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BFF Impact Report Highlights Success of Black-Led Startups Across Africa
Black Founders Fund Alumni Summit, held at iHub in Nairobi, showcased the unveiling of the BFF Impact Report, highlighting the significant progress and success of Black-led startups across Africa.
This annual event brought together 45-50 alumni from across the continent including Kenya, Nigeria, South Africa, Uganda to celebrate their achievements and discuss the future of Africa’s digital economy, with a spotlight on the role of these startups in driving innovation, job creation, and scalable business growth.
The BFF Impact Report offers a comprehensive look at the remarkable impact that targeted support for Black entrepreneurs has had on the African tech ecosystem.
The report reveals that BFF-supported startups have collectively raised $379 million, created more than 6,000 jobs, and experienced 61% faster growth than their peers, underscoring the importance of strategic investment in fostering sustainable innovation.
Through non-dilutive funding, mentorship, and networking, the Black Founders Fund has empowered entrepreneurs to overcome barriers, scale their businesses, and contribute to Africa’s digital transformation.
The BFF Impact Report demonstrates the pivotal role of the program in strengthening the continent’s startup ecosystem, enabling businesses to compete globally and attract significant investment.
Olumide Balogun, Country Director, West Africa, Google for Startups, remarked, “The Black Founders Fund is not just about financial support—it’s about creating an ecosystem of innovation, job creation, and opportunity.
“The BFF Impact Report reflects the incredible progress Black entrepreneurs have made, and how the right resources can empower them to lead Africa’s digital future.
“The impact we are seeing today will set the stage for an even more vibrant African tech landscape tomorrow.”
Despite Africa’s growing recognition as a hub for innovation, Black entrepreneurs continue to face substantial barriers, with access to capital remaining a key challenge.
African startups raise less than 1% of global venture capital, and women-led and marginalised entrepreneurs are particularly underrepresented. Limited access to mentorship, networks, and markets exacerbates these difficulties, often hindering talented entrepreneurs from scaling their businesses.
However, initiatives like the Black Founders Fund are driving systemic change. Through non-dilutive funding, mentorship, and an expansive network, the BFF has empowered over 220 startups, enabling them to scale faster and break down these barriers.
Mariama Boumanjal, Black Founders Fund Manager Europe, Google for Startups, said, “The BFF Impact Report proves that with the right support, Black founders can not only overcome these challenges—they can lead the way in innovation, job creation, and economic development.”
Key Highlights from the BFF Impact Report:
6,000+ jobs created by BFF-supported startups, with 7x growth in employment since 2021.
$379 million raised collectively by BFF companies, including $61 million raised by 21 AI-first startups.
61% faster growth for BFF companies over a 3-year period compared to industry peers.
50.4% of leadership roles in African BFF companies are held by women, with 68% of startups being women-led or having a female co-founder.
Kenya leads in follow-on funding with 26 BFF-supported startups cumulatively raising nearly $100 million, employing 1,073 people.
The BFF Impact Report also highlights the diverse industries where BFF startups are making significant contributions, including Fintech, Healthtech, Agritech, and AI.
By providing entrepreneurs with the resources and connections they need, the Black Founders Fund is helping to nurture the next generation of tech leaders who are shaping Africa’s digital future.
Folarin Aiyegbusi said, “This report is a celebration of the incredible work being done by Black founders across Africa.
“The BFF Impact Report proves that, when we invest in these entrepreneurs, we’re not only helping individual startups, but we’re driving systemic change within the broader African tech ecosystem.”
The Black Founders Fund Alumni Summit also featured discussions with key industry leaders, investors, and policymakers about the ongoing opportunities and challenges facing African tech startups.
The event provided valuable networking and collaboration opportunities for attendees, helping to further build the connections that will drive future growth in the ecosystem.
The summit also included a gala dinner, highlighting the achievements of BFF alumni, and further strengthening the connections between investors, startups, and key ecosystem players.
MTN Nigeria recently celebrated the graduation of the third cohort of its Media Innovation Programme (MIP), awarding a total of NGN 2.5 million in cash prizes to three outstanding fellows. The graduation ceremony took place at the Pan-Atlantic University in Ibeju-Lekki, highlighting MTN’s commitment to fostering innovation in the media sector.
Launched in partnership with the School of Media and Communication at Pan-Atlantic University, the MIP is designed to equip media professionals with essential skills in traditional journalism while emphasizing the importance of technology in storytelling. Over six-months, fellows engaged in a comprehensive curriculum that included topics such as media entrepreneurship, ICT in media, and ethical journalism.
During the graduation ceremony, three fellows were recognized for their exceptional contributions including the MTN Nigeria Chairman Award for Innovation awarded to Augustus Aigbe of Cool FM; the MTN Foundation Chairman Award for Innovative Reportage to Moninkanola Ogidan of Adaba 88.9FM, Akure and the MTN Award for Best Reporting awarded to Chiemelie Ezeobi from ThisDay Newspapers.
The Executive Director of MTN Foundation, Odunayo Sanya, emphasized the importance of the media innovation and adaptability in media, stating that these awards represent an investment in the future leaders of journalism. “At MTN, we believe a lot in excellence, which is why the partnership with Pan-Atlantic University is still ongoing. We recognise that the future of media lies in innovation and adaptability.
“These awards do not just celebrate the Fellows’ achievement; we are investing in the next generation of media leaders. In an era where digital platforms redefine how stories are told, media practitioners must be equipped with the skills and resources to thrive.”
Dr. Ikechukwu Obiaya, Dean of the School of Media and Communication, highlighted the significance of investing in future media professionals to drive positive societal change while maintaining ethical standards. “In recent times, technological innovation, social media, Artificial Intelligence and the likes have been viewed as dangerous, due to their misuse, although they are not in themselves bad.
“And this is one thing that drives our programs for media practitioners. Our vision is to train and equip competent and professional persons who will use these technological advancements and platforms as a means to contribute to the good of the society.”
The ceremony ended with the Class President, Nifemi Oguntoye expressing his gratitude towards MTN and Pan-Atlantic University for providing a transformative experience that fostered cultural diplomacy between Nigeria and South Africa. “We’ve had the privilege of learning from some of the best minds in the industry. The lessons learnt during our study trip, discussions and engagements have been invaluable. We are eternally grateful to Pan-Atlantic University and MTN for the commitment to empowering Nigerian journalists. A number of our colleagues look forward to having this experience in the next cohort and we know they will not be disappointed”, he said.
To date, MTN Nigeria has invested over NGN 300 million in the media. MIP not only aims to enhance the skills of individual practitioners but also seeks to contribute to a more robust media landscape capable of navigating the complexities of a digital economy projected to reach $18.3 billion by 2026. The event reflects MTN’s ongoing dedication to bridging the digital divide and enhancing media capabilities within Nigeria’s rapidly evolving landscape.
MTN Group and MTN Nigeria have expressed delight at participating in the 11th South Africa-Nigeria Bi-National Commission held in Cape Town on Tuesday, during which the strong bonds between the two countries were reinforced and plans were made to accelerate cooperation.
MTN Group CEO/President, Ralph Mupita and MTN Nigeria Chairman, Dr. Ernest Ndukwe with President Tinubu
The MTN delegation – led by Group President & CEO, Ralph Mupita, MTN Nigeria Chairman, Dr. Ernest Ndukwe and MTN Nigeria CEO, Karl Olutokun Toriola – was honoured to engage with President Bola Ahmed Tinubu on the sidelines of the meeting, which was hosted by South Africa’s Minister of Trade, Industry and Competition Hon Parks Tau.
MTN Nigeria is an important MTN subsidiary, accounting for some 27% of all MTN subscribers and some 23% of Group service revenue.
MTN has long established itself as a company that is a proud supporter of the Nigerian economy, remaining committed to contributing to the nation’s progress across several fronts.
“We believe in the Bi-National Commission’s objectives and the pivotal role of the digital economy in driving inclusive growth in Nigeria. We look forward to continuing our support for economic development initiatives,” says a MTN LinkedIn post.
Digital Realty Nigeria’s CEO, Engr. Ikechukwu Nnamani, has received a prestigious Presidential recognition from the Nigeria Internet Registration Association (NiRA) at the 7th .ng Awards.
Engr. Ikechukwu Nnamani
This accolade recognizes his significant contributions to the growth and evolution of Nigeria’s digital ecosystem over the past three decades.
“Nnamani was honored for his innovative spirit and leadership in shaping the future of the digital landscape,” said NiRA President, Adesola Akinsanya, while commending him and other awardees for their exceptional work in driving digital transformation in Nigeria.
A visibly humbled Nnamani dedicated the award to his dedicated team at Digital Realty Nigeria, acknowledging their pivotal role in the company’s success. He expressed gratitude to NiRA and the broader industry for recognizing his contributions.
This latest recognition adds to Nnamani’s impressive list of accolades, including the Lifetime Achievement Award at Africa’s Beacon of ICT Merit and Leadership Awards and the prestigious Titans of Tech Hall of Fame.
The 7th .ng Awards, a biennial event, celebrated the achievements of individuals and organizations that have made significant strides in Nigeria’s digital landscape.
The two-day event featured insightful discussions on emerging technologies, digital trends, and the role of the .ng domain in shaping Nigeria’s digital future.
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