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By Funmi Dele-Giwa, General Counsel & Head, GRC at MFS Africa

 

If you’re reading this, there’s a very good chance you’re already familiar with the acronym ESG. Standing for “environmental”, “social”, and “governance”, it’s a constantly evolving standard that emphasises the importance of doing business in a way that positively impacts the environment, society and stakeholders. In essence, it’s the idea that companies can grow and profit while doing good and it encourages businesses to be more transparent about how they add to or create value for their society, community and/or stakeholders.

 

While ESG has its critics (on both sides of the aisle), it’s philosophy has gained near-universal acceptance in investor circles. In fact, a 2022 study by asset management firm Capital Group found that 89% of investors consider ESG issues in their investment approaches. Additionally, there are around US$2.5 trillion in ESG assets under fund management. And with rising interest rates putting a dampener on investment (including in Africa), scoring well on those metrics may become more important than ever.

 

But for African fintechs the case for ESG goes beyond becoming investable. Implemented properly, the principles behind ESG make a great deal of business sense. As an illustration of how much of a boost it can be to a business, a study by accounting firm Moore Global found that companies with strong ESG principles saw their profits grow 9.1% in the three years between 2019 and 2022. In other words, the fintechs that get ESG right won’t just have an easier time attracting investment, they’ll also be better poised for growth, sustainability and profitability.

 

Why ESG works

 

Before looking into how African fintechs can put together the kind of ESG frameworks that encourage growth and investment, it’s worth taking a deeper look at why it makes good business sense (outside of the already strong investment case) to invest in ESG.

 

One of the most powerful is the African environmental context. According to the Africa Development Bank, for example, Africa is the continent most vulnerable to climate change. Any fintech that understands this and works to ensure that its operations are sustainable isn’t just helping mitigate the effects of climate change on the planet, it’s also helping ensure a future environment in which it’s more likely to survive and thrive.

 

Of course, ESG isn’t just about the environment. Its second social pillar has an equally important role to play. For fintechs this can look like ensuring that they hire diversely, support MSMEs, and contribute positively to employment in areas where it’s needed most. But perhaps even more importantly, it also includes financial inclusion.

 

Choosing to hire diversely has obvious societal benefits: for example it means that previously marginalised groups are able to participate in the economy at much higher levels. But it also comes with significant business benefits. And the higher up the organisation those hires climb, the greater the accrued benefits are. According to the Boston Consulting Group, companies with above average diversity in their management team report 19% higher innovation revenues than those with lower diversity.

 

Supporting micro, small, and medium-sized businesses also benefits fintechs. For starters, they make up a large customer base (particularly for B2B-focused fintechs) on the continent. In sub-Saharan Africa, there are approximately 44 million SMEs. These enterprises not only serve as the engine of many economies across the African continent, but they also represent a segment historically ignored and under-served by the more traditional financial services players. By providing products and services which speak directly to the pain points of micro and small enterprises, fintechs can not only tap into a fast growing and profitable segment, but can have a positive impact on the overall economic development and prosperity in the country in which they operate.

 

Growing financial inclusion in the region, meanwhile, is absolutely critical. At present, just 43% of people in sub-Saharan Africa have a formal bank account. That makes it difficult to access things like vehicle, home, and business loans that can be used to grow income. It also means that any savings the unbanked have can’t be used for wealth generating investments. Across the region, fintechs are helping people overcome those barriers by expanding financial services such as digital banking, microfinancing, and digital payments to people who wouldn’t previously have access to them.

 

The final pillar within the ESG framework, focuses on governance and this is often an overlooked and misunderstood pillar. I am an avid advocate and loud champion of strong corporate governance workings, but I am often asked how strong governance arrangements actually help an organisation thrive and grow.

 

Many people equate good governance with rigid structures and bureaucratic processes, but I respectfully disagree with these assertions. The truth is that a solid corporate governance foundation, coupled with the right corporate culture, has exactly the opposite effect. It frees an organisation from confusion and unnecessary work. It allows for decisions to be made more freely by people who have been empowered to take decisions. It ensures that key decisions are placed with and taken by the most appropriate individuals within an organisation. And it allows for a dynamic, organised, and agile organisation.

 

Examples of good governance practices every fintech should have in place include transparent decision-making processes, ethical behaviour, and accountability to stakeholders. This, in turn, helps build trust with customers, investors, and (increasingly stringent) regulators; fostering long-term sustainability and growth.

 

Building the right frameworks

 

Of course, claiming to be ESG compliant and having an effective ESG framework are two different things. While there are a variety of approaches that can be taken in doing so, at MFS Africa we take a three-pillared approach that focuses on “setting”, “measuring”, and “reporting” the impact we have in local communities and across the Africa continent.

 

During the “setting” phase, we outline the parameters which will guide the organisation in its ambition to build a strong impact-driven organisation with a clear ESG approach. Having done that, we measure against those parameters and then report transparently on those measurements.

 

While each organisation should tailor its ESG framework according to its individual needs and context, we’ve found this model to be the one best suited to us. It’s helped us grow to be the kind of organisation that can connect more than 500 million mobile money wallets across 40 African countries, supporting over 300,000 agents and providing access to financial services for millions of Africans.

 

A policy worth getting right

 

Ultimately, despite dire predictions from the extremes of the political landscape, it’s unlikely that ESG will go away soon. Even if the label disappears, it’s now so entrenched in the way that investors do business, that it’ll remain an important consideration. And that’s because the companies that do ESG well share many of the hallmarks of good, investable companies. As the African fintech sector continues to grow, its participants should ensure they’re taking a proactive and positive approach to ESG. This will transform the sector beyond, “doing” good to “being” good – good for the economy, good for society and good for stakeholders.

Africa stands at a critical juncture in its history, with a rapidly growing youth population that presents both challenges and opportunities. As the continent grapples with pressing issues such as food security and economic development, it is crucial to harness the potential of this demographic dividend to achieve inclusive growth. By empowering Africa’s youth and creating an enabling environment, we can transform the continent’s food systems and unlock its economic potential.

Africa’s food systems face multifaceted challenges, including limited access to modern agricultural practices, inadequate infrastructure, and a lack of inclusive policies. However, within these challenges lie tremendous opportunities that can be achieved through investments in education, vocational training, and entrepreneurship programs tailored to the agricultural sector. By equipping young people with the skills and knowledge necessary to succeed in agribusiness, they can become agents of change and innovation. Governments in collaboration with the private sector organisations and civil society, can enhance the provision of comprehensive as well as accessible education as well as training programmes that align with the needs of the labour market. By incorporating practical skills and modern agricultural techniques into the curriculum, young people can develop an appreciation of farming sustainably, market linkages, and value chain management.

Ensuring equitable access to resources is critical for inclusive growth. Financial institutions and governments should establish mechanisms that provide affordable credit and access to land for young farmers. Many young Africans face significant challenges in accessing capital due to limited collateral and financial literacy. To address this, innovative financing models, such as microfinance and blended finance initiatives, can be employed to provide young farmers with the necessary capital to start and scale their agricultural enterprises.

Furthermore, it is essential to promote sustainable agricultural practices through policies that incentivise youth-led initiatives in conservation, organic farming, and climate-smart agriculture. By incorporating environmental considerations into policy frameworks, governments can encourage young farmers to adopt sustainable practices that protect natural resources, enhance resilience to climate change, and contribute to the overall well-being of communities.

In addition to inclusive policies, participatory governance is crucial for youth engagement. Governments should actively involve young people in decision-making processes, providing platforms for their voices to be heard. Youth advisory boards, consultative forums, and mentorship programmes can facilitate dialogue between policymakers and young agripreneurs, ensuring that policies are designed and implemented in a manner that reflects their aspirations and needs.

Harnessing Africa’s youth dividend requires collaboration between governments, civil society, private sector entities, and international organisations. These stakeholders can join forces to provide mentorship, capacity-building programmes, and investment opportunities for young agripreneurs. Public-private partnerships can promote the transfer of knowledge, technology, and expertise, fostering innovation and entrepreneurship in the agricultural sector. By leveraging the strengths and resources of various actors, comprehensive support systems can be established to empower young farmers and agripreneurs.

International organisations and donor agencies also play a crucial role in supporting youth-led initiatives. By providing funding, technical assistance, and networking opportunities, they can facilitate access to resources and markets for young agripreneurs. Collaboration between African countries and international partners can also foster knowledge exchange and innovation, promoting the adoption of modern technologies and best practices across the continent.

AGRA actively contributes to harnessing the potential of Africa’s youth for inclusive growth. We invest in education and training programmes tailored to the agricultural sector, equipping young people with the necessary skills for agribusiness success. Additionally, we advocate for affordable credit and land reform policies to ensure young farmers have access to resources. By embracing digital technologies, we empower young agripreneurs to overcome barriers. AGRA’s involvement in shaping inclusive policies and fostering partnerships creates an enabling environment for youth engagement, transforming Africa’s food systems and unlocking economic potential.

One such initiative through which AGRA supports young agripreneurs is the Generation Africa programme. This AGRA led youth partnership initative seeks to strengthen the ecosystem for youth entrpreneurs in the agri-food sector across the cotinent, and allows them to unlock this untapped potential. The programme also  provides a platform for young entrepreneurs in the agricultural sector to showcase their innovative ideas and businesses through two competitions named the GoGettaz Agripreneur Prize and the Pitch Agrihack.  Through the Generation Africa programme, youths are offered mentorship, funding opportunities, and access to networks, enabling them to further develop their ventures and contribute to sustainable agricultural development in Africa.

The programme strengthens the ecosystem that supports youth entrepreneurs in different countries by catalyzing stakeholders (government, private sector, development partners) action and strengthening youth flagship programmes through the Youth Ecosystem Development Framework (YEDF) assessments and stakeholder engagements. By connecting young agripreneurs with resources and support, AGRA, is empowering the next generation of agricultural leaders, driving economic growth, and creating a more inclusive and sustainable future for Africa.

Africa’s youth population holds immense potential to drive inclusive growth and transform the continent’s food systems. By investing in their education, facilitating access to resources, implementing inclusive policies, and fostering partnerships, Africa can empower its young population to become the driving force behind agricultural innovation and economic development. Through such efforts, Africa can secure its food future, create sustainable livelihoods, and unlock the full potential of its youth demographic dividend. It is time to embrace the power of Africa’s youth and work together towards a prosperous and inclusive future. By investing in the potential of its young people, Africa can lay the foundation for a flourishing continent that benefits all its inhabitants.

By Dickson Naftali, Head, Generation Africa, AGRA

Samsung Electronics has announced the new Galaxy Watch6 and Galaxy Watch6 Classic, designed to help users build healthier habits every day and through the night. Galaxy Watch6 series packs holistic health offerings and powerful performance in a refined and sleek design, boasting a slimmer bezel, a larger and more vibrant display and more interactive user interface. Both models also allow users to access a greater selection of versatile watch faces as well as new band options that empower them to meet their goals.

“With the new Galaxy Watch6 and Galaxy Watch6 Classic, we are delivering on our commitment to democratize advanced health monitoring tools, now offering easier access right from the wrist,” said TM Roh, President and Head of Mobile eXperience at Samsung Electronics. “From sleep and fitness coaching to nutritional insights, Samsung is providing new and convenient ways to help users gain understanding and take action for better health and wellness, every day and every night.”

Personalized Guidance for a Healthier You — Starting With Sleep

Galaxy Watch6 series provides meaningful insights that can lead to positive changes around the clock, offering personalized and actionable tips, advice and encouragement. Recognizing that better health begins with better sleep, Samsung is helping users optimize their night in the same way they optimize their day by focusing on three key elements of better sleep: understanding personal sleep patterns, building better habits and establishing a sleep-friendly environment.

Building on leading-edge sleep and wellness features, Galaxy Watch6 series now offers in-depth analysis of Sleep Score Factors total sleep time, sleep cycle, awake time, plus physical and mental recovery to help users understand the quality of sleep received each night. More individualized Sleep Messages, co-developed with the National Sleep Foundation, also provide users with detailed feedback about their sleep health each morning. Additionally, Galaxy Watch6 offers Sleep Consistency showing how consistent the user’s sleep and wake times are, and a designated Sleep Animal Symbol representing their sleep type.

Enhanced Sleep Coaching enables users to put sleep insights into action with tailored instructions, tips and reminders accessible on both their wrist and paired smartphone. When it’s time for bed, Galaxy Watch6 can help set the perfect sleep environment by automatically changing the settings of connected home electronics and turning on Sleep Mode across the user’s watch and phone to mute notifications, dim screens and even to activate the invisible LED infrared sensor on the watch to deliver valuable health insights without additional light distractions.

Fitness features get more personalized to keep users motivated throughout their journey. Body Composition, with key physical measurements like skeletal muscle, basal metabolic rate, body water and body fat percentage, provides a complete snapshot of the user’s body and fitness, offering a tailored approach to set goals, track progress, and guide through personalized fitness and now nutritional tips via a new partnership with Whisk.

A new Personalized Heart Rate Zone feature analyzes individual physical capabilities11 and defines five optimal running intensity levels to help users set their own goals based on their ability from burning fat to high intensity workout. In addition to over 100 existing workout trackers, the newly added Track Run records the user’s runs on a track, while Custom Workout allows users to build and track their personalized workout routine.

Added to existing blood pressure and electrocardiogram monitoring, the new Irregular Heart Rhythm Notification feature helps users understand their heart health more comprehensively by checking for heart rhythms suggestive of Atrial fibrillation (AFib) in the background — even while asleep. Galaxy Watch6 can also enable users to track skin temperature during the night to give valuable insights including menstrual cycle tracking. And Fall Detection can gauge a fall, whether occurring during exercise, when standing still, or even while sleeping if users happen to fall out of bed. Once a fall is detected, your watch will automatically alert an emergency service number or pre-selected contacts.

Refined Design, Perfectly Yours

Elevating the wearable experience, Galaxy Watch6 series offers all new designs that provide better viewing, greater power and a wider selection of more customizable and comfortable options.

Reading and writing is easier on the 20% larger display,18 showcasing more text on screen and a larger keyboard all while maintaining a comfortable size. A more vibrant, higher resolution display boasts a peak brightness of 2,000nits, coupled with an Always On Display brightness adjustment feature, allowing users to see and do more even under bright sunlight. Powered by the enhanced processor and memory, Galaxy Watch6 delivers smoother and faster interactions.

Galaxy Watch6 and Watch6 Classic come with a 30% slimmer bezel and a 15% thinner rotating bezel respectively, enhancing the beauty of the signature circle frame. Galaxy Watch6 series features new stylish, interactive and informative watch faces that make the most of the large display, while new one-click bands allow users to easily mix and match watch bands. With over 704 unique combinations, users can design their perfect watch on Samsung.com. For example, a new lightweight Fabric Band and Sleep Coaching watch face pair perfectly to help you gain informative sleep insights in comfort.

Galaxy Watch6 series comes with a larger battery and reduced battery consumption to support its larger and brighter display. With just eight minutes of quick charge, users can add an additional eight hours, perfect for tracking their sleep during the night.

Maximizing Your Experience Right From Your Wrist

Galaxy Watch6 series brings greater capabilities to the wrist of every user. The new Samsung Wallet on Galaxy Watch6 combines Samsung Pay with Samsung Pass to incorporate more of the user’s wallet including IDs, event tickets and boarding passes as well as credit cards and membership cards in their watch. Enhanced Gesture Control allows users to conveniently manage their watch using simple gestures for greater accessibility and ease, letting them set their own shortcuts and now access apps and functions touch-free.

WhatsApp makes it easier for Galaxy Watch users to stay connected with friends and family, all without getting out a phone. Starting from this fall, users can stay productive right from their watch with new apps from Google Calendar and Gmail, which will be exclusively available on Wear OS. They can also track fitness progress or nutritional data more easily with Peloton and MyFitnessPal updates, and coming soon, enjoy additional streaming options with Audible. Additionally, with the introduction of a new Skin Temperature API a part of the Samsung’s Privileged Health software development kit (SDK) partners will soon have access to advanced infrared technology for more accurate measurements to bring a whole new world of possibilities to users. A newly launched Thermo Check app takes advantage of the new API, allowing users to measure the temperature of their favorite meal or the ocean before a lap swim, contact-free.

Together with other Samsung devices, Galaxy Watch6 series expands user experiences even further. The upgraded Camera Controller enables remote control of a paired Galaxy Z Flip5 camera to switch modes and zoom. Samsung Smart TV or Galaxy Tab S9 shows the user’s progress in real time with a guided fitness or mindfulness program on the large screen. Users can also automatically toggle the connection of Galaxy Buds2 Pro between Samsung devices via Auto Switch. Should users happen to misplace their phone, Galaxy Watch6 series can now pinpoint its location through Find My Phone with map support.

And as always, personal data on the watch remains secure thanks to the Samsung Knox security platform.

Availability

Galaxy Watch6 and Galaxy Watch6 Classic are available for pre-order in select markets from July 26, with general availability starting August 11.

Galaxy Watch6 is an ultimate daily driver with a modern and minimalist design. It comes in 44mm in Graphite and Silver and in 40mm in Graphite and Gold. For a more premium, timeless timepiece design, look no further than Galaxy Watch6 Classic featuring our fan-favorite rotating bezel — available in Black and Silver in 43mm and 47mm.

If you’re an adventure seeker looking for durability, performance and style, Galaxy Watch5 Pro remains a great option and now comes with even more enhanced GPS exchange format (GPX) features.31 Conquer a new route with the GPX File Database, which enables users to simply search and access recommended routes, while Route Workout now supports running and walking alongside the previously available hiking and cycling.

To learn more about Galaxy Watch6 and Galaxy Watch6 Classic, or design your own watch, please visit: www.samsungmobilepress.com, news.samsung.com/global or www.samsung.com/galaxy-watch.

Safaricom has been awarded for its climate action initiatives in the inaugural Environment Sustainability Awards by Kenya Private Sector Alliance (KEPSA) in collaboration with the United Nations Environment Program (ENEP).

Safaricom was recognised for its innovative approaches in integrating and implementing climate change interventions in its business strategies, and its investments in digital and green solutions that contribute positively to planetary, people and profits.

“We are grateful that our efforts towards environmental sustainability are being recognised. Environmental consideration is critical to the success of our business and as such we have a robust strategy that is responsive to green growth and climate change interventions. This ensures that as a company we are producing and consuming responsibly. We also work with a wide array of partners on various environmental stewardship initiatives,” said Peter Ndegwa, Chief Executive Officer, Safaricom.

Safaricom signed a deal with the Kenya Forest Services to plant five million trees by 2025 in a move that will create 2,000 direct jobs and 5,000 jobs indirectly. Other climate action initiatives included the recycling of 913 tonnes of e-waste as well as the successful recycling of 88.1% of the company’s solid waste in FY 2022. The telco also reduced carbon dioxide emissions by solarizing up to 1,400 of its network sites as it looks to become a net-zero emitting organisation by 2050.

Also recognized is the telco’s Sustainable Energy Programme (Biogas Project) which has so far seen 57 biogas units installed by farmers in the Eburu community conservation. This initiative has so far reached farmers in Naivasha and Nyandarua areas.

Additionally, dam rehabilitation and solarization in Nyalani, Kinango Sub County in Kwale County was also recognized.

The telco was awarded at a Kenya Private Sector Alliance (KEPSA) roundtable edging out 69 other companies. The event brought together Corporate Chief Executive Officers and Business leaders to share priorities on the upcoming Africa Climate Summit and recognise business climate action champions.

Kenya’s financial market is set for further disruption with the entry of a new player. Known as Lofty Corban Investments Limited, the firm has been licensed to offer fund management and investment advisory services to individual and corporate clients hungry for assets that will give them a sustainable return on their money.

The newly minted company says it has set its lens on the emerging SME sector, entrepreneurial Kenyans and youth across the country, many of whom belong to informal investment groups known as chamas, but have low knowledge of alternative asset classes.

Speaking during the company’s dedication service and launch event in Nairobi, Lofty Corban Investment’s Chairman George Wafula explained that the firm, established by a team that has a deep history in financial services, will focus on differentiating itself as an insight -driven advisor.

“We believe in the power of insights from across various sources and especially our customers themselves to design and build complete advisory solutions that meet their needs and aspirations,” said Wafula.

He said that the launch of the firm was timely due to the fact that Kenyans are increasingly searching for alternative investments that will grow their money safely and sustainably.

“We have learned that Kenyans are getting wary of putting their money in land all the time. As you are aware, there have been several cases of fraud in this area. Similarly, others have fallen into false get-rich-quick schemes where they have lost a lot of money. Indeed, we are at a point where while there are still challenges with growing the savings culture in the country, the practice has been growing marginally by between 9 and 13 per cent annually over the past decade,” explained Wafula, adding that an attractive home for investments that demonstrates social value for investors is key to driving savings rates in Kenya and ultimately building their desired wealth.

Echoing his sentiments, Capital Markets Authority CEO Wyckliffe Shamiah pointed out that the financial sector is one of the six priority sectors under the economic pillar of the Kenya Vision 2030 with this sector’s role being to create a vibrant and globally competitive financial sector that promotes high-levels of savings and financing for Kenya’s investment needs as the country moves towards occupying its pole position as the region’s premier financial services hub.

“In order to address the issue of low savings rates and aversion to the capital markets, the CMA is running a series of investor education programs including one-on- one business incubator and accelerator meetings, market intermediary-driven awareness sessions, one-stop-shop stakeholder activities, social media reach, diaspora on-boarding initiatives, edutainment programs, as well as using influencers,” said Shamiah.

He noted that the CMA’s mandate had been broadened to include driving the diversification and management of alternative investments classes including spot commodities for which the regulator is in the process of establishing a warehouse receipting system in partnership with agriculture sector players.

“We are also looking to bring on board minerals, metals and mining exchange(s) to further diversify the Kenyan economy,” he added, noting that the CMA was projecting Kenya’s million-dollar wealth band to expand by 80% to over 15,000 individuals over the next 10 years to create a larger pool of potential investors for the capital markets.

·       The facilities are expected to improve learning and Housing conditions for the Naibor Community in Laikipia County.

·       The completion of this project follows a successful rollout of Kes 10.3 million social impact activities by the two organizations rolled out last year, benefiting over 25,000 residents.

LG Electronics, in partnership with Habitat for Humanity Kenya (HFHK), has successfully handed over complete infrastructure facilities focused on learning and safety, as well as water, sanitation, and hygiene to support more than 260 individuals residing in Seger Ward, Nanyuki, located in Laikipia County.

The facilities, which include a classroom, toilet blocks, water tanks, and renovated houses were constructed in the last 8 months. They are expected to improve learning and Housing conditions for the Naibor Community in Laikipia County. The beneficiaries comprise 229 Shiloh Naibor Primary School pupils and 35 individuals from 7 families.

Speaking during the Handover Ceremony, LG Electronics EA Corporate Communications Manager Maureen Kemunto said, “Today marks a significant milestone as we hand over these essential infrastructure facilities to the Naibor Community. At LG Electronics, we believe in creating a positive impact in our communities, and this project aligns perfectly with our commitment to social responsibility. We are proud to be part of this transformative initiative that addresses critical needs and uplifts the lives of the residents in this community. Working together with you and our partners, we hope to foster a brighter future for the community through access to quality education and improved living conditions.”

Before the construction of the delivered facilities, the school which is situated in a predominantly rural setting, faced significant challenges regarding water supply and hygiene conditions. For instance, they relied on a single 10,000-liter water tank, necessitating students to carry water from their homes to meet their needs at school. In addition, the students and teachers used the then inadequate pit latrines which contributed to substandard hygiene conditions, resulting in overcrowding. Compounded by the unsuitable soil composition, the latrines were sinking, posing a potential hazard to the student community.

LG Electronics and Habitat for Humanity implemented cost-effective innovations to address these challenges to provide a sustainable solution. As part of this effort, they constructed a classroom and two toilet blocks, each equipped with four doors for separate use by boys and girls. This crucial development further sought to enhance school attendance, particularly among girls who previously faced difficulties attending school during their menstrual cycles due to a lack of proper and segregated sanitation facilities.

For the housing project, the two also constructed 1 home and renovated 6 more for vulnerable beneficiaries. The renovated homes were each accompanied by water harvesting systems, latrines, and solar-powered home lighting systems. Furthermore, the partnership installed two 10,000-liter tanks for rainwater harvesting, ensuring a reliable water source to benefit the school community. These initiatives demonstrate a commitment to improving educational access, promoting gender equality, and implementing eco-friendly practices.

In his address, Habitat for Humanity Kenya National Director Anthony Okoth said through these newly constructed facilities, the organization aims to empower the entire community for a better tomorrow.

“We are thrilled to witness the successful completion and handover of these essential infrastructure facilities to the Naibor Community. This partnership between LG Electronics and Habitat for Humanity Kenya represents our commitment to improving learning environments and housing conditions for those in need. We are grateful for the collective efforts and support that made this project a reality, and we look forward to seeing the positive impact it will have on the community.” Said Okoth

The completion of this project follows a successful rollout of Kes 10.3 million social impact activities by the two organizations rolled out last year that saw over 25,000 residents from the county benefit from product donations, construction of classrooms, and ablution blocks.

• At least 5,000 stakeholders from the private and public sectors are expected to attend, with key government officials poised to grace the high-level conversations.
• The Summit aims to provide mechanisms for organizations to leverage technology, excel in research and business competence, and effective collaboration in the marketplace.

Kenya is set to host the first-ever Business Ecosystems Summit (BES) in Kisumu City on Friday, September 1st, 2023.

This is in line with ongoing key government reforms aimed at stimulating business growth across the country, bolstering economic independence and prosperity.

Organized by the IMC People Ltd in partnership with the Lake Region Economic Bloc (LREB), the summit is aimed at unlocking the potential of collaborative networks and effectively navigating the dynamic shifts within various business landscapes.

Speaking about the upcoming summit, LREB Chairperson Governor Professor Anyang’ Nyong’o said Kisumu is ready and honored to host the summit.

“We are more than happy to host this dynamic gathering of visionary minds at the upcoming Inaugural Business Ecosystems summit. This summit is like no other, it serves as a catalyst for fostering innovation, driving economic growth, and creating harmonious collaborations. Together, we will explore groundbreaking strategies, embrace emerging technologies, and forge strategic partnerships to unlock the full potential of our business ecosystems. I invite all participants to join hands and embark on this transformative journey towards a prosperous future.” Said Governor Nyong’o.

The summit aims to provide mechanisms for organizations to leverage technology, excel in research and business competence, and compete effectively in the marketplace. This is in addition to driving new collaborations that press social and environmental challenges and foster sustainable practices and responsible business models.

In his address, LREB CEO Victor Nyagaya emphasized the paramount importance of the summit in propelling innovation and fostering substantial growth.

“Acting as a key partner, LREB are thrilled to actively participate in this transformative expedition and aid in the establishment of collaborative ecosystems.

LREB seeks within its mandate to enhance socio economic transformation of the bloc through leveraging on the economies of scale in its ecosystem and implement through collaboration with state and non-state actors the empowerment and participation of its over 15 million population. As a bloc we firmly believe that by embracing disruptive trends and nurturing strategic partnerships, we have the power to unlock a multitude of novel opportunities, resulting in enhanced prosperity and an increase in revenue. We are therefore calling upon all investors and businesses (those who can come in as sponsors and exhibitors) to register because we know the people of LREB will show up in huge numbers,” stated Nyagaya.

A public-private collaborative approach will take center stage at the summit with LREB chairperson Prof. Anyang’ Nyong’o and the governors of the 13 other member counties of LREB, including deputy chairperson H.E Ken Lusaka, who is also Bungoma County Governor gracing the high-level summit.

Representatives from the Ministry of Trade and Investment and other ministries, Senators, Members of Parliament, and Governors are expected to appear at the summit, signifying governments’ recognition of the critical role business ecosystems play in achieving economic growth.

Giving her remarks ahead of the summit, The IMC People CEO Jeanette Oromo said the summit’s key focus is accelerating business transformation and fostering innovation among diverse stakeholders including government officials, policymakers, industry leaders, and entrepreneurs.

“In light of the transformative and disruptive trends and the remarkable resilience exhibited during the pandemic, it is becoming increasingly evident that traditional paradigms need re-evaluation. Our intention, therefore, is to conduct this evaluation through the summit, utilizing modern technology, fostering collaborations, and addressing social and environmental challenges. Our goal is to shape the future of Kenya’s business ecosystems while working hand in hand with all players – Government, Investors and Business Communities to forge a way forward that makes it easier for accessibility to businesses in our regions by investors and vice – versa, customer acquisition and retention and transparency in regard to funding and investment.” said Oromo.

During the summit, a special focus will be made on fostering business ecosystems that center around shared sectors, missions, goals, and products. The primary goal is to maximize interactions and leverage each participant’s unique strengths. This approach aims to optimize collaboration and unlock the collective potential of all stakeholders by empowering them to engage with a comprehensive ecosystem, rather than dealing with individual entities separately.

Businesses who will be present are expected to find ways to harness creativity, collaboration and innovation to lower costs of production and find new customer acquisition strategies while attracting investment.