Tech in Africa
The digital economy is expected to raise Ksh 1.4 Trillion, 9.24% of Kenya’s GDP by 2025 according to Accenture, Africa iGDP Forecast. Thus far the digital economy is the fastest-growing sector of the economy. According to e-Conomy Africa 2020 report, the online industry will contribute KSh810 billion to the country’s GDP in 2020 alone.
Kenya is at the front of the line in the digital economy, making up 7.7% of GDP, accompanied by South Africa and Morocco at 6.51% and 6.82% respectively. It is expected that the overall contribution of iGDP to the African continent will rise to $712 billion by 2050.
The fintech sector has received the most investment growing at a CAGR of 24% over the past decade, consuming 54% of all startup investments in 2019. Kenya’s MPESA had over 23.6 million active customers in 2019, a 12.4% rise from 2018.
The e-commerce sector has witnessed astronomical growth prompting e-Commerce behaviors that extend past the pandemic period. The healthtech sector across the continent registered 13 deals valued at $189 million in 2019.
