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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.
Bright Echefu, chief executive officer, Telecom Satellites Limited (TStv), and three co‑defendants appeared before the Federal High Court in Abuja yesterday on an amended twelve‑count indictment brought by the Economic and Financial Crimes Commission (EFCC). The charges allege money laundering, tax evasion, and investment fraud involving approximately ₦1 billion and $1.3 million.
Bright Echefu, chief executive officer, TStv
In addition to Echefu, the defendants are TStv Executive Director, Felix Igboanuga, Telecom Satellites Limited itself, and Briechberg Investment Ltd.
According to the April 5, 2025, amended charge sheet the EFCC accuses the quartet of defrauding Mr. Tanimu Turaki, Managing Director of Kalsiyam Global and former Minister of Special Duties, alongside BYI General Limited, out of a combined investment of ₦1 billion and $1.3 million. The commission has also included a ₦66 million alleged tax default.
The revised indictment lists:
Count 2: ₦33,909,542.47 in unremitted Company Income Tax
Count 3: ₦13,519,382.00 in unremitted VAT
Count 4: ₦19,488,860.00 in unremitted PAYE
Counts 5–12: Various fraud‑related transactions, including ₦380 million from Kalsiyam Farm, ₦400 million from BYI General Ltd and $1.35 million in loans secured under false pretences.
All defendants pleaded not guilty once again. At the hearing before Justice Mohammed Umar, Echefu’s lead counsel, Senior Advocate Eyitayo Fatogun, informed the court of ongoing settlement discussions with the complainants.
“There are moves to settle this matter and there was a meeting on Saturday between myself and the Nominal Complainant as it is about investment,” Fatogun stated.
“The Defendants have paid some money and I was thinking that the matter be adjourned for report of settlement.”
EFCC counsel A.S. Tomwell confirmed receipt of those payments but emphasized the necessity of entering a plea before considering any adjournment. The court thus ordered the formal reading of the charges and adjourned the trial to October 15, 2025.
The government of Ghana has ordered MultiChoice Ghana to reduce DSTV subscription costs by 30%, noting the significant appreciation of local currency and growing dissatisfaction with current rates.
This comes as Nigeria Data Protection Commission (NDPC) has fined MultiChoice Nigeria ₦766,242,500 for breaching the Nigeria Data Protection Act (NDPA).
According to Mr Babatunde Bamigboye, head Legal, Enforcement & Regulations, NDPC, the investigation, which commenced in the second quarter of 2024, was triggered by suspected breach of privacy rights of Multichoice subscribers and illegal cross-border transfer of personal data of Nigerians.
MultiChoice, which operates across Africa, continues to lose revenue and subscribers.
Ghana’s minister of communication, digital technology, and innovation, Samuel Nartey George, made the call last week during a meeting with a DSTV team led by Dr. Keabetswe Modimoeng, group executive for regulatory and corporate affairs.
According to a ministry statement, George said the government’s responsibility is to respond to Ghanaians’ concerns over high DSTV pricing and outdated content offers.
The Minister pointed out that despite a 30% increase in the cedi’s value over the past five months; DSTV prices have not reflected the positive economic trend.
The statement went on to say the minister is therefore calling for a 30% price reduction to match the cedi’s appreciation and to pass on economic benefits to consumers.
According to the statement, while MultiChoice has implemented promotional packages, people prefer a direct price reduction over temporary discounts.
George said feedback from public engagements revealed that many users are dissatisfied with DSTV’s content, describing it as outdated save for Premier League football. They also believe that the current cost is not justified.
”To address the concerns, he said MultiChoice Ghana has until July 21 to formally respond to the government’s request. The Minister expects a concrete proposal by this date, allowing time for further engagement before the end of July,” the statement said.
In response, Dr. Modimoeng acknowledged the government’s concerns and expressed gratitude for the opportunity to dialogue.
The MultiChoice team reacted positively to the minister’s request and committed to provide input by July 21st. They emphasised the need of balancing public interest and business sustainability.
This is the continent’s latest pricing conundrum for the pan-African pay-TV business, following fee disputes with Nigerian and Malawian authorities.
In Ghana, the demand for price cuts comes as MultiChoice is under pressure, having lost revenue and subscribers in the financial year that ended March 31, 2025. Last month, the company announced its financial year-end results.
In a statement to shareholders last month on the Stock Exchange News Service, the company said the past two financial years have been a period of significant financial disruption for economies, corporates and consumers across Sub-Saharan Africa due to challenging macro-economic factors.
Combined with the impact of structural industry changes in video entertainment, such as the rise of piracy, streaming services and social media, this has materially affected the overall performance of the MultiChoice Group, it noted.
Over this period, MultiChoice said the group lost 2.8 million active linear subscribers and had to absorb a R10.2 billion negative impact on its top line due to local currency depreciation against the US dollar.
For the year, the company reveals that linear subscribers were down 1.2 million, or 8% year-on-year, to 14.5 million active subscribers, with the loss evenly split between South African (600 000) and rest of Africa (600 000).
Nigeria Data Protection Commission (NDPC) has fined MultiChoice Nigeria ₦766,242,500 for breaching the Nigeria Data Protection Act (NDPA).
NDPC is a public institution that processes data in furtherance of its mandate as Nigeria’s data protection authority and relies on recognised lawful bases for data processing, such as consent, legal obligation, and contract.
The fine was contained in a statement signed by Mr Babatunde Bamigboye, head Legal, Enforcement & Regulations, NDPC.
According to him, the investigation, which commenced in the second quarter of 2024, was triggered by suspected breach of privacy rights of Multichoice subscribers and illegal cross-border transfer of personal data of Nigerians.
“The NDPC found, among others, that Multichoice violated the data privacy rights of subscribers and their friends who are not necessarily subscribers.
The Commission also found that Multichoice carries out illegal cross-border transfer of personal data relating to data subjects in Nigeria.
The depth of data processing by Multichoice is patently intrusive, unfair, unnecessary, and disproportionate.
This is a grave affront to fundamental right to privacy as enshrined in Section 37 of the 1999 Constitution of the Federal Republic of Nigeria.
In line with its standard remediation procedure, the Commission directed Multichoice to carry out appropriate remedial measures.
However, the Commission found the measures undertaken by Multichoice in this regard unsatisfactory.
For want of cooperation, the Commission has directed Multichoice to pay ₦766,242,500 for violating the Nigerian Data Protection Act.
“Nigeria is entitled to protect her citizens and data sovereignty under both international and extant municipal laws, as these have far-reaching implication for rule of law, national security, and economic growth.” the statement said.
Babatunde also revealed that, Vincent Olatunji, national Commissioner, NDPC, has directed that all outlets through which Multichoice is collecting personal data of Nigerian citizens should be investigated for non-compliance.
He added that any outlet that processes personal data in violation of the NDP Act is liable to penalty under the Act.
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