Big Ideas And Small Giants
Big Impact, Purpose-Driven And Proudly African.
Across Africa, small and medium-sized enterprises (SMEs) are not just surviving—they are defining the future. These businesses, though modest in size, are deeply rooted in innovation, resilience, and community upliftment. They are the unsung champions driving Africa’s socio-economic transformation from the ground up.
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According to the 2023 Mastercard SME Confidence Index, SMEs account for 60% of jobs across Africa—a testament to their critical role in employment creation. Even more striking, a 2022 report by the African Union Development Agency places that figure closer to 80%, underscoring the undeniable influence SMEs wield in shaping the continent’s workforce.
Despite this, many of these enterprises continue to operate in largely cash-based economies, often struggling with limited access to capital and structured financial support. The World Bank has estimated a staggering $330 billion financing gap for African SMEs—an obstacle that, while daunting, also presents a powerful call to action for policymakers, financial institutions, and the global investment community.
At iCOA, we recognize that the value of Africa’s SMEs cannot—and should not—be measured solely by bottom-line profits or billion-dollar valuations. Their true power lies in their unwavering belief that success is not about excess, but about impact: building inclusive, sustainable, and meaningful futures for families, communities, and nations.
These are enterprises where dreams meet discipline. Where innovation thrives in open-air markets, tech hubs, family-run farms, and bustling craft shops. They are building something more enduring than wealth—they are building legacy.
Our commitment at iCOA is to amplify the voices of African SMEs on the global stage. Through collaborative partnerships, investment facilitation, and policy engagement, we aim to close the financing gap, champion innovation, and ensure that these small businesses continue to flourish as the backbone of Africa’s prosperity.
From fintech to foodtech solutions; from beauty brands to biotech infusions, iCOA’s inaugural list of Small Giants across Africa showcases the tenacity of homegrown businesses and their impact on the communities they serve.At iCOA, we believe in Africa’s SMEs—not just for what they are, but for what they make possible.