Sanville Moses is the founder and COO of Waymaker Venture Capital, one of the few firms based in the Eastern Cape, South Africa. The company invest in start-ups and businesses already operating as well as tech companies that will be successful tomorrow by purchase equity or finance. They also have an eye on the global markets with a scalable business model to expand. In this interview with Alaba Ayinuola of Business Africa Online, Sanville talked about why he went into venture capital, approach to investing in startups, what makes some startups special, what startups to watch out for when approaching venture capital. Excerpt.
Alaba: Kindly tell us about Waymaker Venture Capital and the gap it’s filling?
Sanville: Waymaker Venture Capital is a Capital Raising Machine that connect startups and businesses with quality investors. This range from seed and expansion capital, expansion, IT, Innovation, telecommunication, manufacturing, mining, LBO, merger and acquisition (M&A) and Capital Growth.
Alaba: How did you get into Venture Capital?
Sanville: I use to work for Private Equity firm, where I was the Portfolio Manager. I manage and build the company brand and clientele. I built the business from zero profit to 3.5million profit in 6 months.
Alaba: What are your approach to investing in startups?
Sanville: We build Investment Accelerator platform for startup tech companies. They go through 8 week engagement program online. And we support them with finding them suitable investors.
Alaba: What makes some startups special? Are there startups you won’t invest in?
Sanville: I think what make most start-up special is the Intellectual Property (IP) of the company. The start-ups we won’t invest in are start-ups without a plan and if the business is not sound.
Alaba: Have you ever fallen in love with a startup or idea that you considered leaving venture capital and working on it?
Sanville: No, I never fell in love with start-ups ideas. However I am always excited to know that new innovation that is happening in the industry.
Alaba: What are the key things startups should focus on when approaching a venture capital?
Sanville: Understanding the approach and do as much homework on the firms achievements. Look at the creditability of the firm. Build a relationship with key person at the firm to establish trust. Find the capacity of what they can manage and link your goals with it. Seek advice and be open for correction from venture capital (VC) platform.
Alaba: Do you think founders get too pressured from investors?
Sanville: No, investors set deadlines and expect those deadlines to be met. If those deadline are not met they engage with you to understand your challenges. The pressure will only come if you can’t pay back when you agreed to pay back the money or shares as promise.
Alaba: Can you share you good and bad experiences in your journey as a VC?
Sanville: The recently bad experience were when a client didn’t want to continue with the process after I secure an investor for 29 million. The good experience were when the same client came back to me and decided to continue with the process. Always be vigilant about your approach and be 100% sure that you have back up plan.
Alaba: What are the challenges and how are you overcoming them?
Sanville: My challenge are most clients have there skepticism about our approach and the module we use they have to engage with us. We have to build a lot of creditability with people.
Alaba: What inspires you? How do you feel as an African VC?
Sanville: My inspiration come from my will to achieve the next height in my career, seeking the next pinnacle in life to make an impact. To be a VC in the Africa continent is great achieve especially with our module we running. We placing our clients right in front of the investor. I own 100% of VC with no investors or partners in the business.
Alaba: What’s your advice for prospecting startups and African government?
Sanville: Intellectual Property ownership is very important. Protect your IP and invest into your product or service to show that you believe in the brand and create working prototype or a 3D model of it.
As to the African Government, building sustainable grant system that is not bias in the process against one person or group. I would love to see that resources of the African continent shared with start-up entrepreneurs. We have all what we need in Africa or even South Africa. We have brilliant concepts, make use of our entrepreneur and let us create more millionaires in Africa and South Africa as a whole. This platform should not just be for the selected few but for all who live in the country.
Sanville Moses is high networking individual with the ability to facilitate and manage people. He is efficient, effective and focused driven to achieve his goals. Finding the best way to do something smart and faster, bringing clarity, having an open approach and a distance from emotions, identifying what is missing and what needs to be done is his main focus. Mr. Moses has a wealth of knowledge and experience and yet open to learning new things to further his career. Great management skills, Great Connector for Investment, Conflict management, leadership, and Administration. He holds a qualification in Small Business Development, International Trade, Mediation, Business Management from leading Institutions such as GIBS, UCT and USB. He brings a global perspective to organizations and companies.
Visit: Waymaker Venture Capital
AWIEF 2022: Where Africa’s big issues will be debated, and new ideas explored
L-R: Nevine Abdelkhalek, Board Member Egyptian Businessmen’s Association, H. E. Dr. Rania Al-Mashat, Egypt’s Minister for International Cooperation, Irene Ochem, AWIEF Founder & CEO and Mohamed Youssef, Executive Director, Egyptian Businessmen’s Association
The annual AWIEF conference and awards, one of the continent’s leading innovation and entrepreneurship events, is heading to North Africa for the first time. AWIEF 2022 will take place on 26 and 27 September in Cairo, Egypt in partnership with Egypt’s Ministry for International Cooperation and co-organized by the Egyptian Businessmen’s Association (EBA).
During an official announcement of Egypt as host country for AWIEF 2022, Minister for International Cooperation H. E. Dr. Rania Al-Mashat said: “The hosting of this event reflects Egypt’s keenness and support for empowering women and enhancing their economic participation and important roles in innovation and entrepreneurship to achieve sustainable development.”
AWIEF Founder and CEO Irene Ochem says: “We are truly excited and happy to be hosting AWIEF2022 in Egypt and partnering with the International Cooperation Ministry and the Egyptian Businessmen’s Association. Egypt is at the forefront of African entrepreneurial and innovation ecosystem drive. Hosting AWIEF in a country known for its strong support for women’s economic empowerment and sustainable development is important for us.”
AWIEF2022 is a hybrid event (in-person at the Cairo Marriott Hotel and online), with an easy-to-access virtual platform for speakers, delegates, and virtual exhibitors to participate.
Now in its eighth year, the annual AWIEF conference brings together more than 1,300 entrepreneurs, start-ups, thought leaders, policymakers, international development partners, investors, CSOs, academia, and media for dialogue and discussions on issues of women empowerment, entrepreneurship, investing, technology, and innovation in Africa.
Previous high-level guests and speakers include a former African President and Vice-President, Ministers, Mayors, a UN Under-Secretary-General and UN Agency representatives, Development Finance Institutions and Financial Institutions, Multinationals, a Nobel Laureate, Vice-Chancellors, and C-Suite corporate business leaders.
The theme for this year’s conference is “Advancing Africa through Gender Integration”, with the two-day event once again being a platform where Africa’s big issues will be debated, and new ideas explored.
A stellar line-up of speakers, high profile keynotes and interactive panel discussions will cover topics such as the 2030 Agenda for Sustainable Development, Climate Change & Sustainability, Creating an enabling environment for MSMEs and SMEs, Innovation & Technology, Fintech, Agritech & Healthtech, Intra-Africa Trade and the AfCFTA, Energy & Infrastructure, Investment & Financial Services, as well as Agriculture & Food Security.
AWIEF2022 will also include a dedicated onsite exhibition called The Creative Lane where businesses in the creative industry are invited as exhibitors to promote and showcase their products and services.
The conference will be capped by an awards ceremony and gala dinner which will take place in a very special destination in Cairo on 27th September, where the eight winners of the 2022 AWIEF Awards will be announced and celebrated.
To buy your ticket for AWIEF2022, register online HERE
Fast-track urbanization to spur growth, shelter Afrique urges African Countries
Shelter Afrique Head of Policy, Research and Partnerships Dr. Muhammad Gambo leading a panel discussion on financing Urban development at the 9th Africities Conference in Kisumu. With him are (from left to right) Dr. Kamal Ben Amara, Mayor of Bizerta, Tunisia; Hashting Chikoko Regional Director, Africa at C40 Cities; and Kevin Ouko, Director of Corporate Banking at Ecobank. (Photo: Supplied).
Pan- African housing and urban development financier, Shelter Afrique has urged African countries to fast-track urbanization to stimulate economic development across the continent.
Speaking at the 9th Africities Conference held in Kisumu, Kenya between 17-21 May, 2022 and attended by over 11,000 people, including 8,000 official delegates from across Africa and globally, Shelter Afrique’s Head of Policy, Research and Partnerships Dr. Muhammad Gambo said urbanization could play a major role in economic and social progress, if well managed.
“No country has grown to middle income without industrializing and urbanizing and none has grown to high income without vibrant cities. China, for instance, is widely held up as an example of how urbanization can fuel industrialization and transform living standards. This is why we strongly believe African countries should put more emphasis on effective urbanization if they intend to lift their people out of mass poverty, and doing so, fast,” Dr. Gambo said.
A report by the Organization for Economic Co-operation and Development (OECD), Africa’s Urbanisation Dynamics 2020: Africapolis, Mapping a News Urban Geography”, the pace of urbanization and urban population growth in Africa has changed significantly across the continent generally as well as within its various regions.
According to the report, Africa’s urbanization rate will continue to grow among the fastest of the world regions in the coming years as its population grows, which is expected to double by the year 2050.
“We urge policymakers across the continent to enact policies that will encourage urban growth modeled around economic development and poverty eradication,” Dr. Gambo said.
Dr. Gambo, however, noted that funding urban growth still remains a formidable challenge for many countries, but believes it’s achievable.
“Shelter Afrique recently completed a debut ₦46 billion (US$110.7 million) Series 1 Fixed Rate Senior Unsecured Bond Issuance in Nigeria’s capital market under its ₦200 billion (US$481.3 million) bond issuance programme for housing and urban development in Nigeria. This issue was 60.7% oversubscribed, meaning there is an appetite for such bonds, not only in Nigeria but also in other countries like Kenya, South Africa, Morocco, etc. What African countries need is the know-how to create financial ecosystems that can support the mobilization of municipal and subnational finances for urban infrastructure development,” Dr Gambo said.
The African Development Bank estimates that the continent’s infrastructure financing needs will be as much as US$170 billion a year by 2025, with an estimated gap of around US$100 billion a year.
Africities is a Pan Africa conference that is convened by the United Cities and Local Governments of Africa’s (UCLG-A) and brings together the leadership of cities and sub-national governments and their associations for the advancement of decentralization and local governance aimed at improving the living standards of the citizens. This year’s conference discussed the role of Intermediary Cities of Africa in the Implementation of Agenda 2030 of the United Nations and the African Union Agenda 2063.
EFG Hermes Declares Buoyant Q1 Result of 2022
EFG Hermes Holding Group CEO, Karim Awad
EFG Hermes Holding, a universal bank in Egypt and the leading investment bank franchise in Frontier Emerging Markets (FEM), announced today an outstanding set of results to kick off the year, with revenues for the first quarter of 2022 leaping 55% Y-o-Y to EGP 1.9 billion. Group net profits after tax and minority interest grew 18% Y-o-Y to EGP 345 million driven by solid performance across the Group’s lines of business.
“EFG Hermes Holding’s diversified operations and holistic product offerings continue to drive our resilient performance and exceptional revenue growth, making us one of the fastest growing companies in our footprint,” said EFG Hermes Holding’s Group CEO Karim Awad. “Our Non-Bank Financial Institutions (NBFI) platform is responding to consumer and corporate needs during high inflationary times. Net profits for the platform, together with results generated following the majority-stake acquisition of a commercial bank, generated half of our Group’s net profits after tax and minority. On the sell-side of the house, I am equally pleased with our Investment Banking division, which closed five transactions valued at USD 301 million, including the first IPO in the cosmeceutical space in Egypt and two regional M&A transactions. Meanwhile, our Brokerage division continues to hold firmly onto its first-place ranking in Cairo, Nairobi, and Dubai,” added Awad.
Sell-side revenues gained a record 61% Y-o-Y to EGP 494 million on the back of solid performance by the Investment Banking and Brokerage divisions, which grew revenues 52% Y-o-Y and 62% Y-o-Y respectively. Investment Banking revenues reached EGP 64 million driven by strong deal execution capabilities in the MENA region, while revenues from the Brokerage division grew to EGP 430 million on the back of stronger revenues generated by all MENA markets together with higher revenues from the Structured Products desk.
The Group’s buy-side revenues came in flat Y-o-Y to record EGP 113 million in 1Q2022. Asset Management revenues rose 7% Y-o-Y to EGP 90 million due to higher management fees driven by increased AUMs. Meanwhile, Private Equity revenues stood at EGP 23 million compared to EGP 29 million in the same period last year due to a high base in 1Q2021 that included additional management fees following the third close of the EFG Hermes Education Fund, which, if excluded, would have boosted the division’s revenues by 28% Y-o-Y.
The NBFI platform recorded a 34% Y-o-Y increase in revenues to EGP 601 million. The platform’s growth in the first quarter was predominantly driven by the Group’s microfinance player Tanmeyah, Buy-Now, Pay-Later (BNPL) fintech platform valU, and EFG Hermes Corp-Solutions’ factoring arm. Tanmeyah booked revenues of EGP 395 million, up 21% Y-o-Y driven by stronger sales. valU posted stellar results for the quarter, with revenues surging 157% Y-o-Y to EGP 143 million. In parallel, EFG Hermes Corp-Solutions’ factoring business more than doubled its top line, with revenues hitting EGP 18 million – a 118% growth compared to the same period last year. Meanwhile, revenues from EFG Hermes Corp-Solutions’ leasing business revenues declined 21% Y-o-Y to EGP 45 million.
Revenues generated by capital market and treasury operations contracted 24% Y-o-Y to EGP 294 million in 1Q2022, mainly due to a decline in net interest income that was partially attributed to a lower cash position following the acquisition of a majority stake in aiBANK.
The Group’s operating expenses rose 49% Y-o-Y to EGP 1.2 billion in 1Q2022, driven by the consolidation of aiBANK’s operating expenses, valU’s higher operating costs, and an increase in the Group’s employee costs.
Group net profit before tax rose 67% Y-o-Y to EGP 677 million in 1Q2022, while net profit after tax and minority interest came in at EGP 345 million in 1Q2022, up 18% from the same period last year, mainly on higher taxes and minority interest. The consolidation of aiBANK’s taxes, growing tax charges from expanding Egyptian operations (NBFI and Brokerage), and increased taxes from distribution of dividends to the Holding led to a 143% Y-o-Y growth in tax expenses to EGP 229 million at the end of 1Q2022.
“We look forward to driving more value for shareholders as the year progresses and we work to hit the milestones we’ve set out for 2022. In the quarters to come, we will continue to focus on garnering more opportunities in the GCC and cementing our foothold there in the Investment Bank space. At the same time, our NBFI platform will continue to grow as our BNPL player valU expands its operations and Tanmeyah continues to deliver solid revenues. On the commercial bank front, we will continue to support the new senior management team to drive change across the bank, create growth opportunities, and capitalize on the synergies inherent in our business model as a universal bank in Egypt. As an impact-driven organization, we will maintain laser-sharp focus on providing boundless financial opportunities that foster growth and create value for our stakeholder base and the communities in which we live and work,” said Awad.
Earlier this month, the Firm was recognized by the Financial Times and Statista as one of Africa’s fastest-growing companies in 2022. It was one of only 10 African financial services companies listed on the year’s ranking and was named 55th fastest-growing company in Africa. In its home market of Egypt, the Firm was also named the fourth-fastest growing company and was the only Egyptian financial services institution listed in the ranking.