Brand and marketing communications expert, Dipo Mohammed, has observed that despite the economic headwinds experienced in 2023 across sectors due to foreign exchange and inflationary patterns, the sector remains a strong platform largely as a major change maker for the continent’s growth.

 
Mohammed, who is the Brands, Marketing, and Communications Manager at Inlaks, while admitting that Africa’s ICT sector remains a driver of Africa’s development with good collaboration on equipment and resources, called on stakeholders in the sector to see the current trend as a propeller for the opportunity to drive local talent and investment to build from within.  

He said the continent recently thrived with an upsurge of fintechs driven by a younger generation, a big win starter for individuals, government, and corporations.

While there has been a record high-level interest in investments of Africa’s unicorn in Fintech and a 13-fold increase from 2021, according to a study by Boston Consulting Group, and QED investors, the continent has also recorded liquidating fintechs of less than two years due to poor management or the incapacity to understand the spate of market forces that align with long term success.

“Inadvertently, these market forces result in job losses from the liquidation and a stopgap that builds from the financial inclusion efforts of the start-ups,” he said.

 
As the way forward, he noted that coupled with a large interest and a vast population, who continue to embrace technological dynamics, it is important to drive an efficient reputation towards the sector’s growth. 

“Otherwise, the continent holds the potential of the fastest-growing fintech space and a dire need for efficiency. With a high growth level in ICT adoption, especially with fintechs, there needs to be a streamlined path to legislating fintech and creating policies that guide them.”

“Beyond the large investment and Venture Capital visibility, capacity building and expertise should be a criterion for the continent’s burgeoning interest. The sector needs to show openness to more collaborative efforts, where African talents get to have a balanced co-existence in driving the sector,” Mohammed said.

He projected that in 2024, there will be some pervasiveness in the upspring of more tech start-ups as the existing and successful ones have proven there is a chance for consistency.

“Rightly so, these start-ups will venture into more areas where African tech users are showing interest including Artificial Intelligence, extended reality, new energy solutions, cybersecurity, and a more personalized digital experience across sectors.”

In view of global and local trends, Mohammed argues that Tech will continue to be a genuine currency driving an interesting future for young Africans. To this end, he opined that young Africans would build more online community platforms that would connect them and enable them to showcase their prowess. According to him, these efforts can be drawn into a larger base when the government recognizes its essence and pushes it towards the growth of digital economies.