Story by Lexi Novitske for CNBCAfrica | Photography courtesy of CNBCAfrica
A decade ago, mobile phones propelled the beginnings of Africa’s tech wave through the arrival of mobile money – today, the mobile revolution has applications across every sphere of modern life in the region. With a young population of early-adopters and an improving infrastructure from telecommunications to payments, investment in Africa in 2018 is likely to eclipse record-breaking growth, and be driven by more post-seed capital. Investors and entrepreneurs alike building on the foundation of a rapidly expanding tech ecosystem will tap into success in four key trends:
“With a young population of early-adopters and an improving infrastructure from telecommunications to payments, investment in Africa in 2018 is likely to eclipse record-breaking growth, and be driven by more post-seed capital.”
#1 Global tech brands adopt a local approach
Eighty-five percent of the world’s population now lives in Asia, Africa, and Latin America. As these regions emerge as the future of the world’s growth, global brands are now in a race to capture developing-world consumers. American and European companies vying for global-market dominance are fast understanding the products which work for Western markets may not always resonate with an emerging-market audience. Consumers prefer local content, while domestic influencers drive engagement from social trends to purchasing patterns – a trend that will only become more prevalent this year. Google is one company focusing new products on Africa’s growth. Realizing that building an African consumer base will require data optimization in a world where 1GB costs 9.3% of average monthly income across the region, and following a launch in India, Google expanded its data-friendly YouTube Go app in Nigeria enable consumers to save videos for offline viewing. The tech giant also recently announced the launch of Android app Datally, which helps consumers see which apps consume the most data and provides suggestions on how to conserve data usage.
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Good to read!