World
Russia Lauds Africa’s Readiness to Step-up Economic Cooperation
By Kestér Kenn Klomegâh
In its sixth year, the Russia-Africa Business Dialogue was held on June 16 at the 25th St. Petersburg International Economic Forum (SPIEF) with the participation of both top-level Russian and African officials.
The Russia-Africa Business Dialogue was initiated in 2016 as a special platform to examine, review and discuss important topical issues especially those relating to trade and economic cooperation between Russia and Africa.
Professor Irina Abramova, Director of the Institute for African Studies of the Russian Academy of Sciences moderated the discussion. It brought together representatives of government and business communities from both Russian and African sides.
Gilberto Da Piedade Verissimo, President of the Commission of the Economic Community of Central African States (ECCAS) participated. Delegations from African countries such as Algeria, the Arab Republic of Egypt, the Republic of Mali, the Central African Republic and Zimbabwe. There were also African diplomatic representatives.
With the current changing geopolitical situation in the world, the consistent calls for new world order (multipolar system) and geopolitical rivalry, the top-level speakers gave an insight into economic opportunities, challenges and threats to both Russia and Africa. The speakers highlighted the prospects and possibilities of really transforming economic relationships between Russia and Africa.
More than that, the speakers and discussants noted the mutual interest in developing trade and economic ties between Russia and Africa and identified food and energy security, new methods of financial settlements, cooperation in innovation and technology, health, education and culture, as well as cooperation within the integration alliances as priority areas.
Most of the discussions focused on the same questions that have been raised down the years, and on other different platforms. The key features here are that Russian officials reiterated their dreamy roadmap for cooperating with Africa, while African officials vividly narrated the existing nature and competitive conditions for investment in Africa. In terms of investment, African speakers attempt to lay out the potential sectors that are most in need of foreign corporate partners.
In terms of trade and industry, African speakers have loudly made it clear in their speeches the primary and long-term objectives, and several initiatives aimed at driving economic growth, industrialization and development across Africa. That Russians have to consider seriously the mutual benefits while taking advantage of the African Continental Free Trade Area (AfCFTA), which was signed in March 2018 and came into force on January 1, 2021.
The AfCFTA provides a unique and valuable platform for businesses to access an integrated African market of over 1.3 billion people. The growing middle class, among other factors, constitutes a huge market potential in Africa. In order to have an in-depth understanding of these, Russians must at least invest in initial market research and development (R&D) collaborations, as a basis for designing entry strategies, with their African partners.
By considering and accepting the opinions given by African speakers, Russians could be making the first practical step into the real business landscape there in Africa. It is also important to take a comprehensive and broad-based look at emerging opportunities on the continent and study other foreign competitors who are already established in Africa. Therefore, Russians need to rethink how better to engage with African policymakers, businesses, civil society and the African diaspora in order to strengthen its strategic entrepreneurial relationships with Africa.
On the other hand, as Africa gets to the idea of building a new world order, it becomes also important for African leaders, their governments and the public to ensure specific steps and approaches toward supporting the 1.3 billion people with needed public infrastructure and the economy, look forward to becoming continental self-dependent and develop the future for the next generation.
Alexander Pankin, Deputy Minister of Foreign Affairs of the Russian Federation, extended the greetings from Sergey Lavrov, Minister of Foreign Affairs of the Russian Federation.
Despite the unprecedented sanctions and information warfare launched by the United States and its satellites, Russia manages to maintain the entire bilateral cooperation in working order, and to saturate it with a relevant substantive agenda, noted Lavrov. His message reaffirmed that “in these difficult and crucial times the strategic partnership with Africa has become a priority of Russia’s foreign policy. Russia highly appreciates the readiness of Africans to further step-up economic cooperation.”
Lavrov said: “It is in the interests of our peoples to work together to preserve and expand mutually beneficial trade and investment ties under these new conditions. It is important to facilitate the mutual access of Russian and African economic operators to each other’s markets and encourage their participation in large-scale infrastructure projects. The signed agreements and the results will be consolidated at the forthcoming second Russia-Africa summit.”
With the upcoming second Russia-Africa summit, the date and other detailed information are being withheld. But Kremlin Aide Yury Ushakov said in mid-June that both sides are planning, referring to Russia and the African Union.
Putin had talks with Senegalese President Macky Sall, who is also African Union Chairperson, in Sochi on June 3. Russia has always been on Africa’s side in its fight against colonialism, Putin said, reminding again about Soviet assistance that was offered more than 60 years ago. The United Nations declared Africa fully independent in 1960, and the Organization of African Unity (OAU) was formed on 25 May 1963 in Addis Ababa, Ethiopia.
Under the chosen theme ‘New Opportunities in a New World’ that reflects the changing global situations, the conference from June 15 to June 18 marked the 25th year of the St. Petersburg International Economic Forum (SPIEF). Over the last 24 years, the forum has become a leading global platform for members of the business community to meet and discuss the key economic issues facing Russia, emerging markets, and the world as a whole. Since 2006, it has been held under the auspices of the President of the Russian Federation.
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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