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Business Insider
25-05-2025
- Business
- Business Insider
Top 7 fastest-growing tech cities in Sub-Saharan Africa, 2025
This shift is driven by regional demand for digital solutions, the rise of tech hubs and incubators in African tech cities, investment in digital infrastructure, and innovative entrepreneurship The 2025 Global Tech Ecosystem Index by spotlights 7 Sub-Saharan African cities as "Rising Stars" among the world's fastest-growing tech ecosystems. These cities stand out for their innovative prowess and digital advancements, tailored to meet local and regional demands in their various host nations. Emerging from a vast region of 48 countries, their success demonstrates global recognition and stakeholder trust in their business and entrepreneurial environment. Based on key metrics like venture capital inflows, startup ecosystem value, unicorn creation, and research-university partnerships, the rankings position these 7 cities as leading innovation hubs for startups and business ventures, highlighting the region's robust growth prospects and dynamic business practices across various sectors. Notable cities driving this transformation include Lagos, Nigeria, recognized as the world's fastest-growing tech ecosystem, with a thriving startup scene and significant investment inflows. dealb Nairobi, Kenya, is another innovation and entrepreneurship hub, with a strong focus on fintech, healthtech, and e-commerce. Cape Town, South Africa, also boasts a thriving tech ecosystem, emphasizing fintech, cybersecurity, and artificial intelligence. Additionally, Johannesburg, South Africa, is a major tech hub, with a diverse range of startups and innovation centers. Kampala, Uganda, is also emerging as a key player, with a growing startup scene and increasing investment in digital innovation, cementing these cities' roles as key players in Africa's rapidly evolving technological landscape. Top 7 fastest-growing tech cities in SSA Here's a spotlight on Sub-Saharan Africa's top 7 fastest-growing tech cities in 2025 and the companies driving their growth: Rank Country Tech Companies Sector 1 Lagos, Nigeria Flutterwave , Jumia, OPay, Moniepoint, Paystack, Andela, Paga, Konga, TeamApt, Interswitch, Paymob and Okra. Fintech and E-commerce 2 Johannesburg, South Africa TymeBank, VALR, Ozow (formerly i-Pay), Pineapple, Enko Education,HyperionDev, Showmax, Liquid Telecom Fintech, Entertainment and Telecoms 3 Kampala, Uganda Ensibuuko Technologies, Billbrain Technologies, Jentroy Uganda, KaCyber Technologies, RideOk and SafeBod Fintech, IT services & Consulting, 4 Dakar, Senegal Wave, InTouch, Yobante Express, Sen'Espaces and ICT4D Fintech, Logistics and Delivery 5 Accra, Ghana Nsano, mPharma, ExpressPay, Hubtel and Youper Fintech and E-commerce 6 Nairobi, Kenya Safaricom, M-Pesa, Ushahidi, Kilimall, BitPesa, Spiro and Twiga cHives Fintech, Telecoms and E-commerce 7 Cape Town, South Africa Yoco, Aerobotics, Global Kinetic, Rock8, Luno and OobaPay Fintech and Robotics The 2025 Global Tech Ecosystem Index reflects Africa's accelerating momentum in the global innovation space. From Lagos to Cape Town, it's clear that countries within the sub-saharan are forging their own path, driven by digital ingenuity, entrepreneurial grit, and the energy of a young, determined population. Lagos, ranked as the fastest-growing tech ecosystem globally, exemplifies this shift. Despite economic challenges, Nigeria's tech sector thrives, producing industry leaders like Flutterwave, Interswitch, Jumia, Moniepoint, and OPay, valued at over $1 billion each. Other African cities are also making significant strides. Nairobi excels in fintech and clean energy, Cape Town leads in AI, biotech, and health tech, and Kigali, Kampala, and Dakar are gaining recognition for their inclusive digital ecosystems. These hubs are becoming convergence points for investors, developers, academia, and policymakers, fostering sustainable tech innovation.
Bloomberg
21-05-2025
- Business
- Bloomberg
Lagos Startups Lure 42% More Funding, Defying Slowdown in Africa
Startups in Nigeria's commercial hub of Lagos attracted 42% more investment last year, as the presence of businesses such as Flutterwave Inc. and Interswitch Ltd. showcased the city's appeal as a hub for new enterprises. Companies in Lagos raised $252 million last year, up from $178 million in 2023, according to the Netherlands-based research firm
Zawya
21-05-2025
- Business
- Zawya
Industry leaders and investors convene at Africa Tech Summit London to unlock global capital for African tech ventures
The 9th Africa Tech Summit London, taking place at the London Stock Exchange on June 6th 2025, aims to facilitate access to global capital for African tech ventures. Supported by partners including Amazon Web Services, London Stock Exchange, Fincra, Flutterwave, Tola Mobile, Bank of America, the UK Department for Business and Trade, Payaza Africa, Wimbart, and TLP Advisor, the summit is set to welcome over 350 investors, founders, and industry leaders to discuss how African ventures can scale globally, navigate new economic realities, and unlock funding. High level speakers from organizations playing a significant role in accelerating investment flows across Africa including; Helios Investment Partners, Cassava Technologies, Novastar Ventures, Deloitte, Goodwin, and Catalyst Fund, will share insights and unpack the latest on capital raising and IPOs, Generative AI, Global Payments, the Web3 Landscape, Digital Identity, Cross-Border Trade, the Africa Funding Resurgence, Future Trends, and more. The African startup ecosystem has shown remarkable resilience and innovation despite a slowdown in funding since 2022. According to Africa: The Big Deal, last month alone, startups across the continent raised $343mn, marking the second-best April on record since 2022. On the other hand, startups raised $803mn between January and April 2025, a 43 per cent increase from $563mn raised in the same period last year. Economic uncertainties have created a volatile economic environment in the region, negatively impacting investment flows. However, investor confidence is returning, with over 225 unique investors participating in deals so far this year. If the trend continues, total funding is projected to surpass the 2024 figures. 'This is a critical time for African ventures,' said Andrew Fassnidge, Founder of Africa Tech Summit. 'The funding taps may have slowed, but the appetite for scalable, impactful African solutions hasn't gone anywhere. We aim to connect ventures with global investors and capital markets at the London Stock Exchange next month. In a complex, shifting economic landscape, we need bold conversations, real opportunities, and capital that moves.' The Africa Tech Summit London investment showcase continues to provide a platform connecting leading African tech ventures and investors. This year, 13 ventures offering solutions across SAAS, Fintech, Legal, Healthtech, HRTech, Blockchain, Payments, Climatetech, and Cybersecurity have been selected and they include: Blockradar (Africa) offers a wallet-as-a-service product that provides fintechs with secure, scalable wallet infrastructure to power stablecoin transactions. Blueroomcare LTD (Nigeria) is breaking barriers in mental health care by tackling stigma, improving access, and making therapy more affordable for Nigerians. Build Africa (Nigeria) leverages AI to make it affordable for property builders and owners to construct homes across Africa. CtrlFleet (South Africa) is a one-stop shop for the logistics and freight industry, offering a complete suite of tools designed to streamline operations and enhance efficiency. Lawyered Up (South Africa) leverages Artificial Intelligence (AI) to solve the inefficiency of traditional legal processes, making legal support more accessible, efficient, and affordable for SMEs and startups. MyItura (Nigeria) is solving the problem of fragmented, inaccessible, and unaffordable healthcare by providing individuals with a seamless way to consult doctors, access tests, order medication, and manage health records. NotchHR (Nigeria) is an HR and people management software that simplifies and automates HR processes for businesses of all sizes. NjiaPay Group (South Africa) is a payments-as-a-service provider that simplifies payment processes for online businesses across Africa. Pika Insights (Nigeria) provides real-time market intelligence on informal commerce in emerging markets and informal retail sectors. Rafiki (South Africa) combines custom-built software with embedded expert and talent services to help flexible teams collaborate, contract, and get paid instantly. Smartfill Ltd (South Africa) is increasing food affordability and reducing plastic pollution by eliminating single-use plastic and unnecessary packaging through smart IoT-enabled dispensers. straitPay (Pan African) is simplifying intra-African payments and boosting the flow of funds across African countries. WALLX Africa (Nigeria) addresses B2B payment fraud issues such as payment diversions and unauthorised transactions using PayCodes. To join the conversation at the ninth Africa Tech Summit London, register here About Africa Tech Summit Africa Tech Summit London connects tech leaders from the African ecosystem and international players under one roof, at the London Stock Exchange. Network and do business with tech corporates, investors, leading ventures, and industry stakeholders, driving business and investment forward. Following three consecutive sold-out years, the ninth edition will convene on June 6, 2025.
Business Mayor
07-05-2025
- Business
- Business Mayor
Africa's billion-dollar opportunity (Tech Startups)
When we talk about the 'next frontier' in tech, the conversation is often global, but increasingly, it should be African. A quiet revolution is underway across the continent, driven not by legacy corporations but by bold, resilient startups solving real-world problems. In these bustling tech hubs from Lagos to Nairobi, Africa's billion-dollar opportunity is no longer a distant dream; it is becoming a vibrant reality. Walk through Yaba in Lagos, Nigeria's own 'Silicon Lagoon', and you can feel the pulse of innovation. Startups here are not simply replicating Silicon Valley models; they are reimagining them for African realities. Fintech companies like Flutterwave and Chipper Cash are leapfrogging traditional banking systems, while health tech startups such as 54gene are bringing genomic research closer to African needs. Agriculture, education, logistics, energy… there's hardly a sector untouched by the ingenuity of Africa's entrepreneurs. Africa's startups are born out of necessity. In places where infrastructure gaps persist, entrepreneurs are creating solutions that are mobile-first, cost-effective, and community-driven. It's the classic 'frontier market' mindset: limited resources catalyse limitless creativity. This resilience is now paying off, attracting global venture capital at unprecedented rates. In 2021 alone, African startups raised over $5 billion! A record! And still just scratching the surface of potential. More than investment figures, it's the quality and vision of these startups that inspire optimism. They are building businesses that not only make profit but also solve pressing societal challenges. From access to clean energy to democratised education, Africa's entrepreneurs are proving that profitability and purpose can, and must, coexist. Read More South West tech companies to watch in 2023 - Business Live One of Africa's greatest assets is its youthful, dynamic population. By 2050, one in four people on the planet will be African. This demographic dividend (if harnessed through education, mentorship, and investment) could fuel a golden era of innovation. Already, we see incredible talents emerging, from coders graduating from Andela to tech founders backed by Y Combinator. However, talent alone isn't enough. To unlock the full billion-dollar opportunity, we must ensure access to tools, networks, and markets. Building stronger startup ecosystems, complete with incubators, accelerators, venture funds, and regulatory support, is critical. Governments, private sector leaders, and global partners must work together to create an environment where startups can not just survive but thrive. Of course, challenges remain. Infrastructure deficits, policy uncertainty, access to capital outside major hubs, and limited international visibility still hinder many startups. But therein lies the opportunity: for those willing to invest time, capital, and expertise, Africa offers not just returns but the chance to help build a more inclusive global economy. We need more 'bridge builders'! Individuals and institutions that connect African startups to global capital, talent, and markets. It is time to move from extractive investment models to collaborative partnerships that prioritise long-term, sustainable growth. The future of African tech startups hinges on a few key pillars: • Local investment: More African-led venture capital and angel networks investing in homegrown solutions. • Digital infrastructure: Reliable internet, payment systems, and cloud services accessible even in rural areas. • Policy support: Governments creating startup-friendly policies that encourage innovation and reduce bureaucratic red tape. Read More Circit changes paper trail to digital breadcrumbs - Business Plus • Global collaboration: Diaspora networks, multinational companies, and foreign investors playing enabling roles, not extractive ones. Africa's billion-dollar startup opportunity isn't just Africa's to seize; it's the world's opportunity to engage with. The next Flutterwave, the next Paystack, the next global unicorn could be brewing right now in a co-working space in Nairobi or Kampala or Accra. It's time to listen, to learn, to invest, and to build. Because when Africa wins, the world wins.
IOL News
05-05-2025
- Business
- IOL News
Black entrepreneurs: powering Africa's equitable industrial revolution
In a world grappling with inequality and climate crises, Africa's inclusive model could light the way—not just for the continent, but for all. Image: File Africa faces a stark paradox. With youth unemployment soaring—50% in South Africa alone—and a population projected to double to 2.5 billion by 2050, the continent teeters on the edge of crisis or transformation. Can black-owned enterprises, long stifled by systemic exclusion, ignite an industrial revolution that marries growth with equity? The evidence says yes. From Nigeria's fintech pioneers to South Africa's green energy innovators, black entrepreneurs are forging a path defined by local ingenuity and sustainable impact. Yet, their potential remains throttled by structural barriers. This piece dissects the problem, uncovers root causes and charts a pragmatic course forward—because Africa's future demands nothing less. 'Africa's future lies in the hands of its entrepreneurs, who turn challenges into opportunities for inclusive growth,' says Akinwumi Adesina, President of the African Development Bank. That vision is unfolding now. Black-owned businesses are not waiting for permission to reshape Africa's economy. They're driving it: Nigeria: Paystack and Flutterwave, black-founded fintechs, process over $10 billion annually, digitizing commerce for millions. • Kenya: Twiga Foods links 100,000 smallholder farmers to markets, slashing food waste by 30% and lifting incomes. • Ghana: PEG Africa's 100,000+ solar installations by 2022 have electrified rural homes, creating 1,000 jobs. • South Africa: Kiara Health, a 100% black-owned pharmaceutical firm, employs 200+ and produces affordable medicines, tackling healthcare gaps. In South Africa, black industrialists generated R80 billion in 2023, yet their footprint is dwarfed by opportunity: black ownership in manufacturing and energy languishes at 8.5%. Continent-wide, SMEs—many black-led— fuel 80% of jobs but just 20% of GDP. This mismatch screams inefficiency. Scaling these enterprises could turbocharge growth, but only if we address the chokeholds. The barriers are not accidents—they're legacies. In South Africa, Black Economic Empowerment policies limp along, with black ownership in key sectors stuck below 10%. Capital is a choke point: black entrepreneurs secure just 15% of venture funding compared to white peers, with Ghanaian SMEs 30% less likely to get loans and Nigerian firms crippled by 20% interest rates. Infrastructure is another shackle. Rural Kenyan firms spend 15% of revenue on generators due to erratic power. In South Africa, shoddy transport networks strand township businesses. A 2022 study pegs infrastructure deficits as slashing SME productivity by 40% across sub-Saharan Africa. These burdens hit black entrepreneurs hardest. Africa's industrial lag mirrors past upheavals. Britain's Industrial Revolution churned out wealth but starved workers until cooperatives and reforms—like the 1844 Rochdale Pioneers—shared the gains. Japan's postwar boom hinged on inclusive policies—small business support and rural investment—that turned scarcity into strength. Contrast this with Africa's extractive colonial model, where resources flowed out and locals were left sidelined. Today's black-owned firms flip that script. South Africa's Bio2Watt biogas plant, black-led, powers 4.5 MW and funnels 20% of profits into local schools. Kenya's Lake Turkana Wind project ties community benefits to its 310 MW output. Globally, Chile's indigenous mining co-ops channel wealth locally. These aren't anomalies—they're principles: inclusion drives resilience. Africa's industrial leap must embed this lesson, or risk repeating history's mistakes. Black entrepreneurs wield technology as a battering ram. Nigeria's fintech duo, Paystack and Flutterwave, globalize SMEs. Twiga Foods' digital platform cuts agricultural losses by 25%. PEG Africa's solar grid lights up Ghana's fringes. In South Africa, Bio2Watt's green energy model hints at a 2-million-job renewable sector by 2030. Take Thandiwe Nkosi of Kiara Health. With a modest loan, she launched a pharmaceutical firm in 2010. Against funding rejections and regulatory mazes, she built a 200-strong team producing vital medicines—proof of what's possible when talent meets tenacity. Her story isn't unique; it's a signal. Dreams need scaffolding. Here's how to build it: • Capital: Launch a pan-African VC fund for black-owned SMEs, backed by equity guarantees to de-risk investment. • Skills: Seed township incubators for tech and green industry training. • Zones: Supercharge SEZs with tax breaks for black-led firms in pharma and renewables. • Ownership: Mandate 51% black stakes in strategic sectors—wealth must stay local. • Trade: Use AfCFTA to catapult black firms into regional supply chains. Picture this: by 2040, township micro-factories churn out solar panels, owned by the workers who run them. A KwaZulu-Natal steel co-op funds roads; a Ghanaian textile hub thrives on artisan equity. Black-led innovation doesn't just grow GDP—it redefines it, cutting urban sprawl and positioning Africa as the world's ethical production hub. In a world grappling with inequality and climate crises, Africa's inclusive model could light the way—not just for the continent, but for all. But physics needs force. Africa's governments, banks and citizens must dismantle the barriers—capital scarcity, skills gaps, infrastructure rot—that choke this future. Black entrepreneurs have lit the spark. Policymakers, investors, citizens—will you fan it into a blaze or let it flicker out? Nomvula Mabuza is a Risk Governance and Compliance Specialist with extensive experience in strategic risk and industrial operations. She is an MBA candidate at Henley Business School, South Africa. Nomvula Zeldah Mabuza is a Risk Governance and Compliance Specialist with extensive experience in strategic risk and industrial operations. She holds a Diploma in Business Management (Accounting) from Brunel University, UK, and is an MBA candidate at Henley Business School, South Africa. Image: Supplied BUSINESS REPORT
