Author name: Dr Maxwell Ampong

In the busy streets of Accra, a young executive assistant enters a local waakye spot. Instead of paying immediately, she enters a code and chooses Credit, a Buy-Now-Pay-Later (BNPL) plan. The cost? Around 40 Ghana cedis, divided over four weeks. It’s a small amount for a simple meal. Yet, in that moment, we catch a glimpse of a quiet revolution reshaping urban life in Ghana. BNPL is now woven into everyday life. It’s no longer just for smartphones or cars; it’s financing school uniforms, groceries, and even basic health treatments. This shift is steadily changing the pace of city living and has given rise to non-banking credit and loan institutions. Admittedly, I run a microfinance enterprise myself, although I am not promoting it as much as my other businesses, yet (www.WellMaxCredit.com). So, believe me when I tell you, the moment people hear an interest rate twice the national GRR, it’s already a yes. Globally, the BNPL industry is expected to surpass US $560 billion in 2025 (FinTech Futures, 2025). In Africa, the model’s appeal is clear: low barriers to entry, mobile-first interfaces, and a generation increasingly comfortable with digital finance (Mastercard BNPL in Africa Report, 2024). However, with opportunity comes risk, and the stakes for African cities are uniquely high. Why BNPL is booming in African cities Three forces are driving the BNPL surge across the continent. Smartphone penetration Affordable devices and mobile internet have given millions access to digital marketplaces where BNPL is baked into checkout processes (Mastercard BNPL in Africa Report, 2024). Informal economies A large share of urban workers operate outside formal banking systems. BNPL offers them flexible, low-friction access to goods and services (McKinsey Informal Economy Trends Report, 2024). Cultural aspirations Rising urban populations, fuelled by a young demographic, are eager to access modern lifestyles, and BNPL makes aspirational spending feel attainable. Companies are tailoring BNPL models for local realities, targeting everything from laptops to fertiliser. Yet, beneath this innovation lies an uncomfortable truth: when we have to access our basic essential purchases through financing, it is a sign that the social fabric is under significant stress. The danger of normalising debt for survival Historically, credit served as a lever for investment, like financing a house, an education, or a business. Today, BNPL is increasingly used for essential spending: meals, work shoes, and utility bills. This shift is subtle but profound. It risks creating a new class of “credit-dependent citizens” whose monthly budgets are built on fragmented, deferred obligations. In Accra, informal surveys estimate that up to 30% of BNPL users have at least three concurrent instalment plans (McKinsey Informal Economy Trends Report, 2024). Many rotate repayments to stay afloat, effectively juggling micro-debts to maintain a semblance of normalcy. Without careful regulation and financial education, this could spiral into systemic fragility. I have discussed this with the Micro-Credit Association of Ghana. There is strong interest in exploring nationwide frameworks for responsible BNPL lending and linking it to broader financial inclusion goals. BNPL’s impact on urban resilience Why does this matter beyond individual households? It’s because financially vulnerable citizens weaken the economic resilience of entire cities. This erosion manifests in multiple, interconnected ways that quietly but decisively destabilise the foundations of urban life. Lower household savings When instalments consistently eat into future income, families are left with little or no capacity to absorb financial shocks. This leaves them vulnerable to emergencies and everyday fluctuations: a rise in food prices, a sick child, or a delayed salary. Over time, this erodes intergenerational wealth as parents struggle to save for their children’s education or invest in long-term goals. Weaker consumer confidence In an environment where BNPL obligations already fragment disposable income, consumer spending becomes reactive rather than strategic. People buy only what they need immediately, often in smaller quantities, which reduces bulk purchases and negatively impacts overall business margins. This volatility makes it more challenging for SMEs to forecast demand, manage inventory, or access credit effectively. Higher mental health burdens The emotional toll of juggling repayments, dodging defaults, and living under constant financial uncertainty is severe. Persistent financial anxiety is closely linked to depression, low self-worth, and in some cases, substance dependency (World Health Organization, 2024). As stress compounds, it can affect productivity at work, relationships at home, and even physical health. Reduced civic engagement Citizens trapped in a cycle of economic survival have reduced time and energy for community life, whether it’s volunteering, attending town meetings, or participating in local initiatives. This undermines social cohesion and trust, both of which are essential for stable, resilient urban environments. Urban fragility doesn’t begin with crumbling roads or traffic congestion. It begins with individuals forced to navigate daily life without the essential cushion of financial security. Cities flourish when people can plan, invest, and dream. Unchecked BNPL dependency transforms ambition into anxiety and undermines the fundamental concept of sustainable urban development. Policy interventions: Building healthy credit ecosystems BNPL is not inherently bad. It can be a powerful tool for inclusion if managed wisely. However, like any powerful tool, it requires guardrails, feedback loops, and a deep understanding of how it interacts with vulnerable communities. African regulators, FinTechs, civic leaders, and even educators must collaborate to shape an ecosystem that balances access with protection. Cap effective interest rates Some BNPL models mask high fees as “service charges.” These add up quickly, especially when users carry multiple loans. Transparency must be enforced. Clear legal definitions should distinguish between service fees and disguised interest. Policymakers should mandate disclosure of the total cost of credit, perhaps in local languages, using examples that reflect everyday purchases. Mandate plain-language contracts Contracts must be readable at a secondary school level and structured so that the most critical terms (interest rate, penalties, duration) appear upfront. A consumer should not need a lawyer to understand a loan agreement. Regulators might also explore using iconography and simplified “credit scorecards” so customers can compare offers like they do prepaid bundles. Integrate repayment data into credit bureaus A well-managed BNPL repayment history

In Accra, the price of a kilo of tomatoes is up nearly 40% compared to last year. Inflation may be easing, but at 22.4% in March 2025, everyday costs still bite hard. Friends in London tell a similar story: although the UK’s official inflation rate has fallen to 2.6%, most people don’t feel any richer; their wages haven’t really kept pace, and bills continue to climb. In the US, inflation is slightly lower at 2.4%, but that hasn’t stopped rents, healthcare costs, and the endless drip of monthly subscription fees from squeezing wallets thin. No wonder we mutter the same phrase from Kumasi to Kensington: “Nowhere cool.” That phrase has become a kind of shorthand, a way to sum up the shared, simmering frustration that something is out of balance almost everywhere. It reflects not just economic discomfort but something deeper. There is a global unease with how modern life is structured. The cost of living is only part of the story. Beneath it runs anxiety about precarity, systems under strain, and a growing sense that today’s cities, even in their gleaming modernity, aren’t built for human thriving. Why BNPL Signals a Deeper City Crisis. Something unusual is happening in how we pay for everyday things. In the UK and US, you can now buy a simple burger and split the cost into about four payments. It’s not just for fashion or tech anymore. Basic meals and even concert tickets are increasingly being paid for in instalments. At this year’s Coachella festival, around 60% of general-admission tickets were bought on credit through Buy-Now-Pay-Later (BNPL) services. That whole BNPL sector is expected to cross $560 billion globally this year. BNPL can help people manage tight budgets, yes, but if you need a loan to have dinner, it’s a warning sign. It means more people are living on borrowed comfort, not actual security. In African cities, BNPL is growing fast too. It’s powered by mobile phones, informal jobs, and the pressure to keep up. But here’s the concern: if credit becomes the main way to feel included or “modern,” we’re building cities on shaky ground. True dignity shouldn’t rely on debt for basic needs. We need systems that let people thrive without stretching their wallets to breaking point. Persons of Concern: the club no one queued for. Once used to describe refugees, the term Persons of Concern (POCs) is quietly expanding to include teachers, nurses, and even software engineers. It now includes anyone living a paycheque away from arrears. It now includes everyday hardworking people who find themselves increasingly poorer and poorer, year after year, through no fault of their own. When survival dominates the lives of 60% of a city’s residents, innovation, ambition, and investment all falter. What makes this shift more concerning is how invisible it is. Many POCs wear the mask of normalcy. They show up to work, smile at clients, and meet KPIs, all the while quietly rationing electricity, skipping meals, or delaying essential health checkups. The social contract weakens when middle-income earners become the working poor. The Three-pillar antidote In 2018, I argued that African cities must become: 1. Regionally Productive 2. Worldwide Connected 3. Self-Reliant The framework still holds. However, the stakes are higher now, so it is important that we unpack these pillars again through a 2025 lens. 1. Regional Productivity Productivity doesn’t just mean more output. It means useful output in sectors that matter, at scales that are inclusive, and with systems that reward long-term value. • Ease borders inside the border. Ghana ranks fairly well for starting a business, yet contract enforcement and customs friction drag GDP. World Bank simulations suggest that streamlining these could lift national output by up to 2%. Businesses in Kumasi shouldn’t face more red tape sending goods to Accra than they would exporting to Abidjan. • Skill up, spin up. Intra-African trade has reached $192 billion. There’s robust demand for goods made and branded on the continent. Yet our technical training systems often lag. There is a huge difference between a local skilled artisan and a local export-ready manufacturer. Yet, the gap is actually narrower than we think. We can bridge this gap, but only with the right support systems like maker spaces, certification hubs, and co-investment from diaspora networks. • Localise supply chains. Cities must cultivate internal resilience. If 80% of a hospital’s PPE must come from abroad, then every border shock becomes a health crisis. Regional production hubs, especially for essentials like food, medicine, and construction inputs, are both strategic and economic priorities. 2. Worldwide Connectivity Africa has often been plugged into global systems only as an extraction point. Examples are mining, raw exports, and data harvesting. But AfCFTA changes the game. It creates a platform for cities to negotiate their integration terms. Thirty-seven African states are shipping under AfCFTA’s Guided Trade Initiative. Digitised customs, harmonised standards, and single-origin certification let businesses comply once and then access 54 markets. Cities that plug in early will enjoy network effects down the line. But connectivity also means digital. Broadband penetration in some African capitals remains under 50%. Without reliable, affordable internet, everything from fintech inclusion to remote learning collapses. Urban investment must include fibre optics and public access points as basic infrastructure. Let’s not forget cultural exports: Nollywood films, Ghanaian music, and Francophone fashion. These connect the continent to global youth culture. Policies should help creative industries formalise, scale, and retain ownership. 3. Self-Reliance Africa still produces only around 80% of the food it consumes. But we have tools like AI-driven fertiliser maps, solar-powered cold chains, drought-resilient seeds, and many others. Urban-centred “agro-rings” could shield populations from price shocks and retain value locally. This is where decentralised infrastructure becomes key. Imagine a circular economy that doesn’t just recycle plastic but repurposes organic waste into biofertiliser for peri-urban farms. Or rooftop gardens on housing estates linked to local feeding programmes. This can happen in real life, not just in sci-fi movies. Self-reliance also includes energy. With falling solar prices and battery innovation, cities can aim to power health clinics, schools, and

So, you’re in love with an entrepreneur. That’s great. Truly. Good for you! Entrepreneurs are passionate, driven, visionary, and often a little nuts. Before you walk down the aisle, you need to understand what you’re truly signing up for. This isn’t just about late nights and high ambitions; it’s about chaos, communication, cash flow challenges, and continuous reinvention. This is a reality check, whether you’re male or female. When you marry an entrepreneur, you’re not just marrying the person; you’re embracing the mission, the business, the stress, the uncertainty, the odd bursts of inspiration at 3 a.m., and the occasional existential meltdown in the kitchen. Let’s talk about what that really means. 1. You’re Marrying a Person and a Business. Entrepreneurs don’t leave work at the office. For most entrepreneurs, work is life. Is that good or healthy? Probably not. But is that the reality of the situation? Definitely!  There’s no “off” switch, no end-of-day mental logout. Even on vacation, they’re still half-planning something, half-solving something, and half-worrying about something. You don’t just get the partner; you also get the project. And here’s the catch: whether or not you signed up to be a co-founder, you are one. Maybe not legally, but emotionally, logistically, and often financially. You’ll be asked for advice, patience, feedback, understanding, space, encouragement, perspective, and sometimes all in one day. And when things fall apart, you’re often the one helping to pick up the pieces. It doesn’t sound fair, but it is what it is. It’s not about control; it’s about partnership. However, this partnership can feel unbalanced unless both individuals are aware of what’s happening. So ask yourself: Do you want to be part of building something that isn’t yours but is deeply tied to your life? If the answer is yes, that’s beautiful. If it’s no, have that conversation now – not five years later. 2. Chaos is Part of the Package. Entrepreneurship is organised chaos… on a good day. On the not-so-good days? It’s sheer mayhem. There’s no guaranteed paycheque. There is no clear distinction between “that was a good decision” and “we just blew 20K testing something that flopped.” It’s trial and error, again and again, with high stakes and often no safety net. I am saying it as it is. If you’re someone who craves routine and predictability, this may push your limits. Although your entrepreneurial spouse may appear calm at dinner, they are likely mentally juggling supplier issues, investor doubts, and a half-broken ad campaign that is burning cash. And yes, it affects home life. It’s not intended to, but it does. Entrepreneurs often dwell in their thoughts, which means they’re sometimes physically present but mentally far away. Unfortunately, the stress of the business doesn’t remain at the office because the office is usually their phone, their laptop, their mind. This means it’s everywhere. This isn’t a justification for being distant or irritable. Instead, it offers context. If you’re marrying an entrepreneur, anticipate some degree of turbulence, regardless of whether you’re male or female. Don’t take every bad mood personally. We apologise in advance on behalf of all of us in this situation. We don’t intend to be difficult, but at times, the stress overwhelms us. 3. Communication is the Make-or-Break Skill. Entrepreneurs are skilled communicators, though not always with their loved ones. We are trained to pitch. We are fluent in selling ideas, convincing investors, and explaining visions to strangers in 90 seconds. But emotional honesty? Vulnerability? Slowing down to check in instead of rushing to fix things because we are used to getting to fixing things? That is a different language, and not every entrepreneur speaks it well. At home, that gap becomes evident quickly. Misunderstandings accumulate. Unexpressed stress festers. Your partner may assume you “get it” without ever specifying what “it” is. Consequently, you might begin to feel like a supporting character in a movie that never stops filming. Here’s the truth: communication in a marriage isn’t optional – it’s oxygen. Especially when one of you is living in startup mode. Without open, regular, honest conversations, things get weird. Fast. Statistically speaking, poor communication is a leading cause of marriage failure. It isn’t money. It isn’t cheating. It’s silence. It’s drifting apart. It’s two people who are talking yet not connecting. So, talk about everything: the wins, the worries, and the things you’re not saying. Make it normal, not dramatic. If you both can master that, you’ll overcome much more than just the business rollercoaster. 4. Money Will Be a Thing, for Better or for Worse. There’s no other way to say it: marrying an entrepreneur means money WILL be a factor. Whether there’s not enough of it yet or there’s a lot of it, both situations can be stressful. If your partner is still building, anticipate dry spells, fluctuating income, and plenty of “just one more month” optimism. You might be covering bills while they’re reinvesting every dime. You may feel as though their dream is prioritised over your financial security. And that tension is real, not just a trivial complaint. Now, if they have “made it” and the money is flowing, great! But don’t be dazzled by the numbers. A million-dollar house might come with a million-dollar mortgage. That shiny new car might be leased against next month’s projections. The question isn’t only “What do you own?” It’s also “What do you owe?” So here’s my advice: before you say “I do,” inquire about the liabilities, the loans, the burn rate, the debts. Do this not in an accusatory manner but in a way that conveys, “We’re in this together,” because you are in it, whether you like it or not. Many people get distracted by the glow-up and overlook the fine print. Don’t be one of them. 5. Success Changes Things, Including Them. People don’t talk enough about how success doesn’t fix everything. Sometimes, it breaks new things. When an entrepreneur finally hits their stride, the money starts flowing, the brand continues to grow, and