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.
Nigerian banks’ rush to upgrade their core banking systems has caused confusion and frustration for many customers. With banks upgrading to more secure software, the lack of communication and customer support has left millions unable to access their funds, sparking questions about the bank’s commitment to customer welfare.
Dr. Uju Ogubunka, President of Bank Customers Association of Nigeria (BCAN), emphasized the severe impact of these disruptions, stressing the need for better communication and customer preparedness during such transitions. Banks must strike a balance between technological upgrades and customer service to retain trust, especially in an economy facing devaluation pressures.
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As Nigeria commemorates its 64th Independence anniversary, the stark contrast between celebration and the persistent challenges of corruption, mismanagement, and unfulfilled promises becomes evident.
The editorial revisits historical attempts at reform, such as the Independent Corrupt Practices Commission’s (ICPC) prosecutions and the House of Representatives’ inquiry into the unfulfilled $14.5 million aircraft repair contract. Many of these initiatives have faded from public memory, leaving questions about accountability unresolved.
High-profile corruption cases, including the Halliburton scandal involving alleged bribes of $180 million, highlight systemic failures within the political landscape.
The editorial emphasizes the need for collective action from citizens, civil society, and the media to demand transparency and accountability. It warns that without addressing these entrenched failures, Nigeria’s path toward democracy and good governance may continue to be fraught with unfulfilled promises.
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In a significant blow to Scotland’s energy sector, the 100-year-old Grangemouth refinery is set to close in 2025, citing its inability to compete with modern plants in Africa, Asia, and the Middle East. The refinery’s operator, Petroineos, announced the closure, which will result in the loss of 400 jobs.
Located in Scotland, Grangemouth refinery has been in operation since 1924, making it the country’s oldest and only refinery. However, despite its rich history, the refinery has struggled to remain competitive in the face of mounting global competition. Petroineos, a joint venture between PetroChina Internation al London (PCIL) and INEOS Group, a British chemicals firm founded by billionaire Sir Jim Ratcliffe, has invested $1.2 billion in the refinery since 2011.
However, the company has incurred significant losses, totalling over $775 million during the same period. According to Petroineos, the refinery is currently losing around $500,000 per day and expects a $200 million loss in 2024.
The company’s Chief Executive, Frank Demay, stated that the market for petrol and diesel fuels is expected to shrink further due to the upcoming ban on new petrol and diesel cars within the next decade. “Grangemouth is increasingly unable to compete with bigger, more modern and efficient sites in the Middle East, Asia and Africa.
Due to its size and configuration, Grangemouth incurs high levels of capital expenditure each year just to maintain its licence to operate,” Demay explained. The closure of Grangemouth refinery marks a significant shift in the global oil refining landscape, with modern and efficient plants in Africa, Asia, and the Middle East gaining a competitive edge. The Dangote Refinery in Nigeria, one of the largest refineries in Africa, may have contributed to the decline of Grangemouth refinery.
The refinery will be converted into a fuel import terminal, ensuring Scotland’s energy needs are still met. However, the closure raises concerns about the country’s energy security and the impact on local communities.
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