CFA Institute Africa Investment Conference sparks fintech revolution in ‘The Emergence of Africa’

The 2023 CFA Institute Africa Investment Conference, themed “The Emergence of Africa: A Rethink or a Re-strategizing?” was a two-day event hosted by CFA Society Nigeria in collaboration with CFA Institute. The conference convened leading investment professionals, policymakers, and industry experts to delve into the substantial potential of Africa as an attractive investment destination.

The conference comprised four panel sessions, each delving into the core of Africa’s transformation, scrutinising the continent’s strengths, challenges, and opportunities through the lenses of innovation and strategic reevaluation.

Esteemed luminaries from the fintech sector graced the event, including Olumide Soyombo, Co-founder of Bluechip Technologies; Olutosin Oni, CEO of Gokada; Ujjwal Singh, CEO of Incash; and Dr. Ola Brown, MFR, General Partner at HealthCap Africa, who served as panelists for the fourth session. Razaq Ahmed, Co-founder & CEO of Cowrywise, moderated this session, titled “The African Ecosystem.”

The panelists engaged in insightful discussions about the African ecosystem, focusing on its future.

Dr. Ola Brown shared her perspectives on the African tech ecosystem. Despite its early stage, she discussed it in terms of its potential. She emphasised that venture capital, as an asset class, constitutes between 0.2% and 1% of America’s GDP, depending on the perspective. However, she highlighted its unparalleled contribution to job creation within the technology ecosystem.

In terms of revenue, venture startups contribute to 21% of the U.S GDP, and about 60% of new stock market listings are from the venture capital technology ecosystem. Dr. Ola urged a comprehensive examination of Africa’s venture capital and technology ecosystem as a significant driver of jobs, public listings, GDP, and prosperity.

Dr. Ola Brown, a seasoned venture capitalist and a second-time fund manager, has been a dedicated investor committed to job creation through HealthCap Africa’s strategic investments. The VC firm has played a pivotal role in generating 12,000 indirect jobs and 1,000 direct jobs through its portfolio companies, serving nearly one million customers in 12 different countries.

In addition to her notable contributions to finance and technology, Dr. Ola Brown, a medical doctor with a Master’s Degree in Finance and Economic Policy, is currently pursuing a PhD in Finance, focusing on fintech and monetary policy. Her diverse expertise underscores her commitment to fostering holistic growth and development in Africa’s tech and finance sectors.

The panelists also explored topics such as venture funding, corporate governance for startups, and exits. Dr. Ola Brown remarked, “When you think of acquisitions in Africa, most of the acquisitions still happen in South Africa, more than Nigeria, Kenya, and Egypt combined. It’s a significant M&A market due to the higher number of companies.”

CFA Society Nigeria, a member society of the CFA Institute, is dedicated to promoting the highest standards of investment practice in Nigeria and providing a vibrant community for the interaction and professional development of its members.