By Emmanuel Amogu – Tech media expert
Innovation is progressive and fast-paced. It’s either you’re following the trend or going out of fashion.
As the world grapples with economic shifts and technological advancements, Africa’s tech ecosystem stands poised for a pivotal year in 2024. Here, I offer my expert insights on key trends and their potential impact.
Artificial Intelligence
First of all, I take the bait. I will start with AI (Artificial Intelligence). Last year, AI was the core of my projections and I believe that this year, with all the signs AI can only pull more strings.
Shocker, perhaps not, but more and more platforms are integrating AI into their system. Twitter now has Grok, an AI assistant for premium users, Meta is already in the AI game and is set to launch a proper AI assistant.
Beyond language models, AI will find practical applications in areas like healthcare, agriculture, and infrastructure.
Well, I am looking to enquire about how Healthcare startups are leveraging AI to build their products and operations.
There is a lot we haven’t considered and even more possibilities we can explore; crazy ones. There is without doubt an ongoing paradigm shift cropping into the creative industry in line with the AI interplay.
Ethical considerations and data privacy will be crucial challenges to navigate. We are actively clamouring to regulate and promote the ethical use of this technology, it is that crucial.
FinTech Conversations
Fintechs have remained at the forefront of the startup conversation, calling it a roller-coaster experience. While we look into springing innovation in new areas, fintechs will continue to soar as far as money moves the market.
Late in 2023, we saw some dramatic situations with Fintechs concerning legislation, but will it stop innovation in that area? No! However, we are set to see some needed regulations to bolster that sector.
In Nigeria, the Federal Competition and Consumer Protection Commission (FCCPC) kicked off its clamp down on non-registered Fintechs classified as loan sharks in 2023, resulting in most being delisted and some under the conditional approvals list.
Notably, companies like Trade Lenda, Sycamore.NG, FairMoney, and 190+ others however made the fully unconditional approval list.
The African fintech landscape will continue its meteoric rise, driven by mobile penetration and a growing appetite for digital financial solutions.
Expect innovations like blockchain-based microloans, AI-powered credit scoring, and seamless cross-border payments. Regulatory frameworks will need to adapt to keep pace.
Also Read: Fintech Africa 2024: 5 Predictions You Can’t Ignore
The Talent Pool Drive
One of the core drivers of any ecosystem is SKILLS. By every fact, skills have played a major role in the robust growth of Nigeria’s ecosystem and Africa at large.
Skilled individuals grow to become innovators, not all, but most of the innovators have a unique skill in Tech.
The seeming brain-drain conversations, call it JAPA or so, is only a possible conversation because there are a lot of talents in the region to the point of having the capacity to export these skills.
Needless to discourage people from Jappying, how about creating an orientation where these persons continue to contribute from where they are?
I have been in contact with innovators who own startups that provide solutions to indigenous problems while they are away.
Take for instance, some of the startups onboarded by the Google Startups initiatives are blacks who live abroad but also channel their resources home.
Another is that decision-makers and key ecosystem players must make available the necessary incentives to breed home-based talents.
Africa’s tech success hinges on building a robust talent pipeline. Expect increased investment in STEM education, coding bootcamps, and upskilling programs.
Collaboration with global tech giants and international universities will be crucial to bridge the skills gap.
The DEV world prominence
The Dev ecosystem is a hotbed of talent and Innovation. The continent boasts over 700,000 developers, with numbers expected to surpass 1 million by 2025.
This young, tech-savvy workforce is eager to tackle challenges and build solutions for local and global markets.
Developer skillsets are diversifying beyond traditional web and mobile development, embracing AI, blockchain, cloud computing, and data science. This talent pool can cater to a wide range of technology needs.
Interestingly, developers are increasingly focused on creating solutions for local problems, like health monitoring apps for rural areas, agricultural tech for efficient farming, and education platforms in local languages. This is bringing alive the campaign of Innovating for Africa by Africans.
Developer communities are thriving, fueled by meetups, hackathons, and online forums examples in the great work of Monalisa Agbata, MBA with the MEMOI AFRICA initiative, and the Women in Blockchain Africa and the solid impact by Chuta CHIMEZIE, building the BlockSpace Technology Innovation Hub, Africa’s premium Developer-in-Residence, Live, Work and Learn Community Center.
Collaboration is key, with developers sharing knowledge, supporting each other, and fostering a vibrant ecosystem of innovation.
Blockchain Innovation & Emerging Techs
Before we go on with this, let’s debunk some myths. Note that Blockchain is not just about Crypto.
As per usual since its popularity, Blockchain innovation is expected to be a major player in the tech trends of 2024, and rightfully so.
Its decentralized nature and potential to transform various industries make it a fascinating area to watch alongside the vast growing WEB3 innovation.
Here are some key conversations we would be having under blockchain innovation:
Cryptocurrency: Crypto in Africa especially has been a roller-coaster existence. Ranging from the exponential growth in the Adoption rate and the legal tug of war with the government.
Skip to the good part, the Nigerian government looks set to release its grip on crypto thereby allowing banks to process crypto transactions as reported late in 2023 via the latest release which has called for proper regulations instead of the prior ban.
This comes in handy in line with the new Blockchain policy for that region. So we can say it’s about to get interesting. But let’s not be over-excited yet, I mean it’s Nigeria.
Interoperability: Interoperability protocols will allow seamless data and value transfers, fostering more diverse applications and cross-chain collaboration.
Scalability: Addressing scalability concerns remains a priority. We can expect the rise of efficient consensus mechanisms, sharding solutions, and eco-friendly protocols to reduce energy consumption and transaction fees.
AI and Blockchain Synergy: Imagine the joint force of the Blockchain and AI. Well, this ushers us closer to the Tech Convergence we have been talking about. The combination of AI’s analytical power and blockchain’s security could revolutionize fields like healthcare and finance.
Beyond Cryptocurrencies: While cryptocurrencies remain prominent, blockchain’s applications extend far beyond. Expect to see advancements in supply chain management, voting systems, intellectual property protection, and more.
Enterprise Adoption: Businesses are increasingly recognizing blockchain’s potential for streamlining processes, enhancing transparency, and building trust. Blockchain-as-a-Service (BaaS) platforms will make it easier for companies to integrate blockchain without managing the underlying infrastructure.
Climate Tech Innovation
The conversation around Climate Action is becoming increasingly popular by the day, especially after the just concluded COP28 IN UAE.
From the call for renewable energy to other areas driving that sector. In 2023, many startups in renewable energy made giant strides in that sector.
Also recognising some efforts of innovators in the Climate action space.
Moving forward, we are set to see Climate innovation beyond renewable energies:
Carbon capture and storage: We’ll see more innovative solutions like DAC (direct air capture) technologies and bio-based sequestration methods, aiming to remove existing carbon from the atmosphere.
Negative emissions technologies: Think synthetic fuels made from captured carbon or even enhanced rock weathering to draw down CO2 naturally. These ambitious solutions could be game-changers in the long run.
Climate-smart agriculture: From precision farming technologies that reduce emissions to biofertilizers and regenerative farming practices, expect a focus on making agriculture a net-carbon sink.
Investment Landscape
Continued VC interest and the emergence of local angel investors will fuel the ecosystem’s growth.
Expect continued heavy investment in AI, particularly in areas like generative AI, robotics, and healthcare applications. Ethical considerations and data privacy concerns will likely influence funding decisions.
As climate change concerns intensify, expect increased investment in renewable energy, carbon capture, and sustainable agriculture technologies. Governments and ESG-focused funds will play a significant role.
Regulatory Landscape
Data privacy tightening: We can expect stricter data privacy regulations in the pipeline, particularly in response to growing concerns about AI bias and facial recognition technology.
Content moderation conundrum: Balancing freedom of expression with content moderation for misinformation and hate speech will remain a challenging regulatory focus.
Cybersecurity concerns: As cyberattacks become more sophisticated, expect tougher regulations for critical infrastructure and data security.
Cryptocurrency uncertainty: Regulatory frameworks for cryptocurrencies and digital assets remain in flux, potentially impacting investment decisions and adoption.
To this end, all of these are projections, but I assure you that most of these will come into play. However, innovation is progressive we keep it running till another generation takes over.
Summarily let’s get ready, 2024 promises to be a roller coaster year in the tech world. Trends are shifting faster than ever, and innovation is breaking out of the lab and into our everyday lives. let’s buckle up and leverage every opportunity that presents itself.
You can also catch up with the Tech Rounds session with Innovators and Opinion leaders on Techbuild africa.
Most of these insights have formed part of our conversations and I am looking to have more innovators on board for our conversations.
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