His Excellency, Mr. Vinay Talwar, UK Ambassador in Djibouti, initiates discussions with the Afrifiber team to delve into possibilities for improving internet connectivity and spurring economic development. Together, they seek avenues to catalyze progress in Djibouti’s digital sphere, recognizing its significance for overall growth. The dialogue underscores a joint dedication to advancing the nation’s digital infrastructure, with a focus on fostering collaboration across borders. Talwar and the Afrifiber team share a vision of leveraging technology to drive socio-economic transformation in Djibouti, aligning their efforts to support this goal. Their meeting reflects a commitment to partnership and innovation in enhancing connectivity and fostering sustainable development in the region.
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In partnership with Sounah-Alhaya, iib Djibouti embarked on a heartfelt endeavour to extend compassion and support to our community during the holy month of Ramadan. Recognising the challenges faced by many families during this time of celebration, our collaborative efforts were dedicated to easing their burdens and spreading joy throughout our community.
Our initiatives were xecuted with the utmost care and consideration for those in need. Central to our endeavours was the distribution of food bags, meticulously curated to provide essential sustenance to families experiencing hardship. These food bags were thoughtfully designed to encompass a variety of nutritious items, ensuring that recipients could focus on other activities as the basic need of food was provisioned for.
Our outreach efforts extended beyond mere material assistance. We sought to cultivate a sense of warmth and togetherness within our community, fostering an environment where individuals felt supported and valued. Through acts of kindness and solidarity, we aimed to uplift spirits and instil a sense of hope and optimism among those facing adversity.
At iib Djibouti, we firmly believe in the transformative power of collective action and the profound impact it can have on the lives of individuals and families in need. By uniting with our partners and stakeholders, we reaffirm our commitment to serving as a beacon of compassion and support within our community, particularly during moments of celebration and reflection such as Eid-ul-Adha.
As we reflect on the success of our initiatives and the countless lives touched by our efforts, we are inspired to continue our mission of making a positive difference in the world around us.
‘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 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.
afrifiber participated in the Djibouti International Fair, Red Sea Exhibition, held from December 3rd to 10th.
afrifiber kicked off the festivities by organizing a mesmerizing Djib Dance performance by the renowned Djib Fire Dance troupe. Attendees were treated to a visually stunning spectacle, setting the tone for afrifiber’s dynamic presence at the trade event.
Adding an element of fun and fitness to the affair, afrifiber organized a bicycle activity at their stand. Participants had the chance to test their fitness levels and racing skills, navigating obstacles, collecting points, and speeding towards victory. The engaging activity became a focal point, demonstrating afrifiber’s commitment to not only providing high-speed internet but also promoting a healthy lifestyle.
Distinguished guests graced the afrifiber stall, including the Minister of Higher Education and Research, the President of the Chamber of Commerce, the Minister of Health, and His Excellency Mr. Ahmed Robleh, alongside Tommy Tayoro Nyckoss, President of the Arta Solar 7 club. Their visit underscored afrifiber’s influence and significance in the realms of technology and connectivity.
The highlight of the event was the Chamber of Commerce honoring the afrifiber team with trophies. This recognition served as a testament to afrifiber’s outstanding contribution to the trade event.
Discover the successful journey of iib Cabo Verde from a small subsidiary to becoming one of the reference banking institutions in the archipelago.
History
The international investment bank, SA began its activity in the Cape Verdean market in July 2010 as a financial subsidiary entity wholly owned by Novo Banco (NB). In 2018, as part of its acquisition strategy, iibGroup acquired 90% of BICV’s capital, maintaining NB as a reference shareholder.
A year later, iib Cabo Verde (iibCV) was ‘born’ with very clear objectives: to contribute to the development of the local financial sector, importing the industry’s best practices into the country, in order to compete not only locally, but globally . This initiative was seen as a way of giving back to society, working closely with local communities, empowering them and providing better opportunities, in line with the Group’s philosophy: “Transforming Lives.”
Route and Recognition
In 2019, iibCV was one of the smallest financial institutions in Cape Verde and had accumulated losses from previous years. In 2020, it reformulated its organic structure, market positioning and business model. Through an open and participatory governance model, iib employees created the “6 months / 6 causes” program in the midst of the Covid-19 pandemic, through which they supported important social initiatives for the community in partnership with deservingly selected institutions. In 2021, iib formalized its Social Responsibility Policy, carrying out actions such as blood donation campaigns, Solidarity Christmas events and granting merit scholarships to students. Furthermore, it has committed to valuing its Human Capital with an intensive training program and variable remuneration structures. With new management, highly qualified and experienced in different markets, iibCV has become a more dynamic and agile organization, becoming the third largest bank by assets, the most solvent and with the lowest default ratio in its credit portfolio in 2021.
In 2022, iibCV recorded significant growth in its balance sheet, without significantly increasing risk-weighted assets, and significantly improved its profitability. Its assets grew by 22.5%, exceeding 333 million euros, customer resources grew by 20%, reaching almost 162 million, and equity grew by 25.3%, reaching 20.3 million. For 2023, the bank is expected to continue to grow and surpass the previous year’s results, achieving the best historical performance for the third consecutive year. In addition to the financial results, the Central Bank of Cape Verde (BCV) highlighted that iibCV received no complaints from financial consumers in 2022, which is a source of pride for the management team and everyone who works at the bank. iibCV has a physical presence on the islands of Santiago, São Vicente and Sal, employs around 50 employees and has received awards and certifications for the work carried out in Cape Verde, including certification as a “Great Place to Work” for the second consecutive year, the various awards awarded by the Cape Verde Stock Exchange for performance in the capital market and the recent certification, awarded by an independent international entity, in accordance with the ISO 31000:2018 Risk Management standard.
Absa Africa Financial Market Index 2023
Cape Verde reached 16th position in the Absa African Financial Markets Index, among 28 African nations, marking the first inclusion in the country’s history. The report highlights the successful issuance of “iib Marine and Ocean-based Blue Bonds” by iibCV, in partnership with the United Nations Development Program (UNDP) and Joint SDG Fund. This public issue achieved demand equivalent to 150% of supply, with more than 20% of subscriptions coming from non-residents, including Angola, Uganda, Portugal, France, Luxembourg, Italy, USA and Switzerland. iibCV’s commitment to innovation and active contribution to elevating Cape Verde’s position in global financial markets is recognized in this report.
Commitment to Society and Sustainability
iibCV has worked and continues to work with various stakeholders, having established partnerships with educational institutions, hospitals and NGOs in Cape Verde. Last year it issued Social Bonds in cooperation with SOS Children’s Villages and, in 2023, it issued the first Blue Bonds in Cape Verde (iib Marine and Ocean-Based Blue Bonds), highlighting the commitment to valuing the Sea and Oceans in the country . In the last three years, the social responsibility programs implemented by iibCV have impacted more than 50 thousand people. Recently, iibCV joined the United Nations Global Compact, a voluntary platform for responsible business practices, aligning its operations and strategies with ten universal principles in the areas of human rights, labor, environment and anti-corruption. The UN Global Compact is the world’s largest corporate sustainability initiative, with more than 15,000 companies and 3,800 non-business signatories from more than 160 countries and more than 69 Local Networks.
In this exclusive interview, the Chairman of the Board of Directors of the International Investment Bank (iib), Sohail Sultan, talks about how the focus is to continue to grow the African franchise, because he believes that there are huge opportunities to build a regional financial institution focused on facilitating and financing regional trade. As for Cape Verde and operations in West Africa, the emphasis on the future will increasingly be to try to position the institution to capture, support and manage many of these regional financial transactional flows.
Being the only finalist who has a physical presence in Cape Verde, do you consider this an advantage?
“It is clear that the fact that we are present in Cape Verde gives us an advantage. We know and understand the market, culture and people. We have been working closely with the Government and the Central Bank of the country and value the relationships we have built and cultivated over the years in Cape Verde. We have a good and solid track record in the market and all the main players know that we have acquired an institution that was ranked in the eighth position and that, under our leadership, is, today, the third most important bank in Cape Verde.”
What are the main challenges they anticipate in relation to this acquisition and how do you expect to overcome them?
“In any acquisition, one of the main challenges is the smooth transition of ownership. Having already gone through this process in Cape Verde, we are in a unique position to take on this challenge, while waiting for the unexpected and without complacency. As always, we are available to respond to any concerns that regulators may have because integrity and transparency are values that we do not give up throughout the process. The two most important components of this process are the people who work at the institution and the clients we will continue to serve.”
“The banking sector continues to go through a challenging time, but, as a small group, we continue to grow reasonably well, especially given the complexities of the markets in which we operate.”
What brings you to Portugal?
“Our interest in Portugal resulted from the basic strategy we intend to pursue, that of creating a bank focused on emerging markets. For us, the emerging markets are East Africa, the Ethiopia-Djibouti trade corridor, West Africa, mainly Portuguese-speaking African countries, the Middle East, specifically the GCC [Gulf Cooperation Council] and South Asia.”
What is your strategy?
“We have a two-pronged strategy. We want to continue to grow the group organically and also inorganically through acquisitions. Organic growth is occurring as part of our continued development and growth in the markets we cover from a banking perspective (West Africa, East Africa, the Caribbean and the Middle East).”
