Latest news with #Africa-focused
Yahoo
8 hours ago
- Business
- Yahoo
The contradictions of Trump's 'commercial diplomacy' in Africa
When I told the head of an Africa-focused startup that I was going to be in Luanda, Angola for the US-Africa Business Summit earlier this week, their quip was revealing: 'So the US still does business with Africa?' That tongue-in-cheek skepticism was absent from the nearly 3,000 people in attendance as a flurry of deals across the continent were announced. President Donald Trump's administration has been keen to champion commercial diplomacy and 'trade not aid' so his top Africa lieutenants Massad Boulos and outgoing Africa bureau chief, Troy Fitrell flitted around for deal photo ops and to champion the US private sector. Witney Schneidman, a board member of the Washington-based organizer, Corporate Council on Africa, said the high attendance suggested 'the new approach is well-timed.' But concerns remain. The chaotic shuttering of USAID by Trump and Elon Musk and the still unfolding humanitarian fallout in several African countries has unsettled many. There's also the likely end of the AGOA preferential trade policy, then there's the overwhelming focus on African citizens facing US visa restrictions. On the opening day, the new African Union Commission chair Mahamoud Ali Youssouf, slammed the Trump administration's visa and trade approach. Jackie Chimhamnzi, regional director for southern Africa at the Tony Blair Institute said: ' It remains to be seen if the US is incentivized to respond to this unified moment of candor by African leaders' A decades-long American investor in Africa, who spoke with me on condition of anonymity so he could be frank, said he largely believes the commercial approach is working so far, but he still sees Trump's attitude toward Africa as 'atrocious' and called the visa constraints 'absurd.' He added: 'Somebody, maybe Boulos, needs to tell him that this directly hurts US business.' When Beijing announced earlier this month in the central Chinese city of Changsha that it would remove all tariffs on exports from 53 of Africa's 54 countries, it handily won a global news cycle. Much of mainstream US media — and even longtime US-Africa watchers — were handwringing over China's growing influence in Africa, even as the US put up more trade barriers that essentially ended the 25-year old AGOA preferential trade pact. But a closer look at China's plan shows it wasn't actually as dramatic a policy change as the headlines suggested. China already allowed 33 low-income African counties to export tariff free. This announcement just meant all countries except eSwatini (because it recognizes Taiwan). It's not even a guarantee to happen, writes China Global South Project's Christian Geraurd Neema: 'The reality is more nuanced,' he says. 'China says it is 'ready' to act,' not that it has agreed to act, he argued. It's all subject to negotiations and a new economic partnership, he explained.
Business Standard
3 days ago
- Business
- Business Standard
upGrad Learner Makes the Case for Simplifying Remittances to Africa Through Product-Led Fintech
Even in 2025, it's faster and sometimes cheaper to fly from New York to Lagos than to send $200 being well into the digital age, cross-border remittances between North America and Africa remain unnecessarily slow, costly, and opaque. The paradox? The bottleneck isn't technology, it's product management. The World Bank estimates that remittances to Sub-Saharan Africa reached a record $56 billion in 2024 (World Bank, 2024), primarily from migrants in the U.S. and Canada. These transfers are lifelines - supporting education, healthcare, small businesses, and family survival. Yet users continue to face delays, high fees (often 8–10%), poor exchange rates, and complex compliance hurdles. This broken system isn't from a lack of innovation as fintech startups are multiplying. What's missing is a user-first, localized product strategy combined with forward-looking regulatory and blockchain infrastructure. The remittance revolution is already underway. Whether it succeeds or not will depend on whether product managers, developers, and regulators can deliver digital solutions that are as simple and trustworthy as sending a text. Technology Is Not Enough - The Product Gap Too many FinTechs design with Silicon Valley in mind, not Lagos or Accra. Their apps boast sleek interfaces but miss the operational friction on the ground: inconsistent internet, informal economies, complex onboarding due to KYC and FX controls, and the enduring dominance of cash. For example, 60% of African transactions are still cash-based (AfDB, 2023), yet many remittance apps force recipients into digital-only endpoints, excluding those without smartphones or bank accounts. Migrants don't want flashy dashboards—they want speed, reliability, and startups getting it rightlike LemFi and Expedierunderstand this intimately. LemFi: Multi-Currency Simplicity for the Diaspora LemFi, an Africa-focused fintech, has captured market share by prioritizing the real pain points of immigrants: onboarding, FX fees, and payout flexibility. Users can open accounts in minutes, hold multiple currencies, and transfer money with zero fees at competitive exchange rates. With operations now spanning over 20 countriesincluding Nigeria, Kenya, India, and PakistanLemFi integrates with regional banks and payment systems, ensuring fast delivery and compliance. Crucially, LemFi's success is product-driven. Its multi-currency wallet model, partnerships with regulators, and commitment to user-centric design have helped retain over 70% of early users (PYMNTS, 2024). It is a case study in building for complexity while delivering simplicity. Expedier: Credit, Trust, and Community While LemFi focuses on remittance speed and accessibility, Expedier, Canada's first BIPOC-led global money appgoes a step further by integrating credit-building into everyday transactions. Whether paying rent, utilities, or sending funds to Ghana, users can improve their credit scorescrucial for the 100+ million credit-invisible people across North America and Africa. Expedier's upcoming 'One Card' will allow users to spend from any linked account in any currency globally, with automatic FX conversion. For small businesses dependent on liquidity, this can be a game-changer. Expedier's BIPOC lens ensures that empathy, lived experience, and inclusion shape every product decision. RegTech and Crypto:The Infrastructure Layer Fintechs Ignore While LemFi and Expedier represent the product experience layer, another missing piece is infrastructure. Fintechs must stop treating compliance and settlement rails as afterthoughts. Regulatory technology (RegTech) and crypto-based solutions can drastically improve speed, cost, and transparency. U.S. anti-money laundering (AML) laws and African FX controls create friction at every stage of a transaction. AI-powered KYC/AML tools like Trulioo and Onfido can cut onboarding time from days to minutes. Chainalysis enables real-time transaction monitoring. Yet adoption among Africa-focused Fintechsremains slow. Crypto, especially stablecoins like USDC and USDT, offers fast, low-cost cross-border transfer rails. A hybrid modelfiat on-ramp → stablecoin corridor → local payoutbalances speed with regulatory compliance. Firms like Yellow Card and Chipper Cash already leverage this. Stellar's partnership with MoneyGram is another promising example. Yet, fears around volatility and compliance continue to deter mainstream adoption. This is shortsighted. Kenya, Rwanda, and South Africa are developing crypto frameworks; Fintechs that co-create with regulators, rather than avoid them, will win. The Product Management Imperative: Build for the Last Mile The biggest lesson from all of this? The real challenge in remittance isn't tech—it's product delivery. Every transaction is a trust exercise across borders, systems, and expectations. The most successful remittance products are built not just for efficiency but with empathy. As a product manager in fintech, I've seen this up close. I once watched a Nigerian freelancer lose 15% of her week's earnings due to FX manipulation and delaysdespite using a 'top-rated' remittance app. Had she used a stablecoin or a better-regulated platform, she would have received the funds in minutes, at minimal cost. Solving these problems means: Designing onboarding for local realities (e.g., Nigeria's BVN system). Embedding compliance into UX (like Wise does). Investing in user education and transparent pricing. Creating offline or agent-assisted endpoints for unbanked users. Partnering with local institutions, not just integrating APIs. So What? Why It Matters If you're part of the African diaspora, this is personal. If you work in fintech, it's professional. And if you care about global economic justice, it's structural. Every dollar saved on remittance fees puts more into classrooms, clinics, and small businesses across Africa. More efficient remittance systems boost GDP, reduce poverty, and foster financial inclusion. For African economies, remittances already exceed foreign aid and many types of investment. Yet legacy systemsWestern Union, MoneyGramstill dominate, extracting margins and offering little transparency. That era must end. Conclusion: Smarter Products, Fairer Systems The future of remittances between North America and Africa isn't just faster or cheaper, it's smarter. It's built by product managers who understand the user's journey. It's backed by infrastructure that combines compliance and crypto. It's governed by partnerships that align with local realities. Fintechs must stop building for pitch decks and start solving for pain points. They must treat compliance as a product feature, and stablecoins as more than a managers must obsess over why a grandmother in Accra didn't get her money—and then fix it for everyone else. Africa's remittance revolution won't be led by code. It will be led by product leaders who listen. Biography upGrad learner OlubamiseOlusoji is a Nigerian-Canadian Cybersecurity Program Manager currently consulting for a leading global cryptocurrency firm. He is pursuing a Doctorate in Business Administration with a focus on Digital Leadership from Golden Gate University, San Francisco - powered by over a decade of experience driving digital transformation across fintech and retail, Olusoji brings deep expertise in SOC 2 compliance, RegTech integration, agile security frameworks, and blockchain-powered remittance systems. His insights are shaped by firsthand experience navigating the high costs and complexities of cross-border money transfers between Africa and North America.
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Business Standard
7 days ago
- Politics
- Business Standard
Trump brokers Congo-Rwanda peace deal, says he deserves Nobel Prize
Trump announced Congo-Rwanda peace deal with Secretary of State Marco Rubio, calling it a 'great day for Africa' and hinting he deserves a Nobel Peace Prize Nandini Singh New Delhi In what he described as a 'Great Day for Africa,' US President Donald Trump on Friday announced a peace agreement between the Democratic Republic of the Congo (DRC) and Rwanda—marking a potential end to one of Africa's deadliest and longest-running conflicts. Taking to his social media platform, Truth Social, Trump revealed that the breakthrough came with the help of Secretary of State Marco Rubio. 'I am very happy to report that I have arranged, along with Secretary of State Marco Rubio, a wonderful Treaty between the Democratic Republic of the Congo, and the Republic of Rwanda, in their War, which was known for violent bloodshed and death, more so even than most other Wars,' he posted. 'This is a Great Day for Africa and, quite frankly, a Great Day for the World!' A push for peace amid years of violence The deal reportedly came at the request of DRC President Felix Tshisekedi, who asked Trump's administration to intervene after multiple failed peace efforts. According to a CBS News report, the agreement includes provisions to end hostilities, enforce territorial integrity, disarm rebel groups, support the return of displaced communities, and promote cross-border economic cooperation. The US State Department further confirmed that the peace framework was built on mutual concessions and long-term goals for stability in the region. However, concerns remain about the role of the M23 militia, which was not included in the talks. M23 controls significant parts of eastern DRC and is widely believed to receive support from Rwanda—an allegation Kigali has consistently denied. The group recently expanded its presence in two provinces, raising fears that the conflict could continue in spite of the treaty. 'The M23 are still pushing, in spite of peace negotiations, for territorial gains,' said Daniel Van Dalen, senior analyst at Africa-focused intelligence firm Signal Risk. Strategic interests and a new US-Africa equation In a significant parallel development, Massad Boulous—father-in-law of Tiffany Trump—was appointed senior adviser to the White House on Africa during the peace efforts. Boulous travelled across the continent to meet with leaders and strengthen business ties, particularly in the mining sector. The Trump administration is reportedly keen to counter China's dominance in Africa's mineral supply chain. The DRC, which is now reviewing its mining tax laws, is seeking to attract more Western investment. As part of this strategic pivot, the US has pledged $560 million to support the Lobito Corridor project—a key rail route linking DRC's mineral belt to an Angolan port, aimed at boosting exports and regional trade. CBS News cited sources suggesting that Rwanda may agree to pull out troops believed to be aiding M23, while the DRC could permit some small-scale mining operations to be routed through Rwanda. However, without direct engagement from M23, many experts warn the peace may remain fragile. 'I won't get a Nobel Peace Prize for this' While the world watches cautiously, Trump also did not miss the chance to highlight what he views as his overlooked peace-building efforts. 'I won't get a Nobel Peace Prize for this… but the people know, and that's all that matters to me!' he wrote on Truth Social, alluding to his previous attempts to broker peace in conflict zones including India-Pakistan, Serbia-Kosovo, Egypt-Ethiopia, and the Abraham Accords in the Middle East.
Time of India
21-06-2025
- Business
- Time of India
‘Great day for Africa': Trump administration brokers Congo-Rwanda treaty to end mineral war; US President says he deserves Nobel Peace Prize
In what he called 'a Great Day for Africa,' US President Donald Trump on Friday announced on Truth Social that his administration, with Secretary of State Marco Rubio, has successfully brokered a peace agreement between the Democratic Republic of the Congo (DRC) and Rwanda. The treaty is aimed at ending one of Africa's deadliest and longest-running conflicts and is due to be formally signed in Washington on June 27. 'I am very happy to report that I have arranged, along with Secretary of State Marco Rubio, a wonderful Treaty between the Democratic Republic of the Congo, and the Republic of Rwanda, in their War, which was known for violent bloodshed and death, more so even than most other Wars,' Trump wrote. 'This is a Great Day for Africa and, quite frankly, a Great Day for the World!' The announcement follows three days of closed-door talks in Washington between representatives of the two nations. The conflict is centred in the mineral-rich eastern provinces of the DRC and has claimed over six million lives over the past three decades. The turmoil is fuelled by competition for control over valuable resources such as coltan, cobalt, lithium, and gold. The peace deal was initiated at the invitation of DRC President Félix Tshisekedi, who requested Trump's administration to step in after multiple failed attempts at reconciliation, reports CBS News. According to the US State Department, the agreement includes commitments to halt hostilities, respect territorial boundaries, disarm rebel groups, facilitate the return of displaced persons, and integrate local economies. 'Transactional diplomacy' While many welcome the potential end to hostilities, analysts remain cautious. Daniel Van Dalen, a senior analyst at Signal Risk, an Africa-focused intelligence firm, noted that the deal marks a shift in American strategy on the continent. 'The days of diplomatic soft power are over,' he said. 'This is transactional diplomacy at work.' One major concern is the M23 militia, which controls parts of eastern DRC but was not part of the peace talks. The group is believed to be supported by Rwanda, although Rwandan officials have always denied this. M23 has recently taken over areas in two provinces. 'The M23 are still pushing, in spite of peace negotiations, for territorial gains,' Van Dalen warned. Sources told CBS News that Rwanda may agree to withdraw troops believed to be supporting M23 fighters, while the DRC might allow small-scale mining in its territory to be routed through Rwanda. However, without M23's direct involvement or commitment, observers worry that the conflict may simply continue under new terms. Tiffany Trump's father-in-law appointed as senior adviser to the White House Amid the negotiations, Tiffany Trump's father-in-law, Massad Boulous, was appointed as a senior adviser to the White House on Africa. He travelled across the region to meet with leaders and promote US business ties, especially in mining. The Trump administration is reportedly looking to re-establish American interests in Africa's critical mineral supply chain, where Chinese firms currently dominate. The DRC has begun revisiting mining tax laws to make the country more appealing to Western investment. The US has already committed substantial funding to infrastructure, including $560 million towards the Lobito Corridor, a rail project that connects the DRC's copper belt to an Angolan port, offering a vital trade route. 'I won't get a Nobel Peace Prize for this': Trump Even though some people doubt whether the treaty will really work, Trump used the moment to point out what he sees as his ignored efforts to bring peace around the world. 'I won't get a Nobel Peace Prize for this… but the people know, and that's all that matters to me!' he said on Truth Social, also referencing previous efforts to resolve conflicts between India and Pakistan, Serbia and Kosovo, and Egypt and Ethiopia, as well as the Abraham Accords in the Middle East.
IOL News
20-06-2025
- Business
- IOL News
Yellow Card teams up with Visa to expand stablecoin use in emerging markets
(left to right) Cuy Sheffield, Vice President, Head of Crypto, Visa; Chris Maurice, CEO & Co-Founder, Yellow Card; Godfrey Sullivan, Senior Vice President, Head of Product and Solution, CEMEA, Visa Africa-focused crypto payments firm Yellow Card has partnered with global payments giant Visa to accelerate the adoption of stablecoins in cross-border transactions across emerging markets, the companies said on Thursday. Yellow Card, a licensed stablecoin payments platform operating in more than 20 African countries, said the collaboration will explore new use cases for stablecoins in treasury operations, liquidity management, and international remittances. The partnership is part of a broader push to modernis
