VENTURES AFRICA - I get confused with quotes sometimes – one points at a direction and the other seems to point at the opposite. However, the above quote is meant to set the pace for this exciting account of a touching account of entrepreneurial experience which I have the copyright to share with everyone willing to pick up a thing or two in their personal sojourn into entrepreneurship.

Ventures Africa sat with Bukky Shonibare, the Group CEO of “The 555 Group” owners of 555 Consulting Limited (Human Resource Management, Operations Management, and Strategy); 555 Foods (owners of ‘Beans City’); 555 Impact Centre (Training & Development); and 555 Foundation (Corporate Social Responsibility with focus on promoting Entrepreneurial Development, Personal Development, and Poverty Alleviation) as she shared a story every budding entrepreneur must take to heart as you navigate the mucky waters of entrepreneurship. Bukky holds dual Certificates in Entrepreneurial Development and Social Sector Management from the Pan African University, Nigeria. She is also a Training partner on the SME Toolkit, with the International Finance Corporation (IFC – member of the World Bank Group). Read below her story and tips on entrepreneurship…

“Let me start by stating how difficult and sensitive it is for me to pen this down. This is not just my real life ‘business failure’ story, but also a fresh wound I am still recovering from. It is especially tougher because as a Management Consultant, I am not expected to make these kind of mistakes; yet this has proven to me how hard it is for a surgeon to operate on himself. I have also come to understand that making mistakes is not a reason to stay down and dwell in pity parties, and giving up is NOT an option no matter how grievous or seemingly irreparable the challenge may be. Surmounting these roadblocks has invariably empowered me with the ability to better advise others.”

Having left paid employment in December 2007, I decided to face, full time, an NGO (The Light Foundation – TLF), which I had started while living in England. To me, TLF was not doing any badly as we could boast of some remarkable projects that were impacting hundreds of lives in several ways. Then it dawn on me that running a charity organization abroad is quite different from running an NGO in Nigeria, especially in terms of funding, technical support, and credible collaboration.

When funding and support became somewhat difficult, I decided to pend the NGO and start a profit-making business; so I started 555 Consulting Limited. I planned to build a strong and sustainable internal operational structure so that when my attention shifts back to the NGO, the business would be able to stand on its own with minimal attention to it, and a certain percentage of the annual profit would be earmarked for impact projects in TLF (now, 555 Foundation). I should have stayed with my plan, but after two years of running 555 Consulting, I decided to start a regular income generating business so as to have real life business field experience which I believe would boost the depth and quality of my consulting; so I started 555 Foods (owners of “Beans City”).

Below are some of my mistakes and the lessons I have gathered so far in running these businesses:

Lesson 1 – Festina Lente: This literally means: make haste slowly. My greatest mistake was moving too fast, when I should have actually hurried slowly. Beyond every reasonable doubt, I am now convinced that every idea has its perfect timing. That you ‘caught’ an idea, and you are so excited about it does not mean you should start immediately. It is sometimes wise to wait and plan; but our fear of someone else starting the same unique business makes us rush into commencing. Starting Beans City, when 555 Consulting was still relatively young was a decision I should have considered well. The consulting firm being young is not so much a function of how many months or years we have been in operation, but how well we have built the internal processes and structure to ensure its survival and sustainability.

Lesson 2 – Start small and grow gradually: I was able to gather funds from different sources to create the physical standard I wanted for Beans City; but I later realized that perhaps I should have started really small – from my kitchen, serving family and friends, or doing outdoor and delivery services, as that would have provided me the opportunity to learn some things I had to forcefully, yet painfully, learn on the business. This did not only set us back, we wasted money.

Lesson 3 – Bounce-off ideas: This is about standing on others’ shoulders so as to see farther! I was unable to find any business owner who was doing the kind of business I wanted to do – a beans-only restaurant; everyone was doing the regular kind of restaurant. I made avoidable mistakes even though I have great people around me who are brilliant enough to help prune my crazy ideas, yet I narrowed down to a microscopic few whose advice/contributions were limited to their fields and experiences. It is however unfortunate that the experienced ones were unwilling to share important information that would have helped my start-up. Some were so scared of competition that even when my business is geographically far away from theirs, they still were unwilling to share.

Lesson 4 – Manage Opportunities: Even though I had written down my idea of a Beans City three years before I started, I prematurely commenced because an opportunity came for me to pay 25% towards the purchase of a shop, which I jumped on without having a concrete plan for how the next payments would come, believing that Beans City would grow immediately and make enough profit to cover the huge monthly installment payments for the completion of the remaining 75 percent. Truth is, not all opportunities are to be seized no matter how juicy they appear; there is time for everything! And that you have one out of all that is needed for a business to start, does not mean you have all, as there is need to consider several factors like: costs, preparedness, time, resources, etc.

Lesson 5 – Start and move with the end in mind: The best way to build a structure that will last is to first have a clearly mapped-out architectural plan. Though while building, there will be need to make some adjustments based on realities, but the presence of a plan will save a lot of headache. Another mistake I made was to ‘jump start’ the business without a well thought-out management and operational plan.

Lesson 6 – Feasibility: To run a successful business, assumptions don’t work! I conducted a virtual presumptive Feasibility Studies, which of course, was inconclusive and inaccurate. I assumed setting up Beans City just anywhere would sell due to the uniqueness of the concept, and the aesthetics I planned to create. I later realized that one cannot build a castle in the desert; people will only admire or wave at it from afar and may come close once in a while, sometimes never. It became valid how that the three most important things for a business are: Location! Location!! Location!!! If I had conducted a proper Feasibility Studies, it would have revealed, among others, the fact that the location of the business was not suitable for the standard I created.

Lesson 7 – When you fail to plan, you plan to fail: It is one thing to have a great idea; it is another to have a framework on HOW it will work out profitably and sustainably. I realized that the most important thing any aspiring business owner need is NOT funds, as you may have all the funds and not know how best to utilize it! I lavished my funds on aesthetics, yet the internal structure was suffering. I should have had at least a six-month plan on how the business will be sustained operationally; like plans for salaries, fueling of the generator, buying electricity units, re-stocking, and even statutory government payments (e.g. Food Handlers fees, Signage levies, etc) so much so that government officials were coming with threats to close the Restaurant, which destabilized and demoralized me as well as my staff. I beseech you to please PLAN!!!

These are some of my avoidable mistakes and the unpalatable lessons I have had to learn; but I am glad I did as I have become wiser having learnt lessons and gained experiences I would not have got in a 4-walled classroom or a-thousand-page book. While I am currently recovering and making my way back on track, I implore you to learn from my goofs and not repeat them!

I wish you great success.

The post 7 Personal Tips On Entrepreneurship appeared first on Ventures Africa | .

With $75,000 in cash prizes, the prestigious Anzisha Prize aims to reward young African entrepreneurs who are making positive impact by transforming their communities through initiative and innovation.

There is also a $10,000 Energy Prize which will be awarded to the applicant who demonstrates ingenuity in developing sustainable renewable energy sources.

The Anzisha Prize which will close entries on April 1, 2013, is open to entrepreneurs from around the African continent aged between 15 and 22. Entries can be completed at the official site either in English or French.

Finalists will win an all-expense paid trip to the African Leadership Academy (ALA) in Johannesburg, to attend a weeklong entrepreneurship conference and awards gala.

Winners will share $75,000, courtesy of The MasterCard Foundation, and be given networking and learning opportunities to take their projects to the next level.

Twenty-one- year-old Andrew Mupuya of Uganda was announced as the grand prize winner of last year’s Anzisha Prize thanks to his paper bag production company, Youth Entrepreneurial Link Investments (YELI).

Past winners have included Kenya’s Diana Mong’are who founded recycling company Planet Green and became an evangelist for environmental conservation in her community, Ghana’s Yaw Duffour-Awuah who at the age of 16 launched a micro-lending company which has now grown to a financial services company, and Antoinette Furaha from the Democratic Republic of Congo who began a small micro-credit services company that invests in and empowers young refugee women in Uganda.

The post Wanted: Young African Entrepreneurs appeared first on Ventures Africa | .

Indeed the vast majority of wealthy South Africans are involved in giving. Our recent report which surveyed High Net Worth (HNW) giving in South Africa for 2010 (The Giving Report) showed that 93.5 percent of HNW donors in South Africa gave money, time or goods to social causes during the year under review. Giving is a way of life for these donors, with most having given to social causes for at least 10 years.

The second version of The Giving Report will be available this year and the findings, to be published in October 2013, will enable us to establish the impact the financial crisis may have had on philanthropic initiatives. Anecdotally, through our work in providing philanthropy services to donors, we believe that the impact has been quite significant. Before 2008 when the economy was booming both locally and internationally, South Africa’s donors were setting up their own foundations and committing to philanthropy in heart-warming numbers.

However with the majority of South Africans already hit hard by the financial crisis over the last few years, most are finding themselves in circumstances where perhaps some of their charity actually needs to start at home, by providing for adult children whose businesses have taken a severe knock or to protect retirement provisions that have not performed quite as expected. This year with the markets having improved we hope to see a change with more HNW ndividuals having more certainty on their own financial situations. Also, the added tax advantages mentioned in therecent Budget may go some way to encouraging South Africans to give more. We just last year made submissions to Treasury in this regard as part of the Private Philanthropy Circle with the purpose of encouraging philanthropy and it is heartening to see that they seem to be taking steps in a positive.

The true test of giving comes in difficult times. The financial crisis has in fact shown how those who had set up long term structures, funded with a view to being able to give well into the future, have indeed been able to continue their giving. The importance of this is all the more apparent as many Non-Profit Organisations have struggled to continue their work due to the knock on effect of the crisis on their funding

Some question the need to publicise the recent actions of Patrice Motsepe and David Beckham, but these actions have certainly prompted conversation – placing giving and philanthropy firmly in the spotlight, leading us to look at our own endeavours and what we are doing or could be doing regardless of magnitude. It comes down to commitment, to taking that next step and to not only enjoy the arts but to perhaps fund a foundation to unearth and foster South African musical talent. Rather than bemoan the unemployment problem in our country, we need to find and support solutions that fund bursaries and scholarships.

The post Billionaire Donors In South Africa – Giving Is A Way Of Life appeared first on Ventures Africa | .

Research shows the positive effect of access and use of formal financial services on economic growth and poverty alleviation.

Ventures Africa chats with Barry Wiseman, Director at FinFind about navigating this exciting and ever-changing environment.

VA: Why FinFind and what is different about this particular vehicle?

BARRY: Being a web based portal, Finfind brings together experienced consultants, the financiers and the small business owner – the SME owner can engage a consultant via the website to assist him with approaching financiers. The website contains a vast amount of information on the various types of funding products together with a wide range of financiers (small to large) to assist the consultant with his engagement with the SME owner. We are currently further developing the site to improve how we interact with the SME owner and to provide additional value add services.

VA: How is FinFind structured (operations)?

BARRY: Finfind is operated via a private company owned by four shareholders, all of which have had extensive experience in dealing with SMEs. Each of the shareholders has their own focused responsibility covering the consultants, the finance institutions, IT development and overall general management of the business.

VA: How many consultants are accessible to SME owners via FinFind and what is the depth of their varied experience?

BARRY: There are currently 66 registered finfind consultants spread across 3 provinces within SA viz. Eastern Cape, Western Cape and Gauteng. This year we will be approaching consultants based in KZN and furthering our footprint of consultants in the Eastern Cape and Gauteng. Over the next 2 years, the plan is to take on consultants based in all the 9 provinces.

VA: Is the market ready for FinFind?

BARRY: I definitely believe so – access to finance has been highlighted as one of the key constraints in the future growth of SMEs. What is key is that the small business owner needs to be aware of the other niche financiers out there, what they offer and how to approach them – finfind facilitates this process by bringing all three players together.

VA: I am a business owner and I need access to finance. Walk us through the FinFind model and process…

BARRY: If you have a financing need of R250 000 or more, you can log into the finfind website and access a registered consultant based in your region – the site will provide a list of consultants together with their profile and experience to date and you can decide who would be the most suitable one to approach. You would then email the consultant and provide a short overview of your funding requirement – the consultant would respond and indicate if they are able to assist and if so, would arrange to meet with you to engage further. The consultant would provide an overview of how they could assist together with their fees (via a written quote) and if you are happy, the process would commence.

The consultant will then take you through a 6 step decision making process viz.

- Is it finance that your business really needs?

- What is it you need finance for?

- What type of financial product is most suited to your need?

- Which financiers offer the required financial products?

- How you should approach the finance provider? and

- How you should deal with the outcome of their application

This process will culminate in the consultant providing a recommendation as to the best route to follow and the role they will play.

VA: The access to finance market across the continent is not on par with demand, any reasons FinFind has encountered?

BARRY: Because the failure rate of small businesses (particularly in the first 2-3 years of their existence) in SA is very high, the mainstream banks have become risk averse – although they provide a range of funding products, any approach by the SME owner to them to access these products, needs to be properly prepared. Financiers expect a high quality application / business plan which demonstrates an ability to repay the debt, the right jockey at the helm and a viable and sustainable business going forward. Getting the best foot forward right upfront is key to ensuring your business attracts the attention of funders.

VA: Standard Bank is clearly leading the way in unsecured loans market. How much vigilance is required in this arena, specifically for the SME owner?

BARRY: The unsecured loan market has shown significant growth over the past few years although I believe is unsustainable – Capitec & African Bank have been market leaders although the average size loan is fairly small and largely directed at the consumer market. Obtaining unsecured credit has become too easy, is very expensive and I believe should be avoided by small business owners if possible.

VA: The South African market is made up of a proportional informal, yet sustainable market share. What are your thoughts in terms of leveraging from this part of the market?

BARRY: The informal sector is a huge contributor to SA’s economy and largely operates ‘below the radar’ – their progression into the more formal sector of the economy should be encouraged and facilitated so that they can compete with larger businesses – this could entail assistance with the introduction of formal systems & procedures within their businesses together with targeted mentorship and business support.

VA: Predominantly microfinance is channelled through government financed institutions. Does FinFind see potential in Managing an investment fund for the microfinance sector?

BARRY: I don’t think so – the existing players in the market understand & dominate this sector. In addition, entering into this market in the foreseeable future would, I believe, be very high risk – over and above that, one would have to compete with 3-4 very strong and visible players

VA: Where is Finfind growing to and what is the envisaged future impact on the SME market?

BARRY: In addition to expanding into the other provinces of SA, further development of the website to engage the SME owner more directly is planned in the near future – we are keen to empower the small business owner to come forward and showcase their business and attract the attention of funders / financiers in SA.

VA: More than 80 percent of people in Africa do not have any access to formal financial services. How does FinFind see its success unfolding in this regard?

BARRY: In time, the finfind model could be adapted to cater for the needs of small businesses in other countries in Africa – a franchise or license model could be developed in this regard.

VA: Let’s end on a lighter note, tell us about yourself?

BARRY: I am a passionate supporter of SMEs in SA – having left the corporate world some 8-9 years, I can honestly say I have enjoyed every minute of it. The opportunity to assist small businesses across a wide range of industries is very rewarding as you get exposed to a diverse spread of needs and challenges. My core focus is assisting small business owners raise finance for their businesses although I like to get involved with providing other business development services as well.

Barry thanks for chatting to us.

The post FinFind, SMEs And Access To Finance In South Africa appeared first on Ventures Africa | .

The philanthropist, who made the donation through his charity organization, Chandaria Foundation said the donation will be used to fund the construction and installation of equipment in an ultra-modern facility which would be named ‘The Chandaria Medical Centre.’

According to Standard media, the new facility will be built on four floors, accommodate a surgical ward with adequate provision for outpatient clinics, an improved 10-bed intensive care unit (ICU), a modern diagnostic centre, an ultra modern X-ray facility and CT Scan theatre.

Chandaria disclosed on Tuesday at the hospital that Gertrude was the only children specialist hospital in East and Central Africa, stressing that children need top quality healthcare from professionals ranging from surgeons, physicians to paediatricians.

“For Kenya to reach MDGs by 2015, we have to invest in healthcare. Every year we must be able to give something to improve the health of our people,” Chandaria said.

The Chandaria Medical Centre is expected to be operational by the end of the next quarter.

Hailed as one of Kenya’s leading industrialists, Dr Manu Chandaria is the Chairman and CEO of Comcraft Group of Companies, a billion dollar enterprise that has a presence in over 40 countries.

He is also a board member of several prominent East African companies and a noted philanthropist.In 2003, Chandaria was awarded the Order of the British Empire (OBE) by Queen Elizabeth II.

The post Kenyan Billionaire Manu Chandaria Donates $1.16m To Children’s Hospital appeared first on Ventures Africa | .

Masiyiwa, who had to overcome immense hurdles and government frustrations before he was granted a license to run a mobile telecommunications company in Zimbabwe in 1998, has seen his fortune rise on the back of the success of Econet. His company is now the leading telecommunications operator in Zimbabwe, with more than 7 million subscribers and recently reported a 17 percent jump in interim revenues to $339.5 million.

His move to add to Econet’s wireless’ existing stake in TN Bank which it earlier increased to 62 percent in July this year will see him foraying into Zimbabwe’s banking and financial services sector. Nyambirai, the founder of TN Bank and also chairman of Econet Wireless Zimbabwe, said on Wednesday that he had accepted Masiyiwa’s offer to buy out his majority stake in TN Bank.

“I have since received an offer to buy out the remainder of my shareholding in TN Bank in exchange for shares in Econet wireless. The result will be that TN Bank will become a 100 percent subsidiary of Econet Wireless,” he said.

Masiyiwa’s offer, the finer details of which are not yet clear, has “already been accepted” by Nyambirai although it still has to “go through the normal processes; approval by SEC, approval by Zimbabwe Stock Exchange and approval by the Reserve Bank of Zimbabwe”.

He will get a significant but “minority” shareholding in Econet Wireless and also become an independent director.

As a result of the latest developments, Nyambirai will now step-down as Econet chairman. He has however been offered a board position on Econet Wireless Global, which is controlled by Masiyiwa and which holds his shares in Econet Wireless Zimbabwe.

Nyambirai has other business interests in Zimbabwe through his ZSE listed Lifestyle Holdings, which previously encompassed TN Bank before the bank demerged and listed separately earlier this year. Lifestyle Holdings has interests in fast foods, retailing, furniture and security.

Most locally owned banks in Zimbabwe are struggling while TN Bank is fast growing towards establishment as one of the stronger locally owned banks. Zimbabwean government officials appear to have backed off from the forced indigenisation of the more stable and larger foreign commercial banks such as Standard Chartered, Stanbic and Barclays.

An analyst, Jeffrey Kasirori told Ventures Africa that Masiyiwa’s foray into Zimbabwe’s banking sector through acquiring the remaining shareholding in TN Bank would enhance the bank’s capital position and bring more liquidity and resources at the bank’s disposal.

“It’s an offer that is difficult to resist. Masiyiwa has already established Econet as a resourceful company and the resources that the company has will bring an advantage and edge to TN Bank. This should enable it to claim a greater share of the market which currently rests with the more established commercial banks,” he said.

The post Telecoms Billionaire Strive Masiyiwa Expands Into Zimbabwean Banking appeared first on Ventures Africa | .

Evolve your business

Starting out in the business world at age 18 launching Bharti, initially a crankshaft producing business worth 20,000 Indian Rupees ($381) which supplied to local bicycle manufacturers, Mittal knows that evolution is key to business success. Within two years he diversified, opening one stainless steel plant, and one yarn producing plant.

Mittal also went through a phase as a travelling salesman, and later, seizing upon chance as it arrived, he became the exclusive agent in India for Suzuki Motor’s electric power-generators. This exclusive contract was whipped from his hands in 1984 as the Indian licensing administration granted licences to two other companies for the manufacture of generators.

Stumbling across the touch-tone phone on a trip to Taiwan, Mittal launched into producing the first touch-tone phones in India, until the government once again granted licences to bigger industry players with which Mittal’s company still could not compete.

Branching out into the manufacture of fax machines, answering machines and cordless telephones, Bharti was on its way to becoming what remains today the biggest telephone manufacturer in India.

Never give up

The good old never give up phrase is never obsolete. Mittal has seen a number of obstacles placed in his way. More than once, his painstaking preparation to grow his business was undermined at the last minute by private-sector and government initiatives that threw him off the playing field.

Having done all the leg-work to gain exclusive licences, Mittal twice found the government opening up the market to heavy-weight players, ruining his plans to lead innovation in the Indian economy.

However, Mittal never gave up, persevering and knowing that success would finally arrive if he played his cards right and stayed one step ahead of the masses.

Patience

By 1992, Mittal had formulated his next plan: to launch one of India’s first mobile-networks. With the Indian government inviting tenders for mobile networks in 1991 and 1992, Mittal gained the necessary expertise by intensive learning and global market research, but as the bids rolled in to the government, Mittal sat back and waited.

He also sat and waited as the first mobile-network operators failed miserably and gave up. It was at this point that Mittal entered the sector. He reminisces: “But lo and behold, in two or three years the other companies started falling like ninepins. They couldn’t even pay the licensing fee. They struggled, and we were ready”.

With Mittal’s mobile network operations spreading across India, his company rebranded under a single name of Bharti Airtel in 2003.

Bharti Airtel is now the third biggest mobile network operator in the world, and all thanks to Mittal’s ability to wait for the opportune moment to strike, as compared to the many network operators who immediately flashed their cash and drowned in their rush to take the market.

Sometimes you have to sacrifice

Mittal knows that in order to excel in business, priorities need to be selected, and sometimes this comes with sacrifice. Following 35 years as a dedicated entrepreneur, Mittal now accepts that his time is limited and his pastimes have dwindled over the years – necessarily – giving way to his ever-growing business aspirations and projects. While not a particularly pleasant thought, it is important to remember that sacrifice always has its rewards.

He admits: “Over the years, I have forgone my favourite pastimes. There was a time when I flew planes, pursued sky-gliding, and played golf and tennis. Slowly, one after the other, all these preferred pastimes have disappeared from my routine because of the pressure of work.”

Know your support network

In a life where business has taken over and pressures run high – and where pastimes have been sacrificed in order to allow business projects to be the sole priority – Mittal knows the importance of having a support network, an escape from the tensions of a dynamic work life.

Mittal will always make time and effort for his other great priority in life: his family. He names wife Nnya, daughter Eiesha and twin sons Kavin and Shravin as his single biggest treasure and his private support network, saying his family is: “always there to lend support”.

His tactic for unwinding and stealing a bit of alone time? Mittal says that every time his work commitments allow it, he takes his family away for a private holiday.

The post 5 Business Lessons from Sunil Bharti Mittal, The Man Behind Airtel appeared first on Ventures Africa | .

Everybody has to start somewhere

Having dropped out of school aged 16, Sefrioui followed his father into the family business: producing a clay used for body and hair cleansing, known as “Gassoul”. While this may not be every budding young businessman’s dream, it provided Sefrioui with a business grounding and practical knowledge of running an enterprise. Not to mention the fact that it eventually earned him the capital to start up his own business. Opportunity, however seemingly slight, should not be passed up.

You have to invest money to make money

Aged just 31 years old, Sefrioui took the risky step of mobilising all of his savings and investing them in founding a new real estate development company: Douja Promotion Groupe Addoha. Buying-up run down and derelict residential buildings, Sefrioui made his name by renovating these structures and selling them off at a profit. Note, while making money he was also increasing the housing available on the market for those buying with a mid-range budget.

Hard work will get you noticed

Sefriouni’s big break came in 1998, when his work in producing residential property came to the attention of the late King Hassan II. Through this royal attention Sefrioui was awarded a construction contract and was asked to build a large number of government-subsidized housing units intended for the low and middle income residents. This contract made Sefrioui his first hundreds of millions of dollars, and set him up as a big player on the real-estate development scene.

Provide quality services to earn customer loyalty

Sefrioui completed the initial government contract to a very high standard, and finished well before the agreed completion date. He earned such favour with King Hassan II that in 2005 he was awarded another contract worth $1 billion. Under the remit of these two contracts, Sefrioui has built over 200,000 housing units in Morocco, covering over 15,000 acres of land.

When the time is right, go public

Following the successful completion of the 2005 government contract, in 2006 Sefrioui listed his company Douja Promotion Groupe Addoha on the Casablanca Stock Exchange. On going public, he sold shares earning him over 2.6 billion Moroccan dirhams ($330 million). The company now has a market cap of $2.3 billion, and Sefrioui maintains a 62 percent stake in the company.

The post Five Business Lessons From Moroccan Real-Estate Tycoon Anas Sefrioui appeared first on Ventures Africa | .

The ISO 27001:2005 Certificate is the world’s accreditation for information protection and security from the International Organisation for Standardisation (ISO).

Specifically, the implementation of the information security management systems gives a systematic approach to minimising the risk of unauthorised access or loss of information while ensuring the effective deployment of protective measures. It also provides a framework for organisations to manage their compliance with legal and other requirements and improve performance in managing information securely.

Commenting on the new development, Director, Banking Supervision Department at the Central Bank of Nigeria (CBN), Mrs Tokunbo Martins who was represented by Mr Sola Ogunmoroti, an official in her department at the apex Bank, said, banks need to ensure the deployment of an effective control mechanism for their Information Technology infrastructure in order to checkmate cyber crimes and ensure the safety of electronic transactions.

She emphasised that since Information Technology was a major driver of banks’ activities, especially with the cashless initiative, there is a need for regulatory focus on control built about around Information Technology infrastructures.

“Transparency and accountability is posing serious challenges in many jurisdictions and this has brought to the fore, the need for banks not to downplay the importance of Information Technology. In some cases, control is often disjointed and without effective infrastructure. The CBN has become aware of the need to wage war against cyber crimes, hence the emphasis on certification of banks’ information security management system,” she said.

Also speaking on the certification is the Group Managing Director/Chief Executive Officer, Access Bank, Mr Aigboje Aig-Imoukhuede, who was represented by an Executive Director of the Bank, Mr. Victor Etuokwu. He said “This is a confirmation that certain standards have been met, but a beginning of another journey. We know that it confers on the bank additional responsibilities. We assure not just the CBN, but the BSI, that management is aware of these responsibilities and we are committed to ensuring delivery.”

The post BSI Certifies Access Bank On E-Payment Standards Compliance appeared first on Ventures Africa | .

The mentorship network is an offshoot project of the Mara Foundation, one of Africa’s largest non-profit social enterprises. The foundation lends support to emerging African entrepreneurs at the forefront of their journey.

Mara Online will be the continent’s first online mentorship network, and will connect young African entrepreneurs to established enterprises and businessmen. According to Thakkar, Mara.com will be a transformational project and will nurture an ecosystem for African entrepreneurs and youth while improving skills and emerging talent.

“The idea for the Mara Mentors site started as an offline venture by Mara Foundation. We mentored 120 companies but felt we could have more impact and reach more people across Africa and other emerging markets. Through this initiative we want to share knowledge and expertise with the next generation of business leaders in Africa. The mentees will be given guidance by some of the brightest and best minds in the industry who have already volunteered to be mentors,” he added.

The Mara.com platform will have three dimensions to it: Mentorship, Jobs and Dating.

Mara Mentors will put young African users in touch with established and successful entrepreneurs across Africa. These mentors will offer insight, expertise and experience into a wide spectrum of industries. They also provide mentees on the network with access to networks and will transfer knowledge and experience to up comers in order to help them transform ideas into sustainable enterprises. At their own discretion, the mentors can at some point opt to meet physically with the mentees and provide support with funding and infrastructure.

Mara Jobs on the other hand will provide a user-friendly platform for employers and prospective employees across Africa to post jobs and resumes, promoting careers and employment opportunities across all industries.

Commenting on the Mara Jobs platform, Thakkar said: “With more than 5,000 people employed across Mara Groups companies, we understand the difficulties of the hiring process in Africa today. We want to use the knowledge we have gained and give the employers and the job seekers a better user experience”

The third platform, Mara Dating will help young Africans find love and companionship. However, according to the Mara.com team, access to Mara Dating will only be possible after registering with Mara Mentors or Mara Jobs, thus attracting a wide spectrum of youth and inspiring a next generation of African entrepreneurship.

Mara.com is being developed by designers and programmers in Silicon Valley, Bangalore, London, Dubai and a few cities in Africa. The network will be free to all users, but its complementary jobs and dating sites will be monetized using third party advertising and other revenue generating models to support the platform.

In addition, revenue generated from Mara.com will be channelledtowards financing the group’s other social enterprise initiatives such as the Mara Launchpad (a group of business incubation centers across Africa), Mara Launch Funds (which provides small startup funding for small businesses and startups across Africa), which were launched last month, and the Mara Entrepreneurship Academy.

According to Thakkar, Mara.com will kickstart innovative activities. Considering Africa’s transit from personal computers to smart phones, Mara.com will be based on mobile and feature phones to fully get adopted by its target audience.

“With Mara.com, I want to ensure that other successful African business leaders have a platform to groom and support young African leaders,” Ashish added.

Mara.com is currently launching in Nigeria, but the platform set to go live globally in December.

The post Young Billionaire Launches Mara.com, Africa’s First Online Mentorship Network appeared first on Ventures Africa | .