Africa stands at a remarkable crossroads of opportunity. Over the past two decades, the continent has not only experienced impressive economic growth but has also emerged as a global leader in digital transformation. Since the advent of the smartphone in 2007, Africa has made extraordinary strides in connectivity, innovation, and technological adoption. In 2007, fewer than 50 million Africans had mobile internet access; today, that number exceeds 600 million. Mobile money services, pioneered in Africa, now facilitate over $800 billion in transactions annually, transforming commerce and financial inclusion.
Africa’s economic trajectory further reinforces its promise. Led by Niger, African nations accounted for eleven of the world’s fastest-growing economies in 2024, with continent-wide GDP growth exceeding the global average by about one percentage point. Demographically, Africa is also the fastest-growing region, with the U.N. projecting that an additional one billion people will inhabit the continent by 2050. This growth presents both challenges and immense opportunities — particularly in the technology sector. By strategically investing in digital infrastructure, skills development, and regulatory frameworks that foster innovation, Africa can not only sustain its economic growth but also become a global technology powerhouse. But regulators and policymakers across Africa must foster this opportunity for growth with the right mix of regulatory frameworks and not make the mistakes others are making, such as the European Union.
