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HP, AU Commission Sign MoU to Develop Entrepreneurial Skills in Africa

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HP Inc. in partnership with the African Union Commission (AUC) signed a Memorandum of Understanding (MoU) to foster entrepreneurial learning in Africa.

The aim of the MoU is to further cement the collaboration between these two parties in building entrepreneurial skills across the continent and to leverage HP Foundation’s Learning Initiative for Entrepreneurs (HP LIFE).

HP LIFE provides people in the region with access to 32 free, online courses in seven languages to build key business competencies as set out in the AGENDA 2063

AGENDA 2063 is Africa’s blueprint and master plan for transforming Africa into the global powerhouse of the future. It is the continent’s strategic framework that aims to deliver on its goal for inclusive and sustainable development and is a concrete manifestation of the pan-African drive for unity, self-determination, freedom, progress, and collective prosperity.

HP Inc. and the AUC have agreed to exchange information and material on enhancing quality education for learners and entrepreneurs in Africa, organize symposiums and conferences on education and skills development initiatives, leverage the online platform HP LIFE, which is aimed to enroll a million users between 2016 and 2025 and is part of HP’s commitment to enable better learning outcomes for 100 million people globally by 2025.

The aim of the MoU is to ensure closer collaboration and exchange of information between the parties, in a manner that creates synergies in Youth Skills Development, Academic Exchanges, and Research in Africa.

Interim Managing Director, HP Africa, Issam Essadiqi said, “HP is driving access to quality education globally to enable anyone and everyone to build skills to compete in the digital economy.

“Making education more accessible and effective helps people get better jobs, launch small businesses, and create opportunities for their families and communities. HP believes technology can be the great equalizer in education and is using it to enable students to get access to quality education in the classroom and beyond.” 

The AU Commissioner for Human Resource, Science and Technology H.E Prof. Sarah Anyang Agbor said, “The partnership with HP will accelerate our education response to Covid-19 and beyond to ensure accessible and continued learning for African youth.

The African Union’s education agenda, which has a focus on digital learning is well complemented by the opportunities that the work with HP will bring about for African youth. In line with prioritizing distance learning, the partnership will support individuals and institutions of learning to provide the requisite expertise and opportunities.”

HP LIFE was first offered through hundreds of local training centers in countries such as Nigeria, Tunisia, South Africa, Uganda, and Kenya, to help people learn the skills to start or grow a business or improve their employment prospects. In 2012, HP LIFE expanded to an online platform.

Since 2016, over 116,000 men and women across Africa have already received HP LIFE training. 82 per cent of women who took part in an HP LIFE survey said that participating in the programme had increased their confidence in their future

Today, technology can support new styles of learning. PCs and tools designed for education can offer students flexibility of time, place, and pace of learning, whether in or out of the classroom, or in a blend of environments. HP and the AUC’s joint efforts have the potential to uplift access of education and opportunities for career work and economic growth, and this collaboration has the potential to make lifelong learning a reality.

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Visa Unveils Digital Services Suite for Businesses       

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Visa has unveiled a suite of new digital-first products and services that it claims will revolutionise the card and address the future needs of businesses, merchants and consumers and the financial institutions that serve them

Set for roll out over the coming, year, the new product roadmap was unveiled at the annual Visa Payments Forum in San Francisco.

“The industry is at a pivotal point – new technologies like Gen AI are rapidly shifting how we shop and manage our finances,” says Jack Forestell, chief product and strategy officer, Visa. “We’re announcing the next generation of truly digital-native payment card experiences. Today we unveiled new card features and digital innovations that will bring consumers into a more customized, convenient and secure future.”

The new products and services include Visa Flexible Credentials, which will allow a single card product to toggle between payment methods, enabling users to set parameters or choose whether they use debit, credit, ‘pay-in-four’ with buy now, pay late,r or pay using rewards points. Visa Flexible Credential is live in Asia and will be launching with Affirm later this summer in the US.

Visa is also introducing a slew of new ways to use the card when tapped on a mobile device, such as: Tap to Confirm: Easily authenticates identity when shopping online; Tap to Add Card: Enhances security when adding card into a wallet or app; Tap to P2P (person-to-person): Allows money to be sent between family and friends

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N101 Women Entrepreneurs To Receive N202 million Y’ellopreneur Equipment Grant

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One hundred and one female entrepreneurs have made it to the final stage of the Y’ellopreneur initiative and will each receive equipment loans of up to N2 million at a fixed interest rate of 2.5% and 36-months repayment duration from the MTN Foundation. 

The loans, which will be disbursed by the Bank of Industry, are expected to help the women scale their businesses thus contributing to reduction in female unemployment.

SMEs in less wealthy economies are mostly faced with sociocultural barriers and infrastructural deficit. They also lack poor access to finances and continuous education, and government support. Nevertheless, a 2022 report by Mastercard, shows that women in less wealthy economies are making their mark as vital economic contributors with over 25% significant business ownership of all local businesses, despite prevailing socio-economic constraints. The Y’ellopreneur initiative was established to contribute to tackling these problems in Nigeria, through capacity building, advisory and business support services.

Speaking about the equipment loan, Executive Secretary, MTN Foundation, Odunayo Sanya stated that the equipment loan is to facilitate the expansion of more sustainable women-led businesses. “Women-led businesses are powerful sources of job creation and economic growth. According to a report by PwC Nigeria, women account for 41% of business ownership and 3.4% of female employment within micro-enterprises, but they continue to face challenges in accessing finance. Through the Y’ellopreneur initiative, MTN Foundation and Bank of Industry are helping female entrepreneurs in Nigeria. By working together, we can build a fairer, more prosperous future,” said Odunayo Sanya, Executive Secretary, MTN Foundation.

 “This time, the MTN Foundation is concentrating on female entrepreneurs. Five hundred out of the nearly 42,000 applicants for the Y’ellopreneur programme were trained, and following careful assessment of their respective pitches, 101 women have qualified to receive the equipment grant and loan,” she added. 

The Y’ellopreneur initiative in partnership with the Bank of Industry (BOI) and the Enterprise Development Centre (EDC) is part of the MTN Foundation’s strategic efforts to support the government in attaining Sustainable Development Goals (SDG’s) 1,2, 5, 8 and 17 which seeks to eliminate poverty and hunger, achieve gender equality by empowering all women, and promote inclusive economic growth.

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17 Tony Elumelu Creative Storytellers Receive USD30,000 Fund from Heirs Insurance and Heirs Life

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Leading insurance companies, Heirs Insurance Limited (HIL) and Heirs Life Assurance (HLA) in partnership with Africa No Filter (ANF), have announced seventeen (17) young creatives across Africa as the recipients of the USD30,000 Tony Elumelu Storytellers Fund, a CSR initiative of both insurance companies.

The 17 finalists, selected from 3,600 entries, will receive $30,000 in grants (between $500 to 2,000 each) to develop projects that shine a light on entrepreneurs and entrepreneurship in Africa and challenge the negative stereotype of Africa.

The finalists represent 12 African countries, with 60% female and 40% male representation. Working with ANF, they will begin work on their submitted projects ranging from film to visual arts, journalism, and digital content creation. Named after African business leader and philanthropist, Tony O. Elumelu, CFR, and sponsored by Heirs Insurance and Heirs Life, the $30,000 creative fund is an extension of Elumelu’s commitment to redefining an African success story that is powered by Africa’s youth and their creative ideas. The Fund is a standalone initiative, not affiliated with the Tony Elumelu Foundation.

Speaking on behalf of both companies, Chief Marketing Officer, Ifesinachi Okpagu, congratulated the finalists, reiterating the confidence in the project’s mission to place Africa firmly on the map.

She said, “We commend the finalists of the Tony Elumelu Storytellers Fund on their ideas and commitment to this joint mission. We are confident that this CSR initiative will progressively change the often-negative stereotype about Africa.

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