Managing Director and Head of Global Banking at HSBC Egypt Helmy Ghazy (r), BEBA Chairman Khaled Nosseir (center), and CEO of Vodafone Egypt Alexandre Froment-Curtil – Egypt Today/Karim Abdel Aziz
The British Egyptian Business Association (BEBA) held on Wednesday the preparatory session of the Door knock Mission to the United Kingdom which will take place by the end of November.
Executive Director of BEBA Nadia Lamloum – Egypt Today/Karim Abdel Salam
“We have to clarify that Egypt is the key of Africa for its free trade agreements in the continent like COMESA,” Executive Director of BEBA Nadia Lamloum said. Managing Director and Head of Global Banking at HSBC Egypt Helmy Ghazy said that the delegation will highlight the fall in inflation rates, and budget deficit.
Managing Director and Head of Global Banking at HSBC Egypt Helmy Ghazy – Egypt Today/Karim Abdel Salam
Ghazy revealed that “investors always ask about currency” and that BEBA representatives “will tell them it has been available since floatation.” Ghazy stated that 40-50 percent of recent FDI in Egypt are British.
“We will emphasize opportunities in the sectors of infrastructure, education, health, and financial services, BEBA Chairman Khaled Nosseir stated saying that the association may hold the Door Knock Mission more than once per year. He added that one of the mission’s goals is “attempting to put Egypt on the investment map for British SMEs.”
BEBA Chairman Khaled Nosseir – Egypt Today/Karim Abdel Salam
“We succeeded in dispelling misconceptions about the investment environment in Egypt,” Nosseir said uncovering that a number of British investors closed partnership deals with the Egyptian side last year.
However, some Egyptian investors don’t reveal their deals with British partners so we do not always have cut clear figures on recent investment inflows from the United Kingdom, Nosseir added. The BEBA chairman also underlined that there are British investors who partnered up with Egyptian counterparts and penetrated Gulf markets, Nosseir said.
Brexit is considered an opportunity for Egypt whose agricultural goods can substitute European ones, Nosseir explained saying that there are currently British investments in the sectors of telecommunication and energy. The size of British investments in Egypt is $5.6 billion.
“British tourism is almost back to its previous rates to all destinations in Egypt except for Sharm El Sheikh,” Nosseir stated saying that there are over 40 flights to the country per week. As for diplomatic support, Nosseir said that “the British ambassador in Egypt is very enthusiastic to cooperate.”
The session was attended by CEO of Vodafone Egypt Alexandre Froment-Curtil who said his company has been working in Egypt for 20 years investing LE45 billion ($2.5 billion) and employing 15,000. “When talking with British investors in Egypt or Britain, we tell them our story,” the Vodafone Egypt CEO said.
CEO of Vodafone Egypt Alexandre Froment-Curtil – Egypt Today/Karim Abdel Salam
The return on investment in Egypt is very good, Froment-Curtil stated. “The Egyptian market is not saturated,” he added. Talking about the telecommunication sector as an example, Froment-Curtil said, “fifty percent of mobile phone users do not use mobile internet. Household internet is not dominant either.”
“We invest in human capital and not just infrastructure. We employed 1,000 this year, and put LE4.5 billion to renovate the network,” the Vodafone Egypt CEO stated.
“HSBC is the largest foreign bank in Egypt…We are among the banks capable of funding mega projects. We partially fund Siemens plants whose cost is €6 billion” Ghazy said. As for future plans, he commented revealing, “We will focus on internet banking and programs for SMEs.”
The mission will include Minister of Investment and International Cooperation Sahar Nasr; Minister of Finance Mohamed Moeit; Minister of Health and Population Hala Zayed; Deputy Minister of Housing for National Projects Khaled Abbas; Chairman of the General Authority for Investments (GAFI) Mohsen Adel; Chairman of Egyptian Exchange (EGX) Mohamed Farid.
– EGYPT TODAY
aYo Holdings, African micro-insurer breaks 10 million mark; eyes further growth
aYo Holdings CEO Marius Botha (Source: aYo)
African micro-insurance fintech aYo Holdings, a joint venture between telecommunications giant MTN and financial services group Momentum Metropolitan Holdings (MMH), has broken through the 10 million customer mark in under four years after starting operations – and new CEO Marius Botha says the milestone is set to trigger a period of further growth.
aYo launched in Uganda in January 2017, and has since started operations in Ghana and Zambia with plans to expand into Côte d’Ivoire and Nigeria in the new year. aYo provides fast, convenient, easy to use hospital and life cover directly to a user’s mobile phone, and has already paid in excess of $1 million in claims.
This rapid expansion has seen the company evolve into a major player in the African micro-insurance market, effectively by adopting a ‘pay as you go’ insurance model, where its policyholders have the flexibility that allows them to have the cover they need at any given time.
Botha says while there has always been a ‘definite demand’ from African consumers, the challenge was being able to find the right technology and mechanism to deliver what is essentially a high-volume, low-margin product, where not all clients are paying or active at any given time, but buy cover as and when they need it.
“The partnership with MTN has really been the key that unlocked the ability to deliver this product. As a result, millions of Africans have access to and are engaging with life insurance for the first time – and we cannot underestimate what this means to them in terms of driving financial inclusion,” said Botha.
While mobile networks provide the ideal delivery mechanism for the spread of micro-insurance across the continent, Botha says the company’s growth has also depended on understanding the nuances of each market, and creating products that cater for the specific needs of the target market.
“The big thing about micro-insurance is that it protects those who need it the most. People with low income need insurance even more than those with higher incomes, because they are more vulnerable and have a smaller cushion of resources to draw upon in times of need,” said Botha.
Many clients use the payouts from their aYo policies to not only pay for their hospital bills, but use the balance to buy food or schoolbooks, so they can send their children back to school. One client’s glasses were damaged in an accident, leaving him incapacitated and unable to work, as he is legally blind. His cover paid his hospital bill and allowed him to buy new glasses, which allowed him to continue providing for his family.
“There’s no doubt that the impact of micro-insurance is transformative, as it shields millions of Africans from the economic shocks that would otherwise keep them locked into an endless cycle of poverty,” said Botha.
Thabo Mashegoane Appointed As Chairman of the Africa ICT Alliance (AfICTA)
The President and Board Chairperson of the Institute of Information Technology Professionals South Africa (IITPSA), Thabo Mashegoane, has been elected as Chairman of the Africa ICT Alliance (AfICTA).
Formerly the Vice-Chairman of AfICTA, he succeeds Engr. Hossam Elgamal from Egypt to become the third Chairman. AfICTA, a private sector-led alliance of ICT Associations, multinational corporations, companies, organisations and individuals in the ICT sector in Africa, aims to fulfil the promise of the digital age for everyone in Africa by encouraging dialogue and fostering ICT enabled development.
During an electronic election at the AfICTA Annual General Meeting on 25 November, Mashegoane was elected chair, while IITPSA Past President and Non-Executive Director Ulandi Exner was also elected AfICTA Vice-Chair for Southern Africa.
The election named the following board members and officers: Paul Rowney, Deputy Chair; Opeyemi Onifade, Treasurer; Dr. Waudo Siganga, Vice-Chair for East Africa; Engr. Assem Wahby, Vice-Chair, North Africa; Adetola Sogbesan, Vice-Chair, West Africa; and Eric Sindeu, Vice-Chair, Central Africa.
Thanking his predecessors for their service and leadership in the Alliance to date, Mashegoane noted that AfICTA was an organisation with a vast network, impact on critical policies, and reputation that took years and hard work to build. “Mine is to take the baton and continue where the honourable Engr. Hossam Elgamal has taken this organisation to. Of importance is the platform to enable African countries to collaborate and share best practices and lessons learnt with an objective of not leaving anyone behind in development. This is a vision we will continue to uphold. We stand in a critical position to influence attainment of Sustainable Development Goals 2030 through ICT.”
Speaking after the election, Mashegoane said digital inclusion and ICT-enabled development was also a key mission for the IITPSA in South Africa. “The IITPSA shares the vision and ethos of AfICTA. IITPSA has also stated that we need to step up efforts to achieve the goals of the 2030 Agenda for Sustainable Development, which, among other things, seeks to bridge the digital divide and harness technology to address major global challenges such as poverty, climate change and conflict, we need to work harder. At IITPSA, we believe this means we have to collaborate across industries, across countries, to deploy the benefits of ICTs for the good of all,” he said.
Baller Syndicate: Building Europe’s First Elite Athlete Angel Syndicate And Exploring Africa
Baller Syndate Founders – Koen Bosma (r) and Jason Esseboom (l) (Source: Baller Syndicate)
Baller Syndicate is an exclusive network of elite athletes that are looking to get into tech investing. An initiative by Koen Bosma and Jason Esseboom, two former athletes who were better at startups than playing football. They played together in a youth academy, and Koen even turned pro. The founders crossed paths again in the world of startups and innovation. Koen and Jason share a passion for sports, entrepreneurship, and investments. In this interview with Alaba Ayinuola of Business Africa Online, they talked about how they are positioning elite athletes to become successful tech investors, through their educational like-minded community and building bridges between Europe and Africa.
Over the past few years, they have worked with hundreds of startups and invested in 20+. Most of those startups are trying to break into the sports-, health-, and entertainment industry. During this time, Koen and Jason had the privilege of working closely with founders, which gave them great insights and a first-row seat to startups’ biggest pain point.
Startups in the sports-, health, and entertainment industries have a disproportionate mismatch with angels that can truly accelerate their journey, compared to startups in other industries.
When Koen and Jason looked closely, they spotted a trend in the USA of elite athletes making tech investments cool and accessible to the world. Athletes like Lebron James, Kevin Durant, and Serena Williams are building their own family offices, venture funds, becoming LP’s or making direct or syndicated angel investments. So they asked themselves the question: why is this not happening in the rest of the world?
This led to starting Baller Syndicate.
Alaba: So what does Baller Syndicate do?
Koen: Our vision is to unlock athletes’ capabilities as accelerators for the growth of startups. When we started having conversations with active-, and retired athletes about their post-career activities, we truly learned a lot. Simply mentioning the term “investment” to an athlete in Europe turns all signals to red and makes their alarm bells go off! We could hear them thinking: “are these guys trying to take my money!?.
The interesting thing, however, was that when we took the conversations a layer deeper, we learned athletes get approached for investment opportunities quite regularly, but always ‘through a guy.’ When athletes don’t fully understand the concept, the default is to rely on someone they trust.”
We learned that athletes “solve” their lack of knowledge about investment opportunities by putting their trust in a person they know well.
Baller Syndicate’s goal is to decrease the knowledge gap by educating athletes with understandable content. Education is liberation, and that’s how they will help athletes change the narrative!
Alaba: Tell me, how does your education work with the tight schedules athletes have?
Jason: Overall, our education consists of two parts. We noticed that there is so much good content out there, but navigating it can be challenging or even overwhelming. Our vision towards education is to aggregate the most relevant content and translate it into a language athletes understand. We don’t see ourselves as professors but as translators.
Our first approach is to make an online course with actionable and engaging videos. This is the theoretical part. For the second part, we interview athletes that are active as investors or entrepreneurs to provide valuable case studies. Providing the theory is necessary because if we’d just share case studies, athletes miss foundational knowledge. To make learning fun and engaging, we chose to explain investments through sports analogies, using stories all athletes can relate to. Everything we offer is online, so the athletes determine when and where they want to learn.
Of course, we dream of a big live event where we connect the worlds of startups and athlete investors, but that’s not happening in a world governed by a pandemic.
In our way of working, we are lean startup evangelists at our core. This means we start with something, test it, and adjust based on the feedback. We test our educational program with a small group of selected athletes and truly learn if our translations resonate with them. After testing, we know where we need to improve to move forward and help more athletes.
Regarding the content of our education, we have three principles:
- We skip jargon or break it down
- We logically structure content, tested by elite athletes
- We facilitate group learning through our community
We believe this structure puts athletes at an advantage to learn how they can make independent investment decisions.”
Alaba: How do you make money?
Koen: Right now, we don’t… We invest our time and money to make Baller Syndicate into something valuable for athletes and startups. The sportstech ecosystem really needs to grow, and we believe we need to give first and hopefully get something in return later. Baller Syndicate is our way of building the sportstech ecosystem. Our educational platform will run as a foundation, where athletes pay a small fee as a yearly contribution. Secondly, we are attracting corporate sponsors that have a similar vision as ours, to pitch in a bit.
Baller Syndicate operates as a typical angel syndicate for athletes who have learned they wish to go into tech investments. In a syndicate, athletes pool money and invest together in startups they select themselves. We facilitate athletes by finding the right startups and guiding athletes throughout investing in those startups.
Our business model is based on carried interest, which means we only make a buck when their athletes make profits. But we have some strict “rules” for our members to start with tech investments.
If the athletes don’t know how to activate an investment, there is just waste. So before any tech investment through the Baller Syndicate platform, we ask these five questions below:
- Does the startup have something special that fits the profile of our members?
- Can we add value beyond money (and the obvious Twitter post)?
- Are multiple athletes on board?
- Do the interested athletes know they need to create a balanced portfolio of startups and not ‘bet’ on 1 or 2?
- Is there a lead investor (in case of large investment rounds)?
There are many other factors to consider, but we ask these vital questions to help elite athletes de-risk their startup investments. Our goal for 2020 is simple: to build our educational content and test it with a selected group of 10 athletes. We are currently primarily working with footballers, but there are also professional golf- and tennis players.
Jason: Building this syndicate is as tough as it gets, but we are up for the challenge. We are motivated to the core to realize our big vision: unlocking athlete potential as accelerators for startups’ growth. We have started exploring athlete investing in Europe, and now we are eager to learn how athletes in other continents are approaching their new career after sports.
Through Baller Syndicate, we are building a diverse community of like-minded athletes. In our community, athletes are diverse in their sport, country, or background. They are alike when it comes to their ambition, mentality, and work ethic. Hopefully, this interview will open the doors for us to get in touch with African athletes and build bridges between Europe and Africa.
Visit Baller Syndicate