Thursday, February 15, 2024

5 Largest technology companies in Africa (2024)

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Adetunji Matthew
Adetunji Matthewhttp://www.aidthestudent.com
I’m Adetunji Matthew, an Economist, Social Media Manager, software Developer/Marketer Sales Consultant, and Ecompreneur. I’m popularly known as “Matt” As an artist and designer, I aim to create something brilliant daily. Eager to learn more, I use my free time to get better at w hat interests me, whether it's researching, teaching, or even something entirely new.
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The African tech sector has grown substantially, with innovation and digital transformation becoming integral to the continent’s progress. From groundbreaking innovations to significant market influence, some African tech companies have played a major role in shaping tech in Africa. At the forefront of this evolution are the five largest technology companies in Africa listed below. 

The 5 largest technology companies in Africa

1. Flutterwave

Flutterwave is a digital platform for online sales, payment processing, financial product development, and the use of business tools for company growth. Flutterwave supports over 150 currencies and offers payment services via over 68 gateways. The firm is also the most valuable Y-combinator startup in Africa, and there is real hope that it will lead Africa into the future. When Iyinoluwa Aboyeji, Adeleke Adekoya, and Olugbenga Agboola established Flutterwave in 2016, no one expected them to become one of Nigeria’s most valuable digital businesses.

After its partnership with PayPal, Flutterwave enabled African businesses to provide products and services while overseas buyers paid using PayPal. Till now, Flutterwave still retains the record for the most money ever raised by an African digital business in a fundraising round.

Flutterwave is located in California, although it mainly serves Sub-Saharan African nations such as Nigeria, Ghana, and South Africa. By 2022, the firm was valued at a stunning $3 billion, surpassing Chipper Cash and OPay as the most valuable African startups. Since its start, Flutterwave’s service has been very consistent.

Also Read: 10 Nigerian companies that hire remote workers

2. Paystack

Paystack is a payment processing provider that allows businesses to accept payments via bank transfers, debit/credit cards, and mobile money. Paystack’s major goal is to assist African companies become more successful,

It enables companies to take secure payments from a variety of local and worldwide payment channels, as well as give tools to help them keep current customers and gain new ones.

Paystack presently serves over 60,000 clients, including both small and big organizations. Stripe paid more than $200 million for Paystack, opening up a whole new business deals for the company. For example, it was the first payment provider to become an Apple Pay official partner, making it easy to transact with Apple Pay customers all around the world.

Paystack also started an old feature that allowed a one-person e-commerce site, and it has since become one of the most popular payment methods for businesses that use WooCommerce, a WordPress plugin.

Also Read: How to use Paystack: Send money, transaction fees & more

3. Jumia

Jumia was founded in 2012 in Lagos, Nigeria, by Jérémy Hodara, Sacha Poignonnec, Tunde Kehinde, and Raphael Kofi Afaedor. Today Jumia is available in various African countries like Egypt, Morocco, Ivory Coast, Kenya, South Africa, Tunisia, Tanzania, Ghana, Cameroon, Algeria, and Uganda.

Jumia is one of Africa’s largest online stores, assisting small and large companies in expanding and reaching new customers while also encouraging a new generation to improve their lives and communities

If you’ve purchased anything online in the last several years, there’s a high chance you did it via Jumia. Jumia has a clear goal: to become a popular shopping place for Africans. To make the revolutionary concept of online purchasing more accessible to Nigerians, Jumia incorporated logistical services into its e-commerce platform. With this, you don’t have to worry about how items arrive; just order, pay, and wait.

Jumia offers a logistics network that comprises over 20 warehouses and over 1,300 drop-off and pick-up sites spread throughout 11 countries, including rural places. In 2020, Jumia gave third parties the opportunity to use its logistics service for last-mile delivery in 11 African nations.

Also Read: How to start selling on Jumia (Complete guide)

4. Interswitch 

Interswitch was launched in 2002 by Charles Ifedi and Mitchell Elegbe, decades before Africa’s fintech boom. It began as a transaction switching and processing firm for Nigerians, before transitioning to a payment system that connects merchants and customers, as well as a digital payments platform.

The company’s network includes over 11,000 ATMs, with more users in Nigeria than anywhere else. With the debut of Verve, the firm achieved significant achievements in the Nigerian banking market. Verve is a payment card industry subsidiary of Interswitch.

Verve has also debuted in Kenya. Interswitch also owns Quickteller, which was initially mentioned as a telecommunications airtime distributor but now also provides payment services. Interswitch systems use advanced inter-networking security and firewalls as a common brand innovation.

In October 2020, Quickteller announced the Qtrybe community, a group of 50 remarkable students from Nigerian higher institutions who would act as Quickteller and Interswitch ambassadors on respective campuses. It also launched the Interswitch SPAK National Science Competition, which promotes science, technology, mathematics, and engineering throughout the nation.

Visa’s $200 million investment in Interswitch validated the company’s billion-dollar value, adding it to Africa’s limited list of unicorns. They deserve victory since they paved the road for Nigeria’s digital payment infrastructure. The company’s consistent performance prepared the stage for Africa’s present fintech boom.

Also Read: Top 5 tech unicorns in Africa

5. Andela

In 2014 Jeremy Johnson, Iyinoluwa Aboyeji, Nadayar Enegesi, Brice Nkengsa, Ian Carnevale, and Christina Sass established Andela. Andela started their initial recruitment cycle in Lagos in May 2014 through the dissemination of their initial application request via Twitter. The organization recruited its very first cohort of four Nigerian software engineers. Andela helps connect businesses and engineering professionals in developing nations such as Kenya, Nigeria, Rwanda, and several other African countries.

You can visit the organization’s official website and select between the talent and employment sections, both of which are relatively uncomplicated. The startup attained unicorn status the year prior through collaborations with dozens of leading technology companies in Africa and around the world.

Series A funding totalling $10 million was also obtained by Andela. Spark Capital spearheaded the investment, which was also supported by a significant number of Seed investors. In 2016, The Chan Zuckerberg Initiative—founded and owned by Facebook founder Mark Zuckerberg and Priscilla Chan—led in Andela’s $24 million Series B round of funding, making it the first lead investment ever for the foundation.

Conclusion

Africa is a great continent, and its tech industry is proving to be an integral force in global innovation. Among the standout players are these five remarkable tech companies shaping the digital landscape. Flutterwave, with its record-breaking fundraising, is steering Africa towards a digital financial future. Paystack’s secure payment solutions attracted global attention through a significant acquisition. 

Jumia’s innovative e-commerce model brings accessibility to online shopping across multiple African countries. Interswitch pioneers Nigeria’s digital payment infrastructure, and Andela connects global businesses with top African engineering talent, showcasing Africa’s remarkable presence in the tech world.

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