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Businesses Of The Future: 20 New Wealth Creators On The African Continent

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Sector: education, coding
Arlene Mulder, 34, South Africa
Co-founder: WeThinkCode and Toybox

Arlene Mulder, Co-founder of WeThinkCode and Toybox. Picture: Motlabana Monnakgotla

After seven years as an investment banker, Arlene Mulder left the finance world to start a tech company that aims to democratize and revolutionize education and deliver the world’s top software engineers.

She co-founded an educational institution called WeThinkCode in 2016.

In high school, Mulder enjoyed solving mathematical problems and challenges many thought were difficult.

“You had to use different rules, but you could use these rules to solve problems in innovative ways and that’s what I always love,” she tells FORBES WOMAN AFRICA.

With her love for maths, she went on to graduate cum laude with an MSc degree in Quantitative Risk Management at North-West University.

As a student, she stayed at the university residence, where she learned and understood the challenges students faced, unaware this insight would culminate in her business model for WeThinkCode.

After her studies, she joined a grad program and then worked on developing credit risk models.

In 2008, in the middle of the global financial crisis, she joined RMB and the banking world, focusing on quantitative credit risk analysis for two years.

At the age of 26, she then moved to a corporate finance position working with senior players at the bank as a Corporate Finance Transactor for five more years.

She learned how CEOs and corporates think strategically. “They were all worried about what was coming, the digital transformation and the Fourth Industrial Revolution.

With skills in business and coding, Mulder did not only have the upper hand, but could see a gap between the two industries.

The need was for people with new skills, who could understand technology, and how to use them in a business context and to solve problems.

Identifying this problem provided Mulder the idea to change the landscape.

She then met a woman by the name of Camille Agon, who told her about a school in France, Ecole 42, a private, non-profit and tuition-free computer programming school.

At the end of 2014, Mulder quit her job and the two set out to start a similar school in South Africa, focusing on skills for the 21st century. They called the school WeThinkCode, partnering with Ecole 42 in France.

It uses the principle of no-teachers-no-classes, peer-to peer learning, requires no prior qualification and is tuition free.

“If you look at the traditional education model, students pay tuition. Everyone told us ‘no, you are crazy, how can you make it free for students, they are not going to value it, it is never going to work’.”

But Mulder and Agon ignored the criticism.

“Instead of getting the students to pay for the tuition, we’d rather get the corporates to pay,” Mulder says.

But it wasn’t easy. They didn’t give up.

What kept them going was the need to change the education system in South Africa.

In nine months, they were able to secure R11 million ($778,000). 

“I think what we did very well is that even though we set up WeThinkCode as a non-profit, we run it like a business and made sure we were completely on top of things. We had models, we knew all the regulations, so we just made sure that we maintained a high quality.”

Exactly three years ago, they opened their doors to the first batch of students.

To date, they have over 38 corporate partners who sponsor tuition fees and provide students internships.

About 600 students have enrolled since they started.

According to Mulder, of the first class of students at WeThinkCode, 100% of them graduated and were placed in jobs. The second class will be completing at the end of May this year.

Last year, they expanded and opened a campus in Cape Town and introduced a robotics lab. She also co-founded Toybox, a tech hub which is a network of experts and fellows from around the continent who share information and knowledge, grow investments and enable collaborations.

Both the companies she co-founded are two different ventures but similar ideas.

Mulder’s mission is to show that new wealth can be created in Africa.

“If you look across the continent and what we are doing here, and the innovations we have, often the world does not see that. They see the problems, they see the corruption. But actually we are very innovative and we can be the best in the world and I would like to show the world that,” she says.


Sector: Coding, energy
Rachel Sibande, 33, Malawi
Founder: mHub and Earth Energy

Rachel Sibande, Founder of mHub and Earth Energy. Picture: Motlabana Monnakgotla

From the age of 11, Rachel Sibande wanted to become a French teacher. But that dream did not come to fruition. Instead, she founded Malawi’s first innovation hub called mHub.

Sibande grew up living between Malawi’s two towns, Lilongwe and Blantyre. In high school, she was enamored with the sciences. By the time she went to university, she was certain she wanted to study technology and computers.

She studied computer science and statistics at the University of Malawi, following it up with an MSc in Information Theory, Coding and Cryptography at Mzuzu University. After completing her studies, Sibande went on to teach at one of the of the country’s elite high schools, Kamuzu Academy, for two years.

“I never had an opportunity to study there but I had a chance to go there and teach, so it was still motivational,” she says.

She then left and worked as a market system specialist for the United States Agency for International Development (USAID) within their social economic growth portfolio for funded projects.

In 2012, she was part of the Young African Leaders Initiative in Chicago.

“It was a pivotal moment for me because at that time, I knew I was very passionate about creating change in my country, she says.

While in Chicago, she visited a tech hub for the first time.

“When I saw the work that they were doing, it was a light bulb moment, like an aha moment, where I was like ‘ok, now I have actually found what it is that I need to go start back home that will quench my curiosities and that I can use to make the change that I want to see’,” she says.

This ‘aha moment’ saw her going to Kenya to learn about their technology hubs, and to Rwanda and Zambia.

Inspired, Sibande learned what worked and what didn’t and how she could implement it in Malawi.

“That process helped me come up with a business model for the mHub in Malawi that has helped us to actually be sustainable till this day.”

She started mHub in 2013 as a social enterprise and private technology company.

“I was leveraging my tech expertise. I realized the greatest capital I have is my intellectual capital,” she says.

With just her skill-sets in coding, developing algorithms and technology solutions, she started the company developing websites and enterprise systems.

“I realized there were no platforms like that in Malawi at the time, and I wanted to see and encourage young people to consider careers in tech,” she said.

The company would generate social improvement programs, which led her to setting up the mHub trust.

Through the trust, she trained youth, particularly young girls in digital skills; from the basics of animation to apps and robots.

Since 2013, Sibande says they have reached over 30,000 young people in the country, within all their programs.

Fast forward to 2018 and they have grown exponentially.

Today, mHub also incubates innovative entrepreneurs from the tech, agriculture, architecture and construction industries.

They offer innovative entrepreneurs $40,000 each, with support from external investment partners.

One of the entrepreneurs they have incubated harvests human urine to produce fertilizer at a lower cost than chemical fertilizers.

While working, Sibande realized the constant electricity cuts in Malawi posed serious problems to her business.

“It was even embarrassing for me to have international calls and Skype calls with colleagues outside the country because of the power challenges. So as an innovator, you see the solution in every problem,” she says.

“I had been researching the idea of using locally-available resources to generate electricity to cater for 90% of the population not connected to electric grids, and a third of them who are actually poor.”

She researched low-cost affordable energy in India, Uganda and other countries, for solutions.

And that solution was right in front of her eyes. It was the staple food of Malawi, maize crops.

Sibande reached out to Florida Polytechnic University, a project-based STEM education institution, to help her idea come to life.

They provided her with the technical support to start Earth Energy, an energy business that uses maize cobs to generate electricity.

At the time, they generated enough electricity, using maize cobs, to cater for lighting four houses for six to seven hours.

She employs five people within Earth Energy and buys maize cobs from community members who would have thrown them away.

“I believe in starting where you are from, where you are, and with what you have,” she says.

She pitched her idea at the Next Einstein Forum global gathering in 2018 and received $25,000 prize money for her business idea, ‘Light from Maize’.

She plans to use this to invest in machinery to deploy community micro grids.

She spends her time between Malawi and South Africa, as she is currently completing her PhD in computer science at Rhodes University in the Eastern Cape.

“For me [new wealth creation] is about creating opportunities for others and for growing my country’s economy and the continent. I believe that for a long time we have had to import solutions from elsewhere, which meant exporting wealth. So, creating new wealth now, means that we are exporting solutions. We develop home-grown solutions, we export wealth, we retain wealth and it lives within our communities and our continent,” she says.


Sector: Sustainable energy
Sarah Collins, 48, South Africa
Founder: Wonderbag

Sarah Collins, Founder of Wonderbag. Picture: Motlabana Monnakgotla

It is round, made of recyclable material, and uses no heat, electricity or fuel. It is called the Wonderbag.

It cooks food using heat retention, estimated to cut carbon emissions by half a ton per year.

This slow cooking bag was founded by Sarah Collins in 2008.

Her company was honored by TIME Magazine as one of the most genius companies of 2018, alongside Steve Job’s Apple and Rihanna’s Fenty.

Collins’ Wonderbag was a result of years of activism in South Africa. She grew up on a farm in KwaZulu-Natal, spent most of her time with her nanny and learned to speak isiZulu before she learned to speak English.

By the age of 10, she had learned a great deal about farm traditions, such as using firewood to cook, riding horses, selling vegetables and tending to farm animals.

“As kids, we grew up very entrepreneurial and so that laid the foundation for what was to become my life,” she says.

As a teen, Collins began to understand the social injustices of apartheid. In 1986, she was one of the many arrested for striking against the apartheid government.

Collins said her experiences moulded her into becoming a gender and anti-poverty activist.

“I think the discontent and also the inequalities and a sense of not belonging in any world bred in me an activism which has shaped my entire life,” she says.

In the 1990s, she left South Africa to work in tourism in Botswana and began working with women on empowering them around conservation.

She started a horse safari business and later, a social enterprise involving local communities in the Okavango Delta.

She then returned home to South Africa and started an NGO that integrated young people and the elderly into nature reserves to learn about tourism and conservation.

She ventured into other social businesses after that.

“I tried everything from earthworm farming, vegetable gardening, recycling, and dress-making; every social enterprise I could think of that would fit around a household so that the mother or grandmother was still present but could generate an income,” she says.

In 2008, she had her biggest epiphany.

“I was thinking about my grandmother and how in the 70s, we didn’t have electricity on the farms, so would we cook with these boxes. And the Wonderbag was born.”

It reduces fuel emission, conserves forests with less firewood used and reduces electricity usage.

“Why can’t heat retention work? Why can’t it be the energy of the future?” Collins asked herself at the time.

Together with 500 women, they played around with heat retention cooking as a pilot program and the results were successful.

 “Africa has the most fertile land of female entrepreneurs in the world,” she says.

“I knew in my heart that my life would never be the same and this was going to be one of the revolutionary products in the world in terms of cooking.”

Whenever she spoke about the idea, people thought she was crazy.

Today, Wonderbag is sold in 32 countries globally.

It can be found in refugee camps in Africa and the Middle East, and in households across Africa.

Last year, she was awarded ‘Woman of the Decade in Entrepreneurship’ at the World Economic Forum. Collins plans to have 50 million more bags in homes in the next five years.

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Forbes Africa | 8 Years And Growing

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As FORBES AFRICA celebrates eight years of showcasing African entrepreneurship, we look back on our stellar collection of cover stars, ranging from billionaires to space explorers to industrialists, self-made multi-millionaire businessmen and social entrepreneurs working for Africa. They tell us what they are doing now, how their businesses have grown, and where the continent is headed. 

Since its inception in 2011, and despite the changing trends in the publishing industry, FORBES AFRICA has managed to stay relevant, insightful and sought-after, unpacking compelling stories of innovation and entrepreneurship on the youngest continent, in which 60% of the population is aged under 25 years.

 Many of those innovations have been solutions-driven as young entrepreneurs across the continent seek to answer questions that have burdened their communities.

 Always on the pulse, FORBES AFRICA has chronicled and celebrated those innovations – prompting the rest of the globe to pay attention and be fully engaged.

 A prime example of this is the annual 30 Under 30 list, which showcases entrepreneurs and trailblazers under the age of 30 from business, technology, creatives and sports. In 2019, we had 120 entrepreneurs on the list, finalized after a rigorous vetting and due diligence process to well laid down criteria.

 We have always maintained the highest standards of integrity in all our reporting.

 As we transition into the next milestone, FORBES AFRICA reflects on the words of civil rights activist Benjamin Elijah Mays, who once said: “The tragedy of life is not found in failure but complacency. Not in you doing too much, but doing too little. Not in you living above your means, but below your capacity. It’s not failure but aiming too low, that is life’s greatest tragedy.”

 With the transformation in the media landscape, the recent awards given to the magazine for the work done by a hard-working, determined and youthful team, serve as a reminder that we are doing something right.

 Early this year, FORBES AFRICA journalist Karen Mwendera received a Sanlam award for financial journalism as the first runner-up in the ‘African Growth Story’ category. In January, FORBES AFRICA’s Managing Editor, Renuka Methil, received the ‘World Woman Super Achiever Award’ from the Global HRD Congress.

 In reflecting on the last eight years, this edition revisits a few of the strong, resilient men and women who have graced our covers.

For some, fortunes have literally changed, as witnessed in the fall of gargantuan African empires such as Steinhoff. Of course, there have been massive moments of triumph too, which have seen some new names feature on the annual African Billionaires List. There have also been moments of tragedy with former cover stars passing away.

 Africa is ripe for the taking and is seen as the next economic frontier. The unique position the continent finds itself in will no doubt give FORBES AFRICA plenty to report on. Here’s to more deadlines and debates for the next eight years.

– Unathi Shologu

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Mastercard: Diligent About Digital In Africa

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Mastercard knows only too well that technology can drive inclusive financial growth with simpler and more efficient ways to do business and life. And Raghu Malhotra, the man spearheading this trajectory in Africa, is also focused on social progress.


In many ways, Raghu Malhotra is like the brand he works for, leaving his footprints in different parts of the world, and in some cases, the most unlikely corners.

On a scorching summer’s day in June 2016, Malhotra traveled 100km east of Jordan’s capital city Amman, to a camp with white tents named Azraq built for the refugees of the Syrian Civil War.

In the desert terrain and hot, windy conditions, people had to queue for hours on end for plates of food handed out of visiting trucks. But some of them, displaced and homeless overnight, expressed their gratitude to Malhotra, President for Mastercard in the Middle East and Africa (MEA).

Mastercard, a technology company that engages in the global payments industry, had distributed e-cards, as part of a global collaboration with the World Food Programme, to the refugees that they could now use to purchase food and other supplies from local shops.

READ MORE | The Big Bank Theory: South Africa’s Banks Of The Future

 “I spoke to the people myself and saw what their lives were… Even those who were doctors with their families and were displaced… They said to me ‘you have restored dignity to our lives; you have no idea how demeaning it is to queue up to be given food’… We actually digitized how that subsidy for food was given. Some of these things go beyond economics,” says Malhotra. 

Beyond economics.

That very simply sums up Malhotra’s mandate for Africa as well.

The New York-headquartered Mastercard, ranked No. 43 on Forbes’ list of the World’s Most Valuable Brands, with a market cap of $247 billion, which connects consumers, financial institutions, merchants, governments and business, is fostering key partnerships across the African continent to help drive inclusive economic growth.

The idea, Malhotra says, “is to get our global skill-set to operate in its most efficient form in every local economy, at the same time, we must do good, and it must be sustainable.”

He calls Africa the next bastion of growth for various industries.

“As a company, we have stated we are going to get 500 million new consumers globally. And Africa plays a big part of that whole story… We want to be an integral part of various economies here,” says the man responsible for driving Mastercard’s global strategy across 69 markets.

Raghu Malhotra President for Mastercard in the Middle East and Africa. Picture: Motlabana Monnakgotla

“It probably took us over 20 years to get the first 50 million new consumers, in my part of the world, which is the Middle East and Africa (MEA). It took us probably five years to get the next 50 million, and last year alone, we put over 50 million consumers [in the formal economy] in MEA. That is part of our whole African story, so this is just not rhetoric; we are actually building our business on that basis.”

Home to four of the world’s top five fastest-growing economies, Africa has the fastest urbanization rate in the world, the youngest population, and a rapidly expanding middle class predicted to increase business and consumer spending.

It’s a continent of opportunity for global players like Mastercard with an eye on the potential of a booming consumer base and small and medium entrepreneurs, most of whom are still not a part of the formal economy. A large proportion of Africa is still unbanked. There is enough business opportunity in offering people digital tools so they can lead respectable financial lives.

READ MORE | The Monk Of Business: Ylias Akbaraly Talks About Secret To Success And Plans To Take Africa With Him

But it is in knowing that financial inclusion is not just about technology, but more about solving bigger problems, as the World Bank says in its overview for Africa: “Achieving higher inclusive growth and reaping the benefits of a demographic dividend will require going beyond a business as usual approach to development for Africa. Going forward, it is imperative that the region undertakes the following four actions, concurrently: invest more and better in its people; leapfrog into the 21st century digital and high-tech economy; harness private finance and know-how to fill the infrastructure gap; and build resilience to fragility and conflict and climate change.”

And in order to enable financial access, Mastercard has a balanced strategy in place, with the right partnerships for inclusive growth on the continent, Malhotra tells FORBES AFRICA.

“Every emerging market has different segments of people and you need to get the right product for the right segment. What we do is a balanced growth strategy across the continent based on timing, opportunity etc… Of course, because the bottom of the pyramid is much bigger, I think what we need is to adapt things differently; that is where the inclusive growth story comes from. That is where the opportunity is, but there is a second part to it…” And that, he summarizes, is advancing sustainable growth, doing good and bringing more transparency and efficiency.

The new pragmatic dispensation of governments in Africa towards ideas, technology and innovation has surely helped open up the stage to newer segment-driven products, especially as Africa already has such global laurels as Safaricom’s mobile money transfer and micro-financing service M-Pesa that took financial access to a whole new level. Also, sub-Saharan Africa remains one of the fastest-growing mobile markets in the world.

READ MORE | Feisty And Fearless Pioneers Thandi Ndlovu & Nonkululeko Gobodo

Malhotra says he finds African governments consistent in how they are rolling out their digital vision, and in trying to collaborate towards creating better ecosystems for their economies, though each is unique with its own dossier of problems.

“When I speak to various governments around Africa, I see a commonality of what their needs are and I also see a commonality in how they are trying to respond. So I think a lot of them realize running cash economies is a very inefficient way of doing things… Also, the consumer base is much more open to new technology because there is no bedded infrastructure or legacy infrastructure. I think where governments need to start thinking a bit more is how much do they want to do completely on their own.”

Part of this transformation on the path to financial progress is alleviating the burden of cash. Cash still accounts for most consumer payments in Africa. Mastercard, which started out as synonymous with credit cards, continues its efforts to convert consumers from cash to electronic transactions, and move beyond plastic.

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Pioneer For Women In Construction Thandi Ndlovu has died

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The cover of the August (Women’s Month) edition of Forbes Africa beautifully captures the essence of the woman I interviewed only a few weeks ago. Gracious, soft-spoken, brimming with life and energy. Dr Thandi Ndlovu impressed the entire Forbes crew on that afternoon cover shoot with her broad smile, and open yet powerful demeanor.

It is with great sadness that Forbes Africa heard of the accident that took her life on Saturday the 24 August 2019.

READ MORE |COVER: Feisty And Fearless Pioneers Thandi Ndlovu & Nonkululeko Gobodo

She had given so much to South Africa and its people – through the apartheid years and during the 25 years of democracy, literally building a better future, first through her medical practice at Orange Farm and then through her company, Motheo Construction Group and the scholarships for tertiary education granted by her Motheo Children’s Foundation.

That sunny winter’s afternoon, I asked her if she, at the age of 65, was considering retirement, and she laughed. A lively, amiable laugh. She told me she was healthy and strong and easily worked 12 to 13 hour days.

READ MORE | WATCH | Making Of The Women’s Month Cover: Thandi Ndlovu & Nonkululeko Gobodo

She loved hiking, and has climbed Kilimanjaro twice, reached the base camps of Mount Everest and Annapurna in Nepal. At the time of the interview, she was training to climb Machu Picchu, the famed ruins in Peru’s mountains.

One of her biggest passions was to make a difference in people’s lives and to motivate people to achieve the best they could. The other was to redress the racial tensions that still remained in South Africa.

Dr Thandi Ndlovu, South Africa is poorer for your passing.

-Jill De Villiers

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