UARA and AeTrade Group Join Forces to Propel Digital and Financial Inclusion

The African Union Headquarters became the epicenter of transformative collaboration as the United African Royal Assembly (UARA) and the AeTrade Group signed a Memorandum of Understanding (MOU) during the African Integration Day and the inaugural Africa Job Creation Forum. The historic agreement signed on July 9, 2023, aims to fast-track digital and financial inclusion across the continent, aligning with the AU Summit Decision to drive economic development. UARA pledged a substantial USD 8 billion investment over the next decade to support this ambitious initiative.

The signing ceremony took place in the Nelson Mandela Hall at the African Union Headquarters, with Mr. Mulualem Syoum, the CEO of the AeTrade Group, and Dr. Liaqat Alli Azam, Director General of the United Africa Royal Assembly, representing His Imperial Highness Prince Estifanos Matewos. The esteemed gathering included dignitaries such as H.E. Hailemariam Desalegn, former Prime Minister of Ethiopia and Chairman of the AeTrade Group, H.E. Dr. Monique Nsanzabaganwa, Deputy Chairperson of the African Union Commission, and other notable figures.

H.E. Ambassador Albert Muchanga, the Commissioner for Economic Development, Trade, Tourism, and Industry, praised the MOU as a landmark contribution to Africa’s economic transformation. He highlighted its significance in executing the Executive Council Decision EX. CL./Dec.1144 (XL) of 2-3 February 2022, focusing on financial and digital inclusion, especially for SMEs, women, and youth. The agreement aligns with the Africa Strategic Investment Alliance for SMEs and AeTrust, providing affordable digital finance and payment solutions.

On the preceding day, the Africa Strategic Investment Alliance was unveiled by Mr. Mulualem Syoum, CEO of the AeTrade Group, with the endorsement of key figures such as H.E. Hailemariam Desalegn and Dr. Liaqat Alli Azam. Ambassador Albert Muchanga lauded the initiative as a concrete example of Africans mobilizing domestic resources to positively impact citizens’ lives, emphasizing its potential to attract high net worth individuals and institutions back to Africa.

UARA’s commitment to mobilize between USD 6 to 8 billion, with an initial target of USD 500 million in the next three months, was announced during the event. This investment injection is set to significantly boost the AeTrade program, fostering partnerships with African countries across the continent.

In response to the collaboration, the President of UARA expressed gratitude for the vision and foresight of the current Commission in engaging the AeTrade Group. He highlighted the importance of innovative solutions in ensuring that citizens across all 55 AU member states benefit from digital capacity building, paving the way for active participation in the digital economy.

Mr. Mulualem Syoum, the CEO Chairman of the AeTrade Group, outlined the ambitious goal of creating between 80-125 million jobs in 15 years. He emphasized the robust program in partnership with stakeholders from the public and private sectors and development partners across Africa. The collaboration aims to address key bottlenecks through extending affordable finance, joint implementation of strategic initiatives, promoting public-private partnerships, SME insurance services, supporting logistics and warehousing capabilities, and facilitating the delivery and financing of E-Government services to AU Member States.

The partnership between UARA and AeTrade is poised to be a driving force for positive change, ushering in a new era of economic growth, digital inclusion, and job creation across the African continent.

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Modester Kamupinda
Modester Kamupinda
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