(image via wikipedia)

“The mobile telecommunications boom in sub-Saharan Africa was one of the loudest signifiers of the region’s economic development over the last decade. Without hard-wired telephone networks, cellphones spread rapidly, with penetration in some countries now approaching saturation point.

As well as launching multi-billion dollar investments into African telecoms businesses, the arrival of near-ubiquitous cellphones drove a wave of innovation by local entrepreneurs. On the back of a breakthrough in mobile payments, the Kenyan capital Nairobi has become a haven for risk-taking venture capitalists searching for the next big thing in frontier markets tech. Lagos could soon follow, backed by local and international financiers.” read more at Forbes.