According to a recent study by World Mobile, a leading blockchain-based mobile network operator, Telecoms will become the fastest-growing industry in Africa within five years.
Out of four top executives that participated in the study, three (75%) threw their weight behind Telecoms. They believed that the sector would witness massive growth in the next five years. It surpassed both the healthcare and tourism sectors which came in at 71% and 44% respectively.
When asked the reason behind their choice, the executives stated that an improvement in internet connectivity had led to undeniable economic growth across other sectors. Furthermore, 66% of the excos are sure that internet connectivity is an important factor for growth while 20% believe it’s “very important”.
The interviewed business executives were drawn from Tanzania, Angola, Botswana, Cameroon, Ethiopia, Ghana, Nigeria, and South Africa, with total annual revenue of over $6.75 billion.
The table below shows which sectors the executives believe will grow the most in Africa in the next five years.
| Sector | Percentage (%) |
|---|---|
| Telecommunication | 75% |
| Healthcare | 61% |
| Tourism | 44% |
| Financial Services | 36% |
| Retail | 36% |
| Manufacturing | 22% |
| Education | 22% |
Micky Watkins, CEO of World Mobile, says, “The expansion of telecoms across the African continent is central to driving economic growth. Senior business executives agreed with him as they rank telecoms well ahead of other major sectors of the economy. Not all parts of Africa however have strong internet connectivity and we want to help by providing a service which is affordable and reliable and looks forward to working with governments across the continent”.
How World Mobile Strives to Increase Connectivity in Africa
Although Google’s Equiano subsea cable landed in Tanzania days back, in their bid to connect Africa to Europe, World Mobile’s balloons will be the first launch in Africa for commercial use. The Telecom giant is offering Africans a cost-effective internet connectivity option. Their goal is to bring about four billion people online before 2030 in line with the UN and World Bank’s SDGs.
Notably, World Mobile has adopted a more social and eco-friendly approach according to government terms. They seek to create a positive societal impact through their business model—a “sharing economy” where Africans can share in the ownership and rewards of the network.
Dear reader, we hope this article was insightful. Join our mailing list today and stay up-to-date on reports from the world of tech. You’ll also receive notifications on the latest news on African Tech Startups.
