How film production is securing investment for Africa's creative industry
“An athlete can be a fast runner but, if they do not have the right shoes, they can never be the best at what they do,”
says Mayenzeke Baza, Co-Founder, CEO, and Head of Distribution and Financing at AAA Entertainment—a sales and distribution company that works to share African content across the continent and worldwide.
Baza believes that when African creators are properly equipped, their stories can be truly appreciated, and their potential fully realized. This is why he is on a mission to provide Africa’s established and rising talent with access to an international market—one where investors, resources, and audiences are readily available.
AAA Entertainment
Helping Baza to build prosperity for African creatives is the continent’s first import-export bank Afreximbank. It is supporting AAA Entertainment with the production of several greenlit film projects through various financing and networking opportunities including the Intra-African Trade Fair (IATF) which—for the third edition—was hosted in Cairo, Egypt between 9-15 November 2023.
Organized by Afreximbank with the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat, the IATF exists to develop intra-African and cross-border trade. And under the theme, “Building Bridges for a Successful AfCFTA”, this year was no exception. With 426 deals in 21 sectors across 52 countries, IATF 2023 witnessed the conclusion of business transactions valued at US $43.8 billion.
“One of the greatest things about the IATF was the people I met who were like-minded in their goal to make Africa great.”
Mayenzeke Baza Co-Founder, CEO, and Head of Distribution and Financing at AAA Entertainment
The IATF 2023 also presented the Creative Africa Nexus (CANEX), which introduced the continent’s next brightest stars - in film, music, art, and fashion.
As a speaker at this year’s edition, Baza understood the value of the IATF in showcasing the best that Africa has to offer: “One of the greatest things about the IATF was the people I met who were like-minded in their goal to make Africa great. They wanted to support each other and create a culture that allowed all of us to connect and make trade easier,” he reveals.
It was at the IATF 2021 in Durban, South Africa that Baza signed an agreement for AAA Entertainment to enter a partnership with the multimedia company Silverbird Group. Valued at $50 million, the deal not only provided access to the private equity and state funding needed to produce film content but also a means to close the gap between talent from Africa and the diaspora.
Historically, African filmmakers have struggled to secure funding for their craft. “No matter how much you tell investors this [film] is going to be an amazing story, it’s not an asset they can see,” explains Baza. With so many variables associated with production, the initial proposal is not always the final product. As a result, many investors aren’t willing to take the risk—which is where Afreximbank differs.
Committed to changing the space for all African entrepreneurs, Afreximbank is willing to invest in a vision as much as it is a tangible entity.
And behind every vision is a great story. To Baza, this is determined by its ability to resonate with people around the world. Language may be the thing that divides us but emotions are what bring us together. Whether screen content is depicting a comedy, horror, or drama, it should be able to evoke the same response from viewers everywhere.
Africa is uniquely placed to achieve this emotional stimulation, owing to its rich heritage. “We've gone through atrocities over the years,” reveals Baza, but the continent has remained resilient. “We’re still excited, and we still smile, laugh, and love. For me, that's what comes through in our stories. They show our humanity.”
“We’re still excited, and we still smile, laugh, and love. For me, that's what comes through in our stories. They show our humanity.”
Mayenzeke Baza Co-Founder, CEO, and Head of Distribution and Financing at AAA Entertainment
To ensure these stories continue to be shared with the world and for generations to come, Afreximbank granted AAA Entertainment a $3.8 million Film Finance Development Facility. As a debt service, the facility enables AAA Entertainment to fund cast and crew members across the film value chain, allowing for more intra-African co-production agreements—and for more creativity.
No longer do African content creators have to rely on each contract to bring in cash flow for their next project; the facility removes the uncertainty around profit margins and provides concrete financing.
The Film Finance Development Facility is just one example in a long line of transformative initiatives, made possible by the IATF. This year, Afreximbank worked with a host of delegates to champion even more cross-industry collaboration and intra-African trade—ultimately, with the view of building prosperity for Africans.
As Baza notes, “My greatest vision for Africa is when we own our stories, we own our IP, and our value can be seen by everyone globally.”
