Why African Founders must look towards Famtech

Why African Founders must look towards Famtech

The widespread differences in geography, social status, and culture cannot mask the dynamic that all families share. Because African families are such complicated institutions, it is impossible to characterize them without resorting to generalizations. However, the family is the fundamental social structure in Africa and is based on kinship, marriage, adoption, and other relational factors.

Various businesses that operate in the Fintech, Edtech, and Healthtech subsectors have grown to assist the socioeconomic activities of family members on an individual basis. So why can’t Famtech?

There are several distinct types of Famtech. Technology has made it simpler for us to help and look out for one another in whatever social groups we like to refer to as our family. They can also be apps that allows parents and caregivers keep track of children. Or platforms that enable families plan balanced family meals. African developers can harness tech to enhance family outreach and support connections between home and the social environment.

Founders are frequently inspired to build the tools or apps they wish existed when they were younger. So the question is, do African inventors not wish they had tools to handle home duties, keep tabs on the kids, find care, or free up some personal time. What is to blame for Africa’s dormant Famtech sector?

A New Family Demand

The family system is progressively being replaced by millennials. There are social repercussions of their growing influence as they get older and earn more money. The 1.8 billion millennials who currently make up 23% of the world’s population will look for effective ways to run households. With 278 million millennials, Africa has the second-highest group overall. Through $845 billion in household purchases, millennials control 65% of Africa’s purchasing power.

Because millennials are accustomed to using digital technology, it makes sense that this generation of parents would turn to their cellphones for support. Because of this, there is an increasing need for tech companies to focus on “Famtech”—apps and websites that assist parents and other family members with childrearing and other family-related issues.

In addition, as technology increasingly permeates into Africans, older people are also turning to tech solutions for assistance with childcare and other household responsibilities.

Developing Famtech in Africa

When Charles Onu launched Ubenwa in 2017, the app promised AI-powered software for early identification of neurological and respiratory conditions in infants. For this, the AI utilized the basic reaction babies had— cry. The API enables the medical interpretation of infants’ cries, using artificial intelligence and machine learning algorithms to extrapolate patterns and insights. Onu is a genius. Africa needs more geniuses like Onu, innovators looking to simplify family organization through digital processes.

Looking at Africa’s narrative, the Famtech industry actually seems to be dormant. There is a big, empty area with hardly any people in it. African innovators have neglected to create a market for family technology despite the tremendous demand from parents for options that make their lives easier.

The good news is that there is undoubtedly a huge investment opportunity in the Famtech sector, which aids parents in navigating the new and continuous obstacles that come with having children and growing a family. Our society’s foundation can be strengthened via Famtechs. Investors ought to assist startups so that parents may devote more time to their jobs and families and less time to worrying.