Rise Fund to invest USD200m in Airtel Africa’s Mobile Money Business

Esan Bolaji
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Rise Fund to invest USD200m in Airtel Africa’s Mobile Money Business

The Rise Fund to invest $200 million in Airtel Africa’s mobile money business, at $2.65 billion valuation.

Airtel Africa to explore a potential listing of mobile money business within four years.

18 March 2021: Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today announces the signing of an agreement under which The Rise Fund, the global impact investing platform of leading alternative investment firm TPG, will invest $200 million in Airtel Mobile Commerce BV, a wholly-owned subsidiary of Airtel Africa plc.

AMC BV is currently the holding company for several of Airtel Africa’s mobile money operations and is now intended to own and operate the mobile money businesses across all of Airtel Africa’s fourteen operating countries.

The Transaction values Airtel Africa’s mobile money business at $2.65 billion on a cash and debt-free basis. The Rise Fund will hold a minority stake in AMC BV upon completion of the Transaction, with Airtel Africa continuing to hold the remaining majority stake.

The Transaction is subject to customary closing conditions including necessary regulatory filings and approvals, as necessary, and the inclusion of specified mobile money business assets and contracts into AMC BV.

Airtel Africa Q2 profit falls 37% to $145 mn, Customer base grew by 12.0% to 116.4 million

The Transaction is the latest step in the Group’s pursuit of strategic asset monetization and investment opportunities, and it is the aim of Airtel Africa to explore the potential listing of the mobile money business within four years.

The Group is in discussions with other potential investors in relation to possible further minority investments into Airtel Money, up to a total of 25% of the issued share capital of AMC BV. There can be no certainty that a transaction will be concluded or as to the final terms of any transactions.

The proceeds from the Transaction will be used to reduce Group debt and invest in network and sales infrastructure in the respective operating countries.

Airtel Africa mobile money services

Operating under the Airtel Money brand, Airtel Africa’s mobile money services is a leading digital mobile financial services platform catering to a large addressable market in Africa (characterised by limited access to formal financial institutions with limited banking infrastructure) and includes mobile wallet deposit and withdrawals, merchant and commercial payments, benefits transfers, loans and savings, virtual credit card and international money transfers.

Mobile money services are available across the Group’s 14 countries of operation, however, in Nigeria, the Group offers Airtel Money services through a partnership with a local bank and has applied for its own mobile banking licence. It is the intention that all mobile money operations will be owned and operated by AMC BV.

In our most recent reported results for Q3, the mobile money service segment (corresponding to all the businesses that are intended to be transferred to AMC BV) delivered a strong operational performance:

  • Generated revenue of $110 million ($440 million annualised), and underlying EBITDA of $54 million ($216 million annualised) at a margin of 48.7%.
  • Year on year revenue growth for the quarter was 41.1% in constant currency, largely driven by 29% growth in the customer base to 21.5 million, and 9.7% ARPU growth.
  • Growth in transaction value was 53.0% to $12.8 billion ($51 billion annualised).

Our mobile money business benefits from a strong network presence with our core telecom business through the extensive distribution platform of kiosks and mini-shops as well as dedicated Airtel Money branches supplementing our extensive agent network, to facilitate customers’ assured wallet and cash.

We have a clear strategy to continue to drive sustainable long-term growth in Airtel Money with a focus on assured float availability, distribution expansion and increased usage cases for our customers.

In this year alone we have added partnerships with Mastercard, Samsung, Asante, Standard Chartered Bank, MoneyGram, Mukuru and WorldRemit to expand both the range and depth of the Airtel Money offerings and to further drive customer growth and penetration.

The profits before tax in the full year ending 31 March 2020 and the value of gross assets as of that date, attributable to the mobile money businesses were $143.4 million and $463.2 million, respectively.

Key elements of the Transaction

  • The agreement values Airtel Africa’s mobile money business at $2.65 billion on a cash and debt-free basis.
  • AMC BV, a wholly-owned subsidiary of Airtel Africa, is currently the holding company for several of Airtel Africa’s mobile money operations; and is now intended to own and operate the mobile money businesses across all of Airtel Africa’s fourteen operating countries once the inclusion of the remaining mobile money operations under AMC BV is completed.
  • A newly incorporated investment vehicle of The Rise Fund will invest $200 million through a secondary purchase of shares in AMC BV from Airtel Africa. The transaction will close in two stages. $150 million will be invested at the first close, once the transfer of sufficient mobile money operations and contracts into AMC BV has been completed, with $50 million to be invested at the second close upon further transfers.
  • Airtel Africa aims to explore the potential listing of the mobile money business within four years. Under the terms of the Transaction, and in very limited circumstances (in the event that there is no Initial Public Offering of shares in AMC BV within four years of the first close or in the event of changes of control without TPG’s prior approval), TPG would have the option, so as to provide liquidity to them, to sell its shares in AMC BV to Airtel Africa or its affiliates at fair market value (determined by a mutually agreed merchant bank using an agreed internationally accepted valuation methodology). The option is subject to a minimum price equal to the consideration paid by The Rise Fund for its investment (less the value of all distributions and any proceeds of the sale of its shares, and with no time value of money or minimum return built-in) and a maximum number of shares in AMC BV such that the consideration does not exceed $400 million.

The Transaction is expected to reach its first close over the next three to four months. From first close, The Rise Fund will be entitled to appoint a director to the board of AMC BV and to certain customary information and minority protection rights.

Raghunath Mandava, CEO of Airtel Africa, commented:

“In line with our vision of enhancing financial inclusion, Airtel Africa offers a unique digital mobile financial services platform under the Airtel Money brand. In most of our markets, there is limited access to traditional financial institutions, and little banking infrastructure, with less than half of the population having a bank account across sub-Saharan Africa. Our markets, therefore, afford the substantial market potential for mobile money services to meet the needs of the tens of millions of customers in Africa who have little or no access to banking and financial services, and this demand is driving growth.

With today’s announcement, we are pleased to welcome The Rise Fund as an investor in our mobile money business and as a partner to help us realise the full potential from the substantial opportunity to bank the unbanked across Africa.”

Yemi Lalude, Partner at TPG who leads Africa investing for The Rise Fund, added:

“Financial inclusion is a global issue that is most acute in Africa. Through Airtel Money, Airtel Africa has built a unique platform that is closing the gap between traditional financial institutions and the millions of unbanked Africans across the 14 countries where Airtel Africa operates. We look forward to working with Airtel Africa to enhance its mobile money services, broaden its use cases, and grow into new markets. With this investment in Airtel Africa’s mobile money operations, we are excited to expand The Rise Fund’s global fintech portfolio and continue to deepen our focus on improving financial inclusion in Africa and around the world.”

The Rise Fund is the world’s largest global impact platform committed to achieving measurable, positive social and environmental outcomes alongside competitive financial returns.

Seplat Petroleum Announces Refinancing of Reserve-Based Lending Facility

Esan Bolaji
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Seplat Petroleum Announces Refinancing of Reserve-Based Lending Facility

March 18, 2021: Seplat Petroleum Development Company Plc, a leading Nigerian independent energy company listed on both the Nigerian Stock Exchange and the London Stock Exchange, announces that its wholly-owned subsidiary, Westport Oil Limited, has successfully refinanced its existing US$100 million reserve-based lending facility due November 2023 with a new five-year US$100 million reserve-based lending facility due March 2026.

The RBL carries an initial interest of Libor + 8% payable semi-annually and is scheduled to commence repayment from March 2023. The RBL includes a US$75 million accordion to accommodate further commitments in the future.

Seplat Petroleum Development Company Plc is Nigeria’s leading indigenous energy company. It is listed on the Premium Board of the Nigerian Stock Exchange (NSE: SEPLAT) and the Main Market of the London Stock Exchange (LSE: SEPL).

Audi Defies The Corona Crisis With A Robust Performance In The 2020 Financial Year

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Audi Defies The Corona Crisis With A Robust Performance In The 2020 Financial Year

Even in 2020, a challenging business year, Audi vigorously drove ahead its transformation into a provider of sustainable and networked premium mobility. As a result of the pandemic, deliveries and sales revenue fell significantly in the first half-year. Thanks to a strong second half, including an excellent fourth quarter, sales revenue reached a total of approximately €50.0 billion in the 2020 business year.

Operating profit before special items was €2.7 billion, and operating return on sales before special items was 5.5 percent. In addition to synergies in the Volkswagen Group, the Audi Transformation Plan (ATP) and Audi.Zukunft made important financial contributions.

Audi defies the corona crisis with a robust performance in the 2020 financial year Brandspurng1
Photo by Conor Samuel

Net cash flow remains a strength of the company, with a figure of €4.6 billion. The reasons for this are continuing cost and investment discipline and the divestment of shareholdings within the Volkswagen Group amounting to some €1.5 billion.

The company moved purposefully ahead with its e-roadmap: in 2021 alone, Audi doubled the number of all-electric models in its range and is also reinforcing its PHEV offensive. Subject to developments in the corona pandemic and the supply of semiconductors, Audi views 2021 with cautious optimism.

“Audi has resolutely faced up to the challenges of the last year and done everything necessary to emerge stronger from the crisis,” says Markus Duesmann, CEO of AUDI AG. “The global consequences of the corona pandemic had a decisive influence on our business year. Following a collapse in demand for cars in all regions of the world, stability returned to the markets later in the year – first in China, then in Europe and the USA too.

Produktion Audi e-tron GT
The assembly facility of the Audi e-tron GT at Böllinger Höfe.

In the fourth quarter, finally, we were able to conclude the year with a record number of deliveries – it was the most successful quarter in company history. In total, we earned an operating return on sales before special items of 5.5 percent in the 2020 business year.

This achievement is also the result of responsible crisis management during the corona pandemic and above all a strong team performance. I am delighted at the willingness to change and the flexibility of Audi’s employees.”

The total number of deliveries of Audi-brand vehicles to customers in 2020 was 1,692,773 (2019: 1,845,573). Here the fall of approximately 8 percent resulting from the pandemic was significantly lower than the almost 15 percent fall in the total worldwide market.

Following a difficult start to the year, the markets recovered considerably: with 505,583 deliveries (4th quarter of 2019: 488,471), Audi was even able to conclude the financial year with the most successful quarter in company history.

The reasons for this strong final surge in 2020 were active corona-crisis management by the company and a noticeable recovery in core markets. Through the expansion of digital sales and services, furthermore, Audi reacted flexibly to the challenges of the corona pandemic.

In 2020 the top-range and SUV models were especially successful. For example, deliveries of the Audi Q3 and Audi A6 rose by 18.1 and 11.8 percent respectively in comparison to the previous year. The all-electric Audi e-Tron, together with the Audi e-tron Sportback, was the best-selling electric vehicle worldwide by a German premium manufacturer, with a growth in demand of almost 80 percent compared to the previous year.

In this way, the e-tron series is making a decisive contribution to the fulfilment of the company’s targets on CO2 emissions. A new best result was also achieved in the business year 2020 by Audi Sport GmbH, with an increase of deliveries amounting to 16.1 percent above the previous year.

In terms of volume, the sales revenue of the Audi Group in 2020 amounted to €49,973 million (2019: 55,680 million) . The operating profit before special items was €2,739 million (2019: 4,509) million, equivalent to an operating return on sales before special items of 5.5 percent (2019: 8.1 percent).

The fourth quarter, above all, with an operating profit before special items of €2,456 million (2019: 1,271 million) and an operating return on sales of 14.7 percent (2019: 8.9 percent), helped the company to more than makeup for the losses of the first half of the year. This strong performance is attributable, on the one hand, to a significant rise in the numbers of vehicles delivered as the markets recovered.

Moreover, Audi maintained strict discipline on costs and investment until the end of the year.

A positive contribution to financial development was also provided by the successful implementation of the Audi Transformation Plan (ATP). Here, measures with a total value of €2.6 billion (2019: 2.5 billion) were put into effect.

To a large extent, these savings influenced the operating profits and will also have a sustained impact in the years to come. Since it began two years ago, this program to improve efficiency has released €7 billion.

The goal is to achieve a total of approximately €15 billion up to 2022 through measures on the cost and revenue sides. As a result of the loss of volume due to the pandemic, there may be a slight delay in this, however. The Audi.Zukunft (Audi.Future) agreement concluded in 2019 is also making a noticeable contribution to success through a reduction in employment costs.

As before, the company stands by its employment guarantee until 2029 and is ensuring long-term competitiveness by using plant capacity on a platform basis.

“Even in the turbulent year of 2020, Audi demonstrated its robust condition and healthy business situation,” says Arno Antlitz, CFO of AUDI AG. “In the corona pandemic, we have reinforced our discipline in investment and costs without compromising on the substance of the products or the Audi brand’s fitness for the future.

Both the Audi Transformation Plan and the Audi.Zukunft basic agreement is well established. Both programs have made an important contribution to Audi Group results that are more than respectable, and have enabled us to continue investing in the electrification and digitalization of our products.”

The financial results of the Audi Group increased in comparison to the previous year to €1,618 million (2019: 713 million). The principal reason for this was the good performance of the Audi brand in China, where recovery was already noticeable in March 2020 and the monthly delivery figures of the previous year were exceeded from April onwards.

The cumulative figure for deliveries in China was 5.4 percent above the previous year – in spite of a decline in the market volume. In addition, the sale within the Volkswagen Group of Audi Electronics Venture GmbH had a favourable influence on the financial results amounting to €589 million. The final figure for pre-tax profits was €4,187 million (2019: 5,223 million).

The commitment of the Audi workforce in an extremely challenging year in 2020 was rewarded through participation in profits. For a skilled worker in the German plants, the Audi profit-sharing sum in 2020 is €1,080 (2019: 3,880). The basis for this is the calculation formula dependent on operating profits that are laid down in the wage agreement.

In Audi subsidiaries, too, there are agreements on profit participation. In addition, Audi is paying a special bonus of €1,200 to employees of AUDI AG who are paid according to the collective wage agreement, to show appreciation of their flexibility and commitment during the corona pandemic.

The traditionally strong net cash flow of Audi rose in the challenging year of 2020 to a total of €4,589 million (2019: 3,160 million). This is mainly attributable to stricter control of investment and costs. Fixed investments, especially, were significantly reduced by Audi: the proportion amounts to 3.8 percent (2019: 4.9 percent).

The sale of shareholdings within the Volkswagen Group had a positive effect on net cash flow of €1.5 billion. Consequently, net liquidity, at €22,377 million (2019: 21,754 million), remains stable at a high level.

In order to meet the challenges of transformation in the automotive industry, the Volkswagen Group is combining its resources. For this reason, at the annual general meeting in 2020 shareholders approved a squeeze-out in accordance with shareholding law. By this means, all shares held by minority shareholders of AUDI AG passed to Volkswagen AG.

This was an important step enabling Audi to maintain a strong and competitive position in the future. Synergies in the Volkswagen Group can now be exploited more efficiently. A key example of close cooperation in the Group is the Car.Software Organization, founded in mid-2020, in which the software knowhow of the Volkswagen Group brands is being united and expanded.

This new company of the Volkswagen Group, in which Audi CEO Markus Duesmann has taken the role of chairman of the supervisory board, is developing a unified electronics architecture and an operating system for all brands. At the end of 2024, this software platform will be premiered in the first Audi model based on the Artemis Project. The operating system will be integrated step by step into all vehicles of the Volkswagen Group. Through the budgetary transfer of development costs to the Car.Software Organization and through efficiency gains in Technical Development, the share of research and development costs in the 2020 financial year fell to 7.3 percent (2019: 7.9 percent).

Investments in future models and technologies remain untouched at the Four Rings. In this way Audi is taking great strides forward in its electro-offensive during the pandemic. This business and strategic approach can be seen in the planned investments over the next five years. Almost half of the total foreseen investments of €35 billion will flow into future technologies – about €15 billion of this for electromobility and hybridization alone.

In 2021 for the first time, more than half of the newly introduced models will be electrified. This began in February with the world premiere of the Audi e-tron GT1, the first all-electric Audi, made in Germany.

By mid-year the Audi Q4 e-tron and Audi Q4 e-tron Sportback will already be on the starting line: these models enable the company’s customers to enter the electric world of Audi for the first time in the compact-car segment.

Moreover, Audi is enhancing its range of PHEVs: in half of the internal-combustion series, there will be a plug-in hybrid model in the current year. Audi plans to offer more than 20 all-electric models by 2025 and aims to push ahead with a significant expansion of the PHEV portfolio. The company predicts that by this date about one-third of global vehicle deliveries to customers will consist of all-electric and hybridized automobiles.

In implementing the e-roadmap, the Chinese market plays a decisive role. The company is further expanding its presence here and purposefully carrying out the reorientation of its business model.

Audi established an important milestone by founding the Audi FAW New Energy Vehicle Company, a cooperative venture with FAW, a partner of many years. On the basis of the Premium Platform Electric (PPE) jointly developed with Porsche, from 2024 onwards electric vehicles will be produced in Changchun (China) for the Chinese market.

“China is a significant provider of technological impulses for us and a key pillar of Audi’s long-term success,” says Audi CEO Markus Duesmann. “Especially in the premium segment, we see more enormous potential in China and will therefore strengthen our product portfolio further in our biggest market.” By the end of 2021 twelve Audi models will be produced in China at the long-established FAW-Volkswagen joint venture.

With a view to 2021 the Audi Group expects a recovery of the global economy, subject to further developments in connection with the corona pandemic. “We look forward to the year 2021 with cautious optimism,” says Arno Antlitz. “We want to carry over the strong momentum of the fourth quarter. Our ambitious goal is to grow significantly in comparison to the previous year.”

On the basis of its attractive product substance, the Audi Group expects a clear increase in deliveries and sales revenue in comparison to the previous year. For 2021 the company plans an operating return on sales of between 7 and 9 percent, and thus aims to approach its strategic zone of 9 to 11 per cent.

In doing so Audi as a premium manufacturer is giving priority to product-related investments and reducing its strategic target zone for fixed investments by one percentage point to between 4 and 5 percent of sales revenue. In contrast, Audi is intensifying investments in products and future technologies.

Instead of 5 to 6 percent, as hitherto, Audi plans to devote 6 to 7 percent of sales revenue to research and development – thus underlining its innovative strength and pushing forward its transformation into a provider of sustainable and networked premium mobility.

Summary of selected key figures of the Audi Group

Audi defies the corona crisis with a robust performance in the 2020 financial year Brandspurng

COVID-19 Update: NCDC Reports 9 Deaths, 187 New COVID-19 Cases

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COVID-19 Update: NCDC Reports 9 Deaths, 187 New COVID-19 Cases

The Nigeria Centre for Disease Control (NCDC) has reported nine COVID-19 related deaths and 187 new infections on Wednesday.

NCDC said in its official Twitter handle that the agency recorded two deaths on March 16, adding that the country had registered 2,027 deaths since the pandemic emerged in the country in February. 27, 2020.

Brand Spur Nigeria reports that Nigeria has tested 1,684,305 people since the first confirmed case of the disease.

The NCDC also said it registered 187 new COVID-19 cases in 18 states in the last 24 hours, bringing confirmed cases to 161,261 to date.

It said out of the 187 registered new cases Lagos recorded 42, Taraba 29, Edo 17, Abia 13, Rivers 11, Kaduna 10, Katsina 9, Oyo 9, Kwara and Plateau 7 each.

Also, Ondo recorded 5, Bayelsa 4, Cross River 4, Ogun and Osun 4 each, while Akwa Ibom, Brono and Nasarawa recorded 3 cases each.

The public health agency reported that 146,395 people had recovered from COVID-19, which was almost 91 per cent of known cases.

It said that 323 people recovered from the infections in the last 24 hours.

The agency said, however, that Wednesday’s report included 131 community recoveries in Lagos State managed in line with its guidelines.

“Data from Taraba State reported over the last four days,” NCDC noted.

The agency stated that the country’s active cases stood at 12,984 in the last 24 hours.

The NCDC said a multi-sectoral national emergency operations centre (EOC), activated at Level 3, had continued to coordinate the national response activities in the country.

Nigeria’s daily COVID-19 cases continue to follow a downward trajectory, as from an all-time high of 2,314 on Jan. 22, daily new positive cases, it comes down to 179 as at March 16.

Chelsea Cruise Through To UEFA Champions League Quarter-Finals With An Impressive Win Over Atletico Madrid

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Chelsea Cruise Through To UEFA Champions League Quarter-Finals With An Impressive Win Over Atletico Madrid

Chelsea joins Liverpool and Manchester City in Friday’s UEFA Champions League quarter-finals after defeating Atletico Madrid 2-0 on Wednesday.

So aligned a performance was it that Tuchel was able to bring on two left-backs in injury-time with one of them, Emerson Palmieri, scoring with his first touch as he drilled a low shot past the shell-shocked Jan Oblak after he and another replacement, Christian Pulisic countered. So astonishing was N’Golo Kante’s energy levels that he actually overtook Pulisic as they ran. Having played 94 minutes.

Atletico Madrid were left to rue referee Daniele Orsato’s decision not to give a penalty kick when scores were 0-0.

This was when Chelsea captain Cesar Azpilicueta under-hit a back pass and put his arm around Yannick Carrasco who went down in the penalty box.

Ziyech squeezed the ball under Atletico Madrid goalkeeper Jan Oblak in the 34th minute of the last-16 second leg.

This was after he connected with a cross from Timo Werner who had raced down the left after being fed by fellow German Kai Havertz.

The visitors finished the game with 10 men after Stefan Savic was shown a red card in the 82nd minute for elbowing Chelsea defender Antonio Rudiger in the chest during a corner-kick.

DPR Seals Two Filling Stations, Sanctions Eight For Fuel Diversion In Kano

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DPR Seals Two Filling Stations, Sanctions Eight For Fuel Diversion In Kano

The Department of Petroleum Resources (DPR), has sealed two filling stations in Kano State for dispensing fuel above the N162 approved pump price.

DPR also sanctioned eight other stations found to be diverting petroleum products.

Muhammad Makera, Controller Operations, Kano Field Office announced this after the price monitoring and enforcement exercise on Wednesday in Kano.

Makera said that the erring filling stations also violated safety standards.

He noted that the department had adopted proactive measures to ensure compliance with the N162 pump price approved by the Federal Government.

According to him, the department visited 25 fuel service stations during the exercise in the Kano metropolis.

“We are working to enforce compliance so that motorists buy Premium Motor Spirit (PMS), otherwise called petrol, at the official rate.

“Any filling station that is dispensing above the official rate should not be operating.

“As we went around, the trend is quite good, it has achieved over 95 per cent compliance.

“However, we noticed little variations, those dispensing above N162 were forced to reverse to the approved price.

“We are also conducting ‘Specific Gravity Test’ to ascertain the quality of petroleum products as well as Seraphin Measurement to check under-dispensing to customers,’’ he said.

Makera explained that the two stations were sealed for under dispensing fuel and violating the safety issues such as non-provision of proper safety measures.

“He said that the affected stations will remain sealed until they rectify the problems.

“Also, a 24-hour grace was issued to the companies involved in the diversion to bring back the products and discharge at the designated destinations.’’

According to him, the DPR is implementing Minimum Industry Safety Standards for Downstream Operators (MISTDO) for quality assurance and to enhance safety in the sector.

While reiterating commitment to ensure compliance with the standard rules governing the operations of fuel marketers, Makera urged people to report erring stations to the department via a toll-free number – 09053804700.

Expert Calls For Resource Mobilisation For Africa’s Industrialisation

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Expert Calls For Resource Mobilisation For Africa’s Industrialisation

The Director, Regional Integration and Trade Division, Economic Commission for Africa (ECA), Stephen Karingi has called on African countries to mobilize funds and other resources to put the continent on the path of industrialisation.

Karingi was speaking on Wednesday at the 39th Meetings of Committee of Experts of Conference of African Ministers of Finance, Planning and Economic Development.

The conference themed: ‘Africa’s Sustainable Industrialisation and Diversification in the Digital Era in the Context of COVID-19,’ runs from March 17 to 23 in Ethiopia.

This year’s theme embraces the need for African countries to achieve rapid economic growth through environmentally conscious industrialization and diversification while taking advantage of digitalisation.

Karingi noted that the Africa Continental Free Trade Area (AfCFTA) agreement could stimulate Africa’s overdue industrialisation.

He said, in addition, African countries would have to improve on infrastructure and more intra-Africa finance to achieve sustainable industrialisation.

According to him, scaling-up digitalisation in Africa can be transformational, helping the continent to industrialise and diversify within a global digital economy estimated to soon surpass 11.5 trillion dollars.

Karingi was speaking on a sub-topic, ‘Assessing the status of Regional Integration in Africa.’

He said Assessing Regional Integration in Africa (ARIA) was one of the tools for monitoring the Regional Integration in Africa, and that ECA, in conjunction with Africa Union, Africa Development Bank and UNCTAD, had continued to produce ARIA.

In the views of Karingi, regional integration remains a priority for African countries as demonstrated through various initiatives, including AfCFTA.

According to NAN, 54 African countries have signed the AfCFTA agreement and 37 have ratified it. NAN also reports that the specific topic of the AfCFTA will feature at ministerial, experts, and side event sessions as one of the particular tools available to African countries as they chart their recovery from COVID-19.

The opening session of the meeting of experts was graced by the UN under-secretary-general and Executive secretary of the ECA, Ms Vera Songwe.

Songwe pointed out that COVID-19 had exposed Africa’s overreliance on international supply chains for medical research, equipment, and pharmaceuticals.

She said one of the challenges confronting Africa was how the continent could generate its own pharmaceutical sectors and the role of the AfCFTA.

Digital Wallet Users To Exceed 4.4 Billion By 2025, As Mobile Drives Digital Payments’ Revolution

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Digital Wallet Users To Exceed 4.4 Billion By 2025, As Mobile Drives Digital Payments’ Revolution

A new study from Juniper Research has found that the number of unique digital wallet users will exceed 4.4 billion globally in 2025; rising from 2.6 billion in 2020. It found that mobile wallets are leading this 70% growth, as mobile payments rapidly scale across geographical and vertical markets.

The increasing alignment between in-person and remote commerce channels is leading to greater use of mobile wallets than ever before, with online wallet use confined to high-value purchases or complex bill payments.

The research recommends that merchants should undertake complete reviews of their processes to ensure that they are offering a highly capable mobile app. This must be inclusive of a seamless checkout process, the correct mobile wallet integrations and high levels of security, or they will lose out to more mobile-adept merchants.

Developed Markets Lagging Behind China & India

The new research, Digital Wallets: Key Opportunities, Vendor Analysis and Market Forecasts 2021 2025, found that markets such as the UK and US are lagging behind China and India in terms of digital wallet adoption, with China and India accounting for 69% of digital wallet transactions in 2025.

Research co-author Nick Maynard explains: ‘In developed markets, mobile wallets facilitate card payments, but in emerging markets, wallets in places have bypassed cards entirely. Wallet providers in developed markets need to focus on building acceptance and analytics features, in order to boost their appeal in a card-centric environment.’

QR Code Payments Leading Wallet Use

The research also found that QR code payments will account for 40% of all digital wallet transactions globally in 2025; a fall from 47% of transactions in 2020. QR code payments are presently playing a leading role, due to their ease of use and acceptance, which makes them a critically important area for wallet use. However, over the next five years, the evolution of features such as card acceptance via NFC smartphones will begin to close the ease of acceptance gap.

Ageism Is A global Challenge — UN

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Ageism Is A global Challenge — UN

Every second person in the world is believed to hold ageist attitudes – leading to poorer physical and mental health and reduced quality of life for older persons, costing societies billions of dollars each year, according to a new United Nations report on ageism.

The report released today by WHO, Office of the High Commissioner for Human Rights (OHCHR), United Nations Department of Economic and Social Affairs (UN DESA) and United Nations Population Fund (UNFPA), calls for urgent action to combat ageism and better measurement and reporting to expose ageism for what it is – an insidious scourge on society.

The response to control the COVID-19 pandemic has unveiled just how widespread ageism is – older and younger people have been stereotyped in public discourse and on social media. In some contexts, age has been used as the sole criterion for access to medical care, lifesaving therapies and for physical isolation.

“As countries seek to recover and rebuild from the pandemic, we cannot let age-based stereotypes, prejudice and discrimination limit opportunities to secure the health, well-being and dignity of people everywhere,” said Dr Tedros Adhanom Ghebreyesus, WHO Director-General. “This report outlines the nature and scale of the problem but also offers solutions in the form of evidence-based interventions to end ageism at all stages.”

Findings From The Report

Ageism seeps into many institutions and sectors of society including those providing health and social care, in the workplace, media and the legal system. Healthcare rationing based solely on age is widespread.  A systematic review in 2020 showed that in 85 per cent of 149 studies, the age determined who received certain medical procedures or treatments.

Both older and younger adults are often disadvantaged in the workplace and access to specialized training and education decline significantly with age. Ageism against younger people manifests across many areas such as employment, health, housing and politics where younger people’s voices are often denied or dismissed.

“Ageism towards younger and older people is prevalent, unrecognized, unchallenged and has far-reaching consequences for our economies and societies,” said Maria-Francesca Spatolisano, Assistant Secretary-General for Policy Coordination and Inter-Agency Affairs in the Department of Economic and Social Affairs. “Together, we can prevent this. Join the movement and combat ageism.”

Ageism has serious and wide-ranging consequences for people’s health and well-being. Among older people, ageism is associated with poorer physical and mental health, increased social isolation and loneliness, greater financial insecurity, decreased quality of life and premature death. An estimated 6.3 million cases of depression globally are estimated to be attributable to ageism.  It intersects and exacerbates other forms of bias and disadvantage including those related to sex, race and disability leading to a negative impact on people’s health and well-being.

“The pandemic has put into stark relief the vulnerabilities of older people, especially those most marginalized, who often face overlapping discrimination and barriers – because they are poor, live with disabilities, are women living alone, or belong to minority groups,” said Natalia Kanem, Executive Director, United Nations Population Fund. “Let’s make this crisis a turning point in the way we see, treat and respond to older people, so that together we can build the world of health, well-being and dignity for all ages that we all want.”

Ageism costs our societies billions of dollars. In the United States of America (USA), a 2020 study showed ageism in the form of negative age stereotypes and self-perceptions led to excess annual costs of US$63 billion for the eight most expensive health conditions. This amounts to US$1 in every US$7 spent on these conditions for all Americans over the age of 60 for one year (see note to editors).

Estimates in Australia suggest that if 5 per cent more people aged 55 or older were employed, there would be a positive impact of AUD$48 billion on the national economy annually. There are currently limited data and information on the economic costs of ageism and more research is needed to better understand its economic impact, particularly in low- and middle-income countries.

“Ageism harms everyone – old and young. But often, it is so widespread and accepted – in our attitudes and in policies, laws and institutions – that we do not even recognize its detrimental effect on our dignity and rights said Michelle Bachelet, United Nations High Commissioner for Human Rights. “We need to fight ageism head-on, as a deep-rooted human rights violation.”

Combatting Ageism

The report notes that policies and laws that address ageism, educational activities that enhance empathy and dispel misconceptions, and intergenerational activities that reduce prejudice all help decrease ageism.

All countries and stakeholders are encouraged to use evidence-based strategies, improve data collection and research and work together to build a movement to change how we think, feel and act towards age and ageing, and to advance progress on the UN Decade of Healthy Ageing.

Hapag-Lloyd Acquires Africa Specialist NileDutch

Esan Bolaji
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Hapag-Lloyd Acquires Africa Specialist NileDutch

Hapag-Lloyd and NileDutch have signed a sale and purchase agreement where Hapag-Lloyd acquires all shares of the Dutch container shipping company Nile Dutch Investments B.V. (NileDutch).

With over 40 years of expertise, NileDutch is one of the leading providers of container services from and to West Africa. The company is present in 85 locations across the world and has 16 own offices in the Netherlands, Belgium, France, Singapore, China, Angola, Congo, and Cameroon.

Hapag-Lloyd Acquires Africa Specialist NileDutch- Brand Spur Nigeria
Hapag-Lloyd Acquires Africa Specialist NileDutch- Brand Spur Nigeria

With 10 liner services, around 35,000 TEU of transport capacity and a container fleet of around 80,000 TEU, the company connects Europe, Asia and Latin America with West and South Africa. Headquartered in Rotterdam, NileDutch has some 350 employees worldwide with particular expertise in the African market.

“Africa is an important strategic growth market for Hapag-Lloyd. The acquisition of NileDutch strengthens our position in West Africa and will be an excellent addition to our existing activities on the continent. Our combined customer base will benefit from a denser network from and to Africa as well as from a much higher frequency of sailings. We welcome the new colleagues from NileDutch and hope that together we can further develop our business in Africa in the years to come,” said Rolf Habben Jansen, CEO of Hapag-Lloyd.

Wim van Aalst, President of NileDutch, added: “Hapag-Lloyd and NileDutch are a very good fit and I am happy that we join forces. Combining our business and expertise in West Africa with Hapag-Lloyd´s worldwide network will enable us to make the next step and further develop the Africa business.”

The completion of the transaction is subject to the approval of the responsible antitrust authorities.

Distributed by APO Group on behalf of Hapag-Lloyd.

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