Africa’s energy finance landscape is seeing a surge in investment, driven largely by oil and gas developments, new offshore discoveries and favorable government policies. With over $110 billion set to be invested in energy across the continent this year, nearly $70 billion is allocated to fossil fuel projects, underscoring Africa’s continued focus on oil and gas as a vital part of its energy mix. In partnership with AFREXIM and S&P Global Commodity Insights, the Energy Finance Summit – as part of the upcoming African Energy Week (AEW): Invest in African Energy 2024 conference – taking place on 4-8 November – serves to mobilize funding and drive deals forward to accelerate project rollouts across the energy value chain.   

Africa’s oil and gas sector remains a focal point for global capital, alongside growing investments in clean energy and decentralized power solutions. Key opportunities exist in untapped oil reserves and growing natural gas fields in countries like Nigeria, Angola, Mozambique and Senegal, coupled with a recent uptick in LNG project investments, driven by rising global demand for natural gas as a transition fuel. Within this landscape, the Energy Finance Summit at AEW 2024 will unlock new strategies for accelerating investment in Africa’s energy future, from ESG finance and financing Africa’s energy in the era of the energy transition, to unlocking oil and gas assets through new risk and finance solutions and driving project bankability to maximize returns for investors.   

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. 

As IOCs rebalance their portfolios by divesting non-core and carbon-intensive upstream assets, an M&A Deal Spotlight will unpack the continent’s latest transactions and their role in driving competition and interest from indigenous and smaller operators, eager to capitalize on the availability of mature assets. The session will bring together investors and operators to discuss strategies for navigating the complexities of M&A deals in Africa, leveraging alternative financing mechanisms to secure capital and mitigating financial, operational and market risks associated with M&As in the oil and gas sector. While Africa’s oil and gas sector presents unique challenges for M&A activity, the potential for growth, diversification and strategic expansion remains substantial.  

The African Farmout Forum –organized in partnership with AEW and global energy advisory Moyes, oil and gas asset deals platform Farmout Angel and independent acquisition and divestment advisor Envoi – will serve as the event’s premier deal-making and pitching platform. The forum will enable NOCs, small- to medium-sized independents and start-up energy companies that are involved in exploration activities or seeking funding for projects to provide 10-minute pitches to a captive audience of exploration and new ventures managers. At last year’s AEW edition, 28 farmouts were promoted, directly facilitating access to partnerships and investment for companies and projects across the continent.  

AEW 2024 will also feature a Deal Room hosted by African-owned investment banking and advisory firm Premier Invest, providing a platform for project sponsors, developers and promoters to showcase significant upstream oil and gas transactions in Africa to potential investors and lenders. The session will highlight current investment opportunities in Africa’s upstream oil and gas sector, facilitate knowledge sharing and market insights, and promote partnership, collaborations and joint ventures within the industry. The Deal Room aims to bridge Africa’s oil and gas financing gap – in which the continent receives only five percent of global FDI – by identifying transactions that have the potential to generate significant returns and create value for local communities.  

Distributed by APO Group on behalf of African Energy Chamber.

Network International (Network) (www.Network.ae), the leading enabler of digital commerce across Africa and the Middle East, has announced that Zambian fintech and neobank, Lupiya, has appointed Network as their digital payments technology partner to launch a new debit card.

The solution includes the launch of a debit card that is e-commerce enabled, together with 3D Secure and tokenization. This will help diversify Lupiya’s value proposition to include not only simplified lending, but also digital payments to its existing and growing new customer base.

“Network’s partnership with Lupiya, our newest fintech customer in Zambia, underscores our ability to enable digital financial service providers in all consumer segments and verticals. It further solidifies our ambition to expand our client portfolio, encompassing diverse financial institutions across the region,” comments Dr Reda Helal, Managing Director&Co-Head of Processing – Africa, Network International.

Innovating for financial inclusion

Zambia has taken great strides in narrowing its gap in financial inclusion. According to the latest data, levels of inclusion have improved (https://apo-opa.co/3Ba8r6Z) from 59.3% in 2015 to 69.4% in 2020. In its Second National Financial Inclusion Strategy, the Zambian government has also set a target to achieve 85% financial inclusion (https://apo-opa.co/4d5FS82) by 2028.

But a third of the population remains excluded. There’s also a prevailing gender finance gap, with women struggling to access financial products and services from regulated providers.   

Offering microloans to underserved populations, Lupiya has played a pioneering role in bridging this gap. Lupiya leverages an online platform that simplifies the loan application process, while alternative data and machine learning models further assess creditworthiness for individuals and businesses that traditional financial institutions often overlook.

This has had a particularly big impact on empowering women and supporting climate-smart agricultural practices in a country where nearly 80% (https://apo-opa.co/4d1uYAs) of farmers are women.

Supporting rapid scale

To help Lupiya tap into more local opportunities for digital payments growth, Network will deliver a comprehensive suite of card payment processing solutions. These will cover the entire lifecycle of a card payment, from issuance to settlement and even dispute resolution, with a focus on both digital and physical payment channels.

“This new partnership marks a significant milestone for our company in Zambia and opens new avenues for growth and innovation. The growing adoption in cloud technologies has perfectly primed both fintech and traditional financial institutions to turbo charge digital innovation. Working with managed service providers, like ourselves, allows both old and new institutions to quickly and simply deliver new products and services to an increasingly digitally savvy customer,” says Dr Helal.

“At Lupiya, we are driven by the mission to revolutionise financial inclusion across Africa. Our partnership with Network International represents a significant leap forward in providing secure, accessible, and innovative digital financial solutions. By launching an e-commerce enabled debit card with 3D Secure and tokenization, we are empowering individuals and businesses to participate in the digital economy more effectively,” says Muchu Kaingu, CEO of Lupiya Pay, the company behind the neobank.

“This collaboration is a testament to our commitment to delivering cutting-edge technology that enhances convenience and security for our customers, while driving economic growth and financial independence across the continent,” he adds.

Outsourcing payments: A strategic move

Agility is crucial in the fast-paced fintech landscape where speed-to-market is a key competitive advantage. By outsourcing payments to a Payments as a Service (PaaS) provider, fintechs can significantly reduce the time required to launch new payment products and services. 

Another challenge for fintechs is navigating the complex regulatory environment for payments. PaaS providers have the expertise to ensure compliance with relevant laws and standards, allowing fintechs to focus on their core business.

According to companies like McKinsey (https://apo-opa.co/4d5RW9B), the uptake of PaaS is being fuelled by Africa’s growing cloud adoption, which it has likened to the continent’s rapid growth in smartphone ownership. According to the analysts, the rate of adoption of cloud in Africa is fast reaching parity with that of North America and China.

“Whether it’s a decades-old traditional bank, a nimble fintech like Lupiya, a retailer, or an MNO, delivering world-class digital payments, it starts with choosing the right PaaS partner. Network is proud to play a strategic role in the economic growth and financial inclusion in Africa,” says Nazo Mhango, Network International Country Manager for Zambia.  

Distributed by APO Group on behalf of Network International.

About Network International: 
Network International (https://apo-opa.co/3B9Ug1M) is the Middle East and Africa’s largest and leading digital payments company. Its purpose is to help businesses and economies grow by simplifying payments and commerce. Founded in 1994, it serves governments, banks, public sector companies, fintechs, and merchants of all sizes. Network has 2,000+ employees serving 250+ financial institutions and 130,000+ merchants in 50+ countries. 

Its Outsourced Payment Services helps financial institutions, fintechs and other payment credential issuers manage and process payment credentials and transactions to ‘make payments’ and ‘take payments’ from consumers through issuer and acquirer processing.

Its Merchant Services provide merchant customers with online and offline payment acceptance methods to ‘take payments’ from consumers through direct relationships with merchant customers and Payment Service Providers across the UAE, Jordan, Africa and Egypt.

About Lupiya: 
Lupiya (www.Lupiya.com) is an AI-driven neobank revolutionising financial inclusion in Zambia and Tanzania through its online lending and digital payments platform. By providing access to loans and payment services for underserved populations, especially women and small businesses, Lupiya is closing the financial access gap with innovative digital solutions. The platform leverages alternative data and machine learning models to assess creditworthiness, enabling individuals and businesses traditionally excluded by banks to access both credit and secure payment services. Lupiya offers a range of financial products, including personal loans, SME financing, and digital payments, with a strong focus on empowering women and promoting sustainable development through climate-smart agricultural practices.

President Wavel Ramkalawan, accompanied by First Lady Linda Ramkalawan, led an award ceremony today recognizing home caregivers who have dedicated 15 or more years to serving the Seychellois community. Organized by the Health Care Agency (HCA), the event was held at the International Conference Centre this afternoon.

A total of 79 caregivers were celebrated for their outstanding contributions to the care and well-being of Seychellois citizens. The ceremony underscored the crucial role these caregivers play in providing essential home care services, supporting the country’s most vulnerable populations.

In his opening address, Mr. Daniel Kallee, CEO of the Health Care Agency, praised the tireless efforts of caregivers and their invaluable contribution to society.

“Since the establishment of the agency, we have registered 3,600 home carers providing services across homes and institutions. This year alone, 800 of them have begun training to further enhance the quality of care. The agency remains fully committed to modernizing our services and upholding professionalism,” said Mr. Kallee.

President Ramkalawan also delivered an address, expressing heartfelt gratitude for the caregivers’ dedication and resilience.

“On behalf of the country, I would like to express my sincere gratitude to all the caregivers for their exceptional care of our less able citizens. I thank you for your time and devotion, pushing through even in difficult circumstances to ensure our less able are taken care of”said the President.

A highlight of the event was the special recognition of three individuals for their exemplary service in supporting their fellow home carers.

The ceremony also featured artistic performances, including songs, recitals and traditional dances, celebrating both the caregivers and Seychelles’ rich cultural heritage.

In attendance were Minister for Local Government and Community Affairs, Mrs. Rose Marie Hoareau, Minister of Land and Housing, Mr. Billy Rangasamy, Chief Secretary of the Public Service Bureau, Mrs. Sheila Mohideen, and HCA Chairperson, Mrs. Marie Celine Malbrook, alongside other distinguished guests.

This event underscores the government’s steadfast commitment to recognizing and supporting the invaluable work of home caregivers, ensuring their contributions are both celebrated and sustained.

Distributed by APO Group on behalf of State House Seychelles.

The Portfolio Committee on Police has reiterated that regaining trust between the police and communities will encourage increased reporting of crimes. The committee received a detailed briefing on the Victims of Crime 2023/24 survey from Statistics South Africa and the overwhelming view was that the survey gives a different perspective, from the eyes of the victims of crime, and will enhance the response from the South African Police Service (SAPS).

The committee highlighted aspects such as the police responsiveness rate, the availability of resources such as vehicles, and the adequacy of investigations as central to resolving the question of trust. “The deficiencies currently with regards to the 10111 call centre and lack of vehicles directly impacts on the ability of SAPS to respond to acts of crime quickly. If the SAPS address these deficiencies, it will be a step in the right direction to resolving the question of trust,” said Mr Ian Cameron, the Chairperson of the committee.

It was also emphasised that the lack of trust in the police has led to an increase in vigilantism. The committee highlighted that vigilantes are inherently problematic as communities operate outside the boundary of the law and in many cases has led to innocent people being victimised.

In line with this, the SAPS must incrementally investigate and remove corrupt members of the SAPS among its ranks. “We commend the arrest of seven members of SAPS in Durban in connection with allegations they attempted to extort R100 000 from a Phoenix businessman. The commitment we have witnessed by the Minister of Police and SAPS management to arrest corrupt and criminal elements within its ranks will greatly assist in rebuilding trust,” Mr Cameron emphasised.

The committee highlighted, though, that an element that undermines trust in the crime fighting effort is the efficacy of the entire justice system value chain. The committee’s view is that currently the SAPS arrest many criminals, but the disjuncture is the inability to effectively prosecute those cases. “Operation Shanela is a case in point, where the police have arrested in excess of 800 000 suspects, but the prosecution rate cannot be measured. The entire justice crime prevention and security cluster must work in tandem to ensure effectiveness that will build confidence and might lead to an increase in reporting of crime,” Mr Cameron said.

Meanwhile, the committee highlighted concern with the increase with violent crime against women and children and underscored the inadequacy with the response to protecting vulnerable groups within our communities. “It is unsurprising to learn that 45% of women felt unsafe walking alone in their neighbourhood. The recent murder of Nomsa Jass highlights the vulnerabilities that women in our country continue to face and requires concerted efforts to remedy. Police visibility has largely been inadequate, and criminals are able to terrorise communities at a whim,” Mr Cameron said.

The committee emphasised the need for enhanced collaboration with other government departments such as the Department of Social Development to enhance counselling for victims of crime. According to the committee, it is unacceptable that 92.6% of victims of crime did not receive counselling after an incident, which perpetuates trauma. “We are however hopeful that the discussions between the SAPS and the DSD will yield the necessary intervention required, such as availing social workers at police stations to help victims of crime and alleviate the burden from police officials,” Mr Cameron said.

Regarding gang violence, the committee reiterated its concern that there remains a need to find workable solution to the escalating gang violence. “In Atlantis alone this past weekend there were reported six deaths as a result of gang violence, which continue to escalate at an alarming rate. Despite this, we welcome the intention by the Minister of Correctional Services to stop the movement of crime-related communication from prisons that lead to murders on our streets,” Mr Cameron said.

The committee acknowledged that the statistics give a framework on what trends of crime must be focused on. But most importantly, the committee highlighted the effective functioning of the justice crime prevention and security cluster in the effort to fight crime.

Distributed by APO Group on behalf of Republic of South Africa: The Parliament.