GLOBAL EDITION 51 Success Stories of African Fintech Unicorns The first African fintech unicorn is Interswitch. Interswitch is a payment processing company that provides a variety of payment solutions to businesses and consumers in Nigeria. Interswitch was founded in 2002 by Mitchell Elegbede and other co-founders. The company has since grown to become the leading payment processor in Nigeria, processing over $200 billion in annual transactions. In 2019, Interswitch was acquired by Visa for $200 million, making it the first African fintech unicorn. Here are some other successful African fintech unicorns: • Flutterwave: Flutterwave is a payment processing platform that allows businesses to accept payments from customers across Africa. Flutterwave was founded in 2016 by Olugbenga Agboola and other co-founders. The company has since raised over $2 billion in funding and is valued at $3 billion. Flutterwave is one of the most popular payment processing platforms in Africa, processing over $1 billion in annual transactions. • OPay: OPay is a mobile payments platform that offers a variety of financial services, including mobile money, peer-to-peer payments, and lending. OPay was founded in 2018 by Jack Ma and other co-founders. The company has since raised over $1 billion in funding and is valued at $2 billion. OPay is one of the most popular mobile payments platforms in Africa, with over 50 million users. • Wave: Wave is a mobile money platform that offers a simple and affordable way to send and receive money in Senegal, Ghana, and Ivory Coast. Wave was founded in 2017 by Drew Durbin and Jeremy Hodara. The company has since raised over $200 million in funding and is valued at $1.7 billion. Wave is one of the most popular mobile money platforms in West Africa, with over 10 million users. • Chipper Cash: Chipper Cash is a cross-border payments platform that allows users to send and receive money to and from countries in Africa. Chipper Cash was founded in 2018 by Ham Serunjogi and Maijid Moujaled. The company has since raised over $100 million in funding and is valued at $1.25 billion. Chipper Cash is one of the most popular cross-border payments platforms in Africa, with over 3 million users. These are just a few of the many successful African fintech unicorns. These startups are changing the way people in Africa access financial services and are helping to drive economic growth on the continent. Meanwhile visit our website www.tagi.africa to read more case studies on Africa Fintech Success Stories.
- Driving Factors Behind Their Success There are a number of common factors that have contributed to the success of African fintech unicorns. These factors include:- • Customer-centric approach: African fintech unicorns have a strong focus on understanding the needs of their customers and providing them with innovative solutions that meet those needs. They are also responsive to customer feedback and are constantly looking for ways to improve their products and services. • Technology adoption: African fintech unicorns are quick to adopt new technologies and use them to their advantage. They are also investing in research and development to stay ahead of the curve. • Strategic partnerships: African fintech unicorns have formed strategic partnerships with other businesses and organizations to provide their customers with a more comprehensive set of services. These partnerships have helped them to reach a wider audience and grow their businesses more quickly. • Market understanding: African fintech unicorns have a deep understanding of the African market and the challenges that people face in accessing financial services. They are able to tailor their products and services to meet the specific needs of their customers. In addition to these common factors, there are also some specific strategies that have contributed to the success of African fintech unicorns. These strategies include: • Focusing on underserved markets: Many African fintech unicorns have focused on providing financial services to underserved markets, such as the unbanked and underbanked. This has allowed them to capture a significant market share and grow their businesses rapidly. • Expanding into new markets: African fintech unicorns have been quick to expand into new markets, both within Africa and abroad. This has helped them to reach a wider audience and grow their businesses more quickly. • Partnering with governments and regulators: African fintech unicorns have partnered with governments and regulators to create a more favorable environment for fintech innovation. This has helped them to overcome some of the challenges that they face, such as the lack of infrastructure and the regulatory environment. • Investing in talent: African fintech unicorns have invested heavily in talent, hiring the best and brightest people from Africa and around the world. This has helped them to build strong teams that are able to execute their strategies and achieve their goals. 52 GLOBAL EDITION
• The success of African fintech unicorns is a testament to the growing demand for financial services in Africa. These startups are providing much-needed financial services to people who have been traditionally underserved by the financial system. They are also helping to drive economic growth on the continent. Meanwhile watch out for the second part of this interesting topic in our next edition of TAGi™ Magazine. GLOBAL EDITION 53
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GLOBAL EDITION 57 TECH RENAISSANCE: RESHAPING AFRICA’S ECONOMIC LANDSCAPE”
58 GLOBAL EDITION Africa is undergoing a tech renaissance, with startups and entrepreneurs across the continent developing innovative solutions to some of the continent’s most pressing problems. This tech boom is having a transformative impact on Africa’s economic landscape, creating new jobs, driving economic growth, and improving the lives of millions of Africans. One of the most visible signs of Africa’s tech boom is the rise of the continent’s startup ecosystem. In recent years, there has been a surge in the number of startups being founded in Africa, with many of these startups focusing on mobile technology, e-commerce, and financial services. In 2021, Africa’s startup ecosystem raised a record $5.2 billion in funding, according to the African Startups Report. This investment is helping to fuel the growth of Africa’s tech sector. In 2021, the African tech sector grew by 25%, and it is expected to continue to grow at a rapid pace in the coming years. This growth is creating new jobs and driving economic growth across the continent. The tech boom is also having a positive impact on the lives of ordinary Africans. Mobile money services, for example, are making it easier for people to access financial services, and e-commerce platforms are making it easier for people to buy and sell goods and services. These innovations are helping to improve the lives of millions of Africans, and they are helping to reduce poverty and inequality on the continent. The tech renaissance is transforming Africa’s economic landscape, and it is creating new opportunities for growth and development. The continent is home to a young and tech-savvy population, and it has the potential to become a major player in the global tech economy. The next few years will be critical for Africa’s tech sector, and it will be interesting to see how the continent continues to evolve as a hub for innovation. Here are some specific examples of how the tech renaissance is reshaping Africa’s economic landscape: • Mobile money is revolutionizing the way people in Africa access financial services. In 2021, there were over 400 million mobile money users in Africa, and the value of transactions made through mobile money platforms exceeded $1 trillion. Mobile money is making it easier for people to send and receive money, pay bills, and make purchases. It is also helping to reduce poverty and inequality by making financial services more accessible to people who previously did not have access to them. • E-commerce is growing rapidly in Africa. In 2021, e-commerce sales in Africa reached $16.5 billion, and they are expected to reach $71 billion by 2025. E-commerce is making it easier for people in Africa to buy and sell goods and services online. It is also helping to create new jobs and drive economic growth. • Fintech is another rapidly growing sector in Africa. Fintech startups are developing innovative financial solutions that are tailored to the needs of Africans. For ex-
GLOBAL EDITION 59 ample, fintech startups are developing mobile apps that allow people to save money, invest money, and access loans. Fintech is helping to improve financial inclusion in Africa and make it easier for people to access financial services. • Agritech is a sector that is using technology to improve agricultural productivity in Africa. Agritech startups are developing solutions such as precision agriculture, weather forecasting, and irrigation systems. Agritech is helping to increase crop yields and improve food security in Africa. These are just a few examples of how the tech renaissance is reshaping Africa’s economic landscape. The tech sector is growing rapidly in Africa, and it is having a positive impact on the lives of millions of Africans. The next few years will be critical for Africa’s tech sector, and it will be interesting to see how the continent continues to evolve as a hub for innovation.
60 GLOBAL EDITION HEALTH AND WELLNESS TIPS FOR FINTECH STARTUPS IN AFRICA” Amidst this rapid growth and excitement of the growth of Fintech in Africa, it’s crucial to recognize that the journey of building a successful fintech startup is not without its demands and pressures. The high-stakes nature of the industry, coupled with the fast-paced environment, can easily lead to burnout and neglect of personal well-being. In the pursuit of innovation and disruption, the health of fintech entrepreneurs and their teams should not be overlooked. In this article, we delve into a range of health and wellness tips tailored specifically for Africa’s fintech startups. While the ambition to create transformative financial solutions is commendable, it must be supported by a foundation of physical and mental wellbeing. We will explore strategies to strike a balance between work and rest, prioritize physical activity, nourish the body and mind, manage stress through mindfulness, foster a supportive work environment, and ensure regular health check-ups. By integrating these principles, fintech startups can not only thrive in the competitive landscape but also ensure the sustainable success of both their ventures and themselves.
GLOBAL EDITION 61 Balancing Work and Rest: • Overcome challenges of long working hours and stress in startups. • Strive for work-rest balance for optimal productivity and health. • Practical strategies like time blocking, microbreaks, and delegation. Physical Activity for Success: • Regular physical activity enhances energy and reduces stress. • Fit exercise into a busy schedule with short, intense workouts. • Incorporate movement through walking meetings and desk stretches. Nourishing Your Body and Mind: • A balanced diet improves mental clarity and well-being. • Choose lean proteins, whole grains, healthy fats, and colorful produce. • Avoid energy-draining snacks and prioritize hydration. Hydration and Cognitive Function: • Staying hydrated enhances cognitive abilities. • Tips for maintaining hydration throughout the day. Mindfulness and Stress Management: • Mindfulness techniques reduce stress and enhance decisionmaking. • Benefits of managing stress for overall well-being. Creating a Supportive Work Environment: • Positive work atmosphere boosts motivation and job satisfaction. • Open communication, team building, and shared goals. Prioritizing Health Check-ups: • Regular health check-ups detect and prevent health issues. • The impact of health on fintech startup success. Ergonomics and Workspace Design: • Ergonomic setup prevents physical strain and enhances comfort. • Organized workspace and proper lighting.
62 GLOBAL EDITION Tech Detox and Mental Refreshment: • Unplugging from screens prevents digital fatigue. • Offline activities for mental rejuvenation. Sleep as a Priority: • Quality sleep enhances cognitive function and decision-making. • Strategies for better sleep and establishing healthy sleep habits. Insurance and Health Coverage: • Health coverage safeguards personal well-being and startup success. • Exploring individual and group health insurance options. Networking and Peer Support: • Networking fosters collaboration, knowledge sharing, and stress reduction. • Benefits of connecting with fellow fintech professionals. • By integrating these holistic health and wellness practices, fintech entrepreneurs can cultivate a strong foundation for sustainable success in the fast-paced fintech world.
GLOBAL EDITION 63 As the fintech landscape in Africa continues to surge with innovation and opportunity, it’s imperative that aspiring entrepreneurs recognize the symbiotic relationship between their health and their startup’s success. The fast-paced nature of the industry, while exhilarating, can easily lead to burnout and diminished well-being. However, by adopting a comprehensive approach to health and wellness, fintech startups can navigate challenges with resilience, creativity, and unwavering determination. Achieving balance between work and rest is not a luxury; it’s a strategic necessity. The challenges of long hours and stress can be overcome by implementing mindful practices like time management and regular breaks. Prioritizing physical activity isn’t just about fitness; it’s about enhancing cognitive function and energy levels, propelling fintech visionaries toward their goals. Nourishing the body and mind through a balanced diet and hydration ensures that fintech entrepreneurs are equipped with the mental clarity and vitality needed to drive innovation. Mindfulness and stress management techniques empower individuals to maintain their composure in the face of challenges, enhancing decision-making and fostering a positive work environment. A supportive work atmosphere, health check-ups, and ergonomic workspaces contribute to holistic well-being and sustained fintech success. Embracing tech detox breaks and quality sleep rejuvenates the mind, ensuring that fintech pioneers remain at the forefront of innovation. Moreover, health coverage and networking with peers form a safety net and a source of valuable insights, respectively, propelling fintech ventures toward unparalleled heights. In the dynamic world of fintech, success is not solely defined by groundbreaking solutions and disruptive technologies. It’s a harmonious blend of innovation, strategic decision-making, and personal well-being. By integrating these health and wellness practices into their fintech journey, entrepreneurs are not only shaping the future of financial technology in Africa but also fostering their own growth, resilience, and prosperity. In embracing this holistic approach, fintech startups have the potential to revolutionize industries while nurturing the heart of their success – their well-being.
64 GLOBAL EDITION EXPLORING THE FUTURE: TOP 10 CRYPTO TOKENS IN AFRICA
GLOBAL EDITION 65 I n a world that’s becoming increasingly digital, the financial landscape is undergoing a monumental transformation, and Africa is right at the forefront of this evolution. The rise of cryptocurrencies has sparked a revolution in how people perceive and utilize money, and the African continent is not only embracing this change but also making its own unique mark on the global crypto stage. In this special edition of our magazine, we delve deep into the heart of Africa’s crypto revolution to uncover the Top 10 Crypto Tokens that are shaping the continent’s financial future. From decentralized finance (DeFi) to blockchainbased solutions, these tokens are poised to drive innovation, inclusion, and economic growth across the continent. Join us as we explore the stories behind these crypto tokens – the minds that conceived them, the challenges they aim to overcome, and the impact they are already making in various sectors. We’ll uncover how these tokens are empowering individuals, businesses, and communities, and how they’re redefining the boundaries of financial possibilities. Africa’s crypto journey is not just about technology; it’s about empowerment, financial inclusion, and the potential to rewrite the narrative of economic opportunity. As we navigate through the fascinating landscape of these Top 10 Crypto Tokens, prepare to be inspired by the audacious ideas, the boundless creativity, and the unwavering determination that are propelling Africa to the forefront of the crypto revolution.
For obvious reasons, Bitcoin is the most popular and valuable cryptocurrency in the world. Much of crypto adoption globally has been due to the rise in the value of BTC. That also helped its popularity in Africa. Most businesses that accept cryptocurrencies for payments in Africa opt for Bitcoin, and the same applies to retail investors. Recently, the Central African Republic (CAR) became the second country in the world to make Bitcoin a legal tender, writes BBC. Meanwhile, Nigeria is the #1 country worldwide in terms of the number of people searching for “Bitcoin” and “Crypto” keywords on Google. Ether or ETH has the second-largest market cap among cryptocurrencies. It is one of the most used in Africa due to the Ethereum network. Ethereum’s smart contract capabilities allow for the development of decentralized applications and platforms within its ecosystem. This has led to the emergence of decentralized finance, play-to-earn, non-fungible tokens, and several other sectors on Ethereum. All the use cases of Ethereum contribute to its appeal in Africa. Since ETH is its native token, it has grown popular on the continent. The rising value of ETH further helps this. Similar to Ethereum, the Solana network has smart contract capabilities. But NFT trading has made its native cryptocurrency popular in Africa. The continent is one of the top destinations for NFT trading globally, which will likely increase this year. A recent survey by Finder AU shows that Nigerians are the most likely to buy NFTs, with 21.7% planning to buy and 13.7% of Nigerians already owning NFTs. Nigeria and South Africa already have a sizable percentage of their population interested in digital assets. The Solana coin, which is currently the ninth-largest cryptocurrency by market cap, rose significantly in value in 2021 due to NFT trading. Although SOL’s value has declined, it’s still a popular African choice, especially for NFT traders since the transaction fees are so low on Solana’s blockchain. Bitcoin (BTC) – Official tender in CAR Ethereum (ETH) – Growing fast Solana (SOL) – Low fees for NFTs 66 GLOBAL EDITION
Polkadot enables cross-blockchain transfers of any type of data or asset, not just tokens. Connecting to Polkadot gives you the ability to interoperate with a wide variety of blockchains in the Polkadot network.About Polkadot (DOT). Polkadot is a blockchain that allows developers to create customized interoperable Parachains. The project was launched in 2006 by Gavin Wood, Ethereum’s former CTO and cofounder. Each Parachain connects with the main Relay Chain, allowing them to communicate and share the mainnet’s security. A parachain can have its own modified Proof of Stake consensus mechanism, decentralized app development, and tokens. Space for Parachains is limited and regularly auctioned off for DOT. The meme coin boom in 2021 catapulted Dogecoin to the top ten cryptocurrencies globally. With that and numerous tweets about it from Elon Musk, Doge has risen to become one of the most popular cryptocurrencies in Africa. While it is already down 89% from its peak, Doge is still popular among Africans, with many holding and looking forward to when it will peak again. Several gambling sites in Africa accept Dogecoin and soon there are likely to also be some more crypto casinos allowing DOGE. The meme coin boom in 2021 catapulted Dogecoin to the top ten cryptocurrencies globally. With that and numerous tweets about it from Elon Musk, Doge has risen to become one of the most popular cryptocurrencies in Africa. While it is already down 89% from its peak, Doge is still popular among Africans, with many holding and looking forward to when it will peak again. Several gambling sites in Africa accept Dogecoin and soon there are likely to also be some more crypto casinos allowing DOGE. Polka dot Dogecoin (DOGE) – Number one meme token Shiba Inu (SHIB) – Number two meme token GLOBAL EDITION 67
68 GLOBAL EDITION ADA is currently the sixth-largest cryptocurrency by market. Cardano’s network is considered one of the alternatives to Ethereum due to its smart contract capabilities. While the token has not been able to reach ETH levels in value, it has enhanced its popularity in Africa. This is mostly due to Cardano’s partnership with African countries such as Ethiopia, Tanzania, and Kenya. With the network helping African countries adopt blockchain technology for various purposes, the use of its tokens is also likely to increase. Many Africans find the low value per token of ADA compelling and giving a low entry barrier for many. Stablecoins play an integral role in the crypto ecosystem. Unlike regular cryptocurrencies that are volatile, stablecoins maintain the same value. Tether (USDT) is a stablecoin with the highest volume and has become very popular in Africa. Since it’s pegged to US dollars, many use it as a means of foreign exchange, especially in countries where it is much harder to access US dollars through official sources. It’s also the go-to currency for many retail investors on the continent. XRP is the native token for the XRP Ledger, created as a payment system by Ripple in 2012. The XRP Ledger uses a consensus mechanism called the XRP Ledger Consensus Protocol, which doesn’t use proof-of-work or proof-of-stake for consensus and validation. Instead, client applications sign and send transactions to the ledger servers. The servers then compare the transactions and conclude whether they are candidates for entry into the ledger. The servers then send the transaction candidates to validators, who work to agree that the servers got the transactions right and record the ledger version. On July 22, 2023, XRP had a market cap of about $39.3 billion and traded around $0.74. Cardano (ADA) – Partnerships with African countries Tether (USDT) – The highest volume among stablecoins XRP
GLOBAL EDITION 69 Dash cryptocurrency was one of the first virtual assets to be accepted by merchants in Africa. While it doesn’t have a large market cap like the other cryptocurrencies on this list, it’s quite popular on the continent. Dash (DASH)
70 GLOBAL EDITION - MPHO DAGADA
GLOBAL EDITION 71 Mpho Dagada is a Best Selling Author, Keynote Speaker, Obsessive Entrepreneur and Investor. Digital currency mogul, a digital visionary, blockchain technology expert and futurist TAGi PROFILE
72 GLOBAL EDITION • By 2015, Mpho noticed that the price had increased, and he realized the potential profit in Bitcoin. • As an early investor, Mpho became one of a few South Africans interested in Bitcoin in South Africa. • Dagada was named the Anglo-American Young Communicator Ambassador in Limpopo in 2012. • Dagada has made more than $100,000 in cryptocurrency, which is more than 1 million ZAR.
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74 GLOBAL EDITION David “Davido” Adeleke Also Known As Omo Baba Olowo (OBO) Arguably The Biggest Music Star In Africa. - DAVIDO
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76 GLOBAL EDITION • In 2020, Davido Signed Endorsement Deal With Crypto Payment Platform Bitsika. • In 2021, Davido Announced That He Will Be Floating A Bitcoin Company. • Davido’s net worth is about $27.6 million as of 2023, making him Nigeria’s third-richest musician and one of Africa’s wealthiest artists
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78 GLOBAL EDITION LEADING THE WAY: CRYPTO THE TOP 50 INFLUENTIAL FIGURES IN AFRICA’S CRYPTO
GLOBAL EDITION 79 I n an era of rapid technological advancement and financial innovation, the world is witnessing a transformative shift in the way we perceive and interact with currency and assets. In the heart of this revolution, the African continent stands as a beacon of innovation, embracing the opportunities presented by cryptocurrencies and blockchain technology with remarkable enthusiasm. As we delve into the intricate landscape of Africa’s crypto sphere, we are compelled to shine a spotlight on the trailblazers, the visionaries, and the change-makers who are Leading the Way: The Top 50 Influential Figures in Africa’s Crypto. From bustling urban centers to remote villages, the impact of cryptocurrency is undeniable across Africa. This vibrant and diverse continent has embraced digital currencies as a means to leapfrog traditional financial infrastructures, enhance cross-border transactions, and drive financial inclusion. Behind this unprecedented transformation are individuals who have not only harnessed the potential of cryptocurrencies but have also taken the helm as thought leaders, entrepreneurs, and educators, steering the course of the crypto revolution across Africa’s unique economic, social, and regulatory landscapes. In this exploration, we delve into the stories of those who have propelled Africa to the forefront of the global crypto movement. From entrepreneurs who have founded groundbreaking crypto startups to regulators shaping the legal frameworks for these innovations, from educators spreading crypto literacy to developers crafting solutions for local challenges, each figure in our Top 50 has played an instrumental role in shaping Africa’s crypto narrative. In the pages that follow, we celebrate their accomplishments, examine their contributions, and illuminate the pathways they’ve paved for others to follow. We witness how these influential figures have not only disrupted conventional financial systems but have also brought about positive change, fostering financial empowerment, innovation, and newfound opportunities for individuals and communities throughout Africa. Join us on this journey through the intriguing and transformative world of Africa’s crypto pioneers, as we honor those who are not only Leading the Way but also forging a path towards a future where the fusion of technology and finance knows no bounds.
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98 GLOBAL EDITION TAGi Magazine Log on www.tagi.africa to read more... SUBSCRIBE FOR