Broadcasting
Beyond doing good: Why ESG makes great business sense for African fintechs
By Funmi Dele-Giwa, General Counsel & Head, GRC at MFS Africa
If you’re reading this, there’s a very good chance you’re already familiar with the acronym ESG. Standing for “environmental”, “social”, and “governance”, it’s a constantly evolving standard that emphasises the importance of doing business in a way that positively impacts the environment, society and stakeholders.
Funmi Dele-Giwa
In essence, it’s the idea that companies can grow and profit while doing good and it encourages businesses to be more transparent about how they add to or create value for their society, community and/or stakeholders.
While ESG has its critics (on both sides of the aisle), its philosophy has gained near-universal acceptance in investor circles. In fact, a 2022 study by asset management firm Capital Group found that 89% of investors consider ESG issues in their investment approaches. Additionally, there are around US$2.5 trillion in ESG assets under fund management. And with rising interest rates putting a dampener on investment (including in Africa), scoring well on those metrics may become more important than ever.
But for African fintechs the case for ESG goes beyond becoming investable. Implemented properly, the principles behind ESG make a great deal of business sense. As an illustration of how much of a boost it can be to a business, a study by accounting firm Moore Global found that companies with strong ESG principles saw their profits grow 9.1% in the three years between 2019 and 2022. In other words, the fintechs that get ESG right won’t just have an easier time attracting investment, they’ll also be better poised for growth, sustainability and profitability.
Why ESG works
Before looking into how African fintechs can put together the kind of ESG frameworks that encourage growth and investment, it’s worth taking a deeper look at why it makes good business sense (outside of the already strong investment case) to invest in ESG.
One of the most powerful is the African environmental context. According to the Africa Development Bank, for example, Africa is the continent most vulnerable to climate change. Any fintech that understands this and works to ensure that its operations are sustainable isn’t just helping mitigate the effects of climate change on the planet, it’s also helping ensure a future environment in which it’s more likely to survive and thrive.
Of course, ESG isn’t just about the environment. Its second social pillar has an equally important role to play. For fintechs this can look like ensuring that they hire diversely, support MSMEs, and contribute positively to employment in areas where it’s needed most. But perhaps even more importantly, it also includes financial inclusion.
Choosing to hire diversely has obvious societal benefits: for example it means that previously marginalised groups are able to participate in the economy at much higher levels. But it also comes with significant business benefits. And the higher up the organisation those hires climb, the greater the accrued benefits are. According to the Boston Consulting Group, companies with above average diversity in their management team report 19% higher innovation revenues than those with lower diversity.
Supporting micro, small, and medium-sized businesses also benefits fintechs. For starters, they make up a large customer base (particularly for B2B-focused fintechs) on the continent. In sub-Saharan Africa, there are approximately 44 million SMEs. These enterprises not only serve as the engine of many economies across the African continent, but they also represent a segment historically ignored and under-served by the more traditional financial services players. By providing products and services which speak directly to the pain points of micro and small enterprises, fintechs can not only tap into a fast growing and profitable segment, but can have a positive impact on the overall economic development and prosperity in the country in which they operate.
Growing financial inclusion in the region, meanwhile, is absolutely critical. At present, just 43% of people in sub-Saharan Africa have a formal bank account. That makes it difficult to access things like vehicle, home, and business loans that can be used to grow income. It also means that any savings the unbanked have can’t be used for wealth generating investments. Across the region, fintechs are helping people overcome those barriers by expanding financial services such as digital banking, microfinancing, and digital payments to people who wouldn’t previously have access to them.
The final pillar within the ESG framework, focuses on governance and this is often an overlooked and misunderstood pillar. I am an avid advocate and loud champion of strong corporate governance workings, but I am often asked how strong governance arrangements actually help an organisation thrive and grow.
Many people equate good governance with rigid structures and bureaucratic processes, but I respectfully disagree with these assertions. The truth is that a solid corporate governance foundation, coupled with the right corporate culture, has exactly the opposite effect. It frees an organisation from confusion and unnecessary work. It allows for decisions to be made more freely by people who have been empowered to take decisions. It ensures that key decisions are placed with and taken by the most appropriate individuals within an organisation. And it allows for a dynamic, organised, and agile organisation.
Examples of good governance practices every fintech should have in place include transparent decision-making processes, ethical behaviour, and accountability to stakeholders. This, in turn, helps build trust with customers, investors, and (increasingly stringent) regulators; fostering long-term sustainability and growth.
Building the right frameworks
Of course, claiming to be ESG compliant and having an effective ESG framework are two different things. While there are a variety of approaches that can be taken in doing so, at MFS Africa we take a three-pillared approach that focuses on “setting”, “measuring”, and “reporting” the impact we have in local communities and across the Africa continent.
During the “setting” phase, we outline the parameters which will guide the organisation in its ambition to build a strong impact-driven organisation with a clear ESG approach. Having done that, we measure against those parameters and then report transparently on those measurements.
While each organisation should tailor its ESG framework according to its individual needs and context, we’ve found this model to be the one best suited to us. It’s helped us grow to be the kind of organisation that can connect more than 500 million mobile money wallets across 40 African countries, supporting over 300,000 agents and providing access to financial services for millions of Africans.
A policy worth getting right
Ultimately, despite dire predictions from the extremes of the political landscape, it’s unlikely that ESG will go away soon. Even if the label disappears, it’s now so entrenched in the way that investors do business, that it’ll remain an important consideration. And that’s because the companies that do ESG well share many of the hallmarks of good, investable companies. As the African fintech sector continues to grow, its participants should ensure they’re taking a proactive and positive approach to ESG. This will transform the sector beyond “doing” good to “being” good – good for the economy, good for society and good for stakeholders.
The Nigerian Copyright Commission (NCC) has reaffirmed its commitment to promoting responsible, responsive and sustainable access to creative works in the digital environment, in a manner that balances the interests of all stakeholders within the copyright and knowledge ecosystem.
Dr. John Asein, Director-General, NCC, made this known while receiving a delegation from the Wikimedia Nigeria Foundation, led by its President, Mr. Olushola Olaniyan, during a courtesy visit to the Commission’s headquarters. The visit was aimed at exploring potential areas of collaboration between the two organisations.
Dr. Asein acknowledged the significant role Wikimedia plays in making knowledge and information widely accessible, while stressing the need for responsible use of copyright-protected works in the digital space.
He noted that although the Commission may not endorse unrestricted open access to all creative works, it supports responsible access that ensures a fair balance between public interest and the rights of creators.
He encouraged Wikimedia, other digital platform operators, and Internet Service Providers (ISPs) to promote the responsible use of the copyright system to safeguard the interests of rights holders and strengthen the knowledge economy.
Dr. Asein cautioned the public that freely available doesn’t mean that creative works online are all free. “We want to see more people buy into the responsible use of copyright system in the digital space, in a manner that will further edify right owners and keep the knowledge cycles running for the good of all stakeholders” he stressed.
The DG also highlighted the importance of the public domain and assured that the Commission will continue to draw attention to its value, as part of a broader effort to help all parties benefit from the copyright framework. He further briefed the Wikimedia delegation on key provisions of the Copyright Act, 2022, including updates on the NCC’s e-Registration System, copyright duration, compulsory licensing, and the protection of folklore and cultural heritage.
In response, Mr. Olaniyan expressed appreciation to the NCC management and staff for their ongoing work in strengthening Nigeria’s copyright landscape. He reaffirmed Wikimedia Nigeria Foundation’s commitment to supporting the Commission’s efforts to advance and protect the nation’s creative and knowledge economy.
The meeting concluded with a discussion on potential areas of collaboration, including joint copyright awareness campaigns, digital space engagement, and enlightenment training sessions.
The Wikimedia Nigeria Foundation, an affiliate of the Wikimedia Foundation Inc., is dedicated to promoting free knowledge and open access to information by encouraging the creation and dissemination of locally relevant content under open licenses such as Creative Commons.
Lagos State Signage and Advertisement Agency (LASAA) has responded to recent apprehensions suggesting a resurgence of heavy-handed regulation and arbitrary enforcement in the State’s outdoor advertising sector. While acknowledging the concerns, LASAA sought to reaffirm its commitment to regulatory fairness, industry professionalism and the sustainable growth of outdoor advertising in Lagos.
Refuting claims that LASAA intends to “wield the big stick,” the Agency drew attention to its longstanding practice of fostering dialogue and partnership with industry stakeholders.
Prince Fatiu Akiolu, Managing Director of the Agency stated, “The era of mutual suspicion is firmly behind us,” adding that the Agency “regularly convenes stakeholder fora, maintains cordial relationships with industry players, offers concessions such as discounts on vacant billboard charges and seeks stakeholders input before making major policy decisions.”
Prince Akiolu clarified that LASAA does not compete with private operators commercially. Instead, it manages a limited number of state-approved advertising structures primarily reserved to amplify government programmes, public awareness initiatives and regulatory oversight. These, with the Agency’s core mandate focusing on orderliness, public safety, and environmental aesthetics.
He said these efforts aim to serve the broader interests of Lagos residents and reiterated that the Agency’s core mandate remains the enforcement of orderliness, public safety and environmental aesthetics within the state.
On licensing, the Managing Director explained that stringent criteria ensure only qualified practitioners operate in the market. Addressing concerns about billboard oversupply, particularly around military and police formations where illegal structures are common, he noted that LASAA has imposed a moratorium on new registrations and permits since early 2025. “This moratorium intends to uphold industry integrity and elevate professional standards.”
Prince Fatiu explained that, “the Agency’s Health and Safety team actively verifies that outdoor installations meet engineering and safety benchmarks to mitigate risks to life and property.”
He noted that LASAA’s regulatory approach is primarily preventive rather than punitive and relies on monitoring, early warnings and corrective interventions, with enforcement used only when absolutely necessary.
Acknowledging ongoing challenges such as violations of spacing, setback and structural regulations, the MD attributed these mainly to lapses in operator compliance rather than regulatory overreach. He urged stakeholders, including the Outdoor Advertising Association of Nigeria (OAAN) and licensed professionals, to strengthen self-regulation and collaborate in reporting infractions to enhance Lagos’s safety, visual appeal and economic vibrancy.
To prevent a relapse into disorder, LASAA has launched a comprehensive enforcement and cleanup operation targeting unlawful advertising installations to restore urban order and protect public interests. Prince Fatiu stressed the essential role outdoor advertising plays in defining Lagos’s visual identity and called for responsible industry stewardship.
He reiterated LASAA’s commitment to maintaining a balanced regulatory framework that ensures oversight while supporting industry sustainability. This approach aims to create a transparent environment that safeguards investments and enhances the city’s aesthetics.
The Managing Director reassured the public and outdoor advertising professionals that LASAA’s mandate is not to stifle growth or punish legitimate operators but to ensure a fair, regulated and sustainable outdoor advertising sector in Lagos. He reaffirmed his dedication to nurturing an environment that protects investments, safeguards the public and enhances the beauty of Lagos.
Broadcasting
BBNaija Housemates Pick Tinsel, Princess on a Hill, and My Flatmates as Must-Watch Shows on Showmax
Big Brother Naija Season 10 is now in its fourth week, and it’s already been a rollercoaster, packed with unexpected twists, bold new strategies, and all-round entertainment that has kept us glued to our screens.
The season kicked off with 29 housemates, with KayiKunmi, Danboskid, Ibifubara and Otega now evicted and Sabrina making a voluntary exit. Ships have sailed, sunk, and more are on the way. In short, it has been an exciting season of 10/10 drama.
Before stepping into the house, the housemates curated a list of their top shows to watch on Showmax, placing popular Nigerian shows like Tinsel, Princess on a Hill and My Flatmates at the top of their watch list.
Leading the pack is Tinsel. Considered Nigeria’s longest-running drama, the soap opera weaves a story of drama, romance, betrayal, and triumph, all set against the glamorous yet cutthroat world of Nigeria’s film industry. With standout performances from Nollywood veterans like Ireti Doyle, Funlola Aofiyebi-Raimi, the late Victor Olaotan, and breakout stars like Gideon Okeke and Linda Ejiofor, its spot on the list is incontestable.
Joining Tinsel is the Showmax Original, Princess on a Hill (POAH), a Showmax original that delivers high-stakes drama in a corporate setting. The story follows Zara Osara (Onyinye Odokoro), an underdog who wins a reality show only to find herself thrust into the most powerful boardroom in the country. Tasked with salvaging the very company that gave her fame, Zara must navigate ruthless corporate politics and stand her ground against the merciless CEO, Moyosore Lawson (Bimbo Manuel). It’s thrilling and reminiscent of the drama many Nigerians face in the corporate world.
For a perfect balance between reality and comedy, My Flatmates brings the laughs with a tale centred around four friends navigating adulting, relationships, and rent money in Lagos. Featuring comic heavyweights like Basketmouth, Okey Bakassi, and Buchi, it’s equal parts witty and ridiculous.
While the housemates love their fair share of homegrown dramas, acclaimed international series also made their lists. Sci-fi epics like Dune, with its surreal visuals, and fantasy period dramas like Game of Thrones and House of the Dragon dominated the list as well. Meanwhile, for lovers of unscripted drama, the housemates recommended shows like Nelly & Ashanti, Love Island USA and The Real Housewives of Atlanta.
Even though the housemates are cut off from the world, their taste is reflective of what Nigerians love to watch. From nostalgic classics to hilarious comedy dramas, Showmax has it all and more.
NCC, Wikimedia Nigeria Discuss Responsible Access to Creative Works in Digital Space
Interpol Sting Sniffs Out Cyber Crime in Nigeria, Others
ATCON Commends FG for $2Bn “Project Bridge”, Pledges Support
Miden Systems Drags Bank to Court over Alleged Forgery, Misappropriation
MTN Restores Services After Planned Network Maintenance in Parts of Adamawa, Borno, and Kano
E-Business2 days agoNDPC Begins Probe of Banks, Others for Data Breaches
E-Financial2 days agoFBNQuest Merchant Bank Facilitates Landmark ₦5Bn Commercial Paper Programme for Accion Microfinance Bank
Telecom2 days agoDigital Realty Commits to Africa’s Digital Transformation @ Launch of LKK2 Data Center
Telecom2 days agoIntel–U.S. Partnership Reshapes Semiconductor Landscape with Historic Equity Agreement
E-Financial2 days agoUBA to Deepen Financial Inclusion, Boost Savings’ Culture with Super Savers’ Promo
E-Financial2 days agoNigeria Leads Africa in Stablecoin Adoption with $22Bn in Transactions
E-Financial2 days agoFidelity Bank Resumes Intl Transactions on Naira Debit Cards
Telecom2 days agoNITDA Alerts Nigerians to eSIM Security Flaw Deployed to Hijack Devices Worldwide