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THE FIVE TRENDS POWERING AFRICA'S ENDURING ALLURE
TREND 3: LEAPFROGGING THROUGH TECHNOLOGY
by
Simon Freemantle From: “Africa Macro - Insight & Strategy”, Standard Bank, September 23, 2011.
http://ws9.standardbank.co.za/sbrp
Reproduced by The European House-Ambrosetti for the Forum “Developing the Regions of Africa and Europe”, Taormina, October 6 and 7, 2011.
2 Africa Macro
Insight & Strategy — 23 September 2011
Leapfrogging through technology
Insight & Strategy — 23 September 2011
3 Africa Macro
Across the world, technological enhancements are funda-
mentally altering the way human beings connect, communi-
cate and transact, providing new sources of commercial
nutrition. Consider that, where in 2000 there were approxi-
mately 360 million (mn) internet users worldwide, by 2011
this number had swelled to over 2 billion (bn). According to
the International Telecommunications Union (ITU), by the
end of 2010 there were an estimated 5.3 bn mobile cellular
subscriptions worldwide, including 940 mn subscriptions to
3G services (Figure 1). Staggeringly, in 2010 alone, roughly
200,000 text messages were sent globally every second,
which, assuming an average cost of USD0.07 per message,
would have generated USD840,000 in revenue for mobile
operators each minute (and over USD1.2 bn per day). More
recently, social media has captured the imagination—and
enabled deeper communication on an unprecedented scale.
Importantly, these developments have included, indeed are
increasingly being led, by participants in the developing
world. At present, access to mobile networks is available to
90% of the world‟s population, and 80% of those residing in
rural areas. Three-quarters of the world‟s mobile subscribers
are found in the developing world, up from half in 2005; in
2010 alone India and China added an estimated 300 mn
mobile subscriptions.
Unlike in the past, Africa has not been left stranded. The
continent‟s population has vigorously embraced technology
in general, and telecommunications in particular, as a
means to enhance socio-economic prosperity. This
„revolution‟ in Africa is allowing the continent to leapfrog
traditional stages of development, contributing to the forging
of a new, and more appropriate, economic course. Ulti-
mately, in many ways, technological advancements, and the
manner in which they have been absorbed in Africa, are
assisting in gradually narrowing the persistent gap between
Africa‟s and the rest of the developing world‟s developmen-
tal trajectories.
Mobile telephony has been transformative
In no area has the terrain altered more seismically than in
mobile telephony. Much of the importance of mobile phones
in the African context rests in the manner in which they al-
low Africans to sidestep pervasive infrastructure constraints,
share information more freely, thus making markets more
efficient, and stimulate and support entrepreneurial verve.
Where in 2000 there were only 15 mn mobile subscriptions
on the continent, by the end of 2010 there were believed to
be over 500 mn (Figure 2). Accounting for multiple subscrip-
tions (many people hold more than one sim card), it is likely
that around one in three Africans currently subscribe to one
of the continent‟s mobile service providers. As such, consid-
ering mobile penetration rates in excess of 100% in much of
the advanced world, substantial room remains for continued
growth in the African mobile phone industry (Figure 3).
Sources: ITU, Standard Bank Research
Sources: ITU, Standard Bank Research
Sources: ITU, Standard Bank Research
Figure 1: Telecommunications connecting a flatter world
Figure 2: Africa’s mobile phone revolution
Figure 3: Still, penetration remains comparatively low
0
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2000 2002 2004 2006 2008 2010
Fixed telephone lines Mobile cellular subscriptions
15 mn
540 mn
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Mobile subscriptions per 100 inhabitants
2009/10 growth rate (%) RHS
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Mobile subscribers Internet users
2000 2010
Mn people
Insight & Strategy — 23 September 2011
4 Africa Macro
Supporting these future growth projections, Informa Tele-
coms & Media has estimated that over the next five years
east and central Africa will enjoy the highest mobile sub-
scription growth rates in the world, with Ethiopia (the conti-
nent‟s second most populous nation) Eritrea and Madagas-
car expected to see subscriber numbers increase by more
than 100% by 2015. Further projections suggests that mo-
bile subscriptions in Africa will reach 800 mn by 2015—three
-quarters of this increase is expected to come from eight
countries (Nigeria, Egypt, Tanzania, Sudan, the Democratic
Republic of Congo (DRC), Uganda, Angola, Kenya, and
Ghana). Indeed, at current and anticipated growth rates,
mobile penetration rates are expected to reach 100% by
2020 (Figure 4) - implying a real penetration rate
(considering again the prevalence of multiple sim card hold-
ers) of around 60%. Unsurprisingly, Nigeria has rapidly ele-
vated to become one of the developing world‟s most dy-
namic telecommunications markets. At present, there are
estimated to be over 90 mn mobile subscribers in Nigeria,
making it the world‟s tenth-largest mobile market.
Naturally, mobile phone operators ahead of the curve have
prospered. South Africa‟s MTN, the United Kingdom‟s Voda-
fone and India‟s Bharti Airtel (since purchasing the African
assets of Zain for USD10.7 bn in 2010) have carved out
meaningful shares in most of Sub-Saharan Africa‟s (SSA)
core markets (Figure 5). Bearing in mind the projections for
mobile phone user growth above, as well as the fact that
mobile phone operators in Africa make twice as much off
each subscriber than firms in countries such as India, corpo-
rate activity in this sector is likely to remain robust.
More Africans are connecting to the internet
As of March 2011, there were approximately 120 mn inter-
net users on the continent (it is more accurate to consider
internet users rather than individual subscriptions in Africa
as the users-to-connections ratio is often, as in key West
African markets, upwards of 20-1), implying a relatively low
penetration rate of 12% (Figure 6). Out of 100 inhabitants on
the continent, 9.6 are internet users, compared to 21.9 in
Asia Pacific and 65 in Europe. Only around 6% of the
world‟s internet users are in Africa, a disproportionately
moderate figure. Yet, the growth in African internet users
has been scintillating. Between 2000 and June 2011, inter-
net usage on the continent grew by 2,527%, compared to a
world average of 480% (706% for Asia and 353% for
Europe).
Naturally, these growth patterns are influenced by the low
originating base, yet a positive trend is clear and increas-
ingly inclusive. Indeed, in some countries, growth has been
particularly profound; over the course of the past decade
Algeria has seen internet users increase from just 50,000 in
2000 to 4.7 mn in 2011, Morocco from 100,000 to 13.2 mn,
Nigeria from 200,000 to 44 mn, Kenya from 200,000 to 3.9
Sources: Institute for Security Studies, Standard Bank Research
Sources: MTN, Bharti Airtel, Vodafone, Standard Bank Research
Sources: ITU, Standard Bank Research
Figure 4: Growth in ICT is expected to be strong
Figure 5: Mobile operators have expanded aggressively
Figure 6: Africa lags the world in internet usage
0
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Asia Africa Europe Latin America
North America
Middle East
Internet users Internet penetration
Mn people Percent of population
0
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60
90
120
1995 2005 2015 2025 2035 2045
Mobile access Broadband access
Access per 100 people
Insight & Strategy — 23 September 2011
5 Africa Macro
mn and Sudan from 30,000 to 4.2 mn.
Mobile telephony has clearly inspired growing internet us-
age in Africa. Consider that, globally, in 2013 mobile phones
are anticipated to overtake personal computers as the most
common web access device in the world. Given at times
tremendous infrastructure constraints, fixed broadband
penetration rates in Africa are remarkably low (less than
1%), compared to mobile broadband penetration rates of
almost 4% (which compare more favourably with the devel-
oping world average) (Figure 7). In the area of mobile
broadband, growth projections are stellar—by 2015 it is be-
lieved that there will be upwards of 250 mn mobile broad-
band subscriptions in Africa. Considering alternative met-
rics, and as outlined in Figure 4, it is expected that, where in
2010 only 6 out of 100 Africans had access to broadband,
by 2020 this ratio will have elevated to 22.
Meanwhile, despite rapid growth, access across the conti-
nent is heavily skewed towards a few large countries. At last
count, almost half of all internet users on the continent came
from Nigeria, followed by Egypt, Morocco and South Africa
(Figure 8). In the DRC, despite internet user growth of over
100,000% since 2000, fewer than 0.5% of the population
are internet users. The same is true of Ethiopia, where just
0.4% of the population use the internet.
Africans are embracing social media
Linked again to the success of mobile telecommunications,
Africans are eagerly embracing social media as a new
means of sustaining and building relationships. The youthful
balance of the continent‟s population supports these shifts.
While overall subscriber numbers are comparatively small,
Africa is one of social media group Facebook‟s fastest grow-
ing markets. According to most recent statistics (the pace of
change is so swift that data is substantially altering on a
weekly basis), there are around 32 mn Facebook users in
Africa (up from 10 mn in 2009), 3% of the continent‟s popu-
lation. However, measured against internet users (the so-
called “Facebook Index”), this ratio elevates. In all, more
than one-quarter (27%) of African internet users have Face-
book profiles, compared to 18% of Asian internet users, and
23% of internet users in the Middle East (Figure 9). The
manner in which social media enabled the mobilisation of
dissent in Tunisia and Egypt in early 2011 is an instructive
indicator of its potency. As at 30 June 2011, there were over
14 mn Facebook users in North Africa, with 6.5 mn and 2.4
mn in Egypt and Tunisia, respectively. 23% of all Tunisians
have Facebook accounts. And in the first six months of
2011, around 3 mn Egyptians joined the networking plat-
form, with around 700,000 joining in both Nigeria and South
Africa (Figure 10).
Meanwhile, indigenous social media platforms, such as
Ushahidi, have also emerged, leveraging the growth of mo-
Sources: World Bank, ITU, Standard Bank Research
Sources: ITU, Internet World Statistics, Standard Bank Research
Sources: Facebook, Standard Bank Research
Figure 7: Broadband penetration comparison (2010)
Figure 8: African internet users by country
Figure 9: Africans are uniting through social media
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240
Asia Africa Latin America
Europe North America
Middle East
Facebook users Facebook index* RHS
Mn people
0
4
8
12
16
Fixed broadband Mobile broadband
World Developing countries Africa
Percent of total population
Nigeria, 44%
Egypt, 20.1%
Morocco, 13.2%
South Africa,
6.8%
Algeria, 4.7%
Sudan, 4.2%
Kenya, 4%
Tunisia, 3.6%
Uganda, 3.2%
Zimbabwe, 1.4%
All other, 13.4%
Insight & Strategy — 23 September 2011
6 Africa Macro
bile telephony on the continent. Ushahidi was originally de-
veloped to share and map information related to violence
emerging from Kenya‟s disputed 2007 elections, but has
since swelled to become a non-profit company using the
concept of crowdsourcing for social activism and public ac-
countability. Recently, versions of Ushahidi have been used
to create crisis and recovery maps following earthquakes in
Haiti and Chile, wild fires in Russia, and the tsunami in Ja-
pan.
New fibre-optic cables will raise connectivity
Unlike with fixed line telephony, fixed broadband is likely to
appreciate strongly in Africa in the coming decades as new
fibre-optic cables increasingly link the continent to central
hubs in Europe, the Americas and India. At present, broad-
band costs in Africa are exorbitantly high, due in part to
heavy residual reliance on satellite communications and
microwave networks. According to the ITU, the cost of a
fixed broadband sub basket in Africa in 2010 was 291% of
gross national income (GNI), compared to a developing
world average of 112%, 27% in the Asia Pacific region, and
only 2% in Europe. Last year it was reported that the top five
most expensive places in the world for fixed line broadband
were all in SSA—led by Central African Republic, where the
cost was nearly 40 times the average monthly income of the
population. However, the depth of the commercial opportu-
nity in Africa is inspiring foreign investment (largely private),
increasing competition and allowing the opportunity to lower
the costs for consumers.
This dynamic has already played out in the mobile telecom-
munications space, where fierce competition in voice, and
increasingly data, has led to comparatively low pricing,
which has supported the pace at which subscriptions have
elevated. Indeed, where private funding has been largely
elusive in plugging Africa‟s overall infrastructure deficit, in
the telecommunications sector the majority of annual spend-
ing comes from firms, rather than governments (Figure 11).
The World Bank has estimated that, between 1998 and
2008, as mobile phone subscriptions in Africa swelled from
2 mn to 400 mn, over USD56 bn in investment was attracted
by the industry.
New, mostly privately funded, cables linking Africa‟s eastern
and western coasts to international networks are set to dra-
matically alter overall connectivity (Figure 12). In particular,
African corporate enterprises—large and small—will benefit
from the increasing bandwidth capacity and reduced cost of
internet services. On the east coast of the continent, three
cables are of particular importance: The East African Sub-
marine Cable System (EASSy), which is owned and oper-
ated by a group of 16 African (92%) and international (8%)
telecommunications operators and service providers; The
East African Marine System (TEAMS), which is co-owned
by the Kenyan public-private consortium TEAMs (Kenya)
Sources: Facebook, Standard Bank Research
Source: World Bank, PPI Database, Africa Infrastructure Diagnostic
Sources: Standard Bank Research
Figure 10: Top 20 countries by Facebook users (Jun 11)
Figure 11: Funding for African infrastructure
Figure 12: New cables elevate African connectivity
USD72 bn
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Total Transport Telecom Energy Water & Sanitation
Public and donor Private
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An
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Mad
ag
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am
ibia
Z
am
bia
B
ots
wan
a
Users('000) Penetration rate (%) RHS
Insight & Strategy — 23 September 2011
7 Africa Macro
Ltd (85%) and Etisalat (15%); and Seacom, a privately-
owned and operated cable system which has already at-
tracted investment of around USD600 mn.
And on the west coast of the continent, the region‟s primary
connection in the past (SAT-3), is being bolstered by the
following cable linkages: MainOne (privately-owned); Globa-
com(Glo)-1, which is owned by the Nigerian mobile operator
Globacom; The West African Cable System (WACS), which
is owned by a consortium of mostly private investors
(including MTN, which has invested USD90 mn in the cable,
allowing it to receive 11% of its initial capacity); and Africa
Coast to Europe (ACE), which is owned by the ACE consor-
tium, led by France Telecom. The capacity and reach of the
various new cables differs substantially, though, importantly,
and in large part as a result of the landing in 2009 and 2010
of some of these cables, Africa‟s international bandwith ca-
pacity has increased 120 times to over 10 terabits per sec-
ond (Tbps) since 2008 (Figure 13).
However, intra-African backhaul networks are essential in
order to distribute the advantages of these new cables and
maximise their anticipated economic gains. At present 88%
of Africa‟s terrestrial backbone infrastructure is wireless,
with the remaining 12% comprising fibre-optic cable. For
mobile operators, 99% of total infrastructure is wireless,
though fixed operators are more balanced with 60% wire-
less and 40% optical fibre. Regardless, in the absence of
substantial investments in elevating current intra-regional
linkages, for large areas, and in particular landlocked coun-
tries, broadband costs will remain excessively high—
consider that backbone optical fibre networks are up to 90%
cheaper and offer significantly higher bandwith (satellite
networks have a maximum capacity of around 10 megabits
per second (Mbps) compared to over 1 Tbps for fibre net-
works). Investment in intra-regional networks is also likely to
focus on areas with high user demand, the majority of which
will be urban.
Africa has pioneered innovative ICT solutions
Much of the growth in information and communications tech-
nology (ICT) access in Africa in recent years has been in-
spired by innovative approaches to challenging market con-
ditions. Infrastructure constraints, exacerbated by geo-
graphical fragmentation, have added particular pressure.
Meanwhile, competition amongst Africa‟s core mobile opera-
tors has been increasingly fierce, particularly as around 95%
of all users on the continent are prepaid, and, as such, more
likely to shift to new operators. Consider that, where aver-
age revenue per user (ARPU) per month in 2009 was
USD57 in Japan, and USD36 in Europe, it was only USD9.8
in Kenya and USD12.7 in Nigeria. Firms such as MTN and
Airtel have used a variety of innovative methods to ensure
profitability, such as outsourcing of back-office operations,
dynamic tarriffing, and borderless roaming.
Sources: Standard Bank Research
Sources: RIA Household Surveys, Standard Bank Research
Sources: Safaricom, Standard Bank Research
Figure 13: Africa’s connections multiply
Figure 14: Nigeria, household internet access mode
Figure 15: M-Pesa’s success has been engaging
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Number of M-Pesa customers (mn)
Number of agent outlets countrywide RHS
280x increase
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-1
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Seaco
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TE
AM
S
SA
T-3
Capacity Landing points RHS
Gigabits No. of African countries
Modem dial-up,
44.96%
ISDN dial-up, 4.08%
ADSL, 0.10%Leased
line, 3.00%
Wireless, 18.45%
Mobile phone,
18.89%
Other, 10.52%
Insight & Strategy — 23 September 2011
8 Africa Macro
Yet it is in the area of mobile money transfers where Africa
has been most pioneering, using innovative means to create
new economic opportunities. From a virtually non-existent
base five years ago, it is estimated that there will be up-
wards of 350 mn users of mobile money transfer services in
Africa in 2015. Mobile money offers a swifter, safer and
more cost effective means to transfer money, and has been
revolutionary in the manner in which it has extended finan-
cial services to the informal economy.
Kenyan mobile operator Safaricom‟s M-Pesa service has
led the charge. Since its inception in 2007 M-Pesa‟s growth
has been staggering—as at 31 April this year over 14 mn
Kenyans were served by 27,988 M-Pesa agent outlets
(compared to less than 1,000 bank branches) throughout
the country (Figure 15). In 2010, these 14 mn Kenyan M-
PESA users transferred an estimated USD7 bn, equivalent
to 20% of national gross domestic product (GDP), through
M-Pesa. Perhaps most demonstratively, M-Pesa‟s success
has spawned over 60 similar programmes across the globe.
Some are already showing signs of comparative success.
For instance, since launching mobile money services in
partnership with Stanbic Bank in Uganda, MTN has already
amassed over 3,000 mobile banking agents across the
country. By the end of August 2010, MTN had 1.2 mn mo-
bile money subscribers, transferring a monthly average of
USD60 mn, 60% of which was sent from urban to rural ar-
eas. In 2010, the Bank of Uganda recorded USD400 mn
worth of mobile money transfers, with registered mobile
money customers quadrupling from 552,000 in 2009 to
around 2 mn by the end of 2010.
Beyond mobile money transfers, mobile phone usage has
supported various poverty-alleviation and empowerment
schemes across Africa. For example, in 2009, MTN
Uganda, in partnership with Google and the Grameen Foun-
dation, launched five mobile phone applications aimed at
providing real-time health and agricultural information, and a
virtual marketplace for trading goods and services. Among
the applications are Google Trader, which, through match-
ing buyers and sellers of agricultural produce and commodi-
ties, allows local small-holder farmers to broaden trading
networks and reduce transaction costs. Another application,
Farmer‟s Friend, provides a searchable database through
which users can access agricultural advice and weather
forecasts. And, Health Tips and Clinic Finder provide health-
care support for rural households, the importance of which
is borne out by the assertion that, according to McKinsey
Global Institute research, upwards of 80% of all health is-
sues can be solved by mobile phone, at a cost per capita
that is 90% lower than that of traditional healthcare models.
The economic effects of ICT are profound
Evidence is mounting of the economic gains possible from
elevated ICT access throughout the developing world. Ac-
Sources: Eijkmann et al., Economist (2010), Standard Bank Research
Sources: World Bank, Standard Bank Research
Sources: World Resources Institute, IFC, Standard Bank Research
Figure 16: Ave. daily value of M-Pesa client transactions
Figure 17: Growth effects of ICT
Figure 18: Burkina Faso, BOP spending on ICT
-400
0
400
800
Rural District Urban City
Cash in Cash out Net cash in
Ksh '000
BOP3000
BOP2500
BOP2000
BOP1500BOP1000 BOP500
0
0.4
0.8
1.2
1.6
Fixed Mobile Internet Broadband
High-income countries
Low-and-middle income countries
Economic growth, percentage points
Insight & Strategy — 23 September 2011
9 Africa Macro
cording to the World Bank, for every 10 percentage points
(pps) increase in fixed line access, economic growth is likely
to advance by 0.43 pps in high-income countries, and 0.73
pps in low-and middle-income countries. An even more ro-
bust relationship is evident in mobile, internet and broad-
band access—indeed, a 10 pps increase in broadband
penetration could effect an increase in economic growth of
up to 1.21 pps in high-income countries and as much as
1.38 pps in low-and middle-income countries (Figure 17).
Elaborating on these positive linkages, the World Bank has
further found that an extra 10 phones for every 100 people
in an average developing country could boost GDP growth
in the respective economy by as much as 0.8 pps. Further-
more, Booz and Company have found that a 10% increase
in broadband penetration in a specific year is correlated to
1.5% greater labour productivity growth over the following
five years. Considering the room for expansion in the major-
ity of African markets, it is clear that rapid uptake of mobile
telephony is likely to continue to provide substantial support
for wider growth aspirations. Indeed, recent evidence in
Kenya adds credence to these assertions. Without the tele-
communications industry, it is estimated that Kenya‟s GDP
growth since 2000 would have been 0.9 percentage points
lower on average. And, a recent study has also shown how
the incomes of Kenyan rural households have increased by
5%-30% since they began using mobile banking.
Conclusion
Few alterations of Africa‟s macroeconomic vista have been
as noticeable and inclusive as the growth of the continent‟s
ICT sector. Already, Africa‟s base of the pyramid (BOP)
consumers spend USD4.4 bn per year on ICT. As incomes
rise, so too will spending on ICT products and services—for
instance, in Burkina Faso, 1% of household spending in the
BOP500 market is allocated to ICT, whereas 5% of house-
hold spending is allocated to ICT in the BOP3,000 category
(Figure 18). Crucially, Africa has not been a bystander in the
manner in which telecommunications is able to alter lives,
and create new economic opportunities. Increasingly, as
incomes elevate, investment in broadening critical infra-
structure will enhance nascent gains.
Yet, optimism in the ability of ICT enhancements to raise
productivity and growth should not disguise the substantial
impediments which remain. While new cables are likely to
drastically alter the cost and speed of broadband connec-
tions, the majority of Africans will remain locked out of these
improvements should supportive backhaul networks not be
created. Fortunately, private funding for ICT in Africa is con-
siderably less elusive than it is for other infrastructure priori-
ties. Yet, too many markets remain inadequately liberalised
for the gains of telecommunications to effectively percolate
throughout the economy. Quite clearly, those countries
adopting pragmatic and investor-friendly policies in the ICT
space will gain an edge in unlocking the potentially profound
gains ICT is able to generate.
The first two reports in this series dealt with Africa‟s rising,
youthful, and urbanising population. While opportunities
within this demographic and locational shift are lucid, they
are by no means inherent. Institutional support will be of
fundamental importance in order to ensure that a rising
population is able to find the means for economic better-
ment. Supporting and stimulating further advances in ICT
will be a critically important determinant separating those
that triumph and those that falter. The availability and af-
fordability of mobile and broadband services can, as it al-
ready has in key markets, support economic growth and
provide one of the means through which Africa‟s human
capital advantage can become pronounced. The pace of
change is likely to continue to be robust; those actors—be
they firms, development institutions, or governments—
approaching these alterations innovatively will be rewarded.
Through embracing telecommunications with such vigour,
Africans have bridged a gap in the developmental trajectory
with much of the emerging world—creating solutions based
on local market fundamentals, suited to the proclivities and
pockets of African consumers, and geared towards broad-
ening the beneficiaries of nascent socio-economic gains.
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International Telecommunications Union. 2010. The
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McKinsey Global Institute. 2010. Africa’s path to
growth: Sector by sector. McKinsey Quarterly, June
2010.
Qiang, C; Rossotto, C; and Kimura, K. 2009. Eco-
nomic Impacts of Broadband: Chapter 3 of the Infor-
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10 Africa Macro
Insight & Strategy — 23 September 2011
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To Singapore Residents
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Important Regional Disclosures
The analyst(s) involved in the preparation of this report have not visited the material operations of the subject company(ies) within the past 12 months.
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General
This research report is based on information from sources that Standard Bank Group believes to be reliable. Whilst every care has been taken in preparing this document, no research analyst or member of the Standard Bank Group gives any representation, warranty or under-taking and accepts no responsibility or liability as to the accuracy or completeness of the information set out in this document (except with respect to any disclosures relative to members of the Standard Bank Group and the research analyst‟s involvement with any issuer referred to above). All views, opinions and estimates contained in this document may be changed after publication at any time without notice. Past performance is
not indicative of future results. The investments and strategies discussed here may not be suitable for all investors or any particular class of investors; if you have any doubts you should consult your investment advisor. The investments discussed may fluctuate in price or value. Changes in rates of exchange may have an adverse effect on the value of investments. This material is not intended as an offer or solicita-
Insight & Strategy — 23 September 2011
11 Africa Macro
tion for the purchase or sale of any financial instrument. Members of Standard Bank Group may act as placement agent, advisor or lender, make a market in, or may have been a manager or a co-manager of, the most recent public offering in respect of any investments or issuers referenced in this report. Members of the Standard Bank Group and/or their respective directors and employees may own the investments of any of the issuers discussed herein and may sell them to or buy them from customers on a principal basis. This report is intended solely for clients and prospective clients of members of the Standard Bank Group and is not intended for, and may not be relied on by, retail custom-ers or persons to whom this report may not be provided by law. This report is for information purposes only and may not be reproduced or distributed to any other person without the prior consent of a member of the Standard Bank Group. Unauthorised use or disclosure of this document is strictly prohibited. By accepting this document, you agree to be bound by the foregoing limitations. Copyright 2011 Standard Bank Group. All rights reserved.
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