multilateral documents planned to be signed at the summit. The final document of the meeting in Sochi will be the Declaration of the first Russia–Africa summit, providing for a long-term partnership.
This first Russia-Africa summit will definitely enhance mutual multifaceted ties, reshape diplomatic relationship and significantly to roll-out ways to increase effectiveness of cooperation between Russia and Africa. Russia has traditionally prioritized developing relations with African countries. Trade and economic relations as well as investment projects with the countries of the African continent offer enormous potential. Major Russian businesses view Africa as a promising place for investment. The energy and mining sectors along with agriculture, manufacturing, transport, and infrastructure pose the greatest interest.
As a way to realize the target goals, a preliminary Russia-Africa Business Dialogue as part of the St. Petersburg International Economic Forum (SPIEF) will take place on June 6–8, and will be followed by the annual shareholders meeting of African Export-Import Bank. Russian Export Center became a shareholder in December 2017.
The African Export-Import Bank and the Russian Export Center along with SPIEF will lay the foundation for continuing the dialogue between countries at a high level as part of major subsequent business events. The Roscongress Foundation, established in 2007, is a socially oriented non-financial development institution and a major organizer of international business conventions, exhibitions and public events. The idea to hold a Russia-Africa summit was initiated by President Vladimir Putin at the BRICS (Brazil, Russia, India, China and South Africa) summit in Johannesburg in July 2018.
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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