After decades of being considered the ‘dark continent’, Africa is today a place of excitement and opportunity. The globe is looking at us for expansion, with businesses are eager to get into countries such as Kenya, Nigeria and Uganda.
The continent signals growth for several key industries, including banking, consumer goods, infrastructure and telecommunications. According to the GMSA, Africa is the world’s second largest mobile market by connections after Asia and the it’s the fastest growing mobile market in the world!
Tech in Africa has come a long way in a very short period of time. The spread of affordable bandwidth and low-priced hardware have assisted in this development. Technology and innovation now play an important part in shaping and determining Africa’s future.
Mobile is seen as a key enabler to sustaining immediate and future growth, as well as a way to leap ahead when it comes to technology in the developed world. Mobile in particular has assisted in changing lives. An example of this is M-PESA. Launched in 2007 in Kenya, it offers a secure, low cost-cost way to transfer money, pay bills, receive wages and run small businesses. It’s no wonder that mobile is a key area of innovation – if you want to reach the widest distribution in your service then mobile is the way to do it.
Africa accounts for 15 of the top 20 countries by mobile money usage. And with an estimated 80% of adults still unbanked, the potential for growth is enormous.
There is another important factor in the rise of Africa. We need to remember that we have the youngest population in the world, with 4 out of 10 Africans being under the age of 15. The median age is 20. What does this mean for tomorrow? It means a huge workforce and the lowest dependency in the world.
Africa is beginning to enjoy a time of renewed optimism and excitement. A new age has dawned for a continent that has now become the poster child for a hopeful future.