The Brief: Aliko Dangote, Sole African to Make Bloomberg 50, Barclays Africa and CDB Agree MoU, WorldRemit Raises $40m in Funding Round

Dangote Group President and CEO, Aliko Dangote, sole African to make the Bloomberg 50 list.

(Source: Dangote Group)

Aliko Dangote on the Nasdaq Tower in Times Square

Ranked by Forbes as the 67th richest person in the world, Dangote Group President and CEO, Aliko Dangote, has been named on the Bloomberg 50 list of 2017’s most influential people.

First published in 2011, the annual list is compiled of 50 individuals with “the ability to move markets or shape ideas and policies.”, as viewed by Bloomberg News journalists in 150 bureaus around the world.

In homage to Dangote as the only African on this year’s list, an image of him was beamed on the Nasdaq Tower in Times Square, New York.

Barclays Africa and China Development Bank to cooperate on development projects in Africa

Barclays Africa and China Development Bank have agreed to a partner in exploring opportunities to fund development projects in Africa.

The CDB, a Development Finance Institution (DFI) for the Chinese Government, by the end of 2017, would already have supported more than 500 projects in 43 African countries valued at USD 50-billion, with a core focus on infrastructure finance for roads, railways and dams.

Barclays Africa will seek to leverage this partnership to strengthen its contribution towards Africa’s economic growth and development.

“This MoU represents a long-term commitment by senior leadership at Barclays Africa to strengthen our relationship with the world’s largest development finance institution, which has assets of over US$2-trillion. This partnership will unlock opportunities that are aligned to our Shared Growth approach and could facilitate positive socio-economic impact,” said Temi Ofong, Barclays Africa’s Corporate and Investment Banking (CIB) Co-Chief Executive.

“Strengthening these kinds of relationships will help our Group identify opportunities aligned to our Shared Growth commitment to leave our communities better than we found them. As a Pan-African bank, Shared Growth gives our business an exciting opportunity to make a difference in our communities and to be part of shaping the collective futures of this great continent,” he continued.

WorldRemit raises $40m to target 5 million customers in Africa

As part of the next phase of its expansion plan, leading digital money transfer service, WorldRemit, has raised $40m.

Targetting 5 million customers in Africa, the WorldRemit app will enable customers in Africa to transfer money to 148 countries with ease.

The lion’s share of the company’s total volume of transactions are money transfers to Africa, with the company responsible for 74% of remittances popular mobile money services in Africa such as MTN, Ecocash, Tigo Pesa, Vodafone M-Pesa and Airtel Money.

“This new funding will fuel our growth, and help bring our service to millions more customers across the globe. Africa is a crucial market for us and over the next few years, we will expand our services so customers can send and receive with WorldRemit, getting the benefits of our fast, secure online service.” commented, Ismail Ahmed, founder and CEO at WorldRemit.

The funding round was led by LeapFrog Investments, and saw significant participation from existing investors Accel and Technology Crossover Ventures (TCV).

November 2017 saw WorldRemit become Arsenal FC’s first-ever online money transfer partner in a global sponsorship deal for all Premier League, League Cup and FA Cup games.