Events that Shaped Africa’s Technology scene in 2019

By December 30, 2019 News

Africa’s tech scene has just exploded. The time to get started in Africa’s tech scene is now monkeypesa will bring you updates on whats happening in real time. Follow the MonkeyPesa YouTube Channel

 

IPO’s:

a) Jumia was the first company that operates largely in Africa to IPO on a US based stock exchange (NYSE). The company IPO’d at about $24 but is currently trading at $6.14 as of close of business on 30th Dec 2019 according to https://finance.yahoo.com/quote/JMIA/. The company was founded in 2012 and is building the bulk of Africa’s ecommerce landscape.

With the recent investment in interswitch by Visa, we may see another IPO in the near future which will undoubtedly be the start of a break through.

WESTERN AFRICA

West Africa is quickly becoming the Hub for African tech and Nigeria is spearheading the rise of technology in Africa. Some of the companies that shaped Nigeria (West Africa’s) Growth;

  • Kobo360 raised a $30 million line of credit in Debt and equity led by Goldman Sachs
  • OneFi: Nigerian fintech startup OneFi had a strong year as it set out on the road to becoming a full digital bank. The company raised US$5 million in funding in March, and the same month boosted its financial services offering with the acquisition of fellow Nigerian fintech startup Amplify.
  • ROK, the African film studio and international TV network led by Mary Njoku, wife of IROKO chief executive officer (CEO) Jason Njoku, and incubated by IROKO since 2013.
  • Flutterwave:

EAST AFRICA

East Africa was at some point becoming the king of fintech with the birth and explosion of MPESA by Safaricom in Kenya. However by 2018, the trend had changed, there was a shift from Eastern to western Africa. This could be because of several reasons but the largest being the population boom in Nigeria.

There are a few companies to watch out for in East Africa however. Some of these could include;

  • Safeboda: Ride hailing app that started in Uganda now operating in Kenya and launching in Rwanda.
  • Bitpesa: The company based in Kenya raised $15 million in financing.
  • Chippa Cash: Now With over 500,000+ downloads on google play store
  • Eversend: Is Africa’s first neobank for Africans anywhere in the world
  • DusuPay: The sponsor of the DusuPay Warriors Rugby team in Uganda has attracted several multi-million dollar corporations expanding to Africa

SOUTH AFRICA

Southern Africa is now rated 2nd to Nigeria in Tech. For the first time ever Nigeria raised more money than South Africa in terms of external funding.

Things to expect from African tech in 2020:

  1. Start-ups leap into Africa’s informal economy
  2. More funding. Africa is on map now. Some people now consider Africa as Asia’s Asia.
  3. More consolidation: Tech is consolidating, we see a few companies doing everything. We foresee Africa taking the same direction

 

With the details above, clearly Africa is undoubtedly on the rise. For entrepreneurs, investors and bankers, now is the time to invest

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