Financial literacy is a universal key to unlocking the doors of success for individuals and entrepreneurs alike. It’s a vital skill that empowers people to make informed financial decisions and shape their economic destinies. In today’s fast-paced and ever-changing financial landscape, being financially literate is not just an option; it’s necessary for anyone looking to embark on an entrepreneurial journey. In this article, we will explore the transformative power of financial literacy and how it can take you from debt to wealth on your entrepreneurial path, by addressing the example of the International Investment Bank Cabo Verde (iibCV).
Archives: News
In observance of #WorldFoodDay, iib East Africa, in partnership with Souna Alhaya, took an active role by organizing a food distribution initiative. iib recognizes its responsibility in contributing to the well-being of the communities where it operates and Djibouti is no exception. The population of the country presents a critical need for sustainable support and iib continues to take tangible steps toward poverty alleviation.
This initiative, carried out at the premises of Souna Alhaya, saw iib employees on the ground, personally distributing food packages to 90 families. These curated food packs provided families with essential nutrients, offering relief from the daily struggle of securing food. By delivering this much-needed assistance, iib aimed not just to alleviate hunger but also to reinforce a sense of stability and hope within these communities.
At iib, this is not a one-off gesture, but part of our ongoing commitment to empowering communities in need. Our employees were deeply involved in the effort, embodying iib’s belief in compassion and action, demonstrating that our dedication extends beyond corporate commitments to real human engagement. By stepping into the role of community supporters, our team contributed to strengthening the fabric of society, one family at a time.
Aligned with the UN’s Sustainable Development Goals, particularly #ZeroHunger, this initiative underscores iib’s broader mission of fostering community resilience and well-being. We believe that sustainable development can only be achieved through active participation and collective action. As we continue our journey in Djibouti, we remain dedicated to making a measurable difference in the lives of the underserved, ensuring that they have the resources needed to build a brighter future.
At iib, our CSR activities are a reflection of our deep-rooted values, focusing on the critical issues facing our communities and proactively working to address them. Through our partnerships, we continue to drive positive change, reaffirming our role as a key player in the region’s development story.”
Global Payment Services (GPS), a leading FinTech and third-party payment processor in the Kingdom of Bahrain, announces its strategic partnership with International Investment Bank S.A., (iib East Africa) a management-owned bank with operations in Djibouti, among other locations.
Through this collaboration, GPS will be extending its payment processing capabilities to the East African market, providing Djibouti with VISA sponsorship, licensing, and secure infrastructure solutions to support the launch of prepaid and debit card products.
“We are thrilled to be partnering with iib East Africa to bring our innovative payment technologies to the financial industry in Djibouti,” said Mr. Ali Arab, the General Manager of Global Payment Services (GPS). “This agreement aligns with our broader strategy to expand our footprint across Africa and leverage our expertise to drive financial inclusion and economic growth in emerging markets.”
As part of the partnership, GPS will be deploying its advanced fraud management system and card management solutions to power iib East Africa’s new card offerings. This will enable the bank to deliver a secure and reliable payment experience to its customers.
Sohail Sultan, Chairman of iibGroup, commented on the occasion: “Collaborating with an industry leader as exemplified by GPS, allows us to offer innovative digital payment products that meet the evolving needs of our East African bank. We look forward to a successful long-term partnership that will support our mission of expanding access to innovative financial services across the region.”
GPS views this partnership as a crucial milestone in its strategy to expand operations across Africa and the Latin American and Caribbean (LAC) region. Both parties are united in their vision for innovation and excellence, committed to providing outstanding payment services that cater to the diverse needs of their customers.
London, UK – June 25th, 2024 – iibanks is thrilled to announce that Mr. Sohail Sultan, CEO of iibanks, has been Awarded CEO of the Year in the Finance Industry by European CEO. This prestigious recognition underscores Mr. Sultan’s exemplary leadership, vast experience, and significant contributions to the financial sector.
The judging panel at European CEO was particularly impressed with Mr. Sultan’s extensive and distinguished career in the financial services industry. Sohail has 30 years of experience in financial services, acquired at leading multinational financial institutions.
“I have also been asked to pass on to you that in doing their due diligence and making their final decision, the judging panel were immensely impressed with Mr. Sohail Sultan in multiple ways,” the European CEO panel stated.
“Firstly, with Mr. Sohail Sultan’s immense and impressive high-level experience within the financial services sector, including starting his career at Citibank here in London, and subsequently reaching the position of not only the Head of Global Product Development for Financial Institutions but also the Head of Structured Finance for the Asia Pacific.”
Beginning his career at Citibank in London, Mr. Sultan quickly rose through the ranks to become the Head of Global Product Development for Financial Institutions, Head of Structured Finance for the Asia Pacific, and Head of Cross Border European Structured Product Arbitrage within six years. His roles included managing processes and risks, driving revenue, innovating products, and executing deals across Europe, the Americas, Africa, and the Far East.
Subsequently, Mr. Sultan worked at Barclays Capital in London for nine years, holding senior positions, including Managing Director. During his tenure, he was responsible for expanding the company’s Structured Capital Markets business beyond the UK into North America, Europe, and Asia Pacific.
Following his time at Barclays, he provided advisory services for private equity infrastructure projects in South Asia, the Middle East, and the UK at Cobussen and Partners, developing a portfolio of structured investments with private and institutional investors.
“The judging panel were also delighted to know that Mr. Sultan, in his 30 years of experience, has held senior positions at Barclays Capital, including Managing Director, along with working at Cobussen and Partners, where he provided expert advisory services,” the statement continued.
The panel highlighted Mr. Sultan’s continued demonstration of leadership, his achievements, and his ambition for iibanks’s expansion as crucial factors in their decision. “From the judging panel’s point of view, the leadership Mr. Sohail Sultan continues to demonstrate combined with his experience, achievements, and ambition for the group when it comes to expansion were important factors that the other shortlisted candidates could not compete with.”
This recognition by European CEO is a testament to Mr. Sultan’s dedication and the innovative spirit he brings to iibankss. His leadership has been pivotal in driving the company’s growth and success in an increasingly competitive financial landscape.
‘SOS Children’s Villages, in São Domingos, have managed, in recent years, to improve food, education and health conditions for the children they host, with the support of the international investment bank (iib), which granted a social obligation in more than Three million esucodes.’
Through the social obligation “iib Solidary Indexed Bond Series B (2.95% + SOS) – 2022 | 2024”, the bank has contributed to the financial stability and well-being of the at-risk communities supported by the organization, in particular Aldeia SOS de São Domingos, in Santiago, as stated in a statement.
“The iibCV social obligation was issued with the aim of allocating part of the remuneration of the funds to Aldeia SOS de São Domingos, contributing to supporting the organization with essential expenses, including family, educational and health expenses”, he points out.
31% of essential expenses
The amount made available, according to the same source, corresponds to 31% of the annual budget for essential expenses of Aldeia SOS de São Domingos, in a total of 3,200,000 CVE, of which, by September 2023, 705,905 CVE had been used, the which corresponds to 22% of the total value.
“The amount made it possible to improve the housing conditions of one of the houses in Aldeia SOS de SãoDomingos, as well as support family expenses – food, cleaning, clothing and operational expenses –, education and health”, states the bank.
Huge impact
Alcides Moreira, director of Aldeia SOS São Domingos, recognized the importance and success of this initiative, with immediate and long-term effects.
“The impact of the support granted by iibCV is enormous and with immediate and medium-term effect, allowing us to improve our children’s nutrition, provide different holidays, with the opportunity to attend the Cesária Évora arts academy, among other activities”, listed the responsible.
Along the same lines, he added, it was possible to pay for transport for the children to carry out activities in partnership with the University of Cape Verde, as part of their participation in the Uni-CV kids program.
Studies in Portugal
“This support also allowed, in the last quarter, six more of our young people to continue their studies in Portugal. It was also possible to improve the conditions of one of our homes, improving the reception of our children and young people”, he said.
The impact of the Social Bond, according to iib’s director of Human Capital and Social Responsibility, Leida Semedo, reflects the bank’s “commitment to sustainability and social responsibility, with a special focus on the well-being of children and young people in Cabo -Green”.
On March 1st, iib West Africa opens a new service point at the Cape Verde Post Office in Espargos, on Sal Island.
“This moment is the result of a solid and promising partnership, the result of a Protocol signed between these two institutions. The agreement aims to establish commercial partnership relations between the parties and provides that Correios de Cabo Verde, at branches in Mindelo, Praia, Espargos and Santa Maria, on behalf of the iib West Africa, will provide parabank services, namely through the provision of of a physical space where iib West Africa can install a platform to access banking services via electronic channel”, says the bank in a press release.
The inauguration ceremony will be attended by members of the executive team from both companies.
This new post, according to the same source, will allow the movement/compensation of balances via Deposit and Withdrawal; Deposits and withdrawals, even if above the available limit, subject to prior notice and authorization by the iib; Possibility of requesting and delivering debit and credit cards to the Post Office counter; Possibility of initiating the account opening process with collection of documentation, the physical process, physical and digital sending of the process to the iib and receipt of checks for deposit into the iib client account: Posting (captive) until receipt of the physical check at the head office from iib.
The United Nations Global Compact SDG Ambition 2023/24 program has already kicked off, with a fantastic group of companies that over the next few months will set ambitious business goals and accelerate the integration of the 17 #SustainableDevelopmentGoals (SDGs) into their management and strategy.
SDG Ambition is an 8-step program that begins with a maturity analysis and identification of priority #impact areas and progresses through the definition of ambitious objectives, implementation paths and actions, metrics and innovative opportunities for the technological and business integration of #ODS, ending with a complete and time-bound Action Plan.
The United Nations Global Compact Network Portugal welcomes this year’s companies and Participants, who over the next 6 months will work to bring their organizations.:
- Greater alignment with the #ODS and a #sustainability strategy aligned with the company’s practices and priorities
- Improved performance, through the identification of new opportunities, better risk management and alignment with the market
- More innovation
- Greater resilience
iibanks took center stage at the Djibouti International Fair, Red Sea Exhibition, from December 3rd to 10th, presenting two captivating attractions that defined its participation at the event.
The main attraction of the event was the live Millionaires Draw, a riveting affair hosted by Djibouti’s own celebrated influencer, Omyreen. Attendees witnessed the excitement unfold as winners were announced, adding an element of thrill to the trade event.
In addition to this, iibanks showcased technological innovation with a thrilling VR experience featuring the #iib Millionaire’s Safe. Attendees were immersed in a virtual journey provided by iibanks at their stall. This dynamic presentation emphasized iibanks’ commitment to pushing the boundaries of traditional banking.
The event drew the attention of esteemed guests, including the Ministry of Education and the President of the Chamber of Commerce, who visited the #iib stall, acknowledging the bank’s active participation and innovative offerings at the exhibition.