A tech startup is an entrepreneurial venture in the early operations in business model, anchored primarily in technology or software product (meaning of tech start up, Google).
Benefits of tech start ups are countless, below are a list of them:
- Innovation: The introduction of tech start ups have pave way for seemless solutions, mind blowing inventions, pushing progress and improvement forward.
- Economic Growth: The rise of tech setups that are successful in the long run enhances the evolution of both local and national economies.
- Global Connectivity: Tech startups have aided in bringing the world together in one place by enhancing global communication and collaboration.
In Nigeria, tech startups have moved to a higher level. the ecosystem in Nigeria realized over $1.5 billion in investment in 2021.
Nigeria is set to dominate Africa’s tech landscape by 2025, fueled by its youthful demographic and expanding internet penetration.
The fintech industry, led by pioneers like Flutterwave, is transforming digital payments. With 5 of Africa’s 7 tech unicorns calling Nigeria home, the country has attracted over $3 billion in investments. Despite infrastructural hurdles, startups are propelling economic growth, accounting for 15% of GDP and generating employment opportunities
The triumph of startups like PiggyVest is fueling the growth of future unicorns, with the tech sector driving transformation across various sectors, including healthcare and agriculture, in a digital-first economy.
The education tech revolution is in full swing, reaching millions of students across the country.
Nigeria’s SMEs, which account for over 96% of businesses, face daunting challenges, including inadequate infrastructure and limited access to funding. Power outages are a persistent issue, driving up costs and hindering growth. Still, the tech startup sector has proven resilient, contributing 15% to the country’s GDP despite these obstacles.
Fintech is reshaping Nigeria’s financial landscape, thanks to pioneers like Flutterwave and Paystack. The sector’s economic contributions are impressive, with international investments pouring in and new job opportunities emerging.
Ghana has indeed not been left out in the tech startup boom, with local and national businesses experiencing notable boom.
Mobile money transactions from networks such as MTN Mobile Money in Ghana and other countries, Vodaphone —M-Pesa (popularized by Safaricom in Kenya), and Airtel Money in various countries have made money transactions seamless, effective, and efficient, providing stress-free transactions and pushing forward the ease and quickness of business for a faster economy.
Zeepay is revolutionizing financial services in Ghana with its mobile payment solutions, designed to bridge the financial gap between the banked and unbanked. Their mobile wallets offer seamless payments and collections, enhancing convenience for all users.
Farmerline provides innovative solutions for farmers, including access to vital information, record-keeping services, and communication tools, to improve their farming practices.
Complete Farmer is a pioneering digital agriculture platform that harnesses data and technology to optimize crop production, delivering high-quality yields on a large scale through its demand-driven approach.
This innovative agriculture platform utilizes cutting-edge technology and data analysis to produce premium crops efficiently, meeting market demands with high-quality yields.
Complete Farmer’s digital platform combines data-driven insights with advanced technology to revolutionize agricultural production, ensuring large-scale, high-quality yields that meet market needs.
Tech startups have indeed come to stay, contributing to the betterment of economies both in Africa and beyond.
