Author: David Bogonko Nyokang’i

·         By taking action to reduce energy consumption, Pwani Oil aims to not only benefit the environment but also improve competitiveness, increase operational efficiency, and save on operational costs.

·         The company is dedicated to continuously implementing alternative and sustainable fuel sources such as briquettes, cashew nut shells, Macadamia seeds, and Maize cobs, thus contributing to the preservation of natural resources.

Leading edible oils manufacturer Pwani Oil has announced plans to transition all its Plants & Machinery to rely on 50% renewable energy sources by 2030.

This is even as it aims at upgrading its existing power plant to generate more power internally by the end of this year.

The move highlights the company’s unwavering dedication to energy efficiency and aligns with its broader sustainability agenda aimed at combating climate change.

Commenting on the move, Pwani Oil Commercial Director Rajul Malde said, “Recognizing the urgent need to address environmental challenges, we are steadfast in our commitment to reducing our carbon footprint. In this regard, we are on a roll to implement energy-saving policies and drive a culture of innovation to reduce energy consumption by 30% per unit of production by 2030. This ambitious target will not only contribute to mitigating climate change but in improving operational efficiency”.

In its mission to promote biodiversity and combat deforestation, Pwani Oil has also kicked off a tree planting exercise aimed at growing 1 million trees as part of its comprehensive plan to increase Carbon storage. By actively participating in reforestation efforts, the company aims to counterbalance its environmental impact and restore crucial ecosystems for the benefit of future generations.

Besides, the company is dedicated to continuously implementing alternative and sustainable fuel sources such as briquettes, cashew nut shells, Macadamia seeds, and Maize cobs, thus minimizing its ecological footprint and contributing to the preservation of natural resources.

In addition, Pwani Oil intends to achieve a 50% Roundtable on Sustainable Palm Oil (RSPO) certification for all palm oil and palm derivatives to solidify its commitment to sustainable palm oil production. This certification underscores the company’s dedication to responsible sourcing and supports the sustainable growth of the palm oil industry, which plays a crucial role in various sectors.

Recently, Pwani Oil’s dedication to sustainability and energy efficiency was acknowledged as the company received the first runner Award from the Energy Management Award in Electricity Savings Award- LC (45,000G), reinforcing its commitment to driving positive change within the industry and inspires the company to continue its relentless pursuit of energy efficiency and sustainability.

“As Pwani Oil forges ahead in its sustainable energy journey, we remain committed to fostering a greener future and serving as a role model for others in the industry. Through our innovative practices and ambitious goals, we hope to set an example for companies worldwide, demonstrating that sustainable energy solutions are not only essential but also economically viable.”  Said Rajul Malde.

By implementing energy-saving measures, Pwani Oil aims to contribute to a greener future and position itself as a leader in sustainability.

Reporting on emerging technology is more challenging than you might think, precisely because it’s still “emerging”. Whether it’s virtual reality, cryptocurrency, or Artificial Intelligence, much of the technology is undergoing rapid development, it hasn’t reached its potential. In fact, often we aren’t entirely sure what the potential is. On CNN’s Decoded we get a snapshot in time of what it might be, and it’s had some…mixed results! Here are three of the things I’ve looked at over the past year.

The Metaverse

Exploring the metaverse across its many platforms was a wonderful, sensory overload. Each time I took the VR headset off I crashed back to reality. Side effects of a metaverse trip include motion sickness, a sweaty face and headset lines indented into the face. Yet there is a lot to recommend the metaverse: the skies are always blue, there’s always a party somewhere, you have endless outfits and hairstyles at your fingertips (I am partial to a mohawk), and you can catch up with friends who live thousands of miles away in a more fun and immersive way. I truly believe that the metaverse is here to stay for socialising and gaming, and even connecting with colleagues for meetings. However, like many promising technologies, this one has received a lot of hype. I was shocked by the breathless market for virtual real estate – a “property” made of pixels and algorithms can sell for millions of dollars, a virtual superyacht (complete with helipad and DJ booth) has sold for $650,0000. I think it’s great that investors and businesses see the potential of the metaverse, but I worry that many may just be throwing money into the abyss, fearful of missing out on the next big thing.

 Artificial Intelligence

Over the last year AI is the technology you’ve heard about the most, particularly since the launch of ChatGPT and the many AI chatbots that followed. I have no qualms in telling you I already use AI chatbots in my day-to-day life, I’ve used one to hone an email to a wedding photographer to haggle on price, to write up a hotel review, and to bounce ideas off for stories I am working on. AI is already replacing mundane tasks, and for better or worse, it will change and replace jobs all over the world – as many as 300 million according to Goldman Sachs. Many of the fears about AI are valid, particularly when it comes to issues around bias and misinformation. Other fears are overblown. Will AI become sentient and enslave humanity? Doubtful. Generative AI is trained on huge troves of data and information online, and it’s not always factually correct. It can even “hallucinate”, according to industry experts, but it is not sentient. Chatting with AI becomes even stranger off screen, I was thrilled to meet Desdemona, a humanoid robot programmed with AI. Our conversation was certainly original but not particularly intelligent. Ways to foil Desdemona: switching her off, killing her Wi-Fi connection, talking too fast, and walking away – all easy options.

Cryptocurrency

This was the topic that worried me the most – and not just regarding how best to explain blockchain and Bitcoin mining. Firstly, there’s the total lack of regulatory oversight, which results in scandals and scams. There are the exchanges that went bust when customers took their crypto out, there are the many ‘AltCoins’ (name any animal, food item, or mythical beast and add the word “coin” to the end) professing to be the next Bitcoin, when really they are worth nothing and vanish into oblivion. People are parting with real money for digital currencies that aren’t decentralised, that have limitless supplies, and, given the absence of regulation, can be created by anyone. The second issue that worries me is how people are getting their crypto information and investment advice.

The thing I found most surprising about cryptocurrency is that it I am now a convert, at least on the philosophy of Bitcoin. I think there is a place in the world for a truly decentralised cryptocurrency, with which people can move money across borders without taxation, outside of the remit of banks, in countries where hyperinflation and political corruption risk it being worthless. Unfortunately, Bitcoin hasn’t reached its potential. It remains volatile, and after so many crypto exchanges and wallets have gone bust or proven corrupt, trust has been eroded.

Overwhelmingly, the technology we explored blew my mind. I’ve had lots of glimpses into a future that is better connected, more sustainable, and healthier.  For me the best of technology wasn’t found in the glitzy virtual reality headsets, or on the lifelike face of a humanoid, it was in the clinical setting of laboratories all over the world. I’ve seen how Artificial Intelligence can diagnose disease in ways that humans cannot, how Genetic Technology is curing diseases that were incurable, and even how human organs can be 3D printed. There is a seismic shift happening in healthcare that is already enabling us to live longer, healthier and better-quality lives, and it’s developing fast. Imagine a world where disease is eradicated, where old age isn’t debilitating, and people can live decades longer in good health. All this may now be entirely possible thanks to some of the greatest minds, the trailblazers of technology.

Anna Stewart is a Reporter at CNN. She is the host of Decoded.

By Francis Tay

In the African tech ecosystem, and even in “traditional” business environments, the time it takes a founder to create and land the opportunity to pitch to potential investors and major clients far outweighs the pitch itself.

In my experience working within the ecosystem, it can take weeks of accumulated phone calls, emails, and face-to-face meetings to get some time with a critical decision-maker, with the elevator pitch the only option.

This reality only heightens the importance of the pitch. A botched pitch with one group of potential investors may prematurely shut doors with others. Similarly, a poor pitch at the early stage of an investment process with an investor can hamper progress.

So, with this in mind, what should a founder of an early-stage startup keep in mind to prepare a high-quality elevator pitch?

Based on our experiences in the African tech ecosystem working with numerous founders and investors across the continent, below are 5 tips early-stage founders can follow when preparing for that five minute investor pitch.

1. “What’s the problem?” and “Why does it need solving?”

When we consider founder applications to join our portfolio, questions that are always at the front of our minds are, “What problem does your solution solve?”, “Who is your target group?”, “Why is this a problem that needs to be solved?” and “Why does this problem need to be solved now?”

If you can answer these questions succinctly and have the detail to back up your assertions, that means your value proposition is clear, and critically, it is clear to a potential investor or client. To repeat a phrase identified with a past U.S. president, if you’re explaining, you’re losing.

2. The “How”, benefits, and competition

If you’ve made a convincing case about the problem you’re solving and why it should be solved, the next questions to answer are, “How does it work?”, “What are the solution’s benefits?” and “How does it differ from the competition?”

This is the detail I referred to in tip 1. The problem statement and how your startup can solve it get you to the runway. The “How”, the solution’s benefits and differentiation is when you land the plane. The point about competition is especially important because an investor is always likely to ask, “How does your solution differ from company X?”

3. Showing that a market for the service exists

An important moment that really makes an investor curious during a pitch is if you can show them that you have attained traction on the journey towards product-market fit (for early-stage startups). We see traction as the progress a startup makes on the path to product-market fit, while product market-fit is validation that the right problem is being solved in the right way for the right audience and there is proof of substantial repeat usage.

If you, as a founder, can show there is indeed a market for your solution, your solution is sticky, and your early revenue signs are promising, the foundation has been laid for the next step in your pitch – the team that will make it happen.

4. Going beyond the founder or founding team

While a strong founder or founding team is a prerequisite for any startup, the first people a startup hires to support the founding team must be a fait accompli to its future success. Investors want to see that you have a team with the experience and expertise to execute your vision.

Furthermore, if the team brings experience from other successful businesses, this is a vote of confidence for investors through association, given the intense competition for talent within the African tech market.

5. You believe in your vision. Make sure investors know that

A piece of wisdom I strongly identify with in the ecosystem is when it comes to sales, it doesn’t matter what your job title is. You are always in sales.

This is important to remember because investors know what a sales pitch looks like. They have heard it all before. A differentiator that stands out to an investor, beyond the business fundamentals making sense, is a founder being passionate about their business. It may sound like a given, but if a founder isn’t passionate about their solution, why should an investor be?

Beyond these five tips, here are a few more pointers that you as a founder may find useful before pitching your startup to an investor or client:

• While a more detailed pitch is expansive, for an elevator pitch, you want to highlight the most important aspects to pique investor interest.
• To keep the audience engaged try to weave in a compelling story.
• Practise your pitch in front of friends, family, or colleagues so that you become comfortable with the material (but not over-rehearsed).
• Make sure your pitch is concise and to the point. Use an investor’s time wisely.
• Be prepared to answer questions. Investors will likely have a lot of questions about your business. Master your detail.
• Be honest. Any half-truth you tell during the pitch will always find a way of coming out. Investors have very long memories.

Francis Tay is Investment Manager Africa at early-stage investor Founders Factory Africa. 

By Mxolisi Msutwana – Chief Operating Officer at Baxi 

 

All around the world, governments are trying to encourage cashless payments. Their reasons for doing so are multiple, including expanded financial inclusion and transparency, wanting to formalise the informal economy, and to drive economic growth and innovation. Nigeria is no exception. By the end of 2022, the move towards a cashless policy as a means to eradicate cash was high on the government’s agenda in Nigeria. In early 2023, a bid by the Central Bank of Nigeria (CBN) to introduce new banknotes and lower cash withdrawal amounts led to a serious shortage of cash .

 

Unfortunately, there were not enough new notes in circulation to serve the needs of a country that’s historically been as heavily cash-dependent as Nigeria. While the initiative itself is a step in the right direction, there’s no denying that it caused issues.

 

The economic effects were far from positive. According to S&P, amidst widespread protests, many Nigerians were left scrabbling for ways to pay for day-to-day goods and services. As a result, many people who’d never previously used digital payment services had little choice but to adopt them. Fintechs in particular stepped up to the plate, helping Nigerians meet a fundamental need at a time when their lives had been massively disrupted. A report from Nigeria’s Inter-Bank Settlement System (NIBSS) found that there was a 125% increase in mobile payments during January compared with the same period in the previous year. Additionally, Bloomberg reports, the value of mobile-money transactions has jumped by a quarter to 2.5 trillion naira (US$5.4 billion).

 

As the shortages abate, it will be crucial that digital payment providers do not let the resulting move to digital payments go to waste. In a country with a long history of relying on cash as the primary means of payment as Nigeria, they will have to work hard to retain the customers they’ve gained in recent months and position themselves for continued accelerated growth.

 

How digital payment providers evolved

 

Before looking at how digital payment providers can do so, it’s worth taking a deeper look at how they responded to the situation. That the crisis represented a particularly big opportunity for digital payment providers that allow people to make transactions with their mobile phones is to be expected. After all, as Bloomberg points out, just under 40% of Nigerians have access to bank accounts, compared with mobile-phone penetration of 117% in the country, giving them the opportunity to expand rapidly.  Given the comparatively low levels of mobile money use prior to the cash shortages, it should be clear just how much potential for growth there was (and still is).

 

Of course, those operators still had to work hard to ensure that they were able to properly service the growing pool of customers looking to make and receive digital payments. MTN Nigeria, for example, is planning to deploy 224 000 agents to boost the adoption of mobile wallet use.

 

At Baxi, meanwhile, we onboarded record numbers of agents, ensuring that people were able to easily send and receive money. We also supported merchants in providing solutions for payment collections during that period by deploying additional point-of-sale (POS) terminals, allowing customers to pay via card and transfers, and allowing merchants to generate account numbers for payment collections.

 

Of course, not everything went according to plan for every digital payment provider. As a recent column in TechCabal pointed out, many Nigerians complained about the high failure rate in digital transactions.

 

Cash will always be important

 

Even in the face of such growth, it’s important to remember how dominant cash has historically been in Nigeria. Despite cashless transactions rising 42% in 2022, cash-based payments still accounted for 63% of all POS transactions in the same year, according to the FIS Worldpay Global Payments Report 2022. That’s significantly higher than the global average of 17.9%. It also puts Nigeria well ahead of the average for the Middle East and Africa region, where cash accounts for 44% of POS payments.

 

The reasons for the dominance of cash in Nigeria are deep-seated too. They range from a lack of access to bank accounts (just 39% of Nigerians aged 15 and older have a formal bank account) to trust issues with the formal economy. An extensive informal economy and infrastructure challenges also play significant roles while the power of force of habit can’t be ignored either.

 

In other words, digital payment and mobile money providers cannot simply assume that the boon they’ve experienced as a result of the cash shortage will continue unabated. They also can’t assume that cash will be displaced. It will continue to play a significant role in Nigerian society for a long time to come.

 

Instead, they should focus on using the situation to ensure that Nigerians and merchants alike understand the very real advantages that digital payments and mobile money have in specific situations.

 

Security, convenience, and increased access

 

When it comes to consumers, for instance, payment providers need to highlight that the day-to-day transactions that they enabled during the cash shortage were just the start of what they can offer.

 

Of course, it’s important to keep emphasising that digital payments offer consumers better security and convenience, especially when it comes to large transactions.

But it’s also important to highlight the additional benefits that digital payments offer. Thanks to advanced integrations, for example, customers can access audio and video streaming services without needing a formal bank account. In many cases, the promise of access to something you didn’t previously have access to is a much more powerful incentive than being able to complete existing tasks more conveniently.

 

For merchants, meanwhile, security is also a benefit that can continue to be emphasised. For small businesses especially, using electronic channels makes tracking your cash-generating activities easier than ever.

 

Here again though, there are other significant benefits that should be emphasised, including the ability to automate takings. The digital records made available by having digital payment offerings as an option can also ease the path towards formalisation for small businesses. That, in turn, makes it easier to access things like growth financing.

 

An opportunity not to be missed

 

Ultimately, there’s never been a better time for digital payment providers to press home what they can offer to both consumers and merchants. But they must make the most of that opportunity. Their best hope for doing so isn’t to degenerate the role of cash but to emphasise the very real opportunities they can help unlock.

Stanbic Bank Kenya has an exciting festival in store for Rhythm and Blues fans in Kenya, dubbed ‘the Stanbic Yetu Festival”. This festival aims to bring together an incredible line-up of artists, both local and international, to ignite the Kenyan music scene. One of the highlights of the evening will be a mesmerizing performance by Boyz II Men, the iconic and legendary R&B band. In addition, the festival will showcase the exceptional talent of homegrown DJs and the sensational group Sauti Sol.

As Kenya’s music and entertainment industry continues to flourish, it is crucial to channel more financial resources towards supporting artists and creatives. While many commercial banks in Kenya prioritize sports and education, the music and art sector often remain underfinanced. Through the Stanbic Yetu Festival, Stanbic Bank aims to bridge this gap and provide a new opportunity for Kenya to establish itself as a hub for music, arts, and entertainment within Africa.

The arts and entertainment industry plays a vital role in enriching cultures, fostering creativity, and inspiring societies, not only in Kenya but around the world. Behind the captivating performances, awe-inspiring exhibits, and immersive experiences lies a complex network of partnerships that form the backbone of this dynamic sector.

Collaborative efforts between artists, performers, organizations, businesses, and governments are essential for the growth and sustainability of the arts and entertainment industry. These partnerships not only provide much-needed financial support but also drive innovation, engage audiences, and promote the flourishing of artistic expression.

With over 112 years of history in Kenya, Stanbic Bank has a longstanding tradition of supporting talent and homegrown Kenyan initiatives. The bank actively seeks opportunities to partner with both international and Kenyan artists, exemplified through initiatives like the Stanbic Yetu Festival and Stan-Beat. Stan-Beat is a project designed to identify and collaborate with like-minded creative groups, empowering their operations and supporting up-and-coming artists from underprivileged backgrounds.

Through strategic partnerships, artists and organizations gain access to a broader range of financial support, enabling them to produce and showcase their work on a grand scale. By combining their unique talents, expertise, and perspectives, artists, performers, and organizations can create ground-breaking works that captivate audiences. Collaborative projects allow for the fusion of different artistic disciplines, such as theatre and technology, music and visual arts, or dance and storytelling, resulting in extraordinary and transformative experiences for audiences.

These collaborations are instrumental in fuelling the growth, innovation, and sustainability of the arts and entertainment sector. As we navigate an ever-evolving world, it is crucial to recognize and nurture the value of partnerships in driving the industry forward. Events like the Stanbic Yetu Festival serve as a stepping stone in the right direction, propelling the arts and entertainment scene in Kenya to new heights.