- There are different businesses you can still start during COVID-19 pandemic.
- The pandemic has disrupted normal ways of doing business and expedited the adoption of technology.
- It is never too late to start any of these businesses today.
The COVID-19 pandemic has rattled African economies on a colossal scale. The United Nations Economic Commission for Africa (UNECA) recently revised the continent’s growth projections downwards to 2%. In the meantime, African countries are struggling to counter the existing and future economic consequences of this unfortunate event.
As this economic meltdown persists, it is expected that businesses will struggle. Also, there has been a noticeable reluctance among consumers to go out and shop, a situation that is expected to dramatically change the regular way of buying and selling.
Already, Africans are increasingly shifting towards the online platforms for the provision of products and services. This opens up a golden opportunity for African entrepreneurs to set up their online businesses. Even in the current scenario, it will be a win-win situation for you to go ahead with an online company.
A Fintech Business
Even before coronavirus, fintech was Africa’s largest venture capital investment destination, raising more than 50 per cent of African startups’ $1.34 billion raised in 2019. Companies like M-Pesa, Branch, Tala, Cellulant and others in Africa have pioneered mobile money through tech-based solutions and introduced new approaches to online payments, lending and investment in a region where retail banking a n d c o n s u m e r l e n d i n g r e m a i n underdeveloped. COVID-19 is expected to drive the trend further as more people digitally control their finances. This would be a good time to a fintech business or invest in one.
Education Technology Business
Indeed, the pandemic is giving EdTech a massive upscale with everyone stuck with their devices at home – smartphones, IPads, laptops, e.t.c. In an atmosphere of uncertainty over how long the shutdown will last, it may turn out that virtual learning is what the Nigerian education system needs to be better. This is indeed a lucrative opportunity to start a e-learning business or simply invest in one….
Read the rest of this article in Business Elites Africa Magazine’s Fintech Edition by clicking right here.