By Dr. Reda Helal, Group Managing Director – Processing, Africa and Co-Head Group Processing, Network International (https://www.Network.ae) and Benjamin Mutimura, CEO, I&M Bank (Rwanda) Plc.

The momentum of financial inclusion programmes is progressively strengthened as financial institutions, businesses and consumers embrace cashless convenience and digital payments that are secure and seamless. Technology development broadens the scope of delivery of financial services, and the advantages of digital payments manifest in providing easy access to the masses, reducing travel and queuing times, quicker transactions and seamless money movements that are cashless.

Currently, Rwanda is a prime market for digital payments, with a young population of which 69 per cent is below the age of 30, and the second-highest population density in Africa. With 87 per cent mobile penetration and an accelerated mobile payments market that grew over 450 per cent [1] during the pandemic, the cashless economy is expected to expand further. In 2022, the number of fund transfers through mobile payment channels amounted to 310 million transactions. In November 2022, the value of these transactions also rose by 41 per cent, from RWF 4.7 trillion to RWF 6.6 trillion, as reported by the National Bank of Rwanda (NBR). The country has set an ambitious target to achieve full financial inclusion by 2024.

Rwanda’s Vision 2050 and the National Strategy for Transformation 2017–2024 set the aspiration for the country to become a strategic hub for financial services in Africa. The growth of the fintech sector is vital to achieving this goal as it encourages the use of digital payments by Rwandan residents. Fintech is a huge contributor in propagating cashless systems and promoting financial inclusion.

A study commissioned by Access to Finance Rwanda in 2022 to assess the “data analytics capacity of Rwanda’s financial institutions, regulators and other local service providers” showed that Rwanda’s financial sector produces a lot of data but only a handful of stakeholders are turning data into insights. Such a limited data-driven culture and the lack of use of data to build products and solutions will severely hinder the financial services sector.

The report states this constitutes a missed opportunity to understand the profiles and needs of clients, optimise business performance, and predict future results while creating efficiencies.

In a radically changing market such as Rwanda, digital payments are of prime importance, specifically in the context of contactless payments and mobile wallets. These unlock significant benefits for consumers for fast, easy, and secure transactions.

Network’s partnership with I&M Bank was formed to reinforce the bank’s digital-first strategy and leadership in the Rwandan market. Through this partnership, Network will offer a variety of payment products and services including credit and prepaid card hosting and processing, along with robust security protocols and a sophisticated API gateway to provide customers value-added services that will enable their financial services with data and analytics, hyper-targeted loyalty management solutions, and tokenization, among other benefits.

In a world where contactless payments and digital wallets are fast becoming the norm, services such as tokenization, customer loyalty management, data streaming, customer profiling and data analytics are simplifying and bringing innovation to commerce and payments. The Rwandan economy has already begun to see the benefits of such innovation, which ushers more citizens into the formal financial system. This will pave the way to making the country an important hub for financial services in the region, with superior banking frameworks that are on par with international standards.

New and superior digital banking experiences that leverage technological innovation will ensure financial inclusion in its truest form. The World Bank’s Rwanda Economic Update [2] suggests that financial services can play a larger role in increasing financial inclusion with the help of innovation. Challenges like the digital divide, limited infrastructure, and financial literacy gaps persist, but policymakers should enhance regulatory frameworks, improve financial and digital infrastructure, and expand government support to foster a digital-friendly environment, according to the report.

As the country tries to reach its financial inclusion target in 2024, knowledge dissemination will play a vital role in laying out the foundation for a paradigm shift towards digital payments in the country, which is inclusive and resilient.

Distributed by APO Group on behalf of Network International.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) relaunched Nigeria’s 2024 licensing round – while industry stakeholders unpacked key investment opportunities – at the Invest in African Energy forum in Paris on Wednesday. 

Launched earlier this month, Nigeria’s latest licensing round features 12 deep offshore and shallow water blocks oil blocks – including 5 blocks from last year’s round – and is available for bidding through January 2025. Nigeria is seeking to attract local and international explorers to its acreage, with a view to increasing its reserve base and maximizing production.

“Each block has been chosen for its potential to bolster our national reserves… We are committed to conducting the licensing round in a fair, competitive and transparent manner and ensuring a level playing field for indigenous and international investors,” said Dr. Kelechi Ofoegbu, NUPRC Executive Commissioner.

Nigeria is seeking to accelerate upstream investment, with the Federal Government implementing tax credits for non-associated gas greenfield development and commercial incentives for deepwater oil and gas projects. Leading operators including Shell, TotalEnergies and Chevron have pledged billions in developing Nigeria’s oil and gas supplies, coupled with onshore and marginal field opportunities for local and junior explorers.

“The activities of investors in oil and gas are no longer done in such a way that the environment is impacted negatively… Owners collaborating with operators to ensure that activities are carried out seamlessly is a testament to the new investment drive in Nigeria,” said John Amin, Managing Director, Platform Petroleum.

“There are a lot of opportunities onshore for local entrepreneurs. The regulatory framework –having a $2 fee on flaring and a $3.4 price on local gas – will enable local entrepreneurs to turn into gas producers. That’s an area of small, but very profitable investments – wells can be drilled with triple digit returns,” said Per Magnus, Senior Partner&Head of Analysis, Rystad Energy.

In addition to driving upstream exploration, Nigeria is prioritizing the expansion of its downstream sector, having launched several large-scale projects targeting enhanced energy security and oil refining and gas processing capabilities. These include the Train 7 expansion project at the Nigeria LNG plant – increasing Nigeria’s LNG production capacity to 30 million tons per year by 2027 – as well as the 650,000-bpd Dangote Refinery that came online at the start of this year, creating a sizable new domestic market for Nigeria’s crude oil.

“On the downstream side, we are looking at where investments can be segmented – it’s not just refining, but also ports, terminals, pipeline infrastructure, CNG fleets, LPG and so on. The goal is to develop a robust intra-African oil and gas industry whereby we can balance energy security with energy transition,” said Anibor Kragha, Executive Secretary, African Refiners and Distributors Association.

Distributed by APO Group on behalf of Energy Capital&Power.

In a groundbreaking move, the Al Amari Group and Dotmount Communications (www.DTComs.com) have announced a monumental $90 billion investment partnership for the Middle East Investors Expo Abuja. This unprecedented deal is set to revolutionize the investment landscape in Africa, fostering economic growth and development across the continent.

The Al Amari Group, a leading Middle Eastern conglomerate, has committed to investing $90 billion in Africa through the Middle East Investors Expo Abuja, a premier investment event organized by Dotmount Communications. This strategic partnership aims to bridge the investment gap between the Middle East and Africa, creating new opportunities for businesses and entrepreneurs.

The investment windfall will focus on key sectors such as infrastructure, technology, energy, and agriculture, driving economic diversification and job creation. The partnership is expected to attract a significant influx of foreign investment, stimulating economic growth and development in Africa.

We are thrilled to partner with Dotmount Communications to unlock the vast potential of Africa,” said Dr. Fareed O. Al Rahman, Executive Director, Finance and Investment of Al Amari Group. “This investment demonstrates our commitment to supporting sustainable economic growth and development in Africa, and we look forward to working together to create a brighter future for all.”

“This historic partnership marks a new era of cooperation between the Middle East and Africa,” said Adedotun Olaoluwa, President of Dotmount Communications. “We are thrilled to work with the Al Amari Group, and we believe this investment will have a transformative impact on the continent.”

The Middle East Investors Expo Abuja, scheduled for July4-5, will bring together investors, policymakers, and business leaders to explore investment opportunities and forge partnerships. The event promises to be a catalyst for economic growth, and this partnership sets the stage for a landmark gathering.

This $90 billion investment partnership is a testament to the growing confidence in Africa’s economic potential and the Middle East’s commitment to supporting its growth. As the continent continues to emerge as a hub for global investment, this deal is poised to leave a lasting impact on the economic landscape of Africa.

Distributed by APO Group on behalf of Dotmount Communications.

Contact:
www.DTComs.com
info@dtcoms.com

www.Al-AmariGroup.com
hello@al-amarigroup.com

About Al Amari Group:
Al Amari Group is a leading Middle Eastern conglomerate with a diverse portfolio of businesses across construction, oil and gas, renewables, financial services, real estate, aluminum and steel, financial trading, and general trading.

About Dotmount Communications:
Dotmount Communications is a leading communications firm and organizers of  the Middle East Investors Expo Abuja, a premier investment event that connects investors, policymakers, and business leaders to explore investment opportunities and forge partnerships.

Canon Inc.(www.Canon-CNA.com) announces today that it is currently developing the EOS R1 (https://apo-opa.co/3wBP0SK), a full-frame mirrorless camera, as the first flagship model for the EOS R SYSTEM equipped with RF mount, launching in 2024.

The EOS R1 is a mirrorless camera geared toward professionals that brings together Canon’s cutting-edge technology and combines top-class performance with the strong durability and high reliability sought in a flagship model. This camera will dramatically improve the performance of both still images and video (in comparison to the EOS R3) and meet the high requirements of professionals on the frontlines of a wide range of fields including sports, news reporting, and video production.

This camera employs the newly developed image processor DIGIC Accelerator in addition to the pre-existing processor DIGIC X. The new image processing system, composed of these processors and a new CMOS sensor, enables a large volume of data to be processed at high speeds and delivers never-before-seen advancements in Auto Focus (AF) and other functions.

By combining the new image processing system and deep learning technology to an advanced degree, Canon has achieved high-speed and high-accuracy subject recognition. For example, subject tracking accuracy has been improved so that in team sporting events where multiple subjects intersect, the target subject can continually be tracked even if another player passes directly in front of them. In addition, the AF “Action Priority” function recognises subject movement by rapidly analysing the subject’s status. In moments during a sports game when it is difficult to predict what will happen next, this function automatically determines the player performing a certain action, such as shooting a ball, as the main subject and instantly shifts the AF frame, thereby helping to capture decisive moments of gameplay.

The combination of the new image processing system and deep learning technology will help to improve image quality. Canon implements the image noise reduction function, which has been previously developed and improved as part of the software for PCs, as a camera function to further improve image quality and contribute to user creativity.

Canon is working on field tests for this camera and will support capturing definitive and impactful moments at international sporting events to be held in the future.

Going forward, Canon will continue to expand the EOS R SYSTEM lineup of cameras and RF lenses, thereby continuing to meet the demands of a wide range of users and contribute to the development of photography and video culture.

Click here to know more about EOS R1- https://apo-opa.co/3wBP0SK

Distributed by APO Group on behalf of Canon Central and North Africa (CCNA).

Media enquiries, please contact:
Canon Central and North Africa
Mai Youssef
e. Mai.youssef@canon-me.com

APO Group – PR Agency
Rania ElRafie
e. Rania.ElRafie@apo-opa.com

About Canon Central and North Africa:
Canon Central and North Africa (CCNA) (Canon-CNA.com) is a division within Canon Middle East FZ LLC (CME), a subsidiary of Canon Europe. The formation of CCNA in 2016 was a strategic step that aimed to enhance Canon’s business within the Africa region – by strengthening Canon’s in-country presence and focus. CCNA also demonstrates Canon’s commitment to operating closer to its customers and meeting their demands in the rapidly evolving African market.

Canon has been represented in the African continent for more than 15 years through distributors and partners that have successfully built a solid customer base in the region. CCNA ensures the provision of high quality, technologically advanced products that meet the requirements of Africa’s rapidly evolving marketplace. With over 100 employees, CCNA manages sales and marketing activities across 44 countries in Africa.

Canon’s corporate philosophy is Kyosei (https://apo-opa.co/3WH2VBR) – ‘living and working together for the common good’. CCNA pursues sustainable business growth, focusing on reducing its own environmental impact and supporting customers to reduce theirs using Canon’s products, solutions and services. At Canon, we are pioneers, constantly redefining the world of imaging for the greater good. Through our technology and our spirit of innovation, we push the bounds of what is possible – helping us to see our world in ways we never have before. We help bring creativity to life, one image at a time. Because when we can see our world, we can transform it for the better.

For more information: Canon-CNA.com