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.
A coalition of media organisations, comprising the League of Public Affairs Analysts and South East Media Professionals Network, has called for disciplinary action against Arise TV and Dr. Reuben Abati, show host, over alleged inciting remarks against the Igbos.
This was contained in a formal petition to the National Broadcasting Commission (NBC), signed by Ambrose Igboke.
According to the group, Arise TV and Dr. Reuben Abati allegedly made a divisive comment against the South East and Igbos during a TV Breakfast Show on November 21, 2024.
Recall that during the November 21 Breakfast Show, Abati had said on Arise TV, “It is a shame that the same Igbos who are so industrious that they’re all over and they do well in other parts of Nigeria.
“You go there as a non-Igbo man to go and buy land, you’ll be told that you don’t belong, even as an in-law. These are the issues in my view.”
The journalist and former Presidential aid referred to an incident reportedly involving the former Minister of Information, T.O.S Benson, who sought to purchase land in Igbo land for his wife.
The anti-Igbo comment has resulted in criticism and outburst from different groups.
They argued in the petition that there are “concerns about remarks made by Dr. Abati, which perpetuated harmful stereotypes against the Igbo community.
“These statements have been further amplified by extremist groups like Lagospidia, exacerbating ethnic tensions in an already delicate socio political climate.”
The media professionals said, “Dr. Abati’s reference to the Igbo people in a broad, negative context risks inflaming ethnic tensions and promoting dangerous generalizations. This kind of action was what ignited the Rwandan genocide where the Hutu and Tutsi engaged in a fratricidal war of extermination. It all started with a radio
“His comments were quickly weaponized by groups known for anti-Igbo sentiments, fueling divisive narratives that undermine national unity.
“Dr. Abati’s hostile response to a colleague, Ms. Ojy Okpe, on the following day’s broadcast, demonstrated a troubling disregard for professional journalistic standards.
” The remarks and behavior constitute a breach of the Nigerian Broadcasting Code, which prohibits content that incites division or promotes hate speech.”
The petitioners called for a thorough review of Abati’s remarks and the editorial lapses that allowed such conduct to air.
Nigeria Civil Aviation Authority (NCAA) has called on aviation passengers to become more informed about the challenges they may encounter while traveling through airports.
This appeal was made by the NCAA Head of Consumer Protection, Michael Achimugu, during a road walk in Port Harcourt, the Rivers State capital, on Saturday, December 7.
He highlighted the importance of passenger awareness, especially during the heavy travel season, and emphasized the need for proper sensitization regarding flight delays and possible solutions.
“We’re now in the high travel season in aviation and as you know there’s been a lot of flight disruptions as well as a lot of complaints,” Achimugu said.
“Our duty at NCAA is to sensitize our passengers because most of the time when complaints come about these disruptions, it comes from a place of poor knowledge about their rights and responsibilities as air passengers. We must protect both the passenger and the airline,” he added.
The NCAA continues to engage in efforts to educate passengers and address concerns during this busy travel period.
Showmax has released the trailer for the second season of its Nigerian Original epic drama series, Cheta M. The new season premieres on Monday, 6 January 2025 with three new episodes released every week.
This epic tale follows the star-crossed love story of Adanna (Oluchi Amajuoyi) and Nnanna (Kingsley Nwachukwu), whose bond is tested amid the escalating conflict between the kingdoms of Mgberi, led by the tyrannical King Jideofor (Kalu Ikeagwu), and Ajaani, ruled by the cunning patriarch Nze Ezeugo (Nonso Odogwu).
Their love faces formidable opposition from Ojigijaga (Jsmile Uhuru), the enigmatic spiritual shaman of Mgberi, and a web of envy, desire, and political scheming by those around them.
Season 1 ended on a dramatic note as Adanna and Nwoye’s (Nnamdi Agbo) wedding faced a series of shocking interruptions, from uninvited guests to Chidalu’s (Celia Okechukwu) brazen attempt to hijack the ceremony that led to her death.
At the heart of Season 2, Nnanna and Adanna’s love story is further tested with forgotten memories, their intertwined family histories, and the unrelenting forces threatening their bond. As they journey through the chaos, they must decide how much they are willing to risk and sacrifice for love and the fragile peace they yearn for.
“With Cheta M, we’re telling a story that’s rich in culture and layered with suspense, love, and spirituality”, says showrunner, James Omokwe who has been celebrated for his work on Showmax’ first Nigeria Original, Diiche as well as Africa Magic titles: Ajoche, Riona and Itura.
“This season, we wanted to explore not just the drama, but the raw humanity of our characters, their sacrifices, fears, and resilience. We know season one left a lot of questions and curiosity as to what happens next, and I’m looking forward to audiences unravelling the twists and revelations we’ve woven into this epic tale.”
The return of Cheta M builds on Showmax’s strong and growing lineup of Original content, which includes recent releases such as Princess on a Hill, Wura S3 and Style Magnate.
Cheta M Season 2 will premiere Monday, 6 January 2025, with three new episodes released weekly. Fans can also binge the first season on Showmax ahead of Season 2’s premiere.
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