General News
Big Cabal Media Delivers Future Of Commerce II, Showcases Strength of Africa’s Informal Economy
Over 5,000 people attended Big Cabal Media’s Future of Commerce 2022 event at the Balmoral Convention Centre in Lagos, Nigeria, last week. Tagged “Money on the Streets,” notable thought leaders around the continent and the world explored innovative ways in which startups and large corporations cater to the needs of Africa’s informal sector.
The hybrid event featured over 30 business leaders, technology experts, and commerce operators who discussed how social media, payments, and logistics are powering the growth of Africa’s commerce.
In his opening address, Tomiwa Aladekomo, CEO of Big Cabal Media, reiterated the company’s belief that the next wave of commerce on the continent is in unlocking value in the informal sector.
“The rapid evolution of fintech services is accelerating financial inclusion by driving efficiency, lowering transaction costs, and expanding outreach to new markets. We see this in a country like Kenya, a pioneer in mobile money services, where eight in ten adults have access to formal financial services,” Tomiwa stated.
Building on this, Tosin Eniolorunda, CEO and Founder of TeamApt, shared in his keynote address, the role technology must play in building trust in the informal market: “Businesses in the informal market have had several disasters while engaging with traditional corporate organisations, which has increased scepticism over time. To succeed, technological solutions must enable rapid settlements as well as decentralised and personalised customer service,” he said.
User adoption continues to be a challenge for most technology solutions including those developed to enhance financial inclusion. Dr Olabisi, Lead Research at KasuWaGo, recommended that these solutions must be simplified further to scale adoption. “We need to reimagine the use of technology for small businesses in the informal sector. Tech products could be built such that users won’t have to read much to interact with the app. That is a great way to scale adoption of such products,” he said.
With Africa accounting for 70% of the World’s $1 trillion mobile money market, mobile money is at the heart of Africa’s economic growth. This subject was discussed by speakers who unanimously agreed that mobile money will play a fundamental role in financial inclusion and market expansion opportunities for both medium-scale and well-established businesses.
Esigie Aguele, Co-founder and CEO of VerifyMe, commented on the business prospects and user integration of mobile money, saying, “Mobile money enhances the technological opportunities for all forms of payments and payment solutions. It enables us to go beyond open banking and create products that promote widespread financial inclusion.”
In addition to the deeply insightful sessions, attendees were able to network during breaks and were also entertained by the musical performance of Nigerian alte artiste, Bolaji Odojukan popularly known as BOJ.
Inspired by the recommendations from the Future of Commerce debut event last year, Big Cabal Media unveiled a “Commerce in Africa” industry projection report as one of the highlights of FOC 2022.
The Future of Commerce is an annual convergence of the world’s most prominent business executives, creative entrepreneurs, and interested enthusiasts to explore the key changes affecting how Africans buy and sell. It is hosted by TechCabal, Big Cabal Media’s flagship technology publication.
Zainab Salami, executive director and co-founder, MSwitch Creative Hub, on Sunday revealed that over 53% of young Nigerians aged 15-24 are jobless, emphasizing the urgent need for strategic interventions to tackle the crisis.
She emphasized MSwitch’s commitment to empowering young creatives and digital professionals by equipping them with the skills and opportunities needed for sustainable careers.
Salami disclosed this in Abuja during the MSwitch launch of the ‘Remote Job Initiative,’ a groundbreaking program in partnership with AfriLabs, aimed at positioning Nigeria as a global hub for digital excellence.
She emphasized that the initiative seeks to connect Nigerian talent with global employers, strengthening the country’s presence in the international digital economy.
She noted that the program aims to bridge the gap between talent and opportunity by equipping youth with essential skills, access to global employers, and state-of-the-art co-working spaces.
Salami said: “Over 53% of young Nigerians aged 15-24 are either unemployed or underemployed. This program will create 2,000 remote job opportunities for young creatives and tech professionals, enabling them to earn, grow, and contribute to the nation’s economy without leaving the country.
“Beyond job placement, this initiative is designed to equip young professionals with the tools and environment needed for long-term success.
“To support this, we are investing in infrastructure and establishing fully equipped co-working spaces with 24/7 electricity, high-speed internet, cutting-edge technology, and industry-standard tools to maximize productivity.”
In his remarks, Ajibola Odukoya, chief operating officer, AfriLabs, described the organization’s expansive footprint across Africa and its dedication to capacity building.
He emphasized that beyond training, the next step is placing Africans in gainful employment.
Odukoya said: “AfriLabs is the largest network of innovation and technology hubs in Africa. We operate in 53 countries, across 225 cities, with 500 physical locations, and have about 80 million people in our ecosystem.
“We have partnered with international businesses and generated a pool of over 200,000 job vacancies targeted at Africans of all ages, as long as they qualify. To solve infrastructure challenges associated with remote work in Africa, we are using our innovation hubs, such as MSwitch in Abuja, as dedicated workstations with world-class facilities to support productivity,” Odukoya added.
Uche Nnaji, Minister of Innovation, Science and Technology, has emphasized the crucial role of Science, Technology, and Innovation (ST&I) in tackling national challenges and fostering economic growth.
Speaking at the launch of the Sankore Project, a collaborative initiative between Nigeria and Ghana, Nnaji highlighted how ST&I can drive economic diversification, job creation, climate resilience, improved public health, food security, and sustainable energy development.
“The Sankore Project promises to deliver innovative solutions that will significantly enhance economic growth, improve public service delivery, and raise living standards across our region,” Nnaji stated.
He added that the initiative aligns with President Bola Ahmed Tinubu’s 8-point agenda, particularly in advancing technology, capacity building, and economic growth.
The project, supported by the UK’s International Development arm, is backed by an accountable grant delivery mechanism worth up to £1.9 million. It aims to strengthen ST&I systems in both Nigeria and Ghana through structured project delivery and rigorous monitoring of impacts.
Susan Mshana, Deputy Development Director at the British High Commission, explained that the funding, provided by the UK’s Foreign Commonwealth Development Office, will be executed in two work streams to reinforce science and technology partnerships between the UK, Nigeria, and Ghana.
Ghana’s Minister of Environment, Science, and Technology, Dr. Ibrahim Murtala Muhammed, underscored the importance of collaboration in Africa’s development, urging Nigeria to take a leadership role in the continent’s innovation landscape.
“Nigeria is a sleeping giant that needs to wake up, so the rest of Africa can wake up. This initiative provides an opportunity to drive innovation, create jobs, and collectively overcome shared challenges”, Muhammed said.
He further stressed the need to commercialize research output, urging stakeholders to shift from skepticism to practical application.
As both nations forge ahead with the Sankore Project, stakeholders express optimism that the partnership will catalyze scientific breakthroughs and sustainable development in the region.
Nigeria has plans to launch a $40 million fund to support early-stage tech startups, aiming to strengthen the country’s entrepreneurial ecosystem and reduce young companies’ reliance on private investors.
The fund will be equally financed by the Japan International Cooperation Agency (JICA) and the Nigeria Sovereign Investment Authority (NSIA), which manages the national sovereign wealth fund.
Kashifu Inuwa Abdullahi, director general, National Information Technology Development Agency (NITDA), confirmed the final agreement would be signed within the next month.
The initiative is part of Nigeria’s Startup Act, adopted in October 2022, which aims to create a favorable environment for startups through tax incentives and financial support.
The act established a 10 billion naira (approximately $8.6 million) annual fund to finance certified startups through seed funding, grants, or loans.
According to Disrupt Africa, Nigeria’s startup ecosystem attracted over $2 billion in investments between January 2015 and August 2022, positioning the country as Africa’s leader.
Companies like Flutterwave, Andela, and Opay achieved multi-billion-dollar valuations.
, fundraising dropped to $224 million in 2023, down from $531 million in 2022 and over $1 billion in 2021.
This decline highlights the need for government intervention to revitalize the tech ecosystem amid investor caution.
The new fund marks a significant step for Nigeria, which aims to foster local innovation.
Currently, 12,948 companies are registered as startups, benefiting from a three-year tax exemption. Low awareness of the law’s benefits has prompted the government to plan a nationwide information campaign.
By facilitating access to funding, the initiative could strengthen support for existing startups and stimulate new tech ventures, reinforcing Nigeria’s position as a leading hub for digital innovation in Africa.
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