I think also, i have a word for you because it isnt one, there has to be twoway communication. Start with addressing the gap between the perception and reality. The position is far from reality about africa. 45 african countries [indiscrenible] i challenge you to sue the Chinese Government in the Chinese Government world . You American Business people ask for good laws, transparency, lack of corruption. Can we politely ask you for the same . Can you please do business, you are welcome, make as much money as you can but can you please pay your taxes because it is a major problem. It is causing huge problem in africa. Finally, this is causing us problem with different lawyers and Financial Advisors you can throw rings but dont do that. Also for respect of the longcare in africa, if you want longcare, you have to do clean business or it will come bite you on the back side. One thing i want to say about the American Government and i am surprised that the uk is pushing for transparency of ownership of companies. The United States seems to be hesitant. Please dont waddle. Continue to find those who understand why anybody wants company. Why are you resisting this . You have the backbone and continue to show that backbone. Please support that initiative. We also dont understand your transparency i dont understand why your companies are using the courts and why these Big Oil Companies are getting transparency. We have people here and where is the governor. You know . We ask you this question. So please be here. We think it is important to export and please have the discussion and dont say throw the baby with the bath water. That is not smart. Thank you. Thank you. [applause] we have limited time. I want you to talk about the issues of tax and transparency because the last g8 summit put the nations over the companies that were not paying taxes because of complex management models. We dont have the time but i hope we can discuss this later. You have been given access with modern banking and bringing more people into the banking world and there by expanding the middle classes. Can you tell us more on this . Thank you very much. The banking concept is more of a channel. What we are is the fast population of the continent let to brick and motor banking. The second thing was the question of income brackets at the bottom of the pyramid was a major issue and cost of access was another issue. We thought we could take financial offices to the last mile using telecom infrastructure. And we tried the capability of the bottom of the pyramid. Across the continent and the second aspect was the issue of a low percentage of the population being banked. Only 5 of the market was banked. And we thought how can we do this when only 5 is included on the market. So what we did was forecast the bad years and the low income as getting financial access. Financial access to the low income is essential to integrate them into economic transformation. The economic gains of the economy dont go down if they are excluded. We have to make Financial Services more affordable. We reduce the cost of access and remove most of the things that have to do with the condition by allowing for mass regulation. When you ask the population about the things that will give you utility then it becomes a huge bad guy for them. So in the region we went to we had new york customers and that helped kenya to have 45 of the population now having access to banking services. Telecom reduced cost and two financial offices to the last mile and they required a lot of innovation in products so the products are appropriate for that segment of the population. And pricing, too, had to be right and the size of the transaction had to be made to be appropriate for the transaction requirements of the population. [applause] thank you. Thank you so much. During the financial crisis, banks in the rich countries had problems. Many people taught me that the African Banking signal was expected to follow but it didnt happen. What did you say to colleagues in the world in terms of the solidity and good backing of the african bank . Thank you so much. 20072009 starting then the first thing we accept is the strength of the free world on the african continent. We saw the Central Banks being able to manage the tuition and the impact and the trading affect very well. But individual banks, if they continue to perform well, and they have gone up over for the financial crisis and the strength of one regulation and the individual banks. When we looked at the loans portfolio, although we had a trading effects of the financial crisis, the impact was minimum. We have been able to what i say slide by again with the trust and abilities being appropriate and the strength of the Management Team that our money in the african bank is safe. Very good. So strong regulation. Good supervision. And very effective resolution mechanisms to solve the problems. Very good. You have experience in asia a little bit. People talk about africa as it is its own section. What does that mean from your years in asia . Are there problems in bangladesh . And other areas around there like in africa . Or is africa an exception in terms of risk . I believe africa is at the stage that asia was 15 years ago where a number of companies viewed asia as an opportunity to plant flags and grow aggressively. I think africa is at that stage. And those of us who go local and plant ourselves with the right investment and quality of people locally and transfer. We can do a lot in africa. The risks are talked about a great deal but if you go and travel and look at the opportunities there you can find ways to improve those risks in a way that is perfectly acceptable to the governments needs of most of our companies. Let me give you an example. When we go to bank in africa, we need to take from them two partners both with james and sam and take a certain level of guarantee that takes 23 days between the time the merchant is paid and we collect the money back. If you went to small banks, i would be underwriting hundreds and i cannot do that well. We go partner with institution like the ifc and find way they can do the underwriting and we accept clot collateral. It is true what you can do with all kinds of risk in this space. That is how i view it. We were talking about the african continent and we need a middle class and you are knowledgeable on this. My view goes a bit toward what james is saying. I believe if you just the rich will get richer at a point in time in economic growth. There is nothing wrong with that if the capital is reinvested in the right place. We are driving consumptionled growth which africa needs and that growth will only come by expanding the middle class and getting people at the lower end of society to participate in that growth. That will not happen without Financial Inclusion. If you are left out and all you can do is operate with cash. If you cannot pay a bill easily, or borrow money or save money you cannot be part of what the economy is capable of doing. That is not Financial Inclusion is about. It is about doing well and good at the same time and most companies will benefit from that. That is what we are trying to do. I believe that cash is actually a hugely expensive medium of exchange that was created hundreds of years ago and showed no reason to exist in the modern economy. Cash is. 5 to 1. 5 gdp for the country. That is printed, secured, distributted and colleagues pick it up two people in the armored truck because if you have one person in the truck the cash disappears. And all of the taxes. You can not evade taxes longterm. Third, you cannot have a great deal of illegal crossborder activity without cash. If your kids go to college, the drugs dont come in exfor a citi bank payment. Thing through the role of cash and the transparency that comes from Electronic Payments and attach that to the idea of Financial Inclusions and then you get the idea of using technology and innovation with them to make a difference to what we can actually do to help transplant transparency and reduce the role of cash and the option. Thank you so much. This is similar to what they did in the telecom sector. They are needed to provide Business Confidence and the clarity we have been able to deploy because of what i am going to share. We should have to travel and have implementation of this across africa. One is that in the country we started from nigeria and the government had a massive reformation or reform of the past sector. And that gave us the opportunity to acquire a major power and when we acquired the power it generated november of last year. November of one last year. The outfit was 150 megawatts of electricity. This year it was 450. So in six or seven months we have tripled the output. This is what the private sector can do. So learning from this, african governments and i am happy we will have quite the number of African Leaders here, we have a role to play in helping to reform the past. If we can get 5 billion and the investment we would not have invested it and triple the numbers in a such a short time. One of our partners is here. The second thing is the issue of policy stability. Political leadership needs the understand that Power Investment and longterm investment. You dont want to start the process as an investor and one or two years down the line the quality changes. If we want to drive power and increase in electricity to the continent we need to thing through the policies and once we put in place the policies we should have to see them through so that the rational investors can plan and there is no surprises. The third thing is the generalization or harmonization across the continent. If we can do that we will have blocks of groupings so that a power investor in nigeria can move and give or take concern issues you can predict the way the policies will play out. That we need because we need to invest in countries and across borders to help improve access in africa. The fourth point is the regulatory issues. It takes too long to get approval. In africa, nigeria we started this because of the reform in place. You talk to many Foreign Investors in particular want to invest in power. Many have raised a lot of money but it takes so long to close the transactions on the continent so weed need to change that. And also we understand the stake of the power sector of people in africa is growing. The regulator mindset is different than the other parts of the world where electricity has been significantly improved. The regulators on the african continent must be fair. And lastly, our government need to help we need to realize that incentiveship behavior. So if we have tax on tax, the right tax incentives as we would in nigeria, and it encourages you to invest more in the economy. And finally, Political Leadership on the continent. We need to encourage domestic servant mobilization. We need to encourage it, one, and two, make sure when we mobilealize it we channel it to the areas of needs. If you go to countries with money already mobilized it is not happy to drive the improvement we need in africa. We need to look at this like mobalizing savings and the end is how you deploy to grow what we need in the african economy. The followup in the room. Do you a sense that connectability, clarity, is not so stable that we can see more investment flows in the power sector in africa . Thank you. Thank you tony for the nice words. I think right now the agreements and the agreements in general nigeria sets out are really good. I am talking about all african countries. I will start with nigeria because i believe they setup the standards. With the other countries, you dont see standardization and every time you make a deal you have to start from scratch and spend months and months negotiating the ppas. So in some countries, every single project has its own ppa. It isnt wellorganized at all. I think if some of the other african countries took the work that has been invested into nigeria things would be a lot better and easier to work. I think not only is it important that American Companies partner with African Companies but we are a perfect example, it worked well, we invested in a power plant and helped produce the megawatts. I think it is essential and you have to find the right partners in africa. And there are many more people like haste holdings out there who are keen to do business with companies from america. My recommendation is anyone going to africa to do business first focus on finding the right local partner. Thank you both. I want to check from the audience if we have a question you would like to go to the gentlemen. I see none and i will go back to the panel and let you have your last words. David . First, i would say america is probably behind other parts of the world in investing in africa. There maybe historic or other reasons why American Companies havent moved to africa like Chinese Companies have. I dont think it is too late to catch up. I think american countries need to spend more time looking at the companies in africa. Secondly, this is a very good and unusual summit. I have been to many summits, and business meeting and conferences and everybody has, but the trick is the followup. I hope there is a mechanisms to followup the conference and i assume they will find a mechanisms to make sure this doesnt happen just once but frequently and those of us meeting for the first time here use other mechanisms to make sure we stay in touch. That is the best way to make sure the conference is useful. That is a good followup. Two points. Power africa and trade africa are great instruments up there and we hope they will be extended. In addition to that, africa is open for business and partnership. As an activist and business man i wish you america to make a lot of money there and just behave yourselves. That is all. I think over the last 20 yea years we have gone through many reforms. It is important to look over what the media talks and look at where africa is using its markets. In kenya, there is 2 billion u. S. On the euro point speaks a lot about what is happening. What is happening in south africa and nigeria tells the whole story because markets are never wrong. Very good point, indeed. All of the learning i had from doing the Inclusion Work in kenya and others is you need public partnership. There is a saying if you want to go quickly go alone. If you want to go far, go together. We need to get that internalized as you will not get far without those partnerships. One is a call to come to washington as we go back and very soon we will hear about electric in africa and two is i would like to encourage the american public, none of who are here, to open their minds and see africa via the present and let go of the old narratives of africa 1020 years ago. And lastly, as we talk about partnerships with the u. S. And the rest of the world we cannot ignore a key part of our society. Woman are 60 of the african population and true inclusive growth cannot occur in africa without their inclusion. Thank you. Thank you so much, tony. [applause] let me tell you too often in the u. S. And europe you look at the bad news of boko haram or terrorism. But look at the performance of the stock exchange. Markets never lie. And when david was going to africa he cme