The AfricanBIB project originated from a personal challenge to the founder to create an efficient mechanism to assist the African continent to increase its share of the international trade and become an authentic and genuine player in the age of globalization. It is also an attempt to transfer the basic principle of commercial banking to create a new type of banking sector, the information Banking, that provides interest return in the form of credible information, thatdevelops credibility and that converts uncertainties about business opportunities of SMEs in Africa into risk measures by means of evaluating partners in Africa, especially where the rule of law is not functioning efficiently.
Moreover, it is based on the founder personal conviction that development and prosperity for the millions of Africans at the base of the economic pyramid (BOP) and beyond will only be attained by fostering free enterprises, entrepreneurial spirits, as well as investing in finding African solutions (products) for African problems, contrary to meagerly misdirected international development aid and the philanthropy approach of the past decade. According to the founders, development assistances should only be an emergency package and not a strategy for sustainable development.
After his university studies in Germany, the founder was eager to apply his skills in his home country. There he was confronted with the fact that he could not get a job without being prepared to pay bribes or follow a particular political agenda. Even when he tried to come out with a well designed business concept that would contribute to solving some of the problems andconfront the local communities, he was faced with the difficulty to get financial institutions and banks in his country on bord, since they would lend money to government Institutions or large corporations only.
While discussing the challenges he faced back home with some African Diaspora and Investors in Europethe US, to mention two countries, , he found out that they also suffer from the similar problems and in addition to thiscould not find reliable and credible information on investment opportunities in the African continent where they could base their investment decisions on.
Since then he took up the challenge and developed a mechanism that would inspire international investors to see Africa as a continent of possibilities and as destination for investments. AfricanBIB the mechanism that can provide Africans with genuine ideas, business venture and projects to meet with potential investors, as well as to encourage the Africans to trade within the continent. In what Bill Gates calls creative capitalism, AfricanBIB is an incentive to compatible institutional mechanisms that instills trust, reputation and fosters the entrepreneurial spirit in Africa.