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Africa’s internet economy set to boom

from ALLOYCE KIMBUNGA in Dar-es-Salaam, Tanzania
DAR-ES-SALAAM – PROFESSIONAL investors forecast the value of Africa’s internet economy to double over the next three years from the current estimated $115 billion (R1.8 trillion).

Mobile phones are central to the expansion, new global research for blockchain-based mobile network operator World Mobile shows.

The study with professional investors responsible for around $700 billion assets under management by independent research company, Pure Profile, established that one in four expect Africa’s internet economy to be worth more than $200 billion by 2025.

Increased use of mobile phones will be central to the growth which will be further enhanced by improved affordability, the study with investors in Germany, Hong Kong, India, Japan, Nigeria, Switzerland, United Kingdom and United States showed.

Around 71 percent of investors expect affordability of mobile phones in Africa to improve over the next three years – currently it is estimated they account for around 6,8 percent of monthly incomes on average.

Nearly all professional investors (97 percent) believe the COVID-19 pandemic has accelerated demand for mobiles.

“Professional investors see the opportunities for the African internet economy and are clearly expecting mobile phones to play a central role in driving it forward over the next three years,” Micky Watkins, Chief Executive Officer of World Mobile, said.

World Mobile is launching its unique hybrid mobile network supported by low altitude platform balloons in Zanzibar.

It plans to roll-out throughout the continent.

It is already in discussions with government officials in Tanzania and Kenya, as well as other territories under-serviced by traditional mobile operators.

– CAJ News

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