It’s easier to fly from Paris to Abidjan than to wire money from Abidjan to Lagos. In 2025, that irony still defines the African startup ecosystem.
While global venture capital can flow from San Francisco to Singapore overnight, a young founder in Yaoundé looking to scale into Cotonou still wrestles paperwork, incompatible banking systems, and regulators who seem allergic to regional collaboration.
But then, Francophone Africa is not folding its hands. Angel networks across the region are stepping in to ensure early-stage investing, even as they contend with structural barriers.
At the centre of this movement is Joel Nana Kontchou, vice president of the Cameroon Angels Network, who will be speaking at the ABAN Annual Congress 2025 in Lagos under the theme “Accelerating Local Capital Participation.”
He emphasises that without breaking down barriers to cross-border syndication, African startups risk remaining local champions in a globalised market.
“We need to be aware of how far Francophone Africa has gone, and advocate for the implementation of all or part of what exists there—Startup Act, financial system, investment processes,” Joel told Techeconomy.
The Barriers We Refuse to Ignore
Francophone Africa has deep trade and cultural links that should make cross-border investment seamless. But then, it’s a different case in reality. According to the World Bank, intra-African trade accounts for just 15% of the continent’s total trade, compared to 67% in Europe.
For startups, the challenge is even worse. Regulations differ from one country to another. Banking systems resist integration. Moving capital across borders usually seems like contraband.
On the biggest barriers preventing cross-border investor collaboration, and how they can be overcome, Joel said, “Financial system and different regulations per country. Moving money across African countries is a big challenge. To overcome this, startups need to have a corporate office in a financial neutral zone (Kigali, Mauritius, the USA, and others). As per regulations, we need to agree on minimum standards that can be used across.”
The solution, he argues, is not to wait for governments but to set up practical frameworks that investors and networks can agree upon.
No Success Stories, Yet
When asked if Francophone Africa could point to a cross-border syndicate that had successfully scaled a startup into a pan-African player, Joel was blunt:
“Unfortunately, we do not have examples.”
It’s an unpleasant eality. But it also explains why conversations like those at ABAN Congress are not just academic, they are strategies to scale up. If networks don’t act, startups will continue to expand one painful country at a time, bleeding resources that could have gone into innovation.
Towards a Minimum Standard
One of the strongest recommendations Joel makes is the need for harmonisation. Different angel groups across the region have varying due diligence, governance, and investment practices. For cross-border syndication to become normal, they need to converge.
“We need to define a minimum standard to use. ABAN could take the lead on this.”
This is where ABAN’s 10-year anniversary is important. The network now spans across the continent with strong representation in Francophone Africa, including 10 active angel groups such as Gabon Angel Investors Network, Business Angel Network of Chad, Congo Business Angels, Casbah Business Angels, and the Women Business Angel Network. Together, they have the numbers and influence to push through reforms.
Beyond the Money
While funding is essential, Joel insists that the role of cross-border investors must extend beyond writing cheques.
“Cross-border investors could bring marketing actions and access to their local network, be it administrative, legal, or commercial.”
For startups, that kind of access is usually more valuable than cash. Market entry support, introductions to regulators, and cultural know-how can make the difference between success and failure.
The ABAN Congress in Lagos is expected to ignite these conversations with renewed urgency. Francophone Africa, with its 300 million people and rising pool of angel investors, cannot afford to remain a fragmented ecosystem.
The next African unicorn may already exist in Douala, Dakar, or Kinshasa, but without cross-border syndication, it may never grow beyond its home turf.
Joel Nana Kontchou strongly reiterates that integration is the foundation for building Africa-funded African startups. The question is whether angel investors across the continent are ready to match words with action.
