- Africa's tech space is rapidly evolving and becoming a hotbed of innovation.
- Lupiya, an AI-powered neobank from Zambia, is making waves by offering online loans, P2P investments, and digital payment services.
- The influx of talent returning to Africa, strong government support, and programs for startups indicate a promising future for tech innovation in Africa.
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Africa has become a hotbed of innovation, with its growing tech ecosystems opening doors for a new generation of entrepreneurs and innovators.
Necessity is often regarded as the mother of invention, and nowhere does that ring truer than in Africa’s fast-evolving tech space. The continent has quickly become a hotbed of innovation, with its growing tech ecosystems opening doors for a new generation of entrepreneurs and innovators.
From Lusaka to Nairobi, young, tech-savvy minds are using technology to solve everyday problems, building solutions that are not only reshaping local economies but also grabbing global attention.
One such innovation is Lupiya, an AI-powered neobank from Zambia, co-founded by Muchu Kaingu. Lupiya which offers online loans, peer-to-peer (P2P) investments, and digital payment services, made it to the Supernova finals at GITEX Global’s Supernova Challenge, standing among the top 20 startups globally and competing for a $200,000 prize.
“We have been growing through the years. We started with $500. You can imagine the lessons learnt since then. We have raised over $14 million to date," Kaingu told Business Insider Africa.
Earlier in May, Lupiya had already snagged $50,000 as the top winner at the GITEX Africa Supernova Challenge in Morocco, part of Africa’s biggest tech event. Between 2016 and 2020, Lupiya has facilitated loans to 5,000 individuals and small businesses. Today, Lupiya proudly serves over 100,000 users in Zambia and is setting its sights on expanding into Tanzania, Malawi, and Nigeria.
Notably, Agrovesto, an Agtech company revolutionizing Africa's agro-commodities market, is also transforming the way staple crops are sourced and traded in Nigeria, Africa's most populous country. Founded by Bayo Adewoye, Agrovesto is currently working with 10,000 small-scale farmers across five states to drive sustainable agriculture through digital innovation.
According to Trixie LohMirmand, Executive Vice President of DWTC, the organiser of GITEX GLOBAL and Expand North Star, “With international participation in GITEX GLOBAL 2024 rocketing by almost 40 per cent, it’s a barometer of the unstoppable ambitions of many young rising digital nations who are now confidently forging their ways into the future global AI economy through GITEX."
"As the world's most global tech event brand with events in Germany, Singapore, Morocco, and Nigeria alongside Expand North Star, we are committed to strategically propelling the next generation of AI-driven technologies via startups, scale-ups and unicorns,” she stated,
Celina Lee, CEO & Co-Founder of Zindi in South Africa, pointed out how more and more talent is returning to Africa to launch businesses and build ecosystems that spark innovation. This trend is even attracting big names like Microsoft, which has set up labs in places like Ghana and Nairobi.
This influx of talent returning to the continent is complemented by strong government support, as noted by Tigist Hamid Mohammed. She stated that local economic reforms are encouraging the growth of homegrown technologies.
Programs like IceAddis and BlueMoon Ethiopia provide collaboration spaces for startups, giving them the resources and freedom they need to operate and thrive as independent businesses.
Despite these advancements, thought leaders like Savannah Maziya, Minister of Information, Communications & Technology of Eswatini, emphasised the importance of structured development to tackle unique market challenges and unlock Africa’s economic potential.
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