PROPHETS OF PROFIT
The Business of Belief: Inside Africa’s Multi-Billion-Dollar Faith Industry
Faith has become one of Africa’s fastest-growing and most controversial industries — a world where hope, money, and miracles collide. Across the continent, thousands flock to megachurches each week, many giving millions in pursuit of healing, prosperity, and divine favor. What began as a spiritual movement has evolved into a powerful economic force, fueling a multi-billion-dollar faith-based industry that blends religion, commerce, and influence in unprecedented ways.
From designer-suited prophets to million-dollar prayer crusades, the “cash-for-prayers” phenomenon raises tough questions about faith, accountability, and the true cost of belief in modern Africa.
By Ancillar Mangena | Photos by Motlabana Monnakgotla | Updated November 2025
The Theater of the Faithful
The scene is a strange and unsettling experience, repeated at countless crusades across the continent. At this one, Walter Magaya's event at the Pretoria Showgrounds, the crowd sings and dances as the Zimbabwean founder of Prophetic, Healing and Deliverance (PHD) Ministries takes the stage.
Suddenly, a soul-rattling chill is accompanied by shrieks. A woman, seemingly possessed, runs through the congregation speaking in a strange language. "Leave me, Leave me!" she screams, as ushers shepherd her to the front. From the stage, Magaya booms, "Come out, come out," attempting to command the demons he believes are inside the frantic woman. She vomits. Soon, 50 more people are screaming, rolling on the ground, and vomiting.
This is the theater of the faithful, where charismatic leaders are welcomed like rock stars, drawing hundreds to airports and packing stadiums, all in the hope of a miracle.
The Business of Belief
This is more than worship; it's a thriving, multi-billion-dollar business. The commercialization of churches is arguably one of the fastest-growing industries on the continent, turning spiritual leaders into tycoons.
While Zimbabwe’s economy has faced severe challenges for years, the World Bank and IMF project a positive outlook for 2025 with GDP growth expected to reach 6%. Despite this projected recovery, many citizens still face financial hardship, creating fertile ground for prosperity gospels. Thousands offer what little money they have in hope of riches and health, calling it "partnerships" or "sowing a seed" to receive a blessing.
A Look at Nigeria's "Pastorpreneurs"
Nowhere is this industry more prominent than in Nigeria. David Oyedepo, founder of Winner's Chapel, presides over a vast empire that includes the 10,500-acre Canaanland complex, two universities, and a publishing house. His estimated net worth in 2025 is between $180 million and $200 million.
Chris Oyakhilome, founder of Christ Embassy, has a global media empire that includes television stations and a monthly devotional that sells millions of copies. His net worth in 2025 is estimated to be between $50 million and $150 million.
These religious empires have stirred public debate, particularly as their leaders' opulent lifestyles, complete with private jets and luxury cars, stand in stark contrast to the poverty experienced by many of their followers who fund these ventures through tithes and offerings.
Prophets and Prosperity
Many of these leaders are unapologetic about their wealth. Magaya has previously stated: "I don't see anything wrong with people in ministry living a good life because they represent the largest corporation (Kingdom of God) on the earth."
This "prosperity gospel" teaches that financial blessing is a sign of divine favor, and that donations to the ministry are "seeds" that will yield a manifold return. Critics argue that this theology enriches church leaders at the expense of their often vulnerable followers, operating without transparency or financial accountability.
When questioned about financial oversight, Magaya claims he is accountable to a financial director and that he himself has no direct access to the ministry's accounts. "I created a team which governs me... If I go to [the financial director] and ask for $20,000 to give to someone, they know how God speaks, I have trained them, they will give me that money," he explained.
Financial directors within these organizations insist that every penny is accounted for and that decisions on the pastor's salary and benefits are made by a board. However, the opaque nature of these structures often leaves followers and the public with more questions than answers.
Controversies and Broken Promises
The world of prosperity preaching is rife with scandal. After years of facing various accusations, Prophet Walter Magaya was arrested in Harare on November 1, 2025, on multiple reports of rape and fraud. The arrest by a specialized police unit marks a dramatic turn for one of Zimbabwe's most influential religious figures. This follows a history of legal troubles, including a 2024 High Court ruling that put his hotel and stadium at risk of being sold to settle a US$420,000 debt, and a 2025 court case seeking to liquidate his personal estates.
Another prominent figure, Malawian prophet Shepherd Bushiri, led one of Southern Africa's largest churches before his empire crumbled amid legal challenges. Facing charges of fraud and money laundering in South Africa, Bushiri and his wife fled the country in 2020 after being granted bail.
After a lengthy legal battle, the High Court of Malawi blocked their extradition on October 31, 2025, ruling that the lower court's decision was flawed and that the couple's right to life outweighed the need for them to face trial, citing safety concerns. Bushiri continues to maintain his innocence, recently accusing South African authorities of attempting to solicit a bribe from him.
Beyond the high-profile cases are countless stories of personal devastation. Zimbabwean single mother Amanda Tshuma shared her experience of leaving the Catholic Church for a Pentecostal one in search of miracles. "Every Sunday, the pastor would tell us to give money in tithe and offerings and also seed so that God can bless us," she says. "I seeded almost everything I had."
After two years, her life became unbearable. "I had debt and couldn't afford food or a place to stay and I got kicked out," says Tshuma. When she sought help from the church, she says the pastor refused to even let her sleep there. "I left the church because I don't know who is after my money and who wants to help me go to heaven."
The State Wades In
As controversies mount, governments across Africa are taking notice. The debate has shifted from whether to regulate these powerful religious bodies to how.
- In South Africa, the Commission for the Promotion and Protection of the Rights of Cultural, Religious and Linguistic Communities (CRL) continues its long-running investigation into the commercialization of religion. In October 2025, it launched a new ad hoc committee to develop a self-regulatory framework for the Christian sector, with recommendations expected to be submitted to Parliament.
- In Kenya, the government has taken more drastic steps following the 2023 Shakahola massacre, where hundreds of cult members died. In July 2025, the Cabinet approved sweeping reforms, and the resulting Religious Organisations Bill, 2024, is now undergoing public participation. The bill proposes a government-appointed Religious Affairs Commission and stricter registration rules, but has faced strong opposition from religious leaders who call it a threat to freedom of worship.
These moves highlight the growing tension between protecting religious freedom and preventing the exploitation of the faithful, a challenge authorities across the continent are now forced to confront.
David (Solar Sales)