Opportunities abound for Singapore firms in Africa as countries urbanise and go digital, but challenges remain

As millions of people move into cities from rural areas, they are going to live in built-up areas, which will drive the demand for green building solutions, energy-efficient solutions and wastewater management, he said.

“Africa is the second largest carbon sink in the world after the Amazon basin. So it’s going to be a critical part of the carbon equation for the world. It is very rich in natural resources, carbon assets and it’s going to be a critical part of the carbon credit exchange globally,” he added.

CHALLENGES FACED

However, seizing opportunities in Africa does not come without its share of challenges.

Ms Malini Kannan, chief operating officer of Thunes, a Singapore-based cross-border payment service provider that has expanded into Africa, noted that the continent is “diverse and dynamic” with 54 countries and 42 currencies.

She highlighted the need to examine each country closely, including the local regulatory framework, currency control mechanisms, payment ecosystem and providers, and technological maturity.