Bridging Africa European Divide For Business
Bridging Africa European Divide For Business
Equity Group has signed a memorandum of understanding with ODDO BHF of Germany for collaboration that will serve as a bridge for European and Africa businesses to establish across the continental divide.
Equity Group Managing Director and CEO Dr James Mwangi and ODDO BHF Head of Corporate Banking Florian Witt signed the agreement during the German-Africa Business Summit in Nairobi.
“We are looking for a strategic partnership that can act as a bridge between Africa and Europe to enable businesses from both continents to work together and expand each other’s opportunities in terms of markets,” said Dr Mwangi
“When you put the strengths of Equity and ODDO, you have all the factors of production together under one roof. Equity and ODDO have chosen to be a bridge so that Africa sheds off perceived potential and transform it into products and services that go a long way to enhance the quality of life of Africans and Fasttrack Africa development.” He added
Bridging Africa European Divide For Business
Digitization stood out among the ‘D’s because what Equity can do for a retail customer, most European banks cannot. “It’s much more difficult to have instant payments in Europe and legislation for such services is required. In Kenya, you have developed telecoms payment systems that is being copied in Europe so we can learn a lot about digital adoption from a society that is on the average younger and much quicker to adoption,” he said.
Witts’s sentiments were echoed by Dr Mwangi who unwrapped how the challenge of world geopolitics is a huge opportunity to reshape and redefine future economic models and being actors, businesses like ODDO and Equity can choose to collaborate.
“There has never been a better time for Africa and Europe to redefine their relationship. The past is what it is, but the future is what our aspirations should be. Two different continents within the same time zones. At Equity Group we will be willing to take the risk of European businesses that come to Africa by providing them local currency debt so that there is no mismatch of currencies,” he said.
The MOU came on the heels of the launch of a German Desk at Equity in another collaboration between the Equity Group and German Development Finance Institution (DEG). The collaborations have strategically placed Equity on a platform to launch into Europe as explained Dr Mwangi who is also the Executive Chairman of EGF.
“Germany is unique to us in the sense that it is built on small and medium enterprises SMEs. It is family businesses that aggregated to build the 3rd largest economy in the world. Similarly, Africa is about family businesses. It’s about micro, small and medium enterprises, MSMEs that graduate systematically from micro to small and small to medium sized enterprises. Equity will bring the passion and enthusiasm to see a transformed Africa because a Transformed Africa is a sustainable world. ”
ODDO BHF is an independent European financial group specialized in private banking, asset management, private equity, corporate and investment banking and banking services.
