Meet 5 Young Africans Building Wealth Through Local Stock Investments

Introduction  

The notion of building wealth has often felt distant for many Africans, yet a wave of young investors across the continent is proving that financial independence is achievable through informed investments in local stock markets. At a time when global markets seem volatile, local stocks are increasingly presenting opportunities not only for wealth creation but also for shaping Africa’s economic future. But who are these young Africans venturing into the stock market? What strategies are they employing, and what does it mean for Africa’s financial landscape? This article explores the stories, strategies, and impacts of these investors, offering insights for anyone looking to understand or join this movement. 

1. IYINOLUWA ABOYEJI (NIGERIA)

IyinOluwa Aboyeji, founder of Andela and co-founder of Flutterwave is a seasoned entrepreneur and investor who has mastered the principles of strategic stock investing and has garnered wealth in the process. 

Under Aboyeji’s leadership, Andela raised $24 million from the Chan Zuckerberg initiative. Following his success with Andela, Aboyeji went on to co-found Flutterwave in 2016, which is now one of Africa’s leading financial technology companies.

As an expert in the tech sector and Fintech—industries many see as key to Africa’s economic future, IyinOluwa frequently advocates for the continent’s growth and the need for policy support. In 2018, he was named among Forbes Africa’s 30 under 30.  

2. HAM SERUNJOGI (UGANDA)

Ugandan entrepreneur, Ham Serunjogi co-founded Chipper Cash, a cross-border payment platform that enables low-cost money transfers across Africa and, more recently, in other parts of the world.

Chipper Cash, under Serunjogi’s leadership, has raised over $300 million, with backers like Jeff Bezos’ Bezos Expeditions and Silicon Valley Bank. 

The company’s valuation soared to over $2 billion as of its last funding round, placing Chipper Cash among Africa’s most valuable fintech companies and marking Serunjogi as one of the most influential entrepreneurs in Africa’s digital finance sector.

3. MAELIS CARRARO 

Maelis Carraro is a recognized figure in venture capital, especially in the impact investing space where she is known for advancing inclusive tech solutions across emerging markets.

As Managing Partner of Catalyst Fund, Maelis Carraro has overseen investments totaling over $30 million in inclusive tech startups across Africa and South Asia. 

Catalyst Fund’s portfolio, under her guidance, has nurtured over 70 early-stage startups that are collectively valued at hundreds of millions of dollars, contributing both directly and indirectly to Carraro’s own growth as an influential figure in venture capital. 

Carraro’s investments focus on scalable solutions in fintech, health tech, and climate resilience, prioritising inclusive growth and financial returns.

4. TATENDA FURUSA (ZIMBABWE)

Tatenda Furusa is a notable figure in Africa’s fintech landscape, known for his focus on financial inclusion and wealth-building solutions for the gig economy. 

As the co-founder of ImaliPay, Furusa has leveraged his investment acumen to grow the platform into a multi-million-dollar business since its founding in 2020. By securing funding from leading venture capital firms across Africa and internationally, Furusa has transformed ImaliPay into an essential service for Africa’s gig economy, offering financial tools to underserved populations. 

ImaliPay, under Furusa’s leadership, has successfully raised over $3 million in funding, which has enabled the company to reach millions of gig economy workers across several African nations. Furusa’s strategic investments in fintech and keen understanding of market needs have enabled ImaliPay to expand into Kenya, Nigeria, and South Africa.

5. BENJAMIN FERNADES (TANZANIA)

Benjamin Fernandes, a prominent Tanzanian entrepreneur, has made significant strides in Africa’s fintech space with his mobile payments company, Nala.

Under Fernandes’ leadership, Nala has raised over $10 million in funding from investors like Amplo and Accel, positioning it as a key player in Africa’s digital payments market.

With Nala now valued in the tens of millions, the company has expanded its services across multiple African countries and the U.S., and is currently processing millions of dollars in remittances each month. This financial success has not only propelled Fernandes’ wealth and influence but has also enhanced the financial stability of millions who rely on Nala for affordable transactions.