Is Africa the new tech continent?

Sub-Saharan Africa is currently very popular among tech venture capitalists. The continent is said to be in a tech boom that is luring entrepreneurs away from tech centres in the US and Europe. Africa could be the new tech continent, experts insist.

USA Today reports that Sub-Saharan Africa currently boasts as many as 200 innovation centres “that teach coding, host app competitions and act as the center for a newly emerging tech culture.” The region has generated many news stories about start-ups and IPO’s lately. About $300 million to $400 million was invested in African e-commerce start-ups this year. Some experts estimate that as much as $1 billion in venture capital will flow into the region over the next two years.

Many of the entrepreneurs creating this new tech subculture studied and worked elsewhere and have returned home. One example of this is Nigerian fin-tech company, Paga payments. The business was founded by Nigerian entrepreneur Tayo Oviosu. He graduated from Stanford Business School; his company has now reached its first billion dollars in transactions processed and could become Africa's PayPal.

Further reading on usatoday.com

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