Nigerian-based global tech conference Indiakeneoka has just announced its first two sessions: “Kwik & Tech”, and “Luno Expeditions Chinabased.” The event, scheduled for May 6-7 in Lagos, will give attendees a glimpse into the future of technology in Africa. In addition to presenting the best in tech, the conference will also host a panel of leading experts to discuss the challenges facing Africa’s burgeoning tech industry.
Lori Systems is a Kenya-based start-up that offers solutions to shippers to help them move cargo across Africa more efficiently and economically. In the past 19 months, Lori has facilitated more than 10,000 moves totaling $10 billion in value. Its success has earned it a place as the fastest-growing growing start-up in Africa and the company has also earned its share of accolades. A notable accomplishment for the company is that it has saved its users more than 18% of their freight costs, according to CEO Ryan Petersen. Moreover, its technology has helped shippers make the most of their transportation investments by offering more transparency, flexibility, and reliability.
Lori’s biggest success story, however, may be its ability to drive economic development in Africa. According to a recent report by Knight Frank, 75% of the price of a product in Africa can be attributed to logistics. This is due in part to the fragmented supply and demand markets that exist throughout the continent. Logistics operators on the continent also face little or no access to financing.
Luno Expeditions is the global investment arm of the Digital Currency Group (DCG). The fund aims to invest in early stage crypto and biotech companies. It has invested in over 20 companies around the globe. Some of the startups, the fund has invested in include Nala, a crypto remittance solution for Tanzanians, and Organ, a digital bank for women in Pakistan.
Founder and CEO of DCG Barry Silbert are a part of the Luno Investment Committee. He believes that the long-term hypothesis is that cryptocurrencies will revolutionize the global financial system. With its seven-year track record of backing early-stage companies, DCG’s experience is an asset to the Luno Expeditions fund.
Luno’s early-stage investments are focused on supporting the best fintech and crypto founders. In addition to its focus on crypto, the fund will also diversify into the wider fintech space. The fund will target investing in 200 to 300 startups annually, with a global focus on sub-Saharan Africa.
Africa’s tech scene
The African tech scene is thriving. More and more startups are looking to grow and expand in the region. Several international institutions have committed huge sums of money to develop the digital ecosystem on the continent. These initiatives are working to improve the regulatory framework around small enterprises.
Africa has the potential to become a global leader in emerging technology. There are a number of countries that could make a powerful impact. Nevertheless, each nation faces its own challenges. But, Africans are smart and ambitious. Moreover, they have the right tools to succeed.
Tech hubs and incubators are springing up across the continent. In fact, many of these centers are rivaling hotspots in the Americas and Asia.
There are nearly 450 active hubs in the continent. They are providing services and internal mentoring programs. Several large tech firms are also supporting the ecosystem by establishing physical presence. A number of tech firms offer mobile payment services to Africans who do not have a formal bank account.