[Africa Tech Review] Nixon Kanali: Digital economy to reach $712 billion by 2050
09-06-2022 14:23:27 | by: Nixon Kanali | hits: 12139 | Tags:

Africa’s digital economy continues to show massive potential accelerated by strong market fundamentals and the impact of the COVID-19 pandemic. According to a new report from Endeavor Nigeria, the leading community of high-impact entrepreneurs in Nigeria released this week, the ecosystem is expected to reach $712 billion by 2050.

The revelation came at a time when a number of tech companies in the continent continue to invest in talent. In Kenya, Huawei this week upped the tempo of absorbing more Kenyan technology professionals by kicking off its national recruitment drive as its business continues to grow requiring additional local talent. The Chinese tech giant also urged Kenyan institutions of higher learning to raise the level of investment that they put into research and to build stronger, deeper private sector partnerships to grow the country’s digital innovation pipeline.  At the same time, Digital Cooperation Organization (DCO) and the Smart Africa Alliance (SA) signed a Memorandum of Understanding to advance the digital transformation of the continent.

This week, GreenHouse Capital announced the 13 African startups that have been selected for Microsoft scale-up accelerator program. Nigerian fintech startup Indicina announced it has raised $3 million in seed funding round to foster its commitment to the credit value chain. Constant Ventures, a part of the Constant Group, launched a $100 million venture capital fund to invest across a range of technology startups with a focus on financial inclusion, education and healthcare. Kenyan digital pharmacy network Maisha Meds reached  1,000 active facilities, making it one of the largest digital pharmacy networks in sub-Saharan Africa while Sendy entered into a new partnership with Google to empower small and medium businesses in Kenya, South Africa and Nigeria through the Google Hustle Academy Bootcamp program.

In South Africa, embedded finance enabler Ukheshe Technologies announced the launch of the very first tap-on-phone payment solution that requires no certifications.Hello Pay launched a Business Solution package to support SMEs. Eversend, a Ugandan fintech startup providing cross-border money transfers for Africans and Africans in the diaspora also rebranded.Nigerian EdTech startup Afrilearn emerged as the only Nigerian startup to join the latest cohort of the UNICEF Venture Fund.Swvl this week also announced that it is pausing its daily and city to city rides in Kenya.  

PayU, the online payment service provider operating in 50 emerging markets, this week announced that it is strengthening its foothold in Africa with expansion into Ghana.

Dimension Data this week announced the appointment of Alan Turnley-Jones as Chief Executive Officer (CEO) for MEA, effective from 1 June 2022.Meta appointed Kendi Ntwiga, a distinguished leader in the ICT Global Head of Misrepresentation. Ntwiga is the Former Country Leader at Microsoft Kenya, a position she relinquished in April 2022.

Africa Data Centres, part of the Cassava Technologies Group, a pan-African technology group, this week announced it is building a 30MW data centre facility in Accra, Ghana.

Other top highlights of the week include SAP introducing its Sustainability Solution Strategy for customers on the African continent at an event in Johannesburg, SIM and IoT solutions provider Workz being identified as one of the top five eSIM platform providers in the world for the second year running and MFS Africa, Africa’s digital payments network, announcing it has reached an agreement to buy US-based tech company Global Technology Partners (GTP).

Nixon Kanali is the Tech Editor for Africa Business Communities.