
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1258656549-820x547.jpg" alt="" class="wp-image-523855" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1258656549-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1258656549-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1258656549-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1258656549-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1258656549-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1258656549-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Wamkele Mene, secretary-general of African Continental Free Trade Area (AfCFTA), during a Bloomberg Television interview at the Bloomberg New Economy Gateway Africa event in Marrakesh, Morocco, on Tuesday, June 13, 2023. The event brings together leaders in the private and public sectors to discuss the world&#8217;s most pressing issues and evaluate potential solutions in the context of local and regional priorities. Photographer: Hollie Adams/Bloomberg via Getty Images</figcaption></figure>



<p>The Secretary General of the African Continental Free Trade Area (AfCFTA) says he is disappointed that South Africa, Africa’s largest economy, has not ratified a payment system intended to cut trade costs and accelerate the economic integration of the continent.</p>



<p>The Pan-African Payment and Settlement System (PAPSS), established in partnership with the African Union, enables companies to transact in any of Africa’s 42 currencies without the need for a third party currency like the U.S. dollar, saving as much as $5 billion annually. Some 115 commercial banks and 15 central banks have joined the system.</p>



<p>&#8220;I regret that South Africa has not yet adopted the Pan-African Payment and Settlement System because I think it is a political economy question,’’ AfCFTA Secretary General Wamkele Mene told CNBC Africa. &#8220;I must confess, I am surprised that not more countries have joined PAPSS.”</p>



<p>While the question was best answered by the South African Reserve Bank, Mene said the country stood the most to benefit from lowering costs and increasing intra-Africa trade as it had more than 80 percent of manufactured goods trade in Africa.</p>



<p>The Africa Export-Import Bank estimates more than 80 percent of intra-African payments currently go through either Europe or the United States, a legacy of the continent’s colonial history and political and economic dominance of the West over the continent. PAPSS will reduce this reliance while giving Africa autonomy over its trade relations with the rest of the world, Mene said.</p>



<p>&#8220;If you look at the cost of a transaction, a trade transaction across regions of the continent, if your goods cost you $500, we charge you $2 to transact on PAPSS. If you use SWIFT, you will pay $60, $70. And it is instantaneous. It is a digital platform, instantaneous. So I think that it is in Africa&#8217;s advantage,’’ he said.</p>



<p>The Africa Union launched the Africa Continental Free Trade Agreement in January 2021, the youngest and largest trading bloc in the world seeking to create a common market with a combined gross domestic product of $3.4 trillion that’s projected to grow to $16.5 trillion by 2035, according to the Washington-based World Bank. It’s been ratified by 48 of Africa’s 54 territories. Eritrea is expected to join soon, Mene added.</p>



<p>&#8220;I think we have to make that mental shift of not only believing in ourselves as Africans, but also believing in the institutions and the mechanisms that we have introduced,’’ said Mene.</p>



<p>Key participants in PAPSS include central banks, which act as regulators and clearance agents, commercial banks, fintechs, payment service providers and their customers who are made up of the businesses operating across the continent.</p>



<p>Afreximbank says it expects the majority of Africa’s central banks to have joined PAPSS by next year, a key step in its drive to increase intra-African trade to more than 20 percent, the lowest amongst the world’s trading blocs. Intra-European trade sits 68 percent with Asia at 59 percent while Northern America is at 30.6%, according to the UN Trade and Development.</p>



<p>&#8220;This question is not just about addressing the trade deficit in Africa, it is also about the sovereignty of the continent of Africa, the payment sovereignty of the African continent,’’ Mene said. &#8220;If today you upset somebody in Washington, in London, you will be kicked out of SWIFT and you will not be able to transact with the rest of the world. So it is not just about the issue of easing payments, it is also about the political sovereignty. It is a political economy question.’’</p>


Key Speakers at New Economy Gateway Africa Event

AfCFTA Secretary General Laments S. Africa’s Absence from Flagship African payments system

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<p>Technological Advances and Ethical Uses of Technology came to the fore at the 10th Future of Education Summit. CNBC Africa Anchor, Zanele Morrison led a panel discussion on promoting digital literacy, responsible use of technology, and ethical considerations in the digital age, with leaders in the education sector from as far afield as Dubai, Finland, the UK and South Africa.<br />
#FOE2024</p>


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Future of Education Summit 2024: Technological advances and ethical uses of technology

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<p>In an era marked by environmental challenges, social inequalities and corporate accountability, the integration of ESG principles into education curricula has become paramount. Higher Education Institutions play a pivotal role in shaping future leaders who can navigate complex global issues. CNBC Africa&#8217;s Zanele Morrison moderates this panel discussion with four prominent academics.</p>


FOE 2024: Governance & Integrating ESG and Sustainability Principles into Curricula

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<p>The share price of Oando gained 10 per cent today after the announcement of the 783-million-dollar acquisition of Eni’s Subsidiary, Nigerian Agip Oil Company. How does this fit into the Oando’s diversification opportunities within the broader energy sector? Ekene Oyeka, Securities Trader at Norrenberger joins CNBC Africa for more on this, stock price movements and what’s driving the sustained sell pressure in Nigeria’s equities.</p>


Oando share price up 10% after Nigerian Agip Oil acquisition

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<p>In an ever-changing world, education plays a pivotal role in shaping societies, fostering resilience, and promoting equity. This requires collective effort, visionary policies, and a commitment to leaving no one behind. CNBC Africa Senior Anchor, Fifi Peters and her guest address the topic of building a more inclusive, resilient, and sustainable education ecosystem. This discussion was part of the 10th Future of Education Summit.<br />
#FOE2024</p>


FOE 2024: Building a more inclusive, resilient and sustainable education ecosystem

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<p>Traders at UBA say the move by Nigeria’s Debt Management Office to issue 219 billion naira, less than the 409.9 billion naira that was on offer reflects a reduced borrowing appetite. Albeit market sentiments remained positive as investors scrambled for higher yields. Kenneth Onuoha, Team Member, Assets and Liabilities Management at UBA joins CNBC Africa for a market update.</p>


UBA: T-Bills market sees reduced borrowing appetite

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<p>The first panel discussion at the 2024 Future of Education Summit put the spotlight on the topic of Sustainable Education Models: Innovative and sustainable approaches to education delivery. We find ourselves at a crossroads — a juncture where tradition meets transformation &#8211; and we have to move our focus beyond pedagogy, and extend it to resilience, adaptability, and ecological consciousness.<br />
#FOE2024</p>


FOE 2024: Sustainable Education Models: Innovative and sustainable approaches to education delivery

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<p>Partnerships for Impact is the focus of this panel discussion at the 10th Future of Education Summit. CNBC Africa Editor-in-Chief, Godfrey Mutizwa engages with an esteemed panel of leaders in education to discuss strengthening collaboration between governments, academia, civil society, private sector, and international organizations to drive collective action.<br />
#FOE2024</p>


FOE: Strengthening collaboration between govts, academia & private sector to drive collective action

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<p>Traders at Access Bank expect an active market today as investors continue to cherry pick on-the-run bonds as investors continue deploying their funds in the treasury bills market. Ademola Osuntoki, Treasury Team Lead at Access Bank joins CNBC Africa for more market movements.</p>


Access: Investors cherry pick on-the-run bonds

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<p>Speaking at the 10th Future of Education Summit, Dr Sheila Jagannathan, Senior Advisor, AfDB &#038; World Bank &#038; Deputy Ex Director, Saylor Academy, USA speaks to CNBC Africa&#8217;s Editor-in-Chief, Godfrey Mutizwa about Technology as a Springboard to Building a Sustainable Future in Africa.<br />
#FOE2024</p>


Future of Education Summit: Technology as a Springboard to Building a Sustainable Future in Africa




<pre class="wp-block-code"><code>The Regulatory Landscape in Africa the is the topic for this interview with Prof Ahmed Jinapor Abdulai, Director-General of the Ghana Tertiary Education Commission (GTEC). Speaking to CNBC Africa's Zanele Morrison, he addresses issues like regulations, gaps, requirements, private sector involvement, cross-border consistency, and quality.</code></pre>



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Future of Education Summit 2024: Regulatory Landscape in Africa

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<p>The Future of Education 2024 Keynote Address by Prof. Lethlokwa George Mpedi, the Vice-Chancellor and Principal of the University of Johannesburg, is wide-ranging and impactful. Among other things, he examines the role of universities in society, the digital divide and achieving equitable access to education, employability of graduates, and collaboration between universities and industry.<br />
#FOE2024</p>


10th Annual Future of Education Summit: Professor Letlhokwa Mpedi delivers keynote address

<p><iframe loading="lazy" src="https://www.youtube.com/embed/6c8QkhTbMNM" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>In his welcome address to attendees of the 10th Future of Education Summit, Dr Rakesh Wahi, Co-Founder of the ABN Group and Founder of the FOE, summarises how the purpose of education has evolved until the current context dominated by technology and disruption. He elaborates about this year&#8217;s theme: Education Renaissance: Charting a Sustainable Future for Africa.<br />
#FOE2024</p>


Welcome address by ABN Group’s Rakesh Wahi at the 10th Annual Future of Education Summit

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<p>Ironman returns to Rwanda: A testament to endurance and the rising sports economy driving new opportunities in the heart of Africa.</p>


Triathlon Titans: Ironman in Rubavu, Rwanda

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<p>Data from the Central Bank of Nigeria shows the country recorded a fresh high in remittance inflows, reaching 553 million dollars in July this year. This marks a 130 per cent year-on-year increase. Meanwhile, investors fix their attention to the 409-billion-naira T-bills auction today as cautious trading remains the main sentiment given the large oversell at this Monday’s bond auction. Uzor Anakebe, Treasury Team Member at Access Bank joins CNBC Africa for more on the market.</p>


Nigeria’s remittance inflows up 130% y/y at $553mn in July 2024

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<p>This week’s auctions are fueling a quiet market tone. The latest is today’s 409 billion naira T-bills auction as investors await the PMA results. Chuka Nwachukwu, Head of ALM and Balance Sheet Management at UBA joins CNBC Africa for more market movements.</p>


UBA: Investors await outcome of midweek PMA

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<p>The domestic equities market has largely remained bearish this week attempting to reverse losses majorly due to bargain hunting on Oando, Stanbic and Seplat. Patrick Ejumedia, Head of Research at Sterling Asset Management and Trustees joins CNBC Africa for more market movements.</p>


CNBC Africa

AfCFTA Secretary General Laments S. Africa’s Absence from Flagship African payments system

Future of Education Summit 2024: Technological advances and ethical uses of technology

FOE 2024: Governance & Integrating ESG and Sustainability Principles into Curricula

Oando share price up 10% after Nigerian Agip Oil acquisition

FOE 2024: Building a more inclusive, resilient and sustainable education ecosystem

UBA: T-Bills market sees reduced borrowing appetite

FOE 2024: Sustainable Education Models: Innovative and sustainable approaches to education delivery

FOE: Strengthening collaboration between govts, academia & private sector to drive collective action

Access: Investors cherry pick on-the-run bonds

Future of Education Summit: Technology as a Springboard to Building a Sustainable Future in Africa

Future of Education Summit 2024: Regulatory Landscape in Africa

10th Annual Future of Education Summit: Professor Letlhokwa Mpedi delivers keynote address

Welcome address by ABN Group’s Rakesh Wahi at the 10th Annual Future of Education Summit

Triathlon Titans: Ironman in Rubavu, Rwanda

Nigeria’s remittance inflows up 130% y/y at $553mn in July 2024

UBA: Investors await outcome of midweek PMA

Can Nigeria’s equities reverse bearish run?

News Tips

Advertise With Us

CNBC Africa

AfCFTA Secretary General Laments S. Africa’s Absence from Flagship African payments system

Future of Education Summit 2024: Technological advances and ethical uses of technology

FOE 2024: Governance & Integrating ESG and Sustainability Principles into Curricula

Oando share price up 10% after Nigerian Agip Oil acquisition

FOE 2024: Building a more inclusive, resilient and sustainable education ecosystem

UBA: T-Bills market sees reduced borrowing appetite

FOE 2024: Sustainable Education Models: Innovative and sustainable approaches to education delivery

FOE: Strengthening collaboration between govts, academia & private sector to drive collective action

Access: Investors cherry pick on-the-run bonds

Future of Education Summit: Technology as a Springboard to Building a Sustainable Future in Africa

Future of Education Summit 2024: Regulatory Landscape in Africa

10th Annual Future of Education Summit: Professor Letlhokwa Mpedi delivers keynote address

Welcome address by ABN Group’s Rakesh Wahi at the 10th Annual Future of Education Summit

Triathlon Titans: Ironman in Rubavu, Rwanda

Nigeria’s remittance inflows up 130% y/y at $553mn in July 2024

UBA: Investors await outcome of midweek PMA

Can Nigeria’s equities reverse bearish run?

News Tips

Advertise With Us

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