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National Assembly election results 2017

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National Assembly election results 2017 Anonymous (not verified) Thu, 06/01/2023 - 04:00

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Friday, October 21, 2022

this is test one

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Three years on, Nigeria’s micro-pension targeting informal workers struggles to thrive

admin — Sat, 18 Jun 2022 04:00:01 +0000

Three years on, Nigeria’s micro-pension targeting informal workers struggles to thrive

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admin Sat, 06/18/2022 - 04:00

Monday, June 13, 2022

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Business - Premium Times Nigeria

Original Article

Three years on, Nigeria’s micro-pension targeting informal workers struggles to…

The Nigerian government’s ambition of urging informal sector workers to save for retirement when they could barely earn enough to survive today, amid growing poverty and rising cost of living, is delivering a predictable outcome. The government hopes to enroll 8 million people in five years but in three years it has only managed to register 77,689, less than one per cent of the projected figure.

Launched in 2019, Nigeria’s micro-pension scheme set out to extend the reach of pension to the self-employed and employees of organisations with a minimum staff strength of three, in a bid to provide cover for 30 per cent of the national workforce by 2024. A key goal of the effort is to boost the country’s financial inclusion.

Nigeria’s inflation accelerated from 12.3 per cent to 16.8 per cent between the April of that year and April 2022, living cost pressures eating away at the disposable income of most low-income households and weakening the capacity to save.

“The cost of living is high in the sense that no matter how much you have, by the time you go to the market,” you will hardly have anything left, said an official of Veritas Glanvills Pension, a Lagos-based pension fund administrator (PFA), who requested anonymity.

“They are not making much to feed themselves and equally save. Whatever people are making now, it goes to food, it goes to taking care of immediate needs. There is little or none left to save,” the official said.

That 19 PFAs registered only 2,166 enrollees in the last quarter of last year lends credence to the likelihood that profound micro-pension penetration in Nigeria is going to be a long haul. Only few adults pay into a pension in Nigeria, meaning a majority may rely on children and relatives for support at retirement or old age.

Building up rainy day savings by way of pension contribution is essential to fighting old-age poverty in Nigeria, where two out of every five people live in extreme poverty, according to figures from World Poverty Clock, an online tool that tracks real-time penury data.

That is particularly fitting for the informal sector which, despite accounting for four of every five jobs in Africa’s most populous nation and for half of its GDP, is underserved by the pension products.

But factors ranging from apathy, poor awareness and service dissatisfaction to low disposable income are standing in the way of participation.

“I like anything that has to do with savings. I like the micro-pension plan,” said Harry Isikima-Dick, who runs a barbing salon and sells electrical accessories in Ogba, Lagos. “But the problem is how I am sure the pension company will last till I am 50 years.”

Mr Isikima-Dick told PREMIUM TIMES he was hearing about micro-pension for the first time and would be happy to find a reliable PFA who can sign him up. He said he had no retirement savings plan.

Noimot Tiamiyu-Yusuf, who sells fairly used lingerie in Lagos, also told PREMIUM TIMES she’s not aware of micro-pension. She was skeptical about saving through micro-pension because of an ugly past experience that saw an informal thrift (ajo) collector run away with her savings.

“They (PFAs) may not run away with the pension of employed people. But what about our (artisans and unemployed people) own contribution?” She said she might consider micro-pension in future. She too had no alternative retirement saving plans.

Of the 11 products tracked in a survey by Enhancing Financial Innovation and Access (EFInA), an advocacy group championing financial inclusion in Nigeria, pension had the highest dissatisfaction rate after insurance among adult users of financial services.

The Veritas Glanvills staff sees Nigerian’s poor savings culture as a factor not enabling micro-pension to flower, and a lack of trust in the system, partly stemming from past experiences of people losing to similar organisations like microfinance, is forcing some informal workers to seek safety nets in other things but inclusive finance.

“Micro-pension is voluntary… But for the other pension, contributory pension, you know that one the money is deducted from your salary. So you have no control over that one. So that’s why that one is better,” the official said.

Modalities for signing up

The voluntary pension scheme enables people aged 18 and over with regular income to make small but frequent contributions to PFAs and comes with more flexible terms including the liberty to contribute, daily, weekly, monthly or at any convenient time in as much as contributions are made in any given year.

That is unlike compulsory pension plans, often marked by minimum contributions, high fees and sometimes imposes financial penalties for missed payments.

According to the Central Bank of Nigeria’s National Financial Inclusion Strategy, contributors enjoy the benefit of making contingent withdrawals ahead of retirement and can access up to 40 per cent of their money at any point if they had contributed for a minimum of three months.

Africa

Business

‘We Want Zimbabweans To Work In SA’: Malema

admin — Mon, 21 Feb 2022 22:30:01 +0000

‘We Want Zimbabweans To Work In SA’: Malema

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admin Mon, 02/21/2022 - 22:30

Wednesday, January 19, 2022

Original Publisher

Diaspora Archives - NewZimbabwe.com

Original Article

‘We Want Zimbabweans To Work In SA’: Malema

TimesLIVE

EFF leader Julius Malema has appealed to employers to give South Africans preference as the country faces an all-time high youth unemployment rate of 66.5%.

“We want to make an emphasis to the owners of restaurants that no-one should stop employing Zimbabweans and say the EFF said they don’t want them,” he said on Wednesday.

“We want Zimbabweans to work in SA. It is their home. They should make no apologies about hiring Zimbabweans or any other African brother or sister. In doing so, they must be considerate that there are locals who must at all times be given preference.”

He was speaking to journalists after visiting restaurants in the Mall of Africa in Midrand.

Shortly after arriving with a handful of supporters, he was declined entry at Kream restaurant.

A manager told Malema he would not be allowed inside and handed him a letter. Malema, however, would not take no for an answer and stood at the door until he was allowed inside.

“Kream leadership apologised for their misbehaviour and blamed it on their legal department, that someone gave them a legal letter not to engage us. But after engaging us outside the restaurant, they realised there is no need not to engage,” said Malema.

“I don’t understand why they were refusing to engage because they all had their facts in order. They were ready to prove to us they are indeed compliant, trying to employ as many South Africans [as possible].”

Malema said Kream’s conduct was unfortunate, but he accepted their apology.

“Ours is to ensure the rights of workers are protected and South Africans are given priority when it comes to employment. But that does not mean our Zimbabwean, Lesotho, eSwatini and fellow African brothers and sisters should not be employed.”

He also visited Ponto and Doppio Zero restaurants and expressed satisfaction with their levels of compliance in employing as many South Africans as possible.

The party also raised the issue of compensation, particularly around tips. Malema was thrilled to learn all three restaurants were paying workers more than the minimum national wage.

“Workers must be guaranteed a salary. They must know how much are they earning.”

The party vowed to visit more businesses to ensure fair representation in the workplace.

Malema said, though they were pro-African, the party had a responsibility to ensure the interests of their electorate were prioritised. In the event where African nationals were not hired, Malema said he would intervene.

“We will be the first [to intervene] if we hear Zimbabweans are not being hired in SA, but there cannot be an exclusive situation which excludes South Africans. That point has been received well, and we all agree we have a problem of high unemployment and poverty and it can only be resolved through employment.

“We are highly encouraged that we are singing from the same hymn book and we have our eyes and ears on the ground to inform us when things are not going accordingly.”

The post ‘We Want Zimbabweans To Work In SA’: Malema appeared first on NewZimbabwe.com.

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Taekwondo athlete glitters gold for Malawi

admin — Sat, 11 Dec 2021 03:30:01 +0000

Taekwondo athlete glitters gold for Malawi

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admin Sat, 12/11/2021 - 03:30

Wednesday, December 8, 2021

Original Publisher

Malawi Nyasa Times – News from Malawi about Malawi

Original Article

Taekwondo athlete glitters gold for Malawi

A taekwondo female athlete Veronica Manda was the toast of the day for Malawi after winning the first gold medal for the country at the African Union Sports Council Region 5 Under-17 Games, in Maseru, Lesotho. She won gold after overcoming athletes from Swaziland, Botswana and hosts Lesotho, respectively. According to a statement from Malawi […]

The post Taekwondo athlete glitters gold for Malawi appeared first on Malawi Nyasa Times - News from Malawi about Malawi.

Africa

Living Standard

South Africa dents Malawi’s netball title hopes at Region 5

admin — Fri, 10 Dec 2021 03:20:01 +0000

South Africa dents Malawi’s netball title hopes at Region 5

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admin Fri, 12/10/2021 - 03:20

Tuesday, December 7, 2021

Original Publisher

Malawi Nyasa Times – News from Malawi about Malawi

Original Article

South Africa dents Malawi’s netball title hopes at Region 5

South Africa have dented Malawi’s netball title hopes in the African Union Sports Council (AUSC) Region 5 Under-20 Games in Maseru, Lesotho with a 41-39 loss on Monday. In the first quarter, Malawi trailed South Africa 6-9 and the gap was doubled at half time recess, ending 13-20. In the third quarter, Malawi trailed 18-32 […]

The post South Africa dents Malawi’s netball title hopes at Region 5 appeared first on Malawi Nyasa Times - News from Malawi about Malawi.

Africa

Living Standard

Price Increases Loom As ZERA Hike Fuel

admin — Sat, 09 Oct 2021 02:30:01 +0000

Price Increases Loom As ZERA Hike Fuel

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admin Sat, 10/09/2021 - 02:30

Wednesday, October 6, 2021

Original Publisher

Business | NewZimbabwe.com

Original Article

Price Increases Loom As ZERA Hike Fuel

By Alois Vinga

ANOTHER wave of price increases is set to hit the local markets following the latest approval of fuel price increases by the Zimbabwe Energy Regulatory Authority (ZERA).

This will see fuel prices reaching US$1,40 per litre this week.

In a statement late Tuesday evening, ZERA said; “Please be advised that fuel prices effective Tuesday, October 5, 2021, are as follows; diesel 50 $122.13 and US$1,38 while petrol stood at $123,71 or US$1,40.”

The fuel regulator added; “Operators may sell at prices behind the cap depending on their trading advantages.”

Last month, ZERA set the maximum pump price of diesel at US$1,34 per litre and petrol at US$138 per litre.

In August this year, prices stood at US$1,33 per litre of diesel and US$1,37 per litre of petrol.

However, according to globalprices.com, Zimbabwe is among the countries with the highest fuel prices the world over.

The website states other regional countries like Mozambique, the Democratic Republic of Congo, Lesotho and Namibia are selling petrol for prices ranging between US$0,95 cents and US$1,05.

Market watchers have since warned authorities the excessive taxes being placed on fuel, which they say constitute almost 50 % of the total fuel prices in Zimbabwe, has the potential to derail the gains of stabilising the local currency and other economic gains.

The post Price Increases Loom As ZERA Hike Fuel appeared first on NewZimbabwe.com.

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Strive Masiyiwa Named Britain’s First Black Billionaire

admin — Sun, 25 Jul 2021 00:10:01 +0000

Strive Masiyiwa Named Britain’s First Black Billionaire

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admin Sun, 07/25/2021 - 00:10

Monday, May 24, 2021

Original Publisher

Diaspora | NewZimbabwe.com

Original Article

Strive Masiyiwa Named Britain’s First Black Billionaire

Daily Mail

A TELECOMS tycoon whose family fled unrest in Zimbabwe, who took on Robert Mugabe in order to start his businesses, and who is now helping to provide Covid vaccines to Africa, has been named as Britain’s first black billionaire.

London-based Strive Masiyiwa, 60, has clinched the accolade, according to the Sunday Times Rich List.

However, the Zimbabwe-born businessman, who sits on the boards of Netflix and Unilever, has a more pressing goal in mind – attempting get Covid vaccines to Africa.

Masiyiwa, considered as one of Africa’s most generous humanitarians, is currently the African Union’s special envoy on the pandemic.

And the businessman, a father of six, has recently secured 400 million doses of the Covid vaccine for the continent – home to 1.3 billion people.

Masiyiwa rise to wealth is a remarkable one, with his parents having fled Rhodesia when he was a child.

He was born in the country – now modern day Zimbabwe – in 1961. When he was aged seven his parents fled the country amid the unrest after Ian Smith’s government declared independence from Britain.

His family moved to Zambia, where Masiyiwa attended primary school, before moving to the UK aged 12.

He attended a private secondary school in Scotland – paid for by his entrepreneur mother – before later earning an engineering degree from the University of Wales.

For a short time, he worked in Cambridge in the computer industry, but later returned to Africa.

Upon returning to Zimbabwe in 1984, four years after it had gained independence from Britain, Masiyiwa began working in telecoms. He set up his company Econet in 1993.

In 1998, despite opposition from then Zimbabwean president Robert Mugabe – who died in 2019 – he launched a mobile phone network.

Mugabe refused to give him a licence to operate his business. But Masiyiwa took on the controversial leader to the Constitutional Court of Zimbabwe.

After a five-year legal battle, which took him to the brink of bankruptcy, he won and was given the green light to set up the network.

Today the company, known as Econet Wireless Zimbabwe, is the second-largest by market capitalisation.

He later told Forbes that the launch of the network took place ‘at a time when 70 per cent of the country inhabitants had never heard a ringtone’.

Masiyiwa was born in the Rhodesia – now modern day Zimbabwe – in 1961. When he was seven his parents fled the country amid the unrest the country’s declaration of independence from Britain

After fleeing persecution from the local authorities, Masiyiwa left Zimbabwe, initially to South Africa – where he launched a new Econet Wireless group.

The Econet Wireless group now operates in Africa, Europe, South America and the East Asia Pacific Rim.

After living in South Africa for several years, Masiyiwa moved to London in 2010 and has lived in the capital ever since.

He still maintains a significant business interest in South Africa.

While in the UK, Masiyiwa lives in a detached £2.5million mansion on an exclusive private estate in Surrey.

He also owns high profile properties in New York, including two adjacent apartments atop the 29-storey Eldorado Towers – which have been at various points home to stars such as Michael J. Fox, Moby and Alec Baldwin.

He bought the two properties for $24.5million in 2016. According to 2019 reports, he also owns a £24million mansion, with 24 rooms – including nine bathrooms with ensuite bathrooms.

Masiyiwa is a member of the Netflix board.

Masiyiwa is also known as one of the most prolific African philanthropists, focusing in particular on young people.

He founded the Higherlife Foundation together with his wife Tsitsi, which pays school fees for some 40,000 students in Zimbabwe, South Africa, Burundi and Lesotho who are either orphaned or from low-income families.

He has provided scholarships to more than 250,000 young Africans over the past 20 years through his family foundation.

The couple also established the Ambassador Andrew Young Scholarship, which enables African students to attend the Morehouse College in Atlanta, Georgia, US.

In 2012, President Barack Obama invited Masiyiwa and four other business leaders to attend the 38th G8 summit at Camp David to address them on strategies on how to increase food production and end poverty in parts of Africa.

And in 2014, Fortune Magazine named Masiyiwa as one of the 50 most influential business leaders in the world.

He made the Forbes billionaire sheet in 2018, with his total worth then estimated to be around $2.3billion.

This month is the time he has been listed on the Sunday Times Rich List as a billionaire.

The post Strive Masiyiwa Named Britain’s First Black Billionaire appeared first on NewZimbabwe.com.

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Lesotho National Broadcasting Services Live Stream

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Lesotho National Broadcasting Services

Friday, April 16, 2021

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Illicit financial flows an ethical, legal challenge

admin — Sat, 27 Feb 2021 13:00:01 +0000

Illicit financial flows an ethical, legal challenge

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admin Sat, 02/27/2021 - 13:00

Saturday, February 27, 2021

Original Publisher

The Zimbabwe Independent

Original Article

Illicit financial flows an ethical, legal challenge

Esther Dzviti Mapungwana economist

Illicit financial flows have been a major problem for most countries, especially developing countries. Cross-border capital movements for the purposes of concealing illegal activities and evading taxes continue to pose major challenges to developing countries. These activities deny the country concerned desperately required resources for private and public investment and in so doing, hamper potential economic development and growth. Some research has shown that illicit financial flows are also directly linked to dominant party-political interests resulting in failing compromised state institutions and increasing corruption.

The definition of illicit financial flows (IFFs) has been varying but the general sentiment is that IFFs refer to cross-border movements of capital associated with illegal activity or more explicitly, money that is illegally earned, transferred or used that crosses borders. Some argue that a definition for illicit financial flows that is less contentious especially among international institutions excludes tax avoidance out of IFF definition. According to the World Bank, the concept of IFFs are emerging as a powerful and constructive umbrella to bring together previously disconnected issues. The term emerged in the 1990s and was initially associated with capital flight. The concept of IFFs has been largely looked upon as a legal matter but recent arguments have observed the concept also as an ethical issue.

The United Nations Conference on Trade and Development (Unctad) earlier this year published a report titled — Tackling Illicit Financial Flows for Sustainable Development in Africa. One of the sections in the report focused on the analysis of export under invoicing (that is, a positive trade gap) as it is the most relevant conduit for IFFs in the context of primary commodity exports from Africa. The report stated that trade under invoicing is often motivated by exporting Multinational Enterprise (MNE) incentives to shift foreign exchange abroad to settle foreign transactions, to pay for smuggled goods or to avoid foreign exchange controls (Uneca, 2015; Unctad, 2016). Global Financial Integrity (2019) notes that globally, sub-Saharan Africa has the highest propensity for trade under-invoicing and is the only region in which outflows exceed inflows. In 2015, IFFs (as reported in United Nations Comtrade) were estimated at US$45 billion and illicit outflows were equal to US$23 billion. The present report’s estimate of US$40 billion in export under-invoicing is based on the net export gap and is the sum of all positive individual country estimates in 2015 (covering 21 African countries and the eight selected commodity groups). Despite significant differences in methodologies for trade-related illicit outflows from the continent, some convergence on findings exist; IFFs are large, have increased over time and trade in primary extractive commodities is a major contributor.

The report added that trade statistics reported by developed countries are generally more accurate and thus discrepancies in partner-country trade statistics are mainly driven by trade-related IFFs from developing countries. Therefore, the mirror trade gap is usually calculated vis-à-vis developed countries only and then scaled up by their share in total trade. This does not allow for the analysis of intra-African discrepancies nor account for the fact that although primary commodities are still traded in Europe, the latter is no longer the largest consumer. Another concern is attributing partner-country trade gaps as being directly linked to illicit flows, which has been widely criticised in the literature for being too simplistic. Other sources of error being of a purely logistical nature have gained insufficient weight in recent discussions.

The average trade value, meaning the sum of all trade values divided by the number of observations, of extra-continental African trade is seven times as large as intra-African trade, US$63 million versus US$8,5 million. The maximum trade value for extra-continental African trade is seven times as large as for intra-African trade. Imports recorded by the rest of the world stemming from the continent are on average larger than exports recorded by African countries.

“Some general trends emerge. First, the trade gap for gold from South Africa (since 2011) has a significant impact on the overall African trade gap. South Africa has a distinctive trade recording system, as illustrated by the observed gold trade reporting. Gold from South Africa, for historic reasons, had no trading partner country assigned before 2011. Since then, gold has been reported in the United Nations Comtrade, and therefore included in this report, even though the reporting of this commodity remains special (Ndikumana and Boyce, 2019). Second, all high-value commodities, gold, platinum and diamonds (for example, from Eswatini, Lesotho, South Africa and the United Republic of Tanzania) tend to have a positive trade gap, whereas petroleum and copper exports tend to exhibit a negative one. In fact, all major petroleum exporting countries (Algeria, Angola, Nigeria and Tunisia) to some extent have large negative export trade gaps, with the exception of Egypt, which has a large positive gap. On average, iron, aluminium and manganese also have positive export gaps,” the report stated

Africa

NWS 0304 2130 COVID KING transfer

Anonymous — Fri, 02 Oct 2020 18:42:05 +0000

NWS 0304 2130 COVID KING transfer Anonymous (not verified) Fri, 10/02/2020 - 18:42

Lesotho National Broadcasting Services

Monday, April 20, 2020

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