Category: Business & Economy

Ezinne Uko (Nigeria) and Peter Wachira (Kenya) have been selected as the two winners of the $200,000 Kwesé Inc #GoGettaz entrepreneurship competition held at Strathmore University in Nairobi, Kenya.

Both walk away with a $100,000 USD investment, a similar amount in credit facility from Equity Bank Kenya, and a two week mentorship at Kwesé’s headquarters in South Africa with Strive Masiyiwa, founder and Executive Chairman of Econet Global. The 10 runners up each receive $10,000 USD investment in their ventures.

Ezinne Uko and Peter Wachira have taken the grand prize from a group of 12 finalists from DRC, Ghana, Kenya, Nigeria, Rwanda, South Africa and Zimbabwe.

Judged on their business/non-profits’ sustainability, originality, social benefit, and scalability as well as votes garnered from the general public in a month-long social media voting phase, which closed on 30 November 2017, Contrail Stores and A Remote Youth Venture impressed the judges and receive a $100,000 injection into their business/venture from Mr. Masiyiwa.

As one of the largest entrepreneurship competitions on the African continent, 4,800 competition entries were received, 50 million social media shares and over 200,000 web page visits. The winners endured, and their businesses will not only benefit financially but, as first-ever Kwesé Fellows, they will also continue to receive best business/venture practices from Mr. Masiyiwa for the duration of their mentorship program.

In the words of Mr. Masiyiwa:

“At our eighth Africa Entrepreneurship Town Hall today, we had hundreds of people from different walks of life, all in the same room, all focused on solutions for the future: top business leaders, government officials, technology experts, academics, students… all thinking about how new technologies can help rather than harm society.

Today is how we build for Africa’s century and end poverty globally.  Together we listen, we innovate and we take action — with data and vision, and without delay.”

To inspire upcoming entrepreneurs and pave the way for new generation innovators, the Kwesé Inc #GoGettaz Entrepreneurship Competition finals will be broadcast on Kwesé Inc, an exclusive channel for entrepreneurs on the pay TV platform Kwesé TV, now available in over 10 countries with more to launch soon.

Chi Limited has been announced as the first place winner for best kept industrial premises in the Manufacturers Association of Nigeria’s (MAN) 50th Annual General Meeting and Awards.

Chi Limited won the award for adopting best workplace production practices and processes amongst competing multinational companies in the country.

Continue reading Chi Limited Wins 2018 MAN Award For Best Kept Industrial Premises

Winners have emerged at the World Finance Banking Awards 2017. The World Finance Banking Awards 2017 are detailed in the World Finance Banking Guide 2017, which offers an insight into the scale of transformation in the banking sector.

Winners Of World Finance Banking Awards 2017 (Nigeria)

• Best Banking Group – Guaranty Trust Bank (GTBank)

Employing more than 10,000 people across Africa, Guaranty Trust Bank (GTBank) is one of the continent’s leading financial institutions, providing a range of traditional and digital banking services to more than 10 million customers. Headquartered in Lagos, GTBank is Nigeria’s largest bank by market capitalisation, and boasts an asset base in excess of NGN 3.16 trillion ($8.8 billion).

• Best Private Bank – First Bank of Nigeria

Established in 1894 as the Bank for British West Africa, First Bank of Nigeria holds the honour of being the first bank ever to be established in Africa. The bank now boasts more than 10 million customer accounts and provides a balanced range of traditional banking products, along with a collection of modern, digital solutions for investment and wealth management purposes.

• Best Commercial Bank – Diamond Bank

Founded in 1990, Diamond Bank is a multinational financial services provider that offers a range of products in the commercial, retail, corporate and investment banking sectors. The company has become Nigeria’s fastest-growing retail bank by sticking rigidly to its long-term vision of not just matching customer expectations, but exceeding them.

• Best Retail Bank – Guaranty Trust Bank (GTBank)

Since its inception in 1990, Guaranty Trust Bank (GTBank) has delivered consistent year-on-year growth, driving financial inclusion through the implementation of a number if innovative tech-based services. Now regarded as one of Africa’s leading financial institutions, GTBank’s operations extend across the continent, serving more than 10 million customers at home and abroad.

• Best Sustainable Bank – Access Bank

Access Bank initially started life as a commercial bank, but broadened its reach to include personal and business banking in 2012. It is currently one of Nigeria’s five largest banks, and is now set on becoming one of Africa’s most respected financial institutions, with a growth model that puts environmental sustainability and social responsibility on a par with profits.

• Most Innovative Bank In Africa – Guaranty Trust Bank (GTBank)

Financial inclusion is one of the most significant issues currently facing the Nigerian banking sector. Guaranty Trust Bank, which was established in 1990 and has since grown to become one of Africa’s leading financial institutions, has therefore committed to rolling out a variety of digital banking products aimed at providing citizens formerly excluded from the formal banking system with access to vital financial services. In particular, the firm’s Bank 737 service, which allows customers to access their money via a smartphone without the need for an internet connection, is making banking simpler, faster and cheaper for previously unbanked Nigerians. Since the service was introduced, more than three million customers have signed up, while over $3.1 billion has been sent through the platform in the form of mobile transactions.

Wema Bank Plc and its mobile app ALAT, have been named the ‘Best Digital Bank’ and ‘Best Mobile Banking App’ in the World Finance Digital Banking awards 2017.

The World Finance Digital Banking awards 2017 celebrate institutions that are leading the charge with digitalization while meeting consumer demands and mitigating against accompanying risks.

Continue reading Wema Bank ALAT Wins World Finance Digital Banking Awards 2017

Zenith Insurance and FBNInsurance have emerged winners of the World Finance Global Insurance Awards 2017 in Nigeria.

Zenith Insurance and FBNInsurance emerged winners in the general insurance and life insurance categories respectively.

World Finance publishes its yearly line-up of the best companies in global insurance, recognising those that continue to grow and expand, even in spite of an ever-changing landscape and modern-day risks.

The World Finance Global Insurance Awards 2017 celebrate those that are staying ahead of these developments and driving ahead with innovative solutions. Each year, the World Finance in-house judging panel compiles the list of winners after consulting key business metrics and talking with a number of industry experts.

Continue reading Zenith Insurance & FBNInsurance Win World Finance Global Insurance Awards 2017

President and Chief Executive of Dangote Industries Limited, Aliko Dangote, for the 7th year running has been adjudged as the richest man in Africa with a net worth that Forbes pegged at $12.2 billion – an increase of $100 million from a year ago.

Number two on the list of African richest people is diamond mining heir Nicky Oppenheimer of South Africa, with a net worth of $7.7 billion, up $700 million from last year. Oppenheimer is one of eight South Africans on the list, making it the African country with the most billionaires. Nigeria has just three.

Aliko Dangote was also recently the only African selected among Bloomberg’s world 50 best persons in the year 2017. Globacom chairman, Mike Adenuga, with a net worth of $5.3 billion was adjudged the 5th richest man in Africa and Folorunsho Alakija, also a Nigerian, whose estimated $1.6 billion fortune lies in oil exploration firm was adjudged as the 15th richest person in Africa.

Forbes further stated that:

“Dangote is looking beyond cement – his most valuable asset – and has been investing in a fertilizer production company and a large oil refinery. Dangote Fertilizer is expected to start operations in the second quarter this year.”

Bill Gates maintained his position as the richest man in the world with a net worth of $86 billion, while Warren Buffet and Jeff Bezos were second and third consecutively with a net worth of $75.6 billion and $72.8 billion.

Zimbabwe gets its first billionaire this year: telecom magnate Strive Masiyiwa, who chairs the Econet Group. Shares of Zimbabwe-listed mobile phone network Econet Wireless Zimbabwe have surged in value over the past year. Masiyiwa owns more than half of that company. He also has a majority stake in fiber optic firm Liquid Telecom, which raised $700 million in a bond offering in July 2017. Forbes estimates Masiyiwa’s net worth at $1.7 billion.

Diamond bank has been appointed a forum member adviser of the World Economic Forum (WEF). The appointment marks the first time a Nigerian company will be appointed.

Diamond bank is the second African company to become a WEF forum adviser. Membership of the forum is on an invitation only basis.

Commenting on the appointment and his attendance at the World Economic Forum’s Annual Meeting, Diamond Bank’s CEO Uzoma Dozie said:

“I am delighted that Diamond Bank was invited to join as a Forum Member Adviser of the World Economic Forum, as it is testament to our status as one of Nigeria’s leading innovators. I am also thrilled to be attending this year’s Annual Meeting in Davos, where I will be presenting my views on the three key areas of financial inclusion, Nigeria’s positive outlook and the future of banking.

In particular, I will be sharing Diamond Bank’s experience in the financial inclusion space where our Beta Proposition and Diamond Yello Account have made significant inroads in bringing previously under banked people into the financial system. It will also be an opportunity to highlight the transformative role of technology and data in enhancing financial inclusion in a country of 180 million people where nearly half do not have a bank account.

I will also be passionately championing the success of increasing numbers of technology-enabled entrepreneurs and the culture of innovation that is taking hold in Nigeria, particularly Lagos. This innovation is leading to a new wave of business leaders that are shaping the Nigeria of tomorrow, as well as helping fuel economic growth today.

Despite historic challenges, I will also use the World Economic Forum Annual Meeting as a platform to promote Nigeria’s excellent fundamentals and its recent progress.”

Diamond is the only Nigerian bank selected to partner with UK’s Department for International Development on their financial inclusion programme. Diamond also has a partnership with Women’s World Banking – backed by the Bill & Melinda Gates Foundation – with Mr Dozie on its board.

The Diamond Y’ello Account has over 8.6 million users, making it a market leader in the Nigerian financial inclusion space.

Founded in 1971, the mission of the World Economic Forum (WEF) is to improve the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas.