Africa is poised to become a dominant force in the global workforce, with the United Nations projecting its population to reach over four billion by 2100.
By mid-century, the continent is expected to provide 23% of the world’s workers, increasing to 45% by the century’s end. To capitalize on this demographic shift, significant advancements in education technology (edtech) are crucial.
Funding Challenges and Growth Obstacles
Despite a peak funding year in 2021, edtech’s growth in Africa has been hampered by a decrease in the number of funded companies as the global economy stabilized post-COVID. Many traditional venture capitalists are reluctant to invest due to concerns about financial returns, prioritizing profits over social impact.
Additional barriers include limited access to digital tools, inadequate infrastructure like reliable electricity, and challenging macroeconomic conditions affecting the affordability of even basic education.
Africa’s Edtech Opportunity
Despite these challenges, UNESCO recognizes Africa as a growing hub for edtech. The sector is projected to expand at a compound annual growth rate (CAGR) of 9.1% by 2026, reaching an estimated value of $457.8 billion. Many innovators remain optimistic about the potential of e-learning tools and improvements in digital infrastructure.
Accelerators play a crucial role in supporting startups by providing models, funding, and mentorship. This enables founders to validate their ideas, achieve product-market fit, and create viable business models. Globally, accelerators have successfully propelled edtech growth.
For instance, the K12 accelerator in the US has helped launch numerous companies that have collectively raised substantial funding. In Australia, EduGrowth facilitates events for startups to showcase their products.
Mastercard Foundation’s Commitment
In Africa, organizations like the Mastercard Foundation are driving edtech advancements. The Foundation has invested billions in promoting equitable access to learning for young people. It established the Mastercard Foundation Centre for Innovative Teaching and Learning in 2019 to leverage technology for education in Africa.
In 2020, the Foundation launched an edtech fellowship program supporting African-led companies, accelerating the growth of numerous startups.
The Mastercard Foundation’s edtech fellowship program is expanding in 2024, with five additional tech hubs joining the initiative.
These fellowships provide founders with equity-free funding, business advisory support, and access to courses to help them scale and make a lasting impact. By nurturing local solutions that address specific needs and affordability concerns, the program aims to unlock edtech’s potential in Africa.
The Future of Edtech in Africa
Edtech in Africa faces a crucial moment. While traditional venture capital funding remains limited, accelerators are stepping in to fill the gap. By fostering innovation, affordability, and local relevance, these programs can empower African edtech to transform education across the continent, making it more accessible, relevant, and inclusive.