E-Financial
Stakeholders, Global Leaders Commit to Bold Solutions for Africa @ ASIS 3.0
Africa Social Impact Summit (ASIS) 2024, co-convened by The Sterling One Foundation and the United Nations, was held at the Eko Convention Center from July 25-26. This landmark event highlighted the importance of collaboration across sectors, bringing together private sector organizations, NGOs, and other stakeholders to tackle Africa’s most pressing challenges.
L-R; Olapeju Ibekwe, CEO, Sterling One Foundation; Dr. Jumoke Oduwole, Special adviser to the President of Nigeria on Presidential Enabling Business Environment Council (PEBEC) and Investment; Obafemi Hamzat, Deputy Governor, Lagos State, and Abubakar Suleiman, MD/CEO, Sterling Bank and member of the Board of Trustees, Sterling One Foundation at the Africa Social Impact Summit in Lagos recently.
A significant outcome of the summit was the commitment to developing a resource allocation framework aimed at addressing healthcare issues across the continent. ASIS 2024, the largest hybrid gathering of leaders in the African development sphere, underscored the crucial role of the private sector in driving innovative and sustainable solutions for Africa’s future.
The event kicked off with a keynote address by United Nations Deputy Secretary-General Amina Mohammed. “Sustainable growth must include climate resilience, leveraging technology, and private sector innovations,” she stated, urging attendees to “recommit to the 2030 agenda with a focus on inclusivity, impact, and inspiration.”
A diverse gathering of government officials, business executives, and development experts participated in the summit. Olapeju Ibekwe, CEO of The Sterling One Foundation, emphasized the necessity of collaboration: “No single entity can address the multifaceted challenges we face. Through partnerships, we can harness diverse expertise and resources to tackle issues ranging from healthcare to climate resilience.”
An Investor Roundtable, organized by the Lagos State Government in collaboration with various organizations, opened the summit. Lagos State Executive Governor Babajide Sanwo-Olu’s presence underscored the government’s commitment to fostering a favorable environment for sustainable development.
Throughout the summit, the indispensable role of the private sector in Africa’s future growth was a recurring theme. Abubakar Suleiman, CEO of Sterling Bank, noted, “Creating a market for social impact means ensuring there is information, trust, and efficient allocation of resources.”
Deputy Governor of Lagos State Obafemi Hamzat presented the “THEMES PLUS” initiative, which promotes development in crucial sectors. “ASIS 2024 must serve as a catalyst for collaboration and action,” Hamzat declared, highlighting the importance of public-private partnerships.
Jumoke Oduwole, representing Vice President Kashim Shettima, called for a paradigm shift in economic thinking. “It is time for action; we must move beyond rhetoric and focus on solutions with tangible impact,” she asserted. “Africa can lead the way in a new model that balances prosperity, the environment, and equity.”
A significant highlight was the “Bold Actions Meeting” on the second day, where fifteen commissioners of health from various Nigerian states convened to focus on healthcare challenges. Zouera Yousouffou, CEO of the Aliko Dangote Foundation, candidly addressed the need for a shift from diagnosis to intervention. “Africa does not have the necessary resources or organizational framework to address health-related problems,” she said.
ABC Health CEO Mories Atoki pointed out the politicization of partnerships as a major barrier, while Dr. Tayo Aduloju, CEO of the Nigerian Economic Summit Group, stressed the importance of delivering tangible outcomes over empty promises.
The summit also tackled the integration of displaced persons into the workforce. A panel led by H.E. Mrs. Toyin Saraki, founder of Wellbeing Foundation Africa, discussed strategies for the economic empowerment of this vulnerable population, featuring insights from UNHCR representatives and refugees.
Professor Akin Abayomi, Lagos State Commissioner of Health, highlighted the foundational importance of moral leadership and education, noting, “Leaders don’t just happen; they are made through education and training.”
The summit facilitated the formation of new partnerships aimed at addressing healthcare, climate resilience, and economic empowerment. Attendees committed to actionable plans, including the development of a resource allocation framework and initiatives to integrate displaced persons into the workforce.
ASIS 2024 brought together top leaders from diverse sectors, underscoring a collaborative approach to sustainable development. The active participation of high-level officials and experts, combined with the tangible commitments made, reinforces the credibility and impact of the summit.
Titan Trust Bank has selected Oracle FSS for its core and digital banking technology, it is understood.
The start-up bank recently obtained its license by the Central Bank of Nigeria (CBN).
It’s understood that Temenos and Infosys also competed for the deal.
The shortlist came down to the two most widely installed international core systems in Nigeria, Infosys’ Finacle and Oracle FSS’s Flexcube.
The Nigerian banking sector has seen a great deal of upheaval over the years, with many mergers, start-ups and closures. Flexcube is a well respected name since the late 1990s (the pioneer was Access Bank, now one of the country’s top five banks) and has been a commonly selected platform since then.
The new bank is believed to be one of five to have gained regulatory approval of late (Globus Bank is another).
Local media sources say the new licences stem from the Central Bank’s desire to attract new investments into the sector and better serve the country’s 50 million+ unbanked and under-banked citizens.
Titan Bank is said to be headed by a former executive director of Heritage Bank (which is a Finacle user).
Oracle FSS did not respond to request for comment.
International Monetary Fund (IMF), has appointed Tony Elumelu, Nigerian billionaire and group chairman of Heirs Holdings, owners of United Bank of Africa, to its advisory council on entrepreneurship and growth, convened by Kristalina Georgieva, the fund managing director.
The announcement was disclosed in a statement on Friday.
According to the statement, the IMF advisory council comprises global business leaders, policymakers, and academics dedicated to identifying and addressing regulatory barriers to entrepreneurship.
The IMF said Elumelu will be instrumental in ensuring that Africa’s entrepreneurship is central in policy making.
“Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored, and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa,” the statement reads.
“A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments that deliver social and economic value.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policy making.”
Speaking at the inaugural meeting of the advisory council on March 26, Georgieva said the appointees would share their experiences on how macroeconomic and financial policies “can provide a supportive environment for innovation, entrepreneurship, and productivity — key ingredients for a thriving private sector and strong economic growth”.
Africa’s Micro, Small, and Medium Enterprises, fintech industry, scaling remittances, and cross-border payments will be the driving forces behind the continent’s digital ballooning payments system, which is estimated to reach $1.5 trillion by 2030.
This is according to a MasterCard-commissioned study by Genesis Analytics, which states that the digital payments economy is growing faster on the continent.
This comes as the World Bank says Sub-Saharan Africa has shown significant growth in financial inclusion over the past decade, much of it driven by mobile money account adoption.
Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at MasterCard, comments: “Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead.
“MasterCard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future.”
The payment technology company went on to say as a longstanding technology partner to Africa, its continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.
In addition, it says trends in Africa signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.
“For over five decades, MasterCard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development.
“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and a technology to support the continent’s continued digital transformation.
“Our investments today will help build a more resilient economy for the future,” says Mark Elliott, division president, Africa, MasterCard
By fostering collaboration with key stakeholders, MasterCard says it aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.
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