Though the IMF projects global GDP to decline by 4.4% in 2020, African tech companies are surprisingly enjoying exceptional growth and market impetus. African tech start-ups have fared well regardless of the pandemic-stricken year that has collapsed and constrained numerous sectors around the globe.
Fintech is less about disrupting the traditional financial services on the continent than it is about building up what is an underdeveloped market, where 66% of the adult population are still unbanked. Consider the impact of mobile money service M-Pesa which was launched in Kenya in 2007 . At the time financial inclusion in the country stood at just 27% of the population.
Agritech is another area that holds a great deal of promise as a potential disrupter in Africa. Farming is important for most African economies and accounts for at least 15% of the region’s GDP but remains low as a share of global agricultural production. This despite the continent holding more than 60% of the world’s arable land.
In SA, Cape-Town based agritech company Aerobotics, founded in 2014, responded to the need for robust disease protection by developing a service that uses aerial imagery from drones and satellites combined with machine learning algorithms. This privately owned company has 11 investors and is in its later stage venture capital raise, with the latest deal value amounting to $5.36m. The company is also looking to expand its offering to the US.
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