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.
In today’s fast-paced world, where every penny counts, finding ways to save on essential services is more important than ever. And as part of its commitment to customer satisfaction, DStv has reiterated its “Price Lock” feature.
This is in response to the upcoming tariff increase, which the company understands may impose some financial strain on its valued customers.
What exactly does the “Price Lock” feature entail? The “Price Lock” feature offers customers the opportunity to retain their subscriptions at the current rate for 12 months.
To use the “Price Lock” feature, customers simply need to renew their subscriptions before the due date each month, ensuring uninterrupted access to their favourite DStv content at the current rate for the next 12 months.
But here’s the catch: only customers with an active subscription by the 30th of April qualify for this offer, when the tariff adjustment comes into effect.
Make sure you don’t miss the price lock offer! Simply download the MyDStv or MyGOtv app or dial *288# to subscribe, upgrade, or set up Auto-Renewal.
Civil Society Organisation (CSO) under the auspices of Open Justice Initiative (OJI), has threatened to drag the National Broadcasting Commission (NBC) to court if it fails to ban Netflix, TikTok, and others over the alleged broadcast of offensive same-sex content on Nigeria’s airwaves.
The CSO, also urged NBC to ban other social media platforms, including X, formerly known as Twitter, Facebook, etc with regard to the subject matter.
Donald Ayibiowu, lawyer and programme officer of OJI, gave the warning in a letter addressed to Mr. Charles Ebuebu, director-general of the NBC.
The certified true copy of the letter titled: “Need to ban and bar the continuous broadcast of offensive same-sex contents on Nigeria’s airwaves by Netflix and other specialised broadcast outlets”, made available to newsmen in Abuja, was received by the Commission on April 23, 2024.
The letter said, “We write to draw the esteem attention of your commission to some obnoxious and repugnant same-sex contents being aired or transmitted by some broadcast outfits operating within the Nigeria broadcast space, which platforms includes Netflix and some social media entities.
“These abhorrent contents being campaigned about borders on the promotion of amorous relationships between persons of same sex on the said platforms.
“We received complaints on this topic from well-meaning Nigerians and religious organisations and further discovered that the broadcast contents/materials on these platforms are laced with embedded scenes/episodes where same-sex relationships are practically being propagated.
“We also conducted research on some social media platforms like TikTok, Twitter (X), Facebook (Meta), etc with regards to this subject, and found same hazardous and illegal same-sex content being promoted and transmitted.
“It is clear that there is an agenda to surreptitiously lure the unsuspecting young population of this country to this satanic habit/lifestyle of same-sex practice in Nigeria by subtly introducing same through entertainment and showbiz industry, albeit through the airwaves.
“It is now commonplace to see some of these illegal contents being conveyed on social media and specialised platforms in Nigeria.
“We wish to point out that these contents are clearly being aired or transmitted in contravention of our extant laws such as Sections 4(2) and 5(2} of the Same-Sex Mariage (Prohibition) Act, 2013,” he said.
The lawyer said the act being subtly propagated and promoted via the mediums was targeted at destroying the moral fibre and rectitude, erode, dislodging and polluting the society with unacceptable inhuman values.
He said it was also to erode the age-long cultural practices and sacred religious belief system of male and female gender only as created by God Almighty.
Ayibiowu said, that if the commission failed to block, restrict or scrap the same-sex promotional material/contents from Nigeria airwaves, “we shall proceed to seek further redress in pursuit of our goal of saner Nigeria airwaves”.
Federal Competition and Consumer Protection Commission (FCCPC) has promised to review recent price increases in MultiChoice cable subscriptions to ensure subscribers in Nigeria get value for their money.
Recall that the leading pay TV operator, recently announced increase in the subscriptions for its DStv and GOtv packages by at least 25 per cent.
Multichoice announced the increase in tarrifs in a message sent to subscribers on Wednesday and said that the new regime will be effective May 1.
The company stated this in the statement signed by John Ugbe, chief executive officer was titled, ‘Price Adjustment on DStv and GOtv Packages.’
The pay-TV firm cited the rise in the cost of business operations as the rationale behind the price increase.
The company said, “We understand the impact this change may have on you – our valued customer, but the rise in the cost of business operations, has led us to make this difficult decision.
“It remains our mission to provide the best entertainment and viewing experience to you and are committed to continue to deliver high-quality content and unparalleled service. So, from Wednesday, 1 May 2024, the price adjustment will take effect.”
But Adamu Abdullahi, acting chief executive officer, FCCPC, in a chat with Channels Television on its Dateline Abuja programme on Thursday, provided an update on the summons issued to the owner of a Chinese store in Abuja accused of discriminatory and sharp practices.
He also commented on the adherence to the order given to the Abuja Electricity Distribution Company, stating that sanctions are imminent for all verified infractions identified by the agency.
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