The Covid-19 pandemic has forced Africa’s women entrepreneurs to rethink how they run their businesses, organize their workspaces, and manage employees. They have had to innovate and adapt to new, restrictive and challenging market realities.
The shift includes remote working and introducing a raft of new technology, tools, and digital platforms to connect effectively with customers and employees.
To provide practical guidance for women entrepreneurs adapting for the changes already in motion, the Lionesses of Africa, a network of trailblazing women entrepreneurs, has launched the 100 Lionesses ‘Future of Work’ playbook. 100 Lionesses is an initiative of Lionesses of Africa that celebrates 100 leading African women entrepreneurs. The African Development Bank is supporting the production of this digital tool for women entrepreneurs through its Affirmative Finance Action for Women in Africa (AFAWA).
The second in a series, the playbook provides practical business advice and peer insights to help women enterprises manage the transition to the future of work. Now, the future of work is about how we adapt to new ways of working, communicating, interacting and collaborating in constantly changing business environments. It features 24 leading African women entrepreneurs sharing hacks and experiences across five key dimensions: strategy; leadership and vision; technology and systems; people and teams; and new ways of working. It also offers a practical roadmap for Africa’s women entrepreneurs and key lessons, such as harnessing communications, developing a resilient supply chain, and developing hybrid work environments for businesses preparing for the future of work.
Melanie Hawken, founder and CEO of Lionesses of Africa said: Our working practices, the structure of our businesses, the reorganization of our workplaces, and the practical way we communicate with and engage our employees, have changed, and continue to evolve at a faster pace than ever. As a result, we must constantly open our minds to change, to innovation, to finding solutions to new challenges – and importantly, to learning from other women entrepreneurs. The future of work is already here.”
Esther Marieme Dassanou, AFAWA manager, said: “Gone are the days of full brick and mortar businesses, or only face-to-face interaction with customers. The businesses getting ahead are ones with a strong digital presence, involved in e-commerce, and which have redesigned their systems to accommodate remote work. Looking at the glass half-full, this new work model provides great opportunities for women entrepreneurs as it allows them access to a much wider market, as well as increased productivity in some instances.”
Dassanou added “AFAWA works closely with commercial banks, meso- and microfinance institutions, equity funds and guarantee providers to develop holistic programs which include financial and non-financial services for women entrepreneurs to grow their businesses. It is time to make our financial institutions part of our growth and pivoting process.”
Download the 100 Lionesses ‘The Future of Work’ Playbook here
Source: afdb.org
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Britam half-year net profit hits Sh2bn on higher investment income
Insurer and financial services provider Britam posted a 22.5 percent jump in net earnings for the half-year ended June 2024, to Sh2 billion, buoyed by increased investment income.
The rise in half-year net profit from Sh1.64 billion posted in a similar period last year came on the back of net investment income rising 2.5 times to Sh13.27 billion from Sh5.3 billion.
“We are confident in the growth and performance trend that Britam has achieved, supported by its subsidiaries in Kenya and the region. Our business is expanding its revenue base while effectively managing costs,” Britam Chief Executive Officer Tom Gitogo said.
“Our customer-centric approach is fueling growth in our customer base and product uptake, particularly through micro-insurance, partnerships, and digital channels.”
The investment income growth was fueled by interest and dividend income rising 34 percent to Sh9.1 billion, which the insurer attributed to growth in revenue and the gains from the realignment of the group’s investment portfolio.
Britam also booked a Sh3.79 billion gain on financial assets at a fair value, compared with a Sh1.8 billion loss posted in a similar period last year.
The increased investment income helped offset the 12.7 percent decline in net insurance service result to Sh2.13 billion in the wake of claims paid out rising at a faster pace than that of premiums received.
Britam said insurance revenue, which is money from written premiums, increased to Sh17.8 billion from Sh16.6 billion, primarily driven by growth in the Kenya insurance business and regional general insurance businesses, which contributed 30 percent of the revenue.
The group has a presence in seven countries in Africa namely Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.
Britam’s insurance service expense hit Sh13.6 billion from Sh11.3 billion, while net insurance finance expenses rose 2.6 times to Sh12.3 billion during the same period.
“Net insurance finance expenses increased mainly due to growth in interest cost for the deposit administration business driven by better investment performance. This has also been impacted by a decline in the yield curve, which has led to an increase in the insurance contract liabilities. The increase has been offset by a matching increase in fair value gain on assets,” said Britam.
Britam’s growth in profit is in line with that of other Nairobi Securities Exchange-listed insurers, which have seen a rise in profits.
Jubilee Holdings net profit in the six months increased by 22.7 percent to Sh2.5 billion on increased income from insurance, helping the insurer maintain Sh2 per share interim dividend.
CIC Insurance Group posted a 0.64 percent rise in net profit to Sh709.99 million in the same period as net earnings of Liberty Kenya nearly tripled to Sh632 million from Sh213 million, while Sanlam Kenya emerged from a loss to post a Sh282.2 million net profit.
