Experts attending an African Development Bank (www.AfDB.org) High-level dialogue in Kenya have urged African nations to intensify efforts to attract private-sector financing to enhance tertiary education and equip the continent’s youth with competitive skills.

During a panel discussion at the Bank’s 2024 Annual Meetings in Nairobi, the experts stressed the importance of political commitment to guarantee returns on private sector investments in education.

Former Tanzanian President Jakaya Kikwete, Board Chair of the Global Partnership for Education, called for a renewed commitment to increase national education expenditure to harness Africa’s demographic potential as the world’s largest future labor force.

“To build a stronger tertiary education pipeline, we need to build strong foundations with early learning, primary and secondary education to provide a talent pool of trained young people for lifelong learning that will make them thrive,” Kikwete said.

The Bank organized the event entitled “Policy Dialogue on Innovative Financing for Tertiary Education in Africa: Revitalizing the Role of the Private Sector,” in collaboration with the Kenyan government, the African Union Commission, and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH. It explored strategies and best practices to stimulate private-sector financing for tertiary education.

During the session, the African Development Bank signed a Joint Declaration of Intent at the event with GIZ to scale up joint commitments to skills development to enhance youth employability in Africa. The collaboration through the Build4Skills initiative will place youth trainees for workplace training within Bank-supported infrastructure projects in agriculture, water or transport sectors for 6 to 12 months. Build4Skills aligns with the Bank’s Action Plan on Skills for Employability and Productivity in Africa 2021-2025 (https://apo-opa.co/3UYpkrL), which aims to support a skilled and productive labor force.

Birgit Pickel, Director-General Africa, German Federal Ministry for Economic Cooperation and Development (BMZ), said: “This is the first Declaration of Intent between the two organizations in the field of education, and we highly welcome this collaboration. It’s a sign of our intent to scale up our joint commitment to vocational training and skills development in African countries. In light of the current challenges, this is more urgent than ever.”

The African Development Bank has been actively engaged in education and skills development since 1975, committing significant resources to strengthen science, technology, engineering and mathematics infrastructure at tertiary levels and enhance sector policy environments.

Dr. Beth Dunford, the Bank’s Vice President for Agriculture, Human, and Social Development, stated that the institution has committed $964 million to tertiary education and skills development over the past decade.

“The focus has been on strengthening infrastructure for Technical and Vocational Education and Training (TVET) and catalyzing private sector investments in skills development and job creation,” Dunford stressed.

She highlighted the Bank’s $80 million support for Nigeria’s Ekiti state Special Economic Zone project and a $23 million investment in Rwanda’s Centre of Excellence for Aviation Skills as some of the projects that will help boost economies and create jobs.

Prof. Mohamed Belhocine, African Union Commissioner for Education, Science, Technology, and Innovation, said increased investment in tertiary education requires national, continental, and global action. He noted that between 2017 and 2019, only seven African countries met the required 6 percent of GDP expenditure on education, with the average standing at around 4 percent of GDP.

Dr. James Mwangi, Group CEO of Equity Holdings, shared how collaboration with tertiary institutions is boosting human resource development across the continent. For example, he said Equity Group has provided scholarships to at least 23,000 students in partnership with the Kenyan government.

Over 10,000 participants registered for the African Development Bank’s hybrid 2024 Annual Meetings, with around 5,000 delegates attending physically. Several heads of state are expected to feature in a presidential dialogue on Wednesday.

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

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

Lupiya Financial Services, a pioneering Zambian neobank, has announced its participation in the upcoming GITEX Africa 2024 (https://GITEXAfrica.com) technology exhibition in Marrakech, Morocco. The event provides a platform for the company to showcase its cutting-edge fintech solutions aimed at bridging the financial inclusion gap in Africa.

Founded in 2016, Lupiya has emerged as a prominent figure in Zambia’s fintech landscape, providing loans to SMEs, civil servants, farmers, and investment opportunities. The neobank has attracted notable backers such as Mastercard, Google, The World Bank, and the UN International Trade Center. Lupiya’s primary mission is to provide accessible, technology-driven financial solutions to the unbanked and underbanked populations in Zambia.

Evelyn Chilomo Kaingu, Co-founder and CEO of Lupiya, expressed her excitement about the upcoming event, stating, “GITEX Africa 2024 presents an exceptional opportunity for us to connect with potential investors, share our story and innovations, and learn from other firms to drive further innovation. We look forward to showcasing our products and services that are transforming the financial landscape in Africa.”

At GITEX Africa 2024, Lupiya plans to highlight its array of lending products and peer-to-peer opportunities tailored to the needs of underserved communities. The company’s efforts have garnered international recognition, with US Vice President Kamala Harris commending Lupiya’s role in empowering women and uplifting communities during her visit to Zambia. “Providing capital to women helps them increase the economic status of their families and their communities,” remarked Vice President Harris, underscoring the impact of Lupiya’s work.

GITEX Africa is the largest information and communications technology (ICT) event on the African continent, bringing together technology companies, investors, and industry professionals from around the world. The exhibition serves as a platform for knowledge sharing, deal-making, and collaborative opportunities in the African ICT space.

Lupiya is a semifinalist in The Supernova Challenge, a highly competitive pitch competition that attracts innovative startups from the Middle East, Africa, and South Asia regions. As a semifinalist, Lupiya will have the chance to present its groundbreaking fintech solutions to a panel of esteemed judges and potential investors, vying for the opportunity to become the next unicorn in the tech industry.

Lupiya’s participation in GITEX Africa 2024 and the Supernova Challenge aligns with the company’s mission to drive financial inclusion and economic empowerment across Africa. By showcasing its innovative solutions and pitching to investors, Lupiya aims to connect with potential investors, share its story and innovations, and learn from other firms to drive further innovation in the fintech sector.

Distributed by APO Group on behalf of GITEX Africa.

About Lupiya Financial Services:
Lupiya Financial Services is a Zambian neobank that provides loans to SMEs, civil servants, farmers, and investment opportunities. The company leverages cutting-edge technology to offer accessible financial solutions to the unbanked and underbanked populations in Zambia, bridging the financial inclusion gap.

For more information about Lupiya Financial Services please visit https://Lupiya.com

Fincra, a pan-African payment technology company, is set to unveil its latest Banking as a Service (BaaS) product, the EUR Virtual Account, at GITEX AFRICA Morocco 2024 (www.GITEXAFRICA.com). This innovative solution will enable businesses across North and Francophone Africa to collect foreign currency payments easily.

Fincra has built the EUR Virtual Account to simplify the process of businesses receiving Euro payments, which can be done effortlessly through simple bank transfers. This capability will benefit a wide range of industries, from traditional retail and e-commerce to hospitality, tourism, and professional services, enabling them to serve their European clientele better.

As part of the launch, Fincra will be at Booth 19C-30, Hall 19 of the GITEX AFRICA Morocco 2024, exhibiting its EUR Virtual Account and their other payment solutions for businesses. 

With this launch, Fincra is expanding its comprehensive suite of payment solutions, which already includes various tools to facilitate seamless transactions. 

These tools, part of the Pay-In product line, allow businesses to accept payments through multiple methods, such as checkout systems and payment links. 

Fincra’s Pay-In solutions support payments via cards, bank transfers, and mobile money, providing businesses with versatile options to cater to their customers.

Fincra currently offers virtual accounts in various currencies, including the Nigerian Naira (NGN), Kenyan Shilling (KES), Ghanaian Cedi (GHS), and Ugandan Shilling (UGX). The introduction of the EUR Virtual Account marks the company’s first foray into offering a currency solution outside Africa, aiming to meet the specific needs of businesses in North and Francophone Africa.

Selling to European customers

Imagine a bustling marketplace in Marrakech where a local artisan can sell handcrafted goods to a customer in Paris as easily as a local transaction. Similarly, a hotel or restaurant in Egypt can now accept Euro payments from European tourists through straightforward bank transfers to a virtual account. In Tunisia, tech startups can issue virtual accounts to their diaspora, allowing seamless Euro transactions back home thanks to Fincra’s robust infrastructure.

“Businesses in Africa are increasingly seeking reliable and cost-effective solutions to manage their international payments, especially in Euros,” said [Spokesperson Name], [Title] at Fincra. “Our EUR Virtual Account offers a cheaper alternative to card funding, simplifies Euro payment collections, and enables platforms to issue named Euro accounts to their customers. This makes it an ideal choice for businesses aiming to streamline their payment processes.”

Distributed by APO Group on behalf of GITEX Africa.

About Fincra:
Fincra is a leading payment technology company that delivers innovative payment solutions to businesses across Africa. Its suite of products includes Banking as a Service (BaaS), offering virtual accounts in several currencies, including EUR and local currencies across Nigeria, Kenya, and Ghana. Fincra also provides fast and secure payment gateways, enabling businesses to collect online payments through various methods such as cards, bank transfers, and mobile money.

About GITEX AFRICA Morocco 2024:
GITEX AFRICA is Africa’s largest tech and startup event, curating innovation from markets across fast-growing sectors like fintechs, e-commerce, artificial intelligence, telecoms, etc. The event in Morocco from May 29-31, 2024, will bring together innovative businesses, entrepreneurs, tech enthusiasts, and networking professionals, providing an unparalleled platform for innovation, collaboration, and business growth.

Ghanaian President H.E. Nana Addo Dankwa Akufo-Addo, Prime Minister of The Bahamas H.E. Hon. Philip Davis, Prime Minister of Barbados Hon. Mia Mottley, and Guyana President H.E. Mohamed Irfaan Ali, will be among the leading top headliners at the 31stAnnual Meetings (AAM) of the African Export-Import Bank (Afreximbank) (www.Afreximbank.com) and the 3rd AfriCaribbean Trade and Investment Forum (ACTIF), which are taking place jointly in Nassau, The Bahamas, from 12 to 14 June 2024.

There will also be numerous other African and CARICOM Heads of State, government Ministers, high-profile speakers, including Central Bank Governors, CEOs, industry leaders, African and CARICOM trade practitioners, trade finance experts, members of the academia, senior public figures, celebrities, and more.

The three-day AAM and ACTIF, which is being held under the overarching theme ‘Owning our Destiny: Economic Prosperity on the Platform of Global Africa’, will feature keynote addresses, panel discussions, plenaries and fireside-type conversations. These will focus on discussing and determining solutions to the challenges that affect African – Caribbean economies, the policy issues required to promote growth, development and prosperity across Africa and the Caribbean, and how to accelerate intra-African trade and investment flows, including with the diaspora.

Some of the topics listed for discussion include Managing Macroeconomic Crises: Some Lessons from Africa and the Caribbean; Making the African Continental Free Trade Agreement Work for Global Africa; A Vision for Afri-Caribbean Socio-Political and Economic Cooperation and Integration – Perspectives of Former Leaders; Towards An Afri-Caribbean Free Trade Agreement: Converting Afri-Caribbean Opportunities into Reality: The Role of the Private Sector; Policy Imperatives for Attracting Trade and Investment into the Caribbean: A Conversation Among Policy and Political Leaders; and Transformative Power of Sports: Lessons from Legends with legendary tennis star, Serena Williams.

Other sessions will include Recreating the Middle Passage through Entrepreneurial Partnerships; Africans Can Claim the Future: Perspectives from Viola Davis, a global entertainment icon and The Role of Emerging Afri-Caribbean Giants; Leveraging African and Global Investments for Economic Growth and Diversification in the Caribbean: Perspectives of Stakeholders; The Role of Youth in Shaping the Next Era of Global Africa – An Intergenerational Dialogue on Artificial Intelligence and the Future of Work; From Tangibles to Intangibles: Realising Opportunities for Afri-Caribbean Trade in Creative and Cultural Products; and Different Colours, One People: Integration Through Shared Culture/Heritage.

AAM and ACTIF are attended by business and political leaders, banking industry professionals, trade and trade finance practitioners and other parties involved in economic development from across Africa, the Caribbean and beyond. The Meetings, which have been ranked among the most important gatherings of economic decision makers in Africa and CARICOM, are covered by the African, Caribbean and international media.

A detailed programme of the event is available at: https://apo-opa.co/3X7mJOG and registration https://2024.AfreximbankEvents.com

Distributed by APO Group on behalf of Afreximbank.

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About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of December 2023, Afreximbank’s total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”). The Bank is headquartered in Cairo, Egypt. 

For more information, visit: www.Afreximbank.com

About the AfriCaribbean Trade and Investment Forum:
The idea for ACTIF resulted from an official Afreximbank visit to Barbados in September 2021, which followed that month’s inaugural Africa/CARICOM Summit. During the visit, the Government of Barbados and Afreximbank identified the AfriCaribbean Trade and Investment Forum as a key strategic activity towards institutionalising the engagement between both regions’ private sectors to advance trade and investment relations. 

The inaugural edition of the AfriCaribbean Trade and Investment Forum was held in Bridgetown, Barbados, from 1 to 3 September 2022, the second edition was held in Georgetown, Guyana, from 30 – 31 October 2023, and the third edition is being held jointly with the 31st Afreximbank Annual Meetings in Nassau, The Bahamas, from 12 – 14 June 2024.