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Faso Soap: A weapon against malaria?

Comments (1) Africa, Business, Featured

faso soap

A soap created by two students in Burkina Faso holds promise as an affordable way to fight the devastating disease.

As malaria threatens millions of people in Africa, a mosquito-repellent soap invented by two students in Burkina Faso may help prevent infection.

Faso Soap could be tested and produced if a crowd funding campaign launched in April is successful.

The “Save 100,000 Lives” campaign hopes to raise $113,000 to test and manufacture the soap. The goal is to save 100,000 lives in the Democratic Republic of the Congo, Tanzania, Ghana, Nigeria and Uganda, through malaria prevention by 2018.

Gerard Niyondiko of Burundi and Moctar Dembele of Burkina Faso created Faso Soap when they were students at the International Institute for Water and Environmental Institute in Ouagadougou, the capital of Burkina Faso.

Prize-winning invention

It was the first project from the African continent to win the $25,000 grand prize at  University of California Berkeley’s Global Social Ventures Competition in 2013, beating 650 entries from 40 countries.

Globally, more than three billion people live in areas at risk for malaria, mostly in poor tropical and sub-tropical regions.

Africa is hardest hit by the debilitating disease. An estimated 430,000 people die from malaria each year and 90 percent of the deaths occur in sub-Saharan Africa, mostly among children under five years old, according to one U.S. official.

Sheila Paskman, chargé d’affaires at the U.S. Embassy in Liberia, said a child dies from malaria every two minutes in Africa, where the disease is also responsible more than half of all school absences. “The disease costs the continent billions each year in health costs and lost productivity,” she said.

Africa most vulnerable

According to the Centers of Disease Control and Prevention, Africa is most vulnerable for a variety of reasons: A predominant species, Plasmodium falciparum, is most likely to cause death; the climate allows transmission to occur year round; and scarcity of resources hinders malaria control.

Nigeria, Burkina Faso, Sierra Leone, Mozambique and the Democratic Republic of the Congo are hardest hit by the disease.

In other areas of the world, such as parts of South Asia and Latin America, malaria is less likely to cause death but can still result in severe illness and incapacitation, according to the CDC.

Eradication and control efforts include insecticide-treated mosquito nets, indoor insecticide spraying campaigns, and community education campaigns.

Officials cite progress

While the disease remains a serious problem, eradication efforts are paying off.

Since 2000, malaria death rates have fallen by 60 percent, and new cases have dropped by more than one third globally, according to the World Health Organization. In Africa, death rates dropped by more than 65 percent overall and among children less than 5 years old.

Faso Soap could be another weapon in the arsenal fighting malaria.

Niyondiko said the soap is made from Shea butter, lemongrass oil and other ingredients.

Soap is accessible, affordable

He said Faso Soap can repel mosquitoes for several hours after use and could especially offer protection in the early evening when people are still outdoors and mosquitoes appear.

The team hopes to engage in partnerships with large soap producers and distributors to create a product that is competitive with conventional soap.

The French Association for Research Against Infectious Diseases in Africa is collecting the donations. So far, the project has raised more than $42,000 from 464 contributors.

Now working with social entrepreneurs Lisa Barutel and Franck Langevin in Burkina Faso, Niyondiko said the aim is to provide an accessible and affordable product for people who may not be able to afford anti-mosquito products or nets.

“Soap is a commodity product and not going to add other additional costs to the population” as they will buy soap in any case, Niyondiko said.

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Ivory Coast president calls for break-up of power, water monopolies

Comments (0) Africa, Business, Latest Updates from Reuters

ABIDJAN (Reuters) – Ivory Coast will break up its long-standing electricity and water monopolies and introduce competition to reduce prices amid growing public concern over price increases, President Alassane Ouattara said.

The government decided in June last year to increase electricity prices by 16 percent over three years to keep pace with production costs.

Under the arrangement electricity prices were scheduled to increase by 5 percent in January. But some customers saw rates rise by as much as 40 percent, according to a government investigation, prompting Ouattara to cancel the January increases and call for a more competitive industry.

“This situation reminds us of the need to open up the water and electricity sectors to competition,” Ouattara, a former senior International Monetary Fund official, said in a Labour Day speech on national television on Sunday.

“It is competition that will lower the price of electricity. I appeal to all those who wish to invest in that sector,” he said.

The West African nation has emerged from a decade of political turmoil and civil war as one of the continent’s rising stars economically, with growth averaging around 9 percent for the past four years.

However, critics of the government complain that most Ivorians have not benefited from the new-found prosperity.

During his re-election campaign last year Ouattara promised to make economic growth more inclusive.

The Companie Ivoirienne d’Electricite (CIE), majority owned by Africa-focused public utilities manager Eranove Group, has supplied electricity to the Ivory Coast since 1990 under an agreement with the government. The deal, which puts CIE in charge of the distribution of power to homes and businesses, is not due to expire until 2020.

It is unclear how the utility markets will be liberalised or if it can be done before the agreement between CIE and the government ends in 2020.

But it is likely to be a major issue in French-speaking West Africa’s biggest economy where power producers are struggling to keep pace with growing consumption.

Demand for electricity is rising by some 10 percent a year, and the energy minister said last year that $20 billion of investment is needed in the industry over the next 15 years.

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South Africa’s petrol pump price to increase in May

Comments (0) Africa, Business, Latest Updates from Reuters

JOHANNESBURG (Reuters) – The retail price of petrol in South Africa will increase by nearly 1 percent from May 4, while the price of wholesale diesel will largely remain steady, the energy department said on Monday.

The price of petrol will increase by 12 cents to 12.74 rand per litre in the commercial hub of Gauteng province, while diesel will go down by 1 cents to 10.52 rand per litre, the department said in a statement.

 

(Reporting by Olivia Kumwenda-Mtambo; Editing by Alison Williams)

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Afroplan: 21st Century Coupons

Comments (0) Africa, Business, Featured

afroplan

Afroplan is a new online and mobile platform that connects users in Cote d’Ivoire, Senegal and Togo with grocery store chains to learn about discounts and promotions in real-time.

Big-box grocery stores are still a relatively new phenomenon in developing countries. Until just a few years ago, the vast majority of citizens living in even the metropolitan areas of such countries did their grocery shopping in locally-run markets filled with locally or regionally sourced foods. With the increase in chain grocery stores around the world, shoppers are adapting to the “one-stop-shop” mentality, including the concept of discounts and promotions.

Coupon Cutting in the Digital Age

Afroplan is a new mobile and online platform created by Cletus Razakou, a young Ivorian-Togolese digital expert and app developer. Afroplan bridges the gap between retailers and consumers by allowing users to input their personal data, such as location and material interests, and alerting them when a near-by retailer has a discount on a relevant item. While currently present only in three West African nations, a region home to 37 or 13% of Africa’s commercial centers, Afroplan is available on all smartphone platforms.

Users are able to input all varieties of material interests, from specific food items to the latest tablet, and are able to make informed choices about the right time to buy. Razakou was frustrated by the lack of communication between retailers and consumers regarding promotions, and realized that if a platform were created where retailers and consumers could alert one another about promotions, more Africans would benefit from these bargains.

This not only benefits consumers, but benefits retailers: many stores experience financial losses due to the expiry of food-products or to the fast turnover of tastes and preferences in material goods. Stores are now able to inform a broader range of consumers about potential savings while ridding themselves of soon-to-be-obsolete stock.

Benefits for All

The platform works through a two-pronged approach: the first is that supermarkets and other retailers are charged a flat fee to post individual promotions. The second is that sellers can purchase specialized advertising space to reach a broader range of consumers, including those who have not specifically listed a product as one of their interests. This is not only beneficial for the app as a money-making scheme, but is beneficial to retailers: the more specialized advertising they purchase, the more people see their products, and the more people will be interested in purchasing a discounted item, even if they had not listed it as a preferred item. In this way, retailers are able to expand their consumer base by creating a culture of desire while preventing losses incurred from expired and unsold products.

Of course, users benefit as well: they are now able to make informed choices about how to best-spend their hard-earned money. Consumers are able to choose from eight categories of goods: fashion, home decor, electronics, beauty, telephones, infant/baby, food, and overstock items.

Initial Challenges

Creating an app for an emerging industry is not without its challenges. Razakou said that the main challenges during this process were financial. It was challenging, Razakou said, to publicize the platform to potential clients (stores) and users in an efficient manner in all three countries, because they had not yet received investments from clients. Fortunately, Afroplan’s initial success indicates that financial barriers may no longer be prohibitive for expansion.

The Future of Bargaining?

Afroplan is an interesting, innovative approach to discount consumption. Connecting users in real-time to see the latest discounts is a new way to encourage consumption in West Africa, and, for those living in areas with supermarkets that opt to work with Afroplan, could lead to substantial savings on big ticket items. Unlike shopping at a local African market, buyers are not generally able to bargain in a supermarket, which takes the power away from the consumer. Afroplan gives shoppers some modicum of power when supermarkets are growing in popularity and number. No longer do citizens of Senegal, Togo and Cote d’Ivoire have to choose between the convenience of a one-stop-shop and the potentially low prices of shopping at good-specific markets.

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South Africa’s trade balance swings to 2.92 bil rand surplus in March

Comments (0) Africa, Business, Latest Updates from Reuters

JOHANNESBURG (Reuters) – South Africa’s trade balance swung to a 2.92 billion rand ($206.10 million) surplus in March from a revised 1.27 billion rand deficit in February, the national revenue agency said on Friday.

Exports were up by 6.3 percent to 96.13 billion rand on a month-on-month basis, while imports rose by 1.6 percent to 93.22 billion rand on a month-on-month basis, the South African Revenue Service said in a statement.

($1 = 14.1678 rand)

 

(Reporting by Mfuneko Toyana; Editing by James Macharia)

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Tunisia’s central bank holds key rate unchanged at 4.25%

Comments (0) Business, Latest Updates from Reuters, Middle East, Non classé

TUNIS (Reuters) – Tunisia’s central bank kept its key interest rate unchanged at 4.25 percent, the spokesman of bank said on Friday.

The bank last cut its main interest rate in October, from 4.75 percent, in a bid to boost economic growth as inflation fell. Inflation was 4.9 percent in 2015, down from 5.5 percent in 2014.

 

(Reporting By Tarek Amara; editing by Patrick Markey)

 

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Lafarge Africa to market $302 mil bond to refinance loans

Comments (0) Africa, Business, Latest Updates from Reuters

LAGOS (Reuters) – Lafarge Africa is in the middle of a roadshow to market a 60 billion naira ($302 million) bond programme to refinance loans at United Company of Nigeria (UNICEM), which it acquired last year, its finance chief said on Thursday.

“We are in the process of restructuring the UNICEM debt. We are in the middle of a roadshow,” Lafarge Africa Chief Finance Officer Anders Kristiansson told an analysts call.

“We want to refinance the U.S. dollar borrowings that we have in UNICEM.”

($1 = 198.55 naira)

 

(Reporting by Chijioke Ohuocha; Editing by Alexander Smith)

 

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Egypt’s CIB approves extension for Beltone Financial’s offer for CI Capital

Comments (0) Business, Latest Updates from Reuters, Middle East

CAIRO (Reuters) – Egypt’s Commercial International Bank (CIB) approved a two-week extension for an offer by Beltone Financial to acquire its subsidiary CI Capital, CI Capital’s Chief Executive Officer Mahmoud Atalla told Reuters.

The offer was due to expire on Thursday.

“CIB approved Beltone’s request to extend the period of the offer to acquire CI Capital by two weeks, ending on May 12,” Atalla said.

In February, CIB signed a deal to sell investment bank CI Capital to Beltone, a unit of billionaire Naguib Sawiris’ Orascom Telecom OTMT.CA, for 924 million Egyptian pounds ($104 million) but the deal has stalled pending approval from Egyptian regulators.

Sawiris said at the time he planned to merge CI Capital with Beltone Financial, which OTMT bought last year, to create one of Egypt’s largest investment firms, but the deal has faced a series of delays.

The Egyptian Financial Supervisory Authority said this month that the deal was delayed pending the resolution of a court case and other issues, including a violation by Sawiris of pre-existing pledges to the EFSA.

Sawiris’s bid for CI Capital was also challenged in February when a unit of the state-owned National Bank of Egypt made a counter-offer. It later withdrew.

Sawiris later said the deal was being held up by national security concerns and criticised the state for meddling in business, adding that it discouraged investors.

 

 

(Reporting by Ehab Farouk; Writing by Asma Alsharif; Editing by Susan Fenton and Ed Osmond)

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AIG becomes Africa’s first “unicorn”

Comments (0) Africa, Business, Featured

africa internet group

African Internet Group (AIG) has become the continent’s first ever start-up company to be valued at over $1 billion.

African Internet Group (AIG) has been a trailblazer since the company was launched, in 2012, and it has now become the continent’s first ever “unicorn” startup. A “unicorn” simply refers to any startup company that becomes valued at over $1 billion, of which there are only 151 across the globe.

While such success is an incredible achievement for any business, to attain such status within only 4 years of launching is an astounding feat.

It is not simply the matter of how AIG can provide employment and services in Africa, but how such success inspires others to pursue their ambitions within the continent.

A groundbreaking year

It was expected that AIG would reach its “unicorn” standing by early this year, as turnover from its numerous brands continued to soar. Then, in March, the French insurance group AXA announced that it had purchased an 8% share of the company for $326 million, and AIG finally had a valuation of over $1 billion.

Within weeks of this announcement, the organization had further investment. French mobile phone company Orange declared it had put a further $85 million into AIG, adding still more revenue to the startup’s burgeoning resources.

While Orange’s plans for cross-promotion with AIG are not yet clear, AXA will look to sell insurance packages through AIG’s largest source of income, its Jumia online retail brand.

Jérémy Hodara

Jérémy Hodara

Jumia was set-up, alongside AIG, by co-founders Jérémy Hodara and Sacha Poignonnec to provide African customers with an online shopping experience that matched the one offered by Amazon to consumers outside of Africa. While primarily focused in Nigeria, Jumia has expanded into a further 10 countries.

As Jumia flourished, AIG bought up and invested in other African companies that tapped into the demand for greater services in retail and leisure. The AIG portfolio includes the likes of Hellofood, an app for food delivery and Easy Taxi, which is essentially an African Uber.

AIG now controls 71 companies across 26 nations in Africa, with 10 of these companies involved in the e-commerce sector. The growth in the e-commerce market has been “double-digit…month after month” according to CEO, Jérémy Hodara.

The keys to success

Whenever a company realizes the level of growth that AIG has experienced, it is pertinent to ask: just what did they do to achieve such huge and rapid success? In the case of AIG, there are a number of factors that have allowed the company to do something unprecedented in Africa, with two in particular standing out.

The first of these was the focus on understanding and meeting the wishes of local markets. In an interview with Forbes magazine, Hodara explained that many African consumers were unsure about online shopping and trust had to be carefully fostered. This was done by offering not only exceptional service but by giving options that would be unusual in a market like America. One example of such options was cash on delivery, as Hodara said, “That way, people have assurance they can pay when the product arrives.”

The second major differential, that marks AIG’s group of e-commerce sites apart, has been their vertical integration. While most retailers in the US or Europe would outsource delivery to an existing company, this would simply not provide the level of customer service AIG wanted in Africa. Therefore, they use their own fleet of drivers, which Hodara explains is “larger than UPS, Fedex and DHL in Nigeria.”

AIG also employs its own online marketing and IT teams, which, aside from ensuring quality control, also reduces costs. Hodara says, “We believe we need to control the value chain from A-Z.”

Online retail is an area that Hodara believes will eclipse “bricks and mortar retail” within Africa. With that in mind, it has been a huge boon to AIG to have struck deals with the continent’s largest telecommunications companies, Rocket Internet, Milicom International Cellular and MTN.

Even more tantalizingly, McKinsey Consultants predict that within 9 years’ time, Internet penetration in Africa will have hit 50%. The opportunity for even greater expansion is evidently within AIG’s grasp.

A few years ago, an African “unicorn” might have seemed a proposition almost as unbelievable as its namesake, but AIG has not just become a first, they have potentially changed forever how investors view African startups.

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Angola probes management at local unit of failed Portuguese bank: official

Comments (0) Africa, Business, Latest Updates from Reuters

LUANDA (Reuters) – Angola has opened an investigation into the conduct of the management at the local unit of failed Portuguese bank Banco Espirito Santo, Attorney General Joao Maria de Sousa said on Wednesday.

Banco Espirito Santo (BES) collapsed in 2014 under the weight of its founding family’s debts and exposure to bad loans in Angola.

Portugal’s Novo Banco was carved out as the “good bank” from BES, while its Angolan unit Banco Espirito Santo Angola (BESA) was reincarnated as Banco Economico, with new shareholders including state oil company Sonangol.

“We have opened an inquiry on Banco Espirito Santo Angola management. This inquiry was an initiative of the bank shareholders,” de Sousa told reporters.

“I can not talk about the possibility of arrests in this process because I don’t know the facts.”

 

 

(Reporting by Herculano Coroado, Writing by Stella Mapenzauswa, Editing by Angus MacSwan)

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