African ventures: Driving positive change

African ventures are at the forefront of driving positive change across the continent, particularly in sectors like fintech and agritech. Dina H. Sherif, Executive Director at MIT Legatum, highlighted the transformative impact of these innovative ventures in a recent interview with CNBC Africa. She emphasized how African ventures are making financial services more accessible and affordable, especially for vulnerable populations such as women and those in remote areas. Fintech companies are offering transactional solutions that are significantly cheaper than traditional financial institutions, making financial services more inclusive. On the other hand, agritech companies are revolutionizing farming practices, providing better access to funding and technologies for smallholder farmers, ultimately boosting productivity and efficiency. The support and training provided by large agritech companies are vital for the growth of smallholder farmers, who form the backbone of Africa's agriculture sector. Sherif underscored the significant capital inflows into the fintech and agritech sectors, with the fintech sector alone attracting between $4 billion to $6 billion and generating substantial revenue in 2020. This trend has been growing steadily year on year, indicating the promising future of these industries in Africa. The impact of these ventures goes beyond financial success, contributing positively to economic GDP growth and job creation across the continent. Sherif further discussed the importance of African ventures for emerging markets and their crucial role in fostering shared prosperity and global economic growth. With Africa being poised for demographic significance in the next two decades, the success of its ventures is essential not just for the continent's prosperity but also for its global competitiveness. The push for free trade across Africa and the rise of Agritech and Fintech sectors position Africa as a formidable player in the global market, paving the way for increased prosperity and economic growth. Sherif highlighted MIT's support for ventures with high social impact through initiatives like the Foundry Fellowship, which aids experienced African entrepreneurs in becoming ecosystem builders. This collaboration aims to create more resilient and effective innovation ecosystems, nurturing a new generation of successful entrepreneurs at an accelerated pace. Additionally, MIT is focusing on bottom-up approaches by offering specialized boot camps for early-stage entrepreneurs, equipping them with inclusive business models and preparing them for institutional funding. Sherif's vision extends to transforming economies like Botswana into knowledge-based economies through technology and innovation, shifting away from dependence on commodities to embrace deep tech innovation. By working closely with governments and universities, MIT aims to facilitate the growth of innovation ecosystems across Africa, fostering R&D investments and promoting technological advancement on a global scale. In conclusion, African ventures in fintech and agritech are not only driving economic growth but also catalyzing social change and global competitiveness. With strategic support from institutions like MIT Legatum, these ventures are poised to shape the future of Africa's economy and lead the continent towards a prosperous and innovative future.