“I think an era is coming when African fintech companies will buy global financial institutions, forming a marriage, because by solving cash problems on the continent, they are solving global cash problems,” Akindele said.Īkindele is also the chairman of Platform Capital, a venture capital outfit that invests in tech companies across the world, but mostly in Africa. In early June 2022, it was announced that an African fintech company MFS Africa acquired Oklahoma-based Global Technology Partners for $34 million - a move that Financial Times described as “a rare case of an African group doing a tech deal in the US.” To encourage more people in Africa to not be afraid, we are sharing relatable stories that will make them realize that no matter what they are going through, magic is possible,” he told CNN.Īkindele noted that Africa’s burgeoning fintech ecosystem is only about a decade old but he has high hopes for its growth in the global marketplace. Everything that is a success today has its foundation in failing. “Failure is a good thing to engender curiosity and innovation. But without taking risks, innovations that could propel Africa’s and the world’s growth will not emerge.Īkintoye Akindele speaks at the launch of his book 'A Love Affair with Failure: When Hitting Bottom Becomes a Launchpad to Success,' jointly written with Olakunle Soriyan. #THE NEXT BIG THING IN BUSINESS FULL#They argue that many people do not fulfill their full potential because they are afraid to fail. The same way Afrobeats became mainstream, gradually, our tech ecosystem is also becoming mainstream,” he told CNN.Īkindele has just released a book “ A Love Affair with Failure: When Hitting Bottom Becomes a Launchpad to Success,” jointly written with Olakunle Soriyan. “Afrobeats was a deliberate export by the people in the business who genuinely believe that they could compete with the best in the world. Akindele noted that taking African tech companies global would also require efforts similar to how Afrobeats became known around the world. In countries like Nigeria, which is home to five of the continent’s seven tech unicorns, these success stories are still largely seen as Nigerian and African and not truly global tech companies. Between 20, total annual funding flowing into African tech startups has grown by 1,000 per cent according to the African Tech Startups Funding Report 2021.Īccording to the report, 125 tech startups in Africa raised $185 million in funding in 2015 but in 2021, 564 startups raised $2.1 billion.Īfrica’s tech ecosystem has seen the emergence of several unicorns. At the recently held BET (Black Entertainment Television) Awards 2022, in Los Angeles, the Nigerian duo of Wizkid and Tems fended off tough competition from more established US stars such as Kendrick Lamar, Doja Cat and Drake to win the Best Collaboration Award.Īfrica’s tech landscape is also increasingly attracting attention – and funding. This Nigerian tech startup is fighting baby jaundice with solar-powered cribsĪfrobeats has had a meteoric rise with songs by African artists topping charts and becoming a fixture at parties and nightclubs globally.
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