World
Russia, Indeed, Returns to Africa—Senator Morozov
By Kester Kenn Klomegah
On November 23, Russian Senators, Academicians, Researchers and Experts gathered to discuss the export of non-commodities to Africa at the interactive webinar, organized by Federation Council of Russia, Chamber of Commerce and Industry of Russia, and Business Russia Association.
According to the organizers, the meeting was to identify funding for exports, to concretize proposals for increasing exports to Africa and to facilitate amendments to the Russian legislation if required to promote exports to the African market.
Senator Igor Morozov, a member of the Federation Council Committee on Economic Policy, also the Chairman of the Coordinating Committee on Economic Cooperation with Africa, held the videoconference meeting on “Improving State Support for Export in African Countries.”
During the videoconference, many questions including the issues of developing a system of state support for Russian enterprises exporting products to the African market, as well as the participation of Russian regions in the development of exports to African countries were thoroughly discussed.
The meeting was attended by Deputy Chairman of the Federation Council Committee on Economic Policy, Konstantin Dolgov; member of the Federation Council Committee on Constitutional Legislation and State Construction, Alexey Pushkov; representatives of the Ministry of Industry and Trade of the Russian Federation; the Ministry of Economic Development of the Russian Federation; the Ministry of Finance of the Russian Federation; the Russian Union of Industrialists and Entrepreneurs; scientific organizations and expert community.
Senator Igor Morozov noted that in conditions of sanctions pressure, new markets, new partners and allies are important for Russia. “This predetermines the return of Russia to Africa, makes this direction a priority both from the point of view of geopolitical influence and in the trade and economic context.”
“It is important for us to expand and improve competitive government support instruments for business. It is obvious that over the thirty years when Russia left Africa, China, India, the USA, and the European Union have significantly increased their investment opportunities,” Morozov stressed.
He, however, suggested creating a new structure within the Russian Export Center – an investment fund, explained further that “Such a fund could evaluate and accumulate concessions as a tangible asset for the Russian raw materials and innovation business.”
Konstantin Dolgov touched upon the topic of using political ties with African countries to build up economic and investment cooperation. He also pointed out the need to connect Russian regions, to maximize their export potential.
Alexey Pushkov noted that with the right strategy, such a large state as Russia has a chance to take strong positions in interaction, in particular, economic, with other continents, including Africa. “The competition will certainly grow,” the Senator said, noting that the situation is constantly changing.
A representative from the Russian Export Center (REC), Veronika Nikishina, informed the gathering about Russian projects that are being implemented or planned in the African market, including the supply of passenger cars to Egypt, wheat supplies, as well as REC business missions, participation in exporters’ exhibitions.
REC offers a wide range of financial and non-financial support tools to benefit the Russian exporters to explore the foreign markets and build capacity in the global trade. Generally, the African market is of particular interest to potential Russian exporters, and negotiations with government, trade agencies and business community to allow establishing effective ways of entry to the huge continental market. With an estimated population of 1.3 billion, Africa constitutes a huge market for all kinds of products and a wide range of services.
According to her, since July 2020, the REC began to practice online business missions, which in the absence of physical contacts, allows continuing communications, maintaining current exports and looking for new niches.
According to Professor Irina Abramova, Director of the Institute for African Studies under the Russian Academy of Sciences, financial instruments are the main issue of Russian interaction with the continent. She touched upon such topics as Russian investments in African countries, the prospects for establishing direct contacts on the supply of agricultural products with African countries.
Quite recently, the Ministry of Foreign Affairs created the Secretariat for Russia-Africa Partnership Forum. The Secretariat further established an Association for Economic Cooperation with the African States. The Russian Chamber of Commerce and Industry has also restructured its Coordinating Committee for Economic Cooperation with the African States that was established as far back in 2009.
According to historical documents, the Coordinating Committee for Economic Cooperation with the African States was created on the initiative of the Chamber of Commerce and Industry of the Russian Federation and Vnesheconombank with the support of the Federation Council and the State Duma of the Federal Assembly of the Russian Federation. It has had support from the Ministry of Foreign Affairs, the Ministry of Economy and Trade, the Ministry of Natural Resources, as well as the Ministry of Higher Education and Science.
After the first Russia-Africa Summit in the Black Sea city, Russia Sochi on October 23-24 in 2019, Russia and Africa have resolved to move from mere intentions to concrete actions in raising the current bilateral trade and investment to appreciably higher levels in the coming years. Indeed, all the structures are fixed for the necessary take-off.
“There is a lot of interesting and demanding work ahead, and perhaps, there is a need to pay attention to the experience of China, which provides its enterprises with state guarantees and subsidies, thus ensuring the ability of companies to work on a systematic and long-term basis,” Foreign Minister Sergey Lavrov explicitly said.
According to Lavrov, the Russian Foreign Ministry would continue to provide all-round support for initiatives aimed at strengthening relations between Russia and Africa. “Our African friends have spoken up for closer interaction with Russia and would welcome our companies on their markets. But much depends on the reciprocity of Russian businesses and their readiness to show initiative and ingenuity, as well as to offer quality goods and services,” he stressed.
Amid a stagnating economy and after years of Western sanctions, Moscow is looking for both allies and an opportunity to boost growth in trade and investment. Currently, Russia’s trade with Africa is less than half that of France with the continent and 10 times less than that of China. Asian countries are doing brisk business with Africa.
In terms of arms sales, Russia leads the pack in Africa, and Moscow still has a long way to catch-up with many other foreign players there. In 2018, Russia’s trade with African countries grew more than 17 per cent and exceeded $20 billion. At the Sochi summit, Russian President Vladimir Putin said he would like to bring the figure $20 billion, over the next few years at least, to $40 billion.
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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