Check Business Sustainability Practices

The African continent is fast becoming a hub for global investments in financial services, energy generation, goods manufacturing, sanitation and waste management, real estate development, construction, agro-processing, IT development, media and entertainment amongst several others.



Consequent to this, African governments urgently need to move beyond promoting investments and creating favourable local business climates that are conducive for foreign direct investments. 


I think it is more imperative and welfare-enhancing to build and maintain institutions that effectively and sustainably regulate business practices as well as protect consumers and the environment. 


For instance, while the recent growth in the financial services sector, powered by vibrant indigenous and foreign-vested fintechs, has increased competition and innovation in the financial services sector, more is to be desired with respect to compliance with global best practices. 


A survey of customer reviews of some foreign-vested financial service providers indicate a proliferation of shaming practices, nuisance marketing, poor relationship management, customer privacy abuses, threat strategies, and outright exploitation. These may be due to poor regulation of unscrupulous firms in the industry.


We can pursue the macroeconomic objectives of economic growth and employment generation, while also prioritising institution building and consumer protection for sustainability. We should work to ensure businesses esteem human right standards and global best practices.


#Nigeria

#Africa

#financialservices

#fintechs

@UN Global Compact

#businessclimate

#sustainability

#sustainabledevelopment


Photo credit: UN Global Compact


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