In 2020, 60% of Africa’s population was under 25 and its tech-savvy youth population is set to double by 2030, making up 42% of the world’s youth. This represents a significant opportunity to expand Africa’s tech talent pool, create broad-based jobs within the AI industry, and drive economic growth.

Africa’s AI ecosystem is home to more than 127 hubs with South Africa hosting the largest concentration (22%), followed by Nigeria (12%), Egypt (12%), and Kenya (10%) all of which play instrumental roles in overcoming barriers and accelerating economic and talent development.

The report highlights six components of a cluster driving AI innovations in Africa: grassroots AI communities, academia, human capital, policymakers, Big Tech, and investors. Among them, grassroots AI communities comprising data scientists and AI professionals have emerged as a strong nucleus for Africa’s AI landscape. Groups like Data Science Africa, Deep Learning Indaba, and Data Science Nigeria are shaping the future by building skills, showcasing African AI research globally, attracting investments, and creating jobs. The communities bring people and ideas together, connecting local talent with global opportunities, from international events to everyday WhatsApp chats, sparking growth and innovation across the continent.

Using qualitative and quantitative methods to uncover key insights, it is assessed that while the grassroots initiatives remain critical in bridging the continent’s AI skills gap, offering upskilling opportunities and job placements, limited resources constrain their potential. This highlights a collective drive by all components of innovation clusters is essential to advance a thriving ecosystem.

To achieve this, the report offers the following recommendations:

• Academia should expand AI programs, train more professors, and align university curricula with industry needs.
• Policymakers and African governments should develop comprehensive national AI strategies that balance innovation with ethical safeguards.
• The government should also prioritize infrastructure development such as reliable electricity, affordable internet, and better data access to support AI growth.
• Big Tech should foster fair partnerships that empower local ecosystems, prioritize knowledge transfer, and protect data sovereignty.
• Investors should diversify funding beyond health and agriculture to unlock AI’s potential in other critical sectors including education and financial inclusion.
• Donors should invest heavily in human capital development initiatives, particularly those focused on youth employment. They fund training programs, scholarships, and fellowships that aim to build a pipeline of skilled AI professionals.

Commenting on the report, Abbie Phatty-Jobe, Research and Engagement Manager at Caribou Digital, said AI harnessed collaboratively has the power to positively shape the African employment landscape and boost the economy.

“In collaboration with our research partners, we have explored emerging clusters within the distinct context of Africa to address critical challenges and accelerate development; their success depends on a collective strategic approach that tackles inclusivity and targeted investment in local talent and infrastructure,” Phatty-Jobe explained in a press statement. “By empowering grassroots communities, strengthening academia-industry ties, and fostering equitable partnerships, we can build an AI ecosystem that truly reflects Africa’s unique strengths and aspirations.”

Speaking about the key role of grassroots communities in driving innovations, Wadzi Comfort a researcher and digital economy expert, noted that the emergent AI innovation clusters across Africa showcase remarkable ingenuity and potential in the face of scarce resources.

“Tech-savvy, motivated young people; —our greatest asset emerging from Africa’s youth population boom; are spearheading local AI-powered solutions to address local challenges, demonstrating exceptional agency and creativity,” said Wadzi. “These innovations span a wide spectrum, including AI-powered diagnostic tools, Informal educational academies, Large Language Models (LLMs) in local languages, community-driven knowledge-sharing platforms, and collaborative tech convenings.”

Wadzi further says youth-driven initiatives and their innovators merit substantial support and resources to accompany their agency and foster their growth and impact.

Private investors, African governments, and donors not only provide crucial financial resources but also shape the direction of innovation by prioritizing specific areas of investment. Venture capital for DeepTech startups has soared from USD$86 million (approx. UGX315.33 billion) in 2015 to USD$1.2 billion in 2023, with over 300 investors—65% based in Africa—and 127 innovation hubs driving growth.

Key government initiatives, like Nigeria’s AI Research Scheme and South Africa’s AI Institute, alongside philanthropic support from the Mastercard Foundation and Bill & Melinda Gates Foundation, will keep creating an environment that addresses local challenges, drives innovation, and positions Africa at the forefront of AI technology.

The report employs the snowball research method to conduct in-depth interviews with 25 African AI experts, including policymakers, educators, and industry leaders, uncovering the state, challenges, and opportunities for AI innovation clusters. It also highlights insights from 18 young tech professionals involved in AI or tech fields from Zindi, Africa’s largest data science community, on their skills, job prospects, challenges, and AI’s impact on employment. Additionally, the report includes a comprehensive review of academic studies, policy documents, and reports on AI, innovation clusters, and youth employment across Africa.

Editor’s Note: To download the full report (HERE).

The post Report: AI Insights For Addressing Youth Unemployment and Empowering Africa’s Workforce appeared first on PC Tech Magazine.

More than half of the respondents noted a lack of women in leadership roles, with nearly 51 percent feeling unfairly compensated compared to men. Balancing a career and family life is an increasing challenge, with sexism in the workplace still a reality for a majority. Despite this, close to 76 percent of surveyees feel empowered to lead.

Known as the event where the tech world meets, Web Summit aims to spark debates that help us understand and address these ongoing issues. Web Summit’s 2024 Women in Tech survey was conducted during the summer among women who have joined our Women in Tech program over the past years.

Key findings:

• A substantial 50.8 percent of women reported experiencing sexism in the workplace, a figure that has shown little change in recent years.
• Nearly half (49.1 percent) of women in the tech sector feel pressured to choose between family and career, marking a 7 percent increase from last year.
• More than 75 percent of respondents acknowledged feeling the need to work harder than their male counterparts, a trend that has remained steady over time.
• Respondents identified unconscious gender bias, balancing career and personal life, the scarcity of female role models, imposter syndrome, lack of support networks, and difficulties in funding as their most significant challenges.
• Despite challenges, close to 76 percent of respondents would feel empowered to pursue and/or hold a leadership position.
• More than 80 percent percent of surveyees stated that there is a woman in senior management in their company, with 68.2 percent reporting that a woman holds a C-level position.
• There’s optimism around AI’s potential to drive positive change. More than 68 percent of respondents have a positive outlook on the impact of AI and automation on gender equity.

“Why do we have 1,000 women-founded startups joining us at Web Summit this year, and why does that number keep growing? This is the question that comes to mind when I see the survey results showing women are still facing the same challenges,” Carolyn Quinlan, VP of community at Web Summit, said in a press statement. She continues “It’s frustrating that issues like sexism, unfair pay, imposter syndrome, and work-life balance keep appearing—it often feels like we’re stuck in the same conversations. Yet, I can’t help but feel hopeful. More women are stepping up, leading, and bringing their startups to events like Web Summit.”

Quinlan noted that since 2021, Web Summit has maintained a near parity ratio in attendees —and the rise in female participation and women-founded startups brings hope that Web Summit can push these conversations forward and create a future where technology is a space for everyone, not just a boys’ club.

See also: The challenges faced by female founders in the startup world

Momentum for change

The call for change is evident. Approximately 56 percent of women feel the industry isn’t doing enough to tackle gender inequality, and 69 percent are dissatisfied with their government’s efforts. Despite the lack of initiatives, more women are empowered to step into the spotlight as opportunities arise. Close to 76 percent of women who answered Web Summit’s survey say they feel empowered to hold or apply for a leadership position.

Web Summit has seen a remarkable rise in women’s participation since launching the Women in Tech Programme in 2015. Designed to tackle gender inequality, the program offers discounts to encourage more women to attend and participate, making events more accessible, and inclusive —helping to foster a more diverse and innovative tech industry.

In 2016, just a year after the initiative’s launch, 42 percent of attendees were women, up from 25 percent in 2013. By 2021, women outnumbered men for the first time, reaching 50.5 percent. Since then, Web Summit has maintained a near-parity ratio

Beyond the Women in Tech program, there has been a significant increase in women-founded startups. This year’s Web Summit 2024, in Lisbon, Portugal will break records with 1,000 out of 3,000 startups attending as part of the startups program.

At Web Summit Rio 2024, 45 percent of the 1,000 startups had a woman founder. Similarly, at Collision 2024, more than 44 percent of startups were women-founded, which represents a 14-point increase from 30 percent the previous year. At Web Summit Qatar 2024, 37 percent of attendees were women, alongside 30 percent of women speakers, and 31 percent of the 1,000+ startups were founded by women.

See also: Highlights: Web Summit Qatar welcomes over 15,000+ attendees to Doha

The growing number of women-founded startups participating in Web Summit highlights the increasing drive among women to connect, innovate, and lead. In the report, one participant emphasized this point, stating,

Being the only woman among male peers in a senior management position allows me to bring other women into similar roles. I have the opportunity to open more spaces for the next women who arrive.

There is also optimism about AI’s ability to drive positive change, with over 68 percent of respondents viewing its impact on gender equity as beneficial. This perspective aligns with recent insights from PWC, which show that when used responsibly, artificial intelligence can expand talent pools, address bias in talent management, and improve workplace collaboration.

Web Summit is committed to fueling these vital conversations about change through its speakers, stages, and networking opportunities, providing a platform for women to drive progress in the industry.

Notably, some of the women speaking at Web Summit 2024, in Lisbon, Portugal include:

1. Lidiane Jones, CEO of Bumble.
2. Peggy Johnson, CEO of Agility Robotics.
3. Moly He, co-founder and CEO of Element Biosciences.
4. Meredith Whittaker, President of Signal.
5. Margarida Balseiro Lopes, Portugal’s Minister of Youth and Modernization.
6. Julie De Moyer, Chief Data and AI Officer at LVMH.
7. Etosha Cave, Co-founder and Chief Science Officer of Twelve.
8. Eileen Burbidge, Founding partner of Passion Capital.
9. Daniela Braga, Founder of Defined.AI.

An echo of global trends

Web Summit’s 2024 Women in Tech report aligns with broader international trends. According to 2023 data from Nash Squared, women still only makeup 14 percent of tech leaders worldwide.

In major companies, women occupy just 26 percent to 29 percent of leadership roles, as noted by the World Bank. Female representation also continues to fall below 50 percent in these companies, underscoring the need for change highlighted by Web Summit’s survey
respondents.

As shown by Web Summit’s report’s findings, funding remains a critical barrier for female founders, with close to a third of respondents (29.6 percent) identifying it as one of the most pressing issues facing women in tech. An analysis from the World Economic Forum, based on Pitchbook statistics, found that women-only startups received just 1.8 percent of VC funding in Europe and 2 percent in the US in 2023. Similar data from Wamda shows that women-only startups received just 0.47 percent of funding in the MENA region in 2023.

See also: “If you are an investor, invest in women,” — Rafaela Frankenthal

The 2024 Women in Tech report is part of Web Summit’s commitment to fostering change, pushing for conversations that spotlight these issues and pave the way for concrete solutions. As women continue to navigate challenges in tech, Web Summit’s mission is to drive a more inclusive and equitable future for all.

The post Web Summit Report Reveals Persistent Inequality for Women in Technology appeared first on PC Tech Magazine.

With 19 African countries set to hold elections in 2024 and numerous political campaigns underway, worries about misinformation (unintentionally shared false information) and disinformation (deliberately spread fake news) are mounting. The Africa Centre for Strategic Studies reports that disinformation campaigns in Africa have quadrupled since 2022, often backed by foreign states like Russia and China, leading to social instability.

In response to these issues, KnowBe4 was surveyed in June 2024 on political disinformation and misinformation across five African countries: Botswana, Kenya, Mauritius, Nigeria, and South Africa. The survey, which included 500 respondents, found that 84% prefer social media for news consumption over traditional channels like radio, TV, and news websites. Anna Collard, SVP of Content Strategy and Evangelist at KnowBe4 AFRICA, said, “80% of respondents are consuming news on Facebook and over 50% use TikTok. This is alarming as neither of these channels is very reliable for news.”

The ability to discern fake news may be exaggerated

Another concerning finding is that 82% of respondents feel confident in their ability to distinguish between true and false information online, despite a generally low level of formal education on the topic.

“While most respondents reported being able to tell the difference between real and fake news, I doubt this is the case,” said Collard. “Research has shown that most people overestimate their ability to detect deepfakes, and ironically, more people trust AI-generated images than actual photographs.”

The survey also revealed that disinformation is becoming a significant concern with 80% of respondents expressing high levels of worry about the negative impact of fake news and its potential to cause social division. In Kenya, many respondents said they had seen firsthand how disinformation can lead to tribal conflict.

Collard explains that social media influencers using inorganic hashtags fuelled similar political discord during Nigeria’s election last year. “Social media’s rapid spread of false information and the increasing accessibility of artificial intelligence (AI) tools allow for the quick and cheap creation of sophisticated disinformation campaigns,” she said.

Need for more training and tighter controls

The survey underscores the need for increased education and awareness surrounding misinformation and disinformation. 58% of respondents report receiving no training on the topic while 32% admitted to simply ignoring fake news, highlighting the need for a more proactive and engaged response.

“We need a multi-faceted strategy to combat disinformation,” says Collard. “This approach should encompass enhanced awareness and critical thinking among users; coordinated government action to prevent the spread of fake news (including stronger legislation), and increased vigilance from social media platforms in detecting and removing disinformation campaigns.”

Fake news is an ongoing challenge that requires continuous attention. To fight it effectively, Collard says there’s a need for a combination of new technology, better ways to prevent it, and most importantly, teaching people to consume media while thinking critically, particularly if it is emotionally laden or potentially polarising content.

As the digital landscape develops, so must the strategies for maintaining the integrity of information.

Here’s the full 2024 Political Disinformation in Africa report (LINK)

The post Africans’ Reliance on Social Media For News Increases Their Vulnerability to Disinformation, Survey Reveals appeared first on PC Tech Magazine.

The first study, Landscape Analysis of AI Startups in Africa, provides a detailed mapping of AI startups across Africa. It categorizes startups by their focus areas, stages of development, and geographical distribution, presenting a clear picture of the current AI landscape. The study also delves into the unique challenges and opportunities these startups face within Africa’s socio-economic environment.

The second study, Implication of AI Ethical Policies on African Innovators and Entrepreneurs, examines how various ethical frameworks and policies influence AI development and deployment across African countries. It highlights both the positive implications and potential drawbacks, offering strategic recommendations for policymakers to ensure that AI practices are not only ethical and aligned with Africa’s broader development goals but also enabled.

“The insights from these reports are invaluable for understanding the dynamic AI landscape in Africa and the ethical considerations that must guide our innovation efforts,” Nanko Madu, Director of Programmes at AfriLabs, said while emphasizing the importance of these studies. “We are grateful to the Bill and Melinda Gates Foundation for their support and are confident that these studies will serve as crucial resources for stakeholders across Africa.”

Both reports fill critical gaps in existing knowledge and have far-reaching implications for practitioners, policymakers, and researchers working within the field of AI in Africa. These studies are expected to drive informed decision-making and foster a more supportive environment for AI innovation in Africa.

The post AfriLabs Publishes Reports Offering Insights into the AI Startup Ecosystem in Africa appeared first on PC Tech Magazine.

The report is available free online as part of an open-sourcing initiative in partnership with Flourish Ventures, AAIC Investment, and Atlantica Ventures.

While the African tech space had an impressive 2022, bucking global trends to see total funding increase to beyond the US$3 billion mark for the first time on record, 2023 signified a reset of sorts. A total of 406 startups raised a combined total of US$2.4 billion over the course of the year.

Though still the third-best year on record in terms of funded ventures, and the second-best for total capital secured, this represented a significant decline in 2022. The number of funded ventures was down 35.9 percent on the 633 that were raised in 2022, while the combined total of US$2.4 billion was down 27.8 percent. In addition, the number of active investors fell by almost 50 percent, and M&A activity also witnessed a significant decline.

This is the first time the sector, which has expanded so exponentially in the last few years, has declined since 2016, though a fall in the funding of less than a third is an improvement on projections from earlier in 2023 when a decline of 50 percent was deemed likely. Africa, like the rest of the world, has been affected by the global “funding winter”, with venture capital drying up and several leading startups forced to cease operations or significantly restructure their operations.

Nigeria, Egypt, South Africa, and Kenya remain Africa’s “big four” from a funding perspective, securing a larger share of total funding between them than in 2022. Nigeria, however, saw funding decline tremendously, by 59 percent to just shy of US$400 million. That pushed it into fourth position overall, behind Kenya, Egypt, and South Africa, though it still had more funded startups than any other market. Startups secured capital in 22 other countries.

The fintech sector was, yet again, the most attractive to investors in 2022, with more startups securing funding than any other sector and a combined total that dwarfed all others. Yet, as with most other sectors, it saw a steep decline in investment, down 33.4 percent to US$964 million in 2023.

Aside from providing a full list of the funded startups, who invested in them, and, where possible, the amount raised, from the previous year, the annual reports also provide deep dives into investment trends within key startup geographies and verticals, as well as data on African startup acquisitions.

“On the face of it, 2023 was a very bad year indeed for African tech from a funding perspective, with the difficulties in obtaining funding quantified by this report borne out by events on the ground, with companies of all stages battling — and some failing — to stay afloat in this ‘funding winter’,” said Gabriella Mulligan, Co-founder of Disrupt Africa. “Yet, it must be remembered that this is not a phenomenon unique to Africa, but rather the result of global headwinds, and the numbers are certainly not as bad as it was looking like they would be back at the end of Q1 or Q2.”

Disrupt Africa co-founder Tom Jackson said “winter” would soon “turn to spring”, with investment inevitably rising again in the coming 12-to-18 months, though perhaps not immediately to the levels of 2022.

“African tech is still at an early stage of its journey, with plenty of room to grow, and one relatively bad year from a funding perspective does not change that,” said Jackson. “The key thing, for now, is for startups to adjust to this ‘new normal’, by plotting a path to more sustainable growth while also ensuring good governance is enshrined within their organizational structures.”

Jackson further added that “Funds are being raised, capital is being disbursed, and for the best ventures — and the ecosystem as a whole — 2023 should prove to be little more than a blip on the growth curve.”

For this year’s report, Disrupt Africa partnered with Flourish Ventures, AAIC Investment, and Atlantica Ventures, with whose support Disrupt Africa will be distributing the African Tech Startups Funding Report 2023 to as many ecosystem stakeholders as possible.

“As long-term backers of African founders, we are optimistic about the future of the tech ecosystem across Africa and are particularly encouraged by its performance in a globally difficult year,” said Ameya Upadhyay, venture partner at Flourish Ventures. “We are delighted to partner with Disrupt Africa to present the 2023 edition of the African Tech Startups Funding Report to all stakeholders.”

Hiroki Ishida, principal (Africa) at AAIC Investment said, “For the sustained growth of the African startup ecosystem, continuous dissemination of information is indispensable.” Adding, “We are pleased to contribute to the efforts of Disrupt Africa, aiming to foster long-term development.”

Aniko Szigetvari, founding partner at Atlantica Ventures also commented, “We are delighted to partner with Disrupt Africa on their 2023 startup funding report, which is an essential source of industry insights and funding trends for both emerging technology startups and investors in the region.”

Previously available for sale, the African Tech Startups Funding Report was purchased each year by leading tech companies from Africa and the rest of the world; from consulting firms, banking & fintech leaders, venture capital firms, supranational investors, and international trade bodies. Now, Disrupt Africa releases the publication for free, making it accessible to those for whom the information is most valuable — African entrepreneurs.

The post African Tech Startup Investment Fell by 28% to $2.4bn in 2023 as Global “funding winter” Begins to Bite appeared first on PC Tech Magazine.

Every two years since June 2017, Disrupt Africa has released the Finnovating for Africa publication, which tracks the extraordinary development of the fintech ecosystem across Africa over the last few years.

It includes consideration of the regional spread and growth of fintech ventures, discussion of startup activity in various sub-sectors of the fintech industry, data on fintech startup launches by year, and tracking of funding and acquisitions in the fintech space, as well as a full list of every known African fintech startup.

The fourth edition of the report is released in partnership with AZA Finance, an African fintech company offering secure and efficient financial infrastructure for payments, foreign exchange, and settlement; and Curacel, an insurance infrastructure company that helps insurers and partners in Africa and other emerging markets increase the reach and functionality of insurance through cloud-based tools and APIs.

The report reveals that the fintech ecosystem is the most-populated vertical within Africa’s wider tech ecosystem, having gained steady growth over the last two years. Since the last edition of Finnovating for Africa in 2021, the number of startups operating in the space grew by 17.7 percent to 678.

This growth is taking place across the continent, with all major markets bar South Africa posting an increase in the number of active ventures. Egypt and Nigeria are growing especially fast, with the number of fintech companies based in those countries leaping by 66.7 percent and 50 percent respectively over the course of the last two years,

While leading the way for activity, fintech is also by far and away the most popular vertical for investment within the wider African tech space. Since Disrupt Africa began tracking funding in the African tech startup space in 2015, 540 fintech startups from 25 countries have raised an extraordinary USD$3,635,823,965, three times more than any other sector.

Total investment per year has been on a fairly steady upward trajectory since 2016, yet growth has been especially impressive in the last two years. The number of funded ventures has almost doubled since 2021, and more than USD$2.7 billion has flooded into the ecosystem in the last 24 months.

African fintech startups are also more likely to be acquired than their peers. Disrupt Africa tracked 26 fintech startup acquisitions between June 2021 and July 2023, compared to just seven between 2019 and 2021, and accounting for over 60 percent of the 43 such deals reported since 2011.

“This report, which we release every two years, is one of our flagship publications, alongside our annual funding report, and this year’s edition is a big one, tracking a remarkable 24 months of development in the African fintech space,” said Tom Jackson, co-founder of Disrupt Africa. “We’re looking forward to releasing it, and thankful to our partners for helping to make it happen.”

Perry Braun, head of marketing at AZA Finance commenting on the release of the report said, “I take great pride in AZA Finance’s inclusion in this year’s Disrupt Africa report. It strengthens our position as a leader in connecting global businesses with seamless payment solutions across Africa.”

Braun remarked that the collaboration with Disrupt Africa comes at a significant moment as they have recently expanded their payment corridors to include Zambia, Uganda, Cameroon, Benin, Senegal, Burkina Faso, Togo, and Ivory Coast. “With over a decade of experience as Africa’s leading cross-border payments provider, we remain committed to fostering financial inclusion and helping businesses thrive in Africa,” said Braun.

Henry Mascot, the Chief Executive Officer of Curacel, on behalf of the company, said they are happy to partner with Disrupt Africa to produce the report which aims to shed light on the insurtech revolution in Africa and its immense potential for both companies and individuals.

Editor’s Note: THE REPORT IS AVAILABLE FREE FOR DOWNLOAD

The post Disrupt Africa Releases its “Finnovating for Africa 2023” Report in Partnership With AZA Finance and Curacel appeared first on PC Tech Magazine.

“Being recognized as the fastest growing African company soon after our expansion into Kenya and Uganda is a fantastic boost as we continue to solidify our team and impact farmers in the East African market,” Tabitha Njuguna, Managing Director AFEX Fair Trade Limited Kenya said in a press statement.

The FT’s Africa Fastest Growing Companies list comprises innovative, modern, and fast-growing companies that are the driving force of the international economy in the 21st century. The FT collaborates with Statista, a data research company, to produce similar rankings for companies in Europe, Asia, and America.

The inclusion of AFEX on this prestigious list is a testament to its success and exceptional performance. Like the ranking for other markets, the Africa list ranks African companies by their compound annual growth rate (CAGR) in revenue between 2018 and 2021. AFEX has grown by 505.3% over the past 3 years, making it Africa’s fastest-growing company in 2023.

Currently operating over 200 warehouses in Nigeria, Kenya, and Uganda and serving over 450,000 farmers, AFEX plans to expand to 9 African countries within the next 10 years to create regional markets that balance demand and supply through intra-Africa trade. Markets considered for expansion includes Benin, Togo, Ghana, Côte d’Ivoire, Tanzania, Ethiopia, and Zambia.

Through its strategic expansions, AFEX aims to address the low regional trade level, which currently stands at 14.4% compared to 59%, 69%, and 30.4% in Asia, Europe, and North America, respectively. By facilitating cross-border trade in Africa, AFEX looks to increase regional trade volume, improving capacity to meet the demand of Africa’s growing population. AFEX will continue leveraging its model of deploying infrastructure alongside access to capital and markets for the commodities sector in Africa to help accelerate Africa’s food security.

Njuguna, said, “AFEX Fair Trade Limited aims to impact 100,000 farmers in Kenya and 20,000 farmers in Uganda, whilst driving over 200,000 metric tonnes of commodities traded by 2025 to support East Africa’s food security and promote a fair exchange of value among players in the agricultural value chain.”

Since its launch in Kenya in 2022, AFEX Fair Trade Limited has committed to leveling-up Africa’s agro-tech sector in the East African market. It presently has 21 warehouses in Kenya and Uganda with over 22,000 MT Capacity. In February, AFEX Fair Trade Limited was licensed as the first Private Warehouse Receipt Operator in Kenya and has since financed over 10,000 farmers in the East African region.

The Financial Times Africa’s Fastest-Growing Companies lists 100 companies from different industries/sectors among which include Fintech, e-Commerce, Real estate, IT & Software, Energy & Utilities, Healthcare & Life, Logistics & Transportation, Construction & Engineering, Media & Telecommunications, Food & Beverages, Agriculture, Forestry & Fishing, and Metals & Mining.

Nigeria, Kenya, Egypt, and South Africa dominate with the most companies appearing on the list.

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The survey, entitled “A deep dive into challenges & opportunities for women’s tech careers and women-led enterprises across Asia, Europe, and Africa”, attracted respondents from those three regions, with 45% of respondents who live and work in Africa, 38% in Europe, and 17% in Asia. The survey, conducted by global tech event Africa Tech Festival and tech news portal Connecting Africa in conjunction with London Tech Week and Asia Tech X Singapore, is part of a new annual benchmark survey mapping barriers faced by women in business, perceptions around why they cannot move forward, as well as potential solutions and opportunities to bridging the equality divide.

Challenges

The survey found that 56% of respondents believed that when it came to the recent pandemic and to economic challenges in general, it was women who missed out on work opportunities, were forced to scale down work and take time off to care for children, as well as undertaking more household chores.

26% of the respondents believe women are more likely than men to have been denied access to financial support from governments, whilst a further 26% perceive women as shouldering most of the burden of childcare or care of other dependants in their households whilst juggling work responsibilities.

These compounded the challenges of women in the increase of the cost of living, with a little over 2/3rd of European and Asian women respondents’ employment situation being impacted by the cost-of-living crisis. However, that number increases to almost 81% of African women. The cost-of-living crisis seems to have a bigger impact in Africa than in Asia and Europe.

Working more than one job is increasingly commonplace — 15% revealed they used to be self-employed or own a business but have now taken another job whilst running their business on the side, with 21% of African respondents confirming they are now working two or more jobs, a greater proportion than their counterparts in Europe and Asia.

Whilst women still experience gender bias in the tech sector, overall, unemployment in the tech ecosystem was found to be less than in other surveyed industry sectors, with just 2% of women tech workers across the three regions targeted made redundant over the past 24 months. 12% of those respondents are now working full time when they used to be unemployed and a further 16% are now working full-time up from their part-time roles.

73% of women respondents across the three continents have seen their employment situation in the tech sector impacted by a lack of career development opportunities, with 32% revealing they had a pay loss and/or haven’t received a promotion for more than 24 months, although this could be due to the pervading economic climate.

Lack of funding and support for women in tech

The survey shows that women are still a long way from achieving equality when it comes to obtaining funding. Having a greater amount of women-focused business events and awards is perceived as one of the most powerful initiatives, which has helped women-led startups get better access to funding over the last 24 months. This is closely followed by more women in tech being championed in the press. African women, however, seem to struggle the most, with 19% saying it is now significantly more difficult to access funding.

Other factors that could lead to better support for women-led businesses and encourage more women to enter the field, include the presence of more women-led venture capital funds and women-focused accelerator programmes.

Underlining this, and on a continent that is increasingly reliant on the startup ecosystem for economic sustainability, Africa is where 41% of women struggle the most to launch a new business, whilst 68% of respondents believe skills shortage to be the biggest obstacle to women entering the sector.

Sadly, 40% of African women respondents believed it was more difficult for women to secure a pay rise in tech, whilst 41% said it was more difficult for women to achieve senior leadership or board positions.

Commenting on the reality of the situation in Africa, Paula Gilbert, Connecting Africa Editor, said, “Africa is making strides towards more gender parity in the tech and telecoms industry but there is still a lot that needs to be done to have true equality in the sector.” Adds “When it comes to investment, the proportion of funding going to female-founded and female-led startups in Africa, remains incredibly low and representation at a C-suite and board level remains skewed towards male leaders.”

Gilbert went on to note that “We need to focus from the grassroots up and empower Africa’s young women to follow paths into STEM careers by providing better funding, access to skills programmes and mentorship opportunities.” That said, there is no silver bullet to cure this problem, it needs to be approached on all sides to break down the biases that women face on a daily basis and break the cycle for the next generation.

Solutions

Speaking to Gilbert’s point, women would like to see better visibility and promotion of STEM (Science, Technology, Engineering, and Mathematics) career opportunities for women to help more women break into and thrive in the tech industry. This would help achieve more gender equity with their male counterparts in the sector, as well as more equal pay between genders and better flexible work opportunities.

Women also believe that there need to be more mentorship programmes for women, as well as opportunities to participate in panel discussions and debates and the development of female role models, which will assist in encouraging more women to enter STEM-related businesses.

ALSO READ: WiNFUND TO USE NFTs TO FUND WOMEN-LED STARTUPS ADDRESSING HEALTH ISSUES

James Williams, Director of Events at Connecting Africa and Informa Tech agrees women should be given more representation.

“International Women’s Day is an incredibly important date in our calendar at Africa Tech Festival. In recent years, many African nations have led the way in female representation and empowerment, from the government through to enterprise sectors but there’s no doubt there is some way to go to achieve gender parity across tech and telecoms,” Williams remarks. That said, “Given the successes, we witness at Africa Tech Festival each year, I truly believe it’s an area Africa can lead the world in, and we are pleased to play our small part in making that happen.”

Given that women bore the brunt of the parenting role and household care, women also believe that more support at work for parents and having flexible working hours and arrangements would help level the playing field.

This year’s International Women’s Day theme is ‘Innovation and technology for gender equality’ and according to the survey 5G, 4G and Mobile Technology is perceived as the most important innovation over the last 10 years.  This has had the biggest impact on gender equality (28% of all respondents), with Edtech being the number one innovation that African women say has helped them.

ALSO READ: DISRUPT AFRICA MARKS WOMEN’S DAY BY ANNOUNCING PIONEERING STUDY INTO GENDER DIVERSITY IN AFRICAN TECH

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Since launching its research arm in 2016, Disrupt Africa has built up a significant portfolio of publications, most notably the African Tech Startups Funding Report, Finnovating for Africa, and deep-dives into various leading startup ecosystems, available free for all via open-sourcing initiatives with various partners across the continent’s tech ecosystem.

Its next publication, which will be its 21st in total, is the company’s most ambitious ecosystem research project to date — focusing on gender equality in the African tech startup landscape, “Diversity Dividend: Exploring Gender Equality in the African Tech Ecosystem”.

The report will contain both quantitative and qualitative data — quantifying female founders and VCs in the ecosystem, as well as their access to funding and opportunities, and polling them directly about their experiences within the ecosystem. The report will also feature personalised case studies.

“As we all know, diversity in teams leads to better decisions, better execution, and ultimately greater success. Yet the African tech startup ecosystem evidently falls short when it comes to gender diversity” said Disrupt Africa co-founder Gabriella Mulligan. “With this Disrupt Africa publication, we aim to set out a baseline from where we as an ecosystem can improve; we dig deep to understand obstacles and pinpoint ways in which we can create more gender-equal opportunities.”

This first-ever quantitative and qualitative deep-dive into gender equality within the African tech entrepreneurship and VC space is being released in partnership with FirstCheck Africa, which invests early in high-growth technology startups founded or co-founded by women; and TLcom Capital, which has US$350 million (approx. UGX1,309,450,450,000) of VC assets under management across Africa and Europe.

“We are proud to partner with Disrupt Africa for this inaugural report which includes an extensive review of Africa’s female-led startup ecosystem based on their comprehensive, multi-year primary data. A maturing ecosystem that’s serious about equity and unlocking every investment opportunity needs numbers and analysis beyond the superficial to hold itself accountable,” Eloho Omame, co-founder of FirstCheck Africa, said in a press statement.

Omame further said that the inspiration of the report has led them to look forward to a meaningful conversation about the experiences of women around Africa’s venture capital table, including Africa’s ambitious founders and active investors.

Other partners are iceaddis, Ethiopia’s first innovation hub and tech startup incubator, which accelerates high-potential startups, facilitates technological innovations, and works with a multi-partnership approach to activate youth to gain economic empowerment; and the International Trade Centre’s Netherlands Trust Fund V (NTF V), a four-year partnership signed by the Ministry of Foreign Affairs of The Netherlands and the International Trade Centre to support micro, small and medium-sized enterprises in the digital technologies sector.

“Now more than ever, we need more women in technology. Empowering women in tech is one of our mandates, ensuring not only that women entrepreneurs in non-tech sectors have the capacity to participate in digital trade, but also engaging key stakeholders in the business ecosystem to create the conditions for women-led tech businesses to prosper,” said Cathy Sall, Associate Programme Officer at the International Trade Centre. “This is the reason we are so excited about this report and this collaboration with Disrupt Africa.”

The “Diversity Dividend: Exploring Gender Equality in the African Tech Ecosystem” report will be released at the end of April 2023 and will be available for download for free.

ALSO READ: BRIDGING THE GENDER GAP IN BLOCKCHAIN WILL BRING EMPOWERMENT TO WOMEN

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The report builds on extensive consultations with industry leaders and experts in digital financial services as well as Micro, Small, and Medium-sized Enterprises (MSMEs) and consumers across Africa. It provides a detailed landscape of Instant Payment Systems (IPS) in Africa and highlights ways in which they can become more inclusive to leave no African behind in the digital era.

Inclusive instant payment Systems allow people to use any systems run by financial service providers to make payments immediately, at a low cost, to anyone and at any time. They are also a catalyst for financial inclusion as they contribute to accelerating low‑income consumers’ access to digital payment solutions and hence to the formal economy.

The SIIPS – Africa report 2022 shows that IPS are growing rapidly, with 29 systems having gone live in Africa in the past decade. Despite all the increasing interest in these IPS, only a few are showing signs of potential to reach a state of mature inclusivity due to regulatory challenges, lack of data transparency, and high costs for both payment system providers and end-users. Those challenges call for a collaborative effort between public and private stakeholders to ensure open access to shared payment infrastructure, healthy competition, and access to a range of services that meet consumers’ needs.

The SIIPS Africa report has also underlined that IPS need to take into account the lived reality of consumers more deliberately in order to address users’ needs and enable them to access various payment services through multiple channels, and so trigger a more regular usage of digital payments.

“Though IPS can play a pivotal role in creating universal access to financial services for all Africans, much remains to be done to understand how those systems can better reach and benefit underserved populations,” Robert Ochola, CEO AfricaNenda said during the report launch. “AfricaNenda is thriving to bring together leading experts and stakeholders from across Africa to drive and accelerate the development of cutting-edge payment systems.”

Ochola also noted that the SIIPS Africa report insights will contribute to unpack the digital payment system landscape and help stakeholders design and implement IPS that better serves all Africans.

Mactar Seck, Chief of the Technology and Innovation Section, UN ECA said that IPS is critical in the successful implementation of the African Free Continental Trade Area (AfCFTA) Agreement by providing instant and inclusive payment solutions for the majority of businesses on the continent, including Small and medium-sized enterprises (SMEs).

“In making this a reality, the Economic Commission for Africa (ECA) will continue to support African Member States leverage digital technologies for their socio-economic development,” he said. “ECA reaffirms its commitment to partnering with AfricaNenda and other stakeholders to ensure financial inclusion across the continent.”

Africa is one of the fastest-growing regions globally, with strong economic growth and a rapidly expanding middle class. The continent is also set to benefit from an increased focus on infrastructure development by African governments and multilateral institutions. While this is expected to drive up incomes, there are concerns that more than 350 million Africans will be left behind due to a lack of access to formal financial services.

The SIIPS – Africa report will be released annually. It will drive the AfricaNenda Community of Practice and will allow us to better track and support reforms and innovations to accelerate universal access to financial services for all Africans.

To access the reports and case studies: https://www.africanenda.org/en/siips2022

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