Bank of Africa Group launches working capital platform on Kyriba for 20-country network
The first phase of the project facilitates working capital management for The Group's customers in Morocco with plans to expand to other markets. Bank of Africa has onboarded its first customer, with the aim to bring on several new customers in 2025.
This collaboration underscores Kyriba's continued growth in the region and globally, as well as its unmatched receivables and payables finance solutions, dynamic discounting and supplier onboarding. Kyriba's expertise and platform will enable Bank of Africa Group's customers to enhance cash flow, strengthen supplier relationships, and maintain sustainable growth amid economic uncertainties.
'Bank of Africa Group's adoption of Kyriba's Working Capital solution demonstrates their commitment to innovation and underscores our ability to meet the complex needs of financial institutions in today's complex and volatile global economy. As the industry evolves, banks that embrace digitization and automation will be best positioned to lead—modernizing operations, gaining real-time visibility, and delivering more value to clients. Together, we look forward to setting a new standard for innovation and efficiency in African supply chain finance," said John Stevens, Kyriba's Global Head of Capital Markets, Financial Institutions & Working Capital.
Kyriba has also seen incredible growth in the volume of working capital financing among both banks and corporates, growing nearly 5X since 2020 and more than doubling the number of invoices uploaded to the platform. This surge highlights the increasing focus on unlocking trapped liquidity and mitigating market volatility through working capital solutions, which can unlock cash flow by accelerating payables and accessing receivables.
With over 6,500 employees and a legacy spanning more than a century, Bank of Africa Group is a key financial enabler empowering businesses and enhancing economic opportunities in Africa.
'Kyriba stood out to us for its local expertise, customer-centric approach, comprehensive product offerings, and proven impact delivering working capital efficiency to customers across the continent and world. We are excited to work with Kyriba to unlock new levels of financial insights that can help us optimize working capital and achieve operational success,' said Adil Lahbichi, Executive Director – Global Transaction Banking, Bank of Africa Group.
The African supply chain market is poised for rapid growth, driven by increasing demand for working capital optimization. Bank of Africa Group's implementation of Kyriba's platform demonstrates the immense potential for digitized working capital solutions across the region.
About Kyriba
Kyriba is the global leader in liquidity performance, empowering CFOs, Treasurers and IT leaders to connect, protect, forecast and optimize their liquidity amid economic complexity. As a secure and scalable SaaS solution trusted by 3,000 customers, Kyriba delivers intelligence and financial automation through innovative technologies — including its trusted agentic AI (TAI) — bringing precision, efficiency, and insight to financial operations. With an expansive ecosystem of banking, technology and consulting partners, Kyriba's platform powers more than 3 billion bank transactions and $15 trillion in payments across 9,900+ banks annually – helping companies gain enterprise-wide visibility, ensure financial stability, and outperform their business strategy.
About Bank of Africa Group
BANK OF AFRICA is a multinational and multi-trade banking group. It was incorporated by Royal Dahir in 1959 under the name of Banque Marocaine du Commerce Extérieur, and has been transformed over more than 60 years to become BANK OF AFRICA since 2020, a universal bank that puts its expertise at the service of innovation, progress and excellence. Thanks to its large banking network on the continent and its international influence, BANK OF AFRICA is determined to take part in the emergence of Africa to make it the continent of the 21st century. Present in 32 countries across Africa, Europe, Asia and North America, BANK OF AFRICA has one of the leading banking groups in Africa, with nearly 2,000 branches. It serves 6.6 million customers worldwide and positions itself as a key economic bridge between Africa and the rest of the world.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
UAE Moments
4 hours ago
- UAE Moments
UAE's Growth: Economy, Culture, Sustainability & Innovation
The United Arab Emirates: A Comprehensive Insight into Progress, Culture, and Economy Introduction to the United Arab Emirates The United Arab Emirates (UAE) is a modern nation recognized globally for its remarkable advancements in technology, architecture, and economic development. Situated in the southeastern corner of the Arabian Peninsula, the UAE comprises seven emirates: Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Quwain, Fujairah, and Ras Al Khaimah. Since its formation in 1971, the UAE has transformed from a desert economy reliant on pearl fishing into a global hub for trade, tourism, finance, and innovation. With a strategic location connecting Asia, Europe, and Africa, the UAE serves as a focal point for international businesses and cultural diversity. The blend of traditional Arab heritage and futuristic modernization makes it one of the most intriguing destinations for tourists, investors, and expatriates. Through strategic planning and visionary leadership, the UAE has established itself as a powerhouse in the Middle East and beyond. A Thriving Economy Built on Oil, Trade, and Diversification The Role of Oil in UAE's Economic Beginnings The foundation of the UAE's economic development began with the discovery of oil in the region. Oil exports led to a rapid influx of wealth, allowing the country to invest heavily in infrastructure and public services during the 1970s and 1980s. Abu Dhabi, which holds the majority of the UAE's oil resources, became the primary financial contributor to the federation's prosperity. However, while oil revenues played a significant role in the initial phase of development, the UAE understood that reliance on a single resource posed risks to long-term stability. This insight led to a concentrated effort to shift the economy towards diversification. Today, oil contributes less than 30% of its GDP, showcasing the success of its strategic planning. Economic Diversification and Innovation To reduce dependence on oil, the UAE has invested heavily in industries such as tourism, technology, real estate, aviation, and renewable energy. Dubai, often regarded as the face of UAE's economic success, has become a global hub for trade and tourism. Attractions such as the Burj Khalifa, Palm Jumeirah, and events like the Dubai Expo highlight its ability to attract visitors and investors from all over the world. Real-world examples include Dubai International Airport, which consistently ranks among the busiest airports globally, showcasing the UAE's importance in global connectivity. Another instance of innovation is Masdar City in Abu Dhabi, an urban development focused on sustainability and renewable energy, supporting the UAE's vision for a green future. Statistical Insights into UAE's Economy According to data from the World Bank, the UAE's GDP reached approximately $421 billion in 2022, reflecting its impressive economic growth. Non-oil sectors account for over 70% of this GDP, indicating the effectiveness of its diversification policies. Additionally, international trade amounts to nearly $600 billion annually, positioning the UAE as the Middle East's trade capital. The UAE has also ranked among the top 10 countries globally for ease of doing business, with various free zones like Jebel Ali Free Zone (JAFZA) and Dubai Airport Free Zone providing incentives for international companies. Such initiatives have driven the UAE to become a preferred destination for global investors. Culture: A Unique Blend of Tradition and Modernity The Heritage of the UAE and Preservation of Arab Identity Despite its rapid modernization, the UAE prides itself on maintaining its Arab roots and heritage. Traditional values of hospitality, family, and respect still dominate everyday life. Cultural landmarks such as the Sheikh Zayed Grand Mosque in Abu Dhabi serve as symbols of both religious devotion and architectural genius. Festivals like Eid Al Fitr, Eid Al Adha, and National Day highlight the UAE's rich cultural traditions. These events are celebrated with grandeur and serve as moments where residents, expatriates, and tourists come together to appreciate the Emirati way of life. Integration of Global Customs and Diversity The UAE is home to over 200 nationalities, making it one of the most multicultural nations globally. The Emirati people have embraced diversity by integrating various cuisines, languages, and customs into their culture. For example, Dubai hosts the Dubai Shopping Festival, an event that attracts international participants and showcases a blend of global traditions. Cultural exchange is evident in the UAE's educational institutions as well, where schools offer curricula from countries such as the United Kingdom, United States, India, and more. Expatriates find comfort in the UAE's inclusive laws, while Emiratis retain their heritage, creating a harmonious society. Sustainable Urban Development and Architecture Modern Architectural Wonders The UAE has become synonymous with groundbreaking architectural achievements. From the tallest tower in the world, Burj Khalifa, to the artificial islands of Palm Jumeirah, the country's innovative spirit knows no bounds. The Louvre Abu Dhabi offers another example of architectural ingenuity, combining traditional Arab designs with modern aesthetics. Such projects have not only captivated the world's attention but have also driven economic growth by attracting millions of tourists annually. For example, statistics show that Dubai received nearly 16 million visitors in 2022, making it one of the most visited cities globally. Sustainable Development Projects The UAE has also taken a leadership role in promoting sustainable urban development. Masdar City serves as a shining example, with its focus on sustainability, renewable energy, and zero-carbon living. Additionally, projects like the Dubai Clean Energy Strategy aim to make renewable energy account for 75% of Dubai's power by 2050. Alongside these initiatives, the UAE has launched programs like the Green Economy Initiative and UAE Energy Strategy 2050 to reduce carbon emissions, ensuring modernity does not come at the cost of environmental degradation. Tourism: A Pillar of UAE's Diversified Economy Global Attractions and Events Tourism is one of the fastest-growing sectors in the UAE, contributing significantly to the nation's economy. Landmarks such as the Burj Al Arab, Dubai Frame, and Abu Dhabi's Emirates Palace are magnets for travelers worldwide. Events like the Dubai Expo and the Abu Dhabi Grand Prix further diversify the types of tourists visiting the country. Research conducted by Dubai Tourism reveals that the emirate aims to attract 25 million visitors by 2025. This ambitious target reflects the success of various tourism strategies, including hosting cultural festivals, music events, and exhibitions. Artificial islands and luxury resorts have also contributed to strengthening the UAE's reputation as a world-class tourist destination. The Rise of Eco-Tourism Eco-tourism is emerging as a popular trend in the UAE, thanks to initiatives such as the Al Marmoom Desert Conservation Reserve and Jubail Mangrove Park. These destinations allow visitors to connect with nature while learning about the UAE's environmental conservation efforts. Furthermore, wildlife sanctuaries like Sir Bani Yas Island offer a haven for endangered species, turning the UAE into more than just a destination for opulence—it's also a place for ecological exploration. Education and Technological Innovations Advancements in UAE's Educational Sector The UAE prioritizes education as a cornerstone for future development. State-of-the-art schools and universities, such as Zayed University and NYU Abu Dhabi, reflect the country's commitment to raising globally competitive professionals. Education reforms have introduced technology-driven curricula to ensure students are prepared for the digital age. For example, the UAE Ministry of Education's Smart Learning Program has integrated advanced technologies like Artificial Intelligence (AI) into classrooms, offering new opportunities for teaching and learning. The UAE as a Regional Technology Leader The UAE has emerged as a hub for technological innovations. Startups specializing in technology reside in zones like Dubai Internet City, supported by government funding and incubator programs. The UAE is also pushing boundaries in AI through high-profile projects such as employing AI for healthcare diagnostics and smart city developments. Additionally, Emirates Mars Mission—the UAE's space exploration venture—highlights its foray into advanced sciences, making it the first Arab nation to reach Mars. Such initiatives solidify the UAE's position as a leader in modern innovation. Business Environment and Opportunities A Magnet for Global Investors The UAE provides an investor-friendly business ecosystem backed by free zones, tax exemptions, and modern infrastructure. JAFZA alone has over 8,000 companies across industries, ranging from logistics to advanced manufacturing. Moreover, UAE's robust banking system and strong rule of law make it an attractive destination for businesses seeking stability in the Middle East. Major corporations, such as Amazon, Google, and Microsoft, have established offices in the UAE, capitalizing on its strategic location and advanced digital infrastructure. Support for Startups and Entrepreneurs Initiatives like Dubai Future Accelerators and Sharjah Entrepreneurship Festival encourage global startups to operate in the UAE. Emirati youth are also displaying a growing interest in entrepreneurship, supported by programs such as Khalifa Fund for Enterprise Development, which offers grants and mentorship. Statistics show that SMEs (Small and Medium Enterprises) contribute over 53% to the UAE's GDP, emphasizing the country's commitment to fostering innovation and growth. UAE's Vision for the Future The UAE has set ambitious goals under Vision 2021 and Vision 2030 frameworks, which emphasize sustainability, innovation, and diversification. Projects like the Dubai Clean Energy Strategy align with these goals, with a focus on shifting away from fossil fuels. Additionally, the upcoming COP28 conference, to be hosted in the UAE, exemplifies the country's leadership in tackling global environmental challenges. Global Collaborations and Partnerships The UAE continues to strengthen its international relations through partnerships with major economies like the United States, China, and India. Collaborative efforts in sectors such as energy, education, and defense underscore the country's importance on the global stage. Its active participation in organizations like the International Renewable Energy Agency (IRENA) further showcases the UAE's role in shaping the future of sustainable development worldwide.
Zawya
4 hours ago
- Zawya
Workshop on Documentation and Distribution of Vegetable Seeds
The Ministry of Agriculture organized a workshop to discuss a draft resolution aimed at documenting and distribution of vegetable seeds developed at agricultural research centers and those entering the country through various means. The seminar was attended by Ministry staff from all regions and agricultural experts. Mr. Tekleab Misgina, Director General of Regulatory Services at the Ministry of Agriculture, stated that the national committee established in 2024 to regulate the distribution and quality of various crops, cereals, and oil seeds has commenced its activities by developing a guideline to support its operations. In the first half of 2025, a guideline to regulate potato seed quality was prepared, and regulations for vegetable seed quality have been finalized. Mr. Tekleab added that both domestically improved and imported vegetable seeds will be assessed through specific quality measures, documented, and issued certificates before being distributed to farmers. At the workshop, participants discussed papers on the importance of documentation and regulation of vegetable seeds, and the significance of adhering to established guidelines and regulations. Extensive discussions followed the presentations. Distributed by APO Group on behalf of Ministry of Information, Eritrea.
UAE Moments
8 hours ago
- UAE Moments
Dubai Police Promotes First-Ever Female Brigadier
In a history-making move, Dubai Police have promoted Colonel Samira Abdullah Al Ali to Brigadier, making her the first woman ever to earn this prestigious rank since the force was founded in 1956. It's a major moment for the UAE — and a massive win for women in uniform. Brigadier Al Ali currently heads the Insurance Department at Dubai Police, a field she helped shape from the ground up. She joined the force in 1994, after graduating with a degree in insurance from UAE University and briefly working in the private sector. 'It was a newspaper ad that led me to join the academy,' she recalled. 'During my training, retired Major General Jasim Belramitha learned of my academic and professional background in insurance and invited me to work in that field within Dubai Police, which was still in its infancy at the time.' From humble beginnings in a tiny office with just two colleagues, she built a full-fledged department by 2000. Today, that department oversees every aspect of insurance related to the police force's assets — from vehicles to living property — and remains the only one of its kind across UAE police agencies. Samira also broke barriers in the General Department of Transport and Rescue, leading a team where no woman had worked before. With over 31 years of service, she's racked up an impressive resume: 🔹 392 medals, badges, and certificates of appreciation 🔹 225 development proposals submitted 🔹 A Master's in Business Administration and a Diploma in IT 🔹 Numerous awards for innovation, including the 'SAND' and 'Safe Driving Stars' initiatives 'This promotion is a source of pride for every woman in Dubai Police,' she said. 'It's a testament to the organisation's dedication to granting women equal opportunities to lead and serve their country.' Al Ali also thanked His Highness Sheikh Mohammed bin Rashid Al Maktoum for his consistent support of women's empowerment in the UAE. Off-duty? She's also a mom — her son works in chemical engineering — and credits discipline and commitment for helping her balance it all. 'With faith and effort, everything is possible,' she says — and her story proves it.
