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Lagos Cocktail Week 2019 is Back

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Africa’s largest cocktail experience is almost here again! Lagos Cocktail Week 2019 (LCW) is set to take place from October 16th – October 17th 2019. LCW stakeholders and partners including, Freya Doessel , Brand Manager,
Fayrouz Nigerian Breweries Plc; Tiyan Alonge, Brand Ambassador, Diageo Reserve Brands; Funke Babs Kufeji, Editor-in-Chief, Thisday Style and Kola Oshalusi, founder, Business of Photography among others attended the
stakeholders press conference event, which was held recently at Wheatbaker Hotel.

During the conference, Lara Rawa, founder of Lagos Cocktail Week, briefed all who were present, about what to expect in this year’s edition. For instance, parent company of LCW, Event Cocktails, will be celebrating its 10th-year anniversary in October, and to commemorate this milestone, there will be new and exciting additions to the event this year.

“We noticed there is a huge gap in the cocktail industry, so the best way to fill this gap is through the Lagos Cocktail Week for bar attendants, entrepreneurs and interested personalities all over Nigeria to be trained
by industry professionals,” Rawa said.

“This year, we are making our conference more educational with several seminars and workshops with practical sessions for participants,” she added.

These additions include: Specially curated interactive, practical workshops facilitated by industry professionals: Including DIY Photography, Food Pairing, DIY Decor, Pricing, SME Financing, Pricing, and more. Seminars on forward-thinking topics: Including Coffee Lifestyle, Creativity & Monetization, Spirits Marketing and Marketing & Branding among others.

The Cocktail Village: It’s bigger & better than before! Brands showcasing include Hennessy, Belvedere vodka , Smirnoff, Johnnie Walker , Gordon’s Gin, Fayrouz amongst others. The Bar Battle competition will take place as usual but the competition this year will have an international twist, as representatives from Ghana and other African countries will be present

Also Read Afripreneur Profile: Dayo Adedayo, The Man Behind The Lens

Also, renowned international hospitality industry practitioners will also be a part of the event.

About Lagos Cocktail Week:

The Lagos Cocktail initiative serves as a platform for celebrating and promoting the cocktail culture in Nigeria through events, seminars, training sessions, etc. Our aspiration is for cocktails and the cocktail industry at large to be recognised as an integral aspect of the Nigerian beverage industry.

The first Lagos Cocktail event held on October 2014 as a week-long event known as The Lagos Cocktail Week (“LCW”). The Lagos Cocktail Week is a unique celebration of the cocktail culture in Nigeria that provides cocktail enthusiasts an opportunity to converge, celebrate and promote cocktails through a host of activities. The event always includes the Lagos Cocktail Conference, featuring seminars, workshops, master classes and an exhibition.

The conference is targeted at cocktail industry enthusiasts, bartenders, mixologists, bar owners, beverage consultants, and anyone in the beverage sector to empower them to be more and do more, and at the same time
providing them the opportunity to learn, unlearn and relearn. It will also expose them to trade secrets, emerging innovations and trends in the industry.

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aYo Uganda delivers value through pandemic

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Microinsurer aYo Uganda has underlined its commitment to the economic wellbeing of its customers in the country by paying out more than UGX 760 Million Shillings in 2020, through the height of the Covid-19 pandemic. The company offers Hospitalisation and Life Insurance Cover through its two insurance products, ‘Send with Care’ and ‘Recharge with Care’. Commenting on the company’s performance, the CEO of aYo Uganda, Allan Lwanga, said consumer anxieties around Covid and its related economic challenges had heightened awareness of the need for protection and help in the event of either loss of life or hospitalisation.

“Despite the challenges brought about by the containment measures and an uncertain pathway of the pandemic including over three months of lockdown, the company was able to onboard up to 1 million new customers for the Recharge with Care product, and over 200 000 new customers for Send with Care products,” said Mr Lwanga.

Microinsurance is seen as a powerful enabler of financial inclusion in African markets, providing a much-needed social safety net that helps vulnerable people and particularly people with low incomes to stay afloat when the unexpected happens. This is particularly important in a developing country such as Uganda, where lower income households and informal traders have been hard-hit by the pandemic, as it has reduced their ability to generate an income.

aYo Uganda’s ‘Send with Care’ and ‘Recharge with Care’ products cater for all MTN subscribers. aYo Recharge with Care offers life and hospital insurance cover every time customers recharge their MTN airtime. Subscribers can sign up by dialling *296# on their mobile phones, and use the same process for filing claims. Valid claims are paid directly to the claimant’s mobile money wallet without any hassle. With Send with Care, aYo provides up to triple the amounts that customers have sent via MTN Mobile Money over the previous four months. Life cover pays out to their family in the event of their passing, and hospital cover pays straight into their MTN Mobile Money account if they spend one night or more in hospital due to an accident or illness. When customers send money, they simply select aYo Send with Care when prompted*, or dial *165*1*4#.

 

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CEO Corner

African Bank Appoints Kennedy Bungane, CEO

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African Bank New CEO, Kennedy Bungane (Press Release & Image: African Bank)

African Bank (“Board”) announces the appointment of Mr. Kennedy Bungane as the Chief Executive Officer (“CEO”) and as an executive director of the Bank and its holding company, African Bank Holdings Limited (“ABH”) effective 14 April 2021. The Bank confirms that the appointment of Kennedy was done in accordance with African Bank’s policy on the selection and nomination of executive directors, and in order to fill a vacancy as well as add to the skillset on the Board.

Kennedy brings over 20 years of banking experience with him, having started his career at Standard Bank in 1991, holding a number of senior positions, including Head of Global Markets Sales, Head of Institutional and Corporate Banking, CEO Corporate and Investment Banking for Standard Bank South Africa, and a member of the Standard Bank Group Executive Committee. After joining Barclays Africa in 2012 as Chief Executive of Barclays Africa Limited and Head of Absa Group strategy, Kennedy led the sale of Barclays Africa Limited to the ABSA Group. More recently, Kennedy headed up the Phembani Group as its CEO. He also brings investment and strategic experience gained as the founder and chairman of Nokeng Telecoms and chairman of Idwala Capital.

Kennedy holds a Bachelor of Commerce degree, a Master of Business Administration, and completed the advanced management program at the Harvard Business School (USA).

Commenting on Kennedy’s appointment, the Chairman of the Board, Thabo Dloti, stated, “We welcome the appointment of Kennedy as the new permanent CEO. Kennedy has a keen sense for managing complex stakeholder issues. He has a proven track record in identifying and nurturing leadership, which promotes strong teams to deliver successful results. His passion for the role that banking can play in transforming society resonated strongly with the Board.

As an experienced banker, he also critically has a good grasp of the strategic challenges facing the Bank, within a muted South African economy and competitive landscape, as well as the required regulatory and governance framework.

 

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Investment

Platform Capital invests in USA-based innovative peer-to-peer financing platform SoLo Funds

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Platform Capital Chairman, Dr. Akintoye Akindele and Rodney Williams, Co-Founder of SoLo Funds Inc. (Image & Press Release: Platform Capital)

Platform Capital (“Platform”), a leading growth markets investor, is pleased to announce its investment in and partnership with SoLo Funds Inc. (“SoLo”), an innovative and proprietary peer-to-peer financing platform based in USA that has revolutionised the access to and supply of short-term funds for individuals, entrepreneurs, and businesses.

Twenty-five percent of Americans are unbanked or underbanked, whilst 80% of American workers live paycheck to paycheck, and don’t have adequate savings to cover unforeseen expenses. In addition, implicit and explicit biases mean that women and people of colour are three times more likely to see their credit applications rejected. As a result, they are left with no other options, and fall prey to payday lenders, where a small loan can accrue over 400% APR, trapping them in a cycle of debt.

SoLo replaces payday lenders with a community-based, market-driven model for access to short-term funds for individuals. Through its community, individuals are able to access funds ranging from $50 to $1,000 for up to 2 weeks, that are delivered within hours through a simple and non-approval sign-up process powered by artificial intelligence and machine learning. The platform connects users directly and determines a SoLo score based on ability to repay, spending habits, payment frequency, behavioural data, and location-based data. There are no fees or compounding interest paid to SoLo or the member of the community providing the funds, avoiding the debt trap that is common in traditional short-term lending.

Since launch in 2018, the SoLo community has grown to over 300,000 users. The company has seen significant adoption of its model in states with large populations and high cost of living. Over the past 12 months, SoLo’s community has experienced more than 2,000% growth, introduced a new product feature “lender protection service” that safeguards the financed amount in case of a default, and has partnered with Kiva to enable access to funds for entrepreneurs and business owners ranging from $1,000 to $15,000.

SoLo Funds mission is to replace payday lenders with a community-based, market-driven model for individuals, entrepreneurs, and businesses to access financing. The company has raised $10 million lead by international investors including ACME Capital, Impact America Fund, Techstars, Endeavor Catalyst, and CEAS Investments to further develop its technology, scale its team, and expand across the USA.

Dr. Akintoye Akindele, Chairman of Platform Capital, joins the Board as an observer & adviser.

Rodney Williams, Co-Founder of SoLo Funds Inc., said “We’re excited about our partnership with Platform Capital, we look forward to expanding our services into Africa. This partnership enables us to achieve our vision of being the number one access to funds provider for people and businesses in need. We believe that our platform will certainly impact and change conversation in Africa around how businesses and individuals can access funds.”

Dr. Akintoye Akindele, Chairman of Platform Capital, said: “We are proud to partner with SoLo Funds. Access to funds is a problem that affects millions of people globally. We believe that SoLo’s alternative approach to laccessing funds will impact millions of lives and position them as an innovative disruptor in the funding space. We look forward to working with SoLo Funds to scale their innovative solutions to positively impact people’s lives.”

 

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