Ifeoma brings to Global Citizen two decades of experience in brand management, sales, business development, and media across Africa. Most recently, she served as Executive Director Commercial at Chemical and Allied Products PLC (CAP PLC), where she led her team to more than triple the company’s business since 2021. Prior to that, Ifeoma held key leadership roles at Procter & Gamble Nigeria and Cadbury Nigeria, where she was instrumental in driving growth in both companies.

A passionate advocate for women and girls, Ifeoma is the author of two books, ‘The Uncommon Woman’ and ‘Made for MORE’, and the founder of online platform the Uncommon Woman Movement, which is aimed at supporting career women to achieve greater impact and fulfillment. She also serves as Non-Executive Director on the board of FINCA Microfinance Bank Nigeria, focusing on economic growth and financial inclusion of the world’s most vulnerable people.

Ifeoma holds a degree in Economics from the University of Jos, Nigeria, and has received a number of accolades, including the Exceptional Leader of Excellence Award from the Global Women Economic Forum.

Mpho Kanakang, a resident of Soweto, needed quick financial assistance during an unexpected emergency. With traditional banks out of reach and formal credit providers unable to serve him due to his high-risk profile, he turned to an unregistered lender—a Mashonisa—believing it was his only option.

What started as a solution to his immediate problem quickly spiralled into a cycle of debt and distress. “Instead of solving my problems, it created a cycle of debt and intimidation that I couldn’t escape,” Mpho recalls. The lack of transparency around interest rates and repayment terms resulted in mounting fees that left him trapped and overwhelmed.

Mpho’s story is unfortunately not unique. Many consumers in peri-urban and township areas are left with no choice but to resort to illegal lenders when they cannot access credit from registered providers. These unregulated Mashonisas often operate outside of any consumer protection laws, exposing vulnerable individuals to exploitative practices.

This is precisely why MicroFinance South Africa (MFSA) is calling for an urgent review of pricing and fees in the formal credit industry. While it might seem like a technical debate, the reality is that the unreviewed fees are forcing legal credit providers to shut down, leaving more consumers like Mpho to fall prey to illegal operators.

“The ongoing delay in reviewing rates and fees is not protecting consumers as intended. Instead, it’s driving registered credit providers out of the market, which only strengthens the foothold of illegal Mashonisas,” says MFSA CEO, Leonie van Pletzen.

MFSA strongly believes that a balance must be struck—where the fees charged by regulated providers are both fair to consumers and sustainable for the businesses offering credit. As it stands, the current structure is making it nearly impossible for legal providers to operate viably. This is not only pushing responsible lenders out of the market but also reducing financial inclusion and consumer protection.

“We’re not just calling for a pricing review for the sake of it,” adds van Pletzen. “We’re highlighting how the lack of a formal review is creating a void that illegal lenders are stepping into, which further exploits our communities.”

While the NCR is working hard to enforce action against illegal credit providers, their resources are limited. MFSA is urging stakeholders, community members, and consumers to assist the NCR in identifying and reporting illegal lending activities. “The NCR cannot fight this battle alone. It’s a collective effort to protect our most vulnerable citizens from the harm these unregistered lenders are causing.”

MFSA continues to advocate for a more balanced credit market that allows regulated providers to serve consumers effectively, ensuring that people like Mpho have access to safe and responsible credit options without having to resort to dangerous alternatives.

“We need to ensure that the formal credit market is sustainable so that consumers are not left at the mercy of Mashonisas,” concludes van Pletzen. “By working together, we can create a financial ecosystem that genuinely serves and protects the interests of all South Africans.”