With the current rate of change in all aspects of life, making money online in Africa is a lucrative venture. The proliferation of smartphones, the increased access to the internet, and various online platforms have created hundreds of possibilities for entrepreneurs who want to turn their passion into a lucrative business.
The global financial crisis of 2008 taught all of us that money can’t necessarily keep rolling in. Since then, more and more people are choosing to diversify their financial portfolios into alternative investments such as stock market trading, cryptocurrency mining, and online work.
While the future of traditional bank accounts looks bleak, especially considering the increased regulation surrounding digital currency and stock market trading, it would be a mistake to write off emerging industries entirely. As the world changes, so do the ways in which we can earn money. This is a lucrative market opportunity for savvy entrepreneurs who want to succeed in Africa.
The Growth of Online Entrepreneurship in Africa
The opportunities for entrepreneurs in Africa are endless. While many countries in the continent suffer from poverty and lack of opportunity, those who see the potential can flourish and make a real difference. One sector that has seen phenomenal growth is online entrepreneurship in Africa.
In 2017, the continent’s online jobs market was valued at US$46 billion and is anticipated to grow to a value of over US$76 billion by 2025. One of the biggest draws is the low initial investment required to start an online business. Just a few hundred dollars could get you up and running with a basic website, social media accounts, and email marketing program.
In Kenya, one of the most popular and established industries is online marketing and being an online marketer is a guaranteed way to make money. According to the United Nations, over 7.2 million people in Kenya use the internet on a regular basis and, as a result, are extremely digital savvy. This makes them prime candidates for online entrepreneurship.
Why Kenya?
If you’re looking to make money online in Africa, then Kenya is a lucrative option. Not only does it have one of the hottest internet markets in the world, but it also offers a number of opportunities for online entrepreneurs to succeed. There are over 1.3 million registered mobile phone users in Kenya, which is almost exactly the same population as the rest of Africa. This figure rises to over 2.5 million according to the United Nations.
In addition, Kenya is one of the few African countries where the cost of living is relatively low. This makes it an attractive option for foreign investors who want to set up shop in one of Africa’s most promising economies. The country also has one of the highest employment rates in the world, which provides further opportunity for entrepreneurs.
A Snapshot Of The Kenyan Economy
As the world’s eighth-largest economy, you’ll certainly want to take a look at the Kenyan economy. Since 2010, the country has seen some phenomenal growth and, despite its young population, a lot of infrastructure development. This is great news for entrepreneurs who want to succeed in one of Africa’s most promising economies. Let’s take a quick look at some of its key statistics.
- GDP: $12.9 billion
- Growth rate: 7.1%
- Population: 44.9 million
- Unemployment rate: 7.3%
- Inflation: 2.3%
As you can see, Kenya is a lucrative option for online entrepreneurs. The economy is stable, there’s a skilled and educated populace, and the country is primed for digital growth.
The Opportunity For Global Brands In Kenya
One of the biggest draws for entrepreneurs who want to succeed in Africa is the continent’s growing middle class. This group of individuals is characterized by their increased spending power and they’re looking for ways to express their wealth. If you represent a global brand that offers quality products at affordable prices, then Kenya is a lucrative venture. You’ll be able to enter a market that’s currently dominated by local businesses but, as the economy opens up to international competition, your brand could flourish.
Not only does Kenya have a young, affluent population that’s eager to spend money on the latest trends, but it’s also a country that’s eager to embrace change. In fact, since 2010, over a quarter of a million Kenyans have been trained as digital nomads and the country is currently in the process of implementing a formal digital nomad program.
This is a great opportunity for anyone looking to succeed in Africa as there’s a high demand for local as well as international businesses that want to set up shop in the region. As Africa’s most popular blog Wealthy Affiliate notes:
“There’s lots of demand for digital nomads in Kenya, especially in the main cities. The cost of living is relatively low, which means there’s not a lot of competition. You’ll find lots of remote positions available, whether you’re a technology expert or marketing guru. I’d recommend checking out the Jobs section in particular, as lots of opportunities await.”
The opportunities for entrepreneurs in Kenya are endless. It has a stable economy, a young and vibrant population, and a lot of opportunity for global brands looking to establish a foothold in one of Africa’s most promising economies. If you’d like to set up and operate a successful online business in Kenya, then prepare to make some cash.