- Mastercard Foundation hosts conference on African tech funding to address decline in financial support for technology ventures in Africa
- Conference in Abuja gathered educators, investors, policymakers, and tech leaders to explore strategies for revitalizing funding for tech sector
- Emphasis on pivotal role of technology in advancing education and economic growth in Africa
- Discussions on building resilient and inclusive EdTech ecosystems, promoting digital literacy, and fostering collaboration among stakeholders
- Challenges faced by African EdTech sector include limited internet connectivity, infrastructural deficiencies, and declining funding for startups
Revitalizing African Tech Funding Through Collaborative Efforts
In a bid to address the concerning decline in funding for technology ventures across Africa, the Mastercard Foundation recently hosted a pivotal conference in Abuja. The event brought together a diverse group of stakeholders, including educators, investors, policymakers, and technology leaders, all united in their goal to explore strategies and forge partnerships aimed at revitalizing financial support for the continent’s burgeoning technology sector.
Challenges in African EdTech Funding Landscape
Rosy Fynn, the Foundation’s Country Director for Nigeria, emphasized the intensifying funding challenges that have left many innovative tech startups and educational initiatives struggling to secure essential resources for growth. Despite receiving $81 million in investments in 2021, the number of funded companies dropped from 29 in 2021 to 23 in 2023, underscoring the hurdles faced by the EdTech sector in Africa.
Ojoma Ochai, Managing Director of CCHub, shed light on the challenges faced by EdTech companies, including limited internet connectivity, infrastructural deficiencies, and unreliable electricity. These obstacles hinder the development and scalability of innovative educational solutions, highlighting the urgent need for collaborative efforts to address these issues.
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Building Resilient and Inclusive EdTech Ecosystems
The conference’s opening panel delved into the question of building resilient and inclusive EdTech ecosystems, with Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, emphasizing the importance of a robust digital literacy agenda. He envisioned a future where widespread digital literacy would empower individuals to effectively use modern technologies and bridge the digital divide, ultimately fostering a more inclusive economy where all Africans can participate fully in the digital age.
Joseph Nsengimana, Director of the Mastercard Foundation Centre for Innovative Teaching and Learning, stressed the need for forward-thinking and inclusive pathways in EdTech. He advocated for increased collaboration between EdTech innovators, telecom companies, and the government to drive innovation and enhance educational outcomes in the region.
Addressing the Gap in Support for EdTech Companies
Albert Nsengiyumva, Executive Secretary of the Association for the Development of Education in Africa (ADEA), called for greater synergy between policymakers and educational investment foundations to support EdTech companies effectively. The conference aimed to bring stakeholders and the government together to identify critical gaps and discuss strategies to make investments in education more attractive.
The Mastercard Foundation’s commitment to transforming education across Africa through innovative technology and collaborative efforts was evident throughout the conference. Participants engaged in detailed discussions on integrating digital tools in classrooms, developing scalable educational platforms, and ensuring equitable access to learning resources. Successful case studies and best practices were shared, highlighting the potential for meaningful impact through strategic partnerships and knowledge sharing.
The Mastercard Foundation’s initiative to convene key stakeholders and address the challenges facing African tech funding represents a crucial step towards revitalizing the continent’s technology sector. By fostering collaboration, sharing best practices, and advocating for inclusive and forward-thinking approaches in EdTech, the foundation is paving the way for a more innovative and sustainable future for education in Africa.
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