Tech

IFC partners Deutsche Bank to boost trade finance in Africa

Published

4 days ago

June 30, 2024

The International Finance Corporation (IFC) has entered into a partnership with Deutsche Bank aimed at boosting trade finance in Africa.

In a statement by the IFC which is a member of the World Bank group, the risk-sharing facility with Deutsche Bank of up to €215 million will help provide vital financing to importers and exporters of essential goods in Africa, especially in small, fragile and conflict-affected states.

The partnership with Deutsche Bank is expected to help meet the demand, enabling Deutsche Bank to continue providing trade financing to African countries at a time when many global banks are pulling back, ultimately supporting the ongoing flow of trade on the continent.

“Under the facility, IFC will provide risk participation in a portfolio of trade transactions originated by Deutsche Bank with local issuing banks in Africa,” the statement said.

It added that the initial portfolio will cover risk for 40 issuing banks across 18 countries on the continent, 14 of which are classified by the International Development Agency (IDA) as small, fragile and/or conflict-affected.

“IFC’s partnership with Deutsche Bank comes at a time when traders in Africa are finding it increasingly difficult to access credit, with demand for trade finance from banks on the continent greatly outstripping supply,” said Mohamed Goule, Vice President for Industries. IFC.

“This risk-sharing facility will help African importers and exporters participate in global value chains, creating jobs and driving economic growth.

“IFC anticipates that its investment will encourage other financial institutions to deliver trade finance to credit-issuing banks in Africa, resulting in more support for trade in essential goods across the continent,” he added.

Also speaking on the partnership, Borislav Ivanov-Blankenburg, Global Head of Documentary Trade Finance for Deutsche Bank, said:

“IFC’s risk participation with Deutsche Bank leverages our issuing bank network to enable trade flows in Africa with our Global Hausbank clients and echoes a shared commitment to ongoing economic growth in emerging markets.”

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Tech

Chinese electric car manufacturers NETA Auto launches first African flagship showroom in Kenya

Published

23 hours ago

July 3, 2024

Isaac Dachen

Chinese electric car manufacturers, NETA Auto, a brand of Hozon Auto, has opened its first African flagship store in Kenya, making it NETA Auto’s first store in Africa.

The opening of the flagship store also marks a new phase of EVs to entering the African right-hand drive (RHD) market.

A statement by the firm notes that the reason for NETA Auto choosing Kenya as its entry point to Africa is based on in-depth analysis of its market potential and strategic vision of global strategies.

“Kenya not only serves as a gateway to Southern, Central, and Eastern Africa but is also a key node in the Belt and Road Initiative,” the statement said.

“By leveraging Kenya’s strategic location, NETA Auto aims to deepen economic and trade ties with African countries, and finally completes the transformation of ‘The Chinese NETA’ into ‘The World NETA’.”

NETA Auto’s star model, NETA V, has already debuted in Kenya, and models such as NETA AYA and NETA X will follow in the future.

“In the next two years, NETA Auto plans to enter 20 countries, open 100 stores and achieve an annual sales volume over 20000 units within three years in Africa,” the company said.

“By establishing a high-quality service network and providing consumers excellent after-sales services, NETA Auto aims to become the leader of the new energy car manufacturers in the region.

“Driven by its globalization strategy, NETA Auto adheres to an overseas strategy of ‘Deep rooting in ASEAN, standing out in South America, and developing in the Middle East and Africa’.”

The Chinese auto giant had also established three major Intelligent eco-factories in Thailand, Indonesia, and Malaysia, with outstanding export performance.

“With the technical support of the Hozi, Shanhai and Yunhe platforms, NETA Auto continues to set new standards in the EV industry.

“The application of these cutting-edge technologies not only enhances the product’s intelligence, offering consumers a more comfortable driving experience but also adds momentum to NETA Auto in the African market.

“With the gradual implementation of the Africa strategy, NETA Auto is embarking on a new journey with its outstanding products, innovative strategies, and globalization insight.”

Tech

M-Pesa Ethiopia teams up with Dahabshiil for diaspora remittance

Published

2 days ago

July 2, 2024

Isaac Dachen

M-Pesa Safaricom Ethiopia has sealed a deal with African money transfer company, Dahabshiil, that will facilitate smooth and seamless diaspora remittance.

The partnership which was signed in Addis Ababa will enable the Ethiopian diaspora to send money to their family members or friends directly to M-Pesa mobile wallets.

In a joint statement by the companies, the two said that the collaboration will streamline the remittance process translating to faster transfers and increased security.

“We are thrilled to partner with M-PESA Safaricom,” Musse Mohamed, Ethiopia Representative for Dahabshiil, said.

“This partnership allows us to fulfill our mission of delivering accessible and reliable financial services by leveraging M-PESA’s growing customer base. Together, we’re making it easier and safer for Ethiopians abroad to support their families back home.”

Anthony Kangethe, Acting Chief Digital Financial Services Officer for M-PESA Safaricom said the new partnership with Dahabshiil will offer Ethiopians a secure and convenient way to send and receive money

“We are delighted to partner with Dahabshiil, a leading player in international money transfers. Together, we share a vision of financial inclusion and driving economic development.

“This new service will offer Ethiopians a secure and convenient way to send and receive money, empowering individuals and families.

‘’Dahabshiil and Safaricom Ethiopia share a vision of promoting financial inclusion and economic growth in Ethiopia.

“This partnership signifies our commitment to innovation and exceptional customer service.’’

Founded in 1970, Dahabshiil is a renowned global money transfer company that specializes in providing remittance services, with its roots in Somalia and has since expanded its services to reach customers worldwide.

The company primarily focuses on facilitating money transfers to and from various countries, with a strong emphasis on serving the African diaspora and supporting communities in Africa.