Necessity is considered the mother of invention, and nowhere is this more true than in Africa’s rapidly evolving technology sector. The continent has quickly become a hotbed of innovation, with its growing technology ecosystem opening the door to a new generation of entrepreneurs and innovators.
From Lusaka to Nairobi, tech-savvy young people are using technology to solve everyday problems and building solutions that are not only reshaping local economies but also capturing the world’s attention.
One such innovation is Lupiya, a Zambian AI-powered neobank co-founded by Muchu Kaingu. Lupiya, which provides online lending, peer-to-peer (P2P) investing, and digital payment services, has reached the Supernova finals at GITEX Global’s Supernova Challenge, competing among the top 20 startups in the world for a prize of $200,000.
“We’ve grown over the years. We started with $500, and you can imagine the lessons we’ve learned since then. We’ve raised over $14 million to date,” Kaing said of Business. told Insider Africa.
In early May, Lupiya had already won $50,000 as the winner of the GITEX Africa Supernova Challenge in Morocco, part of Africa’s largest technology event. From 2016 to 2020, Lupiya has facilitated loans to 5,000 individuals and small businesses. Currently, Lupiya serves over 100,000 users in Zambia and is looking to expand to Tanzania, Malawi, and Nigeria.
Notably, Agrovest, the agtech company revolutionizing Africa’s agricultural markets, is also transforming the way staple crops are sourced and traded in Africa’s most populous country, Nigeria. Founded by Bayo Adewoye, Agrovesto currently works with 10,000 smallholder farmers across five states to advance sustainable agriculture through digital innovation.
Trixie Lomirmand, Executive Vice President of DWTC, organizer of GITEX GLOBAL and Expand North Star, said: They are now confidently working on the future global AI economy through GITEX. ”
“As the world’s most global technology events brand with events in Germany, Singapore, Morocco and Nigeria alongside Expand North Star, we are strategically driving the next generation of AI-driven technology through startups, scale-ups and unicorns. “I’m committed to doing that,” she said. said,
Selina Lee, CEO and co-founder of South Africa's Zindi, noted that more and more talent is returning to Africa to launch businesses and create an ecosystem that sparks innovation. The trend has even attracted major companies like Microsoft, which has set up research labs in places like Ghana and Nairobi.
As Tigist Hamid Mohammed points out, the influx of talent to the continent is complemented by strong government support. She said local economic reforms were promoting the growth of indigenous technology.
Programs like IceAddis and BlueMoon Philippines provide startups with collaboration spaces and the resources and freedom they need to operate and thrive as independent businesses.
Despite these advances, thought leaders like Savannah Maziya, Eswatini’s Minister of Information and Communications Technology, continue to emphasize the importance of systemic development to address unique market challenges and unlock Africa’s economic potential. emphasized.
