South Africa: Strategic push for pan-African payment solutions as Onafriq appoints new executive
Africa's digital payments network, Onafriq has announced the appointment of Simon Black as an independent non-executive director on the Board of Directors of its holding company, Onafriq UK Holdings Limited, effective immediately.
A highly respected leader in the global fintech ecosystem, Black brings over three decades of experience building and scaling payments and technology platforms to support Onafriq's next phase of growth.
Black has earned industry-wide recognition for transforming high-potential fintech and software businesses into market leaders. During his tenure as chief executive officer of PPRO from 2015 to 2023, he steered the German-based payments infrastructure provider from an emerging start-up to a formidable global player, driving revenue growth beyond €100m while expanding the team to more than 500 professionals across many markets.
Previously, as chief executive officer of Sage Pay, Black orchestrated tenfold revenue growth, establishing the company as a leading force in SME e-commerce payments.
Guiding transformational growth
Black's appointment underscores Onafriq's commitment to assembling world-class leadership capable of propelling the company's infrastructure across Africa and beyond.
His global perspective and proven success in forging partnerships with industry giants will prove invaluable as Onafriq cements its position as the definitive network of networks for African payments.
Black's appointment comes at a transformative moment in Onafriq's journey, said Dare Okoudjou, founder and chief executive officer of Onafriq.
"To fulfil our mission of making borders matter less across Africa, we must build upon strong foundations to create an even more resilient and innovative business. Black's exceptional track record of scaling fintech leaders and navigating complexity makes him the ideal chair to guide this next phase."
His strategic expertise will be instrumental as we strengthen our position as Africa's payments infrastructure backbone and accelerate financial inclusion throughout the continent.
As Chair, Black will work closely with Okoudjou, the executive team, Board, and the shareholder base to provide strategic guidance, focusing on cross-border scale, global partnerships, and long-term value creation.
'Joining Onafriq is not only a professional privilege, but a personal commitment to a mission I deeply believe in,' said Black. The company has built what is arguably the most extensive and sophisticated digital payments infrastructure on the continent—connecting over 500 million wallets and 200 million bank accounts across 42 African markets.
"That scale, combined with a deep understanding of local markets, uniquely positions Onafriq to solve the continent's most pressing payment challenges. I'm excited to support the team in shaping the future of cross-border finance in Africa and enabling seamless commerce at a scale the world hasn't seen before."
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
15 hours ago
- Khaleej Times
Gold eyes $3,900 as uncertainty fuels bullish surge
Already up nearly 30 per cent in 2025 after a 25 per cent gain in 2024, gold is not only outperforming equities but also establishing itself as the ultimate investment haven. In a world increasingly plagued by economic instability, geopolitical tension, and fiscal recklessness, the yellow metal is once again proving its mettle. The outlook, according to analysts and strategists, is upbeat: gold could surge to a record average of $3,210 this year, with the potential to test highs as lofty as $3,900. This bullish trajectory is anchored in an evolving macroeconomic landscape. The latest Gold Focus report by Metals Focus, released this week, forecasts a 35 per cent jump in the annual average gold price for 2025. 'Looking ahead, we expect gold to break new ground,' said Philip Newman, managing director at Metals Focus. "Macroeconomic uncertainty and elevated geopolitical risks are likely to sustain investor interest... We forecast a record average price of $3,210 - a level that would finally surpass the real terms peak from 1980.' Non-liability-bearing reserve asset Driving this momentum is a potent mix of factors. Central banks are hoarding gold at record levels - net official sector purchases in 2024 reached 1,086 tonnes, driven by a strategic move away from the US dollar. With trust in the greenback eroding due to swelling US debt, renewed trade tensions under President Trump, and fiscal uncertainty, global monetary authorities are turning to the yellow metal as a non-liability-bearing reserve asset. Analysts say that trend is set to continue well into 2025. Retail and institutional demand also remain firm, despite sky-high prices. While Western markets have seen a slowdown, investor appetite in South and East Asia has more than made up for the slack. Metals Focus notes that physical demand from private investors held up far better than expected, a sign that gold's value proposition remains intact even at elevated price levels. Still a financial fortress Investor anxiety over the direction of US trade and monetary policy has added fuel to gold's rise. Expectations of further interest rate cuts by the Federal Reserve later in 2025 have stoked enthusiasm for non-yielding assets like gold. At the same time, speculative positioning - while a source of volatility - has reinforced the upward trend as investors consistently 'buy the dips.' Precious metals analysts argue that with central banks accumulating at historic levels, investors hedging against currency volatility, and governments showing few signs of fiscal restraint, "gold's narrative as a financial fortress seems far from over. For now, the yellow metal shines brighter than ever—offering not just a hedge, but a haven." A new price floor Yet not all voices in the market are equally bullish. Quant Mutual Fund recently warned that gold may have peaked in the short term, suggesting a potential 12 to 15 per cent correction in dollar terms over the next two months. Still, the fund maintains a positive medium to long-term outlook and advises investors to maintain meaningful exposure to precious metals within diversified portfolios. For a more nuanced perspective, George Milling-Stanley, chief gold strategist at State Street Global Advisors and one of the most respected voices in the gold space, weighed in on the outlook during a recent interview. A pioneer in gold investing and a key architect behind SPDR Gold Shares (GLD), Milling-Stanley believes the rally has deeper roots. 'We still have a lot of geopolitical turbulence, and gold historically performs well during periods of geopolitical turmoil,' he said. 'We still don't know where we stand with interest rates. We still have enormous uncertainty on the macroeconomic front.' He emphasises that the metal's rise has not been driven primarily by inflation, contrary to popular belief, but by an overarching climate of unpredictability. Importantly, Milling-Stanley believes that gold has now established a new price floor. 'It looks very much as if we've established a new floor above $3,000 an ounce,' he explained. 'Last year, the floor was around $2,000. That is a huge leap.' With this new baseline, gold could consolidate in the $3,000 to $3,500 range before attempting to breach resistance levels near $3,900, he said. Indeed, this sentiment is echoed in the numbers. The three-year annualised return on gold, as tracked by GLD, now stands at 21.4 per cent -well above its long-term average of around 8 per cent since 1971. For nervous investors navigating today's volatile markets, the allure is not just performance, but protection. Bar and coin investment has stayed broadly flat globally, but regional shifts are notable. Strong demand in China and India has compensated for softness in the West. Meanwhile, ETFs and institutional vehicles continue to see steady inflows, signaling confidence in gold's long-term value. Gold's resilience has also found an unexpected ally in trade policy. The reintroduction of tariffs by the US administration and fears of a full-blown trade war have rattled global investors, further undermining confidence in traditional assets and currencies. As these pressures mount, gold's role as an insurance policy becomes ever more relevant. Even if gold consolidates in the coming months, strategists believe the outlook remains fundamentally strong. 'The higher the uncertainty, the higher the upper limit,' said Milling-Stanley. 'Our bullish case suggests we could actually take out whatever resistance is available at the $3,500 area, and possibly even trade as high as $3,900.'
Khaleej Times
18 hours ago
- Khaleej Times
UAE drives global crypto revolution with adoption and innovation
The UAE has reinforced its position as the world's foremost crypto hub in 2025, leading a global surge in digital asset adoption driven by progressive regulations, strategic partnerships, and a tech-savvy population. A recent study by Atmos ranks the UAE as the most crypto-obsessed nation, scoring 98.4 out of 100, with a 25.3% cryptocurrency ownership rate and a phenomenal 210% adoption growth. This meteoric rise, coupled with Bitcoin's blistering rally past $110,000 and a $2.2 trillion market cap, underscores the UAE's pivotal role in reshaping global finance. As the country leverages regulatory clarity, institutional investments, and cutting-edge fintech innovations, it is not only riding the crypto wave but defining its future trajectory. The Atmos study evaluates crypto engagement through four key metrics — ownership rates, adoption growth, per capita search activity, and Bitcoin ATM availability. The UAE's dominance is remarkable despite having just one Bitcoin ATM, compared to the United States' 29,834 or Canada's 3,561. With 186,000 monthly crypto-related searches and a 210% adoption surge, the UAE outpaces Singapore (97.5 score, 24.4% ownership) and the US (85.4 score, 15.5% ownership). This reflects a cultural and economic embrace of digital assets, fuelled by a young, affluent demographic — over 60% of the UAE's 9.8 million residents are under 30 — and a government committed to a blockchain-powered economy. 'Crypto adoption is reshaping financial systems worldwide,' said Nick Cooke, CEO of Atmos, emphasising the UAE's leadership in integrating crypto into daily life. Bitcoin's recent ascent to $108,955.10, with peaks at $109,857, has ignited global optimism, with analysts like Nigel Green of deVere Group revising price targets from $150,000 to $175,000 by August 2025. Green attributes this rally to macro tailwinds, including a cooler US inflation report, easing US-China trade tensions, and a Moody's downgrade of US sovereign debt, which has driven investors toward Bitcoin as a hedge against fiat instability. 'Bitcoin is no longer just a speculative play but a strategic hedge,' Green notes, highlighting its appeal as 'digital gold' amid eroding sovereign credibility. The UAE's high ownership rate aligns with this trend, as investors seek assets immune to dilution or adoption is a cornerstone of the UAE's crypto ecosystem. Ripple's licensing by the Dubai Financial Services Authority (DFSA) to operate within the Dubai International Financial Centre (DIFC) marks a regional first, enabling regulated crypto payment services. Brad Garlinghouse, Ripple's CEO, praises the UAE's regulatory clarity, noting its $400 billion international trade market and 64% of Middle East and Africa finance leaders prioritising faster payments via blockchain. Ripple's RLUSD stablecoin, launched in 2023 with a $130 million market cap, exemplifies the demand for real-time settlement solutions. Similarly, partnership with UAE-based Tawasal integrates crypto services into a superapp, enhancing accessibility. Abu Dhabi's MGX investing $2 billion in Binance further cements the UAE's role as a crypto investment hub, with Emirates NBD's Liv platform introducing crypto services to bridge traditional and decentralised finance. The UAE's regulatory framework, led by Dubai's Virtual Assets Regulatory Authority (VARA) and Abu Dhabi Global Market (ADGM), balances innovation with oversight. VARA's licensing has attracted global players, while ADGM's regulations support blockchain development. 'The UAE's regulatory sandboxes allow fintechs to test AI-driven solutions safely,' says Nadeem Ladki of Bitpanda Technology Solutions. This contrasts with restrictive regimes like China's, positioning the UAE ahead of Singapore and Switzerland, despite their progressive policies. The UAE's $30 billion in crypto investments in 2024, coupled with a 41% increase in crypto app downloads, underscores its business-friendly environment, with free zones like DIFC and ADGM offering tax incentives and low startup costs. Decentralised finance (DeFi) is transforming the UAE's financial landscape, with global DeFi protocols holding over $150 billion in 2024. Platforms like MakerDAO and Compound enable intermediary-free financial services, aligning with the UAE's goal of financial inclusion for the 1.7 billion unbanked globally, per World Bank data. The UAE's mobile-centric DeFi solutions, supported by its advanced tech infrastructure, are poised to lead this shift. The upcoming Digital Dirham, a blockchain-based central bank digital currency (CBDC) set for fourth quarter of 2025, will enhance cross-border payments and combat financial crime, according to Khaled Mohamed Balama, Governor of the Central Bank of the UAE. With 10% of global GDP expected to be tokenised by 2027, the Digital Dirham positions the UAE at the forefront of this transformation. Artificial intelligence (AI) is amplifying the UAE's crypto prowess, with initiatives like DIFC's AI and Web3 incubator fostering innovation. AI enhances fraud detection and compliance, critical for navigating VARA's regulations. Globally, Layer 2 solutions like Optimism and Arbitrum improve blockchain scalability, making crypto viable for daily transactions. The UAE's fintech market, projected to reach $3.56 billion in 2025 and $6.43 billion by 2030, benefits from a 12.56% CAGR, driven by AI and blockchain synergy. Non-fungible tokens (NFTs) and metaverse platforms like OpenSea and Decentraland are also gaining traction, with the UAE's tech-savvy market capitalising on these new digital economies. Bitcoin's global rally, up 8.6% weekly, is mirrored by other cryptocurrencies like Ethereum (37.2%), XRP (19.2%), and Solana (18.6%), per Nick Forster. Ethereum's Pectra upgrade and Coinbase's S&P 500 inclusion signal mainstream adoption, boosting market confidence. In the UAE, 39.1% of residents are projected to use crypto by year-end, driven by user-friendly platforms and regulatory trust. The Bitcoin 2025 conference in Las Vegas, featuring speakers like US Vice-President JD Vance and MicroStrategy's Michael Saylor, will likely amplify global enthusiasm, with potential US policies like a Strategic Bitcoin Reserve further fueling growth. Despite its leadership, the UAE faces challenges. Cybersecurity risks in crypto transactions require ongoing investment, and balancing regulation with innovation remains critical. Globally, regulatory disparities — China's crackdowns versus the EU's MiCA framework — highlight the UAE's advantage in proactive governance. George Naddaf of eToro Mena notes, 'Fintech is redefining how investors make decisions,' with the UAE's education and accessibility initiatives sustaining momentum. Arif Amiri of DIFC emphasises the country's ecosystem, including an independent regulator and efficient judicial system, as a springboard for fintech growth. The UAE's crypto revolution is a blueprint for global economies. Its 210% adoption growth, 25.3% ownership rate, and $30 billion in 2024 investments reflect a nation not just adapting to digital finance but shaping it. As Nick Cooke of Atmos states, 'In the UAE, crypto drives a fully digitised economy.' With Bitcoin's resilience, institutional backing, and innovations like DeFi, CBDCs, and Web3, the UAE is poised to dominate the next phase of the crypto evolution, setting a global standard for a decentralized, inclusive financial future.
Zawya
a day ago
- Zawya
Sierra Leone's Ministry of Trade and Industry, African Continental Free Trade Area (AfCFTA) Secretariat, and Economic Commission for Africa (ECA) Join Forces to Build National Capacity for African Continental Free Trade Area (AfCFTA) Implementation
The Ministry of Trade and Industry of Sierra Leone, in collaboration with the African Continental Free Trade Area (AfCFTA) Secretariat and the United Nations Economic Commission for Africa (ECA), is conducting a four-day capacity building workshop for the National Implementation Committee (NIC) on the AfCFTA. Taking place from 10 to 13 June 2025 in Freetown, with hybrid participation, the workshop aims to equip key national stakeholders with the knowledge, tools, and coordination mechanisms required to implement the AfCFTA effectively. This collaborative effort reflects Sierra Leone's strong commitment to leveraging the opportunities of the AfCFTA, which brings together a market of over 1.4 billion people with a combined GDP of $3.4 trillion. As the national coordinating body for AfCFTA implementation, the Ministry is leading efforts to ensure that Sierra Leone's institutions are fully prepared to operationalize the Agreement in alignment with national development priorities. The workshop will focus on critical areas of the AfCFTA Agreement and its protocols, including: Rules of Origin Digital Trade Intellectual Property Rights Women and Youth in Trade Trade Facilitation Key findings from Sierra Leone's AfCFTA Readiness Assessment Participants include representatives from the public and private sectors, civil society, and development partners. The training is designed to strengthen institutional coordination, enhance technical understanding of AfCFTA instruments, and promote inclusive trade practices. 'This workshop is a crucial step in ensuring that Sierra Leone is not only ready to trade under the AfCFTA, but also strategically positioned to benefit from it,' said a representative of the Ministry of Trade and Industry. 'Our collaboration with ECA and the AfCFTA Secretariat is key to building the technical foundation and partnerships we need to succeed.' The AfCFTA Secretariat and ECA are providing technical support, facilitating knowledge-sharing, and delivering expert insights based on continental experiences and best practices. This initiative also supports broader national policy goals, including export diversification, digital transformation, and inclusive growth, as outlined in Sierra Leone's National Trade Strategy and Medium-Term National Development Plan. The workshop underscores the collective commitment of the three institutions to ensuring that AfCFTA implementation is locally owned, technically sound, and inclusive, laying the groundwork for sustainable development through trade. Distributed by APO Group on behalf of United Nations Economic Commission for Africa (ECA).
