Singaporean tech firms trying for new markets in Africa

2023-08-02 23:06:47
Singaporean tech firms trying for new markets in Africa

Having carved out successful niches at home, Singaporean firms are trying for new markets in 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.

Singapore-based CrimsonLogic has ventured into Africa’s digital landscape, partnering with governments to streamline public operations through e-government services. It focuses on trade and the legal and healthcare sectors. In 2015, CrimsonLogic launched Irembo, an eCitizen portal that enabled Rwandans to access over 89 government services online. The goal of this initiative was to transition Rwanda into a paperless, knowledge-driven economy.

Singapore’s Gozem started in Togo and Benin, but has expanded its reach. The venture has broadened from being a transport solution to delivery and logistics, aspiring to become a comprehensive superapp for West and Central Africa.

Read full article at African Business


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