10 Must-Know Insights from Ethel Cofie on the Past, Present & Future of Africa’s Tech Ecosystem

1. Liberalization Sparked the Revolution: According to Ethel Cofie, Africa’s tech journey began when governments opened up telecom sectors in the early 2000s, enabling private and foreign investment, and laying the foundation for a mobile-first continent.
   
2. Mpesa’s Success Fueled the Hub Boom: Kenya’s launch of Mpesa in 2007 triggered the rise of innovation hubs like iHub, which quickly spread across Africa thanks to donor and DFI support.
   
3. DFIs Were the First Big Tech Backers: Development finance institutions like USAID and the Gates Foundation backed early startups such as Esoko and Farmerline, especially in Agritech and HealthTech.
   
4. The Women in Tech Movement Took Root: Ethel Cofie herself founded Women in Tech Ghana, a spark that has grown into a 5,000+ strong pan-African network increasing the visibility of women in tech.
   
5. COVID-19 Was a Digital Turning Point: The pandemic accelerated digital adoption across the continent, leading to a 250% rise in HealthTech funding and widespread use of telemedicine and AI tools in countries like Rwanda.
   
6. Startup Funding Is on the Rise: African tech startups raised $701.5M in 2020, up from $491M in 2019. Nigeria, Kenya, Egypt, South Africa, and Ghana dominate funding flows and exits.

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7. Africa’s Unicorn Club Is Growing: Startups like Fawry (Egypt), Interswitch (Nigeria), and Jumia are now billion-dollar brands, reflecting a maturing ecosystem with global investment appeal.
   
8. Major Exits Are Drawing Global Eyes: From Stripe’s $200M acquisition of Paystack to WorldRemit’s $500M Sendwave deal, African startups are now hot targets for global players.
   
9. Gender Disparity in Tech Funding Persists: Only 15% of funded African startups in 2020 had female founders or execs, prompting the rise of female-focused VC funds like FirstCheck Africa and Shequity.
   
10. Africa’s Tech Future Lies in Talent and Trade: With the AfCFTA unlocking continental trade and Africa poised to supply 1 in 5 people globally by 2030, the continent is set to lead the future of tech talent and intra-African commerce.

Read more at: https://blog.ethelcofie.com/

So what?

Ethel Cofie’s reflections remind us that Africa’s tech story isn’t just about funding rounds and unicorns, it’s about resilience, community, and opportunity. As the continent leverages its youthful talent, bold founders, and policy shifts like AfCFTA, it stands on the brink of shaping not just Africa’s digital future, but the world’s.