News & Highlights

  • MAY 2025
  • FIELD Global Capstone

CEM/FIELD Global Capstone in Accra, Kigali, and Nairobi

In May 2025, the ARC concluded the Creating Emerging Markets and FIELD Global Capstone project by engaging with four visionary African business leaders across Accra, Kigali, and Nairobi. These conversations offered a chance to hear firsthand from industry-transforming leaders whose insights are helping shape the future of business in Africa. Three of the interviews were conducted in person by HBS Professors Archie Jones, Martin Sinozich, and Hakeem Belo-Osagie, while the fourth - led by Professor Ramon Casadesus-Masanell - was held in a hybrid format, yet every bit as compelling, insightful, and energizing.
  • February 2025
  • ALUMNI EVENT

Discussion on Climate Adaptation with Prof. John Macomber in Kampala

On 25 February 2025, Pippa Armerding, Executive Director of the Africa Research Center, joined Professor John Macomber in Kampala, Uganda at an event for alumni and other stakeholders where Prof. Macomber discussed his work on climate adaptation. Prof. Macomber’s research focuses on how companies and governments can integrate climate resilience into real estate and infrastructure projects to manage risks from flooding, wildfires, extreme heat, drought, and sea level rise. The event attracted over 65 attendees.
  • October 2024
  • ADMISSIONS EVENT

MBA Admissions Events in Africa

In October 2024, the Africa Research Center supported the MBA Admissions outreach trips and information sessions with Rupal Gadhia and Jay Katatumba in Abidjan, Cape Town, Dakar, Dar es Salaam, Johannesburg, Kampala, Kigali Lagos and Nairobi. Over 160 participants attended.
  • AUGUST 2024
  • ALUMNI EVENT

Alumni Event with Prof. John Macomber in Dakar

In August 2024, the ARC Executive Director joined Professor John Macomber on an Africa immersion to Dakar, Senegal. During the visit, Prof. Macomber engaged with business leaders, corporates, Harvard alumni and other stakeholders to gain insights into the local business environment. The HBS Africa Research Center in collaboration with the HBS Business and Environment Initiative hosted an in-person Alumni event on Climate Adaptation and Urban Economic Development led by Prof. Macomber. The event saw over 20 attendees engage in a lively discussion.

New Research on the Region

  • August 2025 (Revised August 2025)
  • Case

Bridging Trust and Tech: Digitizing Morocco’s Financial System

By: Lauren Cohen and Sophia Pan

Fadwa Jouali, Senior Expert of Payment Development and FinTechs at Bank Al-Maghrib (Central Bank of Morocco), wondered how she could fast-track adoption of the country’s mobile payments system. Historically, many Moroccans had never held a bank account, perhaps due to cultural preferences towards cash. The Central Bank of Morocco succeeded in creating a National Payment System, which would allow consumers and merchants alike to facilitate transactions through a mobile device. However, adoption faltered behind expectations. Comparing progress to that of Pix, the payment scheme led by Brazil, Morocco’s mobile payments adoption was underwhelming. Jouali recognized that Morocco had unique characteristics, such as lower costs and a lingering presence of consumer distrust. Taking this into account, how would she help nurture the FinTech industry in Morocco to ensure broad stakeholder engagement and create the right incentives for the adoption of mobile payments?

  • 2025
  • Working Paper

The Role of African Fintechs in Facilitating Telemigration

By: Ebehi Iyoha, Omolola Amoussou and Paul Okundaye

Africa has experienced substantial growth in digitally delivered services exports driven by telemigration. However, cross-border payment frictions remain a significant barrier to expansion. This study examines how African financial technology entrepreneurs facilitate telemigration by addressing payment frictions, creating economic and social value. We combine case study evidence on a Nigerian fintech startup, a telemigration model incorporating payment costs, and empirical analysis of bilateral trade flows from 2011 to 2023. We find that a 10% increase in transaction costs lowers bilateral service exports by approximately 4.7%. Financial sector innovation moderates these effects, with the most developed fintech markets offsetting nearly all the negative impact of transaction costs. We estimate that a 50 percent reduction in payment frictions alone could generate between 900,000 and 1.1 million telemigrant employment opportunities across Africa. These results suggest that fintech innovation enables African participation in global digital service markets and progress towards Africa’s achievement of the Sustainable Development Goals related to poverty reduction, decent work, and reduced inequalities.

  • July 2025
  • Case

EchoVC: How Do You Do VC in Africa?

By: Emanuele Colonnelli, Josh Lerner, Nikolina Jonsson, Emilie Billaud and Srimayi Mylavarapu

In 2024, EchoVC, a pioneering Africa-focused venture capital firm, faced a defining moment. Founder Eghosa Omoigui and his team had built a diverse portfolio across emerging markets, yet fundraising, investor confidence, and the viability of the traditional VC model in Africa posed pressing challenges. As EchoVC prepared to launch Fund II, its upcoming generalist fund, key questions loomed: What fund size could balance risk and return? Which investors—DFIs, family offices, or local LPs—should they target? And should they continue with standard VC equity models or adopt hybrid financing to reflect Africa’s unique market dynamics? This case explores how EchoVC navigated the complexities of early-stage investing in underdeveloped ecosystems and examined how venture capital must adapt to succeed in Africa’s rapidly evolving landscape.

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Johannesburg Staff

Pippa Tubman Armerding
Executive Director
→ Biography
Tafadzwa Choruma
Manager for Adminstration and Progamming
Maagatha Kalavadakken
Senior Researcher

Lagos Staff

Ope Awosan
Senior Researcher

Nairobi Staff

Agnes Wairegi-Regeru
Senior Researcher