Flutterwave team (Source: Flutterwave store)
We’ve been thinking; what’s the best way we can #ChooseToChallenge? What’s the best way to raise our hands up high and call out inequality? We understood that the single most important factor for fostering equality in the business world is funding. In celebration of International Women’s Day, Flutterwave is giving $2500 grant each, to winning women-led businesses across Africa.
The 2021 International Women’s Day theme asked that we all #ChooseToChallenge. To challenge inequality, to celebrate women’s achievements and to raise awareness on bias against women.
At Flutterwave, realizing the challenges women face as they carry out their businesses, we have launched an annual grant to provide women with the much-needed capital for them to expand their businesses.
The annual Flutterwave International Women’s Day grant will be open during International Women’s Day and will award 5 women-led businesses with US$2500 each in addition to providing training and mentorship programmes.
Why this grant?
Women’s access to financial services worldwide is exceptionally low. In Africa, according to the Africa Development Bank (AfDB), women face a $42 billion financing gap. To ensure that women are continually supported to grow their businesses, Flutterwave will be awarding women-led businesses to scale their operations and provide training and mentorship for them to better manage the business.
Training targeted at women entrepreneurs has been known to increase yields and long-term benefits. In Togo for instance, training for small business owners yielded a 40% average increase in profits for women who participated. It becomes clear that supporting women in business equates to supporting thousands of their immediate households, communities and of course economies.
Here are some benefits of the Flutterwave International Women’s Day Grant:
Each winning business will be awarded US$2500. Winning businesses will also be supported with free video content creation and online visibility, through paid and organic channels.
Winners will get access to an exclusive group where they will be trained and mentored through office hours by the best entrepreneurs in their fields. Mentors will be selected from 7 countries, covering Technology, Marketing, Finance, Sales, Operations, Investment, etc.
The award will target businesses in the following countries:
Other Selection Criteria
Women-led business: Women who own small businesses are 43% more likely than men to be concerned about limited access to money affecting their companies.
Viable and sustainable business: We aim to support businesses that have been in operation for less than 3 years, with a strategy for sustainability and have a minimum of 3 and a maximum of 10 employees to qualify.
New & Already existing Flutterwave Merchants: The prize money will be paid into the winner’s Flutterwave Account. This means that every participant should own a Flutterwave account. It’s never too late. Sign up here.
Must be legally and locally registered with relevant authorities: Your business must comply with all local laws and regulations for it to participate in this grant.
Read extra terms and conditions, here.
Application ends April 9th, 2021.
Winners will get a notification within 2 weeks of the application’s closing date.
Africa’s youth unemployment challenge needs a revolution in order to sustain global development
Opinion By Dr Dennis Rangi, Director General, Development at CABI based at its regional centre for Africa in Nairobi, Kenya. (Africa’s youth Image credit: CABI).
It’s a startling statistic but by 2050 Africa’s population is expected to double to around 2.6 billion. This creates greater pressure to feed so many mouths amid the challenges of economic, political and societal instability let alone the impacts of climate change.
When one considers that almost 60% of Africa’s population in 2019 was under the age of 25, making Africa the world’s youngest continent, it’s clear that Africa’s youth holds the key to the continent’s very survival and the burden to sustain wider global development
In 2019, more than a third of the population was aged between 15-34. By 2100, Africa’s youth population could be equivalent to twice Europe’s entire population.
According to the UN, the median age in Africa is 19.8 in 2020. On the continent, Mauritius is expected to have the highest median age, 37.4, and Niger is expected to have the lowest, 15.1.
However, in youthful Africa, just 56% of the population is of working age, which translates to about 1.3 people of working age supporting every dependent (mostly youth) – versus a global average of two workers to every dependent. This in essence is the ‘youth bulge’, and addressing it has never been more of an urgent task.
According to the World Bank, in 2020, 14.5% of 15 to 24-year olds in Sub-Saharan Africa were unemployed. This is among the lowest rates globally among young people in this age bracket. But the International Labor Organization says most of them work informally, are underemployed or stay in poverty because of low wages.
Quite simply, the growing youth unemployment and underemployment – especially in developing countries – is one of the greatest challenges of the 21st century.
Agriculture has long been the dominant sector in much of Africa in terms of output, employment and export earnings. Indeed, agriculture is arguably the most important business opportunity for our young people to embrace. As such, any meaningful change in the continent’s future must involve agriculture.
A ‘revolution’ in agribusiness involving Africa’s youth is therefore required so they can capitalise on the sector’s contribution to around 25% of the continent’s Gross Domestic Product (GDP) and 70% of its employment. They, with our support, need to meet these challenges head on so they can leave a lasting and sustainable legacy for their own children and their futures.
This is especially true when thinking of young people’s roles in agricultural value chains. We need to take a ‘two-pronged’ approach to enhancing their skills not only in producing safer foods free from crop pests and diseases but also in helping to involve them as village-based advisors – giving crucial information to help increase yields.
It may also be that they can combine both roles as part of a dual approach to the ever-increasing food crisis.
The time is ripe for Africa’s youth to lead the technological realisation of digital agriculture – recognising this a key driver for economic development within the agricultural sector.
This is particularly so in Kenya where digital innovations have eased trading barriers in certain value chains by providing trade platforms that directly connect farmers to traders enabling them to get competitive returns on their yields.
The African Centre for Women, Information and Communications Technology (ACWICT)-led Maudhui Digiti (Digital Content) project, for example, recently assessed the access and use of digital content.
This included evaluating opportunities for women and young people’s employment in the digital sphere for farmers, particularly the underserved agricultural communities and organizations in Laikipia County.
Youth play a pivotal role in agriculture and rural transformation. One of the findings in a book recently published by CABI titled ‘Youth and the Rural Economy in Africa,’ recommends a targeted technology promotion aimed at young people, most of whom are ‘digital natives’.
These youth can catalyse the realisation of digital agriculture in Sub-Saharan Africa due to their innovativeness and fast adoption of new technologies.
One example where CABI has extensively supported agricultural production, especially amongst smallholder farmers including the youth in Africa and beyond, is the Good Seed Initiative.
This ran in East Africa from 2013 to 2016 and sought to promote good production of quality African Indigenous Vegetable (AIVs) seeds and vegetables so as to improve the income of seed producers.
It also aimed to contribute to food and nutritional security of smallholder farmers and other actors in the seed and vegetable value chains of seeds.
The project enabled women and youth in Uganda and Tanzania to engage in market-driven profitable value chains that required minimum capital, capital and other factors of production.
This was achieved by empowering women and youth with requisite skills for seed entrepreneurship of indigenous vegetables which continued to be in high demand.
In research conducted by CABI – which focussed on Zambia and Vietnam – we sought to understand the nature of youth participation and identify barriers and opportunities for youth engagement in agriculture and agribusiness in Lusaka, Zambia and Vinh Phuc, Hung Yen, Dak Lak and Tien Giang in Vietnam.
We found that while a majority of youth were engaged in agriculture – primarily production – few were involved in input supply, trading, transportation and the provision of advisory services.
For instance, the study in Zambia found that almost all the youth (99%) were engaged in farm production, producing crops and animals for home consumption and local markets – yet hardly any were involved in valuable extension services.
This is where initiatives such as the CABI-led PlantwisePlus global programme can engage youth in non-formal extension services and help fill in the missing linkages within the agricultural value chain.
CABI in partnership has trained – through the preceding Plantwise programme – millions of professionals in 34 countries over 10 years. This includes extension staff, agro-dealers, quarantine officers to provide improved quality services to farmers.
In Uganda, where 70% of those unemployed are youths, CABI partnered with Zirobwe Agaliawamu Agri-business Training Association (ZAABTA) in Luwero district. This was to skill youth to enable them to provide various services in major agricultural and profitable value chains in the country.
Implemented under PlantwisePlus, the training sought to increase the supply of safer food through enterprises driven by women and youth to meet the growing demand by consumers in rural, urban and peri-urban markets.
We believe helping to enable youth to provide services as ‘village-based advisers’ in this way will be an attractive option to our youth and call for it wholeheartedly – even if they wish to engage in this activity alongside regular farming activities.
We simply cannot rely upon young people to be only producers of food. They may also need to be involved in the safe production of it in the first place and be part of a ‘knowledge exchange.’
In terms of open access learning, CABI’s ‘plant doctor’ training modules have been adopted by various academic institutions across the world. Plant doctors work at ‘plant clinics’ held in communities to help farmers diagnose their plant health problems and suggest remedies so their crops can grow more successfully.
In Uganda, for example, CABI’s practical hands-on course on field diagnostics and plant clinic operation is giving good recommendations to farmers to students at various years of study.
The course was first introduced in Makerere University in 2013 and is now offered by Uganda Christian University, Bukalasa Agricultural College, Busitema University and Gulu University.
We need to build our capacities and strengths in partnership to help address the ‘youth bulge’, and also the growing demand for youth and their role in agriculture to feed the rising population.
Neya Kalu, the new Chairman of The Sun Nigeria
Neya Kalu (Image supplied: Her Network)
Neya Kalu is the Chairman and Publisher of The Sun Nigeria, founded and published in Nigeria. A reputable company that publishes relevant news in Nigeria and around the world in over ten categories. She is also the founder and CEO of Basecoat Nigeria.
Educated at the University of Buckingham with a degree in Law and Finance, Neya leads the Board on strategic matters, establishes high governance, and oversees the company’s business.
Before becoming Chairman/Publisher of The Sun Nigeria, Neya, an entrepreneur, built and runs several successful businesses, the most recent being Base Coat, a nail salon chain in Lagos. She is also the Vice-Chairman of Sun Heavens Hotels and Resorts.
With a strong interest in social issues and a desire to empower women, Neya works with the OUK Foundation to contribute to the achievement of the SDGs one through six.
New report reveals preference as African businesses transition from cash-based B2B payments
A new report that includes the surveyed opinions of more than 1,000 business owners from Kenya, Nigeria, South Africa and Egypt has revealed ease of use, reliability and speed as the preferred features for African businesses when it comes to business-to-business payment methods.
When asked what they liked about their current payment methods, 29 percent of respondents chose ease of use, 28 percent chose reliability and 18 percent chose speed. More than digitised processes (10 percent), affordability (10 percent) and customisation (5 percent).
The State of B2B Payments in Africa report, which was compiled by Duplo, a business payment platform for African businesses of all sizes, also revealed that bank transfers are the most common medium for making and receiving payments between businesses today, more common than cash, cheques and mobile money. When asked which methods their organisations used for making payments to other businesses, 85 percent of respondents chose bank transfers as one of the ways they made payments, compared to 60 percent for cash, 23 percent for cheques and 17 percent for mobile money. When asked about receiving payments from other businesses, 62 percent said they received payments via bank transfers, compared to 59 percent for cash, 32 percent for cheques and 15 percent for mobile money.
The apparent transition from cash-based transactions highlighted in the report represents a major shift in business behaviour, with cash payments historically dominating B2B payment on the continent. The findings of the report also suggests that beyond the clamour for digitised payments, African businesses want payment processes that are effective and efficient, rather than digital payments just for the sake of it.
The report also highlighted that 44 percent of businesses still have to wait more than 24 hours to receive payments from business customers and partners. 34 percent take up to 7 days to receive payments, 17 percent take up to 30 days and 3 percent take more than 30 days to receive business payments. This presents a significant challenge for businesses who are often unable to maximise the opportunities available to them due to cash flow restrictions induced by complex payment flows.
According to the World Bank, B2B payments in Sub-Saharan Africa represents a $1.5 trillion market. However, the process of making and receiving payment remains largely manual, which makes it expensive and highly inefficient for businesses. Invoices are also not standardised and they are typically issued and received manually, which increases the administrative burden on business owners, taking more time and effort that can be invested into their businesses.
Commenting on the findings of the report, Yele Oyekola, CEO and co-founder of Duplo, said, “African businesses, large and small, are the lifeblood of the continent’s economy, and making it easier for more to flow between them should be a priority. The data from the report highlights a much-needed transition from cash-based payments but that is just the beginning. There are still various challenges in the payment process that make it difficult for businesses to maximise opportunities to scale their operations. We need to constantly innovate around these challenges to more effectively position African businesses for the growth they need to power economic growth on the continent”.
The State of B2B Payments in Africa is available to download for free on Duplo’s website.