Like many developing regions across the globe, the continent of Africa is in the midst of a technological revolution.
This is borne out by the numbers, which shows that the region has seen a 344% increase in smartphone usage between 2007 and 2016, while Africa’s mobile broadband growth was as high as 58% in 2015.
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Increased connectivity, combined with the fact that Africa will account for 50% of world population growth by 2050, has created a significant opportunity for younger residents to leverage technological advancement and make money.
Here are some of the best ideas to keep in mind.
#1. Sell Goods Online
A number of African nations boast a large and fast-growing ecommerce market, with Nigeria at the top of this list.
As for South Africa, this is the 37th global market for e-commerce, with total revenue of $4 billion in 2020 (and growth of 29% in the wake of Covid-19).
Of course, the pandemic has simply accelerated the popularity of online shopping in Africa, with this trend having been established steadily over the course of the last decade or so.
This creates a significant opportunity for African residents to target the thrift and second-hand goods market, as they look to sell bespoke or unwanted items and generate a relatively high-margin profit.
#2. Buy, Sell and Trade Cryptocurrency
Given the sheer size of Africa’s unbanked population (which currently stands at 95 million people and 57% of the total population), it’s little wonder that cryptocurrency has become so popular over the course of the last few years.
To this end, Africa’s crypto market has grown by a staggering $105.6 billion during the last year alone, with residents now using digital currency to procure items, access financial services and create profitable investments.
Fortunately, trading is now more accessible than ever before with outlets such as the MT4 Web Trader platform, which can be opened directly in your web browser and instantly connects you to a wide range of assets and technical indicators.
#3. Product Reviews and Surveys
As developing economies continue to grow and scale, they tend to mirror the examples set by more established alternatives such as the US, UK and Europe.
This is built on tech stack development and tends to create more opportunities for people to generate income, particularly as the gap between businesses and their customs continues to narrow over time.
For example, firms are more inclined than ever to connect with customers and interact with them, which has in turn created an opportunity for consumers to engage with product reviews and branded surveys.
This can afford individuals access to numerous rewards, from free products and samples to cash rewards and brand-specific vouchers that can be redeemed either in-store or online.
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