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African Development Fund Ranked Among the World’s Leading Providers of Development Assistance

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African Development Bank - Investors King

The African Development Fund has been ranked second among 49 international agencies for the quality of its development assistance, underscoring its relevance to the continent’s most vulnerable countries.

The African Development Fund is the concessional arm of the African Development Bank Group. According to the fifth edition of the Quality of Official Development Assistance report, published on Tuesday, the Fund is serving its constituency well by focusing on poverty and the least-aided countries.

The report singles out the African Development Fund and its peers for being adept at ensuring that development reaches the intended recipients. (See infographic below for full list of agencies).

“For country providers and policymakers, there is a clear and consistent message: using the multilateral system can support development effectiveness,” the report notes. “…Multilaterals are particularly well-placed to help countries respond to COVID-19, with global reach, broad mandates and expertise, an array of financing instruments, and knowledge of local contexts.”

The assessment also highlights the importance of further strengthening systems for learning from experience and evaluations. The publication is a product of the Centre for Global Development. It assesses the bilateral programs of 29 member countries of the Development Assistance Committee of the Organisation for Economic Co-operation and Development (OECD) and the 20 largest multilateral agencies that provide official development assistance.

As the African Development Bank and its partners fight to save lives and livelihoods, the report is an encouraging sign that the African Development Fund is investing its resources where they are most needed.

Simon Mizrahi, Director of Delivery, Performance and Results at the African Development Bank, said: “The timing of this report could not have been better. As the African Development Bank strives to support its regional member countries through an unprecedented health and economic crisis, the assessment by the Centre for Global Development will help guide our interventions.

“This report confirms that the Bank is on the right track by focusing on producing timely development assistance data, and ensuring that we strengthen the learning loop to continuously improve our offering to the Bank’s regional member countries. Every day we get better, and every day we go further to support countries across the continent to increase resilience and deliver a better quality of life to their people.”

The report examines 17 indicators that are common among all the agencies. The authors point out that the African Development Fund’s solid 2021 ranking forms part of a track record, dating back to 2010. That squares with the key role that the Fund has played in helping African countries respond to the Covid-19 pandemic.

The African Development Fund is made up of 32 contributing states. It benefits 37 countries, including fragile states that need special support to ensure basic service delivery.

The Quality of Official Development Assistance is a tool developed by the Centre for Global Development and the Brookings Institution to measure which donors provide “higher quality aid” and how they can improve. It provides an assessment of efforts to comply with development commitments.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

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Access bank

Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

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Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

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The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

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