The platform, powered by C2FO and backed by the International Finance Corporation, connects suppliers, large companies and financial institutions on one system.

It allows businesses, especially micro, small and medium enterprises (MSMEs), to access cash tied up in approved invoices without collateral.

At full scale, the platform is projected to generate between $25 billion and $30 billion in annual financing for businesses in Nigeria.

CycleFlow Nigeria Chairman, Segun Ogunsanya, says the launch is designed to solve a basic problem where many small businesses deliver goods or services and wait 60 to 120 days to get paid. During that period, they find it difficult to fund operations, pay staff or take new orders.

With this system, once an invoice is approved by a large buyer, the supplier can choose to receive payment early at a discounted rate. The money can come from banks or the buyers themselves.

Segun Ogunsanya, chairman of CycleFlow Nigeria, said the platform addresses a core challenge in the financial system.

“By enabling immediate access to funds locked in accounts receivable, we are not just financing businesses; we are powering economic growth across the entire ecosystem.”

Across Africa, MSMEs make up about 90% of businesses and account for up to 80% of employment. However, access to credit is still limited. In Nigeria, many of these businesses cannot meet bank requirements such as collateral or long credit histories.

CycleFlow takes the risk away from the small business and ties financing to the credit strength of the larger buyer. That structure allows suppliers to access funds faster and on better terms.

On the economic impact, data from the IFC shows that every $1 million in financing for small businesses can create an average of 16.3 direct jobs over two years.

At scale, the platform could support more than 480,000 direct jobs in Nigeria, with indirect employment running into millions.

Mohamed Gouled, IFC’s vice president for Products & Clients, said the model changes how businesses access capital.

“Millions of MSMEs across Africa are sitting on receivables they cannot convert into much-needed capital to grow and hire. This platform changes that equation.”

The system also removes several limitations common in traditional lending. There are no loan applications, no collateral requirements and no lengthy approval processes. Suppliers decide when to access funds and at what cost.

Alexander “Sandy” Kemper, founder and CEO of C2FO, said the launch in Nigeria marks the start of a bigger expansion.

“This launch kicks off our broader strategy to bring affordable liquidity solutions across Africa and other emerging markets worldwide.”

The platform already operates globally and processes millions of invoices daily. It has funded hundreds of billions of dollars in working capital to businesses since its launch.

CycleFlow’s launch in Nigeria comes as the government focuses on stronger support for small businesses. MSMEs are important to job creation and economic growth but still face funding constraints.

Linking buyers, suppliers and financiers in one system, the platform is expected to improve cash flow across supply chains and reduce delays that slow business activity.

SMEs no longer need to wait months to be paid, they can access their money in days.

The post C2FO, IFC Launch CycleFlow in Nigeria Targeting $30bn Annual SME Financing Gap appeared first on Tech | Business | Economy.

This newly appointed Board comprises distinguished professionals, including Mr. Segun Ogunsanya, from various sectors, carefully selected through deliberations and recommendations made by the Executive Nominations Committee.

The final approval was given by the President, H.E. Bola Ahmed Tinubu, GCFR, following endorsement by the Vice President, H.E. Senator Kashim Shettima, GCON, who serves as the Chairman of the National Economic Council (NEC).

The new Board members include:

• Mr. Segun Ogunsanya – Chairman
• Mr. Aminu Umar-Sadiq – MD/CEO
• Prof. Fabian Ajogwu
• Mr. Abdullahi Mahmud Gaya
• Mr. Ahmed Goniri
• Ms. Ada Osakwe
• Dr. Suleyman Ndanusa
• Ms. Ijeoma Taylaur
• Mr. Kola Owodunni

In his inaugural remarks, Mr. Segun Ogunsanya, the newly appointed Chairman of the Board, affirmed his commitment to fostering a prosperous future for the next generation. “Our mandate is clear—we are here to enhance the wealth of our nation and ensure that future generations do not face the spectre of poverty,” he stated.

Mr. Ogunsanya also highlighted the Board’s ambition to significantly grow the fund under its management.

Reflecting on the NSIA’s 11-year journey since its inception, the Honourable Minister, praised the institution’s outstanding progress in achieving its mandate. 

He described the NSIA as “an essential institution for our nation’s economic stability and growth.“

The post Segun Ogunsanya, Former Airtel Africa GCEO, Chairs Nigeria Sovereign Investment Authority appeared first on Tech | Business | Economy.

The awards are a flagship annual recognition event run by Africa Leadership Magazine (ALM), aimed at honouring exceptional corporate practice and outstanding achievers in Africa’s business landscape and private sector.

The awards showcase Africa’s businesses and leaders, celebrating exemplary business leadership on the continent.

Mr Ogunsanya will be presented with his Lifetime Achievement Award at a special ceremony during the 9th ALM Africa Summit, taking place from 17-18 July 2024 at the UK House of Lords.

The theme of this year’s Summit is ‘Africa Unleashed: Navigating Disruptions, Enhancing Opportunities’, with policymakers, private sector leaders, civil society leaders, thought leaders and stakeholders from across Africa and the rest of the world expected to attend.

Mr Ogunsanya’s landmark contributions towards advancing Africa’s socio-economic growth and development include his 12-year career at Airtel Africa.

He ran the Nigeria operations of the telecommunications and mobile money company for nine years before his appointment as CEO of the Group in 2021.

With deep knowledge of the continent, coupled with extensive distribution experience, he led the company in maintaining double-digit revenue growth over many quarters and in delivering new, innovative products to its customers across Africa.

Segun has more than 35 years’ business management experience in banking, consumer goods and telecoms.

Before joining Airtel Africa in 2012, he held leadership roles at Coca-Cola Bottling operations in Ghana, Nigeria, and Kenya (as MD and CEO).

Segun has also been the Managing Director of Nigerian Bottling Company Ltd (Coca- Cola Hellenic owned) and Group head of retail banking operations at Ecobank Transnational Inc, covering 28 countries in Africa. He is an electronics engineer and a chartered accountant.

Segun Ogunsanya, CEO of Airtel Africa, said:

“I am truly humbled by this recognition alongside such other distinguished Africans. It truly belongs to all those who have been on the journey with me at various times. My career has been focused on serving the needs of people across the continent, most recently through enhanced digital and financial inclusion. I remain determined to help make Africa a better place for its people, and hope my journey inspires the next generation of Africa’s business leaders.”

Mr Ogunsanya will retire from Airtel Africa on 1 July 2024, and will become the Airtel Africa Charitable Foundation’s inaugural Chair, building on the work undertaken during his time as CEO, including the launch of the Company’s first sustainability strategy.

Dr Ken Giami, Chairman of the African Leadership Organisation and Publisher of the African Leadership Magazine, said:

“Our award winners exemplify the spirit of innovation, resilience and excellence driving growth and development across the continent.”

The post Airtel Africa CEO Segun Ogunsanya Honoured with Lifetime Achievement Award appeared first on Tech | Business | Economy.

Concurrently, the company disclosed the appointment of Sunil Taldar as the incoming Chief Executive Officer. This transition is slated to occur on July 1, 2024, after a transition period during which Taldar will join the Board as an Executive Director.

Sunil Taldar, who assumed the role of Director – Transformation at Airtel Africa in October 2023, has been entrusted with key responsibilities, overseeing strategic initiatives aimed at transforming the company’s business and operations.

With over 30 years of experience in business management within the Fast-Moving Consumer Goods (FMCG) and Telecommunications sectors, Taldar brings extensive expertise, including a 15-year tenure as a member of the Bharti Airtel Management Board.

In recognition of his impactful leadership during his tenure as CEO, Ogunsanya will transition to a new role as the inaugural Chair of the Airtel Africa Charitable Foundation. This foundation, endowed with a separate legal identity, aims to accelerate the company’s commitment to sustainability initiatives and charitable operations across its African locations. The foundation’s objectives will focus on digital inclusion, financial inclusion, access to education, and environmental protection.

Upon his retirement, Ogunsanya has also committed to providing advisory support to the Chairman, the Airtel Africa Board, and the Chief Executive Officer for a 12-month period, showcasing a seamless leadership transition.

Sunil Bharti Mittal, Chairman of Airtel Africa plc, expressed gratitude to Ogunsanya for his significant contributions, citing the sustained double-digit revenue growth and innovative product offerings under his leadership. Chairman Mittal expressed confidence in Taldar’s capabilities, emphasizing his strategic vision, customer-centric approach, and proven track record of delivery as essential assets for leading the company in its next developmental stages.

Ogunsanya, reflecting on his over 12-year career at Airtel Africa, expressed pride in the positive transformations achieved for customers across the continent. As he steps into a new chapter, Ogunsanya articulated his ambition to contribute to the empowerment of Africans through digital and financial inclusion in capacities extending beyond the traditional for-profit organizational boundaries.

The post Airtel Africa Appoints Sunil Taldar as New CEO appeared first on Tech | Business | Economy.

It is significant to highlight the role business leaders from Africa, a continent at the centre of the climate emergency, will be playing at COP28 to help galvanise progress towards concrete action.

I am proud to be part of the part of the African Business Leaders Coalition, a partnership of CEOs dedicated to advancing sustainable growth, prosperity and development across the African continent. Our commitment goes beyond corporate pledges; it represents a collective determination to fulfil the climate commitments of African businesses.

At COP28, we will stress the importance of an enabling policy environment for sustainable development and climate action in partnership with Africa’s private sector.

I strongly believe that progress on our continent towards the Paris Agreement goals can be achieved only through a solid public-private partnership, undertaken in an environment of settled rules and incentives.

We are long past the days when it was assumed desirable outcomes could be achieved with the stroke of a minister’s pen, just as we abandoned the idea that businesses alone can magically conjure into existence the public goods and services that we all seek.

As a representative of the ABLC, I urge African businesses and governments to come together to collaborate and to focus on the future. The progress, prosperity and sustainability of our beloved continent depends upon it.

Serving fourteen markets across sub-Saharan Africa, Airtel Africa is acutely aware of the challenges faced by communities across the region – including the severe impact of climate change.

In the absence of meaningful and rapid action, our customers, employees and communities will suffer some of the most serious consequences.

At Airtel Africa, we are working relentlessly to reduce the carbon emissions from our business – throughout our operations and across our supply chain.

We have committed to reducing our Scope 1 emissions (those generated by our own processes) and Scope 2 emissions (generated by bought-in energy) by 62% from the 2022 baseline by 2032, with net zero absolute emissions by 2050.

This is to be achieved by improved energy efficiency, the deployment of renewable energy, and sustainable, efficient growth.

In addition, we are engaged in programs that foster environmental stewardship. ‘Project Green,’ introduced in 2022, is a cornerstone of our environmental impact reduction strategy.

This initiative emphasises circular economy practices, especially in the responsible replacement of end-of-life equipment to minimise potential adverse environmental impacts.

In March 2023, we joined the multi-stakeholder partnership to eliminate open waste burning from Africa.

This collaborative effort with local authorities, private companies, community groups, civil society and development partners targets a 60% reduction by 2030 and complete elimination of open waste burning by 2040.

This requires a fundamental shift in public behaviour, effective policy frameworks and the rollout of sustainable infrastructure for waste management.

Collaboration is the key to combatting climate change and unlocking the immense potential our continent holds.

At COP28, the ABLC will impress three major strategic imperatives on those present.

The first is for governments to create the regulatory environment that will drive collaborative climate action.

The second is for us all to accept the challenge of establishing decarbonisation targets and projects in areas where Africa can really benefit, such as green minerals and climate adaptation programmes.

Finally, it will call for an increase in, and in access to, climate financing.

Governments, regulatory bodies and development partners must play a pivotal role in creating an enabling environment that facilitates increased access to climate finance and clean technology. Airtel Africa’s corporate purpose, our driving force, is to ‘transform lives’ – and I would urge others to join us on this journey. Public-private co-operation is more critical than ever in turbo-charging climate action on the continent – in catalysing innovative solutions, channelling resources, and leveraging expertise for a more sustainable world.

COP 28 has been described as a global stocktake of progress so far towards the Paris climate goals, the results of which will be used to produce a rapid-response plan to drive further progress. Now is the time for African businesses, including Airtel Africa, to step up and demonstrate our collective determination to fulfil our climate commitments of African businesses.

The post COP 28: Collaboration Crucial to Tackling Climate Emergency appeared first on Tech | Business | Economy.

Speaking at the just concluded Mobile World Congress in Kigali, Dr Ogunsanya noted that through these technologies, telecom players have an opportunity to step up efforts to bridge the digital divide, drive financial inclusion and deepen availability of affordable smart devices.

He cited Generative Artificial Intelligence (GenAI) as a powerful tool for predicting customer behaviour and deepening insights about customer needs and preferences.

Opportunity also exists in intelligent connectivity, a concept that foresees the combination of 5G, the Internet of Things and Artificial Intelligence to accelerate technological development and enable new disruptive digital services.

“The telecom industry is in a unique position to make it easier for people to enter the digital world by deploying these technologies. This is through significant investments in building digital highways across the continent, while creating a vibrant mobile money ecosystem. Through collaborations with equipment manufacturers and other key stakeholders, we can put smart devices in the hands of every African,” Ogunsanya said.

The Airtel Africa Group argued that a significant proportion of Africa’s young population still remains unreached with 59% smartphone penetration and only two out of ten Africans have a mobile money wallet.

Emerging technologies can be used in: AI-aided e-learning to design best curriculum based on students learning abilities; e-health to improve patient monitoring and more efficient health facilities; Agritech that uses AI and connectivity in crop disease detection tools; and financial inclusion, by triangulating the digital highway, unified payment system and intelligent mobile wallets.

The technologies can be used in smart cities for safe communities and efficient public utilities; development planning to predict population movements and help governments in designing urban and rural development; and smart metering for accurate measurement of usage, enhanced sustainability and improved customer experience. Biometric technology can be used for authentication, privacy, access control and non-repudiation.

Airtel Africa is rolling out 5G network across its 14 markets in Africa with the aim of facilitating a digitally connected world and unlocking a broad range of opportunities. The firm has also recently announced a collaboration with the Government of Rwanda to provide over 1 million people in the country with affordable high-speed, cutting-edge LTE smartphones.

The post With 59% Smartphone Penetration, Airtel Africa CEO Demands more from Telecom Industry appeared first on Tech | Business | Economy.

This was revealed during a joint visit of both organizations to Oremeji Primary School, Ajegunle, as part of the activities to assess the impact of the program on the learning outcomes of the students.

The delegation, which was led by the Group Chief Executive Officer, Airtel Africa, Segun Ogunsanya; had Chief Executive Officer, Airtel Nigeria, Carl Cruz; UNICEF Chief of Lagos Field Office, Celine Lafoucriere; and other corporate leaders from Airtel and UNICEF engaged teachers, pupils, and school administrators to evaluate the impact of the program on the learning outcomes of the students. 

In his remark at event, the Group Chief Executive Officer, Airtel Africa, Segun Ogunsanya described the pace of activity witnessed at Oremeji Primary School as impressive.

 “As a business, we have focused on education as a key area of our Corporate Social Responsibility, and this far-reaching partnership with UNICEF helps us to accelerate results. So far, we are pleased that this partnership which is aimed at advancing the education agenda on the continent through facilitating connectivity and online access, is also driving change,” he said.

Corroborating Ogunsanya’s thoughts, Chief Executive Officer of Airtel Nigeria, Carl Cruz, noted that the visit to the school is a testament to Airtel’s commitment to ensuring the impact of the Re-Imagine EducationRe-Imagine Education project, while the students’ enthusiasm and improved learning outcomes are proof to the efficacy of the initiative.

“Our commitment is the reason we have come as a full team, to pay a visit and be well acquainted with how much this project has impacted both the teachers and students of Oremeji Primary School, and we are delighted to see the tangible impact of the Re-imagine Education program. At Airtel, education, especially digital learning, forms a significant part of our sustainability agenda for Nigeria and Africa at large and we will stop at nothing to bridge the huge digital gap that currently exists in many primary schools across the country,”  he said.

Also speaking at the event, UNICEF Chief of Lagos Field Office, Celine Lafoucriere, emphasized the importance of collaborative efforts to reimagine education. 

“We are happy to join hands with Airtel in improving the digital learning landscape to create a brighter future for children and young people in Nigeria. We believe every child deserves an equal opportunity to learn and thrive; we will continue working together to provide innovative solutions that empower children to fulfill their potential,” Lafoucriere said. 

The visit provided an opportunity to evaluate the effectiveness of the digital tools and resources provided to the school as part of the program. Teachers and pupils showcased how they have been utilizing these resources to create engaging and interactive learning experiences, promoting critical thinking and creativity among students.

The Airtel/UNICEF Re-imagine Education program which officially kicked off in Nigeria in December 2022, aims to transform education, leveraging the power of technology to enhance teaching and learning experiences for children across the country. With a shared vision of empowering children through education, Airtel and UNICEF have been working together to provide innovative solutions that bridge the digital divide and create equal opportunities for all children.

Both organizations disclosed that they will continue to work hand in hand to expand the program’s reach, bringing the benefits of technology-enabled education to more schools and communities across the country. In line with this, Airtel disclosed that 109 more schools have been added to the list of beneficiaries in Nigeria. 

The post Airtel and UNICEF Express Delight at Progress of Re-imagine Education Program in Nigeria appeared first on Tech | Business | Economy.

Highlights

• Revenue grew by 13.0% in reported currency to $1,257m. In constant currency terms revenue grew by 15.3%.
• Revenue growth in constant currency was posted across all four reporting segments. Mobile Services revenue in Nigeria grew by 18.3%, in East Africa by 11.1% and in Francophone Africa by 10.6% (and across the Group by 14.2%, with voice revenue up by 11.3% and data revenue up by 19.8%). Mobile Money revenue grew by 26.5%, driven by growth of 26.9% in East Africa and 25.4% in Francophone Africa.
• EBITDA grew by 14.9% to $614m in reported currency.
• EBITDA margin was 48.8%, an increase of 78 basis points in reported currency and 52 basis points in constant currency.
• Operating profit grew by 20.6% to $425m in reported currency.
• Profit after tax grew by 25.3% to $178m.
• Basic EPS increased to 4.4 cents (up by 31.0%). EPS before exceptional items was 3.8 cents, up from 3.2 cents in the prior period.
• Operating free cash flow grew by 10.3% to $473m, while net cash generated from operating activities reduced by 13.2% to $388m, mainly due to increased cash tax payments from both higher taxes on declared dividends and increased taxable profits.
• Leverage ratio has improved to 1.3x from 1.8x in the prior period. Post period end, in July 2022, the Group prepaid $450m of outstanding external debt at HoldCo. The remaining debt at HoldCo is now $550m, falling due in May 2024.
• Our total customer base increased to 131.6 million, up 8.9%, with increased penetration across mobile data (customer base up 9.7%) and mobile money services (customer base up 19.7%). 

Segun Ogunsanya, the Chief Executive Officer of Airtel Africa, gave trading update, thus:

“I am pleased to report that the Group has continued to post double-digit revenue growth, margin improvement and strong earnings growth. I am also particularly pleased with our ongoing strengthening of the balance sheet which continued after the period ended, with early repayment of $450m of debt at Group level.

As we flagged in our full year announcement, this quarter we have faced headwinds from outbound voice call barring for customers who had not yet registered their National Identification Numbers in Nigeria and the loss of site sharing revenue in those OpCos where we recently sold towers. Inflation is also having an impact on our cost base, particularly on energy costs, but our continued efficiency drives have ensured that we have still been able to increase our margins, albeit at a slightly slower rate.

After receiving the Payment Service Bank licence in Nigeria just a few months ago, it is a testament to our prior preparation that we have already managed to launch our mobile money operations in a few select locations without any operational issues. We are excited by the commercial developments and opportunities here. We also continued to invest for growth and have made a couple of major additional spectrum acquisitions recently in the DRC and Kenya in anticipation of continued strong data demand growth in these markets.

We continue to target growth ahead of the market this year and, despite inflationary pressures, our continued focus on cost efficiencies should also support margin resilience. Longer term, the opportunities for sustainable profitable growth stemming from our underpenetrated markets for each of mobile voice, data and mobile money services remain hugely attractive, and we are confident of continuing to deliver on our growth strategy.”

The post Airtel Africa PLC Q1 Results: Nigeria Contributes 18.3% to Double-Digit Growth appeared first on Tech | Business | Economy.

The NBCC Sharing Experience Series (April edition) is scheduled to hold on Friday, at the NBCC Headquarters, Olubunmi Owa Street, Lekki Phase 1.

According to the organizers, the series is expected to be a veritable platform for established professionals to share their knowledge and expertise in the fields of entrepreneurship and professional careers driven by passion, audacity and innovation, which individuals learn from.

The event will be hosted by Bisi Adeyemi, President and Chairman of Council, NBCC, moderated by Chief Executive Officer, HerVest, Solape Akinpelu, and will also feature a keynote address from the renowned guest speaker, Mr. Segun Ogunsanya.

Mr. Ogunsanya is currently the Group Chief Executive Officer of Airtel Africa overseeing Airtel’s operations in 14 African countries. Prior to that, he was the Managing Director and CEO of Airtel Nigeria, Airtel’s largest operating market in Africa.

He has more than 25 years of business management experience in banking, consumer goods, and telecoms. Before joining Airtel in 2012, Segun held leadership roles at Coca-Cola in Ghana, Nigeria, and Kenya (as MD and CEO).

He has also been the Managing Director of Nigerian Bottling Company Ltd (Coca-Cola Hellenic owned) and Group head of retail banking operations at Ecobank Transnational Inc, covering 28 countries in Africa. He is an Electronics Engineer and also a chartered accountant.

The post Airtel Africa CEO, Segun Ogunsanya, to Keynote NBCC Sharing Experience Series 2023 appeared first on Tech | Business | Economy.

Airtel Africa, the parent body of Airtel Nigeria disclosed this in its financial result for the year ended March 2022 released during the week.

This was driven by a sharp increase in data consumption by its customers.

This shows a 41.1% growth in data revenue compared with N227.4 billion ($549 million) the company recorded in the same period last year.

Airtel disclosed that data usage per customer on the network jumped from 2.8GB per month in the previous year to 4.0GB per month this year.

This shows that the rate of data consumption by Nigerians has increased over the last year. Airtel says its data customer base also grew by 14.9 per cent while data Average Revenue Per User (ARPU) grew by 37.6%.

The 41% growth in Airtel’s data revenue dwarfed the 15.9 per cent voice revenue growth the company recorded in the year.

Commenting on the financial report, Mr Segun Ogunsanya, CEO Airtel Africa said: “Our continued 4G network expansion and increased smartphone penetration has supported data usage growth. Almost 99% of our sites in Nigeria are now delivering 4G, and smartphone penetration of our customers has increased by almost 1 percentage point.”

Data revenue accounted for 39.1 per cent of total revenue in Nigeria in the year, up by 3.7 per cent on the prior year. For Q4’22, 43.6 per cent of our data customer base were 4G users, contributing to 76.0 per cent of total data usage. Data usage per customer reached 4.2 GB per month and 4G data usage per customer reached 6.5 GB per month, a significant increase on the 4.6 GB usage per customer per month of Q4’21,” the company added.

The proliferation of Over the Top Services (OTTs) such as Facebook, WhatsApp, Wechat, Telegram, among others, through which subscribers can also make voice and video calls using their data subscriptions, is driving the surge in data usage in Nigeria at the expense of voice calls. Many subscribers now prefer to make Whatsapp calls using their data rather than the regular voice call.

The post Airtel Nigeria Rakes in N304 Billion in Revenue from Data Services appeared first on Tech | Business | Economy.