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.
As part of its commitment to promoting a healthier and more resilient banking workforce, the Association of Corporate Affairs Managers of Banks (ACAMB) is organizing a special Aerobics Fitness Session on Saturday, May 31, 2025 at the Lagoon Front of the Eko Atlantic City.
The session is open to all bankers and marketing communication professionals within the industry and will feature a lineup of fun and energizing activities aimed at boosting physical and mental wellbeing.
With stress levels and burnout on the rise in high-pressure sectors like banking, ACAMB is taking, as it has done over the years, proactive steps to encourage lifestyle habits that support overall wellness and productivity.
Participants will begin the morning with a body warm-up and short walk to get their energy flowing, followed by an exciting dance aerobics session designed to elevate heart rates and lift spirits.
The day will continue with interactive fitness games that promote movement and team bonding, and will wrap up with a friendly but motivating fitness challenge to inspire healthy competition and personal bests.
“Bankers are vital to the financial ecosystem, and their wellness must be a priority,” said Rasheed Bolarinwa, President of ACAMB.
“This aerobics session is a powerful way to foster a culture of health, team bonding, and preventive care. It reflects our belief as ExCO that a strong mind and body, are essential for long-term professional excellence.”
The session is expected to kick off early in the morning to take advantage of the fresh morning air, allowing participants to start their weekend with energy, movement, and connection. It also presents an opportunity to unwind and build camaraderie amongst colleagues outside the traditional office setting.
This initiative is one of several wellness-focused programms ACAMB is rolling out to reinforce the importance of employee wellbeing in corporate and marketing communication and the broader banking ecosystem.
The Association of Corporate Affairs Managers of Banks (ACAMB) is the recognized professional association for marketing communications and public affairs executives in Nigeria’s banking industry.
ACAMB drives ethical communication standards, promotes internal and external stakeholder engagement, and supports member banks in advancing reputation, trust, employee growth and wellbeing.
Broadcasting
DStv Makes History: Inducted into Brand Africa Hall of Fame as Africa’s Most Admired Media Brand
DStv, Africa’s leading entertainment platform, has been officially recognised as the #1 Most Admired African Media Brand in the Brand Africa 100 | Africa’s Best Brands 2025 rankings.
This recognition also sees DStv inducted into the prestigious Brand Africa Hall of Fame, a distinction reserved for iconic African brands that have significantly shaped the continent’s global image and competitiveness over the years.
The announcement was made at a high-profile ceremony hosted at the United Nations Economic Commission for Africa (UNECA) in Addis Ababa, where leaders from across the African media and branding landscape gathered to honour the continent’s most impactful brands.
Launched in 1995, DStv has evolved from a digital satellite television pioneer into a content powerhouse, transforming the African viewing experience through continuous innovation, investment in local content, and a deep commitment to telling African stories.
“This honour reflects the incredible journey we’ve taken with our audiences across Africa. Being named Africa’s most admired media brand and joining the Brand Africa Hall of Fame is not just a celebration of where we’ve come from—it’s a reaffirmation of where we’re going.
“Our commitment to local storytelling, cultural authenticity, and innovation remains stronger than ever.
“We are proud to be a brand that not only entertains but uplifts and connects Africans through stories that matter.” States Calvo Mawela, Group CEO of MultiChoice.
Each year, the Brand Africa 100 survey identifies the most admired brands across the continent, based on independent research conducted in over 30 African countries, representing over 85% of Africa’s population and GDP, with more than 150,000 brand mentions and 5,930 unique brands.
The rankings are compiled through a rigorous process led by research partners including GeoPoll, Kantar, Integrate, and Analysis, making it the only pan-African, research-led and non-commercial brand equity study of its kind.
DStv’s induction into the Hall of Fame further cements its position not just as a media brand, but as a cultural force that continues to shape narratives and inspire pride across Africa. Through its investments in local productions, partnerships with African creators, and focus on quality storytelling, DStv remains at the forefront of Africa’s growing creative economy.
DStv was also honoured with the same top recognition in 2024, reinforcing its consistent excellence and enduring connection with audiences across Africa. Since its launch 30 years ago with just 16 channels, DStv has evolved into a dynamic content powerhouse, offering a rich mix of local productions, global entertainment, and integrated streaming options.
Today, it serves millions of households across the continent, delivering hundreds of channels and platforms that reflect the diversity, creativity, and aspirations of African viewers.
Broadcasting
The Silent Killer of Great Companies: A Guide To Why Your Processes Will Break (and How to Fix Them)
By Tolulope Obianwu
Every high-growth company experiences a moment when its engine sputters—quietly at first. Emails slip through cracks, customers wait too long, and once-smooth systems start breaking under pressure. This rarely looks like failure; it feels like chaos.
Tolu Obianwu
The truth? Your team didn’t fail. Your process did.
More accurately, the process you never designed to scale.
I’ve led operations and strategy at some of Africa’s fastest-growing fintech companies, building teams and systems that power complex payment infrastructure. And I’ve seen it repeatedly: velocity hides inefficiency—until it doesn’t.
This isn’t just a fintech problem. It’s a scaling problem. And if you’re a founder, operator, or builder, this article is your early warning: poor process doesn’t announce itself. It accumulates, silently, until your best people are fighting fires they didn’t start.
So, before things break, let’s talk about what makes processes fail, and what it takes to build operational structures that scale with your ambition.
DO NOT Confuse Speed with System: Startups are built on hustle. That’s part of the magic. But hustle without design leads to fragile outcomes. What works when you’re a 5-person team becomes a burden when you’re 50. Manually sorting payments, ad-hoc decisions, Slack approvals; these shortcuts become operational debt.
DO THIS INSTEAD:
Build systems early. They don’t have to be perfect, but they must be repeatable. Even lightweight process maps give your team breathing room and build investor confidence.
DO NOT Build Around Individuals: We romanticise “indispensable” team members; the only person who knows how X works. But hero-driven execution is unsustainable. When your process depends on one person being online, awake, or available, you’re not building a company. You’re gambling on burnout.
DO THIS INSTEAD:
Document workflows, spread context, and make knowledge transfer part of your onboarding and offboarding. Structure should outlive talent.
DO NOT Mistake Micromanagement for Control: I’ve seen it too often: leaders respond by inserting themselves into every decision when processes start breaking down. It’s understandable, but counterproductive. Micromanagement is not a fix. It’s a symptom.
DO THIS INSTEAD:
Create trust frameworks. Use process audits, not pressure. Empower teams with clear guardrails, not constant approvals. The goal of an exemplary process isn’t control – it’s clarity.
DO NOT Design for the Happy Path Only: Most processes look beautiful on paper until real users, real edge cases, and real stress tests come in. If your refund process fails when the volume spikes or your reconciliation breaks on public holidays, that’s not a people problem. It’s a design flaw.
DO THIS INSTEAD:
Anticipate failure. Ask “What could go wrong?” Run simulations. Processes must bend without breaking. That’s true resilience.
DO NOT ignore the Role of Culture: Even the best-designed processes die in hostile environments. If your culture rewards shortcuts, ignores documentation, or treats processes as bureaucracy, nothing will stick.
DO THIS INSTEAD:
Make ‘process’ a language, not a punishment. Celebrate people who fix broken steps. Tie operational excellence to career growth. Culture is what makes a process sustainable.
DO NOT Launch Processes Without Data Loops: If you’re not tracking turnaround times, errors, or usage, you’re not managing a process; you’re just hoping it works.
DO THIS INSTEAD:
Instrument every stage. Set KPIs that matter. Let data flag inefficiencies before customers feel them. A great process isn’t just followed – it’s monitored.
Final Thoughts
The truth is: every fast-growing company outgrows its old ways of doing things. There comes a time when velocity alone can’t carry the vision anymore. That’s inevitable. What isn’t inevitable is being caught off guard when it happens.
If you’re building for scale, process isn’t a bottleneck; it’s your runway. The best systems don’t slow people down; they let good teams move faster, with clarity and confidence.
Don’t wait for failure to expose what structure could have prevented it. Build deliberately. Review often. Automate what you can. And above all, make sure your process is strong enough to carry the weight of your ambition.
Because in the long run, it’s not speed that wins.
It’s the ability to move fast, without breaking yourself.
Tolulope Obianwu is a highly experienced professional in operations and technology strategy and currently is Head, Core Operations at TeamApt Ltd
Uche Uzoebo, SANEF CEO Makes Case for More Financial Inclusion Strategies Targeting Women
Survey Reveals Marketing Leaders See Strong Potential in gTLDS Despite Knowledge Gap
UK Minister for Africa Visits Nigeria to Deepen Strategic Partnership
Hydrogen, Lagos State Touch Thousands of Business Owners with “Healthy Heart, Healthy Business” Outreach
ACAMB Champions Bankers Wellness with Aerobics Fitness Session
E-Financial3 days agoSEC Alerts Public on Silverkuun, Trending Dubious Investment Schemes
Telecom3 days agoGlo, Huawei, Communications Ministry Bring Digital Services to Abuja Village
General News3 days agoTripoint Travels Hosts Pre-GEC Brunch for Nigerian Delegates Ahead of Global Entrepreneurship Congress 2025
News3 days agoPalmPay Launches CSR Initiatives to Empower Women, Foster Financial Literacy in Northern Nigeria
E-Financial3 days agoAfrica Cross-border Payments Set to Hit $1 trillion by 2035
Telecom3 days agoExperts @ ABoICT 2025 Warn of Digital Disaster Risks in Nigeria Without AI Governance
General News2 days agoUche Uzoebo, SANEF CEO Makes Case for More Financial Inclusion Strategies Targeting Women
E-Financial3 days agoSANEF, CIBN Partner to Expand Agency Banking Certification