The Long Arm of the Law and Myopia of the Justice System

When it comes to white-collar crime, should the penalty fit the offense … or the amount of money involved?

"White-collar" crime, distinguished by deceit, concealment, or breach of trust, seldom involves violence; it is more usually the manipulation of financial and policy networks.

Offences include embezzlement, fraud, and insider trading, and they can be serious. They inflict financial damage, and erode public confidence in institutions. And, in recent months, they, and the penalties they command, have made headlines.

Consider, first of all, the high-profile case involving Sam Bankman-Fried, aka SBF, the unfortunate founder of the cryptocurrency exchange FTX. His amazing ascent and hellish fall from grace serve as a prime example of the complex characteristics of this legal area – and the far-reaching consequences for stakeholders, personnel, and the integrity of the market itself.

SBF’s case, and others like it, ignited a debate regarding the severity of penalties. Should justice be proportional to the dollar-amount involved? Should sentences be linked to monetary value? Or should the eventual sanction be determined by the degree of social misconduct?

There are intricacies and implications to be considered.

White-collar crimes frequently involve failed financial schemes, and can cause widespread economic and social disruption. White-collar offences pose distinct sentencing challenges due to their nebulous nature. Although different jurisdictions penalise these offences in a variety of ways, sentencing is usually influenced by some common factors.

Present Legislation

US federal sentencing guidelines take into account the number of victims, the amount of money lost or misappropriated, and whether or not the crime involved “sophisticated means”. Similar frameworks consider the magnitude and consequences of offences committed in the UK and Germany.

The assessment of appropriate penalties generally hinges on four pivotal factors:

The overall monetary value implicated: The higher the amount, the stricter the penalty.

Quantity of victims: The more people involved, the more severe the sentence.

The perpetrator's role and intent are also considered. Sentencing may be influenced by degree of involvement, and whether reparation efforts were made.

Recidivism: A defendant's prior convictions, and likelihood of reoffending, constitute additional determinants.

The practical implementation of these principles in a courtroom may be subjective, contingent on the particularities of the case and the expertise of the legal teams on hand. This variability can spark debates around the perceived fairness of the penalty.

FTX and SBF: A Case Study

The demise of FTX, a formerly respected cryptocurrency exchange, and the conviction of its wild-haired founder, Sam Bankman-Fried, have reshaped the public discourse. The severity of his 25-year sentence has shaken the crypto community – almost as much as the industry vulnerabilities that were exposed.

In November 2022, FTX initiated bankruptcy proceedings after a liquidity crisis that mirrored the actions of a bank-run. Fraud, money trafficking, and the misappropriation of client funds were among the charges levied against Bankman-Fried. These were serious charges which seemed to belie the generally benign nature of the crypto sphere.

Bankman-Fried was eventually adjudged to have misappropriated funds from clients to compensate for losses at his hedge fund, Alameda Research – a pivotal participant in the financial dynamics surrounding FTX's demise.

The legal consequences for the young CEO were staggering: as well as that quarter-century in prison, he was ordered to forfeit $11bn. Where he’ll find that kind of money these days is moot. But these legal landmarks may establish precedents for similar offences in future.

Public and Legal Reaction

The case incited a fresh evaluation of the regulatory structures surrounding digital assets, and put the spotlight on the management of crypto entities. A hunger for justice characterised the general public response – especially, it need hardly be said, among those who suffered losses.

SBF’s case also had a global impact on legal discourse about the most effective means of regulating, penalising, and preventing such offences.

Monetary-Based Sentencing

One commonly held metric for suitable sanctions, when it comes to white-collar offences, the amount involved. The sentence ought to be (many believe) proportional to the monetary value of the crime. The objective is to tackle justice and deterrence at a stroke.

Proportionality is a fundamental tenet of criminal justice: the punishment should fit the crime, in basic terms. When the crime causes only financial harm, a correlation between penalty and cash amount involved may establish the gravity of the offence, and its consequences. Fraud that affects thousands of investors and millions of dollars should, this thinking goes, elicit a more severe penalty.

Deterrence is a fundamental aim of criminal sentencing, scaring off would-be offenders by making an example of those caught and convicted. Harsh sanctions can act as a deterrent, communicating the potential repercussions of fraudulent endeavours. The expectation is that prospective ne’er-do-wells will reconsider before doing anything stupid.

Looking at previous cases, such as those of Enron and Bernie Madoff, it becomes evident that courts frequently impose more stringent sentences when higher amounts of money are at stake. These cases contribute to the “restoration of public confidence” in financial markets and regulatory systems.

Monetary-Prescribed Sentencing

Although correlating financial amounts with the gravity of crimes may seem logical to some, it’s important to acknowledge some potential complexities and drawbacks.

Sometimes, the monetary value of an offence fails to correspond with its moral reprehensibility or societal injury. The commission of a financial offence with minimal malice, for example, compared with a small-scale deception to exploit vulnerable communities while inflicting a disproportionate amount of damage. The assessment of a suitable penalties may be complicated, or mitigated, by the magnitude of financial harm caused.

Unintended Consequences

Strict adherence to monetary-based sentencing may result in disproportionately severe penalties for unsophisticated offenders who engage in high-value criminal activities. They may not have considered the ramifications or consequences of their conduct. On the other hand, astute offenders devise devious strategies to minimise possible sanctions.

There is the potential for monetary-based sentencing to favour defendants with greater financial resources, given their ability to retain legal representation, minimise financial repercussions, or downplay their involvement. This could result in a system in which defendants’ resources and legal expertise supersede the gravity of their offences when comes sentencing time.

And what about offences that entail physical assault or other social consequences, but carry shorter prison sentences? This gives rise to concerns regarding the justice system's impartiality and consistency.

Opinions and Analyses

Let’s solicit the opinions of legal scholars, practitioners, and academics…

After consulting with experienced criminal defence attorneys and former prosecutors, a study has proposed that while financial metrics ought to be considered in sentencing, they should not overshadow crucial elements such as intent, the ethical transgression committed, and the broader societal ramifications of the offence. As one authority noted: "Justice is not simply a monetary value; it also involves restoring equilibrium and confidence."

Comparative Structure

Analysts examine various jurisdictions to understand how discrete legal systems approach comparable offences. Certain European nations place significant emphasis on the offender's co-operation with authorities and efforts to make amends when determining sentences – regardless of the amount of money involved.

Criminal justice and economic-crimes specialists frequently contend that an inflexible emphasis on monetary values can result in sentencing irregularities. They propose a comprehensive strategy that considers the psychological and social harm inflicted on others – something more challenging to measure, but vitally important.

Practical Case Studies

Courts do sometimes encounter difficulties in establishing consistent sentences. Disparities are frequently observed in cases of comparable monetary value, but which attract varying degrees of public interest or media scrutiny.

Whether sentences for white-collar offences ought to be tied to the monetary value is a complex matter, and an open question. Although financial loss serves as a concrete indicator of harm, and offers a direct method for calculating penalties, this methodology is inadequate in scope to encompass ethical transgressions and broader societal repercussions.

In addition to financial ramifications, sentencing must consider ethical gravity, the number of victims involved, and the criminal's intent. In Sam Bankman-Fried’s case, light is shed on the significant disparities that arise between financial indicators and the ethical aspects of white-collar crimes. Should legal systems around the globe reassess and modify their sentencing principles in order to more faithfully account for these complex factors? If so, subsequent reforms ought to strive for equilibrium between punitive measures and moral culpability.

Through the iterative improvement of these principles, it is possible to enhance the efficacy of sanctions for white-collar offences – preventing unethical behaviour, reinstating public confidence, and upholding justice in accordance with the principles of fairness and responsibility.

Fingering White Collars: Understanding a Crime

White-collar crime spans a broad spectrum of non-violent transgressions, perpetrated by governmental bodies, private enterprises, individuals, or organisations.

This glossary of terms, statistical data, and a chronology of prominent cases may help to broaden understanding of the phenomenon.

Glossary

• Embezzlement: The act of one or more individuals to whom the assets were entrusted withholding assets with the intent of converting them.
• Fraud: Deceitful or fraudulent conduct with the intent to acquire money or personal benefit.
• Insider Trading: The trading of stocks or other securities of a publicly traded company by individuals who have access to non-public information regarding the company.
• Money Laundering: The fraudulent concealment of the illicit origin of substantial sums of money acquired through criminal activity.

Key Statistics

• The annual economic burden imposed by white-collar crime in the US is estimated to exceed $300bn.
• The most prevalent type of white-collar crime is fraud, with embezzlement and money laundering following suit in terms of percentage.

Significant Cases

• Enron (2001): A corporate scandal in which deceitful accounting practices precipitated the bankruptcy of the company and the subsequent dissolution of Arthur Andersen, a globally recognised audit-and-accountancy partnership ranked among the world’s five largest.
• Bernard Madoff (2008): The most extensive fraudulent scheme in recorded history, deceiving billions of dollars from thousands of investors.
• Sam Bankman-Fried (2022) was the founder of the FTX cryptocurrency exchange. He was implicated in various financial offences, such as money laundering and fraud, which brought attention to the challenges prevalent in the cryptocurrency industry.


Innovation at the Core: How KIB is Shaping Modern Banking

Kuwaiti financial institution embraces innovation, but holds fast to Islamic roots and tradition.

In a region where financial institutions often blend into the backdrop of economic activity, Kuwait International Bank (KIB) stands out as a beacon of innovation and adaptation.

KIB has spent the past 50 years serving the country’s financial needs and shaping its economic landscape. Today, KIB is more than just a bank; it's a dynamic partner in every aspect of its customers' lives.

KIB was established as Kuwait Real Estate Bank in 1973. At the time, the country was witnessing a surge in the real estate sector, opening the door for a financial institution able to cater to a burgeoning market. KIB rose to the occasion, financing projects that contributed to a national economic and architectural renaissance.

July 2007 was a watershed moment for the bank. Recognising the shifting dynamics of the industry and the regional economic climate, KIB transitioned from specialising in real estate to become a fully-fledged Islamic bank. This strategic shift was a pioneering move in the Middle East, aligning KIB’s operations with Islamic Shari’ah principles.

By 2018, KIB’s vision expanded under the revolutionary banner of becoming “a Bank for Life”. The focus was on delivering a holistic experience that extended beyond traditional services, integrating every aspect of daily life. This stance was driven by a deep understanding of customer needs — and a commitment to innovation.

From 2020 and onwards, the bank’s digital infrastructure has taken great strides, allowing it to offer an array of solutions: the ability to open accounts via the mobile app, the launch of KIB Aqari property management, and the establishment of the Digital Innovation Factory. These advances forced a rethink of the potential of digital banking — personalised, intuitive services that cater to contemporary lifestyles.

The recent inauguration of the KIB Mubader Centre and the founding of KIB Invest highlight the bank's commitment to supporting SMEs and diversifying its investment services. These initiatives contribute to the bank's growth, and bolster the broader economy.

KIB’s chairman, vice-chairman and CEO, board of directors and executive management collectively steer the organisation towards its strategic goals. Their combined expertise has been instrumental in driving the bank’s continuous evolution.

KIB’s innovation and relentless pursuit of excellence are reflected in its financial performance. For the first half 2024, KIB achieved KD12m ($39.28m) of net profit attributable to shareholders: 103 percent growth over the same period in 2023.

Such performance is evidence of an institution that ensures a stable yet progressive financial environment for its shareholders and customers alike.

Dedication to outstanding service has earned KIB numerous accolades over the years — including CFI.co awards for Best Sharia-Compliant Bank – MENA, Best Bank in Financial Literacy Program – MENA, and Best Real Estate Solutions Provider – MENA.

KIB remains unwaveringly committed to driving innovation and providing exceptional customer experiences. KIB is poised to continue its legacy of excellence, promising to meet the expectations of today’s customers — and anticipate the needs of tomorrow's.


Generational Call-to-Arms in the Fight to Save Our World

An Irish group puts into words the unspoken fears of a global population, and turns buzzwords into direct action.

Environmental services and technology business FLI Global is ready to take on the world — or its problems, anyway.

[caption id="attachment_27092" align="aligncenter" width="900"] This water-treatment plant provides a fine example of FLI Precast’s design and manufacture capabilities. The tank was shipped from Ireland to Queensland in Australia, then transported by road to Mirani, some 1,000km inland. The structure was erected on-site, under FLI Project Management supervision, in just three weeks. The client had been seeking alternatives to in-situ concrete construction, which would have involved the associated costs of setting up a project camp in the remote location. Transporting the tank by sea and road created a lower carbon footprint than building an in-situ alternative, as well as considerable financial savings. This semi-precast system is unique to FLI Precast, a subsidiary of FLI Global. The concrete contains 70% GGBS thereby reducing the carbon footprint by the same amount.[/caption]

The firm, headquartered in Waterford, Ireland, specialises in providing solutions wherever air, land, or water is threatened or in need of protection.

Building climate resilience and resistance are frequently heard terms just lately, and even those who have figuratively been living under a rock should have concerns about extreme weather events. Storms, droughts and floods wipe out crops. Temperatures are rising, and frequent deluges have disrupted food production and supply chains.

The damage isn’t limited to agriculture; there has been damage to housing and roads — and the loss of economic opportunities in some regions of the world. Especially in those whose people can least afford it: island nations, and in Africa and Asia. These areas of the world are bearing the brunt of climate change — while high-income Western countries are driving up greenhouse gas emissions.

We, in the developed world, have knowingly abused Nature for more than a century. Now, it’s time to take responsibility for that, and reverse the damage caused by our actions. “Progress” has been unstoppable; our transport systems have moved from horse and cart and bicycle to car, trains and aeroplanes.

Our ease of movement across the planet has contributed to population growth, with more than eight billion of us now... and a predicted nine billion by 2050. Oil and mining have created untold wealth — for some — in the past 150 years. These materials are more than resources to be exploited; they are finite, and were created by Nature.

The industrial revolution and the spectacular advances that followed have benefitted education, science, the arts, engineering, medical and tech advances, food production, healthcare and longevity. Personal and corporate wealth have burgeoned, too. And all these things have come with a dire cost to the natural world. The global imbalance in population growth and poverty can be directly connected to locating and mining oil and ore. We humans have taken much more than we have given back.

Our exploitation can no longer be sustained, the damage can’t go on. Each of us is now responsible — and individuals and corporations must be held accountable. The time to face up to our responsibilities and do what we can to get our world back into balance is now.

This is where building climate resilience provides us with an opportunity. The United Nations’ Global Climate Action plan has created a vision statement for all to follow.

By 2050, our world is likely to be at least 1.5 degrees warmer than it should. Countries, cities, companies, and communities continue to strive for economic security in the face of the multiple risks posed by climate change.

The FLI Group businesses, management and staff, can see the writing on the wall. They are focused on playing a part in decarbonisation. The group’s engineers and project managers make a difference where they can, and they want their knowledge and expertise to be fully utilised in finding sustainable solutions.

The FLI Group has the skills, expertise, abilities, and technologies to improve water management and wastewater treatment, rainwater harvesting, and process water re-use. Also within its scope and remit are brownfield, landfill and groundwater remediation, air quality management and the production of low-carbon precast concrete infrastructure.

The group also has the capacity and ability to help the world with rapid housebuilding, data storage, fibreoptic cabling, wind power, and coastal protection.

Action must come from individuals and corporations, and needs to focus on the crucial sectors most impacted. The future of the planet depends on it. In the group’s focus are agriculture and food-production sectors, city infrastructure, and services including waste management, energy generation and transport.

Nature’s terrestrial and marine ecosystems take the brunt of the destruction — and are the first line of defence against climate risks and disasters. The quality of air, land and water must be prioritised in balancing human impact on the natural world.

The Marrakech Partnership helped to create the UN’s Global Action Plan, which states that urgent and coherent management measures, accompanied by mitigation actions, must be adopted by public, private, and community actors. Only with direct action can there be a transition to an inclusive, resilient, and sustainable world. It’s imperative to protect the most vulnerable sections of the population, many of whom live in under-developed countries and island states.

The steps to success here include increased awareness and advocacy, risk assessments, and appropriate actions to mobilise resources — financing, monitoring, measuring and tracking progress. Last, but not least, we must share knowledge, experience and expertise.

Decarbonisation is a key element in addressing climate change damage, but a macro-view shows we can never achieve a carbon-free planet. What we can achieve is balance, where carbon production is able to be absorbed by the natural world.

We as humans have the ability, the wherewithal, and the responsibility to reverse the damage caused to our environment and to help create a better world for all, not least those yet to be born. We all need to be accountable for our actions. Let’s embrace the challenge.

For more information on Marrakech Partnership for Global Climate Action, please visit unfccc.int/climate-action/marrakech-partnership-for-global-climate-action

More information on precast concrete solutions: fliprecast.com | fli-group.com


It’s All About Strategy — and  Eurofer Has That Under Control

Italy-based Eurofer Pension Fund exploits the potential of diversification and risk-adjusted returns.

In today's dynamic financial environment, pension funds must optimise investment strategies to ensure sustainability and returns.

[caption id="attachment_27095" align="aligncenter" width="900"] General Director: Elsa Placanica[/caption]

A key trend emerging is a shift towards alternative investments, particularly in private markets, as funds seek to diversify their portfolios and enhance risk-adjusted returns.

“The attraction of secondary private equity lies in its ability to offer rapid portfolio diversification through the acquisition of shares in existing private equity funds,” explains Elsa Placanica, general director at Eurofer Pension Fund.

Another significant development is the growing preference for direct investments in alternative investment funds (AIFs) over allocations to alternative investment fund managers (AIFMs). This brings several advantages: transparency, lower management fees, and greater flexibility in investment decisions.

Direct AIF investments allow pensions interests to be aligned with those of the fund, mitigating potential conflicts of interest and enabling more effective investment monitoring via timely, detailed reporting.

For pension funds new to private market investments, a strategic approach to portfolio construction is crucial. Many funds opt to begin with asset classes that offer stable cash flows and predictable returns — real estate, direct lending and infrastructure. This strategy allows funds to build a solid foundation in private markets while developing expertise and familiarity with these complex investment vehicles.

As funds gain experience and confidence in alternative investments, they may explore more sophisticated options to further diversify their portfolios. Secondary private equity investments have emerged as an attractive next step for many pension funds. This asset class offers significant diversification benefits, providing exposure to market dynamics and performance patterns that may not correlate with other portfolio holdings.

The appeal of secondary private equity lies in its ability to offer rapid diversification through the acquisition of stakes in existing funds. This benefits risk management, as funds can assess historical performance and underlying assets before committing. Secondary investments often target more mature companies, potentially offering more stable returns than primary private equity investments in early-stage or growth-phase businesses.

But the transition into private markets is not without challenges. These investments typically come with higher costs than public market alternatives, including substantial management and performance fees, as well as administrative expenses.

"The 'value for money' concept becomes critical in assessing whether these additional costs are justified by potential benefits,” says Placanica, “such as higher returns and unique diversification opportunities not available in public markets."
As funds navigate this complex landscape, careful consideration is paid to fee structures during the AIF selection process. The potential for enhanced returns must be weighed against the impact of higher fees on long-term performance.

"The key lies in thoughtful portfolio construction, strategic asset allocation, and rigorous due diligence in manager selection and fee negotiation," says Placanica.

The evolving strategies reflect a broader shift towards more sophisticated and diversified portfolios. By balancing risk and reward, particularly in private markets, pension funds can meet their long-term obligations while maximising returns.

“The key lies in thoughtful portfolio construction, strategic asset allocation, and rigorous due diligence in manager selection and fee negotiation,” Placanica sums up.


Continued Improvement and Resilience – The Path to Banking Success and a Strong Reputation

Dedication to strong governance and a philosophy of community support have stood Afghanistan International Bank (AIB) in good stead – and resulted in recognition in the form of awards.

Since 2004 AIB has been proudly providing essential financial services to Afghanistan, and has always committed to matching or exceeding international standards for governance and practice.

[caption id="attachment_27098" align="aligncenter" width="900"] AIB Headquarters[/caption]

In a region where normal operations can be challenging, that focus on governance is vitally important for AIB and for the country’seconomy, with the bank committed to a mission of fostering growth and catalysing recovery and prosperity.

2023 marks ten consecutive years of AIB being awarded CFI.co’s Best Corporate Governance (Afghanistan) award, translating to a decade of strong performance and a win for every year the award has been contested.

AIB’s reputation for compliance and a strong governance culture has enabled it to maintain its external business relationships and clientele, meaning it remains a channel for processing payments for crucial imports and transfers of humanitarian aid which make a positive impact on the country. AIB remainsthe only domestic bank with US dollar clearing through a recognised international bank.

Its focus on risk-management, money-laundering awareness, cybersecurity, financial crime compliance measures and Know-your-Customer (KYC) practices has made AIB an outstanding operation in the region.

In 2023, following previous advancements, risk and control culture across the Bank was further strengthened. AIB’s Compliance Department extended its Financial Crime Compliance Management System (FCCM) to cover transaction monitoring and know-your-customer practices, a significant achievement placing AIB at the forefront of compliance practices in Afghanistan.

Investment in technology was crucial to that success. AIB’s banking system is hosted on Oracle FLEXCUBE 14.5, making it one of the few banks — even in developed nations — to use the latest incarnation of the advanced software. And in the period, a new Regulatory Compliance Unit was introduced to stay at the forefront of domestic and international obligations.

On the cybersecurity front, AIB is the only bank in Afghanistan with two key certifications for cybersecurity: ISO 27001 and the Payment Card Industry Data Security Standard (PCI) issued by the PCI Security Standards Council.

Cybersecurity systems were subject to multiple regular audits by multiple parties alongside these external tests: cybersecurity was audited by, external auditors approved by the central bank, and internally by AIB. Ultimately, AIB kept over 99% uptime of systems, and saw no downtime due to attacks.

AIB’s Learning Management System (LMS) continued to expand, allowing all employees to access training on practices and governance from anywhere. 80% of AIB’s employee training has been moved to the LMS, and it remains a major upgrade to how AIB provides training.

Reviews from auditors including Deloitte & Touche Financial Advisory Services Singapore offices and Mazars ensured both a domestic and international perspective on AIB’s compliance to guarantee excellence.

Overall, improvements in the year continue to ensure AIB is the bank with the strongest practices and compliance measures in Afghanistan, allowing AIB to serve Afghanistan while being involved with financial activity globally.


Supporting African Businesses: A Focus on Sustainability and Close Customer Relationships

The Access Bank UK Ltd is making significant strides with its international expansion - and there are good reasons for that...

The Access Bank UK Ltd provides trade finance, commercial banking, private banking and asset management products and services for customers in OECD markets and supports companies in Africa, MENA, and Asian markets.

[caption id="attachment_27101" align="aligncenter" width="900"] The Access Bank UK Paris Branch, located between Place de l’Opéra and the Bourse, was launched in 2023[/caption]

It is a wholly-owned subsidiary of Access Bank Plc, listed on the Nigerian Stock Exchange, authorised in the UK by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA.

“Like our parent, we are committed to developing a sustainable business model for the environment in which we operate,” says CEO/MD Jamie Simmonds. “This is reflected in our moderate appetite for risk, our passion for customer service and our commitment to build long-term relationships with our customers.”

[caption id="attachment_27102" align="aligncenter" width="900"] CEO/MD of The Access Bank UK Ltd: Jamie Simmonds[/caption]

The Bank has a Dubai branch in the iconic Gate Building of Dubai International Financial Centre (DIFC), regulated by the Dubai Financial Services Authority. Its Paris Branch is regulated by the French Prudential Supervision and Resolution Authority.

The Access Bank UK Ltd plays a key role in the Group’s vision to be “the world’s most respected African bank”. As such, it refuses to chase unsustainable yields as a route to growth. “We focus on building our business through the strength of our customer relationships,” says Simmonds.

The Access Bank UK Ltd provides services to support business activities in Africa — and across the world. It has been awarded Confirming Bank status by the International Finance Corporation as part of its Global Trade Finance Programme. “We were the first Nigerian Bank in the UK to be appointed as correspondent bank to the Central Bank of Nigeria,” notes Simmonds with pride, “to undertake infrastructure work on behalf of the Nigerian government.” The institution also issues letters-of-credit on behalf of the Nigerian government and Nigerian National Petroleum Corporation (NNPC).

"The Access Bank UK Ltd plays a key role in the Group’s vision to be 'the world’s most respected African bank'. As such, it refuses to chase unsustainable yields as a route to growth."

The commercial banking team offers relationship-based services for corporate and individual clients, with a range of products, competitive rates, market-leading systems, and top-quality service.

The global private bank has been built around a passion for that last point: excellent service. “We deliver innovative solutions to clients who value trust, integrity, and accountability as well as investment performance,” the CEO/MD says. “We take a proactive approach to product and service delivery, and offer investment solutions tailored to our customers’ needs.”

The Dubai branch focuses its attention on customers with trade and investment interests in Nigeria, Africa, and the greater MENA region. It is committed to building enduring regional relationships in line with the approach that has proven so effective for the UK branch. “The combination of the Dubai branch and our presence in the UK and Nigeria delivers a wealth of expertise to benefit our customers.”

[caption id="attachment_27103" align="aligncenter" width="900"] The Access Bank UK DIFC/Dubai Branch situated in the iconic Gate Building of Dubai International Financial Centre[/caption]

Its dedicated and experienced team is devoted to delivering superior financial solutions to companies and individuals. “Our staff have worked in international marketplaces, and offer a wealth of knowledge and in-depth experience,” says Simmonds. “We provide all employees with ongoing support and development opportunities. We are very proud that the Investors in People organisation once again accredited us with Platinum status in 2023.”

The Bank is committed to developing a sustainable business model in harmony with the environments in which it operates. This is apparent in its moderate appetite for risk, that passion for customer service, and a commitment to close client partnerships.

Last year was notable for the significant progress The Access Bank UK Ltd made in its mandate to expand its international operations. The French branch went fully operational at the end of last year, and is well placed to capture business flows between France and Francophone countries in Africa.
Asia is equally important to the Group, says Simmonds. “Our Hong Kong operation — the first West African bank to have a presence in the territory — was granted regulatory approval in the final quarter, and we are moving to be fully operational by Q3 this year.

“Opening in Hong Kong is a key development in our expansion strategy. With our growth across Africa, the dominance and size of the Nigerian economy, and historic trading links, Hong Kong is the perfect conduit for trade flows in and out of major Asian markets.”

A strong presence in Hong Kong allows the Bank to replicate its proven relationship-based model in Asia, as it has done in Dubai for MENA, and France for Francophone countries in Africa. The Access Bank UK Ltd has also applied for a banking licence in Malta.

The Annual Report and Financial Statements 2023 reveal that the Bank has met some impressive strategic milestones, highlighting adept execution and strategic vision.

Entitled Expanding Our International Footprint, the report highlights a strong operational performance by the main strategic business units, and continued growth in Europe and Asia. The Bank passed the $200m milestone for the first time last year, with 58 percent year-on-year growth taking it to $207.6m.

[caption id="attachment_27104" align="aligncenter" width="745"] The Access Bank UK Limited offices in the heart of the City of London[/caption]

Trade finance continued to be the largest SBU, growing overall income by 69 percent year-on-year, from $62.6m in 2022 to $106.1m last year. Correspondent banks (parent excluded) contributed income of $54.9m, an increase of 68 percent on 2022. Access Group income amounted to $28.2m, a stunning 92 percent year-on-year increase.

The commercial banking department also posted substantial growth, reaching $78.9m from $49.7m in 2022 — a year-on-year increase of 59 percent. “The commitment to supporting customers is crucial for Nigeria’s economic emergence,” notes Simmonds. “Being flexible to market conditions is a key factor.”

The Bank’s direct membership of Sterling clearing, and of Euroclear, further consolidated its status as a safe haven for customer deposits, which reached $1.451bn, an increase of 16 percent last year.

Asset management continued to provide innovative solutions through discretionary strategies and a flexible, execution-only share portfolio. The sector grew its income to $10.4m, a 28 percent increase over 2022. Assets Under Management (AUM) grew by 37 percent to reach $458m.
Jamie Simmonds says the results underline the solidity of the Bank’s five-year plan. “With the progress we have made on growing our international footprint, we will continue to make a comprehensive and sustainable contribution to Access Group.

“Our investment in staff and infrastructure development is creating a more efficient and streamlined operation.”

David Charters, The Access Bank UK Ltd's Chairman and independent non-executive Director, said 2023 had been notable for the significant progress made. “We opened a regulated branch in France in May, we were authorised to open a Restricted Licence branch in Hong Kong towards the end of the year, and we made further progress in growing our international bandwidth in Europe.”

Once approvals from the relevant financial and regulatory authorities are in place, The Access Bank UK Ltd will be making further announcements about its international ambitions. Its progress shows no sign of slowing.


Otaviano Canuto: Politics and Climate Change Make Awkward Bedfellows in the Race to Tackle a Truly Fearsome Foe

The earth’s average surface temperature this May was higher than any other May on record… what can, and should, governments be doing?

According to the European Union’s Copernicus Climate Change Service, May’s temperature was 1.52 degrees Celsius above the pre-industrial average.

It’s part of a pattern; temperatures over the past 12 months have averaged 1.63°C above (Figure 1). Global sea surface temperatures have also set records over the past 14 months.

The pushback on policy to limit climate change is mentioned in June’s JPMorgan’s Global Data Watch (with data from Copernicus Climate Change Service).

Consider the extreme weather event of the floods in Rio Grande do Sul, Brazil, in April and May. A World Weather Attribution study estimates that the likelihood of this happening has more than doubled thanks to climate change and the El Niño weather pattern, the intensity of which has increased — by six percent — to reach nine percent.

Scientists point out that actions taken in this decade will be crucial to achieving the goal of the 2015 Paris Agreement: to limit human-caused climate change to below 2°C, with the hope of not exceeding 1.5°C. In the wake of the COP26 Climate Change Conference in Glasgow in 2021, the International Energy Agency updated its CO2 emissions scenarios in its World Energy Outlook (IEA, 2021), taking into account the country pledges to date. Despite a decline in emissions, the world remains far from the ambitious net-zero scenario by 2050 (Figure 2).

Whatever happens in the next few years will have consequences on the progress that can be made in terms of climate change (Canuto, 2021).

[caption id="attachment_27109" align="aligncenter" width="800"] Figure 1: Global Surface Temperature Increase Over Pre-industrial Temperatures. Source: Malcolm Barr (2024).[/caption]

As reported by Malcolm Barr in a JP Morgan Global Data Watch report from June this year, the assessment of last year’s COP28 was that the world was not on track to meet these goals. There are doubts about whether countries’ nationally determined contributions (NDCs) will deliver sufficient reductions in greenhouse gas emissions to limit global warming. Doubts, too, as to whether countries will individually take the necessary actions to implement their individual plans.

There is more uncertainty about whether financial flows from developed countries to developing economies will be enough to help the transition to green energy and cleaner production methods.

COP30, to be held in 2025 in Belém, Brazil, is expected to bring a new set of NDCs, covering the period up to 2035. Nothing similar is scheduled for COP29 in November this year, in Baku, Azerbaijan. The proof that COPs are helping to deliver more effective commitments — if countries cut their emissions faster, and if more resources are secured for developing countries.

Recent political developments have signalled that risks and delays are likely. Popular support has risen for right-wing politicians in Europe. Although the EU has long positioned itself as a leader in efforts to tackle climate change, it has become common for right-wing parties to question the the environmental policy. This has already led to the dilution of parts of the EU’s European Green Deal package.

This is not uniform. In the UK, the latest election ousted the Conservative Party, which had diluted climate commitments in favour of the more carbon-neutrality-committed Labour Party. The gains of the political right in recent European parliamentary elections, as well as in France, may hamper manoeuvre on environmental policy.

[caption id="attachment_27108" align="aligncenter" width="800"] Figure 2: CO2 Emissions Scenarios Over Time, 2000-2050. Source: IEA (2021).[/caption]

In the US, the possibility of a Trump return does not bode well for the emissions reduction agenda. During his previous term, Trump withdrew from the Paris Agreement, a move reversed by his successor, Biden. Trump’s climate-change scepticism was evident during his first term, but the candidate has nonetheless referenced his disagreement with Democrats’ commitment to US climate policy.

Trade tensions over electric vehicles (EVs) aren’t helping. China has prioritised industries associated with the green transition as part of its multi-year strategic policy, addressing structural growth challenges. It has taken market leadership positions in EVS and battery production and development.

The EU recently announced tariffs on EV imports from Chinese manufacturers, arguing that they have benefited from unfair state support compared to European producers. In the US, the Inflation Reduction Act has subsidies and incentives for a green transition primarily tied to value added domestically. Ensuring that jobs and activities within their own borders are prioritised make this more costly — and probably less effective.

The damage from climate change has already arrived, and will increase. The situation will only get worse if the world fails to reduce carbon emissions — which will depend on countries establishing and fulfilling appropriate NDCs. Recent political developments in countries with significant influence on this trajectory do not seem promising. We can only hope that this evolution does not bring greater consequences for the Road to Decarbonisation.

A version of this article was published by Policy Centre for the New South.

About the Author

Otaviano Canuto, based in Washington, D.C, is a former vice president and a former executive director at the World Bank, a former executive director at the International Monetary Fund, and a former vice president at the Inter-American Development Bank. He is also a former deputy minister for international affairs at Brazil’s Ministry of Finance and a former professor of economics at the University of São Paulo and the University of Campinas, Brazil. Currently, he is a senior fellow at the Policy Center for the New South, a professorial lecturer of international affairs at the Elliott School of International Affairs - George Washington University, a nonresident senior fellow at Brookings Institution, a professor affiliate at UM6P, and principal at Center for Macroeconomics and Development. Otaviano has been a regular columnist for CFI.co for the past 12 years. X: @ocanuto


Investing in Africa? Here Are Six Reasons to Choose Ghana

The West African nation is on the rise in several vital areas, including stability and ease of doing business…

As the world shakes off the dust of the recent recession, the search is on for the next global commerce hotspot. Emerging markets in Africa, Latin America and the Middle East are all viewed as potential new engines of growth.

[caption id="attachment_27112" align="aligncenter" width="900"] CEO of Ghana Investment Promotion Centre (GIPC): Yofi Grant[/caption]

Amid hot debates and ponderings, the case for Africa is growing stronger by the day. It continues to show strong indications of a significant take-off — soon.

Africa the world’s second-largest continent in terms of area and population, and has a wealth of untapped natural resources.

There is also great promise for sustainable agriculture, and the establishment of the Africa Continental Free Trade Area (AfCFTA).

The great continent now has the largest free market in the world — and the Ghana Investment Promotion Centre (GIPC) is ready to let that fact be known.

With the ongoing economic revival in Africa around it, Ghana has established itself as the nation to watch in terms of trade, investment, and tourism. It combines a conducive business climate, transparent regulations and political stability as well as one of the continent’s most favourable economic environments for investors.

There are six good reasons why the country has taken centre-stage in investment discussions.

[caption id="attachment_27113" align="aligncenter" width="900"] Ghana's Independence Arch[/caption]

Stability and Security

Ghana is ranked as the most stable political environment in West Africa, with advanced democratic institutions and systems to ensure good governance and application of the rule of law. On the Global Peace Index, the country occupies first place in West Africa, and second in the whole of Africa.

Ghana's strong and transparent democratic institutions have made it a beacon of hope for the region — and the safest place to hone your investment skills.

Strong Resource Pool

Ghana is resource-rich, possessing an enormous pool of untapped raw materials that can be leveraged, especially now, amid its industrial revolution.
The country is the number one gold-producing country on the continent, and the second-largest cocoa producer in the world. It also has the third-largest bauxite reserve in Africa, with an estimated reserve base of 900 million tonnes valued at $50m in its raw state — and $400bn when refined.

Ghana has five million hectares of arable land, four million hectares of cultivable land, and 228,792 hectares of irrigable land. This is in addition to more than 189,000 barrels of oil produced daily and eight trillion cubic feet of natural gas reserves.

Ease of Doing Business

Ghana has some progressive policies, including a vision to transform it into an industrialised nation by 2030. Those policies have created a business-friendly environment. Ghana is one of the best places in West Africa according to the Ease-of-Doing-Business reports. In 2023, the AT Kearney Global Services Location Index adjudged Ghana the best destination for investment in West Africa, and the third-most attractive on the entire continent. Ghana is regarded as one of Africa’s most competitive economies by the World Economic Forum’s Global Competitiveness Index.

Accessibility

With an average eight-hour flight time to and from Europe and the Americas, Ghana is geographically the closest country to the centre of the earth, according to the World Population Review.

Investors looking to export, or access markets in regions like the Americas, Asia, and Europe, will find Ghana to be a prime location because of its location on the globe.

Investors have easy access to the rest of the world through Ghana's main airport, Kotoka International — again, ranked as the best in West Africa, and the best in Africa for service. In addition, Ghana also has Tema Port, one of the largest in West Africa. An excellent network of trunk highways serves the port, making it easier to conduct business.

Competitive Labour Force

Businesses in Ghana have a huge available pool of skilled and trainable workers. The country has one of the highest literacy rates in West Africa, according to the World Bank Group, as well as the most competitive minimum wages in the sub-region. This is beneficial for businesses setting up in Ghana: it ensures low production costs and ease of obtaining, and retaining, a skilled workforce.

Headquarters of AfCFTA

As an emerging economy playing a central role in Africa’s Free Trade Area Agreement (and hosting its Secretariat), Ghana is in pole position to work with investors. The go-ahead policies and dynamism of the country make it easy to access products and services from a continent-wide market of 1.3 billion people.

As the headquarters of AfCFTA, Ghana’s hospitality industry will receive a boost, as will its services sector. The alliance will also generate increased international exposure. This greater visibility, along with increased investment, will further stimulate trade, creating opportunities for Ghanaian businesses as well as those seeking access to the African market.

Ghana is on the path to becoming a regional commercial powerhouse as it continually adopts policies that reduce the general cost of doing business to incentivise investors.

The country is not only the best place to do business in West Africa, it’s a hub that connects investors to the vast African continent.

The government’s investment promotion wing, GIPC, plays a pivotal role in helping investors navigate Ghana’s business environment. It provides insights on opportunities and incentives, and follows-through with necessary guidelines and assistance to help investors manage risks.

These efforts have brought about the desired result: a positive business environment that enables local and international investors to capitalise on opportunities — and grow their businesses.


Loita Capital Partners: A Reach as Wide as the African Continent Itself, and Still Roaring with Ambition

Pan-African by nature and global in its sense of drive, Loita Capital Partners has garnered a reputation for its pioneering exploits.

Loita Capital Partners International, a subsidiary of the Loita Group, is a boutique institution offering pan-African investment banking services.

The group was incorporated in Mauritius in 1992 by four former Citibank officers, all with deep experience of the African continent. Loita, via the group, operates from 300 offices in nine countries: Ghana, Liberia, Malawi, Mauritius, Kenya, South Africa, Uganda, Zambia and Zimbabwe.

Loita’s strategic lines of business include investments and third-party management services for banks and other financial institutions. It offers structured trade and project finance advisory, capital market debt and equity advisory; as well as asset management and correspondent banking advisory services.

Thanks to its executives’ expertise and experience, Loita has earned an enviable reputation. It has advised on, structured, and placed transactions in African markets and global financial centres worth more than $9bn.

The transactions completed include developing a pre-shipment tobacco-export financing facility for the Reserve Bank of Malawi, for the securitisation of trade receivables of non-traditional exporters.

Also in Malawi, Loita invested in a $35m oil import facility, and performed a similar service — a $50m oil import facility — on behalf of the Reserve Bank of Zimbabwe.

It has assisted Bindura Nickel with mineral export proceeds, while on the Ivory Coast it provided RASCOM with a $20m long-term note-issuance facility to telecommunications equipment, against member country commitments.

In Nigeria, it set up a PPP project worth $100m “build-own-operate-transfer” (BOOT) structure for the Rivers State refinery. For the government of Kenya, Loita organised a £25m telecoms equipment financing facility and structured debt notes for the country’s Ministry of Finance. Loita also raised debt capital of more than $500m Million for exports in Zimbabwe, Malawi, and Uganda, using a proprietary structure known as the Structured shipment Financing Facility (SPFF) for the PTA Bank.

Loita advised on, structured, and pioneered debt capital instruments for banks on the regional stock exchanges of Kenya and Uganda.

Other Notable Operations

East African Development Bank: Advised on, structured, and pioneered the raising of debt capital instruments on the regional exchanges of Kenya, Uganda and Tanzania for the EADB Bank;

MTN Rwanda: Raised the first commercial paper programme in the Rwanda market for MTN’s capital requirements.

Sheraton Hotel Nigeria: Created a $50m medium-term debt restructuring facility.

African Potash PLC (a London-listed corporation): Developed a $50m short-term, revolving fertilizer import facility against COMESA offtake.

Bank of Zambia: A $20m debt-for-debt swap transaction.

Zambia Consolidated Copper Mines: A $20m revolving warehouse and investment discounting facility for the country’s copper-mining company (the only one at the time).

Exports Fund of Zambia: A $100m export fund for SMEs involved in the agriculture and mining value-chains.

Liberia: a $50m notes-discount facility for the National Social Welfare and Securities Corporation.


N Justin Chinyanta: A Pan-African Plan Hatched Back in 1992, with a Dream

The Loita Group chair and co-founder had a clear ambition in mind from the word go…

N Justin Chinyanta, chair and co-founder of the Loita Group, set the foundations of the group in place back in 1992 with the aim of creating a leading African investment banking and fintech group.

[caption id="attachment_27121" align="aligncenter" width="1000"] Chair and Co-founder: N Justin Chinyanta[/caption]

The entrepreneur, banker and lawyer started with a suitably noble name: Loita. It is derived from Kenya’s Loita Naimina Enkio Forest, a diverse wild space preserved by the local Maasai community. Many of Kenya’s early independence struggles were launched from the forest, and it remains a symbol of a rich, emerging Africa.

Loita Group was founded in Kenya by a group of international bankers, and has since grown to deserve that “pan-African” status.

The headquarters are in the island of Mauritius, with a team of professionals from around the world. Justin Chinyanta serves as chief executive of its Mauritius-based subsidiary Loita Capital Partners International.

He formerly held senior positions at the Africa regional offices of Citibank and HSBC Bank's Equator, which co-founded Loita as a then-special purpose vehicle.

Chinyanta serves on several boards outside the group, including the New York-based Global Centre on Co-operative Security, Australia-based Commonwealth Study Conference Leaders, and Nigeria- and South Africa-based Africa Business Roundtable.

He is the past chair of Zambia's National Housing Authority, a member of the Prince of Edinburgh's Commonwealth Study Conference Leaders Forum, a fellow at Harvard University's Weatherhead Centre for International Affairs, and an advocate of the High Court of Zambia.

He holds an LLB degree from the University of Zambia and a graduate degree in international business transactions and financial law from the Fletcher School at Tufts University in the United States.


The Stop Killing Games Campaign: Players Up in Arms About Loss of Online Support for Digital Worlds

Why are some companies cutting access to their online products, and can the gaming community fight back?

In 2023, online gaming generated $406bn in revenue worldwide — 18 percent more than the music and movie industries combined ($338bn).

But it’s an arena in which battles are fought not only with alien invaders and digital armies. The online gaming community is buzzing with defiance at publishers cutting support for certain games, rendering them unplayable.

The players united to unleash the Stop Killing Games Campaign, catalysed by Ubisoft’s decision to pull backing for The Crew. The move left players unable to access a game in which they had invested time, money and passion, and the backlash was instant and intense. Players swarmed over social media platforms and gaming forums like marauding buccaneers. It may have been the first incident to spark such rebellion, but it was not an isolated event — it was part of a broader trend.

When publishers pull their online support, the consequences are significant: players lose access to content which in their eyes had been bought and paid-for. For many, games are more than mere products; they are experiences, tied to personal memories and the online community.

The sudden loss felt to some like a personal and financial betrayal.

Legal and Ethical Considerations

The Stop Killing Games Campaign raises some important legal and ethical questions. In the digital age, consumers often purchase licences, not physical copies of the games. This means that publishers can revoke access at their discretion, leaving players with little recourse.

The campaign calls for transparency and fairness in the management of these licences, invoking consumers' rights in the case of sudden discontinuation.

Governmental Response

In May 2022, the UK government initiated discussions on the issue, in a direct response to concerns about the sustainability of gaming and the rights of players. This involvement signalled a potential shift towards more robust protections for the gamers and other consumers in the digital marketplace.

Why it Matters

The campaign is more than a knee-jerk reaction to a single event; it’s a broader call for accountability and fairness in the sector. With games increasingly reliant on online services, the relationship between publishers and players must evolve, say its proponents.

They highlight the need for clearer policies and better communication between parties to ensure a fair and enjoyable experience.

Gaming Evolution

Online gaming has revolutionised the industry, changing the way games are developed, played, and experienced.

It began in the early 1990s with simple, multiplayer escapades for which gamers could connect via local networks. As internet technology advanced, so did the games. The late 1990s and early 2000s saw the rise of “massively multiplayer online role-playing games”, abbreviated to MMORPGs. Titles like EverQuest and World of Warcraft created vast virtual worlds where thousands of players could interact simultaneously.

Shift to Live-Service

The industry shifted towards live-service models, where games are continuously updated with new content, events, and features. Titles like Fortnite, Apex Legends, and Destiny 2 offer ongoing experiences that keep players engaged for years. This model has proven lucrative for publishers, generating revenue through microtransactions, subscriptions, and in-game purchases.

But some key incidents reveal the vulnerabilities. Ubisoft’s decision to discontinue support for The Crew is just one example. The shutdown of online servers for Halo 2 and the closure of Sony's PlayStation Home sparked fierce debate about the longevity of games.

Technological advancements have played a crucial role in sector evolution. Boosts in internet speed, server infrastructure and cloud computing enabled more complex and immersive experiences. The rise of cloud services such as Google Stadia and Microsoft’s Xbox Cloud Gaming promise to revolutionise the industry with high-quality games accessible on a variety of devices.

Challenges and Opportunities

While online gaming offers obvious opportunities, it also faces challenges. The reliance on online connectivity makes it vulnerable to server outages and shutdowns. Maintaining online servers and providing continuous updates requires investment by publishers, who were forced to balance the cost-benefit equation. There were future concerns that needed to be addressed.

Pulling the Plug

When online support is withdrawn, the consequences can be significant.

Ubisoft’s The Crew, a popular racing game, relied heavily on its online features. When the firm pulled online support, players were unable to access key modes and features. This sparked outrage in the community — leading to the birth of the Stop Killing Games Campaign. Players felt betrayed, and made producers aware of the high emotional and financial toll of such decisions.

Halo 2 was a ground-breaking, first-person shooter adventure that set the bar for online multiplayer gaming. When Microsoft shut down the original Xbox Live service, Halo 2 players were devastated. This was the end of an era for many; a vibrant online community was abruptly disbanded.

Sony’s PlayStation Home was a virtual space where players could interact, play mini-games, and create their own virtual environments. Despite a dedicated user base, Sony also decided to pull back. The closure in 2015 left players adrift, without access to their created content and purchased items.

Impact on Players

There were profound effects on player bases, financial and emotional. Games were rendered meaningless overnight, causing a rending of garments and gnashing of teeth in the community.

There are broader implications of cutting online support, and a need for transparency and communication between publishers and players. Questions about the rights of consumers in the digital were raised.

Legal and Ethical Implications

In the old days, a video game was a physical copy that was purchased, and could be played at any time. Today, purchases are digital; players pay for access licences to the game, rather than owning it outright. Publishers can — and do — revoke that access. Players have no recourse.

The legal framework around game ownership is still evolving. In many cases, terms-of-service agreements favour publishers, allowing them to make unilateral decisions. But there is growing recognition of the need for more balanced regulation. The UK government's response to initiate discussion was a step in that direction.

Ethical Considerations

Cutting support for games raises several concerns. Players invest emotional energy as well as money when they take the plunge. A sudden loss of access feels to them like a classic breach of trust. Publishers have a responsibility to consider the impact of their decisions.

The debate over consumer rights in digital gaming centres on the balance between publisher control and player access. Advocates argue that players should have the right to access and enjoy the games they purchase — without fear of sudden discontinuation. There are calls for longer support periods, options for offline play, and greater transparency about terms of purchases.

Play On

To address these issues, there is a need for industry-wide standards and clearer regulation. Potential solutions include mandatory disclosures about the expected lifespan of online support, options for transferring licences, and legal protection.

The legal and ethical implications are many. A balance that respects the rights of consumers and business interests must be struck.

Market Analysis and Key Players

The industry is a dynamic and rapidly growing one worth over $200bn, with projections indicating continued growth. Factors driving this include the growing popularity of mobile gaming, advances in technology, and the rise of e-sports and live-streaming platforms. The pandemic accelerated this expansion as people lost direct social connection.

Several major companies dominate the field, each employing diverse strategies.

Ubisoft is known for franchises such as Assassin’s Creed, Far Cry, and The Crew. It focuses on immersive, open-world games and live-service models.

Electronic Arts (EA) is famous for sports games like FIFA and Madden NFL, as well as franchises including The Sims and Battlefield. EA leverages its extensive portfolio to engage players across multiple platforms.

Activision Blizzard is a powerhouse, with titles such as Call of Duty, World of Warcraft, and Overwatch. The company prides itself in creating long-lasting franchises and maintaining active player communities.

Sony and Microsoft are the leading console manufacturers, and both companies play a crucial role in shaping the future. Sony's PlayStation and Microsoft's Xbox offer exclusive titles and subscription services that drive engagement and revenue.

The industry is characterised by a diverse range of genres.

Action/adventure games like The Legend of Zelda and Uncharted have captivated players with rich storytelling and immersive scenes.

First- and third-person shooters — think Call of Duty and Fortnite — dominate the market, thanks to competitive multiplayer modes.

Role-Playing Games (RPGs) like Final Fantasy and The Witcher offer deep narratives and character customisation, appealing to players seeking long-term engagement.

Games like FIFA, The Sims, and Animal Crossing provide realistic experiences that mimic real-life.

Emerging Trends

There is a rise in cross-platform play, where players connect and compete using different devices. The growing popularity of virtual and augmented reality has led to even greater immersive experiences.

Revenue Models

Online games utilise several revenue models. Microtransactions allow players to buy in-game items, cosmetics, and upgrades — with real money. “Free-to-play” games like Fortnite and Apex Legends encourage continuous updates and fresh (but not free) content.

World of Warcraft and Final Fantasy XIV use subscription models, where players pay a recurring fee for access. Xbox Game Pass and PlayStation Now offer access to a library of games for a monthly fee.

Even in this unworldly sphere, ads are hard to avoid, and common in mobile games. Players who watch ads earn in-game rewards, or progress faster.

Many companies offer downloadable content (DLC) and expansions for additional gameplay, story content, and features; think The Sims 4 and Destiny 2.

Financial Impact

Discontinuing online support has financial implications. For publishers, the decision is tied to the costs associated with maintaining servers and providing updates. But shutting down servers can lead to a loss of trust from players, and negatively impacts the firms’ reputation.

For players, the monetary impact is acute and direct. They lose access to content they purchased: a tangible financial hit. Hardly surprising that many are unwilling to invest in games from the offending publisher.

Continuous support requires investment in server infrastructure, development resources, and customer service. But maintaining a loyal player base means ongoing revenue; something for publishers to consider.

The economics are complex, involving various revenue models and financial considerations. The decision to cut online support has significant implications.

Who Plays, and Why?

Once seen as a youth-sector industry, gaming is no longer confined to a specific age group. Studies have found that the average age of gamers is 34, with representation across demographics.

Some 21 percent of gamers are under 18, and the games often offer engaging, educational, and social experiences. Around 38 percent of gamers are between 18 and 34, while those aged 35-54 represent about 26 percent of the gaming community. About 15 percent are aged 55 and over.

Gender distribution is fairly well balanced, with nearly 46 percent of gamers identifying as female. This reflects the industry's success in creating inclusive and diverse experiences.

Geographic Distribution

Gaming is global, with significant concentrations of players in certain regions. The US and Canada are major markets for console and PC gamers.

In Europe, the UK, Germany, and France have notable gaming communities, while China, Japan, and South Korea are powerhouses leading for mobile and e-sports players. In Latin America, Brazil and Mexico are emerging as big hitters.

The Middle East and Africa are experiencing rapid growth, driven by a young population and expanding digital infrastructure.

Why do they Play?

Games provide immersive and interactive entertainment; an escape from reality and a chance to explore new worlds.

Socialisation is a factor, too. Players can connect with friends and meet new people, while many enjoy the excitement of competitive play. For others, gaming offers a way to unwind and relax.

Educational games, and “gamified learning” attract younger players, offering fun ways to acquire new skills and knowledge.

From Niche to Mainstream

Video games influence popular culture. Many have inspired movies and TV shows; the most obvious examples are Tomb Raider, Resident Evil, and The Witcher. These adaptations have brought game narratives to a broader audience, and demonstrate the storytelling potential of the medium.

Fashion and merchandising have also fallen under the gaming spell. Iconic characters and logos have become popular motifs in clothing and accessories. Collaborations between developers and fashion brands, such as Fortnite and Nike, have led to the release of exclusive, limited-edition products.

The music world, too, has been influenced. Composers such as Nobuo Uematsu (Final Fantasy) and Koji Kondo (The Legend of Zelda) have won widespread acclaim for adding exciting soundtracks to digital adventure. Some are now performed in concert halls, moving the sector further from its original niche.

The Rise of E-sports

E-sports have transformed gaming into a spectator attraction. Tournaments for games such as League of Legends, Dota 2, and Overwatch attract millions of viewers — and offer substantial prizes. This has led to the creation of professional teams, sponsorship deals, and dedicated arenas.

Content Creation

Platforms like Twitch and YouTube have given rise to game streaming. Influential streamers and content creators, such as PewDiePie and Ninja, have built massive followings by sharing their gaming experiences. This trend has created new opportunities for marketing, community engagement, and revenue generation.

The social impact is undeniable, with some games addressing inclusivity and other serious themes. The Last of Us Part II and Life is Strange tackle identity, mental health and social justice, with the aim of fostering empathy and understanding.

These cultural impacts are a testament to the medium's power and potential.

Innovations on the Horizon

Cloud gaming is poised to transform the industry. Services such as Google Stadia, Microsoft Xbox Cloud Gaming and NVIDIA GeForce Now allow players to stream games — without the need for powerful hardware. This promises to democratise gaming, enabling greater access.

Virtual reality (VR) and augmented reality (AR) offer a blend of digital and physical worlds. Oculus Quest, PlayStation VR and Microsoft HoloLens are pushing the boundaries of what is possible. VR games like Half-Life: Alyx, and AR experiences like Pokémon GO demonstrate the potential.

AI and machine learning play their part, too. AI can create realistic and adaptive non-player characters (NPCs), generate procedurally-created content, and optimise technical performance. Machine learning algorithms personalise the experience, adapting to player preferences and behaviours.

Graphics and Processing

The ongoing evolution of graphics and processing technology is enabling more realistic and visually stunning games. The latest consoles, such as the PlayStation 5 and Xbox Series X, boast impressive hardware, including ray-tracing, high frame-rates, and ultra-fast load times. This is pushing the boundaries of the possible in design and visual storytelling.

Can you Feel it?

Haptic feedback — physical sensations such as vibration or impacts — add to the sensory experience. PlayStation 5's DualSense controller offers advanced haptic feedback and adaptive triggers, tactile sensations that mirror in-game actions. “3D” audio tech adds spatial soundscapes for greater immersion and realism.

The future is brimming with possibilities that promise to revolutionise how games are created and played.

Changing Business Models

As the industry evolves, so do the business models.

Free-to-play (F2P) has become increasingly popular, particularly in mobile and online games. Fortnite, League of Legends, and Genshin Impact offer free access to the core game — but generate revenue via microtransactions, “battle passes”, and in-game purchases. This lowers the barrier to entry and attracts a broad audience, while continuous updates and live events keep the money coming in.

Subscription services are reshaping access and consumption. Xbox Game Pass, PlayStation Now, and EA Play offer a library of games for a monthly fee. These encourage players to explore a variety of games (and again create steady revenue streams).

Crowdfunding and Early Access

Kickstarter and Indiegogo have enabled independent developers to fund their projects directly — via player support. Early-access programmes, where players can buy and play a game in its unfinished state, provide useful feedback and financial support for developers. Examples include games Minecraft, Hades, and Baldur’s Gate 3.

In-Game Economies

The sale of virtual goods has become a significant revenue source. Counter-Strike: Global Offensive and Diablo III feature “marketplaces” where players can buy, sell, and trade virtual items. These economies boost engagement and revenue, but also raise concerns about regulation and fairness.

The industry is experiencing a shift towards models that prioritise accessibility, continuous engagement, and diverse revenue streams. All this is reshaping the landscape and offering new opportunities for players and developers.

Gamers Speak Out

Some personal stories highlight the emotional and financial toll of pulling the plug on online support.

Alex had been playing The Crew since its release, enjoying the game's expansive open world and competitive racing. When Ubisoft announced it was cutting online support, Alex felt a deep sense of loss. "I spent countless hours building my car collection and racing with friends,” he said. “It feels like a part of my life is gone."

Sarah was an avid Halo 2 player, spending many late nights battling virtual opponents. The game's passionate community formed a significant part of her teenage years. "When they shut down the servers, it was like losing a group of friends," Sarah said. The shutdown marked the end of an era for her, and left a void that was hard to fill.

Mark enjoyed exploring and creating virtual spaces in PlayStation Home. The platform allowed him to socialise and express his creativity. "I invested so much time and money into my virtual home,” he laments. “Losing it all felt like losing a piece of myself." The closure of PlayStation Home left him with a sense of disconnection.

These stories highlight the significant emotional and financial impact of server shutdowns. Players report a sense of personal betrayal.

Industry Perspectives

Balancing business interests and consumer rights can be a complex challenge.

An anonymous lead developer emphasises the importance of transparency and communication. "We strive to keep our community informed about the game's lifecycle and any potential changes,” she said. “It's crucial to build trust and maintain a positive relationship with our players." This developer advocates for clear terms of service and regular updates to keep players engaged and informed.

Publisher’s Perspective

A publisher, also choosing to remain unnamed, addresses the challenges of maintaining online support. "Running servers and providing continuous updates is costly and resource intensive,” he said. “We need to find a balance between sustainability and player satisfaction." He suggests exploring hybrid models that combine on- and offline play options to mitigate the impact of server shutdowns.

Legal Expert’s Perspective

Digital consumer rights advocates highlight the need for stronger regulation to protect players. “Consumers should have clear rights when it comes to digital purchases,” says one. “We need legal frameworks that ensure fair access and compensation in case of discontinuation." Many experts agree with the implementation of mandatory disclosures about the expected lifespan of online support — and options for refunds when services are discontinued.

Potential Solutions

There are several ways out of the morass. Regular updates and clear communication head the list.

Hybrid models have promise, combining on- and offline play options to provide continuity. Legal frameworks to protect consumer rights and ensure fair access are also under consideration.

Community engagement, involving the gaming community in the decision-making process and considering feedback, could build trust and loyalty.

Balancing business interests and consumer rights requires collaboration and innovation. Insights from industry professionals offer interesting perspectives on the Stop Killing Games Campaign.

The Path Ahead

The campaign raises some important questions for the future.

The shift towards digital game ownership raises legal and ethical questions about consumer rights and publisher responsibilities.

Technological advances are reshaping the industry and offering new opportunities, as are new revenue models that prioritise accessibility and continuous engagement.

Finding the sweet spot between business interests and consumer rights hinges on transparency and the right of access for players. Governments and regulatory bodies should implement legal frameworks to protect consumer rights and ensure fair practices.

Publishers must involve the gaming community in all aspects of continuity and game lifespan.

The Stop Killing Games Campaign highlights the need for this more balanced and equitable relationship. The industry is capable of building a sustainable and inclusive future — and, say the gamers, it should.

The campaign has brought to light some critical issues. The practice of discontinuing online support for games raises important legal and ethical issues about digital ownership. The shift to new business models offers exciting opportunities, but requires careful consideration before implementation.

Regulatory bodies are likely to implement stronger protections for players, possibly including mandatory disclosures at the time of purchase.

Publishers may well explore hybrid models, an approach that could help maintain player engagement while balancing maintenance costs.

VR, AR and AI will continue to reshape the industry, innovations likely to drive the development of yet more immersive experiences.

The industry finds itself at a pivotal moment, with the potential to create a more equitable future. By addressing the issues raised by the Stop Killing Games Campaign, and embracing new technologies and business models, it can build a brighter future.

The bottom line for players? Hold thumbs, be vocal about perceived injustices … and play on!


Ah, the Caribbean Life! Asset Management Firm in Jamaica Earns International Recognition

NCB Capital Markets Ltd snares the 2024 CFI.co award for Best Investment Banking Solutions in the Caribbean.

Angus Young, CEO of NCB Capital Markets Ltd (NCBCM), is a happy man: his company has been recognised for providing the Best Investment Banking Solutions in the Caribbean for 2024.

[caption id="attachment_27127" align="aligncenter" width="900"] CEO: Angus Young[/caption]

The CFI.co award is a reflection of the prestige Jamaica’s NCBCM has achieved on the world stage. It is the wealth and asset-management arm of the NCB Group, offering investment and brokerage solutions for individual and corporate clients, as well as investment banking solutions.

Bagging the CFI.co award is a point of pride for Young. “The awards are renowned for selecting top financial institutions worldwide, across various categories. It’s a great honour for NCBCM to have been identified as a standout performer in Jamaica’s financial landscape.”

“This shows our teams’ relentless focus on originating and structuring financing and investment solutions for our clients is working as it should."

NCBCM is one of the major stockbrokers in the Caribbean country, dedicated to offering outstanding wealth advisory and asset management services. “Through the efficient geographical spread of activities, and depth of understanding of the region, we have developed capabilities to operate at every level of the capital markets,” Young said.

Its leading role in the vibrant region’s capital markets has brought greater sophistication, improved overall efficiency, and what the CFI.co judges noted as “commendable transparency”.

Young noted that the Caribbean region has proven to be economically resilient. “It is home to the fastest growing economy — the Republic of Guyana. NCBCM will be seeking to expand in the South and Central American regions as we continue our commitment to unlocking solutions to support businesses while providing investors seamless access to their wealth.”

This is not the first time NCBCM has won a CFI.co award; it took the trophy for Best Wealth Management Team Caribbean in 2018, and is proud to solidify its position on the global stage.


Small is Beautiful in Banking: Little US Institutions Form a Financial Backbone

Yerbol Orynbayev, former Deputy Prime Minister of Kazakhstan and World Bank governor, reports for CFI.co on the American banking sector.

In the US, there are some 4,001 community banks and 134 regional ones. The majority of the country’s banking system comprises institutions with assets valued $10bn to $100bn — categorised as regional, or “community” banks.

[caption id="attachment_27130" align="aligncenter" width="900"] Author: Yerbol Orynbayev[/caption]

But power is in the hands of the “Top Four”: JPMorgan Chase, Wells Fargo, Bank of America and Citi. These institutions took home 45 percent of the industry’s profits in Q3 last year, according to The Financial Times. That’s almost double what the other players collectively bring to the table.

There’s a definite gap there that, in times of rapid technological innovation and integration, could affect the banks that Americans use on a daily basis. And with branch closures ongoing, that cloud looms larger each day.

And that’s why I’m working to help the community banks navigate the changes. As an independent consultant, I’ve witnessed at first-hand the rapid transformation of the US banking sector. Emerging technologies like AI and machine learning (ML), the accelerating digitalisation of financial services and the rise of a new generation of tech-savvy customers have all disrupted the global banking landscape. And the big banks have the deepest pockets; they are seizing this moment. JPMorgan alone has committed to investing over $1bn annually in AI. Smaller banks face an uphill struggle to compete.

The ramifications could be huge. We might see to the widest tech disparity the sector has ever seen. Large banks, bolstered with AI and ML, could boost KYC procedures, enhance risk-detection measures, reduce the risk of lending. Their customers could benefit from more navigable digital interfaces, with personalised financial tools and analytics. This could sway once-loyal customers of regional and community banks, attracted by these sleek, secure and technologically innovative banking experiences.

If it comes to the worst, smaller financial institutions could experience bank-runs, a deposit exodus. Shades of the collapses we saw last year?

That’s why it’s so important that regional and community banks keep up with the times — even if they don’t have the capital to invest as much in tech as JPMorgan can. Small banks can’t rest on the laurels of their brick-and-mortar branches. In a digital age, customers aren’t looking for face-to-face interactions with their bank manager; they want convenience.

While serving on the Board of Directors at First Heartland Jusan Bank, one of the largest banks in Kazakhstan, I played a key role in steering a significant turnaround. Jusan had acquired two failing banks; my focus was on transforming them into dynamic, digital ecosystem platforms that seamlessly integrated financial and non-financial services.

At its core, this transformation wasn’t just about reviving two struggling banks; it was about reimagining their future.

We created a comprehensive ecosystem that offered a holistic suite of services, from traditional banking to innovative digital solutions, enhancing customer experience, engagement, and loyalty. This strategic shift positioned Jusan Bank as a regional leader in digital innovation, setting a new standard.

This business model put the interests of the customer first. We expanded Jusan from a mere lender to an institution that bundled non-financial services — including telecoms, travel, and an online marketplace — with traditional ones. Jusan became a one-stop shop, and broke through the limits of a traditional bank. It is now a centralised platform for all customer needs.

The result? We took Jusan from the edge of collapse to over $1.2bn in profits. And, really, that was all down to prioritising digitalisation. The same could apply to America’s community banking scene. With branch closures rising and the demand for brick-and-mortar services dropping, adaptation means survival. They have to build out their digital offerings while maintaining the local ties that attracted their customers in the first place.

And now is the time to do that. Over recent years, regional banks faced a crisis. Silicon Valley Bank, Signature Bank, First Republic Bank and Silvergate Bank all collapsed, and earlier this year, NYCB even faced troubles after its shares took a slide. Of course, these failures or jitters all had their own unique causes, and by no means represent the vitality and liquidity of all regional banks.

Nevertheless, regional and community banks have to turn the tide of this narrative and develop a CX that maintains — and grows — their customer base, especially with the dominance of the bigger lenders. They need to expand their horizons and build out their ecosystems. I’m working to help them achieve that.

But it’s not just about the consumer.

As the Fed cuts its rates and more people are willing to take out loans, regional and community banks need to ensure they have solid credit-risk checks in place, and remain savvy about who and what they’re lending to.

Last year’s banking crisis highlighted how depositors react when risk management is inadequate. Technologies like AI and ML have a crucial role to play. They offer a cost-effective way to gain comprehensive insights into risk, preventing potential defaults and delinquencies. By incorporating non-financial data into their decision-making processes, AI and ML enable a more holistic assessment process. This proactive approach positions banks to navigate future lending sprees and economic fluctuations, ultimately enhancing stability and customer confidence.

I work daily on helping regional banks implement these technologies to better understand, monitor and predict their customers’ behaviour — and deliver improved experiences to the individuals and companies that have banked with them for years. But, given how expensive and capital-intensive implementing these technologies can be, many simply cannot afford it.

The big four US banks are throwing all they can at emerging tech — but we can’t let the smaller players be left in the dust. I aim to help them stay abreast of these developments as cheaply and effectively as possible.

Modernising the US banking sector shouldn’t be limited to the JPMorgans or Wells Fargos of the world. AI, ML and other emerging technologies will revolutionise operations and services across the sector and the country — we just have to ensure that it's not only the biggest lenders that benefit.

With rates cuts soon coming, all banks need to progress into a customer-first, forward-looking era. And I stand with the regional and community banks as they do so.

About the Author

Yerbol Orynbayev is an independent financial services consultant. He served as the Deputy Prime Minister of Kazakhstan from 2007-2013 and Aide to the President on economic policy from 2013-2015. He also worked as governor of the World Bank on behalf of Kazakhstan.


Investing in Africa: What to Know About Impact Funding… and More

Thavin Audit, deputy head of corporate and investment banking at Bank One, explores how Mauritius and the Middle East could partner for deeper impact financing.

Bank One has gleaned — and shared — some exclusive insights from a meeting with the Gulf region's key financial-sector players.

[caption id="attachment_27141" align="aligncenter" width="900"] Deputy Head of Corporate and Investment Banking: Thavin Audit[/caption]

The goal was to understand how Mauritius could form a league with financial institutions in the Middle East to fund impactful projects in sub-Saharan Africa.

At the meeting, Bank One explored the financial landscape in the Middle East, through expert eyes. This helped the bank’s leadership team to form a nuanced view of what this region means to us, while we’re keen to impart what we learned to other financial institutions interested in the region. We view collaboration with financial sector stakeholders as key to realising the potential of a Mauritius-Middle East partnership.

Taking into account the way the global macro-economic environment is maturing, as well as the position Middle Eastern banks are taking to embrace the African journey, Bank One believes that the time is ripe. Mauritius is ready to explore deeper affiliations with institutions in the Middle East to see how best to leverage opportunities that will support sub-Saharan Africa.

The Syndication Landscape

The region has positive investor sentiment, as captured by London-based investment data company Preqin. Surveys by Preqin showed that 94 percent of global investors agreed that the macro-economic cycle was “starting to decline or near the bottom”. That’s in sharp contrast to the Middle Eastern investors’ viewpoint; just 19 percent agreed with that downbeat assessment in February 2023.

In Mauritius, the sentiment is significantly more optimistic: capital continues to flow, and a rising number of global investors are knocking on our door.

While Middle Eastern banks have traditionally offered Sharia-compliant products, the excess liquidity such banks are encountering has implications for involvement in syndication and trade finance deals. Emirati banks have recently been beating Wall Street at its own game, with a 10-year $3.25bn loan, syndicated by regional banks, to finance an education-sector deal for Dubai’s GEMS World Academy, which focuses on the International Baccalaureate qualification.

When a consortium led by Canadian fund manager Brookfield was seeking funding for one of the largest private education centres on the planet, four Gulf banks confidently stepped up.

[caption id="attachment_27142" align="aligncenter" width="900"] Waterfront: Bank One[/caption]

Fertile Ground for Syndication

In Africa — the second-fastest-growing region in the world after Asia — massive deal-flows sustain economic growth. The African Development Bank (AfDB) Group highlighted this in its latest Macro-economic Performance and Outlook report. The continent will account for 11 of the world’s 20 fastest-growing economies this year. The real GDP growth for Africa is expected to average 3.8 percent in 2024, and 4.2 percent next year. That far outstrips projected global averages of 2.9 percent and 3.2 percent, the report emphasised.

Bank One positions itself as a gateway to Africa, primarily enabled by our shareholders' footprint, with the I&M Group firmly rooted in East Africa. Our approach remains bullish, as we invest energy and resources to maintain our edge.

Along with other financial institutions in our syndicate and network, we arrange and set up mandates for selected banks, in the space of trade loans or factoring deals. We particularly look for syndication partners who are happy to come on-board because of the knowledge we have in, and of, Africa.

Mutual Benefits

The flourishing financial landscape of the Middle East holds the key to its appeal for Africa. Apart from the overall positive economic sentiment in the Middle East, it’s the world's fastest-growing regional market in terms of the banking and capital market sectors.

A PwC report notes that the region's financial services sector “is in the midst of a massive overhaul”, with diverse financial products and services accompanied by growing regulatory requirements for finer monitoring of processes and the development of secure financial systems. No wonder, then, that financial institutions across the Middle East are diligently investing to match or outstrip their international peers, with commercial banks developing apace and offering easy access to banking credit.

Reports abound that Gulf banks have more liquidity than many of their foreign peers, mainly due to the higher interest rates in Europe and further afield. They have a pressing need to match funding to projects and transactions that constitute economic and geographic diversification. However, Emirati banks looking at emerging economies — such as those in Africa — need to partner with institutions with the expertise, access, and knowledge of the “Hopeful Continent”.

Focus Areas for Middle Eastern Banks

When it comes to sectors of focus for Middle East forays into Africa, we note a concentration of deals in oil and gas, as well as infrastructure.

The oil and gas sector in Africa has immense potential, with gas reserves in 2021 estimated at 625.6 trillion cubic feet — which nearly matches the US. Once a major oil or gas discovery is made, the biggest challenge for African governments and their commercial partners is finding sources of finance to develop projects.

However, there is a ready domestic market for such output. The Gas-Exporting Countries Forum noted that the demand for energy in Africa is expected to rise 82 percent by 2050, with natural gas making up 30 percent of the mix.

If you look at the pace of infrastructure development on the continent based on rising deals in transport, energy, and telecommunications, there is huge demand for funding. The AfDB notes that the demand for adequate infrastructure — secure energy, efficient transport, reliable communication systems, resilient sanitation, and affordable housing — is prominent in Africa. When it comes to infrastructure in Africa, bridging the financing gap is a major challenge, with the AfDB estimating that $130bn to $170bn will be required each year. This leaves a yawning gap of around $100bn and one that development finance institutions (DFIs) alone would struggle to fill.

The Way Forward

In February 2024, the UAE was removed from the “grey list” after two years on the FATF’s radar, underscoring its commitment to combatting money laundering and terrorist financing. This is likely to boost investor confidence in the UAE's regulatory framework, and will probably be accompanied by greater foreign capital inflows. There will also be reduced compliance costs and the costs of borrowing.

Bank One welcomes this development, and has seen Middle Eastern banks confidently looking to channel funding into Africa after our recent visits.

In terms of strategic partnerships, there are hopes that DFIs will join forces with financial institutions in the Middle East. Recently, the AfDB, European Investment Bank (EIB), and the OPEC Fund for International Development (OFID) announced support for the African Capitalisation Fund. This new private equity fund will be created by the IFC’s Asset Management Company (AMC). The fund will seek to capitalise on systemically important, private-sector commercial banking institutions in Africa to spur an economic recovery and create jobs. In an encouraging development, the Abu Dhabi Fund for Development (ADFD) has announced that it, too, is considering commitment to the fund.

Lastly, systemic efforts are being made to stimulate investments from the Middle East to Africa. With a comprehensive economic partnership agreement between Mauritius and Dubai announced last December, the first of its kind between the Emirates and an African country, Bank One is keen to explore the full potential of this landmark agreement. It was widely reported at the time it would pave the way for increased trade, investment, and private-sector co-operation between the countries.

With the right partnerships, we at Bank One intend to explore how such economic co-operation can be realised on the ground — with a focused eye on Africa.