South African countries performed well on their financial inclusion, between 2011 and 2021. Progress is partly attributed to rapid adoption of digital financial services including mobile money, according to financial experts at a webinar on the African Financial Sector Southern Africa.

Organized by the Economic Commission for Africa (ECA) in partnership with West African Economic and Monetary Union (WAEMU), the webinar is part of a Series themed, Regional Dialogues on the African Financial Sector – regional profile.

The aim of the regional profiles is to provide detailed information on the countries’ financial sectors, documenting recent trends, progress, challenges, and opportunities for a deeper financial sector.

In her opening remarks Eunice Kamwendo, ECA’s Director of the Subregional Office for Southern Africa noted the potential for growth, innovation and sustainable investments in the financial sector in Southern Africa.

“Southern African region’s financial sector faces financial challenges that include liquidity issues, debt distress, limited access to financial services, high levels of informality and regulatory constraints; Despite these challenges, it is important to prioritize the development of the financial sector to create stability, mobilize domestic resources and foster a stable environment for investment,” said Ms. Kamwendo.

Presenting a report on the demographic economic landscape of the Southern African region, Andrew Bamugye, Senior investment manager SME, Trade and Development Bank said the banking sector in Southern Africa has remained solvent with adequate capital; banking liquidity remained sufficient, with most banks seeing profitability between 2021 and 2023.

“The challenge in the banking industry in the region is the strong interconnection between the banking system and non – banking financial institutions and foreign markets, which leads to the risk of contagion,” said Mr. Bamugye.

He proposed that governments should increase fiscal space by expanding government revenues through diversification of the tax base and simplification of tax systems to reduce the exposure of banks to sovereign risks.

Punki Modise, Chief strategy and sustainability officer, ABSA Bank highlighted the varying levels of debt to GDP ratios across African countries and noted that some countries such as Kenya, Ghana, Kenya and Egypt have adopted unsustainable debt strategies. She also emphasized the importance of project preparation and bankability in the private sector.

“Authorities should enhance competition in the banking systems through the promotion of new players especially those that help to improve financial inclusion,” she said.

In addition, she said banks operating in Africa need to have a more end-to-end approach to risk management, considering bankability at all stages.

On capital markets most countries in the Southern African region have a low market capitalization. The Johannesburg stock exchange, which is the leading stock exchange in Africa has a market capitalization of $1022.8 trillion representing 133% of GDP in 2023, against 51.9% of Mauritius and 18.6% of Namibia.

A lack of liquidity characterizes the bulk of the South African stock market and the breadth of the stock market in the region remains limited.

Furthermore, a small, listed number of companies and corporate bonds tend to dominate the fixed income market while the proportion of government bonds in the normal value is much higher.

“A deeper pool of insurers is required for the acceleration of green bonds growth in the region especially among corporate borrowers,” said Mr. Bamugye.

According to the experts attending the meeting, the pension fund penetration remains low in most Southern African countries. However, the high pension penetration rate in South Africa, Namibia and Botswana were the result of good investment returns on the funds, based on a diversified investment strategy coupled with a strong asset allocation process,

Bernard Yen, Actuary and managing director Aon Solutions Ltd, Mauritius highlighted the challenge of encouraging people in the formal sector to save and discussed the importance of structural changes to increase participation in pension funds.

He suggested that structural changes such as tax incentives and simplified registration processes could drive participation. He also emphasized the need for a multi-faceted approach to increase pension fund participation in the region.

“Countries should explore ways to increase participation of informal sector workers in multi-employer pension funds,” he added.

On the question of tapping into southern African SMEs, participants noted that the majority are financially constrained and face a lack of skills in corporate governance, financial management and often contend with high collateral requirements.

Mr. Bamugye noted the need to help SMEs develop bankable business plans and called for streamlining government support programs towards them.

He emphasized the importance of blended finance structures to address the challenges faced by SMEs in the region including the need for risk capital and conditionality and use of unfunded guarantees to unlock local liquidity.

He acknowledged the obstacle of bank credit access in the region particularly for SMEs and encouraged innovative and creative solutions to promote financial inclusion advising that countries should continue to explore innovative instruments and blended approaches to solve SME credit access problems.

Distributed by APO Group on behalf of United Nations Economic Commission for Africa (ECA).

Canon Inc. (www.Canon-CNA.com) announced today that the company has published the Canon Integrated Report 2024 and the Canon Sustainability Report 2024 on its corporate website. Both reports are designed to help investors, shareholders, and other stakeholders achieve a greater understanding of Canon.

The Integrated Report explains the company’s management plan, strategies for business, finance, human resources, and ESG-related information and depicts initiatives for medium-to long-term value creation. This year’s issue also involves new information that is of strong interest to investors and shareholders, including financial strategies that take into account cost of capital and Return on Equity (ROE), and a new board structure.

The Sustainability Report provides detailed and comprehensive information on the company’s approach and internal structure to address sustainability issues as well as its initiatives for environmental challenges, social issues, and corporate governance. This year’s report also implements a new method of presenting information in order to deepen readers’ understanding of Canon by providing more information on its impact on the environment and society, and by providing more detailed disclosure information.

Going forward, Canon will continue to value communication with all of its stakeholders while striving to raise its corporate value through various business activities and proactively publishing related information.

Integrated Report 2024 (in English): https://apo-opa.co/3Vxommn

Sustainability Report 2024 (in English): https://apo-opa.co/3VtvJLF

Distributed by APO Group on behalf of Canon Central and North Africa (CCNA).

Media enquiries, please contact:
Canon Central and North Africa
Mai Youssef
e. Mai.youssef@canon-me.com

APO Group – PR Agency
Rania ElRafie
e. Rania.ElRafie@apo-opa.com

About Canon Central and North Africa:
Canon Central and North Africa (CCNA) (www.Canon-CNA.com) is a division within Canon Middle East FZ LLC (CME), a subsidiary of Canon Europe. The formation of CCNA in 2016 was a strategic step that aimed to enhance Canon’s business within the Africa region – by strengthening Canon’s in-country presence and focus. CCNA also demonstrates Canon’s commitment to operating closer to its customers and meeting their demands in the rapidly evolving African market.

Canon has been represented in the African continent for more than 15 years through distributors and partners that have successfully built a solid customer base in the region. CCNA ensures the provision of high quality, technologically advanced products that meet the requirements of Africa’s rapidly evolving marketplace. With over 100 employees, CCNA manages sales and marketing activities across 44 countries in Africa.

Canon’s corporate philosophy is Kyosei (https://apo-opa.co/4ctDTuG) – ‘living and working together for the common good’. CCNA pursues sustainable business growth, focusing on reducing its own environmental impact and supporting customers to reduce theirs using Canon’s products, solutions and services. At Canon, we are pioneers, constantly redefining the world of imaging for the greater good. Through our technology and our spirit of innovation, we push the bounds of what is possible – helping us to see our world in ways we never have before. We help bring creativity to life, one image at a time. Because when we can see our world, we can transform it for the better.

For more information: Canon-CNA.com

UNICEF is proud to announce that the Nigeria Learning Passport has reached a remarkable milestone of one million subscribers. This groundbreaking digital learning platform, launched to ensure continuous learning during the COVID-19 pandemic, has now become an essential tool in providing quality and uninterrupted education to children across Nigeria.

The Nigeria Learning Passport is a result of a collaborative effort between UNICEF, the Federal and State Ministries of Education, and key partners among others including Microsoft, Airtel, IHS Towers, Sony, Botnar Foundation, and the Global Partnership for Education (GPE). It offers over 15,000 curriculum-aligned educational resources, including interactive lessons, digital textbooks, and self-paced learning modules, designed to cater to students from primary to secondary education levels, and for teachers and parents.

“Reaching one million subscribers on the Nigeria Learning Passport is a testament to our collective commitment to ensuring that every child in Nigeria has access to quality education, regardless of their location or circumstances. This platform is bridging the educational gap and providing opportunities for children to learn and thrive, especially in remote and underserved communities.” said Ms. Cristian Munduate, UNICEF Nigeria Representative.

The Nigeria Learning Passport has been instrumental in addressing the educational disruptions caused by the pandemic, and most recently by natural hazards and attacks on schools, ensuring that children continue to learn in a safe and supportive environment. The platform’s user-friendly interface has made it accessible to learners. The soon to be launched offline capability will also make it accessible to learners with limited internet connectivity, further promoting inclusivity in education.

Key features of the Nigeria Learning Passport include:

Comprehensive Curriculum: Covering core subjects such as Mathematics, Science, English, and Social Studies.
Available in local languages – English, Hausa, Igbo and Yoruba
Interactive Learning: Engaging learners with videos, quizzes, and interactive activities.
Free to use platform.
Data free usage on an Airtel Sim Card
Offline Access: Allowing students to download content and study without an internet connection.
Teacher Resources: Providing educators with tools and materials to support effective teaching.

UNICEF acknowledges the invaluable contributions of its partners in making the Nigeria Learning Passport a success:

– Airtel: Providing data services to enhance accessibility.

– IHS: Supporting data and connectivity to ensure students stay connected.

– Microsoft: Offering the infrastructure that powers the platform.

– Sony and Botnar: Funding support to develop and expand the platform.

– Global Partnership for Education (GPE): Funding the setup of the platform, state technical teams, building capacity of teachers and supply of devices.

UNICEF Nigeria continues to work closely with the Federal and State Ministries of Education and other partners to expand the reach of the Nigerian Learning Passport and enhance its content to meet the evolving needs of learners.

This milestone marks a significant step towards achieving Sustainable Development Goal 4, which aims to ensure inclusive and equitable quality education for all. UNICEF remains dedicated to creating a brighter future for every child through education and innovation.

For more information about the Nigeria Learning Passport, please visit https://nigeria.learningpassport.org/

Distributed by APO Group on behalf of UNICEF Nigeria.

By providing affordable access to quality health services, Primary Health Care (PHC) forms the cornerstone for advancing towards universal health coverage (UHC) and ultimately for improving people’s health and well-being across the life-course.

In a nutshell, it is about patient-centered care which is a fundamental human right. PHC was identified as the key to the attainment of the goal of Health for All in 1978 through the milestone declaration of Alma-Ata in 1998. Mauritius was one among the leading countries in the African region to embrace the spirit of PHC and Alma Ata with the establishment of Area and Community Health Centres. Through the Astana Declaration of 2018, which Mauritius adopted, PHC was revamped to ensure that everyone everywhere is able to enjoy the highest possible attainable standard of health.

Mauritius boasts a UHC service coverage index of 66, which is significantly higher than the WHO African Region (AFRO) average of 44 and only a couple of percentage points lower than the global average of 68. One of the main reasons for its strong UHC performance is the vast network of health facilities offering basic free PHC to the majority of the population within a distance of less than five kilometers. 

The Ministry of Health and Wellness (MOHW) identified Integrated Primary Health Care Services as the first priority of its Health Sector Strategic Plan 2020-2024. The MOHW thus requested that WHO assess the current status of the PHC approach in Mauritius and provide recommendations to ensure that the rapidly expanding network of health facilities can effectively maximize the level and equitable distribution of health and well-being among the Mauritian Population.

Indeed, the PHC approach aims to offer at the earliest possible stage people-centered, integrated and essential health services which are of high quality, as well as being accessible and affordable. It covers the continuum of care, from health promotion and disease prevention to treatment, rehabilitation and palliative care, and aims to shift efforts from a reactive biomedical approach to illness towards a more holistic and proactive approach focusing on people’s health needs and well-being across the life span.

Since November 2023, a team of WHO experts has been working with the MOHW to prepare the Scoping Mission which took place in May 2024 to: conduct a deep dive into Mauritius’ PHC approach; identify its strengths and weaknesses, opportunities and challenges; propose high level recommendations for improvement; and develop a roadmap for the operationalization of these recommendations. 

The Director of Health Services at the Ministry of Health and Wellness, Dr Prithviraj Ramputty, explains the rationale behind the mission: “It was time for us to take a fresh look at our journey as the demands on the PHC system in Mauritius have evolved significantly since independence in 1968.”

To achieve these objectives, the who team of experts performed a systematic review of primary and secondary data, previous assessments, current health policies, legislation and strategies. They also conducted extensive stakeholder consultations along with visits of health facilities and interviews of key informants. “The interaction with the consultants was very frank and open. They shared their views and experience from other countries. It was clear from very outset that we had to contextualize the process and the drafting of the roadmap for the coming five to 10 years,” Dr Prithviraj Ramputty explains.

The mission’s preliminary findings were presented to the Minister of Health and Wellness, Dr Kailash Jagutpal, and senior officials during a final stakeholder meeting in Port Louis on 24 May 2024.

Introduced by WHO expert Dr Benson Droti, the key recommendations include: i. refining the Package of Health Services and interventions at the various levels of service delivery; ii. revising staffing norms to match these services and interventions; iii. establishing and institutionalizing quality management systems; iv. digitalizing health care; v. enhancing the availability and utilization of data to inform decision making; vi. private sector engagement; vii. decentralizing health service management at sub-national level (including devolution to scale-up delegation of authority for greater autonomy in decision making); and viii.  strengthening the national regulatory framework for pharmaceuticals and lifting up of health promotive and preventative interventions.

In his allocution, the Minister of Health and Wellness, Dr Kailesh Jagutpal, noted that Mauritius possesses an impressive 200 health care points before remarking that the public health sector still needs to improve in terms of accessibility, making health care services more acceptable from the patients’ perspectives, quality of care, health equity, community engagement and health financing, among others. “This mission comes at the right time as we are in the process preparing the second Health Sector Strategic Plan (HSSP).”

The WHO Representative, Dr Anne Ancia, also emphasized the timeliness and importance of the mission’s recommendations: “Elevating Mauritius’ PHC approach will ensure that the necessary health system reorganization matches the expanding health facility network and the services on offer, to effectively improve the health and well-being of all Mauritians.”

Distributed by APO Group on behalf of World Health Organization (WHO) – Mauritius.