DafriBank will play a key role in Africa’s post-COVID recovery – Ndhlovu

The chairman of DafriGroup PLC, parent of DafriBank, Xolane Ndhlovu, has expressed optimism about the positive recovery of Africa’s economy in the nearest future and the role the DafriGroup will play in the process.

“Africa is projected to recover in 2021 from its worst economic recession in half a century,” Ndhlovu said.

He said economic activity in Africa was constrained in 2020 by the COVID-19 pandemic with a severe impact in sub-Saharan Africa.

“However, countries in the region are continuing to weather the storm. With the world’s largest free trade area and a 1.2 billion-person market, the continent is creating an entirely new development path, harnessing the potential of its resources and people,” he said.

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Ndhlovu, whose DafriBank Digital is set to go live in Nigeria in a matter of days, affirmed that the DafriGroup will play a big role in the coming Africa recovery.

“We are combining policy expertise, capital and data to advance pillars of opportunity for African emerging entrepreneurs. We are investing in people and places to tackle barriers to opportunity and create the conditions for lasting change,” he said.

One of the successful investors in cryptocurrency, Ndhlovu also offered nuggets of business advice to aspiring entrepreneurs on how to be successful business owners in Africa.

“There’s little point in going into business simply to go into business. You have to have a passion for your product or service and to know it inside out. Entrepreneurs are notoriously focused and single-minded,” Ndhlovu advised.

“You have to be prepared to accept defeat as well as enjoy the wins, and to move on undaunted. Get advice from an established entrepreneur or from someone unconnected with your business,” he said.