Mastercard Foundation recently convened a crucial conference to address the troubling decline in funding for technology ventures across Africa.
The event, held in Abuja, gathered educators, investors, policymakers and technology leaders to explore strategies and forge partnerships aimed at revitalizing financial support for the continent’s burgeoning technology sector.
Rosy Fynn, the Foundation’s Country Director for Nigeria, highlighted the intensifying funding challenges that have left many innovative tech startups and educational initiatives struggling to secure essential resources for growth.
“Technology is pivotal in advancing education and fostering economic growth. We sought to create a collaborative platform where key players could deeply discuss these issues.”
The conference’s opening panel tackled the question of building resilient and inclusive EdTech ecosystems.
Bosun Tijani, the Minister of Communications, Innovation and Digital Economy, stressed the importance of a robust digital literacy agenda.
He envisioned a future where widespread digital literacy will empower individuals to effectively use modern technologies and bridge the digital divide. This vision aims to foster a more inclusive economy where all Africans can fully participate in the digital age.
Joseph Nsengimana, Director of Mastercard Foundation Centre for Innovative Teaching and Learning, emphasized the need for forward-thinking and inclusive pathways in EdTech.
He advocated for increased collaboration between EdTech innovators, telecom companies and the government.
Read also: Mastercard Foundation to support 100,000 youngsters in Africa
Albert Nsengiyumva, Executive Secretary of the Association for the Development of Education in Africa (ADEA), called for greater synergy between policymakers and educational investment foundations.
In an interview, Nsengimana noted that the conference aims to address the gap in support for EdTech companies. “We want to bring stakeholders and government together to discuss what is missing. What is your wish list? What goals would make your job easier?”
The EdTech sector in Africa faces significant hurdles including limited internet connectivity, infrastructural deficiencies and unreliable electricity. Despite receiving $81 million investments in 2021, the number of funded companies dropped from 29 in 2021 to 23 in 2023.
Ojoma Ochai, Managing Director of CCHub, highlighted the challenges such as acquiring data for educational innovation and the need for scalable solutions.
Mastercard Foundation aims to address these challenges by facilitating knowledge sharing among the 144 startups it has supported and promoting successful strategies. “We need to explore how to make investments in education more attractive,” Nsengimana noted.
The conference underscored the Foundation’s commitment to transforming education across Africa through innovative technology and collaborative efforts.
Participants engaged in detailed discussions on integrating digital tools in classrooms, developing scalable educational platforms and ensuring equitable access to learning resources. The sessions featured successful case studies and best practices and identified critical gaps to enhance educational outcomes in the region.
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