Emmanuel OchayiAfrica continues to solidify its position as a hub for tech innovation, drawing significant investments.
Despite this, recent reports highlight a shift in the funding landscape, with a 25% decline in venture funding from $2.9 billion in 2023 to $2.2 billion in 2024. Here’s a closer look at the African countries with the highest tech funding.
Join our WhatsApp ChannelKenya- $638 Million
Kenya tops the list, securing $638 million in tech funding. Known for its vibrant startup ecosystem, Nairobi—often called ‘Silicon Savannah’—continues to attract global investors. A report from Africa: The Big Deal emphasised Kenya’s leading role in East Africa’s digital economy, particularly in mobile payments and e-commerce. The focus on fintech remains strong, driven by a mobile-first population and innovative startups.
Nigeria- $410 Million
Nigeria, Africa’s most populous country, secured $410 million in tech funding, placing it second. Lagos remains a critical hub for technology startups. “Our tech sector covers fintech, health tech, edtech, and e-commerce,” said a Nigerian entrepreneur. The country’s large market and entrepreneurial spirit make it a key destination for investors aiming to tap into West Africa’s potential.
Egypt- $400 Million
Egypt ranks third with $400 million in tech funding. Cairo is emerging as a regional tech powerhouse, particularly in fintech and e-commerce. A venture capitalist noted, “Egypt is rapidly becoming a significant player in the MENA region.” The local and international venture capitalists are keen to capitalise on the rising demand for digital solutions.
South Africa- $394 Million
South Africa follows closely with $394 million. Known for its advanced infrastructure, Cape Town and Johannesburg are key cities where innovation thrives. “Our focus areas include fintech, AI, and blockchain,” said a South African tech leader. The country’s access to both local and international markets makes it a top destination for tech investors.
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Morocco- $70 Million
Morocco stands fifth with $70 million in tech funding. The country’s tech sector is expanding rapidly, particularly in e-commerce and cloud computing. Casablanca and Rabat foster a conducive environment for startups, supported by government initiatives and regional investor interest.
Ghana- $68 Million
Ghana secures sixth place with $68 million in funding. Known for its stable political climate, Ghana’s tech sector focuses on fintech and agritech. Accra is becoming a major tech hub, with improvements in digital infrastructure making it an attractive destination for investors.
Tanzania- $53 Million
Tanzania ranks seventh, receiving $53 million in tech funding. Dar es Salaam is a key city where innovation is thriving, especially in mobile banking and health-tech. A local tech entrepreneur mentioned, “Our young, tech-savvy population is driving the growth of new technologies.”
Benin- $50 Million
Benin secured $50 million, placing it eighth. Cotonou is emerging as a hub for startups, with growth particularly in fintech and e-commerce. An investor highlighted, “Benin’s tech scene is small but growing, with significant potential in mobile solutions.”
Côte d’Ivoire- $33 Million
Côte d’Ivoire follows with $33 million in funding. Abidjan is witnessing a rise in tech startups focused on fintech and digital services. Despite being smaller compared to its neighbors, Côte d’Ivoire’s ecosystem is gaining traction.
Senegal- $22 Million
Senegal rounds out the top ten with $22 million. Dakar is becoming a key tech hub in West Africa, with initiatives aimed at enhancing digital infrastructure. “The rise in fintech and mobile technology is notable,” said a local tech analyst.
The decline in total funding does not overshadow the significant strides made by these countries. Each continues to play a crucial role in Africa’s evolving tech landscape, driving innovation and attracting investment. The focus remains on key sectors such as fintech, e-commerce, and health tech, with cities like Nairobi, Lagos, and Cairo leading the charge.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
