INTERVIEW: AI, cleantech, and creativity will shape Africa’s next investment wave, says Yemi Keri

As the African Business Angel Network (ABAN) marks its 10th anniversary, the spotlight is on how local investors can drive the continent’s innovation economy.

In this interview with Vincent Afolabi, Yemi Keri, co-founder of Rising Tide Africa and president of ABAN, discusses Africa’s evolving investment landscape, the rise of tech-driven sectors like AI and cleantech, and why stronger policies and gender inclusion are key to scaling early-stage funding across the continent.

Daily Times: ABAN is marking 10 years with a focus on accelerating local capital participation. From your vantage point leading both ABAN and Rising Tide Africa, what key shifts have you seen in how African investors approach early-stage funding?

Yemi Keri: Over the last decade, we have seen a clear evolution in Africa’s investment landscape. In the early years, the ecosystem was largely driven by a small circle of diaspora and international investors. Today, local investors have become more visible, coordinated, and strategic. We now have established angel networks in nearly every major market, with stronger syndication models and structured learning that promote more professional deal sourcing and execution.

There is also a significant shift toward thematic and impact-driven investments. Investors are paying closer attention to sectors that address Africa’s systemic challenges in energy, health, agriculture, and infrastructure. This change reflects a growing understanding that profitability and social impact can coexist in African markets.

Daily Times: Local capital remains limited compared to international funding. What structural or cultural barriers are still preventing more African investors from backing African founders?

Yemi Keri: Local investor participation remains limited due to the absence of structured investment channels for pooling resources, unclear and unfavourable regulatory and tax frameworks, lack of viable exit opportunities resulting from weak secondary markets and unpredictable acquisition pathways, and cultural perceptions of risk that reduce investor confidence in early-stage startups.

ABAN is addressing these issues by strengthening syndication platforms, advocating for tax-friendly policies, and working with governments and partners to build local capacity and trust in the ecosystem.

Daily Times: One of ABAN 2025’s goals is to deepen sector-driven investments — in areas like agriculture, cleantech, AI, health, and the creative economy. Which of these sectors do you believe hold the strongest potential for long-term impact, and why?

Yemi Keri: Africa is disproportionately affected by climate change, yet it has a unique opportunity to leapfrog legacy systems. Cleantech is about more than solar home systems, it is climate-resilient agriculture, sustainable logistics, waste-to-value innovations, and green manufacturing. Investing in cleantech directly addresses our energy deficit, which is a fundamental constraint to economic growth, while also building a more sustainable future.

AI and the creative economy represent emerging, high-growth areas. Artificial intelligence is increasingly integrated into fintech, logistics, and health applications, while Africa’s creative industries are generating global demand with relatively low capital intensity. A balanced portfolio across these sectors can achieve both sustainable development and investor diversification.

Daily Times: Women-led investment networks like Rising Tide Africa have played a critical role in diversifying investor participation. How can the industry further support gender inclusion in Africa’s angel investing ecosystem?

Yemi Keri: Gender inclusion in Africa’s angel investing ecosystem requires deliberate efforts to expand access, knowledge, and opportunity for women investors. Increasing women’s participation strengthens diversity in decision-making, widens the pool of available capital, and channels funding toward more inclusive and sustainable ventures.

Industry players can advance this by promoting investment pooling through communities like Rising Tide Africa, which allow women to co-invest at manageable ticket sizes, share risk, and gain practical experience. Providing targeted education and mentorship builds investor confidence and technical capacity, while gender-conscious deal sourcing connects women investors with women-led startups.

With the right policy incentives and institutional support, gender inclusion can become a lasting and integrated feature of Africa’s early-stage investment ecosystem.

Daily Times: The Congress will also push for stronger policy frameworks for early-stage investing. What kind of policy or regulatory environment do you think is necessary to make angel investing more transparent, secure, and scalable across African countries?

Yemi Keri: A cohesive policy environment is the bedrock for scaling angel investing. We are advocating for a multi-pronged approach. Tax clarity and incentives are fundamental. Governments should create clear tax rules
for angel investments, including credits or deductions for early-stage investors and exemptions for reinvested capital gains.

Simplified legal structures for convertible instruments such as SAFEs and notes can reduce legal costs and make early-stage investing accessible to smaller investors. Co-investment and guarantee schemes can also play a catalytic role. When public or development funds match private investments, they reduce perceived risk and crowd in local capital.

Another key area is cross-border harmonisation. Given the regional nature of many African startups, simplified rules for fund transfers, foreign exchange, and repatriation are essential.

Finally, exit-enabling policies such as SME exchanges or incentives for corporate venture acquisitions will provide liquidity and attract more angels to participate.

ABAN’s advocacy focuses on these practical reforms because a transparent, predictable, and integrated policy environment is what will unlock large-scale local capital participation in Africa’s innovation economy.