Investor Updates: Private wealth in Africa to reach $3tr in a decade

Private wealth in Africa to reach $3tr in a decade

Highlights

• Africa’s stock of private wealth is forecast to jump 38% from $2.1 trillion to nearly $3 trillion over the next decade, with Mauritius and Rwanda witnessing the strongest growth.
• Smaller, better-organized economies in Africa are fast turning into wealth hubs, home to more and more of the continent’s dollar millionaires.
• According to the latest Africa Wealth Report 2022 by Henley Global, the tide is swinging in the direction of smaller emerging economies thanks to their growing exchequer hygiene.

Source: Africa Wealth Report 2022

Our Takeaway

The tide may be “swinging in the direction of smaller emerging economies” but five African markets together account for over 50% of the continent’s total wealth. These are South Africa, Egypt, Nigeria, Morocco, and Kenya. South Africa dominates the continent in wealth, being home to over twice as many dollar millionaires as any other African state and is home to the two wealthiest cities on the continent. Overall, the projection is yet another strong indication of Africa’s growth potential with hundreds more millionaires expected to be produced from the region. 

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Binance nabs top Nigerian banker as a global advisor

Highlights

• Ibukun Awosika, the former chairman of one of Nigeria’s largest banks, First Bank, has joined Binance’s advisory board to help the cryptocurrency exchange manage some of the most urgent regulatory concerns the industry is dealing with.
• According to the news release, the popular crypto exchange has been encouraging nations to take the initiative and embrace an economic future in which cryptocurrencies and blockchain will play a significant role.
• The board is made up of eleven prominent business leaders from around the world, including Awosika, who was the first woman to lead the Tier-1 Nigerian bank.

Source: Nairametrics

Our Takeaway

The appointment of Awosika, and 10 other top business leaders, by Binance, is the latest in its string of efforts to drive blockchain technology adoption globally. Just last month, the company launched a crypto education hub in Cameroon to provide resources and training for young people across francophone Africa while also holding meetups around the region. Despite the hostile reception African governments have given cryptocurrencies, ordinary citizens on the continent continue to interact with crypto in very different ways. In fact, Africa accounts for some of the most important use cases and opportunities for digital currencies, and Binance hopes to build on this.

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SA healthtech LocumBase gets funding from Grindstone

Highlights

• South African startup LocumBase, an independent online medical booking platform, has secured undisclosed funding round from Grindstone Ventures as it readies for exponential growth.  
• Founded in 2016 by Zulé Vuuren, LocumBase connects freelance medical professionals and practices in South Africa to ease the locum-finding process. 
• The startup completed the Grindstone Accelerator program last year, graduating as a cohort winner. The funding from Grindstone Ventures, which provides capital to accelerator alumni with a focus on female-founded startups, will help the company as it begins to scale.

Source: Disrupt Africa

Our Takeaway
The importance of tech startups playing in Africa’s healthcare space can’t be overstated. Africa’s healthcare industry has for decades been plagued with several challenges, from supply chain challenges and fake drugs to a shortage of doctors, medical facilities, and drugs, all of which prevent universal access on the continent. importantly, increasing investor backing for startups shows one of Africa’s most crucial socio-economic problems can be tackled profitably.