The African Development Bank (www.AfDB.org) has received the prestigious Development Finance Institution (DFI) of the year award at the TXF GLOBAL 2024 Export, Project&Development Finance Conference, for being at the forefront of multilateral development bank (MDB) innovation.

The Bank was recognized for its first hybrid capital issuance (https://apo-opa.co/3RKNzZy) made in January this year. The $750 million 10.5-year perpetual non-call hybrid capital issuance has not only established a promising benchmark but also signaled what could be the first in a new asset class of MDB hybrid offerings, in alignment with recommendations from the G20 Capital Adequacy Framework Review.

TXF Global 2024 conference, hosted by TXF (export finance), Proximo (project finance), and Uxolo (development finance), brought together over 1500 representatives from export credit agencies, development finance institutions, exporters, borrowers, project sponsors, SOEs, government ministries, commercial banks, private market insurers, brokers, law firms and institutional investors. The conference was held in Athens from 11-12 June.

Receiving the award, African Development Bank Vice-President  for Finance and Chief Financial Officer, Hassatou N’Sele said she was delighted by the recognition. “The Bank is very keen to continue to explore financial innovations to boost its capacity to deliver on its development mandate, especially in the context of the G20 challenge to MDBs to be bigger, better and bolder,” she said.

The award underlines the African Development Bank’s commitment to and effectiveness in promoting economic development in Africa, and the crucial role it plays in providing financing and expertise to support sustainable economic growth, reduce poverty, and improve the living conditions of Africans.

The recognition follows the International Monetary Fund (IMF) Executive Board’s approval of the use of Special Drawing Rights (SDRs) for the acquisition of hybrid capital instruments by MDBs on June 11th, an initiative championed by the African Development Bank and the InterAmerican Development Bank.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Contact:
Amba Mpoke-Bigg
Communication and External Relations Department
Email: media@afdb.org

About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information:www.AfDB.org

The Nigeria Rugby Football Federation (NRFF) (www.NigeriaRugby.org) has unveiled a newly redesigned logo that embodies the values of strength, unity, and progress, reflecting the federation’s mission to promote and develop rugby as a sport in Nigeria.

The new logo features a horse symbol, stripes, and a bold green color. The horse symbolizes speed, strength, and agility, which are key attributes of a rugby player. The stripes evoke the image of a patterned rugby playing field, paying homage to the sport’s heritage and tradition. The green color represents growth, harmony, and nature, signifying the federation’s commitment to developing the sport, promoting teamwork, and fostering a connection with the natural environment.

The NRFF has continuously worked on repositioning the federation to meet the growing demand of an evolving society and cater to the needs of the youth demographic that views sport as a means of empowerment and cultural exchange. This newly redesigned logo is intended to provide a clearer understanding of what the federation stands for.

NRFF President Dr. Ademola Are commented, “Our new logo is more than just a symbol; it represents our dedication to fostering the development of rugby in Nigeria. The elements incorporated into the design highlight our commitment to strength, unity, and progress, which are at the core of our mission.”

The federation aims to leverage this new logo as part of its broader strategy to enhance the visibility and appeal of rugby across Nigeria. By integrating modern design elements with traditional symbols, the NRFF hopes to inspire both current and future generations of rugby players and fans.

“As we unveil this new logo, we are also reaffirming our commitment to growth and development within the sport,” added Opeoluwa Runsewe, CEO of Flovale Consulting, NRFF’s corporate partner. “The redesign is a step forward in our efforts to make rugby a prominent sport in Nigeria, aligning with our goals of fostering financial stability and achieving significant milestones in the coming years.”

The NRFF’s initiative to redesign its logo is part of a comprehensive effort to ensure that rugby in Nigeria continues to thrive. By promoting the sport’s values and heritage, the federation aims to create a lasting impact on the country’s sporting landscape.

The new logo will be featured prominently in all NRFF events, marketing materials, and communications, symbolizing a new era for Nigerian rugby. The federation invites all stakeholders, including players, coaches, fans, and sponsors, to join in celebrating this milestone and supporting the ongoing development of rugby in Nigeria.

Distributed by APO Group on behalf of Nigeria Rugby Football Federation (NRFF).

The African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) Bank of the Year 2024 (www.AfDB.org), Centenary Rural Development Bank, exemplifies the spirit of this year’s United Nations Micro, Small and Medium-size (MSMEs) Enterprises Day: “leveraging the power and resilience of MSMEs to accelerate sustainable development and eradicate poverty in times of multiple crises.”

To mark International MSME Day, we asked Centenary Bank’s General Manager for Commercial Banking and SME Banking, Michael Jjingo, about how joining the AFAWA Guarantee for Growth program helped his Bank support some of Uganda’s smallest women-led enterprises.

Question: Centenary Rural Development Bank has a [loan] product tailored to women entrepreneurs, tell us about that.

I run the SME banking that hosts the “Supawoman” product. The Supawoman product is about that woman, that underprivileged woman, that woman who is struggling to be able to grow that business. Just to put it into context – the roadside sellers, the hawkers, the market vendors, the retailers. Many of them are illiterate. They have very little capital, probably below $20, or $20 to $100 of capital. They don’t have books of account, they don’t have collateral – and they struggle to scale their business.

However, you need to note the population of Uganda comprises 51% as female. And 65% of the SME’s are run by women, so to be able to run a product that is impactful, you have to target the woman. But you have to target that underprivileged woman, that financially excluded woman, because the financially excluded women comprise over 65% of the women [market]. That’s how we’re able to scale up [our women customer base] by 23%. It is easy.

Question: Usually we see banks that go for clients higher up on the [entrepreneurial] pyramid. If you have clients who have no collateral, at best have $20-$100 in savings – how is this good business for your bank?

It is mission critical focus for Centenary Rural Development Bank. It is focusing on the underprivileged, particularly those in the rural areas, but most importantly, to support them to scale and to acquire or access affordable banking. That’s how we’re able to support that woman, because that is the mission critical focus of the bank.

Question: Was there anything Centenary Rural Development Bank had to do special or different to tailor these financial products for women entrepreneurs?

It started with the baseline survey supported by donors to understand these women. Then we crafted a banking product for them – which is charge-free but with interest – and also a group-based account. Then on the side, we also did a loan product for them that doesn’t require them to give security [deposit], and the product also offers exclusive pricing for them. So, we are able to offer them the two services – and that was a game changer for those women.

Question: Please tell us a little bit about how the AFAWA Guarantee for Growth program [implemented by AFAWA partner, the African Guarantee Fund] was beneficial to your bank.

The AFAWA program came in for those [women entrepreneurs] that we had scaled. I mean, we also have some appetite towards credit risk. It has a cap – we can’t side step beyond a given limit. But for those women entrepreneurs who have scaled outside our risk appetite for unsecured facility, we were able to leverage on the African Guarantee Fund guarantee to be able to lend to them. One of our customers was here yesterday to exhibit. That is Jude Color Solutions – [a micro-sized business] which started in their garage – again supported by us. They have a tailoring plant for corporate uniforms and marketing materials in Kampala today. They have been around for about 10 years and we’ve grown them to now an SME, so that is a testament of the capacity and the possibilities around that woman who is under privileged. But if given an opportunity for financial inclusion and financial services accessibility, these women can do miracles. The talent to be able to run their businesses and we have supported them as such.

Read more about the AFAWA Bank of the Year honor awarded to Centenary Rural Development Bank here (https://apo-opa.co/3RLMIb9).

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media Contact:
Alphonso Van Marsh
Digital Content and Events Officer
email: media@afdb.org