According to the Beyond Borders 2024 report, a digital commerce study, the African continent&#8217;s digital economy is poised to reach $72 billion by 2026.



However, amidst this growth, experts note that there are challenges that must be addressed to ensure inclusivity and sustainability.



Research and advisory firm Caribou Digital, in collaboration with the Mastercard Foundation and the Bill &amp; Melinda Gates Foundation, has undertaken a research initiative, The Platform Livelihoods Project, which delves into the workings of Africa&#8217;s digital workplace, shedding light on the experiences of millions who rely on digital platforms for their livelihoods.



One revelation from the research is the reliance of African farmers on digital marketplaces. For instance, 27% of Kenyan farmers utilize platforms like Meta (Facebook) to sell produce and exchange vital information.



The study also uncovers the hurdles faced by marginalized groups, including people with disabilities. The absence of accessible technologies, such as screen-reading tools for the visually impaired, poses a significant barrier to their full participation in the digital economy.



Jonathan Donner, senior director for research at Caribou Digital, explains the breadth of opportunities emerging in the digital sphere.



&#8220;The opportunities in ecommerce, ride-sharing, and gig work are well understood, but the studies collected in this book open the lens more broadly, to show how there are many ways in which inclusion is on the rise,&#8221; says Donner to FORBES AFRICA.



Donner adds: &#8220;The opportunities are great for players, large and small. The established social media giants are facilitating thriving but largely informal marketplaces for goods and services, and can use their reach and familiarity to provide on-ramps to the formal economy.&#8221;



Challenges persist, particularly for women navigating the digital marketplace.



Olayinka David-West, a professor and associate dean at the Lagos Business School in Nigeria, notes the hurdles women face, despite the convenience of remote work opportunities.



&#8220;The popularity of social commerce platforms like WhatsApp and Instagram, for instance, is hindered by fragmented payment integration within the supply chain. Additionally, barriers such as limited safety awareness, particularly regarding fraud, and inadequate access to digital devices (such as computers, phones, and airtime) stem from lower levels of financial access and women&#8217;s varying levels of digital literacy and skills required to enhance visibility and promote discovery,” David-West shares with FORBES AFRICA.

Shot of an unrecognisable woman using a digital tablet while working on a farm

Experts Advocate For Inclusivity And Sustainability In Africa’s Digital Marketplace Poised To Reach $72 Billion By 2026

From Davido to the dude on the street, the continent’s sneaker culture is appealing to everyone, in turn, spurring local design, innovation and entrepreneurship. We sprint across the continent for more examples of the footwear redefining African cool.



Fashion trends have long been influential, but perhaps none more so than the phenomenon of sneakers infiltrating everyday style.



According to the Statista Global Consumer Survey, sneakers have become an integral part of the wardrobe for 40% of consumers, highlighting a significant shift in fashion preferences. This trend is particularly pronounced in Africa, where the sneakers segment is experiencing robust strides, with revenue projected to reach $2.17 billion this year, showing a growth rate of 1.5% in 2025, and volume estimated at 39.46 million pairs by 2028.


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Low-top sneakers lead the market. Many countries in Africa experience warm to hot climates for a significant part of the year. This, combined with the rise in streetwear culture, presents significant opportunities for entrepreneurs on the continent to leverage the sneaker value chain to meet consumer preferences towards casual wear. Low-top sneakers, with their ankle-baring design, offer a more breathable and comfortable option compared to high-top counterparts. The lightweight and airy nature of low-tops makes them suitable for the region’s weather conditions, contributing to their growing demand.



As per Statista, it is expected that there will be an annual growth rate of 5.52% until 2028 on the continent, with global giants such as Nike, Adidas, Puma, Lacoste, and Asics already entrenching themselves in the market through strategic partnerships and expansions. Adidas’s Johannesburg flagship store in 2021, for instance, marked a significant milestone in the brand’s African presence, drawing attention and enthusiasm from consumers.



Similarly, Nike’s foray into West Africa, in partnership with Hudson Group, two years ago with two flagship stores in Lagos, underscores the region’s importance in the global sneaker landscape.



This is in addition to existing retail outlets across the continent in Kenya and South Africa.



Lacoste and Puma are also expanding across Nigeria in partnership with Persianas Retail, a local company offering products through physical stores, wholesale distributors, and its e-commerce platform known as TheMix. Nigerian Afrobeats star Davido also has a paid partnership with Puma since 2021, and launched a collection titled ‘We Rise by Lifting Others’ with the brand last year.



In South Africa, local entrepreneurs have also seized on this burgeoning market, capitalizing on the continent’s diverse cultures and streetwear scene. At the top of the chain, the sneaker market is particularly on the rise in South Africa, home to Bathu (a common universal slang word primarily used in townships across the country to describe a shoe), Hibacci and RareStep, with the sneakers segment, as per Statista, projected to generate a revenue of $232 million this year, driven by a growing demand for limited edition releases and collaborations.



After a challenging 18 months, Bathu, known for its mesh shoes, was launched on September 19, 2016. It was so popular that their website reportedly crashed due to high demand. Andrew Lale, the co-founder of Bathu, told FORBES AFRICA in an exclusive interview a year later that this was because people felt an affiliation with the name and loved the story behind the shoes.



“We analyzed trends; hip-hop was a genre big in South Africa and we realized that most young cats, including me, spend too much money on sneakers and we consume too many foreign brands, more than our own [brands],” Lale said.



Theo Baloyi, CEO of Bathu and a FORBES AFRICA 30 Under 30 list-maker in 2019, had also noted in 2021 that the business is booming and they had almost 30 stores at the time across the country since making the list when they only had three stores.



The update available on Bathu’s website shows “it has now grown exponentially over the years, with 32 stores nationwide and a staff complement of over 300 employees, who are predominantly youth.”



“It has been really incredible because obviously with FORBES AFRICA’s 30 Under 30 recognition, it has helped build our credentials. First, as Theo Baloyi, a young entrepreneur in Africa, it has really opened up markets for me to engage with other favorable entrepreneurs,” Baloyi told FORBES AFRICA in the interview.



Baloyi had hinted at plans “to penetrate the SADC region in the next two years and Central Africa in the next five years, and East Africa in 10 years” when he made the list.



But inspiring Wandile Sibisi’s RareStep, a South African online store for exclusive, authentic, limited-edition sneakers, and high-end streetwear, might not have occurred to him.



Taking a cue from Baloyi, Sibisi last year co- founded RareStep with Michael Zahariev and Luke Calitz, who brings extensive experience from LUXITY, one of Africa’s largest pre-owned luxury marketplaces.



Although Sibisi shares a similar story with established local sneaker-makers; he fell in love with the global sneaker culture from a young age as an entrepreneur and did not see a gap for another local sneaker brand. Instead, he looked overseas, with his interests and ambitions largely influenced by American sneaker culture.


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<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="669" src="https://cms.forbesafrica.com/wp-content/uploads/2024/05/Screenshot-2024-03-25-at-11.49.31-1-1024x669.png" alt="" class="wp-image-61800" style="width:574px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/05/Screenshot-2024-03-25-at-11.49.31-1-1024x669.png 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/05/Screenshot-2024-03-25-at-11.49.31-1-300x196.png 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/05/Screenshot-2024-03-25-at-11.49.31-1-768x502.png 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/05/Screenshot-2024-03-25-at-11.49.31-1.png 1531w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure></div>


“RareStep is positioned to revolutionize the sneaker resale scene in South Africa and beyond. Challenges in the industry persist, particularly concerning limited allocations from global brands like Nike and Adidas to the local market. However, leveraging our global partnerships and technological prowess, we have devised innovative solutions. For instance, our upcoming cross- border e-commerce strategy will enhance our offerings, ensuring a wider range of sneakers in various sizes, including sought- after exclusives. Additionally, our reservation policy and lifetime authenticity guarantee reflect our commitment to democratizing access to limited releases while ensuring customer satisfaction,” Sibisi shares with FORBES AFRICA.



Despite challenges less than a year into operations, RareStep is resolute in strategically positioning itself to capitalize on the burgeoning market.



“While traditional footwear sales dominate, the rise of e-commerce, coupled with increasing consumer demand for exclusive sneakers, underscores a shifting paradigm. RareStep recognizes the importance of an omnichannel approach, bridging online and offline experiences to cater to diverse consumer preferences.



“In navigating this evolving landscape, we remain focused on innovation and customer-centricity. Our commitment to authenticity, demonstrated through stringent authentication processes and partnerships with third-party verification services, ensures consumer trust and confidence in every purchase,” Sibisi explains.



He emphasizes “caution to avoid counterfeit products as the demand for rare sneakers continues to surge”.



As in South Africa, every other region, from the east to the west, has produced innovative local sneaker-makers and entrepreneurs.



Ethiopian businesswoman Bethlehem Tilahun Alemu dared to challenge the norms of the footwear industry.



In 2005, she founded soleRebels, not just as a business venture but as a movement to celebrate African craftsmanship and sustainability.



Alemu’s vision was simple yet profound: to merge her Ethiopian community’s rich artisanal heritage with eco-conscious practices. Drawing inspiration from the resilient spirit of Ethiopian rebel fighters, soleRebels crafted shoes from recycled materials, notably the iconic barabasso — Ethiopian recycled tire shoes.



Four visionary high school friends from Kenya — Sam Imende, Jawad Braye, Christian Ward, and Azariah Mengistu — realized the possibility of creating an upscale African sneaker brand by harnessing Ethiopia’s burgeoning manufacturing capabilities. Under the banner of Enzi Footwear, they blend tradition with modernity, crafting sneakers that exude elegance and authenticity.



There are more such examples across the continent. Harnessing the rich culture of running, Navalayo Osembo and Weldon Kennedy co-founded Enda in 2016, marking the inception of the first Kenyan-made running shoe.



The journey of KEEXS began with the personal challenges faced by its founder, Babajide Ipaye. Born in Lagos, Nigeria, Ipaye found himself wearing his dad’s shoes at the age of nine due to his large feet. Tragically, he lost both parents in a car crash at the age of 11 and was subsequently raised as an only child by his extended family.



As he matured, so did his shoe size, reaching a US size 14 (Euro 48), making it a constant struggle to find shoes that not only fit but also offered the colors and designs he desired. Thus, KEEXS was born from a fusion of ‘KICKS’ and ‘KEEK’, as Ipaye decided to craft his own footwear.



In 2015, Ipaye, who had been a tech entrepreneur since 2005, teamed up with his friend Moyosore Olowo to initiate a global online crowdfunding campaign to finance the venture.



That same year, Ipaye attended SLEM, an international innovation and training institute for the footwear and leather industries, where he learned the art of crafting sneakers from scratch.



“We realized very quickly that economies of scale is critical to drive the growth of this business therefore there is a need for a lot of capital. There are four sides to this chain; production, design, distribution and retail. The problem with a lot of businesses in Africa is that they are expected to do everything from start to finish along that entire value chain and what that does is, it stifles the growth of the business,” Ipaye told FORBES AFRICA in a 2019 interview.



The initial designs comprised a Fela Kuti collection, featuring approximately six different products, all inspired by the late Nigerian Afrobeats legend. This collection was launched on Kickstarter, and within a span of 40 days, KEEXS reportedly amassed $20,000 in preorders from various corners of the globe. Subsequently, KEEXS collaborated with South Africa’s denim brand, Afrikanswiss, to introduce a collection available in select retail outlets in both countries by the spring of 2017.



Milcos Badji, founder of Dakar-based footwear brand Nio Far, gained recognition for his sneakers crafted from traditional Malian fabric called bogolan in 2014.



While selling at New York’s Marche Rue Dix, he primarily expands his international presence through trade shows, art conventions, and pop-up events in cities like Hamburg, Berlin, Paris, and Lagos. A fortuitous encounter with Alicia Keys and Swizz Beats led to widespread celebrity endorsement, attracting a diverse clientele including Morocco’s King Mohammed VI, NBA stars Chris Bosh and Luol Deng, Kenyan actress Lupita Nyong’o, activist and actor Kendrick Sampson, and French football icon Djibril Cissé.



Cameroon is also not left out, as it presented its first locally designed sneaker brand, ICE, launched in 2021 by Ayissi William.

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The African Sneaker Market Is Stepping Up

National Basketball Association (NBA) Africa recently unveiled an initiative to support the sports and creative industries on the continent through mentorship and capital infusion.



Clare Akamanzi, CEO of NBA Africa, said in a statement, about the launch of the Triple-Double: NBA Africa Startup Accelerator: &#8220;This groundbreaking new initiative reflects our commitment to expanding the African sports ecosystem, and these incredible companies will be at the forefront of shaping the future of sport on the continent.&#8221;



Operating under the guidance of ALX Ventures, a technology incubator, the accelerator program is open to early-stage startups across Africa, focusing on event management, ticketing, youth development, AI, and digital marketing within the sports and creative sectors.



Startups have until May 31 to apply, with the top 10 submissions advancing to the next stage.



Selected startups will receive mentorship from NBA Africa, ALX leadership, and other corporate stakeholders to refine their products and develop business strategies. The journey culminates in a Demo Day in New York City during the United Nations General Assembly (UNGA) in September, where finalists will pitch their innovations to a panel of industry leaders.



The impact of this initiative extends beyond business growth.



Beninese sports enthusiast Evrard Odjrado shares with FORBES AFRICA, &#8220;The program will help African startups to upgrade their skills and develop new fundraising strategies. Also, it will have a big impact on the African economy and transform definitively the sports industries.&#8221;



For Nigerian analyst Dayo Mustapha, the development is important for the education and investment in youth development towards expansion of Africa&#8217;s sporting and creative sectors.



&#8220;With ALX Ventures&#8217; track record in nurturing young techpreneurs, coupled with robust funding and mentorship, this initiative will catalyze significant advancements in the sports industry through digital technology,&#8221; says Mustapha.

NBA Academy Africa v U23 Rwanda

Global Sports Body’s Startup Accelerator To Support Africa’s Tech Ecosystem

Hamisha Daryani Ahuja’s Postcards on Netflix is centered around real-life stories without pitting both cultures against the other.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&#8220;This is something that had not been done, and I had always wondered why.&#8221;
</blockquote>



Hamisha Daryani Ahuja&#8217;s path took her through the realm of business ownership before she made her mark in the world of cinema, thus fulfilling a childhood dream.



&#8220;I actually grew up dreaming of the film industry,&#8221; Ahuja reminisces in a conversation with FORBES AFRICA from the heart of Lagos, Nigeria, reflecting on her early aspirations. &#8220;It was something I felt I needed to do.&#8221;



Her entrepreneurial spirit led her to establish and run a successful restaurant business in Lagos for seven years. But she eventually sold it. &#8220;..and that left me very free to pursue my dreams wholeheartedly,&#8221; she explains.



Ahuja&#8217;s debut film production, Namaste Wahala, marked a moment in cinematic history as it brought together the colorful worlds of Bollywood and Nollywood in a way that had never been done before.



&#8220;I had the idea of bringing Bollywood and Nollywood together,&#8221; Ahuja shares. &#8220;This is something that had not been done, and I had always wondered why.&#8221;


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/04/Hamisha-Ahuja-image-supplied-1024x683.jpg" alt="" class="wp-image-61768" style="width:348px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/04/Hamisha-Ahuja-image-supplied-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/Hamisha-Ahuja-image-supplied-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/Hamisha-Ahuja-image-supplied-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/Hamisha-Ahuja-image-supplied-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/Hamisha-Ahuja-image-supplied-2048x1365.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Hamisha Ahuja; photo by Akinlabi Akinbulumo</figcaption></figure></div>


Despite her lack of formal educational experience in filmmaking, Ahuja&#8217;s hands-on approach and business acumen, honed through years of entrepreneurship, equipped her to navigate the challenges of the film industry seamlessly.



&#8220;The major challenge was learning&#8230; day one on the set was day one for me in the film industry,&#8221; she reveals. &#8220;But what I was able to learn&#8230; has really helped me grow.&#8221;



Ahuja&#8217;s latest project, the Postcards series, further showcases her commitment to storytelling that transcends cultural boundaries.



&#8220;With Postcards, I had Nollywood go to India for the first time&#8230; centered around real-life stories without pitting both cultures against the other,&#8221; she explains.



Through her work, Ahuja aims to contribute to the evolving landscape of gender representation in both industries, recognizing the pivotal role of women in creative leadership.



&#8220;I think Nollywood has moved really far&#8230; a lot of the stakeholders are women,&#8221; she notes. &#8220;We just need to put out more content from the women&#8217;s perspective.&#8221;



As Ahuja prepares for the global release of Postcards on Netflix, she emphasizes the importance of balancing creativity with commercial viability, ensuring that stories resonate with diverse audiences.



&#8220;If you are completely creative and don&#8217;t think about the business side of things, it may be harder to see the commercial side,&#8221; she advises.



For aspiring creative entrepreneurs, Ahuja offers a message: &#8220;Just do it&#8230; dream big. Be practical. If you have a day job or income from somewhere else, don&#8217;t necessarily quit that job. Back it up with action, education and learning.&#8221;

Hamisha Ahuja (third from left) on location for Postcards; image supplied

Lights, Camera, Collaboration: The Filmmaker Bridging Nollywood And Bollywood

With its new fund, TLcom Capital plans to deploy additional capital into female-founded African tech startups, building on the firm’s June 2022 co-investment commitment of $2 million to FirstCheck Africa, a female-focused pre-seed fund.



TLcom Capital, the Africa-focused venture capital firm, has announced the final close of TIDE Africa Fund II, its second fund for technology in Africa, at $154 million.


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<figure class="alignleft size-large is-resized"><img loading="lazy" decoding="async" width="682" height="1024" src="https://cms.forbesafrica.com/wp-content/uploads/2024/04/Maurizio-Caio-Founder-and-Managing-Partner-at-TLcom-Capital-image-supplied-682x1024.jpg" alt="" class="wp-image-61726" style="width:297px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/04/Maurizio-Caio-Founder-and-Managing-Partner-at-TLcom-Capital-image-supplied-682x1024.jpg 682w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/Maurizio-Caio-Founder-and-Managing-Partner-at-TLcom-Capital-image-supplied-200x300.jpg 200w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/Maurizio-Caio-Founder-and-Managing-Partner-at-TLcom-Capital-image-supplied-768x1153.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/Maurizio-Caio-Founder-and-Managing-Partner-at-TLcom-Capital-image-supplied-1023x1536.jpg 1023w, https://cms.forbesafrica.com/wp-content/uploads/2024/04/Maurizio-Caio-Founder-and-Managing-Partner-at-TLcom-Capital-image-supplied.jpg 1066w" sizes="(max-width: 682px) 100vw, 682px" /><figcaption class="wp-element-caption">Maurizio Caio, Founder and Managing Partner at TLcom Capital; (image supplied)</figcaption></figure></div>


With participation from LPs like European Investment Bank (EIB), Allianz, DEG Impact’s AfricaGrow, Visa Foundation, and Bertelsmann, the TIDE Africa Fund II marks TLcom Capital, known as Africa’s largest Seed and Series A tech investor.



The fund will reportedly maintain its early-stage, multi-sector focus and expand into Egypt, making initial investments of $1 million to $3 million.



&#8220;Egypt is a very attractive large market in Africa capable of generating unicorns in the years ahead,&#8221; notes Maurizio Caio, Founder and Managing Partner at TLcom Capital, to FORBES AFRICA.



&#8220;Our investment strategy is the same in Egypt as anywhere else – partnering with entrepreneurs who create massive value by leveraging technology to serve significant African markets,&#8221; affirms Caio.



TLcom’s early-stage portfolio includes uLesson, Autochek, Pula, Fairmoney, and Andela, one of Africa’s six unicorn companies.



&#8220;We partner with founders who tackle massive opportunities with winning strategies,&#8221; says Caio.



&#8220;Ideally, each of our investments should classify as a fund returner, meaning they hold the potential to return the value of our entire fund from the proceeds of their exit.&#8221;

Casual businessman working late on a laptop computer

‘Massive Opportunities With Winning Strategies’: Venture Capital Firm Closes Africa’s Largest Early-Stage VC Fund At $154 Million

According to the report by research firm Africa: The Big Deal, a total of $466 million was raised through $100,000+ deals by 121 startups, representing only half of the amount raised in Q1 2023.



The report found that equity remained the primary source of funding, comprising 71% of disclosed funding, while debt deals saw a significant decrease, constituting 28%.



One standout from the quarter was Nigerian mobility startup Moove, which secured $110 million, influencing funding trends across the continent. However, the majority of funding continued to flow to startups headquartered in the Big Four countries, with Nigeria and Kenya leading the pack.



In reaction to the report, stakeholders offer insights and recommendations for navigating the current funding landscape.



Oyin Solebo, Managing Director at ARM Labs Lagos Techstars Accelerator, tells FORBES AFRICA: &#8220;It appears as if we are experiencing not just an African, but a global reset in VC funding levels.&#8221;



Solebo continues: &#8220;For the coming quarters, with global inflation and interest rates still at record highs, we should expect similar declines in African startup funding versus the previous year&#8217;s equivalent quarter, as other asset classes will remain more attractive to more risk-averse investors. But there is light at the end of the tunnel. In the last few quarters, a number of notable VCs have announced new funds, meaning that there is more institutional money ready to be deployed in strong African deals.&#8221;



Solebo highlights the need for startups to focus on generating revenue and strengthening financial management amidst the decline in VC funding.



&#8220;We need more local capital to be deployed into our ecosystem. The continent remains heavily reliant on international investment – with around 70% of our funding coming from overseas,&#8221; says Solebo.



Maurizio Caio, Managing Partner at Africa-focused tech VC firm, TLcom, emphasizes the importance of evidence of traction for startups to secure funding.



&#8220;In the upcoming quarters, the funding landscape will heavily depend on the state of global macroeconomic conditions, deal flow quality on the continent, and possible evidence of successful exits of African VC-backed companies, which we project will improve during the rest of the year,&#8221; Caio shares with FORBES AFRICA.



Emmanuel Adegboye, head of Africa-focused pre-seed investment program, Madica, says: “The good news is that there are indications that there’s still a lot of early-stage investing activity on the continent with investors like Madica continuing to actively invest, just not a lot of large later-stage deals.



&#8220;I don’t expect a lot of drastic improvements over the next few quarters and it’s especially important for startup founders to continue to be prudent with managing cash flow and their expectations to close later fundraising rounds quickly. It might be important to add that while the pace in investments has been slower, this shift can ultimately lead to more informed, sustainable investments that would benefit both startups and investors in the upcoming quarters/long run,&#8221; says Adegboye to FORBES AFRICA.



Ifelade Ayodele, CEO and founder of fintech firm, Blaaiz, explains the multi-faceted implications of the report for emerging startups, stressing the need for flexibility, customer-centricity, and strategic thinking regarding exit options for investors.



&#8220;Specific industries may have begun to be less attractive for investors due to a combination of factors such as spending power of end users (heightened by inflation), alternatives, among others,&#8221; Ayodele notes to FORBES AFRICA.



Ayodele suggests that &#8220;emerging and potential startups may need to begin to rethink the purchasing power of end users and make necessary pivots&#8221;.



Ayodele urges startups to focus on solving actual problems &#8220;as opposed to perceived problems”, and think globally while acting locally.



&#8220;Startups may consider products that may thrive in at least two or more African markets duly backed by technology for scale and adoption,&#8221; Ayodele says to FORBES AFRICA.

Finding the potential to improve their profits

Africa’s Startup Funding Sees Decline Amidst Global Trends: Experts Speak

Nigerian chess prodigy Tunde Onakoya is on a mission to break the Guinness World Record for the longest chess marathon while raising funds to support education for underprivileged youth.



Tunde Onakoya, the convener of Chess in Slums Africa, a non-profit organization based in Lagos, aims to surpass the previous 56-hour record with a 58-hour run in the bid to &#8220;raise a million dollars and bring the gift of chess to children across the world&#8221;.



&#8220;Our program aims to address challenges stemming from limited access to quality education and resources by focusing on skills that are academically enriching, practical, and relevant to their daily lives,” Onakoya told FORBES AFRICA in an exclusive interview recently.



Onakoya&#8217;s endeavor has garnered attention, donation, and support from various quarters.



After headlining at Madison Square Garden, Nigerian Afrobeats sensation Davido made a surprise visit to Onakoya&#8217;s chess marathon in the open air of Times Square, a major commercial intersection, tourist destination, entertainment hub, and neighborhood in Midtown Manhattan, New York City, United States.



Onakoya took to X (formerly Twitter) to express his gratitude, stating, &#8220;30 billion for the children as @davido places his chain around my neck. Thank you very much for stopping by after your successful outing at @TheGarden.&#8221;



He has also received support from other notable personalities, including Nigerian Afrobeats artist Adekunle Gold, who also visited the marathon earlier.



Onakoya received messages of goodwill from the federal government of Nigeria, state governors, and the US Mission in Nigeria.



The attempt, which officially commenced 11.30AM (EST) on April 17 is expected to end around 10PM (EST) today.

Davido at the marathon with Tunde Onakoya; Image credit @Tunde_OD

After Headlining At Madison Square Garden, Davido’s Stopover To Cheer Nigerian Champion Attempting To Break Chess Marathon Record In NYC

Senegalese and other Africans are anticipating the first-ever Youth Olympic Games to be hosted on the continent in 2026, in Dakar, the capital of Senegal.



Rescheduled for October 31 to November 13, 2026, the proposed games is set to bring together the world&#8217;s finest young athletes to compete in 35 different sports over a span of 14 days.



In place of the 2022 event, the Dakar en Jeux (Dakar in Games) festival was held from October 29 to November 5, the originally planned Dakar 2022 period, across the three host cities of Dakar, Diamniadio, and Saly.



Since then, Dakar en Jeux has become an annual celebration of sport and culture, serving as a precursor to Dakar 2026 while encouraging increased youth engagement in sports.



International Olympic Committee (IOC) President Thomas Bach has in news reports expressed his support for Senegal&#8217;s hosting of the Youth Olympic Games, noting Africa&#8217;s unity and its sporting culture. &#8220;With a young population and a passion for sport, it is time for Africa, it is time for Senegal,” he has noted.



During his visit to Senegal in 2022, disclosing his anticipation for the event, Bach said: “We cannot wait for the moment to be back here and to enjoy this first Olympic event on African soil, an event for Africa, with Africa, that will welcome the youth of the world in Senegal. We can expect a festival of excellence in sport, of African culture, the joy of living and the wonderful hospitality of the African people.”



Senegal-based sports analyst Rufai Shuaib considers the event to be of historic significance.



&#8220;This is a monumental moment for African sports. The hosting of the Youth Olympic Games in Dakar represents a major milestone in showcasing the immense talent and potential of our young athletes on a global platform,&#8221; Shuaib tells FORBES AFRICA.



Shuaib opines that &#8220;the games will contribute to the development of sports infrastructure and opportunities across the region&#8221;.



He adds that the event has the potential to promote youth empowerment and catalyze socio-economic growth. &#8220;This is a golden opportunity for Africa to shine and demonstrate its capabilities on the world stage.&#8221;



&#8220;The Games symbolize Africa&#8217;s rising prominence in the global sports arena and signify a new chapter in our continent&#8217;s sporting journey,&#8221; says Shuaib.



For Nigerian analyst Kolawole Oyebola, Dakar 2026 presents an opportunity to boost tourism and stimulate economic growth.



Oyebola tells FORBES AFRICA: &#8220;This is another opportunity for Africa to show its ability to host large-scale international events. It will enhance Senegal&#8217;s global standing and the rest of the continent.&#8221;



The economic benefits, according to Oyebola, are multifaceted, as he points out, &#8220;The influx of visitors, athletes, and officials will create an increase in demand for accommodation, dining, transportation, and various services, providing a significant boost to local businesses and industries.&#8221;



He adds, &#8220;The exposure generated by the event will attract future investments and promote long-term sustainable development across the continent.&#8221;



However, Oyebola also highlights the importance of strategic planning and infrastructure development to maximize the economic impact. He cautions, &#8220;While the Youth Olympic Games present immense opportunities, adequate infrastructure and logistical support are crucial to ensure smooth operations and capitalize on the event&#8217;s potential.&#8221;

Participants engaging in an activity as part of Dakar en Jeux; photo courtesy IOC, Margot Mendes

‘Monumental Moment For African Sports’: On Dakar Debut Of The Youth Olympic Games In 2026

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Collaborative Crescendo: Nigeria’s Musicians Riding The Digital Wave

Niger designer Alia Baré, also the daughter of a former president, is working to weave together a positive narrative of her country through fashion.



From gracing the runways of Joburg Fashion Week for African Fashion International (AFI) in South Africa to unveiling her latest collection in Lagos, Nigeria, Alia Baré, the fashion designer from Niger, is on a mission to democratize ‘Made of Africa’ fashion, ensuring its accessibility to the everyday African.



The daughter of former Nigerien President Ibrahim Baré Maïnassara, Baré, always attuned to feedback, shares insights with FORBES AFRICA during her second visit to Lagos, having been there 14 months prior. Fascinated by the allure of fashion at 17, she attended the International Festival of Fashion in Africa (FIMA) with her parents in 1998 — a transformative experience kindling her love for the industry. “I have always been interested in fashion but looked at it from afar as it was intimidating for a young African girl, given the perception of fashion as something superficial.



FIMA, in the middle of Niger’s desert with famous designers like Kenzo showcasing under the stars, left me with deep memories,” Baré shares.



However, it took a career shift 15 years later, enrolling at the Raffles Design Institute in Singapore, for Baré to heed the call of her creative instincts. “It took me many years, a banking career that was unfulfilling, to realize that I needed to follow this inner voice for creation. At 32 years old, with two toddlers at home, I registered for a full-time diploma in fashion, and to date, have never regretted it.”



Baré’s design style bears the imprints of her diverse experiences in Senegal and India. “I fell in love with the diversity of fabrics and colors in India during my three years there.” The majesty and feminine characteristics of the Asian aesthetic resonate in her creations, drawing a parallel between Asian and African cultures in craftsmanship and values.



After graduating, Baré returned to West Africa, choosing Senegal as the base for her eponymous brand. “Senegal was a natural option for me, as my family was living there, and it gave me the opportunity to open my own workshop, as I have always been driven by action.”



Launched in 2015, she navigated the competitive landscape with a focus on ‘Made in Africa’ garments, gradually building her brand through consistency in quality and aesthetics. The emergence of concept stores became pivotal in connecting with the right clientele.



Speaking at TedxADU in Niger in 2019, Baré imparts wisdom, urging her audience to heed their inner voice, conquer challenges, and strive for their best selves.



Growing up as the daughter of a former president, Baré reflects on her parents’ determination to provide her with a grounded and normal childhood. “Our parents always tried their best to raise us as normal as possible and, more importantly, to stay grounded to earth,” she reveals. Despite the tumultuous political backdrop, she emphasizes that they were deliberately shielded from privileges like diplomatic passports and business class flights. 



This upbringing, she believes, created a balanced life for her and her siblings. The tragic assassination of her father in 1999 marked a turning point in their lives. Baré recalls the importance of family bonds during that challenging period. “We hung on to each other as a family and on the simple things that sounded normal beside our universe collapsing.” This resilience, instilled by her parents, became a lifeline during the tumultuous times that followed. Baré acknowledges that her life can be divided into “before and after 1999”, but she stresses that her father’s values and love for the country continue to shape her identity. 



“My father’s love for his country and Africa is a strong part of my DNA and defines who I am as an artist and as a woman,” she asserts. This deep-rooted connection to her heritage and a commitment to showcasing a positive image of her culture propel her artistic endeavors. Reflecting on her journey, she resists the notion that the experiences of that time defined her. “What I am today is, of course, the result of my fights, my struggles, my pain, and most importantly, my will to overcome all those obstacles to express a positive image of my culture and my love for my country.” Her determination and resilience emerge as driving forces behind her artistic expression.



The DNA collection is a fusion of Nigerien symbols and South African graphic design. Baré sought to redefine Niger’s traditional culture, infusing her narrative and vision into the designs.



Collaborating with a South African graphic designer, they crafted patterns reflecting both their visions, resulting in a visually stunning collection.



“The culture of Niger is well-known worldwide with the Tuareg jewelry, the blue men [of the desert], and many other things, but it is usually very traditional and hasn’t evolved for quite some time. I realized that I really wanted to talk about the culture of my beloved country but with my own narrative and vision reflecting the evolution of society, the world, and myself. So I decided to reach out to a South African graphic designer as I fell in love with the bold aesthetic found while I visited Johannesburg for the first time.”



Living in different countries has endowed Baré with adaptability and keen observation. “The most important thing I gained from living and traveling around the world is also a sense of adaptation. Therefore, I always keep in mind while creating my designs that they have to be versatile, easy to wear, easy to maintain, but most importantly, they can be worn everywhere in the world without looking like ‘a costume’.”



Participating in AFI’s Joburg Fashion Week is a constant highlight for Baré. Beyond the creative process, the event’s ‘shop the runway’ feature offers insights into the business side, fostering direct feedback from customers and enhancing her understanding of ocal and international markets.



At the launch in Temple Muse, Lagos, Baré plays the perfect host to fashion enthusiasts and supportive colleagues. Among them is Nigerian model Okorie Kenneth, who praises her collection: “I have known Alia and her brand for a year or two. I love the collection.



The collection is beautiful because this is not usually her niche or what she normally does.



But she found a way, and I love the fact that she has been experimenting with different fabrics and styles, which is beautiful. And it’s not just for older women; it’s for Gen Z girls. So yes, it works a lot, and I love it.”



Addressing environmental concerns, Baré emphasizes the inherently sustainable nature of African designers. Embracing slow fashion and prioritizing local production, she aims to create a virtuous circle of consumption. By selling mainly in the African region, reducing transportation, and encouraging mindful consumption, she believes in making a positive impact on African consumers’ habits. Baré stays true to her cultural roots while embracing modernity. 



“I once met a Reiki master in Cambodia, and I was sharing with him my struggles to find my real identity with all these influences and evolutions in the modern world. He just told me that a tree doesn’t need to be rooted in soil as my spirit is evolving through time and space, so are my values and identity. I am a floating tree with free roots enriching itself from life and experiences but doesn’t change its true nature.”

REZE2441

Culture Couture: A First Daughter And Designer’s Journey From Niger To Senegal

In a recent study conducted by Kuda, a Nigerian fintech, it was revealed that Generation Z in Nigeria exhibit a unique financial behavior compared to older demographics, preferring saving over investing.



Analyzing a sample size of 774,532,224 transactions from 2023, Kuda found that while Gen Z spent only 0.002% of their transactions on investments, a significant 14.73% went into savings. In contrast, Millennials and Gen X allocated slightly more towards investments at 0.003% and 0.004%, respectively, yet saved less than Gen Z at 12.79% and 13.43% respectively.



The report revealed that Nigerians aged 43 to 59 invested more while ages 18 and 26 invested less but saved more.



This inclination towards saving among Gen Z carries significant implications, especially in Nigeria&#8217;s economic context. With the Naira&#8217;s value fluctuating against the dollar, the decision to prioritize saving over investing reflects a broader socioeconomic and cultural landscape.



Babs Ogundeyi, CEO and co-founder of Kuda, shedding light on the factors influencing Gen Z&#8217;s financial behavior, explains to FORBES AFRICA: &#8220;The preference for saving over investing among this demographic can be attributed to a few things. Firstly, Nigeria doesn’t have a strong investment culture, and for Gen Z, the reluctance towards investing stems from the perceived risks, with many prioritizing the certainty of savings over potential uncertainties. However, investment opportunities are still emerging for Gen Z, with significant potential for growth.&#8221;



Ogundeyi highlights that Nigeria&#8217;s investment culture faces challenges, and the perception of risk outweighs the allure of potential returns for many young Nigerians. Limited access to mainstream credit pushes Gen Z towards more risk-averse financial behaviors, further reinforcing the culture of saving.



Despite these challenges, Ogundeyi remains optimistic about the evolving financial landscape: &#8220;The economic climate plays a pivotal role and positive phases will spark interest in investments due to the potential to make good returns.&#8221;



In response to these trends, Kuda has embarked on initiatives to address lack of financial literacy among this demographic and bridge the gap between saving and investing.



Ogundeyi elaborates on Kuda&#8217;s approach: &#8220;We have redesigned the Kuda app to be more than just a place to manage money. We have integrated substantial educational content directly into the app — making it easier than ever for our customers, especially Gen Z, to learn and grow financially. Within the app, customers can also invest in global stocks at fractional prices using the Naira, including renowned options like Tesla, alongside Nigerian stocks.&#8221;



He also acknowledges the importance of private sector involvement in promoting financial literacy: &#8220;There is a growing trend in the private sector, where innovative businesses are actively engaging in financial education to tap into an underserved market. This shift is particularly evident in the investment community, which traditionally focused on the savvy investor. Now, more private companies are making strides to appeal to those with limited knowledge about investing.&#8221;



For Ogundeyi, the long-term impact of these efforts is promising, noting as companies continue to prioritise financial literacy and provide accessible investment options, &#8220;we could have a positive mindset shift.&#8221;



&#8220;The ongoing expansion of credit options, coupled with a focus on continuous education, could lead to significant changes in how Gen Z perceives and engages with their finances. Ultimately, sustained financial literacy efforts, coupled with tangible results from investments, can contribute to a more informed financial ecosystem,&#8221; says Ogundeyi.

African female sitting outside with her laptop and phone

Study Finds Nigeria’s Gen Z More Inclined To Saving Than Investing

Afrobeats took center stage in 2023’s global music scene.



Major award ceremonies, including the MTV Video Music Awards, introduced new categories recognizing the success of Afrobeats artists, notably elevating Adedamola ‘Fireboy DML’ Adefolahan. His collaboration with Jon Batiste and Jon Bellion further propelled him to the forefront.



In a festive December surprise, the 27-year-old artist dropped two singles on the same day: Obaa Sima (meaning a perfect woman in Twi, a variety of the Akan language spoken in southern and central Ghana) and Outside featuring Nigerian rapper Emeka ‘Blaqbonez’ Akumefule. Fireboy DML explains in an exclusive interview with FORBES AFRICA that the move was inspired by “the spirit of the season”.



Honored for his chart-topping single Peru, achieving Platinum status in the US. and two times’ Platinum in the UK with over 500 million streams, Fireboy DML also received accolades at the 2023 BRIT Awards and the 2023 BMI London Awards.



From his 2019 debut album Laughter, Tears, and Goosebumps to the recent Playboy, the English graduate from Obafemi Awolowo University (OAU) in Southwestern Nigeria highlights the evolution of his music, expressing that “each album represents different phases of my life and experiences”.



Collaborating with diverse artists, including Madonna, Fireboy DML emphasizes the universal nature of music. “Music is freedom — the creative process is the same, and talent is talent,” he opines.



Proud of the global recognition that Afrobeats is receiving, Fireboy DML declares, “This is our time.”



Beyond music, his social media presence with over 5 million Instagram followers, where he displays his style, is influenced by a belief that “an artist should always look the part”. He attended notable shows at New York Fashion Week and envisions a deeper involvement in 2024, emphasizing the synergy between music and fashion.



Recounting a significant moment, he shares performing alongside Ed Sheeran for 90,000 people at the Wembley Stadium in London.



For eager fans, Fireboy DML announces: “I will be releasing my fourth studio album.”

66th GRAMMY AWARDS  Red carpet arrivals

A Year In The Life Of Fireboy DML

In a recent joint press briefing with Nigerian Foreign Minister Yusuf Maitama Tuggar, United States (US) Secretary of State Antony J. Blinken hailed the longstanding partnership between the countries in the fight against HIV/AIDS.



Reflecting on the success of the US President&#8217;s Emergency Plan for AIDS Relief (PEPFAR) at Nigeria&#8217;s Federal Capital Territory in Abuja after meeting President Bola Tinubu, Blinken stated, &#8220;One of the things I must say as an American I’m proudest of is PEPFAR, initiated by President [George W.] Bush, carried on by successive presidents of both parties. Over the last 20 years, PEPFAR has saved well over 20 million lives and changed for the better many more.&#8221;



Summarizing PEPFAR&#8217;s investments in Nigeria so far, he continued, &#8220;Over the last 20 years, we’ve invested $8.3 billion in HIV and tuberculosis prevention, care, and treatment, and in strengthening the public health system, reaching millions of Nigerians. And that effort will continue.&#8221;



A month prior, Nigerian Minister of State for Health, Dr Tunji Alausa, reportedly expressed optimism about Nigeria&#8217;s progress in ending the HIV epidemic by 2030. Alausa revealed that Nigeria&#8217;s current HIV treatment coverage stands above 90%, with 1.6 million out of out of 1.9 million People Living with HIV/AIDS receiving treatment.



However, challenges persist, particularly in addressing the pediatric HIV burden. Dr Adebobola Bashorun, National Coordinator of the National AIDS, Viral Hepatitis, and STIs Control Programme (NASCP), reportedly disclosed that as of 2022, it was estimated that 159,923 children aged zero to 14 years were living with HIV; making it one of the countries with the highest paediatric HIV burden globally. 50,676 of the children were on treatment same year representing 32%.



In April 2019, the U.S. Centers for Disease Control and Prevention (CDC) and its partners launched an HIV Anti-Retroviral Therapy (ART) Surge in nine Nigerian states with the highest numbers of individuals with HIV not on treatment. The Delivering Technical Assistance Project (DELTA2), funded by CDC, and implemented by The Elizabeth Glaser Pediatric AIDS Foundation (EGPAF), commenced in the same year. Building upon the success of Project DELTA, DELTA2 focuses on providing technical assistance, capacity building, and program implementation services to advance the goals of PEPFAR and the Global Fund to Fight AIDS, Tuberculosis, and Malaria.



Speaking on the project in Nigeria, EGPAF Country Manager Dr Nguavese Torbunde tells FORBES AFRICA: &#8220;We have established Incident Command Centers at the five supported states and at the National level. Through the Social Network Testing (SNT) approach, 8,582 adolescents and young persons were tested for HIV, and 27 were identified living with HIV and linked to ART; 95 healthcare workers were trained from three states on Age-appropriate Disclosure for children and adolescents.&#8221;



DELTA2 is just one facet of EGPAF&#8217;s comprehensive efforts as Torbunde delves into four other projects, each targeting specific aspects of pediatric HIV care.



Through the Pediatric Breakthrough Partnership Project Phase I, she shares that &#8220;30,674 children and adolescents aged 0-19 years were linked and provided HIV testing services, and 617 were identified living with HIV and linked to ART.&#8221; The project also provided crucial treatment adherence guidance and support to 2,742 children and adolescents living with HIV, while training over 500 healthcare service providers in essential areas of pediatric and adolescent HIV care.

Covid-19, Nigeria

The Ongoing US-Nigeria Response To HIV/AIDS In Africa’s Most Populous Country

Women-founded companies in African health technology soared to new heights last year, raising $52 million in funding, 31% of the total investments compared to 2022’s 1.4%, which represents over 2,000% increase, as per Salient Advisory&#8217;s latest Market Intelligence report titled 2023 Roundup: Investments in African Healthtech.



The report establishes that it is an increase over the $2 million in funding that went to women-founded companies in 2022. Year-over-year, the number of deals that went to women-led companies in comparison were 26 deals in 2022 and 33 deals last year. Funding to mixed-gender founding teams increased from 10% in 2022 to 21% last year.



&#8220;The key driver in the overall increase was the fact that we saw large funding rounds for a number of women-founded companies, including Kasha’s $21 million round which is the largest by a woman-founded company in African healthtech,&#8221; Yomi Kazeem, Engagement Manager at Salient Advisory, shares with FORBES AFRICA.



&#8220;Alongside Kasha (Kenya), Dawi Clinics (Egypt), Maisha Meds (Kenya) and Chefaa (Egypt), collectively accounted for 75% of the total funding raised by women founders in 2023.&#8221;



He considers it great to see such large funding rounds for women, explaining that it aligns with his team&#8217;s advocacy to investors and donors for intentional approaches to providing funding to women founders with the aim of bridging long-running gender financing gaps.



For him, if the trend is sustained, the implication is that funding in African healthtech ecosystems will become more inclusive, with more &#8220;amazing&#8221; women-founded companies getting crucial early and late-stage funding to support their work. &#8220;It will also mean that these women founders will also be at the forefront of transforming health systems across the continent.&#8221;



The report also highlighted a nuanced perspective on funding dynamics within African healthtech receiving $167 million in equity, grant, and debt funding. While overall investments experienced a marginal 2% decline, the sector demonstrated resilience compared to the broader African tech ecosystem, which saw a substantial 39% drop in funding.



The African healthtech ecosystem’s number of deals rose by 17%, to a total of 145. However, the average ticket size for deals decreased by 15%, to $1.1 million, with 78% of innovators raising less than $1 million in individual deals. In total, 114 innovators received funding last year, with 23 of them receiving multiple investments.



Zillah Waminaje, Consultant at Salient Advisory, elucidating on the funding landscape, states to FORBES AFRICA, &#8220;The reality is that much of the funding deals for healthtech startups on the continent are grants, which typically have smaller ticket sizes. In 2023, 52% of all the deals we tracked were grants but this added up to just 7% of all funding, with an average ticket size of around $170,000.&#8221;



Waminaje further highlights the strategic significance of grants, emphasizing their role in validating business models and propelling growth trajectories for innovators.



&#8220;We expect to continue to see a large number of grant deals for healthtech companies, especially as grant-based programs like Investing in Innovation, which has an annual cohort size of 30 healthtech companies, deepens the important work they are doing across African healthtech ecosystems.&#8221;



The report unveiled a surge in funding activity, with a notable focus on online pharmacy solutions, primarily driven by Series B raises. Nigeria, Kenya, and Egypt emerged as focal points for investments, while francophone Africa witnessed a modest uptick, propelled by notable deals in Côte d’Ivoire.



Equity investments dominated the funding landscape, comprising 91% of total investments, with only a single debt-based investment recorded. Pre-seed and seed-stage funding collectively amounted to $36.8 million across 50 deals, and $99m was invested at Series A or higher stages across seven deals.



Last year also witnessed a doubling of merger and acquisition activity compared to 2022, with the report highlighting a burgeoning investor appetite for African health tech as over $600 million was raised in new funds.

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Women-Led African Healthtech Firms Secure $52M In Funding, Marking Over 2,000% Increase

From Nigeria to the United States and the world, the international business community is mourning the loss of the Group Chief Executive Officer of Access Holdings.



At the age of 57, Dr Herbert Wigwe, Group Chief Executive Officer of Access Holdings, met his untimely demise in a helicopter crash near the California-Nevada border, along with his wife Chizoba, son Chizi, and former Group Chairman of Nigerian Exchange Group Plc (NGX Group), Abimbola Ogunbanjo.



Wigwe&#8217;s journey in the finance world began at the age of 21 as a Management Consultant for Coopers &amp; Lybrand before qualifying as a Chartered Accountant at 23, setting the stage for a 36-year career marked by entrepreneurial strides and social responsibility. As Access Holdings, parent of Access Bank, one of Africa’s largest banking groups, mourned his passing, they remarked, &#8220;Herbert&#8217;s visionary leadership and unwavering commitment to social impact initiatives have left an indelible mark on Access Holdings and the communities we serve. His legacy will never be forgotten.&#8221;



Wigwe graduated from University of Nigeria, Nsukka, receiving a Bachelor&#8217;s Degree in Accountancy in 1987 followed by a Master’s degree in Banking and Finance from the University College of North Wales (now Bangor) in 1991. He bagged a Master of Science degree in Financial Economics from the University of London in 1996 and is an Alumnus of the Harvard Business School Executive Management Programme. He is a Fellow of the Institute of Chartered Accountants of Nigeria, a Fellow of the Institute of Credit Administration, and an Honorary member of the Chartered Institute of Bankers of Nigeria.



Having bought Access Bank alongside Aigboje Aig-Imoukhuede in 2002, Wigwe became Deputy Managing Director and later Group Managing Director/CEO in 2014, a position he held until May 2022. He was subsequently appointed a Non-Executive Director of the Bank effective May 2022. His tenure was characterized by strategic growth and impactful initiatives, including transitioning into a holding company structure to diversify and explore beyond banking opportunities in 2022.



Before Access Bank, Wigwe was the Executive Director at Guaranty Trust Bank where he spent over 10 years beginning as the Deputy Manager of the Corporate Bank arm.



Speaking on the merger with Diamond Bank in 2019, he shared insights in an exclusive interview with CNBC Africa, stating, “Access Bank has, over the years, built a very strong corporate banking business and commercial banking business, very strong on treasury and very strong on risk management. We have also built and pursued a value chain management strategy to deepen our retail incursion. Diamond Bank brings a very strong and phenomenal retail base. They have invested significantly in digital and they have been extremely successful as far as reaching out to customers with 17 million customers and a very significant retail base.”



Reflecting on his journey, Wigwe&#8217;s longtime business partner, Aig-Imoukhuede, emphasized their shared entrepreneurial spirit and mutual respect. Recounting their early days, he shared in an exclusive interview with FORBES AFRICA in 2016: “He was my closest friend in the bank and the professional colleague I most respected and I believe vice versa. So in terms of selecting a partner, he was the best person I could choose. I told Herbert, ‘listen we are doing this and we are doing everything we need to run a bank and the only way we can get that reward is if we are risking our own capital. So let’s get out and buy a bank, let’s do it together’. So Herbert’s entrepreneurial juices started running. We didn’t resign immediately, we were still giving GTB 100%, and nobody knew and we were talking to owners of banks.&#8221;



Beyond his banking endeavors, Wigwe&#8217;s influence extended to various sectors as Chairman of Access Bank (Ghana), Access Investment &amp; Securities Limited, and Central Securities and Clearing System (CSCS), Access Bank (UK) Limited and Unified Payments Services Limited. He was also a Board Member of Nigerian Mortgage Refinance Company and actively engaged in advisory roles, including the advisory Board for Friends Africa.



Wigwe committed to social change through the establishment of the Herbert Onyewumbu Wigwe (HOW) Foundation in 2016, dedicated to youth empowerment and health initiatives, particularly addressing malaria and prostate cancer. His vision for education led to the development of Wigwe University, a $500 million project set to commence academic session in September in his hometown of Isiokpo, Ikwerre Local Government Area of Rivers State, Southern Nigeria.



The outpouring of grief and tributes from world leaders, colleagues, and friends indicate the profound impact he had on lives.



French President Emmanuel Macron taking to Facebook expressed his condolences, highlighting Wigwe&#8217;s role in strengthening Franco-Nigerian relations. &#8220;France has lost a friend,&#8221; Macron lamented, acknowledging Wigwe&#8217;s efforts as President of the French Nigeria Business Council.



Ajuri Ngelale, Special Adviser to Nigeria&#8217;s President Bola Tinubu, conveyed Tinubu&#8217;s shock and distress at the loss of Wigwe and others. &#8220;Their passing is an overwhelming tragedy that is shocking beyond comprehension,&#8221; Ngelale quoted Tinubu.



Femi Otedola, Chairman of Geregu Power PLC, shared fond memories of Wigwe and his family in a post on X (formerly Twitter), describing him as a &#8220;banking genius&#8221; and emphasizing the lasting legacy he leaves behind.



The National Basketball Association (NBA) mourned Wigwe&#8217;s passing, recognizing his role as an investor in NBA Africa. The NBA&#8217;s condolences echo the sentiment shared by many who admired Wigwe&#8217;s contributions beyond the business world.



Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), expressed deep sympathies to the families affected by the tragic helicopter crash. She emphasized Wigwe&#8217;s significant contributions to Access Bank Group and extended condolences to his partner, Aig-Imoukhuede.



Festus Keyamo, Nigeria’s Minister of Aviation and Aerospace Development, recalled his last encounter with Wigwe and lamented the loss of a close friend and neighbor. He reflected on plans they had discussed for the aviation sector, highlighting Wigwe&#8217;s passion for innovation and collaboration.



Kashifu Abdullahi, Director-General of the National Information Technology Development Agency (NITDA), remembered Wigwe as a visionary leader dedicated to nurturing young talent and promoting educational opportunities. Abdullahi emphasized that Wigwe&#8217;s impact will continue to inspire generations to come.

Author: Oluwatomisin Amokeoja

FORBES AFRICA SOCIAL MEDIA