10 biggest African tech stories of 2024
- Mercury announced it would terminate accounts for African startups in 13 countries due to compliance concerns, impacting many founders.
- The Central Bank of Nigeria raised the cybersecurity levy on electronic transactions, leading to public backlash and eventual suspension of the policy.
- Jumia decided to close operations in South Africa and Tunisia to focus on more profitable markets, following a significant drop in revenue.
The developments in Africa's tech sector reflect both the opportunities and challenges present in a rapidly evolving market. While the emergence of unicorns and significant investments indicate growth potential, regulatory hurdles and market competition pose risks that could hinder progress. It will be crucial for local players to adapt and innovate to thrive in this dynamic environment.
