Feature/OPED
Is Ethiopia Africa’s Sleeping Fintech Giant?
By Yohannes Tsehai
The fintech sector has been one of Africa’s biggest technology success stories. According to one report, the continent’s 678 fintech startups raised more than $2.7 billion between 2021 and August 2023. Additionally, almost all of the continent’s unicorns (startups valued at more than $1 billion) are in the fintech sector.
The majority of that success has, however, come from the continent’s three biggest startup markets: South Africa, Kenya, and Nigeria. In fact, 68% of African fintech startups come from these “big three” markets. But things are steadily changing. More and more countries are realising the benefits that come with an active fintech ecosystem, with a growing number of entrepreneurs in those countries also looking to enter the space.
One such country is Ethiopia. Home to more than 120 million people (making it the second most populous country in Africa), the country has many of the right ingredients to become Africa’s next big fintech giant. In addition to the country’s population size, it’s home to large numbers of unbanked people. At the same time, the country continues to experience high economic growth and rapidly increasing connectivity levels. With those and other enabling factors in place, could Ethiopia be Africa’s next big fintech giant?
A changing landscape
A few years ago, that’s not a question many would have dared to ask. More recently, however, several things have changed, which suggests that Ethiopia is waking up to, and embracing its fintech potential.
Take telco licensing, for example. Ethiopia has previously been closed off, with only the state-owned Ethio telecom allowed to operate. But Ethiopian Prime Minister Abiy Ahmed sees the liberalisation of the country’s telecommunications sector as key to its economic future. As such, the country has opened up to other operators. In October 2022, Safaricom became Ethiopia’s second official operator.
In the ensuing months, it has built up a 4 million-strong customer base and added 1.2 million users to its M-Pesa mobile money platform. Over time, those numbers will continue to grow. And while the bidding process for a third telco license has had to be put on ice for the moment, Ethiopia’s strong economic growth means that it’s only a matter of time before one is granted.
Those telcos will play a critical role in establishing an Ethiopian fintech ecosystem too. Right now, the country has a 53.5% mobile penetration rate but mobile connections grew by nearly 18% between 2022 and 2023. With 75% of the country’s population reportedly unbanked, increasing connectivity levels is one of the most powerful ways of giving people access to financial products, both from telcos and third parties, as demonstrated by Ethio telecom’s mobile money app Telebirr having 39.3 million customers.
Another significant move is the establishment of an Ethiopian stock exchange. The exchange, which is set to open in 2024 or 2025, is designed to be a source of funding for the small and medium-sized companies that form the backbone of the country’s economy. For local fintechs looking to raise the capital they need to expand at scale, it could prove critical.
Developing supportive policies
The Ethiopian government has also made significant strides when it comes to developing policies that encourage the growth of a fintech ecosystem. One of the most significant such policies is the National Financial Inclusion Strategy.
According to a research paper published by the GSMA, the aim is to increase financial inclusion from 46% to 70% of all adults by 2025. One of the key avenues it’s identified for doing so is by scaling digital payments through mobile money services. The country additionally aims to increase the use of digital payments from 20% of all adults in 2020 to 49% by 2025.
These policies could be dramatically transformative for both the Ethiopian economy and its people. According to the GSMA, mobile money services “could lift 700,000 people out of poverty, add US$5.3 billion to Ethiopia’s GDP, increase tax revenue by US$300 million and provide a cushion for the economic shocks experienced by almost 40% of Ethiopian households.”
There is, admittedly, a long way to go before mobile money can drive those advancements. GSMA figures show that just 4.2% of adult women and 5.1% of adult men had mobile money accounts in 2022. That said, those numbers are significantly higher than the 0.1% and 0.6% who had accounts in 2017. This suggests that, as much as there’s significant room for mobile money growth in Ethiopia, there’s a sizable and growing appetite too with increasingly accessible outlets.
Putting policy into practice
For policy to be effective, however, it has to be matched with practices that encourage the growth of fintech. Here, too, there are encouraging signs from Ethiopia.
The government has, for instance, used the mobile banking service HelloCash to digitise social protection payments under the flagship Productive Safety Net Programme (PNSP). Additionally, it’s increasingly accepting digital payments for public services such as utilities and has mandated digital-only payments for fuel purchases. The Ministry of Trade, meanwhile, has adopted Ethio’s Telebirr services and now allows traders to pay for services like commercial registration, trade licences and trade name-related service fee payments.
In conjunction with the adoption of mobile money by government departments, its growing use by private sector players such as mid-sized brands like supermarkets, petrol stations, and SMEs should help further drive their adoption.
Growth beyond mobile money
Of course, there are still other things that need to be put in place before Ethiopia really starts to achieve its fintech potential. Reliable interoperability, for example, remains a challenge, as does a shortage of access points and a lack of high-quality agent networks.
None of those challenges are, however, insurmountable. And, given the success that’s already accompanied the adoption of mobile money, overcoming them will help unlock other services that enable digital financial inclusion which have commenced (such as insurance, micro-financing, and savings products).
As more and more of those solutions fall into place, Ethiopia will be well on its way to unlocking its potential and becoming Africa’s next fintech giant.
Yohannes Tsehai is the Country Manager for Onafriq Ethiopia
Feature/OPED
Building 234 Solutions: A Response to Everyday Workforce Challenges
By Owoloye Emmanuel
Every business starts with a problem. For us, that problem was hiding in plain sight.
Across organisations, we kept seeing HR professionals, payroll teams, and business leaders spend significant time navigating processes that should be simpler. Employee records sat across multiple systems, payroll processes required manual intervention, and routine workforce tasks often became more complicated than they needed to be.
As businesses grow, workforce operations naturally become more complex. Yet many organisations still rely on disconnected tools and workflows that create unnecessary friction for both employers and employees.
The consequence is more than operational inefficiency. HR teams spend valuable time managing systems instead of supporting people. Business leaders struggle to access timely workforce insights, while employees experience delays in processes that should be seamless.
These weren’t isolated challenges. They were recurring realities across workplaces, regardless of industry or size.
That observation led us to a simple question: what if workforce management could be easier?
What if HR, payroll, and workforce operations could work together within a single, connected experience?
That question became the foundation for 234 Solutions.
We are building 234 Solutions with a clear belief that workplace technology should reduce complexity, not add to it. Our goal is to help organisations spend less time navigating processes and more time focusing on productivity, growth, and people.
As we prepare for launch, our focus remains simple: building practical solutions for real workplace challenges and helping organisations create better experiences for the people who power them every day.
Owoloye Emmanuel is the founder of 234 Solutions
Feature/OPED
The Role of TV in Preserving African Stories and Identity
Scroll through social media today, and you will notice something interesting: everyone is either reacting to a series, quoting a movie line, or debating a character as though they personally know them. Beneath the memes and binge-watch culture, however, lies something deeper. Television remains one of the most powerful tools shaping how Africans see themselves, remember their history, and tell their own stories. In a continent as diverse and expressive as Africa, that matters more than ever.
TV as a Cultural Archive, Not Just Entertainment
Long before streaming algorithms began shaping our viewing habits, television was already preserving African identity. From Nollywood dramas that capture the rhythm of everyday Lagos life to documentaries exploring Maasai traditions and Ghanaian folklore, TV has served as a living archive of the continent’s stories.
It preserves more than entertainment; it preserves language, culture, humour, values, and shared experiences. Unlike fleeting social media content, television allows stories to unfold with depth, exploring the realities of family, tradition, ambition, and modern African life without reducing them to stereotypes. That is the power of TV: preserving not just stories, but perspective.
Why Representation on TV Still Matters
There is a subtle but important truth: if people do not see themselves on screen, they may begin to believe their stories are not worth telling. This is why African TV content is more than entertainment; it is affirmation.
Seeing a character who speaks like you, struggles like you, or celebrates like your community does something powerful. It validates identity and challenges outdated narratives that have historically defined Africa through external lenses.
This is where MultiChoice Group, through platforms such as DStv and GOtv, plays an important role. They do not simply broadcast content; they help distribute cultural memory at scale.
GOtv, DStv, and the Everyday African Viewer
Think about a typical evening in many African homes: the TV is on in the background, someone is laughing at a comedy show, another person is watching a local series, and someone else is catching up on the news. That shared viewing experience remains very real.
Through platforms such as DStv and GOtv, African households are exposed to a blend of local storytelling and global content. More importantly, they have helped amplify African-produced content by bringing Nollywood films, African reality shows, talk shows, and documentaries into mainstream rotation.
It is not just about access. It is about visibility.
A young filmmaker in Lagos today is more likely to believe their story matters because they have seen similar stories broadcast widely. A child in Accra grows up hearing familiar accents and seeing environments that look like their own on screen, not as exceptions, but as the norm.
TV Is Also Shaping Modern African Identity
African identity is not static; it is evolving. Television reflects that evolution in real time.
Today, audiences see:
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Young Africans balancing tradition and modern dating culture
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Stories tackling mental health in African households
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Fashion and music influences spreading through TV series
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Political satire shaping public conversation
Conversations that were once confined to homes are now being explored on screen, giving audiences the language to discuss issues that were previously unspoken.
In many ways, television is doing what oral tradition has always done: passing stories, values, humour, warnings, and history from one generation to the next. The difference is that today’s griots are writers, directors, and broadcasters.
The Future: From Watching to Owning Our Narratives
The next stage of African storytelling is not just about being seen; it is about ownership.
As more African creators produce content and platforms continue to invest in regional storytelling, television becomes more than a mirror. It becomes a tool for shaping how Africa is represented to itself and to the world.
While streaming continues to grow, television, particularly accessible platforms such as GOtv, remains one of the most effective ways to reach everyday audiences across different income levels and regions. After all, storytelling only matters if people can access it.
African stories are not new. They have always existed in families, on streets, in markets, in history books, and through oral traditions. What television has done, and continues to do, is give those stories a stage wide enough for millions to experience them at once.
The next time you watch a local series or documentary on DStv or GOtv, remember that you are not just being entertained. You are participating in the preservation of African identity itself.
Feature/OPED
The Future of AI in Nigerian SMEs: Overcoming Barriers to Implementation
By Kehinde Ogundare
Ask a tech entrepreneur in San Francisco what AI means for their business, and they are likely to talk about competitive advantage, product differentiation, and scale. Ask a small business owner in Kano or Onitsha the same question, and the conversation shifts entirely.
For many Nigerian SMEs, the priority is keeping the lights on, managing costs, and finding sustainable ways to grow in a challenging economic environment. This difference in perspective explains why the global AI conversation, often shaped by assumptions about stable infrastructure, deep capital, and abundant technical talent, frequently fails to address the realities facing Nigerian SMEs.
This matters because Nigerian SMEs are not a peripheral concern. In 2024 alone, MSMEs contributed 46.32% to Nigeria’s GDP, accounting for 96.9% of businesses and 87.9% of employment. These businesses are the backbone of the Nigerian economy, and if AI is going to mean anything for Nigeria’s development, it has to work for them in the daily conditions they actually operate in.
However, research drawing on empirical data from 144 Nigerian SMEs found that inadequate infrastructure, low digital literacy, skills shortages, and regulatory gaps are collectively preventing them from meaningfully engaging with AI. Awareness of AI is high and growing. What is missing is a clear and honest conversation about what adoption actually requires in this specific context. The barriers are real, but none of them are insurmountable. The question is whether the tools, pricing models, and support structures being offered to Nigerian SMEs are designed with those barriers in mind, or whether they have been built for another market entirely.
Subscription models making AI affordable for small businesses
When most small business owners hear “AI,” they imagine expensive software, specialist consultants, and a hefty upfront bill.
That assumption is not entirely wrong, but it describes a particular way of buying technology, not AI itself. The shift that makes AI genuinely accessible at the SME level is the move away from large, one-time capital purchases towards tools that charge a predictable monthly subscription. Businesses can pay for what they use, scale back when necessary, and avoid the debt that a major technology investment can create.
The deeper opportunity here is consolidation. Many SMEs are already spending money across multiple disconnected tools—one for invoicing, another for customer records, another for stock tracking—none of which talk to each other. An integrated platform that handles several of these functions together, with AI built in, can actually cost less than the sum of those separate subscriptions while giving business owners a clearer picture of their operations.
With margins already under pressure, any technology a business adopts needs to visibly show an increase in productivity or bottom line. Subscription-based, integrated platforms, priced transparently and honestly, are the model that best fits this reality.
Infrastructure challenges demand a mobile-first approach
No conversation about technology in Nigeria is complete without confronting the infrastructure problem, and AI is no exception. Nigeria continues to face major infrastructure barriers, including limited broadband access, unreliable power supply, and high data costs, all of which constrain deeper AI adoption. These are structural features of the operating environment that any sensible technology strategy must account for today.
The electricity situation alone is significant. The World Bank estimates that the lack of stable electricity costs Nigeria’s economy approximately $26.2 billion annually, equivalent to about 2% of GDP, forcing many businesses to run on expensive diesel generators. That cost ripples outward.
In practical terms, AI tools built for Nigeria cannot assume a stable broadband connection or a computer that is always powered on. The tools that will actually get used are the ones that work on a smartphone, consume minimal data, and can function offline when connectivity drops, syncing back up when it returns. The mobile phone is already how many Nigerian SME owners run their businesses. AI that meets them there, rather than demanding infrastructure they do not have, is AI that has a genuine future in this market.
The direction is clear: build capability from within, using tools that make that possible. Recent AI performance research reveals that 64% of African workers are already actively using AI at work, signalling massive grassroots readiness and driving forward-thinking organisations across Nigeria, Kenya, and South Africa to aggressively prioritise internal upskilling frameworks to bridge the talent gap.
As the policy groundwork is being laid, the commercial ecosystem is beginning to respond. What remains is a clear-eyed acceptance that AI tools built for this market need to look different from those built for markets with different realities. Low cost, low bandwidth, and usability for non-technical people are not modest ambitions; they are the actual requirements. Build for those realities, and AI has a real future in Nigeria’s SME economy.
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