Business
African Brands To Honour Fintechs
African Brands, a leading brand growth promoter, is set to recognize the immense contributions of financial technology firms to financial inclusion in Africa at the fifth edition of the Africa Financial Technology Congress.
Themed “Harnessing the Power of Fintech to Accelerate Financial Inclusion in Emerging Markets,” the event is scheduled to take place on July 31, 2024, in Lagos.
According to the organisers of the event, the African fintech space has experienced tremendous growth over the past decade, with over 1400 active fintech brands across the continent.
The drivers of this growth include favorable demographics, high mobile phone access, and Africa’s generally poor level of internet financial inclusion.
Over the last 15 years, Africa’s development outlook has improved significantly, driven primarily by the fintech revolution. The African Financial Technology Congress 2024 was created to share more insights on the progress of Africa’s fintech revolution.
The congress will bring together senior representatives from banks, government, investors, FIS, card providers, payment services platforms, blockchain executives, and solutions providers to brainstorm solutions to the industry’s key challenges and opportunities.
The event will feature an award ceremony to honour outstanding fintech brands that have exceptionally performed well in their deliverables.
AFTC is founded on the idea that fintech can unleash unprecedented economic growth in Africa, but more collaboration and ecosystem for stakeholders are needed.
The recognition by African Brands is a testament to the growing importance of fintech in Africa’s financial landscape.
In recent years, fintech has made significant inroads into the market, with estimated revenues of around $4 billion to $6 billion in 2020 and average penetration levels of between 3 and 5 percent, excluding South Africa.
The growth of fintech in Africa has been described as a “fintech eruption,” with local and international investors taking notice.
Despite a slow down in funding in line with global trends, fintech in Africa is expected to experience significant growth and value creation in the coming years.
Cash is still used in around 90 percent of transactions in Africa, which means that fintech revenues have huge potential for growth.
If the sector overall can reach similar levels of penetration to those seen in Kenya, a country with one of the highest levels of fintech penetration in the world, African fintech revenues could reach eight times their current value by k2025.
The African financial services market could grow at about 10 percent per annum, reaching about $230 billion in revenues by 2025.
As the fastest-growing start-up industry in Africa, the success of fintech companies is being fueled by several trends, including increasing smartphone ownership, declining internet costs, and expanded network coverage, as well as a young, fast-growing, and rapidly urbanizing population.
The Chair of the CARICOM Council for Trade and Economic Development (COTED), Hon. Kerrie Symmonds, has emphasized the critical role of the Council in addressing the challenges facing businesses in the region due to the turbulence in the global trading system.
Minister Symmonds, who is also the Minister of Foreign Affairs and Foreign Trade of Barbados, made the call at the opening of the Sixtieth Regular Meeting of COTED at the CARICOM Secretariat Headquarters in Georgetown, Guyana.
According to Minister Symmonds, the global trading system and economy are now confronted with unprecedented turmoil, which has resulted in cancelled export orders, new and unexpected tariffs, and uncertainties that are affecting the business community.
He stressed the importance of ensuring that CARICOM’s exports enter global markets with minimal barriers.
“The question of whether our exports can enter markets with the least possible barriers and whether imports reach us in a timely, safe, and affordable manner, will all impact the performance of our economies and determine whether we thrive or struggle as a Community,” Minister Symmonds stated.
The meeting, which took place from June 10-11, brought together CARICOM trade ministers to address key issues, including the Caribbean Single Market and Economy (CSME), the proposed implementation of the revised Common External Tariff (CET), and progress of the Sectoral Working Group reviewing CARICOM Rules of Origin.
The ministers also discussed external trade issues, such as the impact of the America First Policy on CARICOM, negotiations on CARICOM-Colombia trade agreements, and Belize’s partial scope agreement with El Salvador.
Other agenda items included regional standards, report on the industrial policy, and public procurement mechanisms.
The meeting aimed to find solutions to the challenges facing the region’s trade and economy, and to promote economic growth and development in the CARICOM community.
Foreign investment outflow from the Nigerian stock market (NGXchange) has risen by 250.86 percent, Quarter-on-Quarter, QoQ, to N420.37 billion in the first Quarter, Q1’25, from N119.81 billion in the corresponding period of 2024, Q1’24.
The Nigerian Exchange Limited, NGX, disclosed this in its foreign portfolio report.
According to the report, foreign investment outflow also exceeded inflow by 20 percent or N20.11 billion in Q1’25. Despite the outflow, foreign investment inflow rose by 275 percent, Year-on-Year, YoY, to N349.97 billion in Q1’25 from N93.37 billion in Q1’24.
The NGX also revealed that N2.23 trillion equity transactions were recorded by both domestic and foreign investors in Q1’25.
The figure surpassed the N1.54 trillion recorded in the same period of 2024, representing an increase of N690 billion or 44.8 percent.
In March 2025, foreign transactions outperformed domestic transactions by circa 26 percent.
According to the NGX, foreign transactions increased significantly by 1,541 percent to N699.89 billion in March 2025 from N42.65 billion in February 2025.
On the other hand, domestic transactions decreased by 10.98 percent Month-on-Month, MoM, to N415.62 billion in March 2025 from N466.82 billion in February 2025.
Domestic inflow and outflow also declined in the reviewed period.
Liberia’s Minister of Commerce and Industry, Magdalene E. Dagoseh, has highlighted the country’s immense investment potential at the 2025 Liberia Investment Conference.
The two-day forum, which brought together investors, policymakers, and business leaders, aimed to explore investment opportunities in Liberia.
Minister Dagoseh emphasized Liberia’s commitment to creating a conducive business environment, citing minimal financial barriers and a welcoming regulatory framework.
“Liberia is a place of authority of opportunity, where transformation can take place at all levels,” she stated.
The conference showcased Liberia’s investment potential in various sectors, including agriculture, mining, infrastructure, and services.
The agriculture sector, for instance, offers opportunities for investment in crop production, livestock farming, and agro-processing.
She remarked that by investing in Liberia, companies can tap into the country’s growing market and contribute to its economic development.
Diaspora Watch reports that Liberia aims to attract foreign investment, stimulate economic growth, and reduce poverty by showcasing its investment potential.
With its strategic location, natural resources, and growing economy, Liberia is an attractive destination for investors.
The 2025 Liberia Investment Conference marked a significant step towards achieving these goals, highlighting Liberia’s investment potential to a global audience.
Liberia’s investment potential is enormous, and the country is committed to creating a conducive business environment to attract investors and drive economic growth.
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