Maybe you are a young African with startup capital and you are looking for the perfect business to startup. Maybe you are an American, Asian or European Investor looking for the right business to invest in Africa. Then you are at the right place. In this article, I will be sharing with you some high paying business ideas in Africa that you can invest in and it will yield so much profit and may even grow to one of the biggest companies in the world.
Africa’s richest man Aliko Dangote once said;
” Africa has the fastest growing economy in the world, it is the best place to invest”
Truly, Africa is the best place for any entrepreneur to invest in. Africa is an underdeveloped continent that lacks so many technological advancements. There are so many tech-related ideas you can start up in Africa and bang in billions. In this article we will be sharing with you the high paying business ideas in Africa, some of these ideas are tech-related and can make you a billionaire. The best business ideas are those that solve problems and those that are created for the future.
Table of Contents
Best high paying Business Ideas in Africa 2022
Payment solution Companies
International Online transactions still remain a major problem in Africa. Some of the most popular payment solution companies in the world, like PayPal and stripe has restrictions on some African countries including Nigeria which has approximately 108 million internet users. Currently, the only credible platform where Nigerians can send and receive funds internationally is Paystack but unfortunately, it only works in Nigeria and Ghana. In 2020 stripe purchased Paystack for the sum of $200 million with plans to expand into other African countries.
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Although platforms in eastern Africa like Paga, simple pay and M-pesa are still trying to move into West Africa with plans of dominating Africa in the nearest future. There is still no payment platform where Africans can send and receive payments to any African country or all over the world. As an intending entrepreneur, you can Invest in any of these growing payment solution companies and make it Global or yet still startup your own company. Many Africans have problems sending and receiving money from their siblings and friends abroad. By creating an app or website to solve this problem you will yield high profit and may actually grow to be one of the biggest companies in Africa as this is among the high paying business ideas in Africa.
Starting a world-class University
Africa has the worst educational system in the world. Most schools are poorly managed, lack infrastructures and facilities and are also of very low standards. Few Universities in Africa can be mentioned for having a high standard or being world-class but this isn’t”t enough. In fact, no African University made it to the QS list of Top 100 universities in the world in 2022. Every year millions of African students fly out to study abroad in some developed countries in Europe, Asia or America. In 2018 African students contributed a total of $45 billion to the United States economy. There are African students not only in the United States but scattered all over Europe and North America contributing largely to the economies of these countries. Almost every millionaire or billionaire in Africa sends their kids abroad to study. This is because the educational system isn’t up to standard.
As an intending entrepreneur or Investor in Africa, you can solve the problem of educational migration in Africa by establishing a world-class University. I mean a state of Art University that can compete with the likes of Harvard, Oxford and Cambridge University. By doing this you won”t just solve the problem it will yield huge profits.
There are very few sophisticated E-commerce companies or online marketplaces in Africa. In West Africa, Jumia and Konga are the only major E-commerce companies. West Africa has a population of about 450 million people with a high rate of its population going digital. There should be more competitive E-commerce companies in this region. As an Investor, you can Capitalize on this and even overtake the existing dominant companies.
Packaging and Exporting traditional food items
Africa has a lot of traditional food that can rarely be found in Europe and other continents, some of these crops cannot grow outside Africa due to the weather conditions. There are very few exporters of these traditional food items and they are millions of Africans around the world craving their traditional food. Packaging, preserving and exporting these food items to Africans abroad will generate so much profit. It is among the high paying business ideas in Africa. It will also make Africans feel at home far away from home and will also promote the African culture and dishes.
Web Hosting Companies
There are very few reliable web hosting companies in Africa. A large percentage of webmasters in Africa use web hosting services from companies in foreign countries like India and the United States. Starting up a solid, efficient and reliable web hosting company will pay off in no time with good advertisement and marketing. Web hosting companies like WordPress, Wix, siteground and Namecheap still have a stronghold on the continent. Although there are not African based companies.
Only a few countries in Sub-Saharan Africa can provide quality healthcare to all their residents. With less than one doctor per 20,000 persons in some east African countries like Ethiopia and Tanzania. The healthcare industry in Africa is in a dangerous state. Some entrepreneurs across Africa have taken up these challenges by creating innovative digital healthcare solutions.
These innovations include telemedicine, e-prescriptions and m-Health applications. They are helping to free up congested health facilities from dealing with non-life-threatening conditions. So they can provide better care to patients who require more critical care.
In Uganda, Brian Turyabagye a young entrepreneur and his team developed a biomedical kit for early diagnosis and continuous monitoring of pneumonia. A disease that kills half a million children in Sub-Saharan Africa every year, according to UNICEF.
This kit, named “Mamaope” eliminates most human error, and diagnoses pneumonia at a quick rate which is about three to four times faster than a doctor.
In Nigeria, Redbank is a new innovation that helps hospitals and patients quickly and easily search and find safe blood supplies in real-time via SMS. This could potentially save thousands of lives especially in emergency situations and for patients in need of critical blood transfusions. There are just a few digital healthcare solutions in a few African countries. As an entrepreneur, you can start up a reliable and credible digital healthcare service that will be available in all African countries. To help provide better and faster healthcare consultancy and solutions on the continent.
Challenges of doing business in Africa
Although Africa has the fastest growing economy, doing business in Africa can also be of great disadvantage. It is an underdeveloped continent still lacking in so many amenities. Below are the major challenges of doing business in Africa:
- Difficulty in finding skilled labour.
- Unstable power supply.
- Tough government policies.
- High cost of generating Capital.
- Unstable Economy.
The above-listed ideas are not just ideas but problems in Africa that need to be solved. You only get rich by solving problems so if you bring in new technology to solve these problems you get rich in the process. If you are having problems raising Business grants you can also check out the Best Business grants for African Entrepreneurs. All grants applicable to you and how to apply are mentioned there.