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.
Canal+ is to cut jobs at MultiChoice as part of a sweeping restructuring plan aimed at stabilising the African pay-TV operator, following years of operational and financial pressure.
The move comes alongside a planned $115 million capital injection, underscoring the urgency of efforts to revive the business after the French media group took control.
The planned layoffs are expected to form a core element of a broader cost-cutting and efficiency drive, as Canal+ seeks to streamline MultiChoice’s operations and improve profitability.
The restructuring signals a shift toward leaner operations, with a focus on eliminating redundancies and optimising the company’s cost base.
MultiChoice has struggled in recent years with declining subscriber numbers across key African markets, weighed down by macroeconomic pressures, currency volatility, and changing consumer behaviour.
The rise of global streaming platforms has intensified competition, chipping away at the company’s traditional pay-TV dominance.
Canal+’s intervention marks a pivotal moment for MultiChoice, reflecting a more aggressive approach to repositioning the business.
By combining fresh capital with structural reforms, the new owners are aiming to both stabilise short-term performance and lay the groundwork for longer-term growth.
The $115 million injection is expected to provide immediate financial relief, supporting operations and potential strategic initiatives.
However, the accompanying job cuts highlight the depth of the challenges facing the company and the scale of transformation required to restore competitiveness.
Nigeria has ranked first globally in the ownership of the two largest stablecoins, Tether (USDT) and USD Coin (USDC), reflecting the country’s growing reliance on dollar-linked digital assets.
USDT, USDC
Stablecoins such as USDT and USDC are designed to maintain a fixed value against the U.S. dollar, allowing users to store money digitally while avoiding the price volatility associated with cryptocurrencies like Bitcoin.
According to the 2026 Stablecoin Utility Report released by BVNK, about 59 percent of Nigerian crypto users hold USDT, while 48 percent own USDC, giving the country the highest combined ownership rate among all nations surveyed.
The report placed Nigeria ahead of several major economies, including Australia and India, highlighting the country’s strong adoption of dollar-denominated digital assets. Australia ranked second with 34 percent USDT ownership and 29 percent USDC, while India placed third with 30 percent USDT and 27 percent USDC holdings.
The study also examined adoption levels across other regions. Countries such as Colombia and Singapore showed strong usage of both stablecoins, while adoption levels were also notable in South Africa and the United States.
Other markets included in the analysis were Philippines, Thailand and Argentina, where stablecoin ownership has also increased significantly. Among European economies, the report said France and Germany showed moderate levels of adoption, while Latin American markets such as Mexico and Brazil recorded smaller but growing usage rates.
The United Kingdom also appeared in the ranking with modest levels of stablecoin ownership. The report noted that USDT ownership exceeds USDC in many countries, including Nigeria, Australia, India, Singapore, the Philippines, Thailand, Argentina and France.
However, USDC is often viewed as a more compliance-focused stablecoin because of its stronger transparency and regulatory alignment. In some markets, including South Africa, Colombia, Germany and Brazil, the report found that USDC adoption slightly exceeds USDT.
More broadly, the data suggests that stablecoin adoption is being driven largely by emerging economies rather than advanced financial markets. According to the report, countries such as Nigeria, Argentina and the Philippines are among the biggest users of stablecoins, where people increasingly rely on dollar-pegged digital assets to protect savings from currency volatility and facilitate cross-border payments.
Spotify has unveiled Nigeria-specific data from its annual Loud & Clear report, highlighting how Nigerian artists generated more than ₦60 billion in revenue from the platform alone last year, amid explosive growth in streams, local consumption, and global discovery.
The report, which analyzes millions of data points to illuminate music streaming economics, shows Nigerian artists’ revenue surged over 140% in the past two years.
This boom stems from rising global appeal and stronger domestic engagement, with 30.3 billion streams and 1.6 billion listening hours on Spotify in 2025. First-time discoveries of Nigerian music hit 1.3 billion, up 26% from 2024.
Locally, Nigerian tracks dominated Spotify Nigeria’s Daily Top 50, accounting for over 80% of features, while consumption of homegrown artists jumped 170% year-on-year.
“Nigeria’s music scene thrives on creativity, innovation, and global influence,” said Jocelyne Muhutu-Remy, Spotify’s Managing Director for Africa. “Loud & Clear spotlights how artists are forging sustainable careers and deepening local ties.”
Key highlights include:
55% year-on-year growth in local streams for Nigerian female artists.
75% surge in streams for independent Nigerian artists.
Independents and indie labels earning 58% of all royalties from Nigerian artists on Spotify.
Spotify’s editorial playlists featured nearly 2,000 Nigerian artists in 2025, boosting visibility. Nigerian music appeared in 320 million global user playlists and over 12 million in Nigeria, totaling more than 60 million playlists worldwide.
The report also notes evolving tastes, with top-growing genres in Nigeria over five years including pop urbaine, alternative pop, anime, emo, and drill.
For full details, visit spotify.com/loudandclear.
Nigeria Spends $470m on AI-powered Surveillance Devices- Report
Metaverse Collapses, Horizon Worlds Shuts Down on Quest
FG Plans New HIV Prevention Injection in 8 States, FCT
SEC Issues Six-Week Ultimatum to Market Operators to Submit Recapitalisation Plan
NIMC Disowns Fake NIN Portal
Kaspersky Discovers New Phishing Campaign Exploiting Google Tasks Notifications to Steal Corporate Credentials
esentry 2025 Report Shows Healthcare, Financial Services and Telecoms as Staging Grounds for Increased Cyberattacks in Africa
AfDB, UNDP Launch $10Bn AI Initiative for Africa
MultiChoice Suspends Yearly DStv Price Hike as Canal+ Pushes Growth
MTN Nigeria Posts Record N1.70 Trillion Pre‑Tax Profit, Declares N20 Dividend for 2025
E-Financial2 days agoCBN Wins Central Bank of the Year Title @13th Global Awards
General News2 days agoTech Firms Sack over 45,000 so Far in 2026
General News2 days agoRockefeller, Global Energy Alliance Cross $100 million Mark in Africa Electrification Push
Telecom2 days agoFG Taps Quest Merchant Bank for Advisory on 90,000km Fibre Project
General News2 days agoJury Finds Elon Musk Liable for Misleading Twitter Investors
News2 days agoMorney Launches in Nigeria as E-invoicing Drives Finance Digitisation
News2 days agoDr Krishnan Ranganath to Lead UniCloud Africa in Continental Digital Infrastructure Push
General News2 days agoSEC, NYSC Partner to Combat Ponzi Schemes