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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.
Federal Government of Nigeria has marked a significant milestone on Friday, 14th February 2025, by breaking ground for the construction of the Sustainable & Emerging Technologies Institute (SETI).
This institute, under the aegis of the National Agency for Science and Engineering Infrastructure (NASENI), aims to ensure the socio-economic wellbeing of future generations. The groundbreaking ceremony was held at the Bayero University Kano (BUK) New Campus.
Mr. Khalil Suleiman Halilu, Executive Vice Chaiman/Chief Executive Officer (EVC/CEO) of NASENI, during the Ground-breaking ceremony held at the Bayero University Kano (BUK) New Campus said the new institute sits on 30 hectares of the BUK land to be built, featuring state-of-the-art facilities, including innovation hubs devoted to Artificial Intelligence and other cutting-edge technologies, complemented by reliable power supply. “NASENI will fully build and equip and support the new Institute” said the EVC/CEO.
The future of socio-economic development for nations rests on human creativity, innovation and cooperation, Artificial intelligence, robotics amongst others.
Halilu said that the establishment of SETI in Nigeria is to rapidly respond to the waves of young people globally revolutionizing world economies with unprecedented emergence of socio-economic frontiers as by-products of innovations and ingenuities of these young minds.
“We in NASENI are firm believers in the potential of young Nigerians to be the prime catalysts of the type of transformation that Nigeria requires. And we will do everything within our powers to support them to fulfil this important responsibility”
“We are gathered here today to kickstart a project that will transform the lives and careers of future generations of young Nigerians. The Sustainable & Emerging Technologies Institute (SETI), located at the Bayero University Kano (BUK) by NASENI. This is very much in line with our operating principles; what we call our 3Cs: Collaboration, Creation, and Commercialization. These 3Cs are the principles that passionately drive us and guide the work that we do to ensure the industrialization of Nigeria in line with the Renewed Hope agenda of President Bola Ahmed Tinubu.”
SETI will produce innovators, technologists, entrepreneurs who will make their mark not just in Nigeria but around the world. “I’m eagerly looking forward to the day, not too long from now, when the Institute’s first set of beneficiaries will astonish the world with what they’re capable of accomplishing. These stories will put not just BUK on the global innovation map, but also Kano State and the entire Nigeria” said Halilu.
While carrying out the symbolic foundation laying ceremony of the institute as Special Guest of Honour, the Minister of Innovation, Science and Technology, Chief Uche Geoffrey Nnaji, described the project as not only laudable but NASENI’s another way of fast-tracking the placing of Nigeria on the global map of innovation and industrialization. The minister called the project an “ace project” and a pointer to secure a veritable socio-economic development for the nation.
In his goodwill message, the Vice Chancellor of BUK, Professor Sagir Adamu Abbas described the new institute as a vehicle for bringing together the three critical tripods for economic and sustainable development for nations, that is, the government, academia and industry. He described the ground-breaking event as the beginning of Nigeria’s journey in pursuit of sustainable development, massive job creation opportunities for the youths, and that the BUK was delighted to be host to such laudable initiative and momentum.
There is also, in addition to SETI, a second NASENI project for BUK is an Agri-preneurship Training Hub, that will be equipped with modern greenhouses, and facilities for Soil-less Farming, and Tissue Culture; occupying 10 hectares of land at the Old Campus. These projects collectively represent what NASENI stands for, that is, building capacity, advancing industrialization, supporting economic growth and prosperity.
NASENI appreciates the Government and people of Kano State, and the Vice Chancellor, management and students of Bayero University Kano (BUK), for all the support. Special gratitude goes to the Honourable Minister of Innovation, Science and Technology, Chief Uche Geoffrey Nnaji, the Special Guest of Honour.
NASENI thanked members of the National Assembly for their support, especially the NASENI oversight Committees in both chambers. And of course, President Bola Ahmed Tinubu, who has given NASENI the opportunity to serve Nigeria through his unwavering demonstration of commitment to the success of the Agency.
The family of the late chieftain of the All Progressives Congress (APC), Chief Dr. Cairo Ojougboh, led by his wife, Mrs. Bose Ojougboh, marked his one-year memorial anniversary with a series of charitable initiatives aimed at honoring his legacy of philanthropy and service to society.
The memorial activities included the donation of school books and bags to pupils of Erigbe Primary School, in Agbor within the Ika South Local Government Area (LGA) of Delta State, where Dr. Ojougboh had received his early education.
The outreach also included extension of financial assistance to patients at Central Hospital, Agbor, and the provision of toiletries, cash, and food items to children at the Salve Regina Children’s Home, Agbor.
The outreach was carried out under the ‘Dr. Cairo Ojougboh Foundation’, a family-led initiative established to immortalise him and continue his lifelong commitment to education, healthcare, and social welfare.
Speaking during the event which took place recently, Mrs. Ojougboh reaffirmed the family’s dedication to sustaining the ideals of the late APC chieftain, describing him as a man who strongly believed in education and giving back to society.
“We are here to celebrate the life of my husband, Late Dr. Cairo Ojougboh, who passed on a year ago. In his honour, we decided to give back to society.
“He was a man who valued education and was always willing to help others. It is only fitting that we continue his legacy through acts of generosity,” she stated.
Honouring his passion for education
The first visit was to Erigbe Primary School, where Dr. Ojougboh had received his early education. The Foundation distributed school bags, writing materials, and food packs to the pupils. The family encouraged the pupils to take their education seriously and strive to become responsible citizens.
Supporting patients at Central Hospital, Agbor
At Central Hospital, Agbor, Mrs. Ojougboh and her entourage moved through the medical wards, offering financial support to patients to assist with their treatment costs. The hospital staff and beneficiaries responded with prayers and words of gratitude for the kind gesture.
Reaching out to orphaned children
The outreach team also visited Salve Regina Children’s Home in Agbor where they donated cash, food items, and toiletries to the children. The Matron of the home expressed her deep appreciation to the Ojougboh family, commending their commitment to sustaining the late politician’s legacy of compassion and social impact.
Dr. Cairo Ojougboh’s enduring legacy
Reflecting on her late husband’s contributions to society, Mrs. Ojougboh emphasised that his legacy of generosity and service to humanity would not be forgotten.
“Dr. Cairo was a selfless man who touched many lives. His contributions to the Nigerian political landscape, his mark in Agbor Kingdom, Delta State, and the country at large, will always be remembered. He may be gone, but his impact will continue to be felt for generations,” she said.
The Dr. Cairo Ojougboh Foundation has pledged to continue supporting education, healthcare, and social welfare initiatives in his memory, ensuring that his vision for a better society lives on.
Justice Folashade Ogunbanjo of the Federal High Court Abuja has discharged and acquitted Ishaq Kawu Modibbo, former director-general, National Broadcasting Commission (NBC), and Pinnacle Communications Limited.
Ishaq Kawu Modibbo, former director-general, NBC
They were being prosecuted by the Independent Corrupt Practices and other related Offences (ICPC) of charges bordering on the ₦2.5 billion released to Pinnacle Communications under the Federal Government Digital Switch Over (DSO) project.
Delivering judgement on Thursday, Justice Ogunbanjo held that the ICPC was not able to prove the allegations against the defendants.
The judge further discharged the defendants on the grounds that the statements and evidence of the witnesses, could not pin any allegation on the defendants.
She further held that some of the witnesses contradicted themselves, and none of their statements was able to link the defendants to the charge.
According to the judge, while some of the witnesses in their oral evidence, said Lai Mohammed, former Minister of Information, was misled in approving the payment of ₦2.5 billion to Pinnacle Communications Ltd, they failed to render any documentary evidence.
The trial of the former director-general of the NBC lasted for six years.
He and Pinnacle Communications were prosecuted by the ICPC, on a five count amended charge over the release of ₦2.5bn to Pinnacle Communications Ltd, under the approval of Mohammed, under the FG Digital Switch Over (DSO) project.
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