"Mobile and cloud may be
global technologies, but African start-ups have explored their
functionalities, shaped their applications and used them to build
differentiated business models suited to their markets." continues Vanguard.
They have created new and uniquely African technologies that speak to their lifestyles and complexities, using the infrastructure as a base to deliver key services in ways the rest of the world would never have thought to. To us, this is what it means for technology to be innately African.
No one has ever doubted that Africa has a thriving entrepreneurial spirit.
Despite sub-Saharan Africa being one of the most challenging regions to launch a business. In the 2017 Global Entrepreneurship Index, ranks it highest in ‘Opportunity Perception’. What this means is that a large percentage of the population can (and are) identifying and starting good businesses, despite regulatory, environment and infrastructural burdens.
This is what makes innovation in Africa so unique and so thrilling. Challenges, such as limited internet connectivity or access to a reliable power supply, only add fuel to Africa’s innovative energy and creativity. Start-ups continue to develop clever solutions around these obstacles, bringing essential services to their markets. And technology is playing a vital role.
Think of mobile payments as a solution to Africa’s largely unbanked population. Africa now has one of the largest mobile money markets in the world, where 34% of African adults have mobile money accounts compared to only 2% worldwide.
Financial technology has thrived in markets such as Kenya and Uganda where the formal banking sector has yet to reach every corner of these countries.