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Afreximbank seals $100m trade finance deal with DRC’s Rawbank

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African Export-Import Bank (Afreximbank) has announced signing an agreement that will see it commit $100 million in trade finance facility in favour of Democratic Republic of Congo’d Rawbank aimed at assisting the bank increase its trade flows into and out of the country.

The facility which is by far the largest trade finance facility ever provided by Afreximbank to a commercial bank in the DRC is expected to help reduce pressure on the country’s balance of payments using the trade finance instrument offered by the Afreximbank Trade Finance Facility (AFTRAF) programme.

Haytham Elmaayergi, Executive Vice President, Global Trade Bank, Afreximbank, who made the announcement during the signing ceremony held as part of Afreximbank Annual Meetings (AAM2024), said the facility would make a serious impact in supporting economic development in the DRC.

“We are very pleased to deploy this important facility in the DRC to support such a strategic partner as Rawbank,” said Elmaayergi.

He added that some of the benefits of the facility includes creating business opportunities for Rawbank and its clients while supporting the economic development of the DRC.

“Our partnership with Rawbank will be further strengthened to support economic development in the DRC.

“Our synergies can only help to build the Africa we want by unleashing the full potential of intra-African and global trade for the benefit of our people,” he stated.

Elmaayergi further noted that “AFTRAF was structured to provide trade confirmation services, trade confirmation guarantees and irrevocable reimbursement undertakings to clients,” adding that it was designed to counter the recurring trend of reduction or withdrawal of trade lines to African banks by the international banks following the de-risking process.

Didier Tilman, Vice-President, Business Development, for Rawbank, who welcomed the deal, said:

“Today marks a significant milestone for Rawbank and for the Democratic Republic of Congo. This agreement with Afreximbank represents not only a substantial injection of capital into our trade finance capabilities but also a testament to the confidence placed in Rawbank as a key player in driving economic growth and facilitating trade in the region.”

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Meta faces $220 million fine from Nigeria for breaking consumer, data rules

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Nigeria’s competition watchdog has fined Meta Platforms $220 million after findings that data-sharing on social media platforms breached regional consumer, privacy, and data protection rules.

According to the Federal Competition and Consumer Protection Commission (FCCPC) of Nigeria, Meta exploited its market dominance by forcing users to agree to exploitative privacy policies, appropriated the data of Nigerian users on its platforms without their consent, and treated Nigerians differently and discriminatorily than people in other jurisdictions with comparable laws.

Meta refrained from commenting right away, but the FCCPC stated in a statement that the business had given some papers and had hired attorneys who had interacted with the agency.

The investigations, which lasted more than 38 months, were conducted in tandem with Nigeria’s Data Protection Commission, according to FCCPC head Adamu Abdullahi. He also claimed that the investigations revealed that Meta policies do not give users the choice or chance to decide for themselves whether or not to provide consent for the collection, use, and sharing of personal data.

“The totality of the investigation has concluded that Meta over the protracted period has engaged in conduct that constituted multiple and repeated, as well as continuing infringements… particularly, but not limited to abusive, and invasive practices against data subjects in Nigeria,” Abdullahi said.

“Being satisfied with the significant evidence on the record, and that Meta has been provided every opportunity to articulate any position, representations, refutations, explanations or defences of their conduct, the Commission has now entered a final order and issued a penalty against Meta,” Abdullahi said.

 

According to Abdullahi, the final ruling specifies the procedures that Meta must follow in order to abide with local legislation.

Turkey’s Competition Board penalized Meta 1.2 billion lira in May after looking into data-sharing on the company’s WhatsApp, Facebook, Instagram, and Threads services.

Meta has encountered opposition in Europe and other regions due to purported violations of data privacy regulations. Europe has expressed disapproval of Meta’s proposal to develop its artificial intelligence algorithms using personal data without obtaining authorization.

In the meantime, intentions to look into whether digital platforms, like Meta, unfairly compete with news publishers by leveraging their content to earn ad revenue have been announced by South Africa’s competition authority.

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SA’s e-health startup RecoMed partners Discovery Vitality to simplify flu vaccinations

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South African e-health startup, RecoMed, has struck a partnership with Discovery Vitality to simplify bookings for flu vaccines and Vitality Health Checks.

RecoMed is a technology-driven online healthcare marketplace and booking platform that seamlessly connects practitioners, patients, and other stakeholders in the healthcare ecosystem.

According to its profile, patients can easily book appointments with a diverse selection of healthcare practitioners in their area quickly and privately from a phone, tablet, or PC, 24/7.

Vitality, on the other hand, is the largest global platform for behaviour change, underpinning the insurance products of leading insurers worldwide, impacting 30 million lives in over 40 markets.

Sheraan Amod, CEO at RecoMed who issued a statement on the partnership, said the collaboration between Discovery Vitality and RecoMed has reimagined bookings and efficiencies for independent members and corporates.

“This collaboration showcases Discovery Vitality’s commitment to supporting and empowering their members,” Amod said.

“Members can easily manage their family’s health within a simple system that allows them to stay ahead of their Vitality Health Checks, and the benefits this delivers, as well as to protect themselves ahead of flu season.

“As South Africa has entered the flu season, it’s important that we make it as easy as possible for our members to find an approved Discovery Vitality partner at a convenient location for their flu vaccine and Vitality Health Check.

“Moving the booking journey onto this accessible, digital platform has allowed our members to simply click and book vaccines and Vitality Health Checks without waiting in a queue or spending time navigating long lists.

“The collaboration has allowed for Discovery Vitality to radically modernise and speed up access to healthcare providers for these essential services while transforming member experiences,” he added.

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