The Nation Newspaper

Author: The Nation

  • Lagos pays 426 retirees N1.51b accrued rights

    The Lagos State government has again paid accrued pension rights of N1.51 billion into the Retirement Savings Accounts (RSAs) of 426 retirees of the state public service.

    The Director-General, Lagos  State Pension Commission, Mrs. Folashade Onanuga, made this known in a statement in Lagos.

    According to her, the payments were made to the retirees at the 69th Retirement Benefit Bond Certificate Presentation ceremony in the state.

    She stated that the state governor, Babajide Sanwo-olu, had the interest of retirees at heart hence, he has been very consistent in granting approvals to clear off outstanding accrued pension rights.

    She thanked the retirees for contributing their quota and making a meaningful impact during their service years to the state.

    Read Also: Labour pledges payouts to pension age rise women

     

    The DG said the state government and the commission remained committed to ensuring that as people retire, they will transit to paid pensioners not later than two months after retirement.

    The government is committed to clearing the backlog and hence payment of a huge amount of N1.514 billion for the month of November.  In October, an amount of N1.15 billion was paid and in December, a projected amount of #1.5billion will also be paid.

    She advised retirees that health is wealth in retirement and they should be moderate in everything, to enable them live a longer and healthier life.

     

  • Governors’ lack of political will bane of CPS

    By Omobola Tolu-Kusimo

    Lack of political will by state governors in the country has  remained the bane of the success of the  Contributory Penion Scheme (CPS).

    The state governors are yet to embrace the scheme 15 years after it was established through the Pension Reform Act (PRA) 2004, as repealed by PRA 2014.

    According to the National Pension Commission (Pencom), out of the 36 states, 25 have enacted the CPS while nine states and the Federal Capital Territory (FCT)  have commenced implementation, remitting both employer and employee pension contribution.

    The Nation, however, gathered that the 25 states that have enacted the law have not implemented the scheme. Only Lagos, Edo, Kaduna and the FCT have fully implemented the laws of the scheme.

    Head, States Operation Department, PENCOM, Mr. Babatunde Philips, while speaking at the 2019 Journalist Workshop titled” Expanding coverage of the pension industry” held in Benin, said the need for states to adopt the  CPS cannot be overemphasised.

    He said this is because it presents opportunities for state governments to access available pension fund to deepen infrastructural development in the states.

    He observed that the delay in the adoption of the scheme by some  states was due to poor understanding by state officials and labour unions.

    Philips said: “The CPS stands as a legacy against old age poverty, as well as enhances the integrity of state governments’ payroll. The right of states to enact their own pension laws had been a clog in the wheel of progress, as some states delay in the enactment of their laws. The lack of political will by some state executive governors had also hindered the implementation as the decision more or less depends on the state governors.

    “Steps towards ensuring full implementation of the CPS in states include enactment of the state pension law, establishment of state pension bureau, commencement of actuarial valuation to determine accrued rights of employees, opening of RSA for all eligible employees amongst others,” he said.

    Speaking on  the benefits of the CPS, Philips said it will reduce pension burden and stem further growth of pension liabilities.

    Read Also: Pension fund contributors hit 8.85m with N9.58tr assets

    Continuing, Philips said: “The contribution structure allows for shared responsibility between the employer and the employee, incremental accumulation of pension funds and assets, sustainability of pension arrangement. Periodic and spaced out payment of contributions also ensures fiscal discipline and financial sustainability, and provision for instalmental payment of past pension rights of employees.”

    He also said it enhances integrity of State Governments’ payrolls, while biometric requirement for opening RSAs ensures data credibility, even as elimination of ghost workers reduces governments’ personnel costs.

    “It also frees states from unnecessary hassles of pension administration. It is a legacy against old age poverty and economic empowerment of the vulnerable segment of the society,” Philips said, adding that it is an opportunity for  states to access available RSA funds for infrastructure.

    Also, it is an efficient avenue for financing state governments’ long term borrowing needs like state bonds, corporate bonds. It also enhnaces access to RSA balances for affordable housing scheme

    In other words, state employees with RSAs can also use part of their RSA balances as equity payment to secure mortgage financing for their private homes.

    On the challenges, Philips said the right of states to enact their own pension laws had been a clog in the wheel of progress as some states delay in enactment of their Laws and/or enact laws that are at variance with PRA 2014 and CPS principles

    His words: “The lack of political will by some state governors has been a hindrance to the implementation of the CPS by states as the decision more or less depends on the states’ chief executives. Inadequate funding of the CPS in some states that had implemented the scheme  negatively impacted the smooth implementation of the Scheme.

    “There is also knowledge gap. Resistance to the implementation of the scheme by state officials and labour unions due to poor understanding of the scheme has delayed the adoption of the scheme by some states.

    “Partial implementation, deduction and remittances of only employee portion, deduction and non/incomplete remittances etc by some states had led to wide dissatisfaction and resistance of the CPS.” he noted.

  • Pension complaints and solutions

    AYAKI: I retired from the Ministry of Defence under  the Nigerian Air Force (NAF) in October 2018. I served as a teacher under NAF. Please when will my gratuity be ready? I am under SIGMA Pension. Thank you.

    SIGMA: Please provide the Retirement Savings Account (RSA) Personal Identification Number  (PIN) and registered telephone number of the client.

    ASKIRA: I am a retiree with Sigma Pensions. I submitted my annuity request since July 2, 2019. It was approved by PENCOM on August 16, 2019 and I also went to PENCOM to confirm. But as at September 11, SIGMA has refused to transfer my pension asset to my annuity provider, Custodian Life Assurance. Please kindly use your good office to call them to order. For three  months now I haven’t been paid.

    SIGMA: The retiree applied for the transfer of his fund to his preferred insurance company.This transfer was effected on September 9, 2019. The retiree should liaise with his preferred insurance company.

    Read Also: Pension complaints and solutions

     

    JOHN: My name is John Kadiri. I learnt PENCOM exists for the Nigerian pension industry to ensure that retirement benefits are paid as and when due. I retired from Federal Polytecnic Idah in 2018. My PFA is Sigma and I did my biodata on July 17, 2017. My last salary was September 2018. My question is that since that time till date, does it  mean that my pension is not due for payment? What is the cause of this long delay?

    SIGMA: The retirement Bond was remitted on November 22, 2019. However, his account is yet to be reconciled by PenCom. Kindly advise the retiree to contact us for Data Recapture Update.

    IBRAHIM: My name is Ibrahim and I work with Nigeria Immigration Service, A DSI by rank. My RSA initially was domiciled with the acquired Amana Pension Limited. That was at the time of my documentation at Gwagwalada Para-military Board in 2009. After having registered with the Amana before it folded up, my pin was not given to me and I was left in the unknown for quite a number of years until IPPIS made me to understand that Sigma Pension acquired Amana Pension. I contacted Sigma and complained. They advised me for a new RSA registration. After doing the registration and giving them the new PIN number, they later called me and informed me of an old PIN that Amana never gave me. Sigma later advised me to use the old PIN of which I agreed. My complaint now is that, as IPPIS started paying my salary, my pension deduction from Sigma is updating me based on the deduction from the commencement of IPPIS without the previous balance from my RSA hitherto domiciled with Amana. Please I need your help.

    PENCOM: The relevant department would require the PIN of the complainant in order to assist  him further.

    ABDULLAHI: My name is Abdullahi. My PFA is Trustfund. I have retired since 2014 and I did my biodata in August 2018. After that, I went to my PFA Trustfund to request for 25% of my total savings but I was told that PenCom did not send money for MDA and I am now seriously in need of money because my children‘s school fees is becoming a problem. Please, I need your quick response. Thanks. I want to know from Pension Solution when my friend who started working for the Federal Government at 21, was retired at 39, paid gratuity, will be paid pension monthly? She was retired 12 years ago; she is now 51 without pension. When will she start receiving pension monthly? Thanks for your attention.

    PENCOM: The relevant Department would require the PIN of the Complainant in order to assist them further

     

     

  • Grooming EdTech entrepreneurs

    Entrepreneurs as well as academic institutes, can transform learning. For this reason, the EdTech or Education Technology industry has emerged, propelled by startups looking to address the issue of both reach and quality of education by leveraging modern-day technology, DANIEL ESSIET reports.

    In Africa, amongst nearly 128 million school-aged children, 17 million will never attend school. Another 37 million children won’t be able to receive regularly at least a basic education because of child labour, insecurity and poor education policies. Moreover, only 29 percent  of the continent can rely on permanent access to the Internet,analysts said.  They hope  within the next  four  years, 80 per cent  of the world population will be able to access mobile broadband, allowing innovative educational solutions to spread evenly across remote lands.

    To this end, Africa is going to become a major gateway for EdTech  to provide educational content inside and outside of schools.

    Already,  according to analysts,    the continent has become one of the most dynamic e-learning markets, with revenues reaching $758 million last year.

    Analysts said  the EdTech  industry has emerged, propelled by startups looking to address the issue of both reach and quality of education by leveraging modern-day technology. There are now startups in EdTech sector offerings  software and web platforms for parent engagement, gamification, soft skills development, digital libraries, student networking, test preparation, procurement marketplaces, learning analytics, language tools, internship location, and real-time scenario engagement.

    It   was a topic of discussion at the Tech Cabal EdTech & the Future of Work Town hall held at the Zone Tech Park, Gbagada Expressway, Lagos.

    In line with these developments, the  Lagos Acting Commissioner, Wealth Creation & Employment, Solape Hammond, said the state is driving major initiatives in terms of leveraging technology for education. The  emphasis,according to her, is on skill-based development.

    She said the state is investing funds in the tech sector to build employability skills of residents and make education accessible to all.

    In a keynote presentation: Investing in Africa’s Human Capital through Edtech,the  Editor,  TechCabal, Olanrewaju Odunowo  said 10 to 12 million youths in the continent enter the workforce each year, mostly without the required skills.

    Read Also: Inspiring a new generation of African entrepreneurs

    He said a large cluster of African countries currently have a comparatively low capacity to adapt to the requirements of future jobs.

    He said it was time for entrepreneurs to enter the EdTech industry and use technology to  bridge skill gaps, quantify the learning outcomes, measure student performance and determine appropriate remedial actions.

    Specifically, he said the Nigeria EdTech space was gaining investors ‘interest with Sim Shagaya‘s uLesson, a learning startup —raising a $3.1 million seed capital. He said there were venture funds ready to support and invest in EdTech.

    The Chief Executive  Teach for Nigeria, Folawe Omikunle, noted that despite the number of schools and universities, the quality  was not improving, adding that  there  was  room available for new EdTech innovations.

    She said startups have a key role to play in the growth of the EdTech sector. According to her, categories such as   supplemental education, test preparation, reskilling  and language learning have great potential.

    While the opportunities seem exciting, there are many challenges in connecting startups with investors. One of the biggest problems is finding the right entrepreneurs that meet their investment philosophy and are at the right stage for funding.

    Speaking on the issue, Founder, Ventures Platform & Chairman, Edu Platforms, Kola Aina said the EdTech ecosystem is just starting to develop.

    The Founder, GidiMo, Dr Tunji Adegbesan said the economy will support entrepreneurs to launch EdTech startups.

    According to him, ed tech startups can be so emotionally draining, frustrating and demoralising, that unless one  believes one’s  idea is worthwhile, it’s unlikely one  will stick with it.

    His advice to aspiring entrepreneurs is to “Be prepared to endure setbacks. It will be a difficult journey, but in the end, it’s worth it!”

    Founder, The Rise Labs/CEO, Passnownow, Toyosi Akerele-Ogunsiji stressed the need to focus on collaborative innovation to help upgrading of the educational system and mass entrepreneurship.

    Chief Executive /Co-founder, EDVES, Dimeji Falana said there was a sheer potential for new EdTech startups and this is mainly due to the culture of continuous learning.

    The Chief Executive, STEM Cafe Jadesola Adedeji said the organisation is filling the gap left by an outdated curriculum to prepare young people for the jobs of the future.

    The Founder, Decagon, Chika Nwobi, said the organisation is solving the challenge of software development skills training including funding.

    Nwobi said his dream is to use local talents to solve both local and domestic problems with software developers.

    The institute gives the students,  loans  acquired from Sterling Bank, accommodation, feeding, a laptop, the tutoring and a monthly stipend.

  • Increasing digital financial inclusion, making an impact

    A startup, Fair Money, is expanding financial inclusion by delivering affordable micro-loans to Nigerians through a mobile platform, DANIEL ESSIET reports.

    In Nigeria, getting credit and small bank loans is difficult. So the citizens turn to friends or family members for financial help. Fintech entrepreneurs are exploring the situation to reach the unbanked. Through financial inclusion, they have an opportunity to create solutions that solve real problems and make an impact. Among them are Fair Money’s three founders, Chief Executive, Laurin Hainy; Chief Operating Officer, Nicolas Berthozat and Chief Technology officer, Matthieu Gendreau (CTO). They knew the market and decided in 2017 to start by helping millions of under banked people whose access to credit could change their lives. They established Fair Money to provide non-collateralised instant consumer, and micro business. The endless queues and paperwork requirements of traditional banks are time consuming, and people often are forced to risk their valuables as collateral for pawnshops or other non-traditional lenders.

    Based on the success of the credit offering, the team is now engaged in building a full-stack neo-bank.

    Fair Money’s vision is to become the world’s leading mobile bank for emerging markets.

    “We started by offering our mobile banking service in Nigeria with our first product, micro credit, with the aim of solving the problems faced by small SMEs and individuals trying to access credit.

    Read Also: Micro credit: A glimmer of hope for SMEs

     

    The objective is to offer fair and transparent services to help millions of under banked people who are underserved by traditional banks.”

    Individuals and small businesses can take loan from N1, 500 to N150, 000. Fair Money gives more than 6,500 loans daily, and since the company began operations in 2017, it has disbursed over 1 million loans to individuals and small businesses around Nigeria.

    As startup capital base, Fair Money recently raised E10 million in a Series A round led by Flourish, a venture of Omidyar Group, the partners of DST Global, and existing seed investors -Newfund, Speedinvest, and Le Studio VC.

    To get the loans, customers download the app, fill in the application, and get approved for a specific credit amount.

    To get more Nigerians to explore its loans, the organisation has launched ‘No Excuses’ campaign.

    The Head of Direct Marketing, Fair Money, Seun Oratokhai, said: “From our research we learnt that most individuals and small business owners in need of a quick loan first approach their family and friends, or a commercial bank. Unfortunately, they may get a long list of excuses such as ‘I wish you asked yesterday,’ ‘I borrowed what I am spending,’ and so on. Many of these individuals also struggle to meet the requirements of commercial banks, such as collateral and documentation.

    “Our guarantee to prospective borrowers is that, if they satisfy the eligibility criteria there are ‘No Excuses’ in securing a loan from Fair Money. We are also not asking for any documents or collateral. All Fair Money requires are a few personal details, the customer’s BVN and bank details,’’ Oratokhai, concluded.

  • Exploring income opportunities in hair care

    The  promotion of entrepreneurship by government to boost economic growth has heightened  the interest of several young ladies. Currently some  are exploring opportunities in different spheres  and especially the hair care industry to make a living. Amaka Onwuchekwa, Jessica Dickson and favour obiemeka looked at opportunities in the industry.

    The hair care industry is a huge one. This is because Nigerian men and women spend millions of naira on their hair. There is a market for hair fixing, weave-on, haircare products, shampoos and conditioners.  Buoyed by this, ladies are exploring opportunities in the industry to make a living out of passion  and as a means of making money. One of them is Blessing  Oluwanifemi.  Twenty six, she is a banking and finance graduate of Obafemi Awolowo University (OAU).She is a hair stylist. She runs a hair salon. She does various styling options.

    She said hair making is very lucrative. She has made money from it.

    After graduation, securing a job was difficult for her. She was also hard hit as her husband died suddenly. Things turned out so bad for her. She decided to learn braiding and hair fixing. The six months, she underwent the training was trying for her. She had to force herself to do it so she could fend for her family.

    She  recalled: “At first I felt embarrassed learning it because most of my mates were working in different companies. But I was motivated when I found out later that some of the apprentices were graduates like me but had to humble themselves to learn. Today, it has paid off’’.

    Using her words: “I am happy that I learnt the skill. Each hair I braid cost N1200 while hair fixing cost N1000.  I love what I do because it  puts food on the  table for my family,  pays my bills and keeps my children in school.

    Mrs Dada Bakare is another hair stylist who has no regret going into the business. When asked why she went into the business she said, “I went into hair styling business because I saw it as a very profitable business.   I started this business with N60, 000.”

    Read Also: Why Nigeria celebs love tinted hair

    One thing the business enables her to achieve is creating her own schedule, being her own boss and making a decent living.

    But she faces a lot of challenges. “In a week, there may be no customers while at other times, after making the hair, they refuse to pay.” She is determined to succeed and failure is not an option.  One of the most valuable lessons that she has learned from being in the business is to always listen to her intuition when making decisions.

    Among the hair stylists  happy to belong in  the industry is Joy. She recalled: “I started making hair when I was in secondary school. I decided to go into hair making fully because I saw it as a very good job and it is my passion. I started it with a sum of N10, 000. Even though l didn’t make money immediately but l persisted. Today, the business is   rewarding.

    Nora Kalu’s story is not different. She has worked in the industry for a while. Her words: “From my childhood, I have always loved making people’s hair.” I started braiding hair at the age of nine. I went into hair making fully after leaving primary school. I started with N7000.” Today it is a success story.

    She  said: “The secret of my success is having a business model that suits all budgets.  I have encountered a lot of difficulties especially from colleagues and customers. But in all, I’m always happy doing my job because it has been my means of survival.”

    Este B is another successful hair care entrepreneur. She acquired the skills while in secondary school. She  under went apprenticeship while in school. Este B paid a sum of N5000 to learn it. She resumes at the shop after school.

    According to her, she learnt the trade for three years and single handedly bought her equipment. Today, she is not regretting.

  • Chams emerges tech partner to military asset scheme

    by Taofik Salako, Capital Market Editor

    Chams Plc has been appointed as the technology solution provider to the National Personal Asset Acquisition Scheme (NAPAAS), which allows military pensioners to acquire assets through a private-public partnership.

    NAPAAS is an initiative of President Muhammadu Buhari for ex-servicemen, enabling them to access economic empowerment through public-private partnership initiatives. The NAPAAS’ plan is consistent with the Federal Government’s palliative action to alleviate poverty, create jobs and eliminate insecurity.

    The scheme was also designed to provide basic items at affordable discounted rates linked to a structured and flexible repayment plan for the benefit of interested veterans nationwide. Members could then use the various assets to generate business and related income.  It also has capacity to provide access to health and other insurance, mortgage plans and personal loans among others.

    Chams worked with NAPAAS to automate its asset acquisition scheme providing a robust, integrated, secure and multi-channelled asset acquisition platform online and via mobile app. The automation included key processes and end-to-end transactions with minimal human intervention.

    Read Also: ‘I always wanted something with the military’

     

    Group Managing Director, Chams Plc, Gavin Young,  said the NAPAAS platform was designed for simplified and automated registration, asset discovery, application, approval, collections, monitoring and reporting of activities.

    He noted that the application was simple and flexible and was imbued with artificial intelligence features, including liveness detection and face matching.

    “Military pensioners are the ultimate beneficiaries of the platform, ensuring they can acquire goods and services at affordable rates, linked to a structured and automated repayment plan. As the technology partner to NAPAAS and its esteemed members, our aim is to assist with fulfilling the vision of the scheme, which enables military service pensioners acquire personal basic assets with ease through the NAPAAS customer technology platform, designed with NAPAAS and developed by Chams Plc,” Young said.

     

  • Polaris Bank launches target loans for health SMEs

    by Taofik Salako, Capital Market Editor

    Polaris Bank has announced the introduction of a new loan bundle to support the growth of small and medium enterprises (SMEs) in the Nigerian health sector.

    Speaking on the benefits of the new Polaris Health Sector Loan bundle, Group Head, Products and Market Development, Polaris Bank, Mrs. Adebimpe Ihekuna,  said the product was designed to meet the funding needs of healthcare service providers in Nigeria.

    She said the new loan bundle was part of ongoing efforts by the bank to revitalise the growth of SMEs in the health sector.

    Read Also: Keystone Bank boosts workplace engagement, productivity

     

    “Polaris Bank is passionate about the health sector in Nigeria and is willing to support the private sector to drive the most desired growth needed for its transformation,” Ihekuna said.

    She outlined that the loan programme is targeted to meet the funding needs of SMEs in specific health sub sectors such as hospitals including dental and optometry clinics, pharmacies and medical laboratories and diagnostic centers among others.

     

     

  • Cutix eyes new products, acquisition for better growth

    by Taofik Salako, Capital Market Editor

    Cutix Plc has set up a team of researchers to develop new electrical energy products that could help the company to improve its performance and deliver better returns to shareholders. The company will also be exploring acquisition of related businesses to further diversify its operation base and improve performance.

    Chairman, Cutix Plc, Amb Okwudili Nwosu, said the team of researchers was expected to develop new products that the company can include in its products line in the short to medium terms.

    He noted that diversification through innovation is important for unlocking the future growth of the company.

    He said the company is also favourably disposed to expansion through acquisition.

    “We are committed to innovation and diversification in all areas of our business and we will continue to deliver superior products through efficient systems. We will leverage on our strengths with focus on operational discipline for optimal efficiency,” Nwosu said.

    Shareholders of Cutix at the recent annual general meeting approved the company’s bid to acquire Adswitch Plc,  a related electrical switchgears company that was delisted on the Nigerian Stock Exchange (NSE) in 2016. Adswitch, a wholly owned Nigerian company, was incorporated in 1982 and it has a close relationship with Cutix Plc.

    Addressing shareholders at the meeting, Nwosu said the company has continued to make major investments in future growth despite the challenges posed by activities of counterfeiters and importers of fake and substandard products.

    According to him, the company had during the immediate past year purchased and installed new equipment lines to increase speed of product processing.

    Read Also: CAP Plc to leverage technology for efficient operation

     

    He added that the company also commissioned a standard workshop to boost backward integration noting that Cutix now produces its extrusion tips, dyes  and some spare parts of its equipment.

    Key extracts of the audited report and accounts for the year ended April 30, 2019 showed that turnover rose from N5.06 billion in 2018 to N5.43 billion in 2019. Gross profit increased from N1.52 billion to N1.64 billion. Profit before tax also improved from N661.56 million in 2018 to N679.33 million in 2019. After taxes, net profit increased from N440.3 million to N477.07 million.

    Shareholders approved distribution of N220 million as cash dividends for the 2019 business year, 25 per cent increase on N176 million paid for the 2018 business year.

    Cutix is an indigenous company wholly owned by Nigerians. Incorporated in 1982, the company gradually transformed from a private limited liability company formed and owned by friends and family members to become a publicly quoted company.

    Adswitch had delisted from the NSE due to what the directors of the company then broadly described as harsh operating environment. The company, which was listed as a second-tier stock in 1991, filed for voluntary delisting at the NSE.

     

  • African stockbrokers to boost cross-border operations

    by Taofik Salako, Capital Market Editor

    Leading African stockbroking groups have signed an agreement to establish a common group that will help to facilitate seamless securities dealings and transactions across African capital markets.

    Securities and stockbroking associations from Nigeria, Egypt, Kenya, Mauritius and Morocco signed the Memorandum of Undertaking (MoU) to establish African Stockbrokers and Securities Dealers Association (ASSDA) in Botswana, southern Africa. The West African Economic and Monetary Union (WAEMU) was also part of the agreement while the President of African Stock Exchanges Association (ASEA), Mr Karim Hajji, was an observer.

    The Association of Securities Dealing Houses of Nigeria (ASHON) signed the MoU, which is expected to facilitate cross-border trading, settlement of securities, innovation and diversification.

    Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Chief Patrick Ezeagu said the decision to establish ASSDA was taken at a roundtable organised by the African Development Bank (AfDB)  in Abidjan on April 24, 2019, for the African Exchanges Linkage Project (AELP).

    He explained that the AELP was a joint initiative of ASEA and AfDB to enable and facilitate cross-border trading and settlement of securities across participating exchanges in Africa.

    The ASSDA is expected to foster Pan-African investment and trading of securities, and actualise the AELP.

    According to the founding charter of the ASSDA, membership of ASSDA shall be an association of associations constituted of full members that are registered stockbrokers or securities dealers or associations whose members deal in securities in one form or another as approved by the Governing Council of ASDDA. The AfDB and ASEA shall also serve as observer members of ASSDA.

    Read Also: Stock market transactions dip by 41% to N937.8b

    Among the objectives of ASSDA is the deepening of financial markets in Africa by encouraging and supporting measures that shall enable and facilitate trading and settlement of securities through stockbrokers and securities dealers across exchanges in Africa.

    ASSDA also supports the overarching goal of boosting Pan-African investment flows, promoting innovations that support diversification needs of investors in Africa, and helping address the lack of depth and liquidity in Africa’s financial markets.

    ASSDA shall also be the umbrella and advocacy body that shall engage with regulators, exchanges, other Pan African bodies and governments in seeking to find solutions that shall facilitate trading in securities across Africa.

    With the signing of the MOU today, ASSDA has formed an initial caretaker committee that shall work towards mobilising other stockbroking and securities trading associations across Africa in anticipation of a General Assembly meeting in 2020.