As the year draws to a close, we wrap up our final edition of the End-of-Year Round-Up. This time, we spotlight African startups that made waves in financial inclusion, climate tech, and fintech unicorn milestones, shaping the future of innovation on the continent.

If you missed the first three instalments, catch up on the biggest moments of 2024 here, here, and here. Follow to catch up on some of the biggest events in the African landscape in 2024.

---

M-KOPA Bridging the Financial Gap Drove it to a USD 400 M ARR Milestone

2024 was a banner year for M-KOPA as the pay-as-you-go platform became a lifeline for millions of underbanked Africans.

In a region where many struggle to access credit, M-KOPA’s credit model didn’t just work—it thrived, delivering both financial empowerment and impressive business growth.

At the core of M-KOPA’s success is a model that enables customers to pay for essentials like smartphones and electric bikes through small daily instalments. This approach gives people with limited financial profiles a chance to build credit histories while accessing life-changing products.

For the 85% of sub-Saharan Africans earning less than USD 10 a day, it was an opportunity that traditional systems often fail to provide.

This model was however high-risk, especially in a region where, according to a 2021 survey, 65.9% of credit holders in sub-Saharan Africa defaulted on mobile loans. Yet, M-KOPA managed to defy the odds, maintaining stable default rates of around 10%—far below regional averages.

Its daily micro-repayment model that brought essential credit solutions to millions of underserved sub-Saharan Africans saw it racing toward an impressive USD 400 M annual revenue run rate. This was a 62% growth from USD 248 M last year, showing that financial inclusion can be both impactful and sustainable.

The growth was supported by a 30,000-strong sales team, that saw its reach extend to over 5 million customers across Kenya, Uganda, Nigeria, and Ghana.

2024 also saw M-KOPA expanding rapidly into South Africa, its fastest-growing market while scaling operations at its Nairobi-based smartphone assembly plant. Producing over 1.5 million devices, this facility underscores the company’s commitment to affordability and local job creation.

Operating profitably in four countries and thriving in a market often viewed as high-risk, M-KOPA’s story proved that bold, thoughtful models can unlock enormous potential, creating pathways for millions to achieve financial stability and a better quality of life.

---

Africa’s Climate Tech Sector: The Breakout Star of 2024

If there was one sector that commanded attention in 2024, it was climate tech. With an astounding USD 413.9 M raised by September, the sector doubled its 2023 total, becoming Africa’s fastest-growing startup space and claiming one-third of all investments on the continent.

From solar energy and electric mobility to sustainable agriculture, African innovators delivered bold solutions to address the continent’s unique climate challenges. Big ticket deals like D.Light’s USD 176 M, Spiro’s USD 50 M, and BasiGo’s USD 42 M set the tone for what many are calling a climate revolution in Africa.

But as optimism surged, so did caution. Some investors, like LoftyInc’s Idris Bello, warned against overhyping the sector, pointing to significant hurdles like weak infrastructure and the high costs of implementing electric vehicle (EV) solutions. “A lot of this money will go down the drain,” Bello remarked, highlighting the reality that not every climate tech solution is ready to thrive in African markets.

Still, there are clear signs of progress. Startups like MAX, which introduced electric motorcycles to African cities, and Kenya’s Octavia Carbon, a pioneer in carbon capture technology, are carving out sustainable paths forward. These ventures are proving to be more than just proofs of concept but also tangible steps toward a greener, more resilient future.

Driving the sector’s growth is a sobering reality: Africa faces some of the world’s most severe climate risks, from droughts and floods to food insecurity. In response, innovators are leveraging renewable energy, precision farming, and mobility solutions to create lifelines for vulnerable communities.

Despite scepticism about scalability and practicality, the rise of climate tech in 2024 signals a broader shift in how the continent approaches its future. It’s no longer just about mitigating risks—it’s about creating opportunities for long-term growth, sustainability, and impact.

And, as Africa steps into a leadership role in the global climate conversation, 2024 will be remembered as the year the continent’s climate tech ambitions took flight.

---

TymeBank Joins the Unicorn Club to Close 2024 in Style

The year began with a bang when Nigerian fintech Moniepoint became the year’s first unicorn in February after raising USD 110 M at a USD 1 B valuation. As one of West Africa’s most active business banking platforms, this milestone set the stage for its planned expansion into Kenya, where it aims to challenge M-Pesa.

But, just when it felt like the year was wrapping up with investments, 2024 saved one of its biggest surprises for last.

In December, South Africa’s TymeBank, a South African digital lender, closed a USD 250 M Series D round in December, catapulting its valuation to USD 1.5 B. This made Tyme Africa’s ninth unicorn, and the second this year after Moniepoint.

With 15 million customers already on board and over USD 600 M in financing extended to small businesses, TymeBank’s hybrid online-offline banking model didn’t just attract customers; it also captured the attention of global investors.

Latin America’s Nubank led the funding round, contributing USD 150 M as part of its strategy to expand into new markets.

Armed with fresh capital, TymeBank is getting adventurous and is gearing up for an ambitious expansion beyond the continent into Southeast Asia, targeting markets like Vietnam and Indonesia. The USD 250 M funding will not only drive this expansion but also lay the groundwork for a public offering by 2028.

Together, TymeBank and Moniepoint joining the unicorn club underscores the continued dominance of fintech in Africa’s startup ecosystem. Of the continent’s nine unicorns, seven hail from the sector, reflecting its ability to attract significant capital and scale rapidly.

As TymeBank deepens its roots in South Africa while eyeing new opportunities abroad, it stands as a testament to how African innovation is shaping local economies and inspiring global ambitions.

---

This final edition of the End-of-Year Round-Up reminds us of the resilience, ambition, and transformative power of Africa’s startup ecosystem. Here’s to the stories of 2025 that are waiting to be told!

The Uganda Ministry of Trade, Industry, and Cooperatives has partnered with Hindsight Ventures, supported by JICA, to launch the NINJA Acceleration Program. This initiative targets growth-stage Ugandan startups with high potential and proven traction, aiming to foster their scalability and regional impact. After an intensive three-stage selection process, 10 startups were selected from over 130 applicants to form a diverse cohort spanning sectors such as FinTech, AgriTech, HealthTech, Manufacturing, Sustainability, and DeepTech. The startups in the cohort do revenues in the range of USD 10 K – USD 120 K in monthly recurring revenues.

Program Benefits

The NINJA Accelerator offers selected startups access to:

1. Technical support tailored to their business needs.
2. Market linkages and customer introductions.
3. Investor connections to secure funding for scaling.
4. Opportunities for mentorship from industry experts and partnerships with organizations contributing to their growth.

The program’s highlight has been a week-long immersion tour in Nairobi, East Africa’s leading innovation hub. This experience exposed startups to corporations like Absa Bank Kenya, Safaricom, Microsoft Africa Transformation Office, Kenya Airways, and others, alongside invaluable interactions with investors and seasoned founders.

Uganda’s Growing Startup Ecosystem

Uganda’s startup ecosystem has witnessed steady growth, buoyed by a youthful and innovative population where 78% of individuals are under 30. Kampala, the nation’s capital, is a key market for African unicorns like Jumia and InterSwitch as well as homegrown success stories such as SafeBoda. The government envisions expanding Uganda’s economy from USD 50 B to USD 500 B by 2040, fueled by advancements in mobile money, AI-driven platforms, and clean tech solutions with a projected 60% market growth.

Support from Key Stakeholders

Dr. Joshua Mutambi, Commissioner at the Ministry of Trade, emphasized the potential of Uganda’s startups to attract venture capital and expand regionally. In collaboration with JICA and Hindsight Ventures, the Ministry is committed to supporting startups through the Accelerator while spearheading the development of a Startup Policy and Act to ensure sustainable ecosystem growth.

Mbabazi Ruth, program officer with JICA, noted that “JICA is working towards a wholistic growth of the Ugandan startup ecosystem by supporting both acceleration through programs like NINJA as well as policy. Uganda has high innovation potential given the youthful and learned population.”

Ajay Ramasubramaniam, CEO of Hindsight Ventures, highlighted their role in leveraging a global network to provide Ugandan startups with the tools and connections needed to thrive internationally.

Shigeru Handa, Director at Asia-Africa Investment (a member of the JICA Taskforce), noted the program’s goal to unlock Uganda’s startup potential by exposing founders to regional and international ecosystems.

The program will culminate with a Demo Day in February 2025, providing startups a platform to showcase their progress to investors and partners. With structured mentorship, strategic support, and ecosystem collaboration, the NINJA Accelerator aims to solidify Uganda’s position as a growing hub for innovation and entrepreneurship.

The Nigerian Communications Commission (NCC) has reported a remarkable rebound in Nigeria’s telecommunications sector, with mobile internet subscriptions climbing to 134.78 million in October 2024.

The figure represents a 1.88 million growth from the 132.9 million subscribers recorded in September 2024.

Driving this resurgence was a steady uptick in mobile subscriptions, with GSM services alone accounting for 134.27 million subscribers in October. While fixed wired and VoIP services held a smaller slice of the pie, mobile connectivity remained the backbone of Nigeria’s digital landscape. Notably, all major telecom operators, except for 9mobile, reported gains in internet subscriptions, underscoring a broad-based recovery.

Among the telecom giants, MTN Nigeria led the charge, adding 1.13 million internet subscribers to reach a total of 69.52 million—up from 68.39 million in September. Airtel followed closely, expanding its internet user base by 678,219, climbing from 44.79 million to 45.47 million. Globacom also showed progress, with an increase of 184,887 subscribers, pushing its total to 17.10 million. On the other hand, 9mobile faced a setback, losing 125,780 internet users to end the month at 2.16 million.

Meanwhile, the overall sector’s telephony services experienced an impressive boost. The NCC reported a total subscription base of 157.37 million in October, an increase of 2.69 million from the previous month.

MTN retained its dominance with 80.37 million subscribers, followed by Airtel at 54.44 million, Globacom at 19.10 million, and 9mobile at 3.33 million.

The recovery followed an NCC audit earlier in the year that saw mobile subscriber numbers plummeting after the regulator uncovered significant inaccuracies in reported subscriber figures.

The audit removed 64.37 million lines from the national subscription base between March and September 2024 after a major operator was found to have incorrectly reported around 40 million inactive subscribers as active, inflating industry statistics in violation of NCC guidelines. Many lines were also deactivated due to the completion of the Subscriber Identification Modules (SIMs) and National Identification Number (NIN) linkage exercise.

The resurgence in mobile subscriptions has been mirrored by a significant rise in internet usage. Data consumption hit a record 870,398.28 terabytes (TB) in October, representing a 28.9% increase from the 675,250.54 TB reported in October 2023.

Broadband penetration also rose to 42.24% from 41.56% in September, driven by the dominance of 4G networks, which now account for 46.27% of total subscriptions. Other network technologies contributed as follows: 2G at 42%, 3G at 9.40%, and 5G at 2.33%.

A major catalyst for this surge has been the proliferation of affordable smartphones. Entry-level models from Chinese brands like Transsion and Xiaomi have made digital connectivity more accessible, even in a challenging economic environment marked by significant naira depreciation. The International Data Corporation (IDC) reported a 1% growth in Nigeria’s smartphone market during the third quarter of 2024, highlighting the resilience of this vital segment.

However, the growth story isn’t without its challenges. The GSMA, a global body for telecom operators, estimates that 120 million Nigerians still lack access to mobile internet, particularly in rural areas where digital infrastructure remains underdeveloped

But as smartphone adoption grows, it will continue to be a driving force behind the sector’s expansion. Subscriptions, data usage, and broadband penetration are all poised to rise further as more Nigerians gain access to affordable devices.

As the year winds down, the African startup ecosystem offers a wealth of stories that capture the trials, triumphs, and transformative strides of innovation across the continent. From ambitious AI initiatives and fintech unicorns to satellite internet expansion, these tales intertwine to paint a vivid picture of a year filled with disruption and determination.

This article is the third part of our 2024 recap series. If you missed the first and second instalments, you can check it out here and here. There you can catch up with some of the biggest events in the African landscape in 2024.

The Biggest Mergers and Acquisitions That Shaped 2024

Mergers and acquisitions stole the spotlight in Africa this year, with some of the continent’s biggest players coming together to redefine industries.

In August, Wasoko and MaxAB completed what many called the largest tech merger in Africa in 2024. The union combined Wasoko’s dominance in East Africa with MaxAB’s established foothold in North Africa, creating a retail and logistics behemoth serving over 450,000 merchants across Kenya, Tanzania, Egypt, and Morocco.

The deal wasn’t just a consolidation of market share—it signalled a bold strategy to leverage cross-regional synergies in informal retail. With a focus on integrating private-label products and offering fintech solutions for merchants, the merged entity aimed to unlock the potential of Africa’s USD 600 B informal retail sector.

Meanwhile, Nigerian fintech Rise made its own splash in September with the acquisition of Kenya’s Hisa, an investment startup. The acquisition, which blended cash and stock, gave Rise a foothold in East Africa’s digital investment market for the first time. Hisa’s local expertise allowed it to connect with Kenyan users, while Rise’s broader vision of democratizing global investments made it a natural fit. The acquisition paved the way for Rise to expand its footprint while retaining Hisa’s identity under the leadership of Eric Jackson, now CTO of the combined entity.

Not all acquisitions told a tale of growth. In March, a consortium led by Paystack stepped in to rescue Brass, a Nigerian business banking startup struggling to stay afloat. Brass had faced liquidity issues, customer dissatisfaction due to delayed withdrawals, and operational hurdles, despite raising USD 2.1 M in 2021. The acquisition breathed new life into Brass, with Paystack using its vast fintech expertise to turn the struggling startup into a vital part of its SME strategy.

Adding to the momentum, Ticketmaster, the global ticketing giant, entered Africa with its acquisition of South African platform Quicket in October. Quicket, known for its self-service ticketing tools and presence in markets like Kenya, Uganda, and Zambia, offered Ticketmaster a way to expand its global reach. This wasn’t just about market entry—it was a calculated bet on the continent’s growing events sector. With Africa’s live entertainment market booming, Ticketmaster made the strategic acquisition to position itself to serve a digitally savvy audience that increasingly demands seamless ticketing experiences.

---

The Year of Local Investors: How Africa’s VCs Stepped Up in 2024

As global venture capital funding slowed, 2024 became the year of local VCs stepping up. In the year, local venture funds were no longer playing supporting roles—they were taking the lead.

For many African startups, these homegrown funds provided much-needed lifelines, demonstrating the growing confidence in the continent’s entrepreneurial talent.

This year, Janngo Capital, based in Côte d’Ivoire, raised USD 78 M for a gender-equal fund aimed at empowering female-led startups across Africa. The fund became the largest of its kind on the continent, reflecting the growing emphasis on inclusivity in investment strategies.

Perhaps the most notable this year was from one of Africa’s most significant players, TLcom Capital with its continued commitment to early-stage ventures, closing its TIDE Africa Fund II at USD 154 M. With a focus on early-stage startups in sectors like fintech, healthtech, and logistics, TLcom solidified it as one of the largest funds focused on African tech startups this year.

Meanwhile, Verod-Kepple Africa Ventures launched its first fund at USD 60 M fund aimed at Series A and B startups.

These funds not only filled the gaps left by a decline in international capital but also reflected a broader shift toward context-specific investment. By focusing on gender equality, youth entrepreneurship, and impactful innovations, local funds ensured that Africa’s startups remained resilient and forward-looking.

Together, these funds symbolized the growing confidence in Africa’s entrepreneurial potential and demonstrated a shift towards more localized, context-aware funding strategies.

---

Nigeria’s NGN 100 M AI Fund: A Seed Planted in Rocky Soil

In a move aimed at bolstering its tech ecosystem, the Nigerian government teamed up with Google to launch the NGN 100 M (~ USD 61 K) AI Fund, targeting ten promising startups with NGN 10 M (USD 6.1 K) each and access to USD 3.5 M in Google Cloud Credits. These startups, spanning sectors like healthcare, agriculture, and security, embody a hopeful future for AI-driven solutions in Nigeria.

From BetaLife Health, which tackles Africa’s blood supply challenges with predictive AI, to Farmspeak, empowering livestock farmers with disease detection tools, the initiative brims with potential.

Yet, beneath the surface of celebration lies a simmering debate. Nigeria’s tech community was quick to critique the fund’s perceived inadequacy, arguing that the USD 6.1 K (per startup) pales in comparison to the steep costs of AI development. As some pointed out, “NGN 100 M can’t even buy an Nvidia chip,” much less fueling the high-stakes race for AI dominance.

This tension underscores a broader challenge for African AI: the financial and infrastructural barriers that make global competitiveness an uphill battle.

While the fund represents a step in the right direction, its critics remind us that the journey toward a truly thriving AI ecosystem will require bolder, more substantial investments.

---

Moniepoint’s USD 110 M Series C: A Unicorn That Took Flight

As the debate over Nigeria’s AI fund continued, another homegrown success story captured the spotlight. Moniepoint, a fintech juggernaut, became Africa’s newest unicorn following a USD 110 M Series C round led by Development Partners International.

This significant milestone not only crowned Moniepoint as Africa’s eighth unicorn but also set it on a trajectory to redefine business banking across the continent.

The funding places Moniepoint among Africa’s elite startups, setting the stage for its ambitious continental expansion.

Moniepoint’s journey is more than a tale of financial milestones. The company has been a lifeline for many Nigerian businesses, processing over 800 million transactions monthly and driving financial inclusion across underserved communities.

Now with new gunpowder, it has earmarked it for an ambitious continental expansion. The first port of call? Kenya—a market ripe with potential but fraught with challenges.

Setting its sights on Kenya as the first step in its African expansion, Moniepoint aims to replicate its integrated model of digital payments, banking, and credit services.

But entering Kenya’s fintech market is no small feat. Dominated by Safaricom’s M-Pesa, the market has long been a graveyard for ambitious entrants. By focusing on underserved MSMEs and acquiring local fintech Kopo Kopo, Moniepoint hopes to carve out a niche where others have faltered.

Scaling Moniepoint’s business banking model to Kenya will represent a litmus test for its broader African ambitions. If successful, the fintech giant could establish a template for expansion into other regions, but that remains to be seen.

---

Starlink’s Tumultuous ‘Success’ Across Africa

The arrival of Starlink, Elon Musk’s satellite internet service, has been one of the most disruptive forces in Africa’s telecom sector in 2024.

What started as a single-country launch in Nigeria in early 2023 quickly morphed into a continental expansion. By the end of 2024, Starlink had established operations in 18 African countries, including Rwanda, Botswana, and Ghana, with Cape Verde joining the list in December. And by all accounts, the service is on track to reach over 25 African countries by 2025.

With Starlink offering a unique proposition to boost internet connectivity in Africa -a continent where only 43% of the population has access to the internet- it is not exactly surprising to see how far it has come in terms of adoption and even daring to throw up dust into the faces of local providers.

Starlink’s appeal lies in its ability to deliver high-speed, low-latency internet — with download speeds exceeding 100 Mbps — to regions that traditional ISPs struggle to serve. Using a network of over 5,500 low-Earth orbit satellites, the service bypasses the need for terrestrial cables and repeater towers. For many rural and underserved areas, this meant connectivity for the first time.

By late 2024, Starlink had grown to become the third-largest internet service provider in Nigeria, with over 23,000 subscribers. The service found similar success in Kenya, where it rapidly gained users despite the dominance of well-established telecom players

However, the year also exposed the hurdles of scaling across Africa. In what would be considered a monumental year for Starlink in Africa, cracks began to appear. From regulatory pushback in some countries to vendetta from local internet providers, Starlink faced it all.

Earlier in the year, Cameroon and Zimbabwe had seized Starlink kits at their borders for licensing issues. The service was only reinstated in Zimbabwe after months of regulatory wrangling. In South Africa, the government’s insistence on local ownership continues to delay Starlink’s launch indefinitely. More recently, Namibia issued a cease-and-desist order in November, citing unlicensed operations, dealing another blow to its continental expansion.

Even in markets where it had initially enjoyed momentum like Nigeria, sales of its residential kits are currently on hold. This came after the NCC opposed its 97% hike in monthly subscription fees. The NCC’s intervention led it to temporarily suspend the order for new residential kit orders.

Meanwhile, local ISPs and telecom giants across Africa are also pushing back against Starlink’s growing influence. In Kenya, Safaricom, the country’s largest mobile network operator has been a vocal critic of Starlink’s entry calling for stricter licensing requirements for satellite internet providers. The company even launched competitive plans to win back customers migrating to Starlink. Similarly, telecom operators in Nigeria, Cameroon, and Zimbabwe raised concerns about Starlink’s “free rein” and its perceived advantages in bypassing regulatory hurdles that traditional providers faced.

Meanwhile, global competitors seeing its “success” are also circling, looking to take a bite of the market. Liquid Intelligent Technologies and Amazon’s Project Kuiper have emerged as formidable rivals, each seeking to claim their share of the satellite internet market.

For Starlink, Africa represents both opportunity and challenge. With its high-speed internet filling crucial gaps, the service has immense potential to transform digital connectivity. But as its journey shows, scaling in Africa means navigating a maze of regulatory landscapes, local competition, and affordability issues.

From transformative mergers to landmark funding and ambitious expansions, 2024 was a year that showcased the promise and challenges of innovation in Africa. Each story offers a glimpse into the challenges and triumphs shaping the continent’s entrepreneurial landscape.

This article is part of our Yearly Round-Up Series, highlighting the biggest stories that shaped Africa’s innovation landscape. Stay tuned for next week’s edition as we continue unpacking the lessons and opportunities that defined the year.

The recent revelations from industry leaders about Netflix’s decision to scale back its Nigerian originals have thrown Africa’s streaming landscape into uncertainty, stirring concerns about the future of global players on the continent.

While the company declined to comment on reports of its reduced investment and a spokesperson did tell WT, “We are not exiting Nigeria and will continue to invest in Nigerian stories to delight our members,” this measured assurance lies a more complex reality — one marked by strategic retrenchment, intensifying competition, and shifting market dynamics.

When Netflix entered Africa in 2016, it painted a picture of boundless potential. The continent’s vast population, growing internet access, and thriving creative industries seemed primed for success. Since then, Netflix has invested USD 175 M in South Africa, Nigeria, and Kenya, producing global hits like The Black Book, its most successful African film to date.

But producing premium African content has proven more expensive and logistically challenging than anticipated. Netflix’s pullback reflects this reality. High production costs, currency volatility, and a fragmented digital payments ecosystem complicate business. In Nigeria, for instance, currency volatility and an inflation crisis make production costs unsustainable, even with international backing.

From Expansion to Recalibration

Netflix isn’t alone. Amazon Prime Video, which made a high-profile entry into Nigeria and South Africa with titles like Gangs of Lagos, has also scaled back its local content push, shelving several anticipated projects. Both companies had bold ambitions to capture Africa’s youthful, mobile-driven market of half a billion internet users, with Africa’s video-on-demand market expected to reach 18 million subscribers by 2029.

Their aggressive expansion however ran into persistent hurdles: rising production costs, economic instability, and fragmented systems. These realities have tempered the initial euphoria that Africa could become the next frontier for global streaming dominance.

Meanwhile, South Africa-based Showmax has taken a different route — one that’s proving more resilient. As the streaming arm of MultiChoice, Africa’s largest content producer, Showmax draws from a deep well of local expertise and has seen strong growth; reporting a 30% increase in paying subscribers in its latest financials.

It follows MultiChoice’s commitment of USD 1 B last year—half its entertainment budget—towards creating over 6,500 hours of content in 22 languages for streaming. By blending this localised approach with global-quality productions, Showmax has grown its subscriber base by 26% annually over the past four years, emerging as a formidable regional competitor.

This adaptability contrasts the struggles of early players such as IROKOtv and some telecom-backed platforms that faltered. Vodacom’s Video Play, MTN’s VU, and Zimbabwe’s Kwese TV all shuttered despite hefty investments. Cell C’s Black also fizzled out after the platform burned through USD 80 M with little traction. Struggling to license premium content or produce originals, they found themselves unable to compete with Netflix’s global catalogue or Showmax’s local hits.

The Plot Thickens

Amid this corporate reshuffling, local filmmakers have also forged an unexpected lifeline in YouTube. Locked out of high-budget streaming deals and battling piracy in the DVD market, creators are pivoting to the platform to rack up views and earn dollars.

YouTube has, for one, evolved from a backup option into a thriving ecosystem for Nollywood creators. Channels like Libra TV and ApataTV+ now operate as de facto streaming services, reports Rest of World, boasting millions of subscribers and hundreds of millions of views. “We procure movies and also do profit-sharing with our producers,” said ApataTV+ founder Olusola Akinyemi. Libra TV’s success mirrors this model, with over 550,000 subscribers and 100 million views.

However, YouTube isn’t a guaranteed payday. Ad revenue can be inconsistent, prompting many filmmakers to target higher-paying audiences in the U.S. and U.K. Still, for budget-conscious creators, it remains the most accessible global platform.

Africa’s streaming market, once viewed as an untapped goldmine, has proven far more complex and the landscape today reflects a dynamic push-and-pull between local realities and global ambitions. Initial hype about millions of internet users and a fast-growing youth population has given way to tempered expectations and forced recalibrations.

The next chapter will likely be defined by selective investments, tighter production criteria, and deeper partnerships. Africa’s streaming wars are far from over, but it appears the rules are changing.

Moove, one of Africa’s most well-funded startups, is charting new territory as it aggressively expands into international markets, with the U.S. being of interest lately after making headway in India, the U.K., and U.A.E. Its latest move has it turning a new corner with a landmark partnership with Waymo, Google’s autonomous vehicle subsidiary.

The deal, which tasks Moove with managing fleet operations for Waymo’s robotaxi services in Phoenix and Miami, marks the company’s most ambitious move yet into advanced mobility solutions. A Waymo spokesperson highlighted the synergy, saying Moove’s “global experience and operational expertise” made it a perfect partner for managing robotaxi operations.

For a company that started in Nigeria financing vehicles for ride-hailing drivers, this collaboration with a global leader in autonomous technology is a striking evolution. It signals Moove’s bid to position itself as a global player in fleet management, leveraging partnerships to find profitability after years of headwinds in its home market.

***

While the global push signals ambition, it also highlights the operational and economic headaches the mobility fintech has faced on its home turf with Ghana and South Africa among its Africa base.

The company, which finances vehicles for gig workers, is betting big on profitability in high-growth regions outside Africa. These markets already show promise with Moove claiming profitability in both the U.K. and U.A.E, for instance. But the pivot away from Africa is as much a necessity as a choice.

Moove’s African operations have been plagued by rising transportation costs, volatile economies, and pushback from gig drivers struggling to meet repayment terms. These struggles culminated in protests by drivers in Lagos in 2023 over what they called “unfavourable repayment terms.” Moove attributed the tensions to “unprecedented economic challenges” in Nigeria, which have constrained both drivers and the company while introducing some interventions.

Import duties and limited access to affordable new vehicles have further compounded the problem. These structural barriers have made profitability elusive in many African markets, pushing Moove to pivot its strategy. A Moove executive declined to comment on the issues on the homefront and the evolving game plan. However, Ladi Delano, the company’s co-CEO, previously acknowledged the economic hurdles to Rest of World earlier this year, emphasising the need for a global strategy.

***

The Waymo deal is just one part of Moove’s aggressive push into international markets. In October, the company expanded to Mexico, marking a significant milestone in its LatAm expansion. Backed by over USD 500 M in funding from marquee investors, Moove now boasts operations in 12 markets across four continents, serving 30,000+ mobility entrepreneurs.

Moove has also deepened its presence outside Africa, where its focus on electric vehicles (EVs) and partnerships with Uber are driving growth. These markets offer better margins and lower operational risks than the company’s African base, where economic volatility and steep taxes on vehicles have stymied growth.

Central to Moove’s global ambitions is its push for EVs, which align with its sustainability goals and profitability strategy. In the UAE, Moove’s fleet is 100% electric, and the company plans to introduce over 20,000 EVs in India. EVs are cheaper to maintain and fuel, and in some markets, they benefit from government subsidies.

In regions like the U.K. and UAE, this strategy is already bearing fruit, according to Delano, who also predicts company-wide profitability by 2025; a milestone the company has been chasing since its 2020 launch.

Despite its successes, Moove faces challenges in adapting its model to diverse markets. In India, drivers have complained about vehicle repossessions following short-term payment lapses. Moove has defended its practices, with Delano explaining that repossessions are a “last resort” after extensive support efforts. These tensions highlight the fine line Moove must walk as it scales its operations globally.

Nevertheless, the partnership with Waymo symbolises Moove’s readiness to take bold steps into the future of mobility. At the same time, the startup is working to solidify its position in traditional ride-hailing markets like Mexico and India, balancing innovation with the steady growth of its core business.

The African tech ecosystem hit a milestone in 2023, with funding for DeepTech startups soaring to USD 1.2 B from USD 86 M in 2015, per a new report by research firm Caribou Digital. This surge underscores growing confidence in the continent’s potential to lead in emerging technologies like artificial intelligence (AI). At the heart of this growth is a powerful promise: harnessing AI to tackle one of Africa’s most pressing challenges—youth unemployment.

With 60% of Africa’s population under 25, the continent has the world’s largest youth demographic, which is projected to double by 2030. This creates an unprecedented opportunity to expand the tech talent pool, foster job creation, and drive economic growth. However, the success of this vision hinges on strategic collaboration between governments, academia, Big Tech, grassroots AI communities, and investors, the researchers put forward.

AI Hubs Fuel a Thriving Ecosystem

The findings in the recent report titled, The Role of AI Innovation Clusters in Fostering Youth Employment in Africa, show the continent’s AI ecosystem is home to 127 hubs, spread across key innovation hotspots. South Africa leads with 22% of these hubs, followed by Nigeria and Egypt at 12% each, and Kenya at 10%. These hubs represent the nexus of technological innovation and workforce development.

Grassroots communities like Data Science Africa, Deep Learning Indaba, and Data Science Nigeria are the linchpins of this ecosystem. These groups focus on upskilling local talent, showcasing African AI research globally, and connecting emerging professionals to international opportunities. Despite their impact, they face challenges like limited resources, which could hinder their ability to scale and meet the growing demand for AI talent.

“Artificial Intelligence, harnessed collaboratively, has the power to positively shape the African employment landscape and boost the economy,” said Abbie Phatty-Jobe, Research & Engagement Manager at Caribou Digital. “The success of emerging clusters depends on a collective strategic approach that tackles inclusivity and targets investment in local talent and infrastructure.”

A Ticking Clock on Youth Employment

Youth unemployment in Africa is a persistent issue, with millions of young people entering the workforce every year but finding few opportunities. AI innovation could play a transformative role in bridging this gap, but realising this potential requires significant investments in infrastructure, education, and policy.

According to a recent report, the product of a collaboration between Caribou Digital and Mastercard Foundation, there are six key components needed to drive AI innovation: grassroots AI communities, academia, human capital, policymakers, Big Tech, and investors. A collaborative effort across these domains is essential to build a robust ecosystem.

The report emphasises that academia must expand AI programs, train more professors, and align curricula with industry needs. Governments, meanwhile, need to prioritize infrastructure development—reliable electricity, affordable internet, and better data access—to support AI adoption. Big Tech has a role to play, too, by fostering equitable partnerships, ensuring knowledge transfer, and protecting data sovereignty.

The Rise of African DeepTech

The record-breaking USD 1.2 B in funding for DeepTech startups reflects a growing recognition of Africa’s untapped potential. Historically, much of this investment has focused on health and agriculture, but the report urges investors to diversify into other sectors like education and financial inclusion, where AI could have transformative impacts.

Startups are already leveraging AI to tackle real-world problems, from automating financial services to improving healthcare diagnostics. The report also highlights the importance of scaling grassroots efforts. These initiatives train young Africans in AI skills and provide a talent pipeline for the global market. By connecting local talent to global networks, they ensure that Africa can compete in the rapidly evolving AI economy.

The next few years will be pivotal for Africa’s AI ecosystem. The opportunity is vast, but so are the challenges. Stakeholders will have to act decisively for Africa to emerge as a global player in AI. This includes prioritising investment in digital infrastructure, scaling AI-focused university programs, and fostering partnerships that empower local talent rather than exploit it.

As 2024 draws to a close, we reflect on the remarkable, turbulent, and sometimes surprising events that shaped Africa’s startup ecosystem. This article is part two of our 2024 recap series. If you missed the first instalment, you can check it out here.

It has been a year of dramatic pivots, tough decisions, and relentless challenges, with each story revealing the tenacity and creativity driving the continent’s innovation space.

The End of Copia Global: A Decade-Long Journey Ends in Liquidation

The collapse of Copia Global was one of the most striking stories of the year. It marked the end of a decade-long attempt to revolutionize e-commerce in Kenya.

What began in 2013 as an ambitious mission to serve rural and peri-urban communities with household essentials through a digital platform ended in July 2024 with the liquidation of its assets and the dissolution of the company.

It all started with a sobering announcement from Copia, which unveiled a significant restructuring effort. The company, long seen as a trailblazer in e-commerce for Kenya’s mass market, faced the harsh realities of a shrinking funding landscape and even failed to meet payroll obligations.

With KPMG’s administrators brought in to oversee a restructuring effort to keep the business operational, Copia laid off 1,060 employees and implemented cost-cutting measures to attract new investment.

Yet, even these drastic measures could not halt the downward spiral and the financial challenges proved insurmountable. Attempts to secure fresh investment faltered, and the company’s administrators concluded that a turnaround was no longer viable.

By July, Copia abandoned its plans to revive the business and began liquidating its assets and paying creditors.

Nigeria and Binance: A Crypto Standoff

As Copia met its Waterloo in 2024, the year saw a high-stakes standoff brewing in Nigeria between the government and Binance, the world’s largest cryptocurrency exchange.

It all began in February when Nigerian authorities demanded data on Binance’s users and transactions. They cited concerns over tax revenue losses from unregistered crypto exchanges and illicit financial flows totalling a staggering USD 26 B.

Matters escalated dramatically when two Binance executives were detained during negotiations, spotlighting the tense intersection of crypto regulation and diplomacy. By June, Binance had halted all its services in the country.

While Nigerian authorities claimed cryptocurrency exchanges were devaluing the naira, critics argued that the government was using crypto as a scapegoat for long-standing economic challenges.

While one of the detained executives escaped, the detention of the other – Tigran Gambaryan, which started in February, dragged on for months, prompting interventions from U.S. lawmakers and sparking global scrutiny.

Finally, charges against him were dismissed in October, and Binance emerged cautiously optimistic about Nigeria’s blockchain potential. While the saga ended with a release, the events left a lasting mark on Nigeria’s crypto landscape, showing just how fraught the path to digital finance regulation can be.

South Africa’s E-Commerce Standoff

Meanwhile, in South Africa, the e-commerce space was buzzing with activity in 2024 as global giants moved in to claim a slice of the market.

The drama began in January, when Chinese retailer Temu made its debut, followed by Amazon’s soft launch of its dedicated South African platform, Amazon.co.za, in May. The moves represented a seismic shift in the local market, which players like Takealot and Naspers-owned Superbalist had long dominated.

While Chinese retailer Temu and its compatriot Shein employed affordable pricing but a slower delivery model, American powerhouse Amazon relied on building local inventories for faster delivery. This combination left rivals scrambling to adapt.

The pressure became unbearable for local platforms like Naspers’ e-commerce giant Takealot. In September, it sold its fashion retailer, Superbalist to a consortium of private equity investors, signalling an exit from fashion to refocus on its core e-commerce and food delivery platforms.

Even Africa’s largest e-commerce player, Jumia, wasn’t spared. By October, it had announced plans to exit South Africa and Tunusia entirely, choosing to refocus on more promising markets like Nigeria and Kenya. Yet, Jumia wasn’t safe on its home turf either.

Just as Jumia recalibrated, Temu expanded its footprint into Nigeria—its biggest market—launching an aggressive marketing campaign that made one thing clear—it had no intention of giving Jumia breathing room. The move signalled Temu’s intention to challenge Jumia on its home turf, leveraging its factory-direct pricing model to attract price-sensitive consumers.

With global players disrupting local markets, South Africa’s e-commerce sector has been forever changed.

South Africa’s Declining Startup Scene Spurs Reform Calls

As these market dynamics played out, South Africa faced a deeper reckoning about its startup ecosystem.

Once a leader in Africa’s tech scene, South Africa has seen a sharp decline in funding and startup activity. With venture funding dropping 41% year-on-year in 2023, the country has fallen behind its peers, including Nigeria, Egypt, and rising stars like Tunisia.

For years, industry leaders have pushed for a Startup Act, a legislative framework designed to support entrepreneurs and attract investment to reverse this decline. But despite progress in countries like Tunisia and Senegal—where similar laws have spurred significant growth—South Africa’s government has been slow to act.

The calls for reform are growing louder. Entrepreneurs point to restrictive visa policies, burdensome exchange controls, and a regulatory environment that stifles innovation.

While there has been some progress—such as ongoing talks with the Deputy Minister of Finance—no legislation has been finalized. Without bold action, South Africa risks losing its position among Africa’s leading tech ecosystems to emerging contenders like Ghana and Tunisia, which are building more startup-friendly environments.

New Tax Rules Create Headaches for Nigerian Startups

And as if the year hadn’t been challenging enough, November brought a new headache for Nigerian startups.

The tax story added an extra layer of complexity for startups in Nigeria. Quietly unveiled this month, new tax regulations are set to take effect in January 2025, requiring businesses to deduct taxes at the point of payment.

Known as the “Deduction of Tax at Source Regulations, 2024,” the rules cover various income streams, including capital gains and corporate income, and have strict remittance deadlines.

Businesses are required to submit detailed returns for each deduction, including the payer’s name, address, and TIN. Receipts for deducted taxes must also be issued, and any misstep in this meticulous process could invite penalties.

While the move is intended to streamline tax compliance and curb evasion, startups say it adds yet another administrative burden to an already challenging environment.

The government included some exemptions to soften the blow, including payments related to Real Estate Investment Trusts, securities lending, and compensation payments. Yet, many in the tech community remain sceptical, arguing that these measures are another hurdle in a space already fraught with funding cuts and operational challenges.

Whether the government’s intent to align with global standards will outweigh the potential downsides for startups remains to be seen – in 2025.

So, as the year ends, Africa’s startup ecosystem stands at a crossroads. From Copia’s restructuring to Binance’s diplomatic entanglements and from e-commerce wars to calls for overdue reforms, the stories of 2024 tell a tale of resilience and reinvention.

This article is part of our Yearly Round-Up Series, highlighting the biggest stories that shaped Africa’s innovation landscape. Stay tuned for next week’s next edition as we continue unpacking the lessons and opportunities that defined the year.

Transitioning to college is an exhilarating yet intimidating experience. As you embark on this new chapter, packing the right essentials can make your transition smoother and your campus life more manageable. While you might think about textbooks and decoration, several other items are crucial to have on hand.

Among your preparations, you might also seek support from essay writing services where you can hire someone. You can find many services but DoMyEssay can write an essay for you, which can be a vital resource during your academic journey. Equally important is building your own college freshman survival kit, designed to cover various needs and emergencies you might encounter as a student. Let’s explore the top ten essentials every college student should have in their survival kit.

Essential Items for Your College Survival Kit

1. Quality Backpack

Every college student needs a sturdy and comfortable backpack in their college kit. The same goes for a high school survival kit. It should be spacious enough to hold your laptop, textbooks, and other school supplies while also having comfortable straps to avoid shoulder pain. Choose a backpack with several compartments to ensure everything stays well-organized. This backpack will become a part of your daily college routine, easily transitioning from class to class.

2. Laptop and Chargers

In the current educational landscape, a dependable laptop is essential. Ensure it’s equipped with the software you need for your courses, and don’t forget the chargers. Having a portable charger can be invaluable during extensive days on campus. Keeping all your devices charged is part of your college survival guide to staying connected and productive.

3. Planner and Notebooks

Stay organized and on top of your assignments with a good planner. A straightforward planner is crucial for effectively managing your deadlines and enhancing academic performance. Pair it with a set of notebooks for taking class notes. Employing a planner is an active strategy for efficiently organizing your time and responsibilities.

4. First Aid Kit

Never underestimate the importance of a well-stocked college first aid kit. It should contain band-aids, pain relievers, personal medications, and basic tools like tweezers and scissors. Such a first aid kit for college student can handle minor emergencies or basic health needs. It’s always better to be prepared for any small accidents or health issues that come your way.

5. Snack and Hydration Kit

Maintain your energy levels with a student survival kit, healthy snacks, and a reusable water bottle. Snacks like granola bars, nuts, and dried fruits can significantly boost your energy during prolonged study sessions. It is also vital to stay hydrated to maintain overall health and mental focus. A well-fueled body ensures that you can handle the rigors of your academic and social schedule.

6. Cleaning Supplies and Laundry Essentials

Keep your dorm room clean and fresh with some basic cleaning supplies such as disinfectant wipes, a mini vacuum, and an air freshener. Remember to keep laundry supplies like detergent, fabric softener, and a roll of quarters handy. Maintaining a clean living environment is crucial for your physical well-being and mental clarity.

7. Emergency Contact List

An emergency contact list is a vital part of any student emergency kit. Include numbers for local emergency services, the campus health center, and family members. This list can be crucial in unexpected situations. Quick access to important contact information can greatly reduce stress and save time when urgent situations arise.

8. Extra Clothing and Weather-Appropriate Gear

You’ll want extra clothing for unexpected weather changes or special occasions. Depending on the climate of your college location, include a good raincoat, waterproof boots, and warm layers. Being prepared for various weather conditions ensures you’re never caught off guard.

9. Personal Safety Items

Include personal safety items in your college emergency kit. This can range from pepper spray or a whistle for personal protection to a small flashlight and extra batteries. Carrying items such as a whistle or pepper spray can enhance your sense of security while navigating the campus at night. Your safety is paramount, and these tools can provide peace of mind.

10. Entertainment and Relaxation Items

College isn’t all about study and emergencies. You need downtime as well. Include leisure items like a deck of cards, a beloved book, or craft supplies for downtime and entertainment. These can help you unwind and connect with new friends. Achieving a balance between academics and leisure activities is essential for a well-rounded and healthy college life.

Conclusion

Building your college student survival kit is about preparing for both the expected and unexpected aspects of college life. From academic aids to personal care items, each component of your kit plays a vital role in ensuring a smooth and successful college experience. Remember, preparation is key, and with this college survival kit list, you’ll be well on your way to conquering college life. So, pack these essentials and get ready for an incredible journey ahead! Don’t forget, a bit of humor goes a long way, so include some college survival kit funny things and use some funny college survival tips to keep things light.

Author Profile

Nicole Hardy is a renowned blog writer, recognized for her in-depth and insightful journalism, particularly in the fields of education and the arts, with a strong focus on performing arts education. With over ten years of experience, Hardy has built a reputation as a leading voice in her field, known for her comprehensive analysis and engaging storytelling. She holds a Master’s degree in Journalism from the University of Arts, specializing in arts and culture journalism.

Feature Photo by Baim Hanif on Unsplash