Business 5mins 23 Mar 2020

Tolu Davids

Tech Business in Africa

Tech business in Africa is growing rapidly with surveys pointing to Nigeria, South Africa, and Kenya as leading countries in this space. However, there are some challenges facing African tech businesses. Some of them and their solutions would be discussed in this article.

 

Problems of Africa Tech Business 

The problems facing African tech businesses cannot be overlooked. We shall be discussing and analyzing three (3) of the common problems.

Over the years, enterprise companies in African do not trust locally developed tech solutions; they prefer to engage foreign companies in the US, Europe, and some Asian countries for their software acquisition. Though these companies do not have African processes in mind during the development phase. They also believe they do not have the expertise to proffer excellent solutions with good after-sales support. 

Secondly, access to finance has a huge impact on African Tech companies' operations. Many have folded up because the Government has not created an adequate enabling environment for them to thrive and the Financial Institutions have not done enough to extend loan facilities to this sector of the economy. Also, there are readily no available angel investors to support the early stages of tech business ideation considering that the business requires huge overhead for engineers and software developers at their early stage. This makes the ecosystem unfavorable for tech companies and as a result, many of them are unable to meet the expectations of their customers because of their inability to adequately service their overhead costs.

Finally, recently there has been a decline in the available skillset in the African tech ecosystem because most skilled developers/engineers have had to relocate to countries like Canada, the USA, and other European countries in order to search for better opportunities and working conditions.

 

Instiq’s Solution to Tech Business

InstiQ's Impact

Over time, people have entrusted us with little projects however they now entrust us with bigger projects at enterprise scale. We have evolved to be the key partner of some leading financial institutions in Africa (over (22) Twenty-Two countries) with the development and support of bespoke software solutions.

It is no doubt that tech solutions are better delivered by African tech companies who have the right mix of experienced personnel like us. Based on the quality of projects delivered over time, more companies have engaged us to proffer solutions that would enable them to achieve their objectives including creating better experiences for their clients.

Also at Instiq, we believe that our business is not only centered around making huge turnovers. One of our business goals is to make a considerable impact on the lives of all the people we come in contact with. We are committed to impacting our community positively, this we have continuously done by reaching out to well over hundreds of thousands of people who are interested in building and developing their career in software development. This would, in turn, increase the number of skilled personnel in Africa while also addressing the issue of unemployment to a large extent.

Our solution to African tech problems is encapsulated in our mission statement-"Revolutionising the African tech space”.


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