Africa Technology Summit 2023

Africa’s digital economy and industry is coming of age. In the face of political and economic challenges and a global pandemic, digital economy on the continent is booming. 600+ million mobile connections by Africans, with 65 percent via smart phones, are expected by 2025. US$180 billion potential growth in Africa’s GDP by 2025. Between 2020 and 2022, the number of tech start-ups in Africa tripled. Just under half of these are Fintechs, which are making it their business to disrupt and augment traditional financial services. Despite a slow down in funding in line with global trends, we expect significant growth and value creation to lie ahead for the Tech industry in Africa.

Latest research shows that African #fintech is emerging as a hotbed for investment, with average deal sizes growing and the proportion of fintech funding in Africa increasing over the past year, bringing #jobs and growth to African economies. As fintech matures, financial services on the continent are at an inflection point, and several African countries have a significant opportunity to capitalize on the momentum of recent years to unlock further potential in the sector. McKinsey 2022.

Although increased internet access and related infrastructure could have a profound impact across the continent, Africa remains far behind much of the rest of the world in terms of fiber networks and broadband connectivity, spectrum and data centre processing capabilities. Yet digital infrastructure is growing at a rapid rate in sub-Saharan Africa, spurred by strong investment incentives.

The potential for digital growth opportunities in Africa is vast, but it will depend critically on ensuring that digital access is affordable and widespread. This, in turn, will require significant investments and financing.

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