Africa’s tech industry is cementing its place on the global stage, showcasing resilience and innovation even amidst shifting economic tides.
In 2024, despite a 25% decline in overall investment funding, totaling $2.2 billion compared to $2.9 billion in 2023, the continent’s tech ecosystem continues to thrive. This growth is fueled by visionary entrepreneurs and supportive hubs across key nations.
Let’s explore the top 10 African countries that attracted the most tech funding in 2024 and how their unique ecosystems are shaping the future of technology in Africa.
Top 10 African Countries that Attracted the Most Tech Funding in 2024
Here is an overview of the top 10 African countries that attracted the most tech funding in 2024:
1. Kenya – $638 million
Kenya leads the continent with $638 million in tech funding. Nairobi, known as ‘Silicon Savannah,’ serves as a vibrant hub for innovation, particularly in mobile payments, e-commerce, and fintech, attracting substantial global investment.
2. Nigeria – $410 million
Nigeria secured $410 million in tech funding. Lagos remains a pivotal center for startups across fintech, health tech, edtech, and e-commerce, leveraging the country’s large market and entrepreneurial spirit to draw significant investment.
3. Egypt – $400 million
Egypt attracted $400 million in tech investments. Cairo is rapidly becoming a regional tech powerhouse, with startups excelling in fintech, e-commerce, and software development, appealing to both local and international investors.
4. South Africa – $394 million
South Africa garnered $394 million in tech funding. Cities like Cape Town and Johannesburg are innovation centers focusing on fintech, artificial intelligence, and blockchain, supported by the country’s advanced infrastructure.
5. Morocco – $70 million
Morocco’s tech sector attracted $70 million, driven by advancements in e-commerce, digital payments, and cloud computing. Casablanca and Rabat are fostering supportive environments for tech startups.
6. Ghana – $68 million
Ghana secured $68 million in tech funding, with a growing prominence in fintech and agritech. Accra serves as a major tech hub, bolstered by the country’s stable political climate and improving digital infrastructure.
7. Tanzania – $53 million
Tanzania’s tech industry attracted $53 million, particularly in mobile banking, health tech, and education technology. Dar es Salaam is at the forefront of this growth, supported by a young, tech-savvy population.
8. Benin – $50 million
Benin’s evolving tech scene secured $50 million, focusing on fintech, e-commerce, and mobile solutions. Cotonou is emerging as a hub for startups, drawing increasing investor interest.
9. Côte d’Ivoire – $33 million
Côte d’Ivoire attracted $33 million in tech funding, with startups concentrating on fintech, e-commerce, and digital services. Abidjan is gaining prominence, appealing to both local and international investors.
10. Senegal – $22 million
Senegal secured $22 million in tech investments, with a growing number of startups in fintech and mobile technology. Dakar is rapidly becoming an important tech hub in West Africa.
Despite the overall decline in funding, these countries continue to foster vibrant tech ecosystems, attracting investments that drive innovation and economic growth across the continent.
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