Key Takeaways
- • Kola Aina, convener of Ventures Platform, told the Africa Prosperity Summit 2026 that African startups must align funding strategies with real business economics as venture capital becomes more selective and scarce.
- • Mayowa Kuyoro of McKinsey & Company said Africa attracted approximately 1% of global equity investment in 2024, about $2 per capita, versus $480 per capita in the United States and $9 in Latin America.
- • Kenya, Nigeria, Egypt and South Africa accounted for roughly 72% of African equity funding, with Kenya alone representing about 25%, while debt financing has grown roughly 30% annually.
- • Kuyoro cited close to $4 trillion in African domestic capital that could be deployed if pension funds and other domestic investors are offered suitable investment assets.
- • Average time to exit was about 3.5 years and trade sales accounted for roughly 70% of exits in 2025, though limited disclosure makes actual returns difficult to measure.
Summary
The Africa Prosperity Summit 2026 (APS 2026), held under the theme "Scaling Through Change: Capital, AI, and the Real Value of Africa's Innovation Ecosystem," focused on how African technology companies can scale, secure appropriate capital, expand exit options and compete globally. According to Techeconomy, stakeholders urged startups to align funding strategies with the economics of their businesses as investors grow more selective and venture capital availability tightens.
Kola Aina, convener and founding partner of Ventures Platform, said sustainable growth would depend on businesses that solve real market problems, attract appropriate funding and unlock domestic capital. He said the venture environment now requires founders to demonstrate underlying value rather than rely on attractive valuations, and noted that the withdrawal of some international funding has made African startups more dependent on local fund managers. Aina also questioned who would acquire African technology companies and what conditions would be needed for successful exits, and he downplayed claims that AI was responsible for most recent workforce reductions, describing restructuring as a normal business practice.
In her keynote, Mayowa Kuyoro, partner and head of McKinsey's Africa Financial Services Group, assessed the ecosystem across six measures, including capital deployed, companies built, employment, financial inclusion, digital inclusion, and exits and returns. She said that while the continent attracted roughly $2.5 billion in annual equity funding, investment remains concentrated, and debt financing is growing as the ecosystem matures. Fintech accounts for about 30% of equity funding. Kuyoro also cited growth in formal financial account ownership among adults from 34% to 58%, mobile money transaction value of approximately $1.4 trillion in 2025 (about two-thirds of global mobile money value), and an increase in average employees per funded startup from 32 in 2021 to 125.
Kuyoro argued that mobilising domestic capital is essential, referencing a report estimating close to $4 trillion in African domestic capital. She said unlocking these resources requires investment assets matching the risk appetite of domestic investors, particularly pension funds. She also identified policy barriers, including taxes on digital devices and restrictions on payment infrastructure, as areas requiring reform to broaden technology adoption.
The summit's panels and workshops addressed financing beyond venture capital, AI infrastructure, tokenisation and stablecoins, and the regulatory cost of investing in African markets. Fireside conversations with Tidjane Deme of Partech and Dotun Olowoporoku of Ventures Platform examined capital deployment and fund returns.
Kola Aina, convener and founding partner of Ventures Platform, said sustainable growth would depend on businesses that solve real market problems, attract appropriate funding and unlock domestic capital. He said the venture environment now requires founders to demonstrate underlying value rather than rely on attractive valuations, and noted that the withdrawal of some international funding has made African startups more dependent on local fund managers. Aina also questioned who would acquire African technology companies and what conditions would be needed for successful exits, and he downplayed claims that AI was responsible for most recent workforce reductions, describing restructuring as a normal business practice.
In her keynote, Mayowa Kuyoro, partner and head of McKinsey's Africa Financial Services Group, assessed the ecosystem across six measures, including capital deployed, companies built, employment, financial inclusion, digital inclusion, and exits and returns. She said that while the continent attracted roughly $2.5 billion in annual equity funding, investment remains concentrated, and debt financing is growing as the ecosystem matures. Fintech accounts for about 30% of equity funding. Kuyoro also cited growth in formal financial account ownership among adults from 34% to 58%, mobile money transaction value of approximately $1.4 trillion in 2025 (about two-thirds of global mobile money value), and an increase in average employees per funded startup from 32 in 2021 to 125.
Kuyoro argued that mobilising domestic capital is essential, referencing a report estimating close to $4 trillion in African domestic capital. She said unlocking these resources requires investment assets matching the risk appetite of domestic investors, particularly pension funds. She also identified policy barriers, including taxes on digital devices and restrictions on payment infrastructure, as areas requiring reform to broaden technology adoption.
The summit's panels and workshops addressed financing beyond venture capital, AI infrastructure, tokenisation and stablecoins, and the regulatory cost of investing in African markets. Fireside conversations with Tidjane Deme of Partech and Dotun Olowoporoku of Ventures Platform examined capital deployment and fund returns.
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