Cellulant’s Agrikore Risk Review stirs conversation on the impact of COVID-19 on Africa’s vulnerable Food Security

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Cellulant, Africa’s leading financial technology company that builds payment and agri-tech solutions, today announced the launch of the first edition of their white paper ‘The Agrikore Risk Review’ which aims to stir conversations on how Africa can scale Agriculture through technology.

Launched as the world grapples with an ongoing health crisis whose impact is devastating global economies, the Review presents pragmatic and well-researched arguments, opinions, case studies and experience-based insights on how technology (Agritech) can be used to scale agriculture in order to avert a looming food crisis.

“Millions of Africans especially small-scale farmers and children from poor families can ill-afford the additional disruptions that COVID-19 may inflict on their livelihoods. said Solomon Abiakkalam, Chief Risk & Compliance Officer, Cellulant.  In Cellulant, we believe scaling Agriculture through Agritech is Africa’s best fighting chance to stand on its feet as concerns continue to mount on how long Africa’s Agricultural sector can stay above the devastating impacts of the pandemic”.

Food and Agriculture Organization of the United Nations estimates that more than 820 million people around the world are already experiencing chronic hunger with 113M relying on humanitarian aid to survive. The Agrikore Risk Review is a 24-page publication that has explored themes such as; Smart farming, the impact of COVID-19 on Agriculture supply in Nigeria, the potential risk in Agri-value chain business & mitigating measures.

Read Also:  Germany Africa Business Forum Announces Multi-Million Euro Funding Commitment To Invest In German-African Energy Startups

About Agrikore Risk Review-Journal

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The journal will be a quarterly publication targeted at critical Agri-tech stakeholders such as innovators, investors, private sector farmers, financial institutions, agricultural research organizations, governmental agriculture departments, NGOs and donor organizations. It aims to stimulate solutions that work among those who make an integral part of the agriculture industry.

As governments continue to put measures in place to curb the spread of the COVID-19 pandemic,  there are mounting concerns as to how long the Agricultural sector can withstand the devastating impacts as a result of sweeping restrictions on commercial and social activity. The global food system is being tested in countless ways that are putting a strain on all the primary actors in the complex food supply web that involves; producers (mostly small scale farmers), input suppliers, transport and logistics companies.  That there is also a locust outbreak affecting East Africa which, according to the UN, is destroying food for 35,000 people in a single day is a clear indication that a food crisis is on the horizon.

The Review proposes ways in which governments in partnership with private sector stakeholders can mitigate a potential food crisis. These include instigating welfare policies, supporting delivery of fresh food using digital tools, special grants to local farmers to ensure steady demand for agricultural products, reducing trade-related costs among other measures.

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Cellulant’s Agrikore Risk Review stirs conversation on the impact of COVID-19 on Africa’s vulnerable Food Security - Brand SpurCellulant’s Agrikore Risk Review stirs conversation on the impact of COVID-19 on Africa’s vulnerable Food Security - Brand Spur

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Cellulant’s Agrikore Risk Review stirs conversation on the impact of COVID-19 on Africa’s vulnerable Food Security - Brand SpurCellulant’s Agrikore Risk Review stirs conversation on the impact of COVID-19 on Africa’s vulnerable Food Security - Brand Spur

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Singapore Employees Lack Retirement Support From Companies While Financial Wellbeing Becomes a Top Priority: Aon Survey

SINGAPORE - Media OutReach - 14 April 2021 - Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, has released the findings of the 2021 Trends in Retirement & Financial Wellbeing survey for Singapore.


Working adults in Singapore ranked retirement planning as their top priority but an alarming 80% underestimate how much they really need to retire. While retirement support from employers is also lacking, further challenges remain around transparency in group retirement plans' investment offerings and employees foregoing long-term perspectives to seek short-term gains.


Ashley Palmer, Regional Managing Partner, Retirement & Investments, Asia for Aon, said, ""Employers can have a significant impact on how much their employees save by instilling smart habits and healthy money behaviours. The right long-term savings vehicles, effective communications and financial tools will help Singapore's workforce be more financially resilient in the wake of the COVID-19 pandemic."


The survey identifies three main themes in financial wellbeing and retirement support for Singapore employees.

Read Also:  Canada is First To Commit Funds To IFAD Facility Created To Help Avert Food Crisis


Financial wellbeing support is the new employee expectation. As a result, close to 40% of employers rank an employee financial wellbeing strategy as their highest priority, followed by emotional and mental wellbeing support. The survey shows that 70% of Singapore employers will formulate or execute financial wellbeing programmes throughout 2021, in line with employee expectations. Companies also view offering a financial wellbeing programme critical in increasing employee engagement and remaining competitive in the talent market.


There is an increasing trend of employer-led supplementary savings plans. Currently, 22% of companies surveyed offer Central Provident Fund (CPF) top-up contributions to citizens and Permanent Residents. But, close to 40% of the working population in Singapore are foreigners who do not have access to CPF and are likely to have foregone their retirement benefits in their home countries. To bridge this gap, and to provide equitable retirement benefits to all employee groups, close to 50% of the organisations surveyed offer supplementary retirement benefits to their foreign staff. Financial services firms are leading in this practice, followed by the technology and the healthcare sectors.


Promisingly, a third of organisations in Singapore are prioritising a thorough review of their supplementary retirement arrangements in 2021.


Alicia Brittain, Senior Consultant & Actuary, Retirement & Investments, Singapore for Aon, said, "Forward-looking companies first need to understand the financial worries of their employees and identify the gaps in their benefits offering. The most effective approaches are aimed at changing individual behaviours towards money and savings and providing accessible programmes and vehicles to deliver sustainable change. For example, when organisations provide retirement benefits as cash-in-lieu, it is most likely immediately spent and so does not form part of an emergency fund or long-term savings for the employees' retirement years. Supplementary retirement plans solve this issue and are more flexible and cost effective - and can also offer contributions above the monthly CPF wage cap to increase employee savings."


Employees in Singapore lack a well-defined default investment strategy. Less than 30% of the surveyed companies in Singapore currently offer their employees an investment choice in their retirement plans, and only 15% of retirement plans have a default investment fund. This leads to employees selecting their own optimal investment funds. They may lack experience in understanding investments, which can lead to misallocating their money and result in inadequate retirement savings or excessive risk taking.


Brittain added, "The key to protecting employees and adding value to savings in any defined contribution retirement plan is a well-defined default investment strategy. This includes frequent performance monitoring, actively managing investment risks and dynamically reducing investment risk as employees move towards retirement."


Notes to Editors

The Aon 2021 Trends in Retirement & Financial Wellbeing for Singapore survey was designed to help organisations understand the unique retirement and financial needs of their Singapore workforce. This tri-annual survey was completed by organisations with employee populations ranging from five to over 4,000 and are based in Singapore. Responding Rewards and Benefits Leaders, HR and Finance Professionals provided feedback and insight on their organisations' financial wellbeing and retirement programmes, interests and concerns. Click here for the full report.

About Aon

Aon plc (NYSE: AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.

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Stay up to date by visiting the Aon Newsroom and hear from Aon's expert advisors in The One Brief.


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Cellulant’s Agrikore Risk Review stirs conversation on the impact of COVID-19 on Africa’s vulnerable Food Security - Brand Spur
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