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African technology founders and ecosystem leaders are increasingly looking beyond venture capital headlines, with greater emphasis now being placed on foreign direct investment, cross-border payments and regional trade infrastructure as measures of the technology sector’s broader economic impact.
The shift was highlighted at a recent Founders Conversation media briefing attended by technology executives and journalists, where representatives of Google-backed startups discussed the role of technology companies in strengthening Africa’s digital economy.
Google-Backed Startups Raise More Than $1.3bn
Folarin Aiyegbusi, Regional Lead, Startup Developer Ecosystem, Sub-Saharan Africa at Google, disclosed that startups supported through Google’s accelerator programmes and funding initiatives across Africa have collectively raised more than $1.3 billion.
However, Aiyegbusi cautioned that fundraising figures alone do not adequately capture the economic value created by technology companies.
He said investment in emerging technology markets should also be assessed through its impact on employment, digital infrastructure and the wider network of businesses that develop around startups.
According to him, a company that begins with about 20 to 50 direct employees can generate additional economic activity through vendors, suppliers, operational partners and other businesses connected to its operations.
Startups represented at the briefing included Termii, Bani, Lendsqr, E-doc Online, Scandium and Emergency Response Africa.
Fragmented Payment Systems Hold Back Regional Trade
A major issue discussed at the event was the difficulty of conducting cross-border transactions despite the rapid development of domestic digital payment systems across Africa.
Rodney Jackson-Cole, Co-founder and CEO of payments infrastructure company Bani, said many African countries have developed sophisticated real-time payment systems within their borders, but those systems remain poorly connected across markets.
He pointed to the difficulty a merchant in Nigeria may face when attempting to accept payments from customers in Ghana or Senegal.
According to Jackson-Cole, traditional card payments have historically provided part of the solution, but their reach is limited because many consumers across African markets rely more heavily on mobile money and digital wallets than conventional bank accounts and cards.
Bani Builds Unified Cross-Border Payment Infrastructure
Bani is addressing the challenge through a unified API architecture designed to bring together different banking systems, regulatory frameworks and mobile-money protocols across West, East and Central Africa.
The infrastructure provides businesses with a consolidated corporate treasury interface for managing payments across multiple markets.
The company has secured integrations with major enterprise and retail businesses, including global brands such as Levi’s, Nike and Adidas.
Bani is also expanding its settlement capabilities into major Asian manufacturing and export centres, with China identified as a primary market.
Jackson-Cole said the company’s long-term ambition is to process as much as 80% of commercial trade flows across African markets within the next 15 years.
However, he stressed that building cross-border payment infrastructure involves more than developing the technology, with regulatory compliance and operational requirements remaining significant challenges.
Digital Infrastructure Supports Everyday Transactions
The conversation also highlighted the less visible technology infrastructure that supports everyday digital transactions.
Olajuwon Abayomi, General Manager of Termii’s Nigerian operations, said the company provides infrastructure behind some of the one-time passwords (OTPs) and transaction notifications received by consumers.
He explained that when customers make digital transactions requiring verification or confirmation, Termii’s systems can deliver the relevant OTPs and notifications in less than 10 seconds.
The company has spent the past nine years developing this communications infrastructure to support digital transactions.
From Fundraising to Economic Value
The discussions reflect a broader shift in how Africa’s technology ecosystem is measuring startup success.
While venture capital remains important for financing innovation and expansion, founders are increasingly focusing on whether their businesses can solve structural problems, facilitate trade and create infrastructure that supports economic activity across multiple markets.
For Africa, where fragmented payment systems and regulatory differences continue to complicate regional commerce, technology companies developing cross-border infrastructure could play an important role in deepening economic integration.
The emerging focus therefore extends beyond how much money startups raise. Increasingly, the bigger question is whether those investments translate into jobs, infrastructure, easier regional commerce and stronger digital connections across African economies.
