According to the United Nations, more than half of global population growth between now and 2050 will occur in Africa. That means that, of the 2.4 billion people expected to be born in the next 30 years, 1.3 billion of them will be Africans. That’s a lot of future spending power coming from the continent.
Irrespective of the recessions and economic slowdowns, entrepreneurs in Africa are finding new ways to build businesses that are transforming sectors such as energy, finance e.t.c as well as the society at large.
Below are some businesses transforming the African economy narrative.
Access to financial services is still poor in many countries despite 1 in 5 adults having a bank account, but most transactions are still done in cash. Some companies making wave are
- Flutterwave and more
Africa has a young and diehard sports fan base and widespread use of mobile phones. In Nigeria, it is believed that nearly 50% of adult males are involved in active sports betting, spending N1.9bn every day placing bets. Some companies making wave are.
- MkekaBet and more
Africa has a poor doctor to people rate, in countries like Tanzania and Ethiopia, there is a ratio of less than one doctor per 20,000 people. Telemedicine, e-prescription, m-health, supply chain applications are helping to free-up congested health facilities by dealing with non-urgent conditions. Some companies making wave are.
Only in 1 in 3 people in sub-saharan Africa has access to electricity, and up to 80% of households still use firewood and charcoal as a primary source for cooking. Some African entrepreneurs have come with ingenious of changing this narrative.
- Yam Pro Energy
- Takamoto Biogas
- BioThem Energy
Africa has experienced the highest urban growth in the developing world, with its urban population growing 3.5% per year over the last 20 years. With this statistic, the movement of people and goods conveniently from one place to another becomes a necessity. Some businesses already playing in the in the industry are.
- Magic Bus
The global fashion industry is worth $1.3tn in Africa, expected to grow significantly as personal incomes grow. The African Development Bank estimates Africa’s fashion industry could be worth $15.5bn over the next 5 years.
- Lisa Folawiyo
SOURCE: Sage South-Africa