Broadcasting
How Access to Finance Changes Lives
By Carol-Jean Harward, Investment Director, Norsad Capital
Africa has undoubtedly made immense gains in lifting people out of poverty. But it’s also clear that there’s still a long way to go, with the rest of the world having made up much more ground in eradicating extreme poverty. If the continent is to meet the United Nations’ Sustainable Development Goal (SDG) of ending poverty in all forms by 2030, then it’s clear that efforts must be redoubled with a focus on innovative solutions that make a tangible difference in people’s lives.
On that front, access to finance is critical. It allows people to take out the loans they need to become homeowners or to study, for example. But it also allows entrepreneurs to access the funding they need to grow their businesses. The formalisation that comes from that access, meanwhile, can make it easier for businesses to take advantage of tax incentives and subsidies, further bolstering their growth.
Fortunately, there are a number of organisations across the continent that have found innovative and exciting ways of providing Africans with access to finance. In doing so, they’re not simply replicating what has worked elsewhere. Instead, they’re taking an approach that recognises the on-the-ground realities of finance in Africa and makes extensive use of the tools that ordinary Africans use most.
A massive need
Before taking a deeper look at the approach some of those organisations are taking, it’s worth exploring how big of an issue access to finance currently is across Africa.
According to World Bank data, just 35% of people over the age of 14 in 28 sub-Saharan African countries had formal bank accounts in 2021. Of course, that average isn’t evenly distributed. Countries with mature formal financial sectors such as Mauritius (nearly 90%) and South Africa (now at 85%) have much higher rates of account holders than the likes of Sierra Leone and Guinea (both under 14%).
Even when you take mobile money – Africa’s biggest financial inclusion success story – into account, 57% of Africans do not hold any kind of bank account, according to Africa Tech. Finding ways of shifting those numbers is absolutely crucial to alleviating poverty and changing lives.
In addition to the examples I’ve already mentioned (of people taking out loans for themselves and businesses) there are a number of ways that access to finance can be transformative. Take savings for example. With easy access to financial products, people can save more easily and securely. That, in turn, makes it easier for them to ride out emergencies, invest in their own and their children’s future, and even eat healthier.
But it also allows people to access government assistance without having to stand in long queues, easily accept remittances from family members working abroad or in another part of the country, and access other financial services such as insurance.
Meeting the need with mobile
Unsurprisingly, one of the most powerful tools in addressing this need for financial inclusion is the mobile phone. In countries with high mobile penetration rates such as South Africa, Kenya, and Nigeria, it’s common for people who might not even have access to electricity at home to have a mobile phone.
As a consequence, mobile money has been a vital enabler for millions of poor people in Africa who do not have access to formal financial services like banks. With mobile financial account ownership and usage continuously rising, it’s becoming the preferred account compared to traditional bank accounts in some places.
Innovative financial solutions like mobile money play a significant role in improving the lives of many people in urban and rural areas. In the past, that was simply down to the fact that it enabled people to send and receive money. But it’s evolved beyond that, giving people access to subscription services and even to sell goods and services across international borders.
MFS Africa has played a particularly important role in driving that evolution. MFS Africa is the largest digital payments hub on the continent. It works closely with mobile network operators, money transfer organisations and financial institutions to bring simple and relevant financial services to unbanked and underbanked clients.
Since its founding, it has connected more than 400 million mobile money accounts and 200 million bank accounts. Additionally, it has helped empower more than 200 000 mobile money agents in Nigeria along with more than 260 000 clients and businesses across the continent. And by the fact that it operates across more than 600 payment corridors, it’s made it much easier for people to send and receive money no matter where it comes from or where it’s going.
Building a brighter financial future
With mobile penetration and rates of connectivity in Africa growing all the time, the role of mobile-first financial services will only grow more important. Indeed, there is no doubt that they will be vital if the continent is to reap the full benefits of financial inclusion. We’ve seen first-hand, through MFS Africa and other portfolio companies, how important innovation is to building that inclusion. It’s something that we’ve long believed in and which forms part of our mandate as a financing provider but it’s also something we’ll keep driving long into the future.
Uchenna Mbunabo, Nigerian filmmaker, has raised concerns over the alleged unauthorised broadcast of Nollywood films by some Ghanaian television stations, calling on Ghana’s National Film Authority (NFA) to strengthen the enforcement of copyright laws.
Uchenna Mbunabo, Nigerian filmmaker
Mbunabo made the remarks during a conversation with James Gardiner, deputy CEO of the National Film Authority (NFA) of Ghana.
He questioned whether it was permissible for television stations in Ghana to download Nigerian movies from YouTube and air them without obtaining permission from the producers.
“I noticed that Ghanaian TV stations, the way they are stealing our films and showing them for free with impunity. Is it legalised in your country for TV stations to go on YouTube, download people’s sweat and show it for free?”
According to Mbunabo, some Ghanaian television stations have been downloading newly released Nollywood films from YouTube and broadcasting them without authorisation, depriving producers of revenue generated through the platform.
He also stated that he had not witnessed Nigerian television stations engaging in similar practices and questioned what measures Ghana was taking to protect filmmakers’ intellectual property.
Responding to the concerns, Gardiner acknowledged that the issue exists and said the National Film Authority had begun engaging relevant stakeholders to address it.
He disclosed that the NFA has held discussions with the Ministry of Communications, the National Communications Authority (NCA) and the National Media Commission (NMC) on improving copyright enforcement.
Gardiner explained that while Ghana has copyright laws, enforcement remains challenging because many television stations now operate digitally and may not have physical offices within the country.
“There are copyright laws, but they are not effective because a lot of the TV stations don’t have offices. Most of them are now digital, so they operate from anywhere. They can even have a Ghanaian TV station but be operating from Austria simply because it is digital.”
He added that authorities are considering a new licensing framework that would require broadcasters to undergo a fresh licensing process to improve monitoring and enforcement.
According to Gardiner, television stations found guilty of illegally broadcasting copyrighted content would be required to compensate affected producers through fines.
He added that repeat offenders could face suspension of their broadcasting licences, while a third violation could result in the revocation of their licences.
Although he did not provide a specific timeline, Gardiner said the reforms were already underway and expressed hope that significant progress would be seen next year.
Mbunabo welcomed the proposed measures but urged the National Film Authority to expedite the process, stating that unauthorised broadcasts continue to affect filmmakers’ ability to recover production costs through legitimate distribution channels such as YouTube.
He also stressed that his comments were not directed at Ghana’s film industry, noting that he has worked with several Ghanaian actors over the years and supports collaborations between Nollywood and Ghallywood.
Broadcasting Organization of Nigeria (BON) has established six committees to help strengthen and modernize the country’s broadcasting industry.
The committees will focus on content creation, skills development, digital transformation, sustainability, policy and commercial opportunities
The initiative aims to support industry growth and improve collaboration between broadcasters, regulators and media experts
The official launch recently, was led by Tony Akiotu, president, BON and attended by media professionals, program directors, former journalists and heads of specialized media organizations.
The event brought together several prominent figures in Nigeria’s media industry, including veteran broadcaster and trainer Bimbo Oloyede, Tony Uyah of M4S TV, Kingsley Uranta of Channels Television, Ismael Sani of Platinum TV and Ibrahim Shehu of Trust TV.
Together, they are expected to help drive innovation and support the growth of Nigeria’s broadcasting sector.
According to Akiotu, the committees are intended both to help shape industry policy and to provide a forum for dialogue between BON and broadcasting experts.
Akiotu said the ad hoc committees were intended to strengthen BON’s work and ensure that the umbrella body for Nigeria’s broadcasters played a more direct and meaningful role in developing the country’s broadcasting sector.
The six committees reflect the sector’s main priorities. The first focuses on collaboration and innovation to promote content creation.
The second is dedicated to training and talent development, while the third focuses on industry sustainability by improving the sector’s long-term financial viability.
A fourth committee will focus on digital transformation and work with the National Broadcasting Commission (NBC) on regulatory issues.
The remaining two committees will oversee public policy advocacy and the development of sports and commercial rights to help broadcasters increase revenue and attract more investment. Together, the committees are expected to guide BON’s efforts to modernize and strengthen Nigeria’s broadcasting industry.
The committees, chaired by members of BON’s General Assembly and supported by the organization’s Secretariat, have an initial 12-month mandate that may be renewed if necessary.
They are required to submit a progress report within three months and implement approved recommendations within the following six months.
The arrangement is intended to ensure close oversight and the timely implementation of their work.
Akiotu also reminded committee members that Nigeria pioneered television broadcasting in Africa and urged them to carry out their work with greater effectiveness and efficiency.
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