PalmPay (www.PalmPay.com), a leading pan-African fintech, has been highlighted by the GSMA in the recently released ‘The State of the Industry Report on Mobile Money 2024’  as a key player driving the adoption of mobile money in Nigeria.

In the report, GSMA praised PalmPay as a “prominent non-MNO-led mobile money provider with a significant market share in Nigeria” and a top driver of financial inclusion in Africa’s $912 billion mobile money industry.

Commenting on the report, Sofia Zab, Global Chief Marketing Officer, PalmPay, commented:

“This recognition underscores our commitment to drive financial inclusion and economic empowerment across the continent.

“By leveraging the increase in smartphone adoption, PalmPay made a significant contribution to growing the use of mobile money in Nigeria.  Our easy-to-use and comprehensive digital and financial superapp not only provides access to seamless and secure transactions but also opens the door to cutting-edge, affordable financial services for the unbanked and underbanked population.”

The PalmPay app offers money transfers, airtime, data and bill payments, as well as access to other financial services such as credit and savings. Customers without their own device can access PalmPay’s services through the company’s network of 500,000 mobile money agents.

Since launching in Nigeria in 2019 under a Mobile Money Operator (MMO) license, PalmPay has registered over 30 million accounts on its smartphone apps. In addition to the self-serve app, its network of 1.1 million agents and merchants is serving 15 million customers monthly. The fintech also operates in Ghana and Tanzania.

In the report, Mats Granryd, Director General of GSMA, noted that the industry had grown in the ten years to 2022, with mobile money contributing “$600 billion to the GDP of countries with a mobile money service” and opening up more “opportunities for citizens, businesses and economies across the world.”

He stated that Sub-Saharan Africa has been a driver of mobile money’s success, and was home to almost three-quarters of the world’s accounts. West Africa contributed significantly to the growth of the industry in recent years, with the number of registered mobile money accounts doubling between 2013 and 2023. This growth was mainly driven by Nigeria, Ghana and Senegal.

Distributed by APO Group on behalf of PalmPay.

Media Contact:
press@palmpay-inc.com

About PalmPay:
PalmPay is a leading Africa-focused fintech platform committed to driving economic empowerment in Africa. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay brings top-tier products into the pockets of everyday Nigerians. With this, we are able to drive financial inclusion.

PalmPay offers money transfers, bill payments, credit services, and savings on its app and via its mobile money agents. Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to over 30 million app users as part of its cashless payment ecosystem.

For more information, visit our social media (https://apo-opa.co/3vcmfv9) platforms or website www.PalmPay.com.

Universal Music France (UMF), a division of Universal Music Group (UMG) (www.UniversalMusic.com), the world leader in music-based entertainment, today announced a new strategic relationship with Binetou Sylla, acclaimed producer and founder of leading independent label Wèrè Wèrè Music to lead Def Jam Africa within French-speaking markets on the continent, in collaboration with Universal Music France and its Capitol France division. 

Dedicated to developing French-speaking African artists, the partnership will help foster the discovery and nurturing of new and existing talent, enabling Def Jam Africa artists to excel globally and continuing to follow the blueprint of the iconic Def Jam Recordings label, which has led and influenced the cutting-edge in hip-hop and urban culture worldwide for more than 35 years.

With more than 10 years’ experience running independent record labels between Paris and the African continent, including the historic Syllart Records label, Binetou Sylla, brings a wealth of expertise to the newly formed partnership, which will focus on unearthing and producing authentic artists through innovative, pan-African musical projects capable of reaching a global audience. Combined with Universal Music France’s expertise and network, Def Jam artists signed in French-speaking Africa will be uniquely positioned to reach largest possible global audience. Def Jam Africa was first launched across French-speaking markets in 2020, and the appointment of Sylla marks the beginning of an exciting new chapter for the label, with further announcements on signings and projects to follow in the coming months. 

African music is fast emerging as the new dominant force in the global music space; the Sub-Saharan African market was the fastest growing region in 2023 according to the IFPI’s Global Music Report (+24.7%). The partnership also complements UMG’s strategy to increase its presence and accelerate its growth in high potential music markets around the world, highlighted by the recently announced acquisition of a majority stake in Nigerian label Mavin Global (subject to regulatory approval).

Binetou Sylla, Director of Syllart Records and founder of Wèrè Wèrè Music, said: “I’m proud to join forces with Universal Music France with a shared vision and passion to develop regional artists in French-speaking Africa internationally.  In partnering with Def Jam and Capitol, Wèrè Wèrè Music is uniquely positioned to deliver commercial and global success to unique African talent from across the continent. Def Jam, our driving force, is a powerful, unifying brand in the French-speaking and international ecosystem. Def Jam Africa is more than just a music label; it is the embodiment of a set of authentic values that make no compromise on artistic excellence.”

Olivier Nusse, President, Universal Music France, said:

“We are incredibly honored to be able to draw on the unique expertise of Binetou Sylla and her team to bring new talent from French-speaking Africa to Africa, France and the rest of the world. In the wake of recent worldwide successes by English-speaking artists, I’m absolutely convinced that the French-speaking scene will also without doubt shine on the world stage, with Def Jam Africa as the spearhead!”

Franck Kacou, Managing Director, Universal Music Africa, said: “Having launched and developed the Def Jam Africa brand in this region of the continent, I’m delighted to see it take on a new dimension through this partnership. I know Binetou’s passion and expertise and combined with the skills of our Capitol and Universal Music France teams, this will only create more opportunities and success for the many talents from French-speaking Africa.”

Alexandre Kirchhoff, Managing Director, Capitol Label Services, said:

“French-speaking Sub-Saharan Africa is the biggest growth engine in Africa and remains a world-class centre of musical talent that has greatly influenced and impacted French music past and present, thanks in particular, to the diasporas. The Capitol team in France is delighted to partner with Binetou Sylla. Our shared vision knows no boundaries, and we look forward to this exciting and what will be an extremely productive musical adventure.”

Distributed by APO Group on behalf of Universal Music France.

UNIVERSAL MUSIC FRANCE:
Natacha KRANTZ-GOBBI
Corporate Communications
natacha.krantz-gobbi@umusic.com

Global Communications:
James Murtagh-Hopkins / james.murtagh-hopkins@umusic.com

WÈRÈ WÈRÈ MUSIC:
hello@wereweremusic.com

DEF JAM AFRICA:
Director Universal Médias&Consulting: Maud Argentin / Maud.argentin@umusic.com
Press: Emmanuelle Buffard / emmanuelle.buffard@umusic.com
Urban media, special media: Adrian Huguenot / Adrian.huguenot@umusic.com
TV/ Web: Elisa Busseau / elisa.busseau@umusic.com
General radio/ Adult FM: Lucie Gossard / Lucie.gossard@umusic.com
L&R radio: Houda Mezrag / houda.mezrag@umusic.com

About Binetou Sylla and WÈRÈ WÈRÈ MUSIC:
Binetou Sylla is a music producer and musical DA who has been running independent music labels for over 10 years between Paris and the African continent. At the helm of the historic Syllart Records label (Africando, Alpha Blondy, Oumou Sangaré, Salif Keita, Youssou Ndour) since 2013, she works to keep alive one of the densest and richest African music catalogs in the world. In 2023, she founded the Wèrè Wèrè Music label, to unearth and develop new talent from the African continent on an international scale.

About Universal Music Group:
At Universal Music Group, we exist to shape culture through the power of artistry. UMG is the world leader in music-based entertainment, with a broad array of businesses engaged in recorded music, music publishing, merchandising, and audiovisual content. Featuring the most comprehensive catalogue of recordings and songs across every musical genre, UMG identifies and develops artists and produces and distributes the most critically acclaimed and commercially successful music in the world. Committed to artistry, innovation, and entrepreneurship, UMG fosters the development of services, platforms, and business models in order to broaden artistic and commercial opportunities for our artists and create new experiences for fans. For more information, visit www.UniversalMusic.com 

Principal Deputy Assistant Secretary (PDAS) for Economic and Business Affairs Amy Holman traveled to Abidjan, Côte d’Ivoire April 15-17 to engage with the creative industries and to provide U.S. government support and identify barriers to growth within the intellectual property space for Côte d’Ivoire’s creative economy.

In Abidjan, PDAS Holman delivered a keynote address at a Creative Industries Ecosystem event, hosted in partnership with UNESCO, on the importance of intellectual property protection for the creative industries. She met with the Minister of Culture and the Ivoirian Bureau of Authors Rights (BURIDA), responsible for copyright in Côte d’Ivoire, to discuss the Ivoirian government’s efforts to grow the creative economy.  She also met with strategic partners focused on the creative industries and intellectual property in Côte d’Ivoire, who identified needs within the creative sector such as enforcement of intellectual property rights, remuneration, and capacity building, and also offered solutions and identified areas for partnership with the U.S. Government.

Distributed by APO Group on behalf of U.S. Department of State.

Cereal production prospects in Southern Africa have taken a sharp turn for the worse since last February, the Food and Agriculture Organization of the United Nations (FAO) warned today (Monday/Tuesday).

The foreseen shortfall in production, especially for maize, is expected to intensify households’ food insecurity, push up domestic prices and spur a surge in import needs across the subregion, according to a new assessment from FAO’s Global Information and Early Warning System. White maize accounts for almost 20 percent of calories consumed in the subregion.

The disappointing forecast comes after “widespread and substantial rainfall deficits in February, exacerbated by record high temperatures, a particularly damaging combination for crops,” the report said, noting that there are scant hopes of a recovery before the harvest period commences in May.

Acute food insecurity in southern Africa, estimated at 16 million people in the first three months of 2024, could deteriorate in late 2024, FAO warned.

Food prices, already rising at annual rates above 10 percent, are likely to rise further and, based on current projections, South Africa and Zambia, typically maize exporters, will not be able to cover the supply shortfall, and Zambia has started importing maize to meet the shortfall.

This combination of reduced harvests and rising food prices is particularly harmful for agricultural households and restoration of production,, as farm incomes are set to be squeezed while more resources will be needed to purchase food, said Jonathan Pound, economist at FAO’s Global Information and Early Warning System.

Plan ahead for shift to La Niña

This observed pattern is typical of the El Niño weather phenomenon in the region, FAO noted.

Current forecasts however point a high likelihood of a transition to a La Niña phase later in the year, with more beneficial precipitation patterns.

That makes it “imperative” to scale up resilience-bolstering measures enabling  farmers to prepare adequately for the next agricultural season starting in September 2024, FAO said.

The governments of Malawi, Zambia and Zimbabwe have already declared drought emergencies. Teaming up with the NASA Harvest programme, FAO geospatial observations suggest that key cereal crops will suffer adverse impacts in parts of Angola, Malawi, Mozambique, Namibia, South Africa and Zimbabwe, with Zimbabwe, Malawi and Mozambique expected to see a notable jump in import needs.

Distributed by APO Group on behalf of Food and Agriculture Organization (FAO).