Technology
Tech Outlook 2024 for Africa
Tech 2024 Outlook for Africa by Paulette Watson (Image: Supplied)
In 2024, Africa will see significant technological advancements, contributing to economic growth, innovation, and improved quality of life. Here are some predictions for technology advances in Africa:
Crypto/Web3
The crypto market has experienced a rocky period over the last 18 months, from Terra’s downfall to FTX’s scandal. There was some slight improvement in 2023 when Bitcoin ended the year over 150% higher than it started. The Solana Blockchain also made a comeback, with its token increasing by over 1000%. So what does this mean? Price is King; it fuels the Crypto ecosystem. The sum is simple: Investors’ funds startup; there’s no genuine interest when prices are low, causing an impact on the market. Currently, Africa is the fastest-growing cryptocurrency market among developing economies.
Young people are attracted to low-barrier opportunities to help generate wealth, which is Crypto’s most prominent use case today. The regulatory environment is warning about the likelihood of Crypto. Recently, the Nigerian central bank lifted a ban on crypto transactions, recognising the need to monitor and regulate global trends. Sometimes, you have to get involved and take that risk.
Another prediction for Africa in 2024 is that increased connectivity and 5G expansion are set to play a pivotal role in shaping the crypto landscape, offering a potential catalyst for further growth and innovation in the region. 5G technology will see substantial growth across major urban centres in Africa. This increased connectivity will enhance communication and stimulate the growth of various industries, including healthcare, education, and agriculture.
African countries will continue to invest in creating and supporting technology hubs, fostering a conducive environment for startups and innovation. These hubs will act as incubators for tech entrepreneurs, leading to the development of cutting-edge solutions tailored to local challenges. With this widespread adoption of 5G, the continent is also poised to embrace sustainable development, with a growing focus on renewable solutions.
Now, attention is turning to harnessing the potential of Artificial Intelligence for Agriculture, envisioning a future where advanced technologies optimise farming practices, improve yields, and contribute to regional food security. AI-powered solutions will be widely implemented in agriculture to enhance productivity and food security. Machine learning algorithms will help farmers make data-driven crop management, pest control, and resource optimisation decisions. We are currently seeing startups in Africa either focusing on AI tools or applying them to their processes.
For example, In the African landscape, an increasing number of startups are either specialising in artificial intelligence or integrating it into their operations. OnePipe, a fintech company based in Nigeria, exemplifies this trend by leveraging artificial intelligence to detect and prevent fraud. They also employ biometric verification to implement customer Know Your Customer (KYC) processes and utilise natural language processing to facilitate conversational transactions.
Another noteworthy example is Nokwary, a startup hailing from Ghana. Nokwary distinguishes itself by employing speech recognition technology and conversational user interfaces. These features empower visually impaired individuals and those who face challenges in reading and writing, enabling them to interact with banking applications and systems through spoken commands.
As Health Tech Advancements gain prominence in Africa’s transformative journey, innovative solutions are emerging to address healthcare challenges. They are leveraging cutting-edge technologies. Some use cases come to mind:
1) Telemedicine and health tech applications will see significant growth, addressing challenges related to healthcare accessibility.
2) Mobile health solutions and wearable devices will become more prevalent, enabling remote monitoring and improving overall healthcare outcomes.
With the health tech trends looking positive for Africa, this transformative movement extends to the blockchain, which will present a wealth of opportunities for financial inclusion in Africa. As the healthcare sector adopts blockchain for secure and transparent health data management, a parallel development unfolds in financial services. Blockchain technology will enhance financial inclusion by providing fast and transparent financial services. Cryptocurrencies and blockchain-based platforms will enable more accessible access to banking and financial services, particularly in regions with limited traditional banking infrastructure. Use cases include:
- The utilisation of blockchain for streamlined and transparent cross-border transactions.
- Reducing costs and improving financial accessibility.
- The implementation of blockchain-based digital identities to enhance financial inclusion for unbanked populations.
These innovations demonstrate the potential for blockchain to positively impact both healthcare and financial sectors, fostering a more inclusive and tech-driven landscape across Africa. Expanding the technological narrative, the journey from health tech and blockchain leads us to the promising realm of innovative city initiatives in Africa. In my book, “She Disrupts,” I delve into the transformative power of digital inclusion, emphasising the role of technology in empowering women and communities.
Within the context of smart cities, this vision comes to life through innovative approaches such as smart homes tailored to the unique needs of women since they spend the most time at home with their families. By integrating technologies that enhance safety, convenience, and connectivity, these initiatives contribute to digital inclusion and the overall progress of communities in the evolving landscape of African cities.
We will see urban centres in Africa and the implementation of smart city technologies to improve infrastructure, transportation, and overall urban living. IoT devices and sensors will be deployed to monitor and manage various aspects of city life, from traffic flow to waste management.
Continuing the exploration of technology’s impact in Africa, the trajectory now leads to the real of Education Technology (EdTech) Expansion. My book advocates for digital inclusion, and this principle extends to EdTech initiatives that play a pivotal role in shaping accessible and quality education.
By leveraging innovative digital solutions, these initiatives aim to bridge educational gaps, empower women through tailored learning experiences and foster community development. EdTech solutions will become more widespread, providing accessible and quality education to a broader population. Online learning platforms, virtual classrooms, and interactive educational content will help bridge the education gap and empower learners across the continent. The evolution from health tech to blockchain, smart cities, and now EdTech underscores the multifaceted influence of technology on various facets of African society, as discussed in “She Disrupts” A black women’s journey in STEM and AI Industries.
My last point extends beyond the Earth’s borders to the captivating realm of space exploration and satellite technology. I am so excited that Africa will have an opportunity to be at the heart of these technological developments.
In the context of “She DISRUTPS, Space Exploration and Satellite Technology: the narrative explores how women and communities can benefit from advancements in satellite technology. From enhancing communication infrastructure in remote areas to providing real-time data for sustainable agriculture, integrating space exploration and satellite technology becomes an opportunity for inclusive development. This fascinating progression in the tech narrative reflects the dynamic nature of innovation and underscores the potential for positive disruption across diverse sectors, as outlined in “She Disrupts.”
African nations will continue to invest in space exploration and satellite technology. This includes developing and launching satellites for communication, weather monitoring, and resource management, contributing to advancements in various sectors. These predictions highlight the potential for technology to drive positive change across different African domains, fostering innovation, economic development, and improved living standards.
The future is bright!
Imagine this: you’re an investor with a sharp suit, a sharper eye, and an appetite for the next big thing. But instead of relying on gut instinct, you’re armed with something infinitely more powerful – a tool that can analyze millions of data points, read market sentiment like a seasoned economist, and spot the next billion-dollar startup, the next unicorn, long before anyone else can. This isn’t the future; it’s happening right now. Artificial Intelligence is transforming how investors identify and back high-growth startups, revolutionizing the very nature of capital allocation. And in Africa’s dynamic startup ecosystem, where the stakes are high, and the potential is limitless, AI could be the golden ticket.
Finding Unicorns in the Serengeti of Startups
Unicorns are rare, magical creatures – startups valued at over $1 billion. But unlike the mythical beast, these are very real and highly coveted by investors worldwide. Think of them as the Serengeti’s lions in the startup world: elusive, powerful, and commanding attention. The question is, how do you spot them early?
AI models are doing just that by processing huge amounts of data in real-time, capturing everything from funding patterns and market trends to competitive dynamics and social sentiment. In other words, AI is like a seasoned safari guide, equipped with night-vision goggles and a radar for opportunity.
Take, for instance, the dramatic shift in the African startup funding landscape in 2023. Kenya, often overshadowed by its heavyweight neighbor Nigeria, leaped ahead to claim the top spot, securing $800 million in funding – about 28% of Africa’s total startup investments that year.
AI tools, analyzing key indicators like market maturity, founder networks, and regional funding shifts, could have predicted this surprising outcome, positioning investors to capitalize on Kenya’s surge before it became obvious.
How AI Deciphers the Startup Genome
Think of AI as a digital detective piecing together a startup’s DNA. What makes a unicorn, a unicorn? It’s not just about the obvious markers like revenue growth or market share. It’s also about the more subtle clues – team dynamics, consumer engagement, social media sentiment, and even geopolitical developments.
AI models scour millions of data points from a variety of sources – financial news, investor reports, social media chatter, and more – to create a comprehensive profile of a startup. Take fintech, for example, the reigning king of Africa’s startup ecosystem. In 2023, fintech startups claimed a whopping 45% of the total funding on the continent.
AI could analyze this data, alongside non-traditional indicators such as public sentiment, transaction volumes, and even mobile phone usage data, to predict which fintech startups are on track to become unicorns.
Picture this: you’re an investor, and your AI tool flags a small, Nairobi-based cleantech startup that isn’t on anyone’s radar yet. Your tool identifies that this startup, let’s call it EcoWave, is attracting significant attention from influential social media accounts, has a founder with a track record of successful exits, and has just formed a strategic partnership with a global renewable energy giant. A week later, EcoWave closes a $50 million funding round, and you’re already on the inside. That’s the power of AI-driven insights.
Making Capital Smarter, More Inclusive
AI doesn’t just make capital allocation smarter; it makes it more inclusive. Traditionally, startups in less visible markets or unconventional sectors often struggle to attract early investment. But AI is changing this. It breaks down geographical and sectoral biases by spotlighting high-potential startups regardless of where they’re located or what they do.
For example, while Nigeria saw a dip in overall funding in 2023 – down to $410 million from over a billion dollars annually in previous years – other sectors outside fintech started gaining traction. The energy sector, particularly cleantech, emerged as a dark horse, attracting massive investments across Africa.
AI tools picked up on this early, flagging opportunities that traditional investors might have overlooked, like SunKing’s $130 million securitization deal in Kenya or Nuru’s $40 million Series B round in the Democratic Republic of Congo (DRC).
A Dynamic Dance Between Human and Machine
AI is powerful, but it’s not a crystal ball – yet. Think of it more like a partner in a dance, where human intuition and machine intelligence move in tandem. Successful investors don’t just rely on data; they blend it with gut feel, market experience, and a dash of bold risk-taking.
But AI does provide a critical edge. It can process and synthesize massive volumes of data faster and more accurately than any human ever could, giving investors the ability to pivot quickly and decisively. In volatile markets like those in Africa, where economic, political, and social dynamics can change on a dime, this agility is priceless.
The Challenges: Not Just Smooth Sailing
While AI is a powerful ally, it’s not without its challenges. Data quality and availability remain significant hurdles. In many African markets, data is still fragmented or incomplete, which can skew AI predictions. There’s also the issue of bias – AI models are only as good as the data they’re trained on. If that data reflects historical inequalities or biases, the AI could end up perpetuating them.
Then there’s the trust factor. As much as we love the idea of machines making perfect predictions, there’s still a learning curve in trusting AI models. This is especially true in a domain like venture capital, where gut instinct and personal networks have traditionally reigned supreme.
A New Dawn for African Startups
AI is more than just a tool – it’s a paradigm shift. It’s changing how we allocate capital, identify opportunities, and even think about risk. For Africa’s burgeoning startup ecosystem, this could mean more than just a wave of new unicorns. It could democratize access to capital, fuel innovation across a wider range of sectors, and help close the funding gap that so many promising startups face.
So, next time you hear about a startup achieving unicorn status, remember: it might not be magic. It could very well be an AI model quietly working behind the scenes, putting the pieces together long before the rest of us catch on. As Africa continues to rise as a startup hub, these digital tools will be crucial in guiding where and how the next big bets are made. And who knows? The next unicorn might just be a bit closer than we think.
Written by: Heath Muchena, Founder of Proudly Associated and author of Artificial Intelligence Applied, Tech in Africa and Why Emerging Markets.
LG Electronics, a global leader in innovative consumer electronics, recently organised the Gaming Finale in Lagos, Nigeria, showcasing its cutting-edge OLED technology to the gaming community.
The event, which brought together top gamers and esports enthusiasts, featured LG’s OLED TVs as the official display screens for the tournament. The stunning visuals and lightning-fast response time of LG’s OLED panels immersed participants and spectators alike in the gaming action.
Speaking on the initiative, Senior Marketing Manager, LG Electronics Nigeria, Mr. Paul Mba, stated that the challenge was primarily borne out of the need to showcase the qualities and functionalities of the LG OLED TV as one of the best choices for gamers as well as create a platform to expose gamers to competitions that build them for bigger challenges on the continent and globally.
The Lagos Gaming Finale highlighted LG’s dedication to supporting the growing gaming industry in Nigeria and Africa. By providing top-notch display solutions, LG aims to empower gamers and esports professionals to perform at their best.
At the Product and trophy presentation, General Manager, Home Entertainment, TV Division, LG Electronics Nigeria, Mr. Choongbae Seok said, “LG is committed to delivering the ultimate gaming experience with its OLED TV and our OLED technology offers unparalleled picture quality, speed, and responsiveness, making it the perfect choice for gamers.”
“Building on the momentum of our successful Instore Gaming competition, we’re excited to announce its expansion across West Africa! LG is committed to bringing immersive gaming experiences to our customers in Ghana, Ivory Coast, Senegal, and beyond. Stay tuned for more details on how to participate and win big!” Seok said.
Ifeanyi Esenwa (Gamer Tag: Boyd) emerged as champion in the best of 3 final matches, and he carted home the grand prize of the LG 55-inch OLED TV, a gold trophy, and bragging rights. Second place was Flick, who went home with the LG 43-inch UHD TV; Afolarin Teluwo, who finished 3rd, got the LG LK72B Speaker and there were other prizes for the other gamers and fans in attendance.
About LG OLED TVs
LG Electronics’ cutting-edge OLED TVs are known for their stunning picture quality, deep blacks, and incredible response time, which ensures that every move you input on the controller is displayed instantly on the screen, giving you a vital edge over opponents and a better chance of winning.
Beyond gaming, the LG OLED TV’s pixels emit their light, allowing for the perfect black, over a billion rich colours, and infinite contrast for a truly stunning picture—taking your home entertainment experience to an entirely new level.
Key features include:
- Clearer sound and picture with refinements by the Alpha 11 AI Processor 4K.
- Brighter visuals by Brightness Booster Max.
- One Wall Design that merges seamlessly against the wall with a zero-gap mount.
- 4 years of upgrades guaranteed over 5 years with WebOS Re: New Program.
- Incredible movies and gaming enhanced by Dolby Atmos and Dolby Vision, VRR, G-Sync, and Freesync.
The LG OLED TV is slimmer than any given phone, merges elegantly against your wall with no gap and it complements your interior with its premium look.
LG Electronics (LG) has announced its new campaign of short videos under the “Life’s Good” brand slogan, titled Get More Care, following the success of previous themes “Get More Love” and “Get More Magic”, aimed at highlighting how LG products enable small gestures of love and care among family members so that they can enjoy true “Life’s Good” moments amidst unforgettable experiences.
Throughout the video series, LG will showcase those sometimes unnoticed loving moments experienced in the home while shining a subtle light on how its products enhance everyday lives through the brand’s innovative technology intricately interwoven into its customers’ everyday lives, by chasing their vicarious football dreams or simply following their favorite teams in 4K clarity.
A key highlight of the campaign is the immersive family viewing experience provided by LG’s groundbreaking OLED screens – such as the LG Signature 97-inch OLED M3 4K Smart TV, offering a portal to new universes. With unparalleled picture quality and vivid colors, and sound refinements of α9 AI Processor 4K Gen6, LG OLED screens transform an otherwise ordinary viewing into an unforgettable experience of resplendent immersion, bringing families closer together.
Additionally, the campaign will showcase the convenience of LG’s WebOS, a smart platform that offers seamless access to a wide range of entertainment options and smart home features. Whether it’s finding the perfect movie or the latest TV shows for family night, explore a vast array of content with built-in streaming services such as Netflix, Prime Video, Disney+, YouTube, and Apple TV+. LG’s intuitive WebOS interface also means receiving personalized sports updates and tailored content recommendations is as easy as accessing further built-in apps like Music and Sports, making family time entertainment effortless and enjoyable.
The cutting-edge InstaView knock-knock feature is another standout in the campaign, perfect for revealing those sometimes hidden signs of love. This technology, available on LG’s latest refrigerators and ovens, allows users to see inside with a simple knock, making meal preparation more interactive and fun. Families can easily decide what to cook from the fridge or check on the progress of a juicy roast in the oven, all without opening a door.
“We are excited to introduce ‘Get More Care’ as our new brand campaign,” said Mr. Hyoung Sub Ji, Managing Director, LG Electronics West African Operations. “Through these heartwarming short films, we aim to show how our products make everyday moments more special and meaningful. At LG, we believe that technology should enhance the way we care for each other, and this campaign perfectly encapsulates LG’s ‘Life’s Good’ vision.”
LG’s commitment to human-centered innovation and user-centric design is at the forefront of this campaign, demonstrating how the company’s products contribute to a more connected and caring lifestyle. By showcasing the practical benefits and emotional value of LG’s technology, “Get More Care” aims to resonate with families across the region.
The four-episode Get More Care video campaign, which launches in this month of July, showcase fun and touching stories in the home, and ties in effortlessly with LG’s brand direction and visual identity, while maintaining and reiterating the brand’s core values of ‘Uncompromised Customer Experience’, ‘Human-centered Innovation’, and ‘Warmth to Power a Smile’.
To learn more about LG’s campaign, please visit: Get More Care
