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Vital to integrate youths in economy development: Old Mutual CE

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By Newsday News

May 18, 2021

BY WINSTONE ANTONIO

Financial services provider Old Mutual Zimbabwe chief executive, Samuel Matsekete says it is vital to integrate the youth in the development of the economy.

Matsekete’s made the remarks as Eight2Five Innovation Hub powered by Old Mutual Zimbabwe in partnership with British Council Zimbabwe invites young Zimbabwean entrepreneurs aged between 18 to 45 to apply for participation in the Value Creation Challenge (VCC) 2021 edition.

The VCC was launched last year with the aim of supporting businesses and start-ups that provide innovative and sustainable solutions to Zimbabwe’s socio-economic and environmental challenges.

“The Value Creation Challenge is not only an opportunity to explore the role that financial services can play in helping young people make a successful transition into their most productive years. It is also an opportunity to link young people to real opportunities that exist both in the local and the regional markets,” he said.

Scenes at the Eight2Five Innovation Hub powered by Old Mutual Zimbabwe in partnership with British Council Zimbabwe

“At this phase of development in Africa the continent’s growth relies on agile businesses that are powered at the core by innovation. We at Old Mutual consider it vital to integrate the youth in the development of our economy. The Value Creation Challenge seeks to demonstrate this thrust, and to assist the youths and young entrepreneurs on this journey.”

Matsekete said this year’s VCC program will be offered both online and in person, providing holistic business management while addressing some of the challenges that have been a result of Covid-19.

“This Value Creation Challenge presents an opportunity for the youth’s innovative solutions to socio economic and environmental challenges through young and funky ventures, digital content creation, data analytics, climate action, and emerging technologies to be amplified for the good of the nation as a whole,” he said.

Matsekete said applications are to be submitted through the online portal URL: https://eight2five.co.zw/apply after reading and understanding the terms and conditions before the 14 of June 2021.

“Eligible businesses and start-ups are encouraged to apply before the 14th of June 2021, after which shortlisted applicants will be invited for interviews. The targets for this challenge are young businesses and start-ups that fall under the following pillars, data analytics, emerging technology, digital content creation, climate action young and funky,” he said.

Matsekete said at least four ambitious start-ups will proceed to this year’s accelerator program which comes with seed capital, mentorship, and capacity building.

“Eight2Five Innovation Hub believes that over the long-term, creating shared values within societies is the most sustainable way to improve livelihoods. This journey starts with transformation of how we do business through digital solutions, accessing skills, and technically assisting each other in our communities,” he said.

Country Director Zimbabwe and Southern Africa Lead · ‎British Council Roland Davies; “Recognising and acknowledging the role young people play in economic and social development is key hence this particular programme is much more streamlined with specific targets in areas or sectors in which young people have passion and interest in developing their businesses.”

We encourage female led businesses to apply, as our cultural relations work aims to bring diverse people together to learn, create and fulfil ambitions. British Council will continue to nurture creativity, innovation and flexibility by engaging a diversity of perspectives and spot new opportunities to work with partners like Old Mutual to achieve greater reach and impact.”

  • Follow Winstone on Twitter @widzoanto

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Wealth Management

Number of African millionaires to rise 42% over next decade, says report’

Africa as a continent has the both the youngest and fastest growing populations, which could mean endless possibilities for investors

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THE NUMBER of African millionaires is set to rise a staggering 42% in the next ten years, according to a new report,

The Africa Wealth Report which is the definitive guide of Africa’s wealth and luxury sector and is published by Henley & Partners – the global leader in residence and citizenship by investment.

This year’s report – written in partnership with New World Wealth – say Africa is set to see a substantial increase in Africa’s High-Net Worth Individual (HNWI) population over the next decade.

The report reads: “The Africa Wealth Report 2023 reveals that the growth in High-Net-Worth Individuals on the continent is expected to be 42% over the next 10 years.”

Natural and  eco-friendly businesses is a trend which is set to be popular with HNWIs and is set to influence a boom in the eco-tourism market.

However, the report noted: “Total high-net-worth individual numbers on the continent have dropped by 12% since 2012, as this report reveals, with poor growth in the three largest markets: South Africa, Egypt, and Nigeria.

“But the future looks brighter, as New World Wealth predicts Africa’s millionaire population will rise by 42% over the next decade, reaching 195,000 by 2032.”

Mauritius projected to have a growth rate of 75% in the next ten years.

But also, several other African countries are predicted to see a growth of over 60% for HNWI’s.

These countries are Rwanda, Zambia, Democratic Republic of Congo, the Seychelles and Morocco, according to the report.

Africa as a continent has the both the youngest and fastest growing populations, which could mean endless possibilities for investors.

The new report also reveals that “the ‘Big 5’ wealth markets in Africa — South Africa, Egypt, Nigeria, Kenya, and Morocco — together account for a significant 56% of Africa’s high-net-worth individuals and over 90% of the continent’s billionaires.”

But with countries like Rwanda are developing fast, which may mean a huge leap in the country’s wealth.

The report states: “Rwanda was the top performing market in Africa during the period, with millionaire growth of 72%, followed by Mauritius, the Seychelles, Uganda, and the Democratic Republic of the Congo.

“Morocco and Kenya’s high-net-worth individual populations also grew solidly.

“Ethiopia and Ghana, whose millionaire populations had been growing rapidly until 2019, have struggled over the past few years, which has pulled back their 10-year growth rates.

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Business

Financing Africa’s recovery.

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Financing Africa’s recovery: Is there an unfair risk premium on lending to the continent?

France 24’s François Picard leads a discussion in which Lionel Zinsou, former Prime Minister of Benin, and Marin Ferry, Asst. Prof. at the Université Gustave Eiffel, articulate their views on the treatment of African economies on the international bond markets and by credit rating agencies. Is there an anti-African stigma on the financial markets?

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Business

AFC – Changing the Narrative on Africa

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Africa Finance Corporation – Africa is on a major growth trajectory and the future belongs to Africa .

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