Emerging Markets Today

Africa: The Rise of Fintech in the Agribusiness Sector

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Episode notes

This episode is all about the world of agribusiness in Africa and the unique challenges faced by small and medium enterprises in emerging markets.

I had the pleasure of sitting down with Shalom Ben Or, the co-founder and CEO of Avenews, a financial super app for the 2.5 million agribusinesses in Africa. Based in Israel with operations in Kenya, Shalom shared some fascinating insights that left me with three major takeaways:

1️⃣ Agriculture is a powerhouse in Africa: Did you know that agriculture is one of the biggest industries on the continent, employing a majority of the population? With a conservative estimate of 2.5 million agribusinesses in sub-Saharan Africa alone, there is immense potential for growth and innovation in this sector.

2️⃣ FinTech and agribusiness are a match made in heaven: Shalom highlighted the intersection of FinTech and emerging markets, specifically in the context of agribusiness. He emphasized that FinTech solutions, especially those catering to businesses (B2B FinTechs), are the future of Africa. This presents a fantastic opportunity for entrepreneurs and investors alike to leverage technology for financial inclusion and economic development.

3️⃣ Africa is the catalyst for the future: Shalom and his team at Avenews firmly believe that Africa holds the key to unlocking immense opportunities. Through their work with Techstars and Barclays, they have embedded themselves into the African market and witnessed firsthand the potential it holds. As the continent continues to embrace technology and innovation, the future looks incredibly bright.

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