Top 3 Emerging Tech Industries in Africa
Africa is home to more than 1.2 billion people, giant businesses, and innovative startups. Africa still holds a lot of potentials as many sectors are still yet to be fully explored, we’ve seen significant developments across different industries ranging from Fintech to Agriculture.
However, as an African entrepreneur trying to start your adventure into the African market, you’ll definitely be overwhelmed with a lot of ideas popping all over your head. We’ll be going through some of the markets that hold huge potential and are friendly to new entrants
This sector has recorded more investments in Africa than other sectors, with over 66% of youths in Africa still unbanked. Most startups in this sector aren’t coming up with innovative products, although we’ve seen the likes of BuyCoins.africa, RapidPay.africa, Bundle, Patricia, etc. who are more focused on the cryptocurrency market and making transactions on the Blockchain network easier.
Getting started into this industry will leave you with so many options, here are some of the major options you can explore:
Payment remains the most focused part in Fintech, this involves money-related services such as p2p money transfers, cryptocurrency payments, and payment processing gateways.
This focuses more on personal services in which customers can access investment and raise capital for a cause, startup in either exchange for equity or some favorable returns.
- Savings and Lending
Savings and lending focus on personal financial services which include loans and management of personal finance.
- Enterprise Financial Software
This is a product tailored for financial needs such as account management, invoices, taxes, payroll, shareholder management, and other auditing services
Agriculture is unanimously one of the biggest industries in Africa with a market value of more than $2.6 billion. This sector has a lot of roles to play in the future development of Africa.
Agritech is the use of technology in agriculture, horticulture, and aquaculture with the aim of improving yield, efficiency, and profitability.Wikipedia
There have been quite some innovative developments in this sector, here are some of the major options available to explore in Agritech:
Drones can be utilized for scanning plants, transport heavy payloads, irrigation, and general farm monitoring.
The use of drones for agricultural purposes is a new emerging technology that could revolutionize the way agricultural entrepreneurs interact with their land, water, crops, and infrastructure.
- Exchange Platforms
There are still needs for more exchange platform where farmers can easily connect with buyers at affordable rates and convenient exchange timing because most farm produce is perishable items.
- Loans and Investments
African farmers need easy access to loans and investments, startups like FarmCrowdy, FarmFunded, FarmBuddy, etc. are really making investing in farms easy. Getting a loan from banks for farmers can be hard because most of these farmers do not have enough data (credit score) to be evaluated. More credit systems targeting the very rural areas will go a long way and holds a lot of opportunities for new entrants.
Edutech is a very important sector in Africa as it enables educational equality. The e-learning market is expected to reach a value of $1.8 billion by 2024 (Global News Wire). A report from the United Nations Educational, Scientific, and Cultural Organization (UNESCO) says 91.3% of the world’s learning population has been impacted by global shutdowns to curb the spread of the C0VID-19 virus as at April 5, 2020.
Despite the gradual relief from the COVID-19 restrictions, there’s still a huge need for more Edutech developments in African countries. Here are some of the explorable options:
- Virtual Classrooms
This is basically the implementation of VR enabled devices and resources to deliver virtual experiences to enhance the teacher-student learning experience and interaction.
- Social Learning Platforms
Interactive social learning platforms will bridge the social gap between teachers and students in Africa, thereby making learning fun more like a Twitter for students and teachers but more educationally inclined
- Learning Management Systems
A Learning Management System (LMS) is a software product utilized for planning, managing, and monitoring learning sessions. It tracks information about participation, time on an assignment, and student progress. Instructors can post declarations, grade tasks, keep an eye on course progress, and take an interest in-class conversations. Students can present their work, peruse and engage in conversation questions, and take tests
Africa is a land full of opportunities, and the tech industry is at the forefront of innovation. There’s no better time than now to enter the tech market scene in Africa, with a lot of VCs and Angel Investors currently massively funding startups in these major sectors in Africa.
If you have any questions please make use of the comment section or if you would like to learn more apply as a startup to SparkHub today!