Mobile technology is one of the key developments attracting investment from abroad, leading accounting firm KPMG said today (Tuesday) at the African Venture Capital Association (AVCA) conference in Cape Town, South Africa.
Dapo Okubadejo, head of financial advisory services at KPMG in Lagos, Nigeria, said: “Mobile technology have a significant impact on productivity…which translates into economies moving forward.”
Okubadejo presented on the African private equity and venture capital landscape at the Alpha AVCA conference at the Westin Hotel this morning.
Findings of the firm’s research reveals a “more diverse” investor pool since 2011.
African countries in the high investment attraction category include South Africa, Botswana and Uganda.
Kenya, South Africa and Nigeria are the top developing markets.
The financial advisor expert believes the key to successful investment lies in local interest.
“You really need to be in the streets of Africa to feel the pulse of what is going on across Africa,” Okubadejo said, illustrating the importance of being in touch with the local market.
Investors aiming for Africa are “tapping into a continent that is very fast moving off its feet,” he said.
The growth of the African population, as well as the revolution taking place with the number of bandwidth projects is deemed “phenomenal”.
Okubadejo emphasised the increasing deals across a number of sectors despite the logistical challenges are “driven by mobile technology to further investment in mobile technology”.
“It is getting bigger and of better quality,” he said.
More positive signs include the increasing market size and investments across Africa.
“This is a continent that is ready to move.” He pointed to statistics, revealing opportunities are particularly “massive” in East Africa.
Acknowledging the many challenges Africa faces, he said: “We can either look at the opportunity from a problem perspective or [as] an investment opportunity.”
Different approaches of African governments are progressing towards a growing trend, the Nigeria-based accounting company finds.
This “refinement of strategy” reflects in more investment in post-conflict countries.
KPMG recently partnered with AVCA for a Pan-African survey aimed at all fund managers, marking a first for Africa.
