News

African lender Vista Bank has agreed to acquire majority stakes in France’s BNP Paribas’ banks in Guinea and Burkina Faso.

The acquisition, which is subject to regulatory approval,  builds on the bank’s West African operations in its home-country Guinea, and in Sierra Leone and The Gambia.

A majority interest in La Banque Internationale pour le Commerce et l’Industrie de la Guinée (BICIGUI) means Vista Bank is now the largest bank in Guinea, adding to an existing 22 branches.

Its entry into Burkina Faso through La Banque Internationale pour le Commerce L’Industrie et L’Agriculutre du Burkina (BICIAB), extends its regional footprint to four countries.

Simon Tiemtore, chairman of Vista Group and Lilium Capital, said: “This is a milestone event in Vista’s growth strategy. The acquisition of BICIAB in Burkina Faso allows us to establish ourselves in the West African Monetary Union (WAEMU) region as a springboard for our further expansion. The integration of BICIGUI with our existing bank in Guinea propels Vista from the fifth largest bank to the largest bank in Guinea in terms of both total assets and number of branches.” 

The acquisitions allow Vista to leverage its portfolio of high net worth and large blue-chip corporate customers to increase the focus on small and medium enterprises (SME) and mass retail sectors, Tiemtore adds.

The lender believes it has the “scale” and “critical momentum” to deliver on its digital and intra-African trade strategies in West Africa, expecting to benefit from the implementation of the African Continental Free Trade Area and spread into other African regions in the future. 

Afreximbank’s Intra-African Trade Initiative as well as its Advisory and Capital Markets arm advised and structured the financing of the deal. 

Deloitte and Astura also assisted Vista on financial and legal aspects of the transaction. 

The wine industry isn’t the most inclusive when it comes to ownership.Despite this fact, many entrepreneurs have managed to enter the market. With the spread of the COVID-19 pandemic creating new restrictions for businesses as cities try to combat the outbreak, many have had to find new ways to adapt so their businesses don’t close.

One entrepreneur managed to pivot her brand into the virtual space with a wine society catered to Black women.

Shayla Varnado is the founder of Black Girls Wine. Her business was off to an amazing start, but like many entrepreneurs, she faced new challenges when the COVID-19 pandemic began to force cities to shut down. She had to act fast to protect the brand and her team from the fallout.

“In the beginning, some of the biggest hurdles were figuring out the technology. Between platforms and communicating to our members what was to come, there was a small adjustment period,” Varnado told BLACK ENTERPRISE via email.

“I had to decide whether or not I was ready to expand the team,” she added. “I knew after hosting a month of virtual events that I wouldn’t be able to sustain working the business all day and then moderating and hosting at night. Since COVID, I had no choice but to expand the team. We’ve been busier than ever and growing by the month. The growing pains were a hurdle but they’ve also been a blessing.”

While Varnado was already working on opening her virtual wine society, she said the pandemic forced her to push up the idea in order to stay afloat. Many establishments were closed, which has enhanced the society’s success.

“Now all of our chapter members across the country, no matter where they are, can meet and connect with each other,” she said. “It allows us a way to offer access to all the membership perks to women who wanted to join no matter where they live. Now anyone can join and that makes being a member even more exciting!”

Varnado said her goal was always to create a brand that focused on Black women since they were often left out from marketing and branding within larger companies–despite their affinity for wine.

“I wanted to create that experience, that space, and be a brand that is totally and solely focused on the Black woman,” she said. “I want her to feel special and valued as a wine lover and as a human being. I want her to know she is seen and I intend to continue creating and offering opportunities for her to grow, connect, and be celebrated.”

Applying and experimenting with makeup can be a fun and creative experience but for people of diverse ethnicities, it can be disheartening.

For years they have raised concerns about the lack of beauty products for darker skin.

One Zimbabwean born makeup artist in Australia is now inspiring younger women to speak out,

"I think unfortunately often, we are only seeing one shade, or one race being represented all the time," said make-up artist Rumbidzai Mudzengi.

"A lot of the time, it starts to feel like there's no place for us, and I want young people to realise that there is a space for you,"

"If you're going to serve someone, you need to do it all the way and you need to cater for everyone, it's really that simple, that's why you get into business."

The women say a common problem is with big brand retailers, who mostly cater to light and medium skin tones.

"Sometimes it's just harder to find the right place that sells the right foundation and stuff for my skin,"said ons young woman. Another said it "added to the feeling of being isolated, a bit I guess unwelcome to some degree. The fact that I had to go to special stores just to find my shade, it was a bit of an inconvenience for me."

It means they often have to do more research on the products and go to specialised shops

but new brands have recently emerged such as Fenty, by the singer Rihanna.

Other well-established brands such as Mac and Make Up For Ever are also developing new ranges for all skin tones.

But there is still a long road to go.

While makeup retailers in many cities say they offer a wide variety of products.

In practice, some young women with dark skin say they have had to go to specialized shops which are often more expensive.

Two small businesses, The Mitten Brewing Co. and Malamiah Juice Bar, are ready to start taking pre-orders for limited-run editions of locally printed Black Lives Matter merchandise, including garments and masks according to Grand Rapids Business Journal.

The two Grand Rapids, Michigan-based companies will donate 100% of the sales to the Black and Brown Cannabis Guild.

Mitten Brewing co-owner Chris Andrus, and Malamiah Juice Bar owner, Jermale Eddie, have partnered and contracted local custom design and screen printing business Ambrose at WMCAT, and its fundraising platform, Bound As One, to launch the project.

“Malamiah Juice Bar is rooted in West Michigan, and we are proud to give back to our community through the Bound As One initiative in support of BBCG,” Eddie said. “And we are all just that — bound as one in a community that cares deeply but one that is in need of greater social equity and justice.”

“The work that the Black and Brown Cannabis Guild is doing is vital for individuals in our community who have barriers to opportunity because of a drug record — many of which are eligible for expungement. When you buy a T-shirt or mask, every penny goes directly to support communities of color that are benefiting from BBCG’s advocacy, network, and guidance; an incredible mission that The Mitten Brewing Co. fully supports” said Andrus.

“We believe that this work is not charity, it is justice,” Black and Brown Cannabis Guild’s founder and Executive Director Denavvia Mojet said. “We know that our government disproportionately harmed communities of color as a byproduct of a racist political agenda, and we work to help those harmed communities thrive in spite of those convictions. We believe this is what equity looks like, and we are grateful to be supported in these efforts.”

The back of each shirt also has the names of victims of police brutality, Breonna Taylor, George Floyd, Philando Castile, and more individuals. Pre-orders will be taken on ambrose-print-shop.printavo.com until Oct. 30.

Joe Biden has urged Nigerian President Muhammadu Buhari and the Nigerian military to “cease the violent crackdown on protesters” in the country amid weeks of peaceful nationwide protests against police brutality.

The Democratic presidential nominee called on the U.S. to stand with Nigerians who have for the past two weeks led peaceful demonstrations to protest against a police unit, the Special Anti-Robbery Squad (SARS), which has long been accused of having a reputation of abuse that includes extortion, rape, torture and extrajudicial killings, according to Amnesty International. 

Recent protests against SARS emerged after a video circulated online earlier this month allegedly showing officers of the unit shooting a man in the country’s southern Delta state, Reuters reported. Police have reportedly denied the shooting. The hashtag #EndSARS began trending internationally on Twitter this week in support of the movement to end police brutality. 

“The United States must stand with Nigerians who are peacefully demonstrating for police reform and seeking an end to corruption in their democracy,” Biden said in his statement. “I encourage the government to engage in a good-faith dialogue with civil society to address these long-standing grievances and work together for a more just and inclusive Nigeria.”

Last week, Buhari announced the government’s decision to disband SARS among other promises of police reforms, in response to widespread protests led by Nigerians in the nation and Nigerian diaspora communities across the world.

The move was met with skepticism, though, since the government has made promises to reform the unit a number of times in previous years to no avail. Furthermore, Nigerian citizens feared that SARS officers would be redeployed to other units.

On Tuesday night, after Governor of Lagos State Babajide Sanwo-Olu had imposed a 24-hour curfew which began at 4 p.m. local time, witnesses at a demonstration reported seeing shots fired at the Lekki Toll Gate located in Lagos, Nigeria. Protesters accused soldiers of the Nigerian army of firing into the crowd.

Despite the growth of new Black-owned businesses springing up around the country, many of them do not receive the necessary resources they need to thrive like their white counterparts. Now, one venture capital collective is looking to turn more than 300 Black entrepreneurs into angel investors to support emerging Black brands.

The BLCK VC was created with the idea of bringing diversity to the investing ecosystem, especially in the case of Black businesses. Frederik Groce, principal at Storm Ventures and co-founder of BLCK VC, says programs like this are needed to help these businesses thrive.

“It is widely known that venture capital is sorely in need of initiatives that will increase diversity. Only 1% of venture-backed startups have a Black founder and less than 3% of venture investors are Black,” wrote Groce in a Medium article about the new initiative.

“It is hard not to see how these two numbers are tightly correlated in an industry built on “warm introductions” and “networking” as the main source of receiving funding and gaining employment. Networking isn’t only about transactional interactions (sure, there’s plenty of that) — it is also a means of knowledge transfer and education between colleagues. Engineering and maximizing these networking opportunities is critical in building a thriving community. To that end, it has been one of our primary focuses from the early days of BLCK VC..

“The goal of the program is to train 300 students over the course of three years to establish a new network of Black investors and advisers to invest in Black brands. It is our belief that programs like the Black Venture Institute will meaningfully drive more equitable access and opportunities and inspire others to work toward those same goals,” Groce wrote.

“It is our hope that graduating participants will go on to achieve everything from incredible operating careers, to becoming limited partners in funds, angel investing in the friends and family rounds of diverse founders, founding category-defining companies; and yes, becoming venture capitalists themselves.”

Music has served as the inspiration for many things in our lives. One Black woman entrepreneur decided to use her love of music to create a collection of scented goods and candles to help establish the perfect vibe at home.

Lola Pyne is the founder of Oasis Soul Scent Co., a collection of handmade scented goods ranging from bath items to soothing candles all made from natural ingredients. Pyne says when creating the idea, she became inspired by the different songs she loved and started creating her items based on her musical selection.

“The same way you set a scene or create a vibe with music, you can do that with scent. So the idea is that can use various Oasis Soul Scent Co. products to create the desired vibe for yourself and your space with candles, shower aromatherapy steamers, body oils, and more,” Pyne said in an interview with BLACK ENTERPRISE via email.

“Sometimes I start with a favorite song and work on how to evoke that mood with different fragrance blends. Other times I work on a specific scent profile and then imagine the music that would accompany it. For example, my SMOOTH JAZZ scent is a light and airy blend of white tea and ginger. SWEET TABOO is a warm sultry blend of almond, honey, and vanilla. I work on the interplay between scent, music, and emotion [plus] music is always playing when I’m making products”

Pyne adds that she wanted to create items that would promote self-care and how closely scent is intertwined with your routine. “I was inspired to create a range of quick and easy self-care products that are soothing to the senses,” she added. “Scent is the sense most closely tied to memory and emotion, and scented goods are a great way to change your mood and environment.”

Kampala, Uganda is serving a healthy dose of Girl Power amid a covid-19 pandemic that sees several women — who found themselves in months-long lockdown and unemployed, take on both new careers and self-defence training by way of Diva Taxi, a new female taxi driver service in the city..

Company founder, Gillian Kobusingye, is proud of her employees, "Our ladies are extremely hard working, very motivated and I like their sense of pride when they are doing this work they are doing it with one heart compared to other people. And that's the difference we have to the competitors."

Diva Taxi now boasts over 70 drivers and claims an industry-low fare commission rate of 25% in order to see the women thrive.

Donna Ochen, a Diva Taxi driver, is happy with the means the professional opportunity financially affords her, "When I saw the Diva Taxi company reaching out to all females who could be interested I decided to take it up because it would be an opportunity for me to serve and earn and support my family with the earnings that I'd get from driving."

Diva Taxi has a fleet of around 100 cars that serve as taxis, special school pick-ups and drop-offs and even functions like weddings. An unexpected and resounding successful start for the company that almost wasn't.

Rebecca Makyeli, the manager and self-defence trainer at Diva Taxi, shares the very early days of the company's journey, "They thought of the idea of why would we have our cars just parked in a compound and yet we can transport people and services from one place to another. So, coming up with this idea it started off as a joke, supported by friends, close friends and family, but eventually, the idea picked up and in June 2020 the company was registered and officially came into being."

With its 72 drivers averaging 30 rides a week, Diva Taxi expects its service app — downloaded around 500 times to reach 2000 active users this year in the city of three million inhabitants.

Due to the economic devastation brought on by the COVID-19 pandemic, many businesses have had to learn how to adapt to a new reality, leaving them uncertain about how to move forward towards profitability.

This week, Google announced that they will be investing $2.35 million across several tech startups within Atlanta, the city recognized as the next Silicon Valley for emerging Black-owned tech startups. The funds will be distributed through the Black Founders Fund to 36 Atlanta-based businesses. Through Google, the fund has been able to invest in over 70 startups across the country with $100,000 business grants totaling $5 million to help these businesses continue to grow and thrive amid the global pandemic.

“We are committed to helping Black founders who have been deeply impacted by COVID-19 and who are disproportionately locked out of access to the funding they need to succeed,” said Jewel Burks Solomon, head of Google for Startups US, in a press release according to BET.com. “By combining cash awards with Google for Startups mentorship and programming, we hope to help create a more level playing field for these founders, who are building amazing companies and making an impact on their communities.”

Atlanta-based businesses that have been named recipients include Healthy Hip Hop, Just Add Honey, Portrait Coffee, Origyn, Laine London, Jax Rideshare Rentals, Mar Dat, TruDiary, Vibe Ride, and LVNGbook.

“The Google for Startups Black Founders Fund will have a considerable impact on the growth of Portrait Coffee,” said Aaron Fender, founder of Portrait Coffee, tells Hypepotamus. “This capital and support come at a critical time, allowing us to hire more team members and purchase additional manufacturing equipment to support our growing business.”

This news comes with Google’s recent partnership with the Thurgood Marshall College Fund to provide more digital skills workshops for HBCUs around the country as part of their $175 million commitment to racial equity back in June of this year.