The Future Belongs To Africa’s Entrepreneurs
MutualityX is structured to take advantage of the most successful platform business models, which leverage existing customer relationships to offer multiple products or services and rely on large networks of agents, who are already known and trusted in their communities, to sign up new customers and take orders from them.
MutualityX is a Business Ecosystem aimed at micro, small and medium enterprises (MSMEs). In Africa, commerce is largely dominated by small-scale informal retail. By 2030, almost 400 million people will be self-employed, and yet they have no network to synergize their efforts. The moment is ripe. Commerce is Africa’s second most popular sector for tech startup investment, raising around USD 2 billion since 2015. Indeed, tech is one of the fastest growing sectors in Africa…and Africa has recently become one of the fastest growing tech ecosystems in the world! Numerous startups have already achieved “unicorn” status – a valuation of USD 1 billion or more.
A recent study (August 2023) conducted across the African continent unveils a notable shift toward online advertising and direct selling of goods and services by MSMEs. According to the survey, 45% of MSMEs are effectively driving their sales by harnessing the power of online platforms. The survey was jointly executed by GeoPoll, Africa 118, and the African Talent Company.
According to CFA Institute, Africans are quickly going digital. While connectivity lags in some regions, mobile device use continues to increase. A staggering proportion of African web traffic — as much as 89% in some countries — comes from smartphones.
Internet-connected smartphones have given young entrepreneurs access to new markets as well as professional growth and development through online education and mentorships.
Africa has the world’s most rapidly expanding workforce, with over 60% of the population under the age of 25, and forecasters predict that technology and infrastructure improvements will set the continent up for strong growth in the years ahead. Africa’s population is on track to reach 1.5 billion by 2030.