JOHHANNESBURG, SOUTH AFRICA (ADV) – Pangea Accelerator Chief Executive Officer (CEO) Jonas Tesfu has predicted that about a billion people will move in cities across Africa but said the infrastructure will become overwhelmed by urbanisation.
“Africa is the fastest urbanising continent and its cities’ infrastructure and housing are not keeping up,” said Tesfu.
“This creates the risk of having major cities in these countries turned into gigantic slums.”
Pangea Accelerator is a Kenyan-based organisation that can assist start-up businesses to connect with investors in collaboration with Habitat for Humanity.
The World Bank has revealed in a recent report that out of 250,000 Kenyans who apply for houses annually, developers can only manage 50, 000.
The report further stated that is 49,000 of these units go to upper-middle and high-end segments of the market, leaving the low-income group seriously under-supplied, with only 1,000 units to share.
In a move to provide Kenyans with decent houses, thirty new start-up in Kenya that are based at Strathmore University are undergoing through a programme that targets the housing sector.
The start-up at iBiz Africa will see issues such as water and sanitation, waste management and housing and construction being addressed.
As the real estate sector has argued that the responsibility of improving the housing sector should not only rest on the government, researchers say it’s everyone’s responsibility to end the issue.
The programme is making its Africa debut in Kenya after a successful implementation in Mexico and is currently being implemented in India.
The start-up involved in the programme from across Kenya will run for a period of six months.
They will have access to expertise, mentorship, networks and a chance to win an investment of up to $50,000 (about Sh5 million) into their business. The programme that began last November ends in May.
“This is one of the biggest business opportunities presented in terms of looking for solutions in urbanisation, hence the need to stimulate young entrepreneurs and innovators in this sector,” said Tesfu.
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