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Most recently, the Big Four firm ended its relationship with 10 member firms across francophone Africa. This followed discussions initiated last year after local partners experienced significant business losses, reportedly due to pressure from PwC’s global leadership to cease serving clients considered high-risk. This decision came shortly after PwC parted ways with firms in Zimbabwe, Malawi, and Fiji.

The Financial Times reports PwC is shedding smaller member firms that could pose reputational threats or lack the resources for required compliance investments.

This increased risk aversion follows high-profile scandals involving PwC in China, Australia, and Saudi Arabia, which have occurred under the relatively new global chair, Mohamed Kande. The firm’s scrutiny of its African operations reportedly intensified following the 2021 Congo Hold-Up revelations.

Local leaders in francophone Africa indicated that the pressure to drop clients made operating within the network untenable. Nadine Tinen, former senior partner for the region, acknowledged PwC’s increased caution, noting that risk perception can differ between local and international perspectives.

Approximately half of the former PwC partners in francophone Africa have established two successor ventures, Vinka and Mansa, aiming to maintain professional standards while adapting to local market needs.

PwC released a statement describing the exits as the result of a strategic review. It said: “Following a strategic review, the PwC firms in Côte d’Ivoire, Gabon, Cameroon, the Democratic Republic of Congo (DRC), Republic of Congo (Congo), Madagascar, Republic of Guinea, Senegal and Equatorial Guinea (the PwC Sub-Saharan Francophone Africa firms) have separated and will no longer be part of the PwC network.

“The PwC Network will maintain a strong presence in Africa and has service continuity plans in place for our clients from other PwC offices across the region, as applicable.”