Technology
Africa’s Internet Economy Could Hit $712bn in 30 Years

By Adedapo Adesanya
Google and the International Finance Corporation (IFC) have estimated that Africa’s Internet economy has the potential to reach 5.2 per cent of the continent’s gross domestic product (GDP) by 2025, contributing nearly $180 billion to its economy.
This, according to a new report, it says will depend greatly on the usage level of digital technologies by businesses and the right mix of policy actions, adding that projected potential contribution could reach $712 billion by 2050.
It explained that a combination of increased access to faster and better quality Internet connectivity, a rapidly expanding urban population, a growing tech talent pool, a vibrant startup ecosystem, and Africa’s commitment to creating the world’s largest single market under the African Continental Free Trade Area (AfCFTA) are some of the key factors driving this growth.
Currently, Africa is home to 700,000 developers and venture capital funding for startups has increased year-on-year for the past five years, with a record $2.02 billion in equity funding raised in 2019.
It was noted that 19 of the top 20 fastest-growing countries in the world are in Africa and with urbanization on the rise coupled with an increasingly young and educated population is driving higher consumption of online services
Digital startups in Africa are driving innovation in fast-growing sectors, including fintech, healthtech, media and entertainment, e-commerce, e-mobility, and e-logistics, contributing to Africa’s growing Internet gross domestic product (iGDP) — defined as the Internet’s contribution to the GDP.
According to Google Africa director, Mr Nitin Gajria, “Google and IFC have created this report to highlight the role the digital startup sector is playing and other factors driving the continent’s growth, in order to showcase and support the opportunities the continent presents.”
An analysis within the report, conducted by Accenture, found that in 2020, the continent’s iGDP may contribute approximately $115 billion to Africa’s $2.554 trillion GDP (4.5 per cent of total GDP). This is up from $99.7 billion (3.9 per cent of total GDP) in 2019, with the potential to grow as the continent’s economies develop.
Investments in infrastructure, consumption of digital services, public and private investment, and new government policies and regulations will play an important role in supporting Africa’s digital growth.
The report notes that investment in digital skills will also need to increase in order to help drive technology usage and continue to grow the continent’s talent pool.
Google’s mission is to organize the world’s information and make it universally accessible and useful. Through products and platforms like Search, Maps, Gmail, Android, Google Play, Chrome and YouTube, Google plays a meaningful role in the daily lives of billions of people and has become one of the most widely-known companies in the world. Google is a subsidiary of Alphabet Inc.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. It works in more than 100 countries, using capital, expertise, and influence to create markets and opportunities in developing countries.
In the fiscal year 2020, it has invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity.
Technology
Accel Offers $1m to Indian AI Startup Founders

By Aduragbemi Omiyale
A leading global venture capital firm, Accel, has expanded its pre-seed scaling programme with Accel Atoms AI and Accel Atoms X.
In a statement made available to Business Post, the firm said startup founders of India extraction in the Artificial Intelligence (AI) ecosystem have the opportunity to receive funding support of up to $1 million in equity or convertible notes.
In addition, selected startups in the AI program could access perks worth more than $5 million from Accel’s network partners, and personalized mentorship.
The Accel Atoms AI program seeks visionary Indian-origin founders based anywhere in the world who are using AI for business applications or building foundational tools for the AI ecosystem.
The program welcomes startups working across the AI stack—from foundational models (like small language models on the edge, video/robotics data, etc.) to infrastructure (testing tools, securing LLM systems) and applications (core AI models and agents).
“We’re seeing a fundamental shift where Indian founders in AI are moving to global markets earlier than ever before, to be closer to their first customers.
“These founders understand that while AI is borderless, execution isn’t. They’re building from day zero with global ambition, but they need the right support system to navigate cross-border complexities. That’s what we’re providing through Accel Atoms – the ability to build and iterate with the backing of capital, mentorship, and infrastructure without being constrained by geography,” a Partner at Accel, Prayank Swaroop, said.
Another partner, Anand Daniel, noted that, “Indian and Indian-origin founders are right at the center of the inflection point in AI.
“The success of companies like Ema and Bridgetown Research shows us that founders tapping into the cross-border advantage – building what customers want, with great speed, and while tapping into the breadth and depth of India’s talent pool – can beat global competition by a significant margin.”
The Accel Atoms X is a new track for breakthrough innovation led by a Partner at Accel, Pratik Agarwal.
The program focuses on LeapTech innovations that radically improve the human experience through novel products, technologies, or business models. These ideas often require long development cycles, deep conviction, and non-linear thinking.
“LeapTech ideas often take years of iteration before product-market fit is clear—but their ability to fundamentally reshape how we live or build is unmistakable.
“With Atoms X, we’re moving beyond the traditional cohort model to back founders right at the inception whether they’re still refining the idea or pre-revenue. Our goal is to offer early conviction and a deeply supportive ecosystem from day zero,” Agarwal stated.
Since its launch in 2021, Accel Atoms has backed over 40 early-stage startups across sectors, many of which have gone on to raise significant follow-on funding and build category-defining businesses.
Technology
FG to Launch Agency for Innovators to Refine, Design Concepts, Get Funds

By Adedapo Adesanya
The federal government has announced plans to establish a National Design and Development Agency to help innovators refine their concepts, secure funding, and access markets.
The Minister of Education, Mr Tunji Alausa, disclosed this during a visit to Innov8 Hub in Abuja on Monday, noting that the agency will help bridge the gap between local innovation and commercial success by supporting inventors, start-ups, and small-scale manufacturers across the country.
Mr Alausa reiterated President Bola Tinubu’s commitment to creating an enabling environment for innovation, noting that the government would continue investing in human capital and entrepreneurial development to secure Nigeria’s future.
He noted that although Nigerians rank among the most creative and talented people globally, many struggle to transform ideas into market-ready products.
“There are so many innovative Nigerians. Our job as government is to meet you halfway and give you the opportunity you need to unleash that potential,” he said.
“We want to move ideas from the bank of concepts to the market,” he said.
Mr Alausa said the new agency would provide a platform for community-informed financing, enabling innovators to submit their ideas for support.
While acknowledging that only a fraction of innovation projects succeed commercially, he stressed that even five to 10 per cent of viable ideas could transform millions of lives.
“Five to ten per cent of ideas, when brought to life, can change millions of lives. What you’re doing here is even more important, you’re focusing on real-life solutions we urgently need,” he said.
The minister also advised innovators to patent their products, stressing the importance of intellectual property and market readiness.
“You need to aggressively move these products to the market, there are unlimited opportunities in Nigeria waiting to be tapped,” he added.
He commended Innov8 Hub for its work in agricultural processing and small-scale manufacturing and urged stronger collaboration between innovators, manufacturers, and financiers to ensure broader market access.
Technology
Verve Enables Seamless Payments for Millions of Consumers

As Africa’s payments ecosystem continues to evolve, contactless technology is emerging as a critical driver of speed, security, and convenience for both consumers and merchants. Leading this transformation is Verve, Africa’s foremost domestic payment card and digital token brand, which is accelerating adoption through its rapidly growing network of contactless solutions.
With over 30 million Verve contactless cards issued to date, the company has made remarkable progress in simplifying everyday payments. Whether at supermarkets, fuel stations, airport terminals, or restaurants, Verve’s contactless cards are enabling faster, more secure transactions across Nigeria and other key African markets.
A standout feature of Verve’s offering is its extensive acceptance footprint. Today, the contactless cards are accepted at about 90% of payment terminals across retail outlets nationwide. This high level of integration not only enhances user convenience but also reflects the strength of Verve’s merchant network and its strategic partnerships with financial institutions and fintech providers.
Verve’s Tap-and-Go solution is engineered to streamline the payment experience while maintaining rigorous security standards. Every transaction is powered in compliance with global security protocols and offering users both protection and ease of use.
The company’s investment in contactless infrastructure is guided by a clear strategy: to reduce payment friction and enhance transaction speed, without compromising security. This includes close collaboration with banks, fintechs, and merchants to enable seamless integration and consistent service delivery across the payment value chain.
In a region where terminal inefficiencies and payment delays can impact business performance, Verve’s approach is already creating measurable value. For merchants, shorter queues and increased transaction throughput improve customer service and operational efficiency. For consumers, faster payments enhance satisfaction and build trust in digital payment channels.
What sets Verve apart is its thoughtful adaptation of technology to local market realities. For example, the requirement for PIN verification after tapping adds an extra layer of security, addressing consumer concerns around fraud and unauthorised transactions. This localization of global standards reflects Verve’s commitment to innovation that is both secure and contextually relevant
Industry analysts project sustained growth in contactless adoption across Africa, driven by mobile-first populations that increasingly demand fast, secure, and reliable transaction experiences. Verve’s early leadership in this space firmly positions it as a key enabler in Africa’s payment transformation journey.
As the company scales its infrastructure and deepens strategic partnerships across markets, Verve remains focused on delivering seamless, secure, and inclusive payment solutions, meeting the rising demand for digital financial services across the continent.
This contactless push is part of a broader innovation strategy, as Verve continues to invest in customer-centric technologies that align with global best practices while addressing the unique needs of African markets.
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