One of Africa’s outstanding features is the youth of its population, with more than 50% being under the age of 20, which means a real appetite for digital services, along with the drive to adopt them and create new and innovative uses.
Africa is the driving force in the globe's demographic growth Demographic growth in Africa is extremely strong, with the continent's population set to increase by 3.3 billion by 2100, to reach 4.5 billion people. As population growth rates in other continents are starting to shrink, Africa accounts for the bulk of the globe's demographic growth, especially for [...]
After suffering a slump in 2016, Africa was back onto a growth track in 2017 (with a 3.6% increase of GDP in volume) thanks to an uptick in the price of raw materials. The momentum is healthy, with steady growth in 2018 and an expected acceleration in 2019. This overall progress nevertheless masks sizeable disparities from country to country.
Africa back on track In 2016, Africa suffered historically low growth, chiefly due to a dramatic drop in the price of a number of raw materials: oil and coffee, in particular. Oil and metal prices were back on track in 2016 and 2017 (even if still below the record highs reached from 2010 to 2014), [...]
The middle class represents 14% of the population of Africa. It is a fringe population of young, urban and educated people who have the financial means to acquire and appetite for new digital tools, and especially smartphones. It represents a significant market for innovative digital services.
A redrawn perimeter In 2011, the African Development Bank defined the middle class as people living on two to 20 US dollars a day, which nevertheless contains three different tiers: Upper middle class, with 10 to 20 USD a day, representing less than 5% of the population; Lower middle class, with 4 to 10 USD a day, around 9% [...]
Africa’s digital ecosystem is booming, and attracting more and more investors interested in financing its expansion. Fundraising for start-ups reached 560 billion USD in 2017. Although still largely concentrated around three countries – Nigeria, Kenya and South Africa – start-ups are emerging across the continent, and especially in French-speaking African nations.
Development of the digital ecosystem The digital ecosystem is booming in Africa, as reflected in fundraising for start-ups, which grew by 53% between 2016 and 2017, going from 370 to 560 million USD. Seventy-four start-ups were launched in 2016, and 124 the following year (source: Partech Ventures). The ecosystem continues to be structured around the growing [...]
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