๐ง๐ฎ๐ป๐๐ฎ๐ป๐ถ๐ฎ'๐ ๐๐ผ๐ฒ๐ณ๐๐น $๐ฎ๐ฑ๐บ ๐๐๐ฎ๐ฟ๐๐๐ฝ ๐ณ๐๐ป๐ฑ๐ถ๐ป๐ด ๐ถ๐ป ๐ฎ๐ฌ๐ฎ๐ฏ ๐ฑ๐๐ฎ๐ฟ๐ณ๐ฒ๐ฑ ๐ฏ๐ ๐๐ฒ๐ป๐๐ฎโ๐ $๐ด๐ฌ๐ฌ๐บ
* Benjamin Fernandes, founder of Tanzania's money transfer platform NALA moved his headquarters to Kenya, citing a favorable regulatory environment, top-class talent pool and robust levels of startup investment in Nairobi
* Even war-troubled DRC ($62m) and geographically tiny and landlocked Rwanda ($44m) attracted more funding than Tanzania last year
January 11, 2024
๐ฉ๐ ๐ป๐ฉ๐ฐ ๐น๐๐๐๐๐๐๐
Dar es Salaam
Kenya overtook Nigeria last year as the top destination for startup funding in Africa, raking in an impressive $800 million.
Egypt ($640 million), South Africa ($600 million) and Nigeria ($410 million) joined Kenya in the Big Four league of largest destinations of startup funding in Africa, according to research by Africa: The Big Deal.
The rest of the continent received a tiny fraction of the capital, including Benin ($71 million), DRC ($62 million), Ghana ($57 million), Rwanda ($44 million), Senegal ($44 million) and Tanzania ($25 million).
The figures underscore the massive gap between Tanzania and the Big Four - Kenya, Egypt, South Africa and Nigeria - in attracting funding for startups.
A Tanzanian fintech entrepreneur, @Benji_Fernandes, said last year that he shifted the headquarters of his NALA money transfer startup to Kenya because of a better business environment in Nairobi.
"Among the numerous reasons we chose Kenya as our headquarters are the favorable regulatory environment, top class talent pool and robust levels of startup investment,โ the NALA founder and CEO was quoted as saying.
President William Ruto welcomed Kenya's new position as the biggest recipient of startup funding in Africa.
"Proud that Kenya leads Africa in startup capital, securing an impressive $800 million in 2023. Our strategic reforms have enhanced the business environment, positioning Kenya as the preferred choice for investors," Ruto said on X (formerly known as Twitter).
He noted that the achievement reflects his government's commitment to fostering innovation and economic growth.
"The substantial funding is driving groundbreaking ideas, fueling technological advancements, and propelling job creation. Thanks to our innovative startup founders, Kenya is now a global innovation hub," he said yesterday.
In her end-of-year address to the nation on December 31, 2023, Tanzanian President Samia Suluhu Hassan pledged to make the startup agenda among her government's key priorities for 2024.
Samia met the top leadership of the Tanzania Startup Association (TSA) last month at State House in Dar es Salaam to discuss opportunities and challenges facing Tanzanian startups.
Will 2024 be the year to unleash the untapped potential of Tanzania's startup ecosystem?
I think @airtel_tanzania has the best mobile app for money transfer, bill payments, and quick actions of all the network providers in Tanzania #MyAirtelAfricaApp it even shows your daily data usage ๐ฑ...check it out https://t.co/I69Wm4nooQ