Technology in Africa
Driving Innovation Across the Continent
Fintech & Unicorns:
African fintech continues to gain global attention, as Moniepoint (2024) and TymeBank (2024) join the billion-dollar club alongside Flutterwave (2021), OPay (2021), and Chipper Cash (2021)[2][3]. These companies address crucial gaps in mobile payments, cross-border remittances, and micro-lending, driving financial inclusion across the continent.
Innovation Hubs:
Cities such as Lagos, Nairobi, Cape Town, and Kigali are hotspots for tech accelerators, where ambitious entrepreneurs tackle local problems with globally scalable solutions[4]. For example, iHub in Nairobi has nurtured startups across various sectors, including healthtech, agritech, and edtech[5].
Digital Inclusion:
With mobile penetration on the rise, even remote communities are accessing e-commerce, healthtech, and edtech platforms[6]. The Partnership for Digital Access in Africa (PDAA) aims to double internet connectivity in Africa from 40% to 80% by 2030, connecting one billion people[7].
Data & Connectivity:
A surge in 4G and 5G infrastructure investment is lowering data costs and boosting internet speed. However, only 11% of Africa is covered by 5G, compared to the global average of 51%[8]. Governments and telecom giants collaborate to expand coverage, nurturing future-ready tech ecosystems equipped for AI and IoT innovations.
Opportunity for Investors:
As Africa's working-age population expands, global venture capital sees immense potential in energytech, agritech, and AI-based solutions that meet the continent's unique needs[9]. The Mastercard Foundation has committed over $770 million to digitally empower young people in Africa[7].
