Brad Smith, President of Microsoft said technology development on the African continent is currently at the levels Southeast Asia was in 1998 before the region leaped to become a leader in the world.
The Microsoft chief said this on the sidelines of the ongoing Web Summit while responding to a question BusinessDay asked regarding the company’s recent partnership with Interswitch in the launch of Blockchain-as-a- Service business in Nigeria. It is the first time such a service is launched on a big scale in the country.
According to Smith, the Africa’s backwardness in technology represents opportunities for investors to come in and be part of the growth. Microsoft, he said is fully committed particularly in the area of education.
READ ALSO: Kian Smith Gold Refinery becomes member of RJC
Technology in Southeast Asia has grown from what it used to be in 1998 as Smith remembers it. A report by CBInsights showed that every year since 2012, Southeast Asian startups have pulled in more and more money. In 2017, tech companies in the region brought in $6.5 billion in disclosed equity funding representing more than 110 per cent of the amount received the previous year.
Like Africa, the majority of the more than 650 million population in Southeast Asia are young and tech-savvy. Over 50 per cent is under the age of 30, and 90 per cent of them has access to the internet. Not only do they have internet, but they are notably heavy internet users – mobile internet in particular. While many of the developing countries live in poverty, they still spend considerably on smartphones.
Smith told BusinessDay that he believes that the biggest challenge to technology adoption in Africa is reducing the high cost of broadband. He further disclosed that Microsoft has a target of three years when its investments in the continent would contribute to dropping the cost.
