New survey reveals lack of access to investors, reliance on international VCs and global recession trends as the biggest perceived barriers for East African tech start-ups to access funds as Covid 19 has slowed down investments across the region’s start-up landscape
NAIROBI, Kenya, March 22, 2023/APO Group/ —
The lack of access to investors, the reliance on international VCs and global recessions trends are perceived as threats by respectively 59%, 56% and 55% of respondents; 28% of respondents indicated that covid 19 had slowed down investment across the East African start-up landscape, making it the biggest impacting factor over the last twelve months; 54% of seed businesses rely on family and friends to provide funding; 74% of respondents needed to meet up to 5 investors before securing funds.
A new regional survey of tech start-ups across East Africa reveals that whilst investment levels remained relatively stable over the last twelve months, the heart of Africa’s start-up ecosystem perceives many roadblocks as having the potential to disrupt the region’s growth trajectory.
The survey entitled, ‘A Deep Dive into East Africa’s Start-up Ecosystem: Challenges & Opportunities’, attracted hundreds of respondents, with 25.9% being seed businesses, 28.7% being Series A businesses, 25% being Series B businesses and 20.4% being Scale-up businesses. The survey, conducted by regional tech event East Africa Com (https://apo-opa.info/3lpMoSE) and tech news portal Connecting Africa (www.ConnectingAfrica.com), is part of a benchmark survey mapping barriers faced by regional start-ups as well as opportunities to power nascent tech businesses in the region.
Funding trends
The survey found that access to funds over the last 12 months remained relatively stable compared to the previous period, as 25% indicated that year-on-year investment levels remained similar, whilst 25% and 19% of respondents indicated respectively a slight increase and a slight drop of investment levels.
Although 28% of respondents indicated that Covid 19 had slowed down investment levels across the East African start-ups landscape, making it the largest impacting factor for those young businesses, 17% of answers collected indicated that the pandemic had also boosted the digitalisation journey of the region, with a potential to create more opportunities for tech start-ups across the board.
The region remains a dynamic hub for start-ups which explains how 74% of tech start-ups only needed to meet up to 5 investors before securing funds. This number drops even further for seeds businesses as 52% of them needed less than 3 investors before securing new investments, a number that seems closely intertwined with their reliance (54%) on friends and family for fundraising. By contrast, 22% of series B businesses only managed to access new funds after reaching out to more than 10 different investors.
The report also establishes that whilst start-ups get investments from 2.1 different types of funding sources on average, the more established the start-ups become (series A, B and scale-ups), the more they can rely on crowd-funding, government-backed loans and bank loans as well as VCs to raise money. By contrast, seed businesses have an average of 3.7 different funding sources, with 54% of those young businesses relying on friends and family for funding.
Investment priorities
The survey unveils that the top three priorities of funding allocation focus on investing in equipment (26%)
Across all funding stages, entrepreneurs carefully plan the way they are allocating their funds. The survey unveils that the top three priorities of funding allocation focus on investing in equipment (26%), entering new geo markets (21%) and developing products (16%). Scale-ups especially put a strong emphasis on business expansion as 35% of them use funds to expand to new geographies.
Talent recruitment still receives 14% of the funds received across all funding stages. But attracting new talents doesn’t seem to be perceived as the biggest priority for fund allocation.
Challenges and opportunities
Whilst there is huge tech potential in the region, there are still significant roadblocks that need to be addressed for the region to maintain its competitive edge as a tech start-up powerhouse. After a few years of business disruption, East African start-ups seem tuned in to potential impacts of events happening on the global stage on the region. This is how 55% of respondents identify the risk of a global recession and / or national economic situations as a potential threat, with 32% identifying this as a very high barrier.
56% of respondents also identify the reliance on international VCs as a high risk for business growth, an interesting figure to look at considering survey answers were collected shortly before the SVB crisis unfold.
Most importantly, 59% of respondents perceive the lack of access to investors as a business barrier. In light of the SVB crisis, East African start-ups’ appetite to diversify their sources of funding is likely to only increase.
Positive developments are also underlined as part of this exclusive report, with many opportunities for growth being identified by start-ups. The report highlights that greater networks of supporting incubators (57%), a widening of the pool of industries receiving funds (56%) as well as the rise of local VCs / funding opportunities (55%) all represent excellent prospects for growth for East African tech start-ups. The report also highlights that 74% of respondents identify sustainability as very relevant for their business mission.
AHUB East, powering East African start-ups during East Africa Com
“We are proud to present these survey results which help us keep the pulse on East Africa’s vibrant tech start-up scene to better assess how our programme and networking experiences can help deliver solutions for promising tech businesses to access funding, be agile and resilient, whilst remaining both innovative and competitive” said Ciara McDonald Heffernan, Head of Events for East Africa Com. “Start-ups are a driving force towards economic growth in East Africa, but now more than ever we are determined to focus our efforts on creating a favourable environment for tech start-ups to thrive.”
As a result, East Africa Com will host on 26 April an exclusive day dedicated to unlocking new opportunities for the region’s tech start-ups, AHUB East. AHUB East will deliver a powerful mix of content with a focus, among other topics, on the critical role of the region’s tech start-up ecosystem to create a sustainable future across Africa, what the SVB crash means for start-ups across the region, and how to stand out to potential investors. To provide a wide array of perspectives, investors from Ingressive Capital, Wadson Ventures, South B Group, Africa50 and more will take the stage alongside some of the region’s most exciting start-ups, including Waga Tanzania, AFAYREKOD, Lifesten Health and more.
AHUB East will also be home to a lively pitch competition where tech start-ups will battle on stage as they showcase their solutions in front of a live audience of hundreds of tech and telecom leaders. Judging the live pitches and providing 1-2-1 feedback to the competitors will be tech start-up experts Laurie Fuller, Venture Partner at Raiven Capital, Dario Giuliani, Founder & Director at Briter Bridges and John Kimani, Developer Ecosystem Program Manager at Google Kenya.
Distributed by APO Group on behalf of East Africa Com.
This year’s U.S.-Africa Energy & Minerals Forum in Houston signals a strategic shift toward integrated energy and critical minerals investment, strengthening U.S. partnerships across Africa’s resource and industrial value chains
HOUSTON, United States of America, February 26, 2026/APO Group/ –The U.S.-Africa Energy & Minerals Forum (USAEMF) has relaunched with a dedicated focus on critical minerals, marking an important evolution in its role as a platform for U.S.-Africa commercial engagement. Building on its foundation in energy, power and industrial projects, the forum’s expanded scope positions it at the center of investment conversations shaping the future energy economy.
Scheduled for July 21–22, 2026, in Houston, Texas, USAEMF comes at a time of surging global demand for copper, cobalt, lithium, manganese and rare earth elements, driven by electrification, battery storage, AI infrastructure and advanced manufacturing. Africa is increasingly critical to securing these materials, highlighting how energy and minerals are now interconnected pillars of industrial growth, geopolitical stability and decarbonization.
The forum’s minerals mandate deepens engagement with African producers – particularly the Democratic Republic of Congo (DRC), home to some of the world’s largest copper and cobalt reserves. Momentum is building through the U.S.–DRC strategic minerals framework and the U.S.-backed Orion Critical Mineral Consortium, a major investment platform supported by the DFC and private partners. The consortium is pursuing a 40% stake in the Mutanda and Kamoto copper-cobalt operations in a $9 billion transaction, securing long-term supply for allied markets while reinforcing cooperation on infrastructure, security and supply-chain governance.
Placing critical minerals at the center while maintaining strong hydrocarbons engagement strengthens U.S.-Africa commercial ties
U.S. financing is also expanding across the region, with the DFC managing a continental portfolio exceeding $13 billion to support mining, processing and transport infrastructure for critical mineral supply chains. Recent commitments include rare earth, graphite and potash projects in Malawi, Mozambique and Gabon; broader investments in Uganda, Tanzania, Zambia and South Africa; and $553 million linked to the development of the Lobito Corridor. The DFC is also a major backer of TechMet, a U.S.-supported investment firm valued at over $1 billion, which is raising up to $200 million to expand copper, cobalt, lithium and rare earth assets and pursue new opportunities across the DRC and Zambia. Together, these initiatives underscore Washington’s push to diversify battery-mineral supply while positioning Africa as a long-term partner in clean energy and industrial value chains.
Houston’s role as host city reflects the alignment between American industrial capacity and African resource development. Long established as a global energy hub, the city is expanding into energy transition technologies, advanced materials, carbon management and industrial innovation. By convening African governments with U.S. private equity, development finance institutions, exporters, insurers and technical service providers, the forum creates a commercial platform capable of converting mineral potential into bankable projects.
“The evolution from USAEF to USAEMF reflects a broader shift toward integrated energy and mineral development,” states Nadine Levin, Portfolio Director at Energy Capital & Power, forum organizers. “Placing critical minerals at the center while maintaining strong hydrocarbons engagement strengthens U.S.-Africa commercial ties and advances projects that deliver long-term shared value.”
While critical minerals define the forum’s strategic expansion, the U.S.’ longstanding role in Africa’s energy sector remains central to the platform’s value proposition. American energy companies continue to advance exploration and development across key upstream markets, support gas monetization in the Gulf of Guinea and revitalize mature production in North Africa. U.S. export credit and development finance are also helping unlock large-scale LNG capacity in Mozambique while supporting optimization and expansion across existing gas infrastructure in West Africa – demonstrating how American capital, engineering expertise and risk-mitigation tools convert resource potential into delivered energy systems.
USAEMF is the leading platform connecting U.S. capital and technical expertise with Africa’s energy and minerals sectors. For more information or to participate at the upcoming forum, please contact sales@energycapitalpower.com
Distributed by APO Group on behalf of Energy Capital & Power.
The Pesalink–PAPSS partnership will reduce costs, speed up settlements, and help individuals, SMEs and businesses send money more efficiently across borders
NAIROBI, Kenya, February 26, 2026/APO Group/ —
Instant 24/7 bank-to-bank transfers across African borders in local currencies.
Simpler cross-border payments for individuals, businesses, and SMEs.
80 plus Pesalink network participants now linked to 160 plus PAPSS participating banks.
Pesalink, Kenya’s de facto instant payment network, has partnered with the Pan-African Payment and Settlement System (PAPSS) to ease cross-border payment and speed up regional financial integration.
The partnership enables instant 24/7 cross-border payments from PAPSS participants into banks and mobile money operators within the Pesalink network in Kenya, all settled in local currencies. This reduces complex correspondent banking requirements and reliance on foreign reserve currencies.
Kenyan banks will now be able to offer faster, cheaper cross-border payments
PAPSS, an initiative of the African Export-Import Bank (Afreximbank) in collaboration with the African Union and the AfCFTA Secretariat, enables cross-border payments between African countries. Pesalink is now a Technical Connectivity Provider. It means that 80 plus Kenyan bank, fintech, SACCO and telco participants on the Pesalink network will be connected to 160 plus commercial banks and fintechs on the PAPSS platform.
Cross-border payments remain expensive and slow for many African businesses. The 2023 (http://apo-opa.co/4baDSh7) World Bank Remittance Prices report indicates that sending money across African borders incurs on average 7-8% of the total value sent (above the global average of 6–7%). Settlement can also take three to seven business days.
The Pesalink–PAPSS partnership will reduce costs, speed up settlements, and help individuals, SMEs and businesses send money more efficiently across borders.
Speaking during the partnership signing held at Pesalink offices in Nairobi, PAPSS CEO Mike Ogbalu III said, “For PAPSS to deliver true impact, collaboration with national and private switches like Pesalink is essential. Pesalink is the first switch we’ve piloted for transaction termination in Kenya, and we are already seeing greater adoption by opening more channels for seamless, local-currency cross-border payments across Africa.”
Pesalink CEO, Gituku Kirika, said “Kenyan banks will now be able to offer faster, cheaper cross-border payments. They will be helping their customers grow more regional trading relationships and thrive in a more integrated digital economy.”
Distributed by APO Group on behalf of Afreximbank.
Second edition convenes global policymakers, business leaders, and innovators to accelerate Africa’s integration into global trade
CAPE TOWN, South Africa, February 26, 2026/APO Group/ –Access Bank Plc (www.AccessBankPLC.com) is proud to announce the distinguished line-up of speakers for the second edition of the Africa Trade Conference (ATC 2026), scheduled to take place on March 11, 2026, at the Cape Town International Convention Centre, Cape Town, South Africa. Building on the strong foundation of its inaugural edition, ATC 2026 will convene an exceptional assembly of global and African leaders, policymakers, investors, and business executives committed to shaping the future of trade on the continent.
The Africa Trade Conference has rapidly emerged as a premier platform for advancing dialogue and action around Africa’s evolving role in global commerce. The 2026 edition will feature influential voices from across finance, government, development institutions, and the private sector, who will share insights on unlocking trade opportunities, strengthening intra-African commerce, enabling business expansion, and positioning African enterprises for global competitiveness.
The confirmed speakers represent a powerful cross-section of leaders driving Africa’s economic transformation.
Building on the momentum of its maiden edition, which convened senior decision-makers from 28 countries, the 2026 conference with the theme “Turning Vision into Velocity: Building Africa’s Trade Ecosystem for Real-World Impact”, will have the keynote address delivered by Kennedy Mbekeani, Director General, Southern Africa Region, African Development Bank (AfDB), alongside Kwabena Ayirebi, Managing Director, Banking Operations at the African Export-Import Bank. Their joint keynote will address the evolving financing landscape for African trade and the strategic pathways for unlocking continental prosperity.
The welcome address will be delivered by Roosevelt Ogbonna, CEO/GMD, Access Bank Plc, who will set the tone for discussions centered on trade transformation, financial inclusion, and regional competitiveness, while Tolu Oyekan, Managing Director & Partner at Boston Consulting Group, will deliver insights on “Africa Trade Outlook 2026”, examining emerging macroeconomic trends, supply chain shifts, and growth opportunities across key sectors. The CEO of Pan-African Payment and Settlement System, Mike Ogbalu, will be engaging the conference participants on the topic, “Building a Connected Africa Through Trade, Payments & Technology”, focusing on how payment interoperability and digital infrastructure can accelerate the African Continental Free Trade Area (AfCFTA) agenda.
The calibre of speakers confirmed for this year’s conference underscores the urgency and opportunity before us
The conference will also host a High-Level Ministerial Panel that features Elizabeth Ofosu-Adjare, the Minister for Trade, Agribusiness & Industry, Ghana; Tiroeaone Ntsima, Minister of Trade and Entrepreneurship, Botswana; Mr. Florian Witt, Divisional Head, International & Corporate Banking Oddo-BHF, Ms. Nathalie Louat – Global Director, International Finance Corporation (IFC), Dr Isaiah Rathumba – Head of Department, Limpopo Economic Development, Environment and Tourism and Mr. Alfred Idialu – Chief Rep Officer, Deutsche Bank among other policymakers shaping trade policy across the continent.
Commenting on the announcement, Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank Plc, said: “The Africa Trade Conference reflects our unwavering commitment to advancing Africa’s economic transformation by creating a platform that brings together the leaders, institutions, and ideas shaping the future of trade. The calibre of speakers confirmed for this year’s conference underscores the urgency and opportunity before us. Africa is not only participating in global trade, it is helping to redefine it. Through this convening, we aim to catalyse partnerships, unlock new opportunities for businesses, and accelerate Africa’s integration into global value chains.”
“At Access Bank, we see ourselves not just as financiers, but as connectors of markets, ideas, and opportunities. Our role is to help African businesses move from ambition to impact, from local relevance to global competitiveness.”
With operations in 24 countries globally, including 16 across Africa, Access Bank’s expansive footprint places it in a unique position to facilitate cross-border trade, unlock regional value chains, and simplify the complexities of doing business across markets.
“Our presence across Africa and key global corridors gives us a front-row seat to the realities of trade. It also gives us the responsibility to design solutions that are inclusive, scalable, and future facing. ATC 2026 is part of that commitment, Ogbonna added.
ATC 2026 is expected to catalyze partnerships, enable policy dialogue, and provide actionable strategies for businesses operating within and beyond the continent.
The Access Bank Chief puts it thus, “Africa will not be a spectator in the remaking of global trade. We will be one of its architects. ATC 2026 is where those blueprints will be drawn.”
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