Top Fastest Growing Businesses in Africa 2022

Top Fastest Growing Businesses in Africa 2022

Despite the many challenges facing businesses in Africa, it has been listed among the world’s emerging economies. Many businesses are currently thriving on the continent and are expected to increase yields in the coming years.

Foreign investors are also looking at the continent’s business opportunities and investing their money – more enterprises equal more jobs and a decrease in poverty.

With Africa being among the world’s emerging economies, it’s best to leverage this opportunity to grow your business. This post will provide an overview of 5 of the top fastest growing businesses in Africa in 2022 as well as tips on how to access them.

Fastest Growing Businesses In Africa 

  • Financial Technology (fintech)
  • Information Technology (IT)
  • E-commerce
  • Real estate
  • E-learning 

1. Fintech 

Fintech, or financial technology, is the newest rave sweeping the African continent. Fintech has improved the efficiency and productivity of traditional banking and this is accomplished through applications that allow for speedier mobile money transfers, resulting in increased convenience and efficiency.

In comparison to other sectors in Africa, Fintech has gotten more investment and has risen rapidly over time. However, over 300 million adults throughout the continent still lack access to banking services, prompting international businesses such as Visa and Network International Holdings to invest in the sector.

In 2021, the total capital invested in Fintech increased by 1.49 billion dollars over the previous year, and this trend is expected to continue in the next years. Fintech is undeniably one of the fastest growing businesses in Africa. A few Fintech companies in Africa are Paystack, Flutterwave, and Tala.  

Tips on Starting a Fintech company

  • Choose a niche, such as cryptocurrency or money transfer
  • Research the rules that govern the industry and heed them
  • Analyze your competition and develop a strategy
  • Build a staff that is dependable and trustworthy
  • Consider your company’s funding
  • Begin to create

2. E-learning 

Although many traditional sectors continue to thrive, technology appears to be one of Africa’s fastest expanding industries, prompting people to invest in their tech education.

Because technology is not a widely taught subject in schools, many students have turned to e-learning platforms like Udemy, Coursera, and Hubspot to supplement their education.

This was especially evident during the Covid 19 pandemic. Due to this, E-learning has easily become one of the fastest growing businesses in Africa.

How to get into the E-learning business 

  • Identify your target audience 
  • Pick a niche. This will be your main focus
  • Make courses and lessons. For added convenience, integrate video subtitles and translation
  • Select an e-learning platform or, if possible, design one with a team of web and software professionals
  • Set a price for your courses

See tips on how to create an effective e-learning voice-over 

3. E-commerce

Africa’s online shoppers are on the rise, with estimates of 520 million by 2025. According to Statista, the e-commerce sector alone produced 21.35 billion dollars in revenue in 2020. This figure is predicted to rise in the next years, reaching roughly 46.1 billion dollars by 2025. This is without a doubt one of the fastest growing businesses in Africa, providing tremendous opportunities for investors.

How to tap into the E-commerce sector 

  • To reach your target audience, create a well-optimized website. For your local SEO, you can contact iVoiceAfrica
  • Invest in product information management to get your products online
  • Choose the proper platform for your business, or build an e-commerce platform with a team of web and software engineers if you have the resources

4. Real Estate

The demand for commercial and residential facilities has always been high and will continue to be so in the future. Because of Africa’s growing population, there will always be a high need for leisure centres, hotels, shopping malls, office spaces, and even residential homes, making real estate, not just one of the fastest growing businesses in Africa, but also a highly lucrative prospect.

How to access the real estate market 

  • Investigate the real estate market in the country you prefer 
  • Make a business strategy that contains your capital, projected income, risks, and benefits
  • Register your company with the proper government agencies in the country
  • You can choose to run your business online, offline, or both
  • Promote your company. You can contact iVoiceAfrica for assistance with this

5. Information Technology (IT) 

The Information and Technology sector is another sector to look into. Although this is number five on our list, it is definitely among the top fastest growing businesses in Africa.

IT is an embodiment of technology that facilitates communication. Technology is permeating almost every industry and African countries are leveraging it.

With options like digital marketing, web designing, software development, technical writing and many more, this sector offers many untapped business opportunities in Africa. 

5 IT Business Ideas 

  • Web analytical services
  • Chabot creator 
  • Computer Training Services 
  • Tech Consultant 
  • AI and machine learning platforms 

There are a plethora of untapped business opportunities in Africa, however, it is understood that the challenges that Africa faces can be discouraging. Investing in Africa debunks common misconceptions about doing business in Africa. You may also read more informative blogs by clicking the links below.

 

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