8– Building Africa's prosperity through tech-enabled communities for traditional businesses
a Conversation with Oluwafunmilayo Olumoko
In the continuously unfolding world of technology, harnessing the power of community and shared experiences is key. During a recent Africa Deep Tech Community talk, we had an engaging discussion with Oluwafunmilayo Olumoko, an entrepreneur specializing in digital financial services and the Chief Project Officer at The Blu Penguin.
Olumoko has been a notable voice in the African tech scene, particularly around emerging technologies and the increasing demand for innovative financial services. For this discussion, she centered her talk on “Building Africa’s prosperity through tech-enabled communities for traditional businesses.”
Building Collective Infrastructure for Africa’s Prosperity
Olumoko’s primary focus during her talk was on the power of unity in achieving prosperity. Drawing from historical examples, she referenced the Friesland Campina Model, which birthed the renowned Peak Milk brand. This method evolved from the collective efforts of a group of dairy farmers who pooled their resources together to make cheese making more sophisticated and profitable.
In many ways, this approach mirrors the model of shared infrastructure that is necessary for Africa’s prosperity. Olumoko suggested a similar integration for Africa’s tech sector, where businesses pool resources and knowledge to overcome the data deficit and increase prosperity. According to her, the journey to communal prosperity involves not just businesses but people, data, and computing as well.
The Role of Technology
On the importance of technology in progressing Africa’s economic health, Olumoko noted that harnessing technology for day-to-day commerce is fundamental to Africa’s prosperity. Olumoko highlighted Thrive Agric, a Nigerian technology-driven company that connects farmers with needed resources like seeds and fertilizers, as an example of this strategy. The strategy ensures that every resource needed by a farmer is channelized right from the beginning till the end and is recorded as data. This eventually provides information that can be used to improve operations and efficiency, leading to prosperity.
Need for Community and Ecosystem Investing
Olumoko further stressed the need for ecosystem investing, stating that every part of the value chain should be simultaneously developed. Drawing from a blueprint that has worked elsewhere, Olumoko mentioned that the process involved the entire value chain – farming, logistics, manufacturing, and retailing.
Government’s Role
While entrepreneurs may spearhead these movements, government policy can significantly influence the course of these developments. Positive government involvement has the potential to generate exponential growth, particularly in empowering African tech businesses.
Going Forward
Olumoko urged entrepreneurs, investors, and policymakers to consider the benefits of cooperative investment, from enabling easier access to necessary services to prompting a significant shift in public opinion towards government systems. She reiterated that with collective effort, dedication, and ingenuity, Africa can leverage technology and shared infrastructure to build prosperous, sustainable communities.
Final Thoughts
Olumoko’s insights offered an essential understanding of the power of community in bolstering the tech scene in Africa and the ongoing efforts to build prosperity through a shared infrastructure. Her talk served as a significant prompt for entrepreneurs and policymakers to reassess their strategies while galvanizing the tech industry for exponential growth.
In line with Olumoko’s resolve, the Africa Deep Tech meetings consistently foster meaningful conversations, shedding light on innovative practices and potential solutions to Africa’s unique challenges through technology.