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Aïssa Dione: One woman’s fight for traditional Senegal textiles

12 April 2016 Comments (1) Africa, Featured, Leaders

Aissa Dione

The lady behind internationally renowned textile company Aïssa Dione; artist, designer and entrepreneur.

Dating back to the 15th century, Senegal has a tradition of textile weaving and dyeing as rich as the fabrics themselves. However, with a shift towards mass-produced clothing and the ever changing fashions and trends, this time-honored practice has suffered a huge set back. The name Aïssa Dione has become synonymous with the ancient craft, as she has fought to revive what was a tradition on the brink of distinction. “Spinning and textile industries have nearly all closed and traditional weavers are slowly but surely disappearing,” said the designer, a woman who has dedicated her life to reviving Senegal’s tradition.

A bold autodidact

Born to a French mother and Senegalese father in 1952, the renowned painter and textile designer grew up in Nevers, France. She attended the school of Fine Arts in Chelles before leaving to Senegal at the age of 20, to pursue an international career as an artist. Fate was to slightly alter her career course, when a potential buyer of her work, Pierre Babacar Kama, head of Chemical Industries of Senegal (ICS), said he would like first for his offices to undergo a revamp. It was “a bluff,” she said, when the budding artist responded confidently that she could manage such an undertaking.

This event marked the beginning of the entrepreneur’s textile and business adventure. Dione began with a single weaver who had worked for her grandmother. They set up their make-shift studio in her garden and she went to work, combining her artistic flare with traditional Senegalese weaving methods, such as the Mandjaque technique. The result was so impressive that many commissions were to follow. Local media interest sparked intrigue and soon her work was reaching a global audience, with orders flying in from all across the globe.

Celebrating Senegal

Aïssa Dione Tissus

Aïssa Dione Tissus was officially launched in 1992. From its modest beginnings it rapidly grew from having a single weaver to 15 workers, prompting a move to a more suitable location. Still her place of work today, her now burgeoning artillery is situated in Rufisque, a small town outside Dakar in Senegal. The company employs 100 Senegalese artisans. Dione dreams of recruiting more and expanding her business further but in the meantime there are Senegal’s restrictive labor laws to contend with.

Passionate about her roots, what she has borrowed from the country’s tradition and methods, she has more than given back by celebrating all that is Senegalese through textile and showcasing it to the world. The company’s philosophy is one of slow industry; creating a refined, luxury brand from local raw materials. While the West African country exports 5,000 tons of cotton annually, none was previously leaving as finished pieces of textile; the entrepreneur is changing this trend. The products from Aïssa Dione Tissus are 100 percent made from Senegalese materials, created by a purely Senegalese workforce and traditional methods of dying and weaving that are still harnessed to this day. One example: the all-natural dyes they make out of local bark and mud collected from the lake during the dry season.

“I strongly believe in small-scale industries, as a way to bring development to West Africa. We grow a million tons of cotton in this region and we export 99% of that. If I can process that cotton here, at home, I can increase my revenue fifty or one hundred times,” said the elegant 62 year old.

The future for textile and art

What the statuesque designer has so masterfully achieved is introducing a social and economically aware business into the world of high fashion and design. She discovered how to elegantly blend the traditional with the modern and it is a roaring success. What had been slowly slipping into oblivion was rescued from the precipice and with just the right modern twist is made palatable for the current trends. Labels such as Hermès, Christian Lacroix and Fendi Casa have made orders from Aïssa Dione fabrics and designers such as Jacques Grange, Christian Liaigre and Peter Marino have all used her products.

Her passion, her drive and her determination to stick fast to her beliefs make the success of Aïssa Dione Tissus even more incredible. Many frustrations along the way could have tempted a less resolute person to take shortcuts here and there but that would have compromised too much of what this French-Senegalese artist and “Lioness of Africa” believes in.

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Cyrille Nkontchou, African business tycoon with a conscience

29 March 2016 Comments (0) Africa, Featured, Leaders

Cyrille Nkontchou

Always a firm believer in his continent, the Cameroonian businessman now is investing himself in Africa’s future.

Having recognized the potential of his continent early on, Cyrille Nkontchou was one step ahead of the rest by investing and believing in Africa. A man of the world, he lived, studied and worked across the globe before finally returning, full of knowledge and experience, to his motherland. The serial entrepreneur operates from his Sandton office in the heart of the exclusive suburb of Johannesburg. Quiet and discreet, this tycoon has already pioneered a way to bring investors to Africa. Now he wants to help educate his academic and entrepreneurial successors.

Getting started

Nkontchou spent his formative years in his country of birth, Cameroon. Leaving at the age of 13 he moved with his diplomat parents to France. A good and committed student, he studied Economics at the Paris Institute of Political Sciences before earning a place at the illustrious Harvard Business School, coming away with a Master of Business Administration (MBA) degree. His impressive education led him to work for the likes of Andersen Consulting, in their branch in the French capital and Merrill Lynch investment bank in London, where he started his career as an investment adviser for international companies interested in opportunities in Africa. Here he gained experience that would prove invaluable for his future pursuits.

In 2000, the young aspiring entrepreneur took a leap of faith, packing his bags as he set off for Johannesburg to create Liquid Africa. With many years experience it was a calculated risk but nothing could prepare him for his first failure. Hailing his primary business as a platform to access financial info on the internet proved to be unviable in Africa. It was back to the drawing board, which gave the Cameroonian businessman the opportunity to successfully re-orientate his company as an investment banking business. “Fortunately, from 2005, Africa has again become fashionable, and we had a lot of success,” said Nkontchou.

Sharing good fortune

On the back of his first venture’s triumph, the winner of the accolade “Young Global Leader in 2006” at the World Economic Forum, decided to go into business with his brother. Together in 2007, they created Enko Capital, an asset management company that deals with launching and managing investment funds for clients. Investments are made in public and private equity, and fixed income markets, mainly in the African continent. The company is still going strong, with offices in London and Johannesburg.

This hard-earned prosperity has given Nkontchou the opportunity to put something back into his continent. “In addition to the infrastructure, in particular energy, agribusiness is a promising sector in Africa,” he said. Whilst working with a pesticide company in West Africa he realized that many small producers struggled because of a lack of capital. He decided he could assist by providing pesticides to farmers on credit. Re-payment is then not required until crops have been harvested and sold. Already more than 50,000 small producers have benefitted from Nkontchou’s lending scheme.

Enko Education

Enko Education

Investing in the future

After many years of hard work Nkontchou is not ready to put his feet up. Instead he is continuing to use his privileged position to focus on the social issues that surround him. In 2013 he set up Enko Eduction: private schools that aim to assist the youth of Africa’s increasing middle class. Having benefited from a good education in France, he feels it is hugely important to bring this same opportunity to the African entrepreneurs of tomorrow. He believes this can best be done through the private sector, as he expressed, “Africa will come to work when governments will rely more on the private sector which is more effective in management.”

Enko Education has a goal, to welcome 20,000 students across a network of 45 schools, in 30 countries in 5 years. Cyrille Nkontchou also has a goal, to put back what he can into his continent and to help pave the way for all its bright future graduates. He has a legacy that he wants to share, that Africa is worth investing in. “You know, at the beginning of a career one thinks only to accumulate the most wealth possible but, from a certain age, we think more to give and leave an intangible heritage,” said the conscientious businessman.

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Ojay Greene, helping the land bear fruit for those in need

24 March 2016 Comments (0) Africa, Featured, Leaders

ojay greene

Ojay Greene is a business seeking to improve lives in East Africa by working with smallholder farmers.

With consumer consciousness being on the rise, demand is high for products to be sourced locally, ethically and sustainably. The food industry in particular is noticing a trend towards a more aware buyer and while popularity may make some companies jump on the bandwagon, one has set a precedent for genuine philanthropic and ecological concern. Only two years in the running and already winning big investors, Ojay Greene is going for it full-heartedly and making changes for the better.

The brainchild of Kenyan born Yvette Ondachi, the agribusiness seeks to address the key problem that faces small-scale farmers in Kenya, the inability to contend with their larger counterparts. At present a mere 5% of the country’s fruit and vegetable suppliers hold the monopoly on supermarkets, providing them with 80% of their produce. Rural farmers have little chance to compete without the support and knowledge of a company like Ojay Greene, which is creating inroads for them to sell to the big buyers.

At the roots

A small enterprise themselves, the business is run mainly by a dedicated team of four based in the country’s capital Nairobi. Headed by founder and managing director Ondachi who set up Ojay Greene in March, 2014 the venture has quickly acquired a solid client base. Currently working with over 200 smallholder farmers they connect the rural producers in contracted terms with the likes of Naivas Supermarket and the Fairmont Hotels and Resorts.

To optimize the impact of their business model and share their philosophy and knowledge, Ojay Greene offers a range of services but the area in which they excel and have gained most success is food production. Concerned with enhancing small, rural agriculturists, they work alongside the farmers, offering solutions, training and providing market links to long-standing clients in order to help each one reach full potential.

“If we have professionals with a sense of justice and strong sense of determination, they will join the entrepreneurs in trying to shape our society,” said founder Yvette Ondachi.

Lady with the “greene” fingers

Yvette Ondachi

Yvette Ondachi

The lady behind it all, with experience both academic and vocational, Yvette Ondachi not only has a vision, she also has the means to provide all the services her company supplies. After studying Biochemistry & Chemistry at the University of Nairobi, the young entrepreneur worked for 15 years in pharmaceutical sales and marketing. After traveling all over East Africa, what struck her most was the great divide between rich and poor.

Ondachi’s decision to step away from a lucrative and stable career, to embark on a risky but now highly successful entrepreneurial adventure, was fueled by the desire to bridge this divide and to make a change to the poverty levels in her country. Despite now having a burgeoning business model everyday still remains a challenge. “Entrepreneurship is definitely not a walk in the park especially because the solutions we are giving smallholder farmers have to do with behavior change,” Ondachi acknowledges.

Key to the future

On the 24th of July, 2015, the company won the Pitch for Impact 100k competition, receiving an investment of $100,000 from Steve Case, founder of AOL. Having already won a big investment and having gained partnerships from leading supermarket chains, it is clear that not only those involved see great potential. “Ojay Greene represents the promise that Africa is truly open for business,” said Steve Case.

It is the hoped that smallholder farmers will continue to embrace the changes in return for a more profitable future. Already the company has increased the income of more than 30 growers by up to 40% and improved the lives of many. Ondachi and her team are intent on extending their invaluable work further, welcoming all who wish to participate into the Ojay Greene care. However, they remain realistic. Change doesn’t happen overnight but little by little, but the incorporation of new methods and the creation of new solid partnerships between rural and urban are starting to bear fruit.

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Sheikha Lubna Al Qasimi : The Arab World’s Most Powerful Woman

22 March 2016 Comments (0) Featured, Leaders, Middle East

Sheikha Lubna Al Qasimi

Sheikha Lubna Al Qasimi’s more than decade-long political career began with the groundbreaking distinction of being the first woman appointed to a ministerial office in the UAE.

CEO Middle East magazine has ranked United Arab Emirates’ Minister of International Cooperation and Development (MICAD, also called the Ministry of Tolerance), Sheikha Lubna Al Qasimi, the most powerful Arab woman for the sixth year in a row. The first woman to hold a government ministerial position in the UAE, Sheikha Lubna’s long political career has enabled her to rise through the ranks of a male-dominated society.

A member of the ruling party, Lubna is the niece of his Highness Dr. Sheiki Sultan bin Mohammand Al Qasimi, the current ruler of the Sharajah Emirate and a member of the Supreme Council of the UAE. Before her political career took off, Sheikha Lubna studied in the United States, where she received her Bachelor’s Degree in Computer Science before undertaking her MBA with the American University of Sharajah.

Becoming the Most Powerful Arab Woman: Education, Family and Positions of Power

CEO Middle East magazine creates its ranking of 100 powerful Arab women based upon the number of lives each woman has touched. With more than a decade in political office, Sheikha Lubna’s position of power has enabled her to create and inform UAE policies, impacting the lives of millions.

Her professional career includes a litany of impressive feats across business and financial sectors: in 2000, she became the CEO of Tejari, the first business-to-business e-market place in the Middle East; acted as the head of the Dubai e-Government executive team and was responsible for instituting initiatives throughout Dubai’s public sector in 2004; and Sheikha served as the Chairperson of the board of Directors of the UAE’s Securities and Commodities Authority from 2004-2008. In addition to her MBA, Sheikha Lubna has three Honorary Doctorates: Law and Economics from in science, from California State University (Chico), in Law, from the University of Exeter (United Kingdom) and in Economics, from Hankuk University of Foreign Studies (Korea). Honorary Doctorates are given in recognition of contribution to the field, and are usually awarded after an individual and provided a commencement speech or rendered another service to a university.

In 2004, Sheikha Lubna was appointed Minister of Economy, earning the distinction of the UAE’s first female minister. After a successful tenure at Minister of Economy, Sheikha Lubna became Minister of Foreign Trade in 2008. In 2013, she was appointed Minister of the Ministry for Cooperation and Development, and in March 2014 appointed as President for Zayed University (one of the UAE’s highest ranking tertiary educational institutions), as well as the Head of the UAE Committee of Humanitarian Aid just two months later.

Moving Up, As a Woman

Sheikha Lubna Al Qasimi with Bill Gates

Sheikha Lubna Al Qasimi with Bill Gates

Sheikha Lubna’s impressive educational, professional and political career would have likely been impossible without her family connections and high standing in Emirati society. That being said, it was due to Sheikha Lubna’s perseverance and persistence that her family allowed her to pursue her academic interests.

“I wanted to be a computer engineer and my dream was to go to the US…It took a lot of [effort] from my brothers to convince my parents to let me go, but I [went to] the UK, and I stayed with a British family. As long as I was within a family environment, it was OK by my parents and eventually I went to the US,” Sheikha Lubna said at the Global Women’s Forum Dubai earlier this year.

Lifting Women along her Journey

Not only does Sheikha Lubna use her position to create positive change for Emiratis, but she is an influential figure for women throughout the Arab world. Her story of academic and professional success is no doubt inspirational for the millions of women who have not had strong female role models.

This highlights the difficulties Emirati, and Arab, women continue to face: Sheikha Lubna is from a very well-respected family, and yet it was her brothers who had to petition her parents on her behalf. When asked why she chose to return to the UAE, where her path would be presumably more challenging than if she stayed lived in a more equitable society, she said “I came back to the UAE because I owed to it to my country and to the leaders, and not many people get such opportunities.”

Sheikha Lubna has been recognized by Forbes and the Wall Street Journal as one of the most influential women in the world, regardless of region. Her sense of duty to her nation and countrywomen is truly remarkable. It has been a challenging road to be the first female minister in the UAE, and her dedication has not gone unnoticed.

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Ngozi Okonjo-Iweala: Economic trailblazer

16 March 2016 Comments (0) Africa, Featured, Leaders

Ngozi Okonjo-Iweala

Nigerian economist and author Ngozi Okonjo-Iweala is one of the most celebrated economists in the world today. Renowned for her accomplishments within the country and international institutions, she has impacted the micro and macro economies of Africa, employed successful reforms and won numerous awards.

Born in Ogwashi-Uku, Delta State, Nigeria, Ngozi Okonjo-Iweala is 61, married to Ikemba Iweala who is a medical practitioner and surgeon and together have four children, three sons and one daughter, Onyinye, Uzodinma, Ikechukwu and Uchechi.

From the hard life to Harvard

At the age of 18 she traveled to the United States to begin her education. She attended Harvard University in Boston where she studied Economics and received her undergraduate degree; she subsequently attained her PhD in Regional Economics and Development from the Massachusetts Institute of Technology and has received Honorary Doctorates from Yale University, Brown University, Colby College, Northern Caribbean University, The University of Pennsylvania and Amherst College.

Her tenacity was apparent from a young age when she carried her Malaria-infected sister to a small clinic 10 kilometers away and made her way through the dense crowd to see the doctor; her sister survived and she describes the walk back as “…the shortest walk I ever had. I was so happy that my sister was alive. Today she’s 41 years old, a mother of three and she’s a physician saving other lives.”

The determination she displayed in this situation resonates in her later life as she has held a number of positions within the Nigerian Government and International Institutions. She currently lives in Abuja, Nigeria, working as a Senior Advisor for Lazar Ltd., a position she has been in since September, 2015. Okonjo-Iweala is also the Honorable Minister of Finance of Nigeria and the Coordinating Minister for the Economy, a Member of the Governing Council of Nigeria Sovereign Investment Authority, a Member of the Board of Governors at African Development Bank, an Advisor to the World Bank, Director of the World Resource Institute and Governor of the Islamic Development Bank. This is preceded by various positions in the World Bank, including Managing Director (2007-2011), Finance Minister and Foreign Minister of Nigeria (2003-2006). She was the first woman to hold these positions. She also ran for President of the World Bank but was defeated by Jim Yong Kim, America’s candidate.

Influence and Accomplishments for Okonjo-Iweala

Before Okonjo-Iweala made her way onto Nigeria’s political scene, the vision of a productive economic future did not look all too promising. Okonjo-Wahala was the name she earned herself after becoming Finance Minister, which means Trouble Woman. “It means, ‘I give you hell,’ she said. “But I don’t care what names they call me. I’m a fighter; I’m very focused on what I’m doing, and relentless in what I want to achieve, almost to a fault. If you get in my way you get kicked.”

Having to face issues such as extreme corruption, billion dollar debts and a GDP headed in the wrong direction, she had her work cut out for her. During her average seventeen hour work day, she fought corruption by addressing the issue of financial kickbacks, terminating the jobs of those involved, imposing jail sentences on scammers and investigating corruption within the oil industry resulting in improved transparency of the sector.

Nigeria had been experiencing a negative per capita growth for the past ten years. She came up with a solution that rearranged the budget which led to the stabilization of the economy as well as savings during upwards fluctuation of crude oil prices; these savings were used during the financial crisis to stimulate the economy.

A more adjustable exchange rate was imposed which complimented market-determined rates and from there, she shifted focus to one of the looming issues: debt. The country’s largest debt was for $30 billion form the Paris Club. In 2005 she was able to make a deal which cleared this debt; before this, Nigeria was paying $1 billion per year, with none of the money actually going toward the principal debt.

Okonjo-Iweala also pushed for the privatization of certain government sectors, such as telecoms, power and ports, the result of which was a six percent economic growth which is still maintained.

Dedication does not go unnoticed: awards and accolades

Okonjo-Iweala has been celebrated throughout her career for her contributions to the economic world. She is the author of two successful books and a member of numerous advisory groups including the Nelson Mandela Institution, ONE Campaign, the African Institutes of Science and Technology and Friends of the Global Fund Africa.

She was #48 on Forbes’ The World’s 100 Most Powerful Women in 2015, named by Time magazine as one of the 100 Most Influential People in the World, chosen as one of the World’s 50 Greatest Leaders by Fortune, selected as African Finance Minister of the Year by the Financial Times/The Banker in 2005 and recognized as Global Finance Minister of the Year 2005 by Euromoney Magazine.

Ngozi Okonjo-Iweala’s career has directly aided Nigeria progressing to a leading African economy. She continues to be active in her field and is an advocate of change, growth and equality.

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Peace Hyde: Entrepreneur, broadcaster, actress

9 March 2016 Comments (0) Africa, Featured, Leaders

peace hyde

The British-born personality promotes education, entrepreneurship in Ghana and Nigeria.

As a child growing up in the United Kingdom, Peace Hyde had two dreams: One day moving to Africa, home of her Ghanaian forbearers, and launching a career in television.

Today, Hyde is living that dream in high style as an award-winning broadcaster, internationally recognized entrepreneur, West Africa correspondent for Forbes, and founder of a nonprofit that promotes education in Ghana and Nigeria.

Two years after leaving a teaching career in England to move to Ghana, Hyde, 30, was recently named African Broadcaster of the year at the Nigerian Broadcasters Merit Awards 2016.

Awards for leadership, influence

Hyde also was one of five people in media and entertainment named to a prestigious list of 50 most influential young Ghanaians in 2015 and was recognized as a Young Chief Executive Officer leader by the young CEO Business Forum in London for her work with Aim Higher Africa, a nonprofit she founded to promote education in Ghana and Nigeria.

She is also currently nominated for International Business Woman of the Year at the Women 4 Africa awards in London in May.

As a teacher in England for seven years before relocating to Africa, Hyde learned two important lessons: the importance of education to motivate and empower young people and the ability to multi-task, which has served her well in her many roles.

Education is a critical tool in the fight to empower communities and lift them out of poverty, she said.

Encounters with young people who carried goods back and forth at the markets of Accra convinced her that education was their way out. Seeing young girls who had no future but laboring at the marketplace, she said she “felt a deep sense of injustice. Something needed to be done for these girls.”

Without funding initially, she began to teach the children at the marketplace. Later, she found support to start Aim Higher Africa, a nonprofit that focuses on education and entrepreneurship.

Project creates digital classrooms

Initially, working in Ghana, Aim Higher Africa focused on improving standards at rural schools, including providing teachers with guidelines on discipline, testing, evaluating and grading.

As the program has grown and expanded to also work in Nigeria, where Hyde is currently based, she said it has become more strategically focused on bringing digital education to rural classrooms.

Currently, the organization is working with 30 schools in Ghana and Nigeria, Hyde said.

Promoting African entrepreneurship

She wants to help build a generation of young African entrepreneurs to help improve employment opportunities on the continent.

She said discussions traditionally have focused on job creation. But her philosophy with Aim Higher Africa is that empowering the next generation entrepreneurs and leaders who can create new industries “the only way you can create sustainable and scalable opportunities.”

Aim Higher Africa organizes Ignite events where entrepreneurs share their expertise and encouragement with young people.

She also hopes to tell success stories in her role as a television host and Forbes West Africa correspondent. As more stories of successful entrepreneurs are told, the environment and opportunities for the next wave of entrepreneurship will improve.

She sees “a new Africa where we are proudly exporting our heritage to the world,” she said. “I believe it is time to highlight the move towards digital platforms and technological advances that were not present (in Africa) a couple of years ago.”

Started with a teaching career

Born to Ghanaian parents in the United Kingdom, she was raised in England and received a degree in psychology from Middlesex University. She went on to receive a master’s degree in journalism and communications as well as a teaching qualification.

Once she completed her studies, she taught in middle and high school for seven years.

She said her experience as a teacher gave her a lot of practice in multitasking, which has paid off as she juggles roles that include broadcasting, running a nonprofit and even some acting.

Her current broadcast projects include hosting a popular celebrity talk show, The EFGH Show (Entertainers from Ghana) and hosting Friday Night Live, a lifestyles show. She has occasional roles in television programs, including a role as a Yoruba mother on the MTV program “Shuga.”

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WOMENA: Taking the (Middle) Men Out of Women’s Investment

5 March 2016 Comments (0) Featured, Leaders, Middle East

elissa freiha

Named one of The 100 Most Powerful Businesswomen by Arabian Business, Elissa Freiha is bringing the western model of “angel investing” to the United Arab Emirates.

Barriers to entry are one of the most common challenges creative entrepreneurs face. When young business people have excellent ideas, they have few resources to make these ideas concrete: this is where angel investing comes in. Angel investing is a relatively new concept that began in the western world and is spreading to areas with high concentrations of wealthy people, such as the United Arab Emirates.

Women and Business

Elissa Freiha received a Bachelor’s in Communications from the University of Paris and has worked in publishing and entertainment, both fields where women have been relatively successful in challenging the patriarchal status quo. A native Emirati of Lebanese and American descent, Freiha knew first-hand the challenges women face getting ahead in the business world in both her home country and the European west.

Entering the business world is challenging for both founders of start-ups and for investors. Wealthy individuals need advice on where, how and when to invest, and often need a great deal of coaching and education when they are considering their first large investments. In the UAE, financially independent women are still viewed with apprehension, making it even more difficult for them to make informed business investments.

Freiha recognized the need for a platform that would connect wealthy individuals with determined young business people. Freiha saw an opportunity to combine her feminist ideals with her business acumen: women across the globe have been historically left out of business investment and development. While this is changing in the western world, with more women breaking through the glass ceiling to the top levels of Fortune 500 companies, women’s visibility and participation in top-level business is still stunted in the Middle East.

With the aim of creating a platform for wealthy female investors to meet and collaborate with un-funded start-ups, WOMENA was born. It is not only a bold rejection of the male-dominated business world (men are not allowed to have membership), but is also a play on words: MENA is the acronym used to refer to the Middle East and North Africa in international forums.

womena

Women, Money and MENA

WOMENA is investor-focused, not entrepreneur focused. Members pay an annual fee for exclusive access to WOMENA’s extensive business connections, educational materials, hands-on advice and training workshops. The only institutional angel investment platform for women in the Middle East and Africa, it seeks to help women in the MENA region control their wealth intelligently. With a web of partners with varied business backgrounds and expertise, WOMENA offers members a unique approach to internationally and Middle Eastern focused investment. It does due diligence on all potential investment venues and, when a start-up is selected for presentation; the platform carefully goes through the risks with interested members.

According to the website, their mission is to make “investment more accessible and valuable” in that every new member and every new investment helps to redefine the role of women in business. WOMENA is a platform for progress, equality and education. We are bringing together inspiring and motivated women to make intelligent investments confidently. Development is our driving force: whether that is on an individual or collective level, we aim to push both social and economic boundaries.” Unlike other angel investing platforms, WOMENA does not aim to speed up or incubate start-ups, citing that “we have partners for that”, but are instead a platform for funding start-ups.

Ringing in the Future, Today

It is bold innovators like Freiha who will lead women in the MENA region into the business world. With money to invest and few platforms to do so, WOMENA is changing the way women handle money. A likely positive consequence of this platform will be the introduction of non-traditional start-ups to the MENA region. Women investors have different priorities than their male counterparts, and often look to promote women’s interests: several of the start-ups in WOMENA’s portfolio are apps that take out the time-consuming aspect of traditional “women’s work” so users, likely women with full-time jobs outside of the home, are able to spend more time on their careers and less time on gendered work. Other start-ups include online marketplace for used children’s clothing, an online database of e-books, an app that connects students, and more.

By inviting women into the investment seen with WOMENA, Freiha is changing the face of MENA investment. Financial independence and autonomy is an integral part of women’s empowerment, and Freiha has created a safe space for women to learn and grow as investors.

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Janine Diagou rises to number 2 in family company

2 March 2016 Comments (0) Africa, Featured, Leaders

janine diagou

As head of banking of NSIA Group, Janine Diagou prepares to introduce company shares on the regional stock exchange.

When Janine Bénédicte Diagou joined the family insurance and banking business in 1999, it wasn’t guaranteed that she would be running it one day.

But 17 years later, she is group managing director and head of the banking division at NSIA Group, a leading insurer in French-speaking Africa based in the Ivory Coast, and the number two to her father, Jean Kacou Diagou, who founded NSIA Group in 1995 and serves as its president.

These are busy times for the Diagous as their company, which has pursued an aggressive growth strategy, prepares to take their bank public and introduce shares on the regional stock exchange for eight West African countries, including Ivory Coast.

For Janine Diagou, that has meant months of travel to meet with boards of subsidiaries in the region to smooth the way for the initial public offering, which will enable the bank to raise capital.

Diagou studied business in England, France

Janine Diagou studied business and finance in Paris and in London, obtaining a Bachelor’s Degree in business administration in France and a Master of Science degree in finance in England.

After she finished her studies in 1995, she joined Citibank in Abidjan, and then moved to Mobil Group ACOE as an internal auditor.

She said she took what was essentially a demotion to join her father’s company at his request in 1999, trading an executive role at Mobil Group for the more modest role of auditor at NSIA.

Her father was forming a new auditing group and asked her to join as a simple auditor.

“He asked me to cut my salary in half. I was not very excited at first, especially since I did not know the insurance industry. So we had to work hard to prove that I deserved my place,” she said.

Skepticism, then success

She said she faced skepticism and took pains to avoid being perceived as having the job because she was the daughter of the boss, including addressing him as “mister president.”

She rose to become financial director of the group and then took charge of strategic development. She assumed her current position in 2011.

She said she and her father never had a game plan for her advancement.

“He never promised me anything and, believe me, he did not ease the task either. I think in my job, I won his trust,” she said.

Progress for women in business

She believes her success is a victory for women in business.

“Convincing men in industry of your competence is not simple in Africa,” she said. “The main challenge was to prove again and again that I was capable of doing the job at least at the same level as men — and even better.”

She said she and her father have not reached a stage of discussing succession. Instead she is focused in gaining investor confidence that the company is sustainable.

Family, private investors having holdings

NSIA currently owns nearly 80 percent of the bank, with the family holding 60 percent and the remaining 20 percent in the hands of private investors. National Bank of Canada bought a 20.9 percent share in the bank for approximately $94 million in 2015.

NSIA Bank, formerly known as BIAO-CI is part of the financial group NSIA, which is a leading insurance provider in 12 countries across West and Central Africa. NSIA also owns a bank in Guinea. The company reported revenue of $3.3 million in 2014 and Jean Diagou forecast revenue would increase by 10 percent in 2015.

Few details of the initial public offering have been made public and no date for the stock sale has been announced.

Ivorian law requires companies to offer at least 10 percent of their shares to be listed on the exchange.

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Fred Swaniker, Educating Africa’s next great leaders

1 March 2016 Comments (0) Africa, Featured, Leaders

Fred Swaniker

One man’s determination to make Africa great by teaching its fourth generation to be good leaders.

Gaining worldwide recognition, ranked among the “top 10 young power men in Africa” by Forbes Magazine and named one of the World Economic Forum’s “Young Global Leaders” in 2012, few could wish for such an impressive list of accolades. However, for Ghanaian Fred Swaniker, they are just a few happy byproducts of his passionate dedication to educate the fourth generation of post-colonial Africa.

Having succeeded in fulfilling his first dream of opening the African Leadership Academy (ALA) in 2008, followed later by the African Leadership Network (ALN) in 2010, he is by no means ready to slow down. Instead his latest mission just goes to prove that the 38 year old is quietly leading a revolution.

The ambitious entrepreneur has turned his sights towards developing the African Leadership University (ALU). Announcing his plans for the first time in public during a TED talk in October 2014, Swaniker spoke of the potential to educate and develop 250,000 leaders at the University’s 25 campuses across Africa. He estimated that over 50 years that would create three million transformative leaders who could finally walk out the doors of ALU and into the world, hopefully to carry out his vision of leading Africa in a brighter, more prosperous and stable direction.

Early inspiration

The TED fellow’s early years were spent moving from country to country almost every four years due to political unrest in his continent. At the age of four he experienced his first coup d’état that forced him and his father, a lawyer, and his mother, an educator, to leave their native home.

His family moved to Botswana, a revelation to the then eight year old Swaniker, who appreciated the country’s good infrastructure, no coups, good education and the fact that “things worked.” It was here, while watching television that the young Ghanaian pin points the moment he realized the power of leadership. As he watched the incarcerated Nelson Mandela refuse to give up the struggle against the apartheid he thought to himself, “one good leader could make such a difference in Africa.”

His experience of living in many African countries kindled a deeper love for his continent and solidified his dream, to dedicate his life to making Africa great. His first opportunity came about whist living in Botswana and his mother was asked to set up a school. On agreeing she made sure to engage her son as the head teacher, a mere 17 year old at the time. It was a life changing experience that would instill in him a deep understanding of the importance of education and responsibility.

Where education and leadership meet

These two pivotal realizations in the African entrepreneur’s life were uniquely profound but combined, they were revolutionary. He realized the potential in teaching leadership skills to bright, ambitious, young Africans to give them the opportunity to transform the continent. “For Africa more than anywhere else in the world, the difference that just one good leader can make is much greater than anywhere else,” Fred Swaniker said during his 2014 TED talk.

After studying economics at Macalester College in the US, he joined McKinsey management consulting firm before going on to obtain an MBA from Stanford University. While there he came up with the idea to create his African college.

It was not an easy road to fruition; he sacrificed his time, finances, energy and even comfort in order to raise what was needed to get ALA up and running. Reminiscing on the time, Swaniker said, “The initial funding came from my friends and family but that lasted for a few months and then it ran out. I really spent the next two years without any money and we just had to find ways to survive.” Luckily his support network was strong, with friends who believed in him enough they would go on to become co-founders and colleagues.

Looking ahead

It is with unwavering belief that the leadership development expert approaches the future. As much as he has invested already in his continent, he is ready to invest more. His faith is in this new generation and he is putting all he has into making the doors of his institutions as open as possible, to all.

The university runs a scheme of “forgivable” loans that offer students money for fees and living costs which are not required to be paid back should they work in Africa for 10 years after graduating. It is his way of additionally encouraging the bright, young thinkers to remain, to put all their new found skills and knowledge back into Africa.

“I thought that if I can create an organization that can find young entrepreneurs, young leaders in every country in Africa – that has the potential to really change the continent; if I could build an institution that could develop them, then they could achieve much more than I could achieve by myself.”

And while so much of the Young Global Leader’s time is spent conjuring up new ideas and ensuring the smooth operation of his many institutions, he still makes time to enjoy his relatively new married life. Married on the 8th June, 2013 he and his wife share a love of good food, travel and Africa – a continent that is going from strength to strength thanks to visionaries like Fred Swaniker.

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Najla Al-Midfa Breaks the Glass Ceiling

29 February 2016 Comments (0) Featured, Leaders, Middle East

Najla Al-Midfa

Najla Al-Midfa set her sights above the solid glass ceiling in the Emirati banking sector, joining as the first female board member at the United Arab Bank, and founding an online mentorship community to provide young Emiratis with more equitable opportunities.

The Muslim world is often portrayed as an oppressively sexist society despite some seemingly modern societies, such as the United Arab Emirates. Despite its widely publicized modernization, for women living in the UAE, life is undeniably inequitable: by law, Emirati women cannot marry non-Muslim men unless they convert (whereas men can marry a woman regardless of her religious affiliation), and wedding contracts are negotiated between future husband and a woman’s male guardian; sex outside of marriage is illegal, women cannot unilaterally divorce their husbands (whereas men can), and in order to petition for divorce must prove that they have been abandoned for more than three months, that they have been physically abused or that a husband has been financially negligent; and in the case of divorce, a woman’s custody rights may be revoked should she re-marry.

The First Step on the Career Ladder

Emirati women are lesser citizens than their male counterparts, which makes individual rebellions against the system all the more remarkable. Najla Al-Midfa, a native Emirati born and raised in Sharjah, is a prime example of the incredible strength and acumen Emirati women possess. Al-Midfa was born and raised in an affluent neighborhood in Dubai and received her Master in Business and Administration from Stanford University before entering the entrepreneurial world of the UAE. Upon her 2010 return to the UAE, Al-Midfa joined the Khalifa Fund. The Khalifa Fund was launched in 2007 to support young, local entrepreneurs in Abu Dhabi enter the business world. The Khalifa Fund was the perfect starting point for Al-Midfa: she wanted to use her business and interpersonal skills to promote local entrepreneurs in a comprehensive way. She guided a team through the due diligence process, and helped identify smart investments. While at the Khalifa Fund, Al-Midfa was constantly questioned about her career path: it was these questions that inspired her to create a mentorship program so that young people would have guidance after their academic careers.

Starting Up to Help Others Starting Out

Al-Midfa left the Khalifa Fund and founded Khayarat. Khayarat gives recent graduates exclusive access to existing companies, connecting them with potential mentors who can offer personal advice on entering the workforce. The online career development platform targets the 18-25 year old market so they can launch their careers in the private sector. Khayarat promotes companies through individual company pages that provide a complete analysis of the company: a Khayarat team visits each company and photographs the workspace and employees so prospective employees can get a feel for the atmosphere. For international businesses, this personal touch is important. Khayarat only visits local branches of international companies, which might not be highlighted on a given corporate website. By highlighting the local branch, Khayarat provides a comprehensive directory of local private sector companies with which recent graduates could work.

khayarat

A Crack in the Ceiling

Not only is Al-Midfa the founder of her own business, but she has worked for numerous international firms and is on several boards of directors and committees. It is common knowledge that, while women make up a significant portion of the formal global workforce, their presence in the upper echelons of business is lacking. Through hard work, perseverance and a refusal to accept the status quo, Al-Midfa has cracked the omnipresent glass ceiling. In her earlier career, she worked for PriceWaterhouseCoopers, the multinational professional services network. She is currently on the board of Education for Employment UAE; Sharjah Business Women Council; Young Arab Leaders and is on the Board of Directors and a Member of the Executive Committee at the United Arab Bank–the first woman to hold such a high position.

Al-Midfa’s impressive resume summarizes and even more impressive woman. Al-Midfa is a formidable role model for all young business people, regardless of gender or nationality. When asked for her best piece of advice, Al-Midfa said “the advice that I give most often is a piece of advice that was given to me – and now I’m passing it on… ‘We find comfort amongst those who agree with us, but we find growth amongst those who don’t.’” This advice should ring true for all: comfort zones must be left, as Al-Midfa did when she went to the USA for her MBA, and as she has done time and again in the male dominated private sector, in order to grow as a person and a professional.

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