Singaporean tech firms set their sights on Africa

Projected to reach $40bn by 2025, Africa’s e-payment market presents a lucrative challenge. With a mere 5% to 7% of transactions currently electronic or digital – compared to over 50% in countries such as Turkey – the potential for growth is palpable.

Data released by the mobile network operators’ group GSMA paints a promising picture for Africa’s digital future. GSMA predicts nearly 100m new mobile subscribers in Africa by 2025, taking the total number of subscribers to 613m – reflecting the tech-driven attitude of Africa’s predominantly young population of 1.4bn.

This youthful demographic shows a readiness to leapfrog traditional stages of development, particularly in areas such as mobile banking. As internet connectivity continues to improve across the continent, the stage is set for a digital revolution. With the predicted rise in mobile adoption and the continuous enhancement of internet connectivity, Singaporean firms are strategically positioned, says Amit Jain, director at the NTU-SBF Centre for African Studies at Nanyang Technological University in Singapore.

Source: African Business