Global accounting giant PwC has withdrawn from more than a dozen countries, citing increased reputational risks and limited profitability, in a strategic move aimed at streamlining operations and reinforcing compliance.
The firm, part of the “Big Four” accounting networks, has formally severed ties with 10 of its member firms across francophone Africa.
The exit, finalized earlier this month, marks one of PwC’s most significant regional pullbacks in recent years. According to insiders, the decision followed prolonged internal tensions and business declines, as local partners faced mounting pressure from global leadership to disengage from high-risk clientele.
This move comes shortly after PwC ended its affiliations in Zimbabwe, Malawi, and Fiji — steps consistent with a broader risk mitigation strategy.
A person familiar with the matter revealed that smaller member firms were increasingly seen as potential liabilities due to their limited capacity to meet PwC’s rigorous compliance standards.
One former partner with oversight of compliance at PwC noted that despite generating lower revenues, the African region had drawn disproportionate attention from the global leadership, underscoring concerns about corruption and transparency risks in several countries.
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The push for reform follows a series of high-profile controversies. In China, PwC’s local affiliate faced a six-month audit ban after authorities accused the firm of concealing fraud involving real estate conglomerate Evergrande.
Meanwhile, in Australia, a tax partner’s misuse of confidential government data led to a major political fallout. In both cases, PwC’s international leadership intervened and replaced local executives to stabilize the firm’s reputation.
The firm’s ability to serve major clients in some jurisdictions has also been curtailed. Notably, it is currently barred from working with Saudi Arabia’s sovereign wealth fund for a year.
Former PwC francophone Africa leader Nadine Tinen, who now heads a new independent venture called Vinka, explained the rationale behind the regional split. She exclaimed that PwC has become more risk averse citing persistent global perceptions of corruption and governance issues in several African states.
Tinen’s new firm, Vinka, seeks to replicate Big Four standards while tailoring its services to regional dynamics. Another offshoot, Mansa, focuses on tax and legal services through a decentralized network of local firms. Together, they have attracted around half of PwC’s former partners in francophone Africa.
“The way risk is viewed in Africa often differs depending on whether you’re based locally or abroad,” Tinen remarked, highlighting the disconnect between global corporate governance frameworks and regional business realities.
Despite the regional exits, PwC emphasized that it remains committed to maintaining a strong footprint in Africa. The firm stated that contingency plans are in place to ensure continued service delivery for its clients across the continent.