Hello Listeners, Welcome to last episode of the Africa’s Venture Capital and Entrepreneurial Landscape series on Wasabi Africa Podcast.
My name is Lukman Yusuf, I am a financial analyst from Nigeria working at the World Bank Head Quarters in the US, It is my passion to make the known the story of Africa’s economic development to people all over the world.
In the 9th episode of this podcast, we discussed the THE FUTURE OF VENTURE CAPITAL AND ENTREPRENEURSHIP IN AFRICA In the last episode,we will discuss
Prominent African Tech entrepreneurs and investors changing the continent
The African Development Bank White Paper of June 2021 states that entrepreneurship must be at the heart of efforts to transform Africa’s economic prospects. This is undeniably true as the continent is witnessing a profound transformation fueled by the remarkable entrepreneurial spirit and investment endeavours of its people. African entrepreneurs and investors are stepping onto the global stage, challenging prevailing narratives, and reshaping the perception of Africa as a centre of innovation, growth, and impact.
Over the past decade, the rise of African entrepreneurship has been nothing short of impressive. From the thriving startup ecosystem of Nairobi to the tech hubs of Kigali, African innovators have harnessed technology and creative business models to address local challenges with scalable solutions, by leveraging sectors such as fintech, e-commerce, agritech, healthcare, and renewable energy. These entrepreneurs have proven their ability to create jobs and economic opportunities, playing a crucial role in poverty alleviation and reducing unemployment rates. By establishing successful ventures, they empower local communities and foster a sense of ownership and self-reliance. Moreover, their impact extends beyond financial gains, as many African entrepreneurs adopt sustainable practices and actively pursue initiatives aligned with the United Nations’ Sustainable Development Goals (SDGs).
Financing has long been a hurdle for African entrepreneurs, but the investment landscape is evolving. Both local and international investors have recognized the immense potential within African startups and businesses. Venture capital firms, impact investors, and angel investors are increasingly providing financial support, mentorship, and networking opportunities to enable these entrepreneurs to scale their ventures. This access to capital has accelerated innovation, strengthened market competitiveness, and positioned African entrepreneurs as major players in the global entrepreneurial landscape.
Technological advancements have also played a pivotal role in these developments. Mobile technology has revolutionised financial services, allowing entrepreneurs to reach previously underserved populations. The digital revolution has opened new opportunities for e-commerce, digital platforms, and data-driven solutions. African entrepreneurs are harnessing these technologies to bridge gaps in access to education, healthcare, and financial services, thus transforming lives and communities.
While African entrepreneurs and investors are making significant strides, challenges persist. Infrastructure deficiencies, including limited access to reliable power supply and internet connectivity, pose obstacles to entrepreneurial growth. Additionally, building a skilled workforce and nurturing an ecosystem conducive to entrepreneurship requires ongoing efforts in education, training, and policy support. Here are some successful African entrepreneurs and investors who are making an impact on the global stage:
1. Tayo Oviosu – Tayo Oviosu is a well-known Nigerian entrepreneur who has made substantial contributions to Africa’s mobile payment business. As the creator and CEO of Paga, he has played a critical role in changing the way individuals in Nigeria and elsewhere conduct financial transactions.
Tayo Oviosu’s journey began with a goal to overcome the issues that millions of Africans experienced due to a lack of access to standard banking services. Recognizing the continent’s tremendous development in mobile phone coverage, he recognized an opportunity to use this technology to deliver financial services to unbanked and underserved individuals. Oviosu launched Paga, a mobile payment network that allows users to transfer money, pay bills, and conduct other financial activities using their phones, in 2009. Paga lets people, families, and small companies safely send and receive money, linking the formal and informal sectors.
Paga has experienced exceptional growth and success under Oviosu’s leadership. The organization has built a wide network of agents throughout Nigeria, providing physical touchpoints where consumers can deposit or withdraw cash. This agent network has proven critical in increasing financial inclusion, particularly in rural and underdeveloped communities with limited access to traditional banking infrastructure. Oviosu has received recognition and admiration for his innovative leadership and devotion to innovation. He was named one of the most powerful individuals in Africa by Forbes, demonstrating his impact and influence within the entrepreneurial ecosystem. His entrepreneurial experience acts as an example for aspiring African entrepreneurs, demonstrating the power of harnessing technology to develop transformative solutions to societal concerns.
Tayo Oviosu is active in fostering entrepreneurship and lobbying for the development of the African tech ecosystem outside of his work with Paga. He has acted as a mentor and advisor to a number of firms, sharing his knowledge and experiences in order to foster the next generation of African innovators.
2. Rebecca Enonchong – Rebecca Enonchong is a recognized Cameroonian entrepreneur who has contributed significantly to the worldwide technology business. She has played a vital role in offering enterprise application solutions and fostering technological innovation across Africa and beyond as the founder and CEO of AppsTech.
Enonchong’s entrepreneurial path began with a love of technology and a desire to use its ability to effect positive change. AppsTech, a renowned global provider of enterprise application solutions that helps businesses streamline operations, improve efficiency, and boost productivity, was started by her in 1999. AppsTech has grown into a well-known corporation with a global presence under Enonchong’s leadership. The firm focuses on providing cutting-edge software solutions, cloud services, and consulting experience to clients in a variety of industries, including banking, healthcare, manufacturing, and government.
Enonchong’s entrepreneurial achievements have gained her attention and admiration both within and outside of the tech industry. She was named one of the most powerful persons in Africa by Forbes, demonstrating her impact and influence in the entrepreneurial environment. Her success story inspires aspiring entrepreneurs, particularly women, and highlights the enormous potential for African entrepreneurs to make their mark in the global arena.
Aside from her work with AppsTech, Enonchong is an ardent advocate for technology entrepreneurship and women’s development in Africa. She is an outspoken supporter of efforts aiming at bridging the gender gap in technology and increasing female representation in senior positions. She is motivating the next generation of African innovators through mentorship, speaking engagements, and active participation in numerous tech and entrepreneurial networks. Enonchong’s dedication to social impact is demonstrated by her participation in a number of initiatives focused on supporting technical innovation and economic growth in Africa. She sits on the boards of various organizations that promote entrepreneurship, educational access, and digital inclusion. Her support for technology-driven solutions to social problems has earned her a respected voice in the African digital industry.
3. Iyinoluwa Aboyeji – Nigerian entrepreneur and investor Iyinoluwa Aboyeji has made important contributions to the African technology sector. As co-founder of Andela and founding partner of Future Africa, a venture capital business that promotes African inventors and entrepreneurs, he plays a critical role in reshaping Africa’s software development ecosystem while actively supporting and developing other ventures.
Aboyeji’s entrepreneurial career began with the goal to bridge the demand for competent software engineers and Africa’s untapped talent pool. He co-founded Andela in 2014, a startup that discovers, trains, and connects African software professionals with prominent technology organizations around the world. This business exemplifies his function as an entrepreneur. Andela has grown into a recognized organization with campuses in several African countries under Aboyeji’s leadership. Andela’s innovative strategy transforms young African developers into world-class software engineers through intense training, mentorship, and real-world project experience. Aboyeji’s participation as an investor and co-founder has been critical to Andela’s success and influence.
Andela’s impact extends beyond individual developer achievement. The organization dispels prejudices about African innovation and showcases the grade of technical competence existing on the continent by connecting African talent with top-tier employers. As an entrepreneur and investor, Aboyeji has been instrumental in providing possibilities for African engineers to work on global projects, building a more inclusive and diversified tech industry. Aboyeji’s entrepreneurial achievements have gained him acclaim and honours, including being named one of Africa’s Most Promising Young Entrepreneurs. His success story serves as an example to aspiring African entrepreneurs, demonstrating Africa’s enormous potential for technology innovation and entrepreneurship.
Independent from his job at Andela, Aboyeji is an active supporter and nurturer of the African tech sector. Other successful enterprises he has co-founded include Flutterwave, a fintech company that offers frictionless payment processing across Africa. Aboyeji actively contributes to the growth of the African tech startup ecosystem through his enterprises and investing activities, motivating and assisting other entrepreneurs along the way.
Aboyeji’s dedication to social effect may be seen in his efforts to encourage African entrepreneurship, education, and economic development. He mentors and advises a number of entrepreneurs, sharing his skills and experiences to help grow the next generation of African innovators. Aboyeji’s contributions go beyond his businesses, as he actively participates in debates and activities targeted at solving the particular issues and opportunities that exist in the African tech landscape. Since its inception in 2020, his venture capital firm ‘Future Africa’ has invested over $9.7 million in 131 investments across 85 firms, with a total portfolio count of 101 companies dispersed across Africa and spanning varied industries ranging from prop-tech to ed-tech. Its portfolio firms were accepted into worldwide accelerator programs such as Y-combinator, Techstars, and Google Black Founders Fund at a rate of 44%. Its portfolio companies have collectively raised over $300 million in follow-on capital from major global investors such as Sequoia, IDG, Greycroft, Tiger Global, and Softbank.
4. Erik Hersman – Erik Hersman is a well-known Kenyan entrepreneur who has made substantial efforts to increase internet connectivity in Africa’s remote locations. He pioneered creative solutions to bridge the digital gap and empower communities with reliable internet connections as the founder of BRCK.
Hersman’s entrepreneurial career began with a thorough awareness of the difficulties faced by individuals and communities in rural parts of Africa, where traditional internet infrastructure is frequently unavailable. In 2013, he launched BRCK, a firm dedicated to offering internet connectivity solutions in rural places that are specifically built to overcome the limits of existing infrastructure.
BRCK, led by Hersman, has created ground-breaking technologies and devices that enable reliable internet connection even in the most difficult environments. The company’s flagship device, BRCK, is a durable, portable modem built to endure power outages, inclement weather, and unreliable networks. This revolutionary device functions as a hub, bringing together numerous connection choices such as Wi-Fi, Ethernet, and mobile data to enable smooth internet access.
Hersman’s solutions have enabled individuals, businesses, and communities in remote places to have access to previously unavailable information, education, and economic possibilities. He has helped to close the digital divide and promote digital inclusion across Africa by democratising internet access. Hersman’s entrepreneurial successes have received widespread acclaim and recognition. In 2009, Hersman was awarded a Prestigious Fellowship Program at the TED Fellowship Program. His success story inspires young African entrepreneurs by demonstrating the possibilities for harnessing technology to address serious social and economic concerns.
Hersman is actively interested in encouraging innovation and helping the African digital sector outside of BRCK. He co-founded the iHub, a Nairobi-based innovation hub and co-working facility that has grown into a thriving hub for tech entrepreneurs, companies, and developers. Hersman has offered a forum for collaboration, knowledge sharing, and networking through iHub, fostering the growth of the Kenyan tech community and beyond. Hersman’s dedication to social impact is obvious in his efforts to empower African businesses and promote tech-driven development solutions. He has participated in a number of programs aimed at promoting innovation and entrepreneurship across the continent. He has also been an outspoken supporter of open data and transparent governance, recognizing the role that technology can play in advancing transparency, accountability, and good governance.
5. Mark Essien – Mark Essien is a Nigerian entrepreneur who has made a substantial contribution to Africa’s internet tourism business. He has successfully developed one of Nigeria’s largest online hotel booking platforms as the founder and CEO of Hotels.ng, transforming how people book lodgings across the country.
Essien’s entrepreneurial adventure began with the goal to overcome the difficulties that tourists in Nigeria experienced in finding dependable and reasonable hotels. He launched Hotels.ng in 2012, an online platform that links guests with a diverse choice of hotels and accommodations around Nigeria.
Hotels.ng has developed dramatically under Essien’s leadership, becoming the go-to site for both domestic and international travellers looking for quality hotels in Nigeria. The platform has an easy-to-use interface that allows guests to search for and book hotels based on their preferences, budget, and location. Hotels.ng has simplified the booking process and given travellers peace of mind by providing a transparent and dependable platform.
Essien’s entrepreneurial achievements have gained him accolades and recognition. Forbes magazine called him one of Africa’s most promising young entrepreneurs, recognizing his impact and potential in the economic world. His success story inspires aspiring African entrepreneurs by demonstrating the potential for innovation and disruption within the continent’s rapidly rising tech industry. Essien actively contributes to the expansion of the African digital sector outside of Hotels.ng. He mentors and supports budding entrepreneurs, offering his expertise and ideas to assist them in navigating the hurdles of beginning and expanding their own businesses. Essien contributes significantly to the growth and success of the African entrepreneurial ecosystem by nurturing the next generation of African innovators.
Essien’s work with Hotels.ng has also had a big economic impact. The platform has helped to create jobs and generate revenue in the hospitality industry by working with local hotels and motels. It has also aided in the promotion of tourism within Nigeria by making it easier for visitors to experience the country’s numerous attractions.
6. Strive Masiyiwa – Strive Masiyiwa is a prominent Zimbabwean businessman who has made significant contributions to Africa’s telecoms industry and startup environment. Masiyiwa has played a vital role in generating innovation, economic growth, and social impact across Africa as the founder and executive chairman of Econet Wireless, one of the continent’s largest mobile phone businesses, and an active investor in ICT startups.
Masiyiwa’s entrepreneurial path began in the 1990s, with the establishment of Econet Wireless. At the time, Africa’s telecommunications landscape was constrained, with few options for dependable and economical communication services. Masiyiwa set out with a goal to develop a world-class telecoms firm after realizing the great potential of mobile telephony to alter lives and bridge communication gaps.
Econet Wireless expanded swiftly under Masiyiwa’s innovative leadership, developing a strong presence in a number of African countries. The company was instrumental in increasing mobile network coverage and delivering innovative services that changed the way people communicated and accessed information across the continent. Masiyiwa’s entrepreneurial prowess is not limited to Econet Wireless. He has also made considerable investments in the African tech startup ecosystem, assisting and developing creative enterprises in a variety of industries. His investments include fintech, e-commerce, renewable energy, and healthcare, among other things. Masiyiwa has helped drive the growth and success of countless businesses by providing financing, mentorship, and strategic assistance, thereby contributing to job creation and technological advancement across Africa.
Masiyiwa is known for his commitment to social impact and philanthropy in addition to his commercial ventures. He has established and funded various initiatives focused on improving access to education, healthcare, and economic opportunities for poor communities in Africa through his family foundation. He has been a vocal proponent of using technology to address societal issues, particularly in education and healthcare. Masiyiwa’s entrepreneurial accomplishments have gained him several honours and global acclaim. Several notable institutions and organizations have recognized his contributions to business and philanthropy. He also serves on various boards and advisory committees, giving strategic direction and leadership to both public and private sector institutions.
Tony Elemelu
Tony Elumelu is a well-known Nigerian philanthropist and entrepreneur who has had a substantial impact on Africa’s corporate environment. He founded the Tony Elumelu Foundation (TEF) and is the Chairman of Heirs Holdings, a renowned African investment firm.
The objective of Elumelu is to promote entrepreneurship and economic development on the African continent. In 2015, he established the Tony Elumelu Foundation and launched the Tony Elumelu Entrepreneurship Programme (TEEP). Over a 10-year period, the program intends to identify, advise, and fund 10,000 African entrepreneurs. TEEP provides training, mentorship, and startup cash to selected entrepreneurs to help them launch and expand their enterprises. The initiative has played an important role in empowering and equipping rising African entrepreneurs with the knowledge and resources they need to succeed. Elumelu is involved in a number of commercial projects in addition to his work with the Tony Elumelu Foundation. He is the Chairman of the United Bank for Africa (UBA), one of the leading financial organizations in Africa. Under his leadership, UBA has grown to become a major participant in the banking business, with operations in various African countries and the United States. Elumelu’s business style is distinguished by a long-term investment view, a commitment to Africa’s economic progress, and a focus on corporate governance and sustainability.
Elumelu’s achievements were not overlooked. He has garnered various awards and recognition for his charity and entrepreneurial initiatives. Forbes magazine named him one of “Africa’s 20 Most Powerful People” in 2011, and Time magazine named him one of the “100 Most Influential People in the World” in 2019. Elumelu is a staunch supporter of Africa’s private sector development and believes in the power of entrepreneurship to promote economic transformation. He works actively with politicians, global leaders, and development organizations to advocate policies and initiatives that promote entrepreneurship, job creation, and long-term development in Africa.
Tomi Davies
Tomi Davies is a notable Nigerian angel investor, entrepreneur, and digital ecosystem creator. He has made important contributions to the growth and development of the African tech industry as a whole, as well as to the advancement of Nigeria’s technology and startup environment.
Davies, as a co-founder of the Lagos Angel Network (LAN), has been influential in the development of an active angel investor network in Nigeria. LAN connects early-stage companies with angel investors who provide cash, coaching, and strategic advice. Davies has helped numerous Nigerian businesses overcome the financial gap through LAN, boosting their growth and allowing them to bring their unique ideas to reality. Aside from his work with LAN, Davies has made multiple personal investments in startups in a variety of industries, including technology, finance, healthcare, and education. His investments have helped several successful Nigerian firms expand, and he is actively looking for promising entrepreneurs to back.
Davies is an entrepreneur with extensive experience in the technology industry, in addition to his work as an investor. He co-founded and led TechnoVision Communications, a technology services firm specializing in digital communications solutions. Davies has also held roles of leadership in other technology-focused organizations such as the African Business Angel Network (ABAN) and the African Early Stage Investor Summit (AESIS). Davies is well-known for his dedication to growing the African digital sector and encouraging stakeholder collaboration. He has organized and supported a number of initiatives, conferences, and events that bring together entrepreneurs, investors, and policymakers to stimulate innovation and entrepreneurship in Nigeria and beyond. His talents and abilities have received widespread recognition. Davies has been named one of the “Top 10 Most Influential Tech People in Africa” by IT News Africa and one of the “100 Most Inspiring People in Nigeria” by YNaija.
Tomi Davies’ impact on Nigeria’s tech industry as an angel investor, entrepreneur, and ecosystem builder is indisputable. His dedication to assisting early-stage firms, encouraging innovation, and fostering cooperation have played an important role in creating Nigeria’s entrepreneurial ecosystem and motivating the next generation of African entrepreneurs. Davies continues to play an important role in creating a thriving and sustainable African technology ecosystem by nurturing startups and pushing good change through his investments and advocacy.
Marième Diop
Marième Diop is a highly respected Senegalese investor and entrepreneur who has made substantial contributions to the development of Senegal’s and Francophone West Africa’s startup ecosystem. She is the co-founder of the Dakar Network Angels (DNA), an angel investment network in the region that focuses on early-stage enterprises.
Diop’s entrepreneurial adventure began with her own ventures in technology and digital media. Her expertise as a technology-based business creator and operator provides her with unique insights into the issues that African companies face. Diop co-founded the Dakar Network Angels with the goal of providing finance, mentorship, and networking opportunities to companies in Senegal and abroad. DNA has grown into an important platform for linking entrepreneurs with angel investors under Diop’s leadership. The network brings together seasoned investors and entrepreneurs who are committed to fostering the growth of innovative firms. Diop has organized fundraising rounds, mentored entrepreneurs, and steered them through important stages of development through DNA.
Diop is actively involved in efforts promoting entrepreneurship and women’s development in Africa outside of her work at DNA. She has been a strong supporter of gender diversity in the tech industry, investing in and mentoring women-led enterprises. Diop’s contributions have been acknowledged both locally and globally. She has been highlighted on numerous platforms and media sites for her efforts in promoting entrepreneurship and helping Senegalese businesses. Organizations and institutions eager to tap into the potential of the African startup ecosystem have sought her expertise and views.
Marième Diop has emerged as a major player in the African investing sector as a result of her love for entrepreneurship, dedication to assisting businesses, and commitment to uplifting women. Her efforts in fostering a welcoming atmosphere for entrepreneurs in Senegal and Francophone West Africa have aided the growth and success of many firms. Diop remains a driving force in the region’s promotion of innovation, investment, and economic development, motivating a new generation of entrepreneurs to pursue their ambitions and effect positive change.
In conclusion
Through their original ideas, entrepreneurial zeal, and strategic investments, African entrepreneurs and investors are playing a critical role in changing the continent’s tech startup environment. These individuals are propelling Africa’s economic progress, providing job opportunities, and revolutionizing industries. In their various industries, these entrepreneurs have displayed extraordinary leadership, vision, and endurance. Their contributions to mobile payments, enterprise solutions, software development, online booking platforms, internet connectivity, and telecommunications have drawn global attention.
Tayo Oviosu, Rebecca Enonchong, Iyinoluwa Aboyeji, Mark Essien, Marième Diop, Erik Hersman, and Strive Masiyiwa are just a few of the outstanding talent and success stories rising from Africa, as detailed in this article/episode. The potential for additional growth and impact is enormous as African entrepreneurs and investors continue to utilize technology, stimulate innovation, and embrace collaboration. Their efforts are not only transforming Africa’s economic environment but also encouraging a new generation of entrepreneurs and investors to follow in their footsteps.