What is it about startup success stories that’s so inspiring? Is it the founder’s determination, vision, and grit to persevere through tough times?
Is it the ingenuity of noticing a market opportunity and acting on it? Or is it the leap of faith into risky territory, betting on an idea against the odds?
Is it knowing that the person didn’t start off as an entrepreneur? They had an idea, the drive to pursue it, and the entrepreneurial skills to make it a reality. Maybe their success means you can do it, too—with the right skills and mindset.
Whether you’re an entrepreneur searching for inspiration or someone with the beginnings of an innovative idea, here are 15 startup success stories from Africa to learn from.
15 Startup Success Stories from Africa
M-Pesa
- Country: Kenya
- Founders: Nick Hughes and Susie Lonie
- Year Founded: 2007
- Industry: Fintech
M-Pesa is a mobile banking service that allows users to store and transfer money through their mobile phones. It was introduced in Kenya as an alternative way for the population of the country to have access to financial services.
Safaricom, the largest mobile phone operator in Kenya, launched M-Pesa in 2007. It has been a joint venture of Safaricom and Vodacom since 2020 and serves the Democratic Republic of Congo (DRC), Egypt, Ghana, Kenya, Lesotho, Mozambique, and Tanzania.
One of the drives for fintech innovations like M-Pesa is financial inclusion, which is mostly geared toward underbanked or unbanked people. Financial inclusion seeks solutions for residents who have no access to banks or who can’t afford the required minimum deposits in the digital banking era.
In order for this initiative to succeed, different sectors must collaborate in sharing data with each other to build a meaningful digital platform.
This cross-communication tactic used by M-Pesa is developing rapidly in sub-Saharan Africa, where the telecommunication and banking sectors are working together to create mobile banking services for those with limited access to traditional banking.
Flutterwave
- Country: Nigeria
- Founders: Iyinoluwa Aboyeji and Olugbenga Agboola
- Year Founded: 2016
- Industry: Fintech
Flutterwave has become a leading player in the fintech space. The company’s innovative payment solutions have transformed how businesses and individuals transact across borders, fostering financial inclusion and economic growth.
They do this by building technology, tools, and infrastructure for businesses and banks who want to provide a more seamless and secure payments experience for their customers. Founded by a team of African finance and technology veterans from Standard Bank, Angela, PayPal, Google Wallet amongst others.
Flutterwave has grown to become one of the fastest growing payments companies in the world. Since inception Flutterwave has processed close to $20 billion in payments and 100 million transactions across over 33 African countries where it currently operates.
It has attracted significant investment from experienced Fintech investors such as Ycombinator Continuity Fund (investors in Stripe), Greycroft (investors in Braintree and Venmo), Greenvisor Capital, Omidyar Network, and Glynn Capital amongst others.
Andela
- Country: Nigeria
- Founders: Iyinoluwa Aboyeji, Jeremy Johnson, Christina Sass, Ian Carnevale, Brice Nkengsa, and Nadayar Enegesi
- Year Founded: 2014
- Industry: Technology
Andela identifies and develops top software engineering talent in Africa. The company’s unique model connects skilled developers with global tech companies, challenging the narrative on talent distribution and reshaping the perception of African tech prowess.
They cultivate IT talent in Africa and provide leading global technology companies with access to a high-skilled resource pool.
Andela software engineers participate in a coding boot camp after which they work remotely from Andela’s tech campuses across Africa.
The program provides students with six months of intensive on-the-job training, followed by 3.5 years of remote employment for partner companies, where they work from one of four Andela office spaces in Africa.
This is referred to as “distributed employment,” with Andela taking on the role of the distributor. Andela, an IFC investee company, also is backed by the Chan Zuckerberg Initiative, Google Ventures, and Spark Capital.
Jumia
- Country: Nigeria
- Founders: Sacha Poignonnec, Jeremy Hodara, Tunde Kehinde, and Raphael Kofi Afaedor
- Year Founded: 2012
- Industry: E-commerce
Jumia is often referred to as the “Amazon of Africa,” offering a wide range of products online and adapting to local market dynamics.
As a Pan-African technology company, Jumia is built around a marketplace, logistics service, and payment service. The logistics service enables the delivery of packages through a network of local partners while the payment services facilitate the payments of online transactions within Jumia’s ecosystem.
It has partnered with more than 100,000 active sellers and individuals and it competes at various levels, indirectly with retailers such as Jiji and Maybrands limited, and is a direct competitor to Konga in Nigeria, and Amazon and Noon in Egypt.
Jumia was launched in Nigeria in 2012 and expanded to five other countries: Egypt, Morocco, Ivory Coast, Kenya and South Africa. In 2014, the company launched offices in Tunisia, Tanzania , Ghana , Cameroon , Algeria and Uganda , and by 2018 it was present in 14 African countries.
Cellulant
- Country: Kenya
- Founders: Ken Njoroge and Bolaji Akinboro
- Year Founded: 2004
- Industry: Fintech, Agriculture
Cellulant is a leading Pan African payments company that provides locally relevant and alternative payment methods for global, regional and local merchants.
They provide a single API payments platform that enables businesses to collect payments online and offline while allowing anyone to pay from their mobile money, local and international cards, or their bank.
Two young African men from opposite ends of the continent sat across from each other at a dinner table that led to a discussion over a cup of coffee. So intense was the conversation that problem-solving models were created on a serviette that would fuel the establishment and growth of a multinational African firm forever changing the payments landscape.
They called the business “Cellulant” paying homage to the growing mobile phone penetration in Africa, but also symbolising the importance of a Cell, the smallest structural and functional unit of life that, combined with other Cells, build a whole being. This is born from Cellulant’s deep belief that it is the power of being connected that enables us to accomplish more, together.
Yoco
- Country: South Africa
- Founders: Lungisa Matshoba, Bradley Wattrus, Katlego Maphai, and Carl Wazen
- Year Founded: 2013
- Industry: Fintech
As an African technology company, Yoco provides simple and accessible point-of-sale systems, empowering small businesses in South Africa.
They create opportunities for entrepreneurs to get paid and be more successful. They break down barriers and create access so that more businesses can participate in the economy and thrive.
Yoco is establishing new markets; building business tools and financial services that work for entrepreneurs. And making payments accessible for small businesses – often for the first time.
They’ve raised over $100M from some of the world’s leading technology investors, who have backed companies like Nubank, Square and Stone.
Twiga Foods
- Country: Kenya
- Founders: Peter Njonjo and Grant Brooke
- Year Founded: 2014
- Industry: Agriculture
Twiga Foods utilises technology to connect farmers with vendors, streamlining the agricultural supply chain. It is a mobile-based B2B supply platform aggregating retail demand for fresh and packaged food in African cities and delivering lower cost and higher quality products.
They recognized a critical gap in the agribusiness sector: the need for a more efficient and direct connection between farmers and retailers.
Through their user-friendly mobile app, Twiga has bridged this gap, allowing farmers to list their produce and retailers to place orders with ease. This streamlined process not only eliminates unnecessary intermediaries but also ensures that fresh, high-quality produce reaches urban markets in record time.
For farmers, Twiga Foods represents a lifeline to expanded markets and better prices for their produce. By offering a platform to showcase their products, farmers can now access a wider customer base, reducing the risks associated with oversupply and wastage.
Furthermore, the transparency of the platform ensures that farmers receive fair prices for their hard-earned produce, enabling them to reinvest in their farms and communities.
Lidya
- Country: Nigeria
- Founders: Tunde Kehinde and Ercin Eksin
- Year Founded: 2016
- Industry: Fintech
Lidya addresses the financial needs of SMEs by providing quick and accessible access to capital. It analyzes multiple data points to build a customized credit score, assess a customer for a loan, and disburse loans to qualified businesses.
Everyday, millions of creditworthy Africans face roadblocks as they seek loans, hindered by limited credit history, collateral demands, and lengthy approval processes.
Lidya is a beacon of hope. They have reimagined credit management to deliver secure, stable digital credit infrastructure so credit providers can originate, disburse, and collect credit with confidence.
Because of Lidya, creditworthy Africans can access fast and convenient loans tailored to their needs, eliminating barriers that once held them back.
By leveraging advanced technology, data analytics, and algorithms. Their credit rails assess creditworthiness quickly and provide rapid digital credit disbursement & collection.
Lidya has become a catalyst for success. Fueling over $100m USD in credit across over 32,500 loans with a 99% repayment.
Kobo360
- Country: Nigeria
- Founders: Obi Ozor and Ife Oyedele II
- Year Founded: 2018
- Industry: Logistics
Kobo360 was founded to solve the inefficiencies in Africa’s supply chain. By creating a platform that connects manufacturers and cargo owners with truck operators, to move their goods seamlessly across the continent.
Their key focus has been to accelerate economic development and sustainable growth in Africa through a streamlined delivery process of raw materials from ports to the manufacturer; and finished goods from the manufacturer to the last-mile customer.
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They use data analytics and artificial intelligence to reduce inefficiencies in last-mile delivery. Provide transparency and visibility. Reduce communication gaps within the entire ecosystem. Optimize pick-ups and deliveries, and improve routes in real-time.
Kobo360’s predictive analysis also gives businesses valuable insights and enables them to make informed decisions, thereby enhancing productivity and improving customer experience.
They have a physical presence in 7 African countries; Nigeria, Benin, Ghana, Uganda, Kenya, Côte d’Ivoire, Burkina Faso.
Yassir
- Country: Algeria
- Founder: Noureddine Taibi
- Year Founded: 2017
- Industry: Transportation
Yassir addresses the transportation challenges in Sudan, providing a reliable platform for on-demand ride-hailing services. It is the leading super App in the Maghreb region set to change the way daily services are provided.
Currently, it operates in 45 cities across Algeria, Morocco and Tunisia with recent expansions into France, Canada and Sub-Saharan Africa. It is backed (~$200M in funding) by VCs from Silicon Valley, Europe and other parts of the world.
They offer on-demand services such as ride-hailing and last-mile delivery. Building on this infrastructure, we are now introducing financial services to help our users pay, save and borrow digitally. Helping usher the continent into a digital economy era.
They’re not just about serving people – they’re about creating a marketplace to bring people what they need while infusing social values.
Luno
- Country: South Africa
- Founders: Marcus Swanepoel, Timothy Stranex, Carel van Wyk, and Pieter Heyns
- Year Founded: 2013
- Industry: Cryptocurrency, Finance
Luno is the crypto investment app you can rely on, enabling you to buy, store and explore crypto securely. We’re committed to putting the power of cryptocurrency in your hands sensibly and responsibly. Since 2013, they’ve helped millions of people around the world invest safely in crypto.
Paystack
- Country: Nigeria
- Founders: Shola Akinlade and Ezra Olubi
- Year Founded: 2015
- Industry: Fintech, Online payments
Paystack is a growth engine for modern businesses in Africa. It builds technology to help Africa’s best businesses grow – from new startups, to market leaders launching new business models.
They make it easy for businesses to accept secure payments from multiple local and global payment channels, and then they provide tools to help you retain existing customers, and acquire new ones.
As makers and business owners ourselves, they’re inspired by a vision of millions of exceptional businesses across the continent who’re profitable, envied, and loved. They believe that in their lifetimes, businesses in Africa will routinely go toe to toe with the best companies on the planet, and win.
PiggyVest
- Country: Nigeria
- Founders: Somto Ifezue, Odunayo Eweniyi, Joshua Chibueze
- Year Founded: 2016
- Industry: Fintech
PiggyVest encourages a savings culture by providing a platform for individuals to save and invest their money securely. It is the first online “Savings & Investment” app in West Africa. We first launched as “Piggybank.ng” on the 7th of January 2016 as a savings-only platform.
For 3 years, they offered only savings to our users. Then in April of 2019, they rebranded to “PiggyVest” and began offering direct investment opportunities to users in addition to savings.
7 years on, they have continued to deliver excellent service to our 4,000,000 users and counting, helping them manage their finances with simplicity and transparency. Combined, their users save & invest billions of Naira every month that they would have instead spent.
PiggyVest is on a mission ‘to give everyone the power to better manage & grow their finances’, and we intend to be the best at this.
Zoona
- Country: Zambia
- Founders: Brad Magrath and Brett Magrath
- Year Founded: 2009
- Industry: Fintech
Zoona formally called “Mobile Money” provides financial services. Including money transfers and payments, with a focus on financial inclusion in Zambia.
It started by providing payment solutions from companies to smallholder farmers. Following its initial success and a name change to Zoona, meaning: ‘It’s real’.
The company transitioned in 2009 to create a domestic money transfer service using a network of small business agents. Starting off with one outlet in Lusaka’s CBD, Zoona’s network grew rapidly. And by 2016 Zoona had over 200 outlets in each of Zambia’s 10 provinces.
With such rapid growth and success in Zambia, Zoona expanded to Malawi and Mozambique where there was an obvious demand to bring further financial inclusion.
Over recent years Zoona has once again transitioned to keep up with the fast-paced consumer market and ever-changing financial landscape in Southern Africa.
This has led to the successful sale of both Zoona’s Malawi and Mozambique networks leaving them fully focussed on Zambia.
BRCK
- Country: Kenya
- Founders: Erik Hersman, Reg Orton, Juliana Rotich, and Philip Walton
- Year Founded: 2013
- Industry: Technology, Connectivity
BRCK develops rugged, internet-enabled hardware solutions, addressing connectivity challenges in remote areas. Founded with a mission to build the most reliable internet routers in the world.
Since that time, they have grown to not only build the world’s most reliable routers, but also some of the best software and communications equipment to reliably keep people, businesses, and organizations connected and talking around the world.
BRCK brings that hardened and tested mentality to everything it does. They mix that mental model with the forward thinking features that are demanded by not just today’s, but tomorrow’s companies.
Today Africa is on a mission to amplify the voices of startups and make their stories resonate with the world. We believe that every startup has a unique tale to tell. And we’re dedicated to creating a platform that not only showcases their journeys but also inspires the next generation of African entrepreneurs.
