Africa's Latest Unicorn: Moniepoint Reaches $1 Billion Valuation
Nigerian fintech startup Moniepoint raises $110 million, tripling its valuation to $1 billion, amid declining VC investment in Africa.
Max Carter
The cost of mobile data varies greatly across Africa, with substantial disparities in the price of 1 Gigabyte (GB) of data. A recent analysis of six African countries reveals that South Africa has the highest cost of 1GB data at $1.77, while Nigeria has the lowest at $0.38.
The average cost of 1GB of data has decreased from $12.44 in 2010 to $1.57 in 2020, indicating a reduction in data prices following increased internet adoption globally. The number of internet users in Africa has reached approximately 646 million, with Nigeria and Egypt accounting for nearly a third of these users.
The data usage per smartphone is projected to increase almost four times, reaching 46 GB per smartphone per month globally by 2028. This growth will be fueled by evolving consumer habits, particularly the escalating demand for mobile video streaming and the increasing use of data-hungry artificial intelligence apps.
The cost of data is expected to decrease, making internet access more affordable and accessible to millions more people across the continent. This trend is poised to have a significant impact on the tech and startup ecosystem in Africa, enabling greater digital transformation and economic growth.
Nigerian fintech startup Moniepoint raises $110 million, tripling its valuation to $1 billion, amid declining VC investment in Africa.
Catch up on the latest developments in space technology, including Inversion Space's $44 million Series A, Blue Origin's New Glenn suborbital vehicle, and SpaceX's Starship rocket milestone.
Perplexity's AI-powered search engine grows its publisher program, but faces criticism over content use and revenue sharing terms.
Copyright © 2024 Starfolk. All rights reserved.