News — economy

American economist Professor, Jeffrey Sachs exposes how America, its Western allies, the CIA and the defence industry have rigged the system to keep Africa from being prosperous. It is a stunning expose and rebuke to the present world order. When the missionaries came to Africa they had the Bible and we had the land.They said ' let us pray' we closed our eyes when we opened our eyes, we had the bible and they had our land. This expose shows the extent to which Africa has been deprived of the chance of development at the expense of others. What do you think of this expose?

Africa is predicted to be the next big economy that can rival China one day. This growth is primarily dependent on how Africa manages the next few decades. Current trajectories indicate sub-Saharan Africa has had an expanding GDP worldwide in the past decade despite shrinking. By educating and empowering women, creating jobs through massive industrialization, modernizing farming, improving infrastructure, and implementing better governance, the continent stands a chance. At the moment, it is not a question of whether Africa’s economy is rapidly growing but how the continent manages the next few decades to stand besides China as an economic powerhouse. Do you think Africa stands a chance?

Africa’s digital future is gradually taking shape. In the last decade, the continent has pursued aggressive digitalization in a bid to formalize its economy and also take advantage of the economic and social benefits it brings.

For instance, in the banking sector, banks have initiated a number of digital solutions to make banking easier for their customers. However, the rate of digital penetration is still at the nascent stage in many Africa states. 

In Nigeria, one entrepreneur is seeking to accelerate digital banking. Oke Afolabi is the co-founder of Global InfoSwift Consulting Limited (GICL), a Lagos-based IT company that provides solutions and services to Nigerian financial institutions and beyond. In his role as CEO of GICL, Afolabi provides strategic direction, articulates a corporate vision, mission, and strategy as well as values that define the culture of the team.

“Everything is changing and the newer generation are coming up with these great ideas, so banks need to evolve too,” said Afolabi, in an interview with Nigerian media. “It’s been nice that I can make an impact. I hope that I can leave a legacy like Martin Luther King Jr. says ‘never follow where the path may lead rather follow where there is no path and leave a trail.'”

InfoSwift also partners CR2, an African market leader in digital banking solutions, to provide banks with Digital, Self-Service and Payments solutions to grow their business, optimize their customer service cost and deliver an enhanced customer experience.

CR2, which is based in Ireland, enables over 100 banks in 60 countries to seamlessly connect and engage with their customers on the most critical banking channels today.

Global Infoswift’s partnership with CR2 is an ongoing successful relationship that has highlighted the importance of the self-service channels in supporting Nigeria’s retail banking growth, with the deployment of CR2’s BankWorld Suite of products, according to PRwire.

The partnership enhances the impact and effectiveness of action through combined and more efficient use of resources, it promotes innovation and it is distinguished by a strong commitment displayed by both parties in jointly delivering projects like Access Bank Plc. which is currently one of the biggest banks in Africa.

Afolabi places his work within the context of the potential for growth in Nigeria’s digital economy. Africa’s biggest economy is looking to prepare its young population for the digitalized future by offering federal-backed services expected to accelerate innovation in different sectors of Nigerian life.

A 10-year National Digital Economy Policy and Strategy expected stated that significant improvement in the current broadband penetration of 35.4% is critical for the development of a digital economy in Nigeria. For every 10% increment in broadband penetration, Nigeria expects to grow its GDP by 1.6%.

“We’re a massive country,” said Afolabi, adding that more than half of his country’s population are younger than 24. We’re growing, and we have this huge, youthful population. What’s going to happen when the country’s economy relies on these people to drive it forward? How will they fund themselves and be aware of their finances?”

In May 2013, Afolabi facilitated a financial service seminar in Ireland to inspire Irish businesses to see opportunities in Nigeria. This resulted in the Irish government making it possible for many Irish businesses to enter Nigerian markets.

Beyond seeking to accelerate digital banking, Afolabi is a sought-after speaker who provides mentorship for the youth, start-up seed funding, and entrepreneur development.

Kohl’s has teamed up with a Black-owned print shop on a line of tees with messages such as “Together We Can Create Change,” “Enough Is Enough,” and “Black Culture is Not a Trend.” They’re available for a limited time in select stores across the country and at Kohls.com.

The retailer is also making a financial commitment to racial equality, adding in a tweet, “With this launch, Kohl’s is proud to donate $100,000 to @NatUrbanLeague which strengthens economic empowerment, equity and civil rights.”

“We’re working to offer culturally-relevant products, designs, and storytelling that are meaningful to diverse customers,” Kohl’s said in a statement to Spectrum News 1 in Milwaukee. “This is one example of T-shirt assortments Kohl’s has introduced to support the many customers and communities we serve.”

“When we celebrate diverse people, customers, and communities, including Black, Hispanic, and historically underrepresented communities, it’s not a political statement, but rather a purposeful affirmation of every individual and family we serve,” Jen Johnson, Kohl’s senior vice president of communication, added in an interview with the Milwaukee Journal Sentinel.

Cream City Print Lounge, based in Milwaukee, is a Black-owned print shop that does custom printing and “print and sip” parties. It was founded last year by Rachaad Howard, who’s been printing for 11 years and had a dream of designing for large corporations, according to WTMJ-TV.

“When I got the call I was so excited for the opportunity to provide shirts to anyone who wants to speak their mind about social injustice or social change,” Howard said to OnMilwaukee.

“We need to educate more people. We need to wake people up [about the fact] that equality is not here,” he said, as reported by the Milwaukee Journal Sentinel.

The entrepreneur also told Fox 6 that the death of George Floyd triggered him to want to help people express themselves and raise their voices even more. “This is how I can do more, by helping people put their message on their shirt and show it to the world.”