Africa’s digital economy and investment potential dominated Day Two of the B20 South Africa Summit yesterday, where some of the continent’s most influential corporate leaders argued that Africa is not just open for business, but primed for a digital leap.
MTN Group’s Ralph Mupita, Axian Group CEO Hassanein Hiridjee and Sand Technologies CEO Fred Swaniker unanimously declared that Africa’s digital, financial and energy revolutions are converging to create unprecedented opportunities for investors and entrepreneurs.
Mupita, MTN Group president and CEO, set the tone in a compelling conversation, moderated by McKinsey & Company Africa chairman Acha Leke, when he introduced the telecoms giant’s growth as the continent’s largest mobile network operator with over 300 million subscribers. He highlighted that Africa’s structural gaps in digital infrastructure represent one of the greatest investment runways of the continent’s present digital and technology period.
“As MTN, we make about 80% of our earnings outside South Africa. What we have seen is a tremendous opportunity, particularly if you follow the deficit. Africa is our home, and we have to find a way to make it work. The opportunities far outweigh the challenges.”
Speaking ahead of the G20 Summit, which gets underway for the first time in Africa this weekend, Mupita stressed that digital networks and services will be the most powerful accelerant of Africa’s growth over the next three decades. “When you give somebody a phone and a reliable connection, you empower them. Digital infrastructure is how Africa leapfrogs its historic constraints,” he said.
Also on the panel, Hiridjee of the Pan-African Axian Group, which has interests in telecoms, energy, financial services and infrastructure across more than 10 African countries, added that Africa is entering a digital and economic transformative moment.
“We are at the intersection of digital, financial and energy revolutions. This convergence is unlocking opportunities we have never seen before,” he said.
Adding his voice to the powerful panel, Fred Swaniker, founder and CEO of Sand Technologies, which is rapidly expanding AI and cloud engineering capabilities across Africa, said the continent is becoming an irresistible magnet for innovators.
“I believe Africa is open to many entrepreneurs. Africa is a metropolised paradise for entrepreneurs. The momentum is real.”
The B20, the business arm of the G20, plays a crucial role in shaping the agenda, influencing policies on digital transformation, trade, energy transition, and financial inclusion.
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