A major barrier to economic growth on the African continent is the lack of connectivity and affordable access to broadband, for all.

This is according to the Shared Value Africa Initiative (SVAI), a non-profit Pan-African advocacy, training and membership organisation, which organised the sixth Africa Shared Value Leadership Summit (ASVL Summit 2022).

The summit which kicked off on October 25 is taking place at Kigali Convention Center. It provides a platform for business leaders from across Africa to collaborate and discuss how shared value thinking can drive technological and business solutions to address Africa’s technology challenge.

During its opening, different stakeholders in tech and telco industries had a discussion on the topic "Creating Shared Value -Technology as an enabler to drive Africa’s growth”.

According to Tiekie Barnard, CEO and Founder of SVAI, creating shared value is about profitability, sustainability and creating a more equal society, hence it cannot be achieved without consciously and intentionally addressing societal and environmental impact and challenges.

"The connection between social progress and business success is increasingly clear, and companies must team up with governments, NGOs and yes, even competitors, to fully capture the economic benefits of creating shared value as a collective,” she said.

"We have not yet cracked the code on mobilising the full power of business to drive social impact and profit on the African continent. While there is no silver bullet, the power of ‘shared value’ is evident and there is a vast realm where ‘shared value’ can be applied to drive a new wave of productivity and innovation on the continent that we call home. The time for change is now.”

Moses Muthui, Acting CFO of Absa Bank Kenya Plc believes that enhancing access to financial services is one of the areas where technology can quickly create growth opportunities given that Africa has one of the the highest rates of financial exclusion globally, with the formally unbanked or underbanked population reaching as high as 86 percent in some countries.

He said that although enormous progress has been made, the reality remains that digital connectivity is a challenge for most on the African continent.

"Countering the digital divide is imperative as it affects everyday life – including banking, health care, education, media, communications and even identity – depending on access to digital tools and technologies. To succeed, it’s essential to re-envision the shared value framework and create viable and robust business, societal and environmental value, using technology as the enabler.”

Sanda Ojiambo, Assistant Secretary-General, and CEO of the UN Global Compact is aware that driving greater connectivity is Africa’s most significant growth opportunity, and that with 1.3 billion people and a combined gross domestic product of $3.5 billion, Africa is already the world’s biggest growth market.

"Unencumbered by legacy technology, Africa has an opportunity to leapfrog ahead of more developed economies. But to maximise these opportunities, businesses and policymakers need to ensure the reach and benefits of increasing connectivity and the growth it fuels are evenly spread, she said, adding that they also need to harness the innovation coming from the incubators, start-ups and tech-hubs springing up across the continent.

She added: "At the UN Global Compact, we believe technology is key to scaling solutions to Africa’s economic and development and to build a resilient future for all. Private sector investments will help make digital technologies more accessible and affordable for a more sustainable future."

Carl Manlan, Vice President, Inclusive Impact and Sustainability for VISA Central and Eastern Europe, Middle East, and Africa believes that uplifting communities requires strong partnerships that leverage their collective scale and capabilities.

Tackling how the payment ecosystem drives financial and digital literacy in Africa, Manlan said that about 300 million Africans who recently got connected to the internet by using different means have both digital and financial literacy, adding that many fintech payments are now enabling individuals to be financially active, using the devices they have in their hands to make payments, which he said is a great enabler for small and medium enterprises.

"Another way to think about it is that the gaming industry in Africa is booming. There are about five countries that have spent about half a billion dollars last year. We need to be able to bring financial education to these individuals where they are. If we are able to do this in different ways, the improvement and the ability to upskill young people will become different.”