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Book part
Publication date: 10 August 2018

Patrick Ojera

The purpose of this chapter is to identify African financial management practices, highlight their origin and explain how they differ from their Western counterparts. The study…

Abstract

The purpose of this chapter is to identify African financial management practices, highlight their origin and explain how they differ from their Western counterparts. The study identified indigenous African financial practices using literature review, archival sources and library research covering the five areas of Africa comprising Northern Africa, Eastern Africa, Central Africa Western Africa and Southern Africa. The study found out that pre-colonial indigenous African financial management features prevalent use of trade finance, trade credit management, investment management and accounting. While there is also evidence of modification of Western financial management practices to suit African contexts, it is on the whole scarce. This is suggestive of the fact that they were in existence in the first instance. The clear conclusion is that many indigenous African financial management practices pre-dated and foreshadowed their Western counterparts. Yet, it is confounding that this has been largely lost sight of, and both scholars and financial management practitioners depict the former as inferior. There is clearly a need to remedy this situation. Educators need to focus on incorporating ethno-finance concepts into the entire curricula chain from basic to higher education. The anchor point for such curricula is Ubuntu philosophy. Financial management practitioners, on their part, need to shed notions that the indigenous practices are inferior and seek to journalise their day-to-day work experiences to build a body of documented practice.

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Indigenous Management Practices in Africa
Type: Book
ISBN: 978-1-78754-849-7

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Book part
Publication date: 14 December 2020

Ogechi Adeola, Uchenna Uzo and Adedeji Adewusi

The Igbo people of south-eastern Nigeria are generally acknowledged as traders and astute entrepreneurs. Extant literature has investigated the various indigenous practices of…

Abstract

The Igbo people of south-eastern Nigeria are generally acknowledged as traders and astute entrepreneurs. Extant literature has investigated the various indigenous practices of Igbo entrepreneurs that ensure business success. Despite these efforts, knowledge of their financial practices has been limited. This chapter provides insights on the financial practices that are common amongst Igbo micro-entrepreneurs and the immense benefits of the practices. To unravel these practices, in-depth interviews were conducted with 15 micro-entrepreneurs involved in supermarket, spare parts and food items businesses in Lagos, Nigeria. Using a grounded theory approach, four significant financial practices such as rotating financial contribution, deferred financial arrangements, financial settlement practice and financial prudence common among the Igbo micro-entrepreneurs were identified. Based on the findings, relevant recommendations were made for financial educators and the management of modern financial institutions to adapt and incorporate some of these indigenous financial practices in teaching curricula and financial product designs.

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Indigenous African Enterprise
Type: Book
ISBN: 978-1-83909-033-2

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Book part
Publication date: 6 November 2023

Levon Ellen Blue

In this book chapter, I focus on the epistemological, ontological and axiological practice traditions that help to reveal the taken-for-granted assumptions about the management of…

Abstract

In this book chapter, I focus on the epistemological, ontological and axiological practice traditions that help to reveal the taken-for-granted assumptions about the management of trust funds in First Nation communities. Informing this chapter is a qualitative research study involving 11 First Nation community members in Canada who were interviewed. Indigenous ways of knowing, being and doing and the theory of practice architectures are used to identify the cultural discursive, material-economic and social-political arrangements that enable and/or constrain practice. The findings reveal that Indigenous ways of knowing, being and doing collide adversely with trust account decision making due to the duties and obligations guiding trust settlement agreements. The ways in which trust account practices can be transformed to ensure greater alignment with Indigenous ways of knowing, being and doing are outlined.

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Researching Practices Across and Within Diverse Educational Sites: Onto-epistemological Considerations
Type: Book
ISBN: 978-1-80071-871-5

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Book part
Publication date: 16 August 2023

Ogechi Adeola

Africa's history of trade, production and financial services that propelled the continent's economic systems existed long before an era of colonisation commonly recognised as…

Abstract

Africa's history of trade, production and financial services that propelled the continent's economic systems existed long before an era of colonisation commonly recognised as beginning in the nineteenth century. By the time the decolonisation of a majority of African countries was achieved in the mid-twentieth century, the African economic identity had been, to a great extent, relegated by Westernised methods and orientations. Today, Indigenous practices are once again resurfacing in Africa's ongoing search for sustainable development, with increasing calls to resuscitate and incorporate these age-long business orientations. This introductory chapter provides readers with a synopsis of all the themes of this second of a two-volume edited book with a focus on the philosophies and practices of Indigenous businesses, which, if successfully explored and scaled up, would make significant contributions to Africa's economic infrastructure.

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Casebook of Indigenous Business Practices in Africa
Type: Book
ISBN: 978-1-80455-763-1

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Book part
Publication date: 16 August 2023

Lillian Zippora Omosa

Chama microfinance models continue to be a safety net for many rural women in Kenya; however, their financial literacy remains largely unexplored. This study sought to explore the…

Abstract

Chama microfinance models continue to be a safety net for many rural women in Kenya; however, their financial literacy remains largely unexplored. This study sought to explore the financial literacy of women entrepreneurs who are also members of Chama groups in rural Western Kenya, examine the specific indigenous practices and values that educators could draw upon to support and enhance the teaching of financial literacy to women, and also highlight the potential outcome of integrating indigenous knowledge and pedagogies to financial literacy. The study adopted critical participatory action research and African womanism methodology to centre learning on the experiences of rural Chama women. Based on in-depth interviews of six women in Western Kenya, the study found that the women's financial literacy can be explained and demonstrated through their relationships, connections and identity. On specific indigenous practices and methods the study found community engagement, centred learning and discovery learning, as relevant ways of engaging with the women. Integrating values, practices, and methods to inquire about the financial literacy from the Chama women's perspective cultivated an environment that encouraged mutual respect, sharing, participation and learning. Within the context of the findings, the study suggests that it is best to understand the women's financial literacy from their perspective. This study also contributes to knowledge on critical participatory action research and financial literacy from an Africana womanist perspective.

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Casebook of Indigenous Business Practices in Africa
Type: Book
ISBN: 978-1-80455-763-1

Keywords

Content available
Book part
Publication date: 10 August 2018

Abstract

Details

Indigenous Management Practices in Africa
Type: Book
ISBN: 978-1-78754-849-7

Book part
Publication date: 16 August 2023

Ogechi Adeola

Africa's diverse geographic regions are replete with indigenous business knowledge and practices embedded in the traditions, values and culture of the people. Many of these…

Abstract

Africa's diverse geographic regions are replete with indigenous business knowledge and practices embedded in the traditions, values and culture of the people. Many of these practices have been explored in the previous chapters of this book. This final chapter provides viable recommendations for adopting and improving Africa's indigenous business practices and methodologies. We expect that these observations and recommendations will support Africa's educators', business actors' and policymakers' efforts to draw from and apply rich insights from indigenous business knowledge and practices. However, beyond this, we hope that international enterprises operating in the continent can learn about the uniquely African business values and incorporate them appropriately into a context that fits. This concluding chapter, therefore, discusses how these objectives may be achieved.

Details

Casebook of Indigenous Business Practices in Africa
Type: Book
ISBN: 978-1-80455-763-1

Keywords

Book part
Publication date: 16 August 2023

Ogechi Adeola

Africa is a vast, immensely diverse continent with hundreds of local languages, traditions, values, and cultures that shape the lives of its people. The vast resources available…

Abstract

Africa is a vast, immensely diverse continent with hundreds of local languages, traditions, values, and cultures that shape the lives of its people. The vast resources available on the continent present numerous opportunities for economic development and prosperity. The preceding chapters in this volume have explored many of these resources, highlighting the importance of indigenous knowledge in driving sustainable business structures across Africa. This chapter concludes with practical recommendations for implementing and sustaining indigenous knowledge on the continent and building a more equitable and sustainable future for Africa. We anticipate that these observations and recommendations will aid African researchers, government and non-governmental organisations, educators, business actors and leaders, legislators, and the general public in thinking globally but acting locally to advance indigenous knowledge in Africa.

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Casebook of Indigenous Business Practices in Africa
Type: Book
ISBN: 978-1-80262-251-5

Keywords

Abstract

Details

Indigenous Management Practices in Africa
Type: Book
ISBN: 978-1-78754-849-7

Book part
Publication date: 16 August 2023

Ogechi Adeola, Ifedapo Adeleye, Oserere Ibelegbu, Babalola Josiah Olajubu and Isaiah Adisa

This chapter presents case studies that explore the structures of indigenous savings group practices in Nigeria. Indigenous savings groups in Nigeria can be categorised as either…

Abstract

This chapter presents case studies that explore the structures of indigenous savings group practices in Nigeria. Indigenous savings groups in Nigeria can be categorised as either unstructured, semi-structured or structured. These categorisation of savings groups can follow two patterns, which include Rotating Savings and Credit Associations (ROSCAs) and Accumulated Savings and Credit Associations (ASCAs). Through a qualitative case analysis of savings practices in Nigeria, we observed that the indigenous savings groups have similar goals and orientations, though their operating structures differ. The chapter highlighted the relative theme that cuts across these cases, and insightful recommendations are provided for upscaling and adopting indigenous savings groups in Nigeria and Africa. The chapter also discusses the role of government in facilitating savings and credit disbursement to groups. The implications for business actors and the government are highlighted.

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