Retail Tech Is Africa’s Next Big Turf For Homegrown Billion-Dollar Startups

According to the International Labor Organization (ILO), more than 61 percent of the world's population [about 2 billion people] milk a livelihood off the informal economy. Singling out agriculture, half of this global count turns up informally employed. 

Informal employment stands at 68.2 percent in Asia and the Pacific, 68.6 percent in the Arab world, 40 percent in the Americas and 25.1 percent in Europe and Central Asia. In Africa, more importantly, the sector currently accounts for over 80 percent of jobs, making it the lifeblood and backbone of the continent's economic undertakings. 

In 2016, the region's retail spending exceeded USD 1.4 T, with the FMCG sub-sector accounting for about two-thirds of the entire value. Generally, consumer expenditure increased by 3.9 percent between 2010 and 2015 to reach USD 1.4 T. This figure is expected to reach USD 2.1 T in 2025 and USD 2.5 T by 2030.