straitPay, a pioneering neobanking company dedicated to transforming financial transactions in Africa, successfully participated as an exhibitor at GITEX AFRICA 2024 (https://GITEXAfrica.com). During the event, straitPay showcased its latest innovative product, straitPay for Business, designed to empower small and medium-sized enterprises (SMEs) across Africa.

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GITEX AFRICA 2024, held on May 29, 2024, brought together industry leaders, innovators, and decision-makers from around the globe. straitPay was thrilled to be part of this prestigious event, highlighting its commitment to enhancing financial connectivity and promoting economic growth in Africa. straitPay invited all attendees of GITEX AFRICA 2024 to visit its booth to learn more about how straitPay for Business is transforming financial operations for SMEs. Together, we can unlock the full potential of African businesses and contribute to a more connected and prosperous future.

straitPay for Business is a game-changing service tailored to meet the unique needs of African SMEs. This platform allows businesses to conduct seamless cross-border transactions, manage multi-currency wallets, and invest in African markets with unprecedented ease and efficiency. With straitPay for Business, SMEs can now navigate the complexities of international trade without worrying about fluctuating exchange rates or complex banking procedures.

straitPay for Business offers a range of innovative features, including:

– Multi-Currency Wallets: Businesses can manage and transact in multiple currencies, simplifying financial operations across different markets.

– Recurring Payment Links: Let your customers send funds directly to your straitPay wallet with no fees or charges.

– Intra-Africa Payments: Facilitating easy payments and fund transfers within the continent, promoting intra-African trade and economic collaboration.

“At straitPay, our vision is to break down financial&trade barriers and create a seamless environment that fosters ease of payment for goods&services instantly from anywhere in Africa.” said Kele Okafor, CEO of straitPay.

Since its inception, straitPay has achieved significant milestones, including winning the London Startup Award in 2023 and launching straitPay for Business in 2024. The platform has expanded its reach to several countries, including Nigeria, Ghana, Rwanda, Kenya, Benin, and Ivory Coast. It  recently obtained a Money Service Business (MSB) license in Canada and a banking licence in Nigeria

Download the straitPay app from the Apple and Google Play stores today and join us on this transformative journey.

Distributed by APO Group on behalf of GITEX Africa.

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Media Contact:
janet.bishung@straitpay.com

Contact Information:
straitPay
business@straitpay.com

About straitPay:
straitPay is a leading neobanking company dedicated to simplifying payments and investment in Africa. Our platform offers seamless cross-border payments, multi-currency wallets, and investment opportunities in African markets. We empower individuals and businesses to thrive in an interconnected world, promoting economic growth and financial inclusivity across the continent.

Follow us on social media for latest updates:
– Facebook: @straitpay
– Instagram: @straitpay
– LinkedIn: straitpay-for-business and straitpay
– Twitter: @straitpay

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Headquarters: London, United Kingdom | Offices in Canada, Nigeria, Kenya, Ghana, , Rwanda, and Tanzania.

For more information, please visit our website: [www.straitpay.com](www.straitpay.com)

Continental group the African Petroleum Producers Organization (APPO), in collaboration with multilateral financial institution the African Export-Import Bank (Afreximbank) has signed the requisite documents for the establishment of the Africa Energy Bank – an institution set up to facilitate, promote and finance the development of oil, gas and energy industries in Africa. The signing ceremony was held in Cairo on Monday June 3 and marked the official creation of the institution.

As the voice of the African energy sector, the African Energy Chamber (AEC) commends the efforts by APPO and Afreximbank to not only establish such an important financial institution but to fast-track its creation. The AEC believes that the Africa Energy Bank will play a central role in strengthening energy access and growth in Africa by providing the financing needed to get large-scale projects off the ground.

The signing ceremony comes ahead of the continent’s biggest energy event – African Energy Week (AEW): Invest in African Energy – which aims to drive new investment across the continent’s energy value chain. Uniting investors and projects developers with African energy projects, the event has long-advocated for the establishment of an Africa Energy Bank, and in 2024, the conference will further unpack the role the institution will play across the continent.  

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

Despite the role oil and gas has and will continue to play in Africa, global efforts to transition to alternative sources of fuel have created a significant investment gap worldwide. In recent years, fossil fuel funding has been declining rapidly, while IOCs divest their oil and gas assets, favoring more strategic investments. At the same time, Africa still faces an energy crisis, with more than 600 million lacking access to electricity and over 900 million lacking access to clean cooking solutions. The International Energy Agency estimates that delivering modern energy to the entire continent will require up to $25 billion in annual spending until 2030, highlighting a significant opportunity for financiers.

The Africa Energy Bank aims to directly address funding challenges by providing an African solution to financing energy projects. With $5 billion in initial capital raised from African signatories, the institution aims to close the funding gap by providing capital to oil and gas projects across the continent. In a relatively short period of time, the institution has garnered substantial interest from African governments and development financial institutions, all of which recognize its role in funding future projects. APPO Secretary General Omar Farouk Ibrahim announced in March 2024 that the bank had already started receiving funds from APPO member states – underscoring the level of interest in supporting its establishment. The bank is seeking approximately $83 million from each of APPO’s 18 signatories, amounting to almost $1.5 billion.

With the establishment of the bank, African countries will not only be able to benefit from a new source of financing but will be able to reduce their reliance on foreign capital. Between 2016 and 2021, over 88% of the general financing of the 24 largest fossil fuel companies in Africa was foreign funded. showcasing the level of reliance on foreign institutions. This has left the continent susceptible to foreign policies and capital trends, leading to difficulty in raising capital despite the urgency of oil and gas development. With the Africa Energy Bank, project developers can tap into African-raised funds, therefore driving project forward.

“The AEC is proud to see organizations such as APPO and Afreximbank taking concrete steps towards financing African energy projects. Despite ongoing pressure to relinquish fossil fuel financing and redirect capital towards renewables, these organizations are promoting a just transition in Africa – one that prioritizes Africa’s development and recognizes the role oil and gas plays. The Africa Energy Bank will play a catalyzing role in expanding the energy industry in Africa while driving sustainable and equitable growth for the continent’s population,” stated NJ Ayuk, Executive Chairman of the AEC.

Distributed by APO Group on behalf of African Energy Chamber.

The African Development Bank Group (www.AfDB.org) Vice President for Agriculture, Human and Social Development joined finance ministers and representatives from Comoros, Djibouti, Somalia and South Sudan for the signing agreement for a $35 million project to build resilience and responses to climate shocks. The signings took place on the sidelines of the Bank’s 2024 Annual Meetings in Nairobi.

The Bank’s Board of Directors approved the Multi-National Climate Disaster Risk Financing Project on 3 May 2024. Developed under the Bank’s Africa Disaster Risk Financing Programme (ADRiFi,) it will support the four countries to create an enabling environment for the adoption of climate risk financing instruments. It will also enhance uptake of pre-arranged climate and disaster risk financing instruments and strengthen adaptation and resilience of the targeted beneficiary countries against climate risks.

Union of the Comoros Finance Minister Mzé Abdou Mohamed Chanfiou, Djibouti Minister of Economy and Finance Ilyas Moussa Daweleh, Federal Government of Somalia Minister of Finance Bihi Iman Egeh and South Sudan’s Governor of the Central Bank Dr. James Alic Garang signed for their respective countries.  Vice President Dr. Beth Dunford signed on behalf of the Bank Group. The Bank Director General for East Africa Nnenna Nwabufo and the African Risk Capacity Chief Executive Officer Lesley Ndlovu also attended. The ARC is the implementing partner of the ADRiFi programme.

“The Comoros is regularly hit by floods. This has an impact on economic growth and the mobilisation of public resources, but at the same time, people have to be relieved of their burden and help with reconstruction, and all this requires a lot of resources,” said Comoros Finance Minister Chanfiou. “I would therefore like to thank our bank, the African Development Bank, for this initiative.”

Djibouti Minister of Economy and Finances Ilyas Moussa Daweleh said: “The climate is a fragile factor for this region, creating inter-ethnic conflicts and causing major migrations. We see 28,000 migrants a month going to the Gulf States. The capital Djibouti has the particularity of being a peninsula facing rising sea levels. That’s why we welcome the Bank’s approach. This insurance will be useful for livestock farmers in the event of the loss of their livestock.”

Dunford said, “Climate change is becoming one of the most serious threats affecting lives and livelihoods in Africa. The Horn of Africa and small island nations such as Comoros are vulnerable to climate-related risks. This often comes in the form highly variable and erratic rainfall patterns, along with rising temperatures, droughts, floods and tropical cyclones that have increased in frequency and intensity.”

The Africa Disaster Risk Financing Program Multi-Donor Trust Fund, which provides financing for the insurance premiums, bolsters disaster insurance protection for African countries to mitigate the negative impacts of climate-related extremes. Working in collaboration with the African Risk Capacity Ltd. the funds will support the Bank’s promotion of parametric insurance and other climate risk management instruments in Africa.

The ADRiFi Programme, established in 2018, is supporting 16 African countries with technical assistance and capacity building.  Participating countries also gain access to the Sovereign Risk Pool run by the African Risk Capacity. The Bank Group has invested more than $100 million in the beneficiary countries.

The programme has protected more than five million people against the risk of severe drought and tropical cyclones and enhanced anticipatory planning for climate disaster risks.

Across the Horn of Africa, more than 19.4 million people were affected by a drought that began in October 2020 and lasted through December 2022. At least 7 million livestock died across the region — more than 1.5 million in Kenya, between 2.1 million and 2.5 million in southern and south-eastern Ethiopia, and 3 million in Somalia. 

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Alphonso Van Marsh,
Principal Digital Content and Events Officer,
email: media@afdb.org

About the African Development Bank Group: 
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

In 2023, approvals for climate finance registered a substantial increase over the previous year, reaching $5.8 billion, representing 55% of total approvals; Bank achieves strong net income- UA 1,729.89 million.

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The African Development Bank Group released its Annual Report for 2023 on Wednesday, painting a picture of improved financial performance and robust support to its member countries across Africa.

The critical financial support has resulted in increased resilience and recovery despite the challenging effects of regional conflicts, economic shocks, climate change, and the after-effects of the Covid-19 pandemic.

In the face of stubbornly high inflation, public debt and associated financial vulnerabilities, African countries balanced efforts to spur growth and measures to contain the impact of rising cost of living on their citizens, earning commendation from Bank Group president Dr. Akinwumi Adesina.

“Our nations, our economies, and our people continue to show remarkable fortitude,” he noted in the report’s foreword. “Despite the overall economic slowdown, 15 countries posted output expansion of more than 5 percent and Africa retained its position as the fastest-growing economy after Asia with real GDP growth close to the global average of 3.2 percent.”

The Annual Report reports that Bank Group approvals for 2023 (UA 8.03 billion) were 30 percent higher than those for 2022 (UA 6.16 billion), and close to the highest approvals in the history of the Bank Group.

Approvals for sovereign operations – projects financed with the guarantee of a sovereign entity such as a national or sub-national government – in 2023 increased sharply by 43%, to reach UA 6.76 billion as the Bank provided  extensive sustainable finance to boost several African countries in their post Covid-19 recovery.

The Bank’s High 5 priorities: to Light Up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa all saw increased approvals in 2023, except “Feed Africa,” which showed a decrease. The positive decrease from the exceptionally high level in 2022, is a result of the newly created African Emergency Food Production Facility (https://apo-opa.co/3VqIFmH), set up to offset  disruption of food supplies across the continent due to Russia’s invasion of Ukraine.

The report records the impressive results of projects delivered across the High 5’s in 2023: 2.4 million people with access to new electricity connections; 11 million farmers used improved techniques including micro-irrigation, fertilizer, and climate-resilient seeds; over 440,000 enterprises had access to finance, and almost 233,000 of them are women-owned, 3.5 million people gained access to better transport services; and 9 million people had new or improved access to water and sanitation.

Bank maintains gender markers, pursuing innovative financing solutions to offset risk

The African Development Bank continued to categorize its approved sovereign operations using the Gender Marker System, which seeks to differentiate operations to focus on those that have a greater impact on reducing gender gaps.

In 2023 a record 100% of sovereign operations were categorized using the Gender Marker System, of which 58% contributed directly to women’s access to social services and skills.

The Bank showed innovation in safeguarding its ability to bear risk in carrying out its strategic development objectives while maintaining its AAA/aaa rating. In particular, guarantees for sovereign operations rose to UA 1.71 billion in 2023, the highest level since the Bank started offering these instruments in 2000.

Also in 2023, approvals for climate finance registered substantial increase over 2022, reaching UA 4.3 billion (USD 5.8 billion,) representing 55% of total approvals.

The African Development Bank Group experienced a significant increase in income in all its three entities reaching UA 1,729.89 million up from UA 774.79 million in December 2022. The increase was a result of heightened loan activities and favorable returns on treasury and other investments. Although, this was largely offset by higher borrowing expenses, the Bank achieved very strong net income of UA 406.05 million, close to double the UA 239.39 million in 2022.

The African Development Fund, the group’s concessional lending arm, saw the largest increase in income, totaling UA 332.82 million, up from UA 151.74 million in December 2022, marking its largest surplus (UA 115.27 million) in the past 20 years.

The Bank Group also demonstrated its capacity to deliver while prioritizing governance, reform, compliance and accountability. In 2023, it reached 95% completion of the implementation of its Integrated Quality Assurance Plan aimed at enhancing the quality of its operations to increase its development impact. The Annual Development Effectiveness 2023 Review reports that the Bank Group has continued to achieve significant results in its High 5 priority areas.

In another measure of its performance the ratings of the Bank’s senior debt (AAA/Aaa) were reaffirmed with a stable outlook by all four leading international rating agencies. “These high credit ratings reflect the Bank’s solid capital adequacy, robust risk management, prudent financial management, very high liquidity coverage, excellent funding record, preferred creditor status, and very strong shareholder support,” the report noted.

To learn more about the 2022 Annual report, click here

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Contact:
Amba Mpoke-Bigg
Communication and External Relations Department
email: media@afdb.org

About the African Development Bank Group:
The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 37 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org