But in 2025, this tradition may be past its expiry date. Why? Because our over-reliance on passwords is becoming the very risk we seek to avoid.

According to Verizon’s Data Breach Investigations Report (2024), 81% of breaches still involve weak or stolen passwords.

As threat actors evolve and AI becomes part of their toolkit, even the strongest passwords can be broken in minutes, not months. It’s time we ask — are we clinging to an outdated security method that’s holding us back?

The Problem with Passwords Today

The data is damning. According to Nordpass, the weak password of “123456” persists in being used as a password, easily cracked within 1 second by hackers.

An online security survey by Google and Harris Poll in February 2019 found that at least 65% of people reuse passwords across multiple, if not all, sites, exposing them to credential-stuffing attacks at scale.

Newer threats are only accelerating this risk. Brute-force attacks have moved from CPUs to high-speed GPUs — some capable of guessing over a million password combinations per second meaning what once took years to crack can now be done in minutes using AI-enhanced tools.

The Dark Side of Passwords: A Cybercrime Economy

The underground market for stolen credentials is vast and lucrative. It’s estimated that over 24.6 billion username-password combinations are currently circulating across cybercriminal marketplaces — although the true scale is difficult to verify due to repeated resale of stolen data.

In bulk, these credentials are even cheaper — as seen in the Booking.com scam, where thousands were sold for just $2,000 with new credentials offered every month, depending on breaches and leaks.

The most valuable logins include banking, email, cloud, crypto, corporate VPNs and social media accounts, which are commonly reused for phishing, identity theft, malware campaigns, and business email compromise.

Behind these thefts are some of the world’s most sophisticated threat groups, including Kimsuky (North Korea), MuddyWater (Iran), and APT28/29 (Russia) — often using malware like Lumma and MaaS platforms, targeting MFA tokens and crypto wallets, spreading over Telegram bots, that make infostealing scalable and profitable. It was reported that in 2024 alone, 3.9 billion credentials were compromised via malware infections across 4.3 million devices.

Even multi-factor authentication (MFA), while crucial, is being challenged by tools like EvilProxy, which can intercept MFA tokens.

This growing cybercrime economy is not just a technical threat — it’s a geopolitical and economic ecosystem as these threats now can come from anywhere at all thanks to MaaS and Phishing-as-a-Service (PhaaS) platforms.

Together with infostealer-as-a-service and phishing kits for hire, these attacks are no longer limited to state actors — they’re available to anyone with a Bitcoin wallet.

The Rise of Passwordless Authentication

In contrast, passwordless security is becoming not only possible — it’s practical. Companies like Google, Microsoft, and Shopify are rolling out Passkeys — encrypted cryptographic keys tied to biometric or device-based authentication.

Microsoft wants its more than one billion users to stop using passwords to log into their Microsoft accounts while Gartner predicts that 60% of enterprises will eliminate passwords for most use cases by 2025.

In sectors like finance, healthcare, and government, hardware tokens, multi-factor logins, and biometric identification are taking over.

Even in countries like Singapore and India, government-backed digital identity systems are accelerating passwordless adoption for banking, insurance, and healthcare access. This is driven by a desire to enhance security, improve user experience, and streamline digital interactions.

In Singapore for instance, Singapore’s National Digital Identity (NDI) system built on Singpass, connects over 700 government agencies and private businesses.

Options like facial recognition, digital ID cards, and QR codes confirm user identities quickly and are more secure than traditional passwords.

India’s Aadhaar, the world’s largest biometric system supports secure digital identity verification via OTPs and biometrics, while Australia’s Digital ID roadmap is investing in federated, passwordless frameworks

Behavioural Resistance: Why We Still Cling to Passwords

Despite security advances, people still trust what they know — and passwords feel familiar. But that familiarity comes at a price. Passwords are easily guessed, forgotten, shared, or stolen.

Check Point notes that poor password hygiene — such as reusing passwords, writing them down, or using personal data — continues to be a major weak link in corporate and personal security.

Even worse, phishing attacks — many AI-generated — continue to steal login credentials at scale, despite the presence of two-factor authentication (2FA). The rise in AI-powered phishing and deepfake attacks only makes password-based systems more vulnerable.

Risks of Staying with Passwords in a Post-AI World

The evolution of AI is making password-based authentication obsolete:

• Deep learning models are trained on billions of leaked passwords and can predict common patterns faster than ever.
• Voice- and video-based impersonation attacks using deepfakes can bypass even multi-factor authentication if based on weak identity layers.
• Cloud-based GPUs are democratising the power to break passwords at scale, enabling ransomware groups and script kiddies alike to compromise systems rapidly.

In short: the longer we wait to go passwordless, the more we expose ourselves.

What Organisations Should Do Now

• Pilot passwordless systems using biometrics, tokens, or Passkeys.
• Use tools like Check Point Harmony to prevent password reuse and phishing.
• Enforce Privileged Access Management (PAM) solutions and Zero Trust architectures.
• Educate teams not just on stronger passwords — but on phasing them out altogether.

Check Point emphasises password length, diversity, and uniqueness but is also aligned with the need to explore post-password approaches.

World Password Day shouldn’t just be about creating stronger passwords. It should be a prompt to imagine a future without them.

The tools exist. The threats demand it. The only thing missing is our willingness to let go.

A U.S. federal appeals court has ruled that the company can be sued in California over how it allegedly tracks and profits from users’ data—despite not being based there.

Brandon Briskin, a resident of California, claims Shopify secretly planted tracking cookies on his iPhone when he shopped online at I Am Becoming, a local retailer using Shopify’s services. Those cookies allegedly harvested his personal data and helped Shopify build a profile it could sell to other businesses.

Shopify didn’t deny placing the tracking software. Instead, the company argued it shouldn’t be dragged into court in California. It insisted that any legal action should happen in places where it has stronger legal ties—like Delaware, New York, or back home in Canada.

But the 9th U.S. Circuit Court of Appeals in San Francisco wasn’t having it. In a strong 10-1 decision, the court said Shopify aimed its data-gathering practices directly at Californians—and that’s enough to be held accountable in the state.

“Shopify deliberately reached out … by knowingly installing tracking software onto unsuspecting Californians’ phones so that it could later sell the data it obtained, in a manner that was neither random, isolated, or fortuitous,” wrote Circuit Judge Kim McLane Wardlaw, siding with the majority.

That statement alone slices through all the legal fog. Shopify’s actions weren’t vague or incidental. The court said they were intentional and targeted—and that has consequences.

A lower court had previously tossed the case, agreeing with Shopify’s argument. Even a three-judge panel from the same appeals court had said the lawsuit didn’t belong in California. But this full bench decision reversed all of that and signalled that courts are now willing to take a harder stance when companies reach across borders through the internet.

Unsurprisingly, Shopify isn’t thrilled. A company spokesperson said the decision “attacks the basics of how the internet works,” suggesting it could force small online businesses to defend themselves in faraway courtrooms just because someone clicked from a different state.

If courts begin to take this position broadly, internet-based companies won’t be able to hide behind the argument that “we operate everywhere, so you can’t sue us anywhere.”

Matt McCrary, Briskin’s lawyer, welcomed the decision. He said the court made it clear that businesses can’t operate in digital marketplaces without also being subject to the laws of those markets. “The idea that a company is jurisdictionally ‘nowhere’ because it does business ‘everywhere’—that argument doesn’t hold up anymore,” he said.

Backing Briskin in this case was a coalition of 30 states and Washington, D.C. Their concern? If companies like Shopify are allowed to operate without being answerable to local laws, consumer protections become meaningless. 

These states want the power to hold internet giants accountable when their residents are targeted, no matter where the company’s headquarters may be.

But not everyone agreed. Judge Consuelo Callahan, the lone dissenter, warned that the majority had opened the floodgates. She criticised what she called a “traveling cookie rule,” which she argued would allow lawsuits to pop up anywhere a user travels, turning jurisdiction into a guessing game.

On a business level, Shopify has been doing well. It reported a 31% revenue increase in Q4 of 2024, hitting $2.81 billion. Full-year revenue was up 26% to $8.88 billion, and subscription income grew by over 9%.

That growth has come with deeper market penetration too. “In the U.S. alone, Shopify is now over 12% of the eCommerce market share,” said President Harley Finkelstein. “And we continue to grow rapidly in places like Europe and Japan.”

Still, these numbers may not shield Shopify from what comes next. The court ruling could influence dozens of pending and future cases. Tech companies handling consumer data across state lines can be held to account where users live, not just where your offices are.

The transition will take effect on Monday, 31 March 2025, with trading on the NYSE ceasing at market close on Friday, 28 March. However, Shopify’s listing on the Toronto Stock Exchange (TSX) will remain unchanged, while the company continues to trade under the ticker symbol “SHOP” on both exchanges.

The statement read: “Shopify expects that its Class A Subordinate Voting Shares will cease trading on the NYSE at market close on Friday, March 28, 2025 and that its Class A Subordinate Voting Shares will commence trading on the Nasdaq on Monday, March 31, 2025.

Shopify’s listing on the Toronto Stock Exchange (“TSX”) will not be impacted, and its Class A Subordinate Voting Shares will continue to be listed under the ticker symbol “SHOP” on both the TSX and Nasdaq.”

The company did not provide a specific reason for the switch in its filing with the U.S. Securities and Exchange Commission (SEC). However, a spokesperson for Shopify stated, “We’re excited to join the Nasdaq community and be listed among the most innovative tech companies in the world.”

This change comes as Shopify stands on strong financial performance. In its latest quarterly report, the company posted a 31% year-on-year revenue increase, bringing in $2.8 billion in Q4 2024. Shopify’s market capitalisation now stands at $121 billion, a 55% surge compared to the previous year.

The move to Nasdaq places Shopify alongside some of the world’s biggest technology firms. Nasdaq is often favoured by tech companies due to its high concentration of growth-oriented businesses and advanced trading infrastructure. 

While companies switch exchanges for various reasons, ranging from cost savings to strategic positioning, Shopify’s decision is in alignment with Nasdaq’s reputation as a hub for innovation-driven firms.

Shopify, which provides digital infrastructure for millions of businesses globally, has been steadily expanding its influence in the e-commerce sector. The company’s platform powers brands like SKIMS, Supreme, and Meta.

With a tech ecosystem that’s rapidly expanding, Nigeria boasts a multitude of talented entrepreneurs who are transforming industries and paving the way for the country’s economic future.

Why Nigeria?

As we step into 2025, there’s never been a more exciting time to explore the dynamic landscape of Nigerian startups.

These founders are not just building businesses; they are solving real-world problems and inspiring a new generation of innovators.

From fintech and eCommerce to education and healthcare, they are pushing boundaries and redefining the entrepreneurial spirit.

Meet the Visionaries

Here are 10 startup founders to follow/watch in 2025. These visionaries are redefining the Nigerian startup landscape, and their stories are a testament to the country’s potential for innovation and growth.

 1. Tobias Lütke, The Visionary Behind Shopify

Tobias Lütke, the dynamic founder of Shopify, is a testament to the power of passion and innovation.

More than 20 years ago, he set out with a bold dream: to revolutionize online sales by selling snowboards.

Driven by his love for snowboarding and technology, Tobi faced numerous challenges, from grappling with complex code to navigating the cumbersome processes of accepting credit card payments.

In 2004, while living in Ottawa, Tobi launched his online snowboard shop, Snowdevil. Frustrated by the clunky and overpriced ecommerce software available at the time, he took matters into his own hands.

Instead of merely selling snowboards, Tobi decided to create a better solution—his own e-commerce platform.

The response was overwhelming. Other online merchants, impressed by his groundbreaking software, clamored to license it for their own businesses.

Recognizing the immense potential of the software beyond snowboards, Tobi and his co-founder pivoted, officially launching Shopify in 2006.

Fast forward to today:

Shopify is a powerhouse in the e-commerce space, a publicly traded company boasting over 4,000 employees and revenue exceeding $1 billion.

Tobi Lütke didn’t just build a company; he transformed the way the world shops online.

Eyes on Tobias: e-Commerce development.

2. Omolara Sanni, co-Founder of Middleman

Omolara Sanni is a trailblazer in the Nigerian tech ecosystem, recognized for her pivotal role as Co-Founder of Middleman, a revolutionary platform that streamlines commerce and logistics in Africa.

With a background in computer science and a passion for solving real-world challenges, Omolara has dedicated her career to enhancing the efficiency of supply chains and empowering small businesses.

Her journey began with a vision: to bridge the gap between merchants and consumers in an increasingly digital marketplace.

Drawing on her expertise, she co-founded Middleman to tackle the complexities of logistics and payment systems, making it easier for entrepreneurs to thrive.

Under her leadership, Middleman has transformed into a vital player in the e-commerce landscape, connecting various stakeholders and simplifying transactions.

Omolara’s commitment to innovation is matched by her dedication to mentorship. She actively supports aspiring entrepreneurs, particularly women in tech, fostering a new generation of leaders.

As she continues to push boundaries and redefine commerce in Nigeria, Omolara Sanni stands out as a powerful force driving the future of technology and entrepreneurship in Africa.

Omolara is the co-founder of Middleman, an escrow service that facilitates secure transactions.

Eyes on Omolara: Logistics

3. Silas Adekunle, co-founder/CEO of Reach Industries

Silas Adekunle is a dynamic entrepreneur and the Co-Founder and CEO of Reach Industries, a trailblazing technology firm that is revolutionizing the robotics and automation landscape.

With an unwavering commitment to innovation, Silas has dedicated his career to crafting groundbreaking solutions that significantly enhance efficiency and productivity across multiple sectors.

Under his decisive leadership, Reach Industries has shattered expectations, achieving remarkable recognition for its pioneering work in advanced robotic systems that automate complex tasks.

Silas’s deep expertise in engineering and technology, combined with his entrepreneurial drive, has propelled the company to the forefront of the automation industry, attracting substantial investment and strategic partnerships.

Silas’s impressive journey began with a robust academic background in engineering and computer science, further enriched by hands-on experience in robotics and artificial intelligence.

His forward-thinking approach is evident in the creation of products that not only address current market demands but also anticipate future trends in automation and smart technology.

A fervent advocate for diversity and inclusion within the tech sector, Silas champions initiatives that empower underrepresented groups to pursue careers in STEM. He firmly believes that diverse perspectives are vital for fostering true innovation.

As a thought leader, Silas commands attention at industry conferences and events, where he shares his insights on the future of robotics and the transformative power of technology.

His relentless pursuit of excellence and genuine commitment to making a positive impact through technology inspire the next generation of entrepreneurs and innovators.

Through Reach Industries, Silas Adekunle is not merely transforming industries; he is setting a new standard for what is achievable through visionary thinking and unwavering dedication.

His leadership and strategic vision are propelling the future of automation, solidifying his status as a pivotal figure in the tech landscape.

Eyes on Silas: robotics and industrial automation

4. Ifeoluwa Wole-Osho, co-founder of Aje

Ifeoluwa Wole-Osho is a visionary entrepreneur and the co-founder of Aje, a dynamic platform designed to revolutionize the way businesses and consumers connect in the African market.

With a strong background in technology and business development, Ifeoluwa has dedicated his career to enhancing digital accessibility and fostering innovation across various sectors.

Ifeoluwa’s journey began with a passion for solving complex problems through technology. He recognized the potential of digital platforms to bridge gaps in the market, particularly in Africa, where traditional methods often fall short.

This realization led him to co-found Aje, which empowers businesses by providing them with tools and resources to thrive in a competitive landscape.

Under his leadership, Aje has grown rapidly, focusing on user-centric solutions that cater to both businesses and consumers.

The platform emphasizes transparency, efficiency, and ease of use, making it a preferred choice for many in the region.

Ifeoluwa is known for his strategic thinking and commitment to fostering collaboration among entrepreneurs.

He actively engages with startups and emerging businesses, sharing insights and advocating for a vibrant entrepreneurial ecosystem in Africa.

Through Aje, Ifeoluwa Wole-Osho is not just building a company; he is shaping the future of commerce in Africa, driving growth, and inspiring a new generation of innovators.

Eyes on Ifeoluwa: Marketplace growth 

5. Iyinoluwa Aboyeji, founder and managing partner, Future Africa 

Iyinoluwa Aboyeji is a a dynamic entrepreneur, well-known for his pivotal role in the African tech ecosystem.

Aboyeji is the founder and General Partner of Future Africa, a platform that provides funding, mentorship, and resources to empower innovative startups solving critical challenges across the continent.

He co-founded Flutterwave, a leading pay​ments technology company that simplifies financial transactions across Africa and globally. Prior to that, he co-founded Andela, a global talent company that trains and connects African software developers with leading technology firms worldwide.

His efforts have significantly contributed to fostering innovation, entrepreneurship, and economic growth in Africa.

With a passion for leveraging technology to solve pressing challenges, Iyinoluwa has made significant contributions to the growth of the African tech landscape.

At Andela, Iyinoluwa played a pivotal role in creating a platform that trains software engineers in Africa and connects them with global tech companies. His vision was to address the talent gap in the tech industry while empowering young Africans with valuable skills.

Under his leadership, Andela has successfully trained thousands of developers, helping to establish a robust talent pipeline for the global tech workforce.

Following his success with Andela, Iyinoluwa co-founded Flutterwave, a fintech company that has revolutionized payment processing across Africa.

Flutterwave provides businesses with seamless payment solutions, enabling them to accept payments from customers worldwide.

Iyinoluwa’s strategic insight and understanding of the African market have been instrumental in positioning Flutterwave as a leader in the fintech space, facilitating cross-border transactions, and fostering economic growth across the continent.

Iyinoluwa’s entrepreneurial journey is underpinned by a strong educational background, including degrees from renowned institutions. His expertise in technology, business development, and venture capital has earned him recognition as a thought leader in the African startup ecosystem.

Beyond his entrepreneurial ventures, Iyinoluwa is a passionate advocate for innovation and entrepreneurship in Africa.

He actively mentors young entrepreneurs, sharing his insights and experiences to inspire the next generation of tech leaders.

His commitment to fostering a vibrant startup culture has made him a respected figure in the African tech community.

Through his groundbreaking work with Andela and Flutterwave, Iyinoluwa Aboyeji is not only shaping the future of technology in Africa but also contributing to the continent’s economic development and global competitiveness.

His vision, leadership, and dedication to empowering others continue to make a profound impact on the African tech landscape.

Eyes on Iyi: Startup funding

6. Luther Lawoyin, founder/CEO of PricePally

Luther Lawoyin is an innovative entrepreneur and the Founder and CEO of PricePally. The startup is transforming the landscape of food distribution and supply chain management in Nigeria.

With a strong commitment to addressing food insecurity and promoting sustainable agricultural practices, Luther has positioned PricePally as a key player in enhancing access to affordable, high-quality food for consumers.

Under Luther’s leadership, PricePally has developed a unique model that connects farmers directly with consumers, cutting out intermediaries and ensuring fair prices for both producers and buyers.

This approach not only helps to reduce food waste but also empowers local farmers by providing them with a reliable market for their produce. Luther’s vision is driven by a desire to create a transparent and efficient food supply chain that benefits all stakeholders involved.

Luther’s journey into entrepreneurship is rooted in his passion for technology and its potential to drive social impact.

He holds a background in engineering and business, which has equipped him with the skills needed to navigate the complexities of the agricultural sector.

His strategic insights and innovative thinking have been instrumental in the growth of PricePally, attracting attention from investors and partners looking to make a positive impact in the food industry.

In addition to his work at PricePally, Luther is an advocate for sustainable agriculture and food security in Africa. He actively participates in discussions and initiatives aimed at improving agricultural practices and promoting food systems that are both resilient and equitable.

His dedication to fostering collaboration between farmers, consumers, and policymakers underscores his commitment to creating a sustainable future for food in Nigeria.

As a thought leader in the agritech space, Luther Lawoyin frequently shares his insights on the importance of leveraging technology to solve pressing issues in food distribution. His leadership at PricePally not only addresses immediate challenges but also sets a precedent for innovation in the agricultural sector.

Through his entrepreneurial endeavours, Luther is not only redefining the way food is sourced and consumed but also contributing to the broader goal of achieving food security and sustainability in Africa. His vision and determination continue to inspire others in the quest for innovative solutions to the continent’s agricultural challenges.

Eyes on Luther: food distribution and supply chain management

7. Manish Sardana, co-founder of Craydel 

Manish Sardana is a visionary entrepreneur and the Co-Founder of Craydel, a pioneering edtech platform that is changing the way students access higher education opportunities.

With a robust background in technology and business development, Manish has been instrumental in shaping Craydel’s mission to provide seamless access to quality education for learners across Africa and beyond.

Under his leadership, Craydel has successfully connected thousands of students with reputable universities and institutions, facilitating their journey toward academic and professional success. Manish’s strategic vision focuses on leveraging technology to remove barriers to education, ensuring that students can easily navigate their options and make informed decisions.

Prior to founding Craydel, Manish honed his expertise in various sectors, including technology consulting and educational services. His experience in these fields has equipped him with a unique perspective on the challenges facing students today, driving his commitment to innovation in the education space.

Craydel has gained significant traction since its inception, attracting a diverse range of partnerships and investments, which underscore its potential for growth and impact. Manish’s proactive approach and dedication to fostering educational accessibility position him as a key player in the evolving landscape of African education.

Through his leadership at Craydel, Manish Sardana is not just transforming the education sector; he is empowering the next generation of leaders by making quality education more accessible than ever before.

Eyes on Manish: e-learning/education

8. Toyosi Akerele-Ogunsiji, founder/CEO, Rise Networks

Toyosi Akerele-Ogunsiji is leading, silently, an artificial intelligence revolution in Africa. 2025 might be the year the world will celebrate this! Our eyes are on Toyosi.

She is the founder and CEO of Rise Networks, a leading social enterprise in Nigeria focused on youth empowerment and capacity development.

Rise Networks has gained attractions for its efforts to harness the potential of young people through innovation, technology, and education.

She is a thought leader who frequently speaks on leadership, innovation, and the role of technology in transforming Africa.

Her key initiatives include, but not limited to PassNowNow – a platform providing educational content and resources for secondary school students.

Through Rise Networks, Toyosi promotes AI adoption in Nigeria to foster innovation and economic growth.

She is an active member of the AI for Public Interest Working Group of the 2025 AI Action Summit to be hosted by the Government of France, an alumnus of the United States Government’s prestigious International Visitor Leadership Program and is a trusted expert on AI by foreign institutions seeking insights on the AI landscape within the region given.

She has been severally recognized for her contributions to the tech ecosystem in Nigeria and Africa and her support for the Continent’s broad economic development goals through research and learning development.

Toyosi Akerele-Ogunsiji holds Harvard, Stanford, and MIT degrees and certifications. She is passionate about equipping young Nigerians with the tools and skills needed to thrive in the digital economy.

Eyes on Toyosi: AI adoption

9. Ben Lyon – co-founder of KopoKopo

Ben Lyon is a visionary entrepreneur and the Co-Founder of KopoKopo, is payment processing platform that is disrupting the way businesses in Africa manage and accept digital payments.

With a robust background in technology and finance, Ben has been instrumental in driving KopoKopo’s mission to empower small and medium-sized enterprises (SMEs) by providing them with accessible and efficient payment solutions.

Under Ben’s leadership, KopoKopo has become a trusted partner for thousands of merchants across Kenya and beyond, enabling them to seamlessly integrate mobile payment systems into their operations.

His strategic foresight has led to the development of innovative tools that help businesses increase sales, streamline operations, and improve customer engagement.

Ben is a strong advocate for financial inclusion and entrepreneurship in Africa. He actively collaborates with various stakeholders, including financial institutions and government agencies, to create an ecosystem that supports the growth of the digital economy.

His efforts have not only enhanced KopoKopo’s market presence but have also contributed to the broader adoption of digital payments in the region.

With a passion for technology and a deep understanding of the local market, Ben Lyon is dedicated to transforming the financial landscape in Africa, paving the way for a future where every business, regardless of size, can thrive in the digital economy. His commitment to innovation and excellence continues to inspire those around him, making him a key figure in the fintech industry.

Eyes on Ban: Digital Payment

10. Olatunde Victor Adeoluwa, founder of Salesplat

Olatunde loves to sale! As the founder at Salesplat, Olatunde Victor Adeoluwa qualifies to be called ‘a serial Nigerian entrepreneur’. A business growth strategist with about two decades experience in various sectors, including Agritech, FinTech, Healthtech, EdTech, and Energy.

He provides talents, trainings and technologies for revenue growth of organizations and specializes in scaling businesses and implementing strategies that drive growth and sustainability.

As a business and personal development coach, Victor is dedicated to empowering individuals and organizations to achieve their full potential.

Victor is passionate about creating impact-driven solutions that address critical challenges in society. His work reflects a commitment to innovation, sustainability, and empowering others through knowledge and technology.

Eyes on Tunde: Business coaching

Conclusion

These ten founders are not just leaders; they are visionaries shaping the future. Their stories inspire others to dream big, take risks, and make a positive impact on the world.

As they continue their journeys, their innovations remind us that the spirit of entrepreneurship is alive and thriving, ready to tackle the challenges of tomorrow.

By leveraging online platforms, SMEs can access global markets, reduce reliance on physical stores, and automate processes like order processing and payment. This allows them to compete more effectively, grow their customer base, and increase profitability.

Several e-commerce platforms are fueling SME growth in Africa. Prominent e-commerce platforms like Jumia, Konga, Jiji, and Kilimall have established a strong presence, while emerging platforms like Bumpa, SokoSQ, Squarespace, and Shopify are also making waves.

Here’s a more detailed look at some of the key players:

Jumia:

CEO: Sunil Natraj

Jumia is a dominant force in the African e-commerce market, operating in multiple countries and offering a wide range of products. Jumia, a prominent e-commerce platform in Africa, has seen fluctuating results. In the third quarter of 2024, they had 2.4 million quarterly active customers, a slight increase from the previous quarter. Their 2023 revenue was $186.4 million.

Konga:

CEO: Prince Nnamdi Ekeh

Another major player in Nigeria and beyond, Konga offers a diverse selection of goods and services. In the year 2020, Konga, an online marketplace for physical goods based in Lagos, Nigeria, had 23 million web visitors. About 36% of these visitors were aged 25 to 34 years. Konga is considered one of Nigeria’s leading online marketplaces.

Kilimall:

Founder: Yang Tao

Based in Kenya, Kilimall is a significant player in the East African market. Kilimall, a Chinese e-commerce company, has a significant presence in Africa, with a strong focus on Kenya, Uganda, and Nigeria.

They offer a wide range of products and cater to local tastes and preferences. Kilimall has also implemented initiatives to support education and entrepreneurship on the continent.

Bumpa:

Founders: Kelvin Umechukwu and Adetunji Opayele

Focusing on the Nigerian market, Bumpa is a growing platform for SMEs. Bumpa has seen significant growth, increasing its customer base from 2,500 to over 7,000 merchants, with an average monthly growth of 50%. They’ve also supported over 200,000 orders and a gross merchandise volume (GMV) of $20 million. It is estimated that Bumpa will experience a 38% increase in stores created on their platform by the end of 2024.

Jiji:

Founder: Anton Volianskyi

Jiji is another popular Nigerian e-commerce platform. The marketplace provides buyers and sellers with an avenue to meet and exchange goods and services.

Jiji boasts 12 million monthly active users across seven African countries, including Nigeria, Kenya, and Ghana. It also operates in Bangladesh. Its annual transaction value exceeds $10 billion USD. The platform had 10 million unique monthly visits and two million active ads with a combined worth of $10 billion as of this year.

SokoSQ:

Founders: Ezeala Adaugo Godsgift and Frankline Ugwu

SokoSQ is an AI-powered e-commerce tool helping African small businesses do more than just go digital, it helps their websites work harder.

In just a few months since launch, it has onboarded over 1,500 SMEs and is already approaching ₦1 billion in GMV.

Tailored to the realities of African entrepreneurs, SokoSQ combines high-converting online stores with AI-driven marketing, business management, and customer engagement, all in one seamless platform.

For SMEs that have relied on Instagram or WhatsApp, it bridges the gap between visibility and actual scalability, offering AI-generated product descriptions, store optimization, sales tracking, and inventory tools.

Squarespace:

Founder: Anthony Casalena

While primarily a website builder, Squarespace offers features for selling products, making it a suitable option for some SMEs. Squarespace is a popular website builder with over 4.9 million unique subscriptions and a $1.12 billion annual revenue run rate. In 2023, the company generated $1.01 billion in revenue, with a 17% increase in revenue compared to 2022. Squarespace is used by approximately 2.0% of all websites and has a 17% market share among simple website builders.

Shopify:

Founders: Scott Lake, Tobias Lütke and Daniel Weinand

Shopify is a popular platform for building online stores, with a strong presence in the African market. Shopify powers over 4 million online stores globally and has processed over $886 billion in e-commerce sales since its launch. The platform’s annual revenue reached $5.6 billion in 2023, a 20% increase from the previous year. Shopify supports over 175 countries and has a significant presence in North America, with 70% of its merchants located there. Mobile traffic makes up 71% of Shopify’s total traffic.

KudiGo Storefront:

Founder: Kingsley Abrokwah

This platform is specifically tailored for the African market, offering affordable pricing and features for SMEs. The freemium platform for e-commerce, saw a significant increase in merchant success in the last quarter, with a 260% rise in monthly transaction volume.

The platform offers features like payment processing, customer management, and inventory management, with a limit of 50 products in the free version and up to 5,000 in the full, paid version. In 2019, a high percentage (95%) of sales on the system were cash transactions, indicating the prevalence of cash transactions in some regions.

Other Notable Platforms:

Platforms like Yoco, Kalahari.com, and Bidorbuy.com also contribute to the growth of e-commerce in Africa.

These platforms are helping SMEs reach a wider audience, increase their sales, and grow their businesses by leveraging the power of online retail in Africa.

And that’s the story of how the mother of Daymond John came to her son’s rescue. On sensing potential, John and his mother mortgaged their house for $100,000 to generate start-up capital.

When John first had the idea for a clothing company for young men, his mother taught him how to sew. And she also supported him by allowing her house to be taken over to grow the business.

As they revealed, Wool ski hats with their tops tied off with fishing line were popular at the time, and John noticed them being sold for $20, which he considered overpriced.

John went home and sewed about 90 hats with his next-door neighbor. They sold their homemade hats for $10 each on the corner of Jamaica Avenue and made $800 in a single day in 1992. After the hats, they began selling screen-printed T-shirts. And to break into the market, they sold on consignment and at large events around the Northeast.

Daymond John started FUBU in his mother’s house in Hollis, Queens.

To make ends meet, John held a full-time job at Red Lobster, working on the FUBU business in between shifts.

In addition to Brown, he recruited longtime friends J. Alexander Martin and Keith Perrin into the business, and began sewing the FUBU logo onto hockey jerseys, sweatshirts, and T-shirts. They then loaned about 10 of the hockey jerseys out to rappers for their music videos for two years and got product placements in about 30 videos.

The business was perceived as a large clothing brand, despite being a relatively small company and stores started requesting their brand.

In 1993, John convinced LL Cool J, an old neighborhood friend, to wear a FUBU T-shirt for a promotional campaign.

Later, while filming a 30-second advertising spot for The Gap, LL Cool J wore a FUBU hat in the commercial and incorporated the line “for us, by us” in his rapping. Around 1992 to 1994, John received $300,000 in orders and also an offer for participating in Macy’s (M) at a Las Vegas fashion trade show, MAGIC.

They had to take out a second mortgage of his mother’s house in order to fulfill the orders. After being turned down by 27 banks for a loan. John’s mother used the last of their money to take out an advertisement in the New York Times. As a result of the ad, FUBU made a deal with Samsung Textiles, allowing them to complete their orders.

To date, FUBU has earned over $6 billion in global sales. FUBU is featured at the Smithsonian’s National Museum of African-American History and Culture.

John was born February 23, 1969 in Brooklyn, New York City. But would grow up in the Hollis neighborhood of Queens and attended Catholic school for seven years.

He began working at the age of 10, when his parents divorced; one early job entailed handing out flyers for $2 an hour. In high school, he participated in a program that allowed him to work a full-time job and attend school on an alternating weekly basis, which he credits with instilling an entrepreneurial spirit.

After graduating from high school, John started a commuter van service and waited tables at Red Lobster.

And when John was 16, his mother had a boyfriend, an attorney, who he considered a stepfather and mentor.   In 2009, John received a call from Mark Burnett asking him to join the cast of ABC’s new reality business show Shark Tank, which gives entrepreneurs the opportunity to pitch their businesses to investors, or “Sharks” in the hopes of receiving an investment.

The show recently finished its 12th season. John has invested $8,567,000 of his own money in Shark Tank companies as of May 12, 2017.

His favorite investments on record by 2015 were Al “Bubba” Baker’s boneless ribs and Bombas socks.

In 2016, Shark Tank won an Emmy Award, and won Outstanding Reality Program from 2012-2014.

John invested in Bubba’s-Q Boneless Ribs on Season 5 of Shark Tank and has helped grow the company from $154,000 in sales to $16 million in 3 years.

In 2017, Bubba’s-Q Boneless Ribs partnered up with Carl’s Jr. to create the limited-edition Baby Back Rib Burger. On Season 5 of Shark Tank, John made a unique deal with 15-year-old Moziah “Mo” Bridges, who is the owner of Mo’s Bows. John decided not to invest in Mo’s Bows but instead to mentor the young entrepreneur.

Recently, Mo’s Bows agreed to a seven-figure licensing partnership with the NBA to create bow ties that use the teams’ logos.  During an update on the show, Mo’s Bows were being sold at Neiman Marcus.

After investing in Bombas Socks on Season 6 of Shark Tank, total sales for the company increased from $450,000 in the first nine months to $12 million. For every pair of socks sold, Bombas donates a pair to someone in need. John also invested in Sun-Staches on Season 6 of Shark Tank. They have done over $4.2 million in sales.

Shark Tank has won 4 Emmy Awards and has been nominated 9 times

John is the CEO and founder of The Shark Group, a brand management and consulting firm.

John has gone on to become a public speaker. He is also a brand ambassador for the e-commerce company Shopify.  In 2021, John signed a deal with Audible. Earlier in 2015, John co-founded Daymond John’s Success Formula, a program designed to teach business owners and entrepreneurs how to start and grow their business.

In September 2019, Daymond John’s Success Formula rebranded to Next Level Success. One of the organizations the program works with is the Network for Teaching Entrepreneurship. The program offers a $1,500 scholarship to two students a year. This scholarship is given in hopes to inspire a new generation of entrepreneurs.

John is a New York Times and Wall Street Journal best-selling author

John has received numerous awards, including Brandweek Marketer of the Year, the NAACP Entrepreneurs of the Year Award (which he won twice), the Advertising Age Marketing 1000 Award for Outstanding Ad Campaign, the Essence Award, Crain’s New York Business Forty Under Forty Award, Ernst & Young’s New York Entrepreneur of the Year Award, the Brandeis University International Business School’s Asper Award for Excellence in Global Entrepreneurship, Details 50 Most Influential Men, and the Congressional Achievement Award for Entrepreneurship (which he won twice).

In 2015, President Obama appointed John as an ambassador to promote underserved entrepreneurs. John has released four books: Display of Power, The Brand Within, The Power of Broke, and Rise and Grind.

The Shopify co-founder revealed this in a podcast series observed by TechEconomy.

Lütke is a computer programmer by profession and had no intention of having anything to do with the business side of Shopify, the Canadian startup he co-founded.

According to Lütke, it became imperative for him to arm himself and scale his e-commerce platform.

Influence

He decided to source some reading that would arm him with the skills he needed and ended up wí two powerful books – “Influence: The Psychology of Persuasion” and High Output Management.

“Influence was just the most mind-bending book you can imagine, because it essentially taught you all the ways humans are flawed and influenceable, and how, yes, computers are predictable, but once you make things for people you need to go into storytelling,” says Lütke.

“Which was news to me, frankly. I spent my teens with computers. Not with people,” he adds to laughs from Ferriss.

“Influence” was first published in 1983 and remains a foundational work on the science of persuasion, so Lütke is far from the only brilliant-but-awkward young striver Cialdini has helped. If you’re looking for a quick summary of the book’s basic ideas, Trapulionis’s post has a useful rundown.

High Output Management

“One of the best books ever,” raves Lütke of this second classic by the former CEO of Intel, describing High Output Management as “a how-to manual that deconstructs the world of business into first principles. It’s like, here’s what matters.

Here’s how to think about it.” By laying out building a business like an engineering exercise, Grove’s book made the whole challenge far less daunting, Lütke claims.

He’s not the only nerdy young entrepreneur riding a startup rocket ship to benefit from the legendary title. Mark Zuckerberg also claims the “book played a big role in shaping my management style.”

In accordance with the recently published financial statements, Shopify has a current valuation of 47.14 billion. This is 144.06% higher than that of the technology sector and significantly higher than that of the Software—Application industry