African billionaire heirs are making their mark in philanthropy

For many years philanthropy and Africa have been marred by the images of poor African children, starvation and refugees fleeing war-torn zones. However, if you live on the continent, you will know that it’s a vibrant and colorful place that has its challenges like all geographic locations. Some of the images that have plagued Africa have been real, but they do not tell the holistic story.

As the world has evolved, so has Africa. With a lot more homegrown wealth and an increase in millionaires and billionaires on the continent, we have seen the introduction of African foundations created and led by African families, African family offices and African family businesses. Africa has one of the fastest-growing markets of high net-worth individuals, and many of these individuals are becoming entrenched in sustainable philanthropy.

You may ask, “Where is this money coming from?”

According to a report authored by AfrAsia bank in 2021, the total private wealth held in Africa was standing at $2 trillion as of December 2020. In addition to this homegrown wealth, according to the World Bank, Africa diaspora remittances being sent home were about $48 billion in 2020.

With all this money being found on the continent in its various forms, we are beginning to see African giving becoming the norm and pushed forward by the spirit of Ubuntu.

Ubuntu (Zulu pronunciation: [ùɓúntʼù]) is a Nguni Bantu term meaning, “humanity.” It is sometimes translated as, “I am because we are.” Ubuntu is essentially about togetherness and how all of our actions impact others and society.

In Africa, this culture and way of life permeates to everyday gestures in the course of life. In the past, it applied to family, friends and community members, but now we are seeing it expand to a broader audience and in various ways. African philanthropists are looking towards impact and addressing issues they experienced or their communities experience in a way that changes the narrative and creates opportunities for their recipients.

Most notable about the giving is that the conversation is not only being led by the African founders or matriarchs and patriarchs, but next-gens are also equally putting in their weight and names to giving and impacting. Some of the notable next-gen givers are:

• Florence “Cuppy” Otedola, and the Cuppy Foundation. Cuppy is the daughter of billionaire Femi Otedola. The Cuppy Foundation tackles child protection and education issues for girls and persons with disabilities (minorities). Cuppy has spearheaded several initiatives, such as her “Cuppy Takes Africa” tour in 2015 in partnership with Guarantee Trust Bank and the Dangote Foundation. She has also personally paid for multiple students to go to university in Nigeria and worked with various organisations such as the Global Citizen, Royal Commonwealth Society, and the Save The Children Initiative, where she raised over $13 million.

• Elizabeth Tanya Masiyiwa, the daughter of Strive and Tsitsi Masiyiwa, is an executive director at Delta Philanthropies. Delta Philanthropies is a UK-registered charity founded by the Masiyiwa family and governed under the UK Charity Commission. Its strategic pillars include education, health, rural transformation and sustainable livelihoods, disaster relief and preparedness. Its impact has seen millions of dollars being put into creating a difference, and according to their website, it has impacted over 15 million people and counting.

• Halima Aliko Dangote is a trustee for the Dangote Foundation. The foundation has become the largest private foundation in Sub-Saharan Africa, with the largest endowment by a single African donor. The foundation is interested in health, education, empowerment and humanitarian relief.

• Naguib, Samih and Nassef Sawiris all sit on the Sawiris Foundation for Social Development board, a charity that provides microcredit to Egyptian entrepreneurs and grants scholarships to outstanding Egyptian students in tertiary institutions.

• A most notable next-gen founder and philanthropist is Mohammed Dewji. The Tanzanian billionaire joined the Giving Pledge, promising to give away at least half of his wealth to philanthropic causes. Dewji’s Mo Dewji Foundation focuses on three areas: health, education, and community development. Over five years, the Mo Dewji Foundation has spent more than $3 million in grants and other forms of funding for community service projects, supporting schools, hospitals and wells.

As we can now see, philanthropy is no longer just a buzzword. The global pandemic has highlighted why philanthropy is essential, especially when people are left marginalised. And Africa’s families have heeded the call and put their charitable giving to use. Next-gens being the key to continued giving, when they actively participate and lead the charge, they start exploring sustainable solutions in regions they are familiar with and communities they live amongst. It’s well worth seeing how the next-gens will drive the philanthropic future of the continent.

Through this work, we will see the values and vision of the various financial leaders of the continent and the future stewards of their wealth.

Tsitsi Mutendi is a co-founder of African Family Firms, an organization that aims to facilitate the continuity of African family businesses across generations. She is also the lead consultant at Nhaka Legacy Planning and the host of the Enterprising Families Podcast.