Sub-Saharan Africa is among the fastest growing consumer markets in the world in terms of household spending. Combined with rapid population growth, the region is expected to have 1.7 billion consumers by 2030 and a significantly expanding middle class. Like China in the last few decades, Africa will be experiencing massive economic growth. The emergence of a pan-African market through the African Continental Free Trade Agreement also promises to boost domestic activity by as much as 50% due to reduced tariffs and easier movement of goods and services across countries.
Africa is already in the middle of rapid urbanization, increased access to the Internet, unprecedented use of mobile phones, and retail growth. Taking all these trends together, the market is ready to take advantage of innovations in highly scalable areas like finance, e-commerce, information technologies, and communication systems.
SIMBA is focusing on technologies that accelerate the growth and interconnectedness of local and regional economies. We look forward to promoting local entrepreneurs that apply unique insights and solutions to the sub-Saharan Africa market. There is no limit to what African innovators and technologists can create as we build the supporting entrepreneurial networks, culture, and capital.