Ten years ago, if you asked an African tech founder about their biggest challenge, they wouldn’t say “market fit.” Instead, they would point to “infrastructure.” You can’t build a Netflix for Africa if data costs $10 a gigabyte. You can’t build an Amazon if the roads are bad. You can’t build a Stripe if the banks’ APIs are down.
The successful companies this year didn’t just raise the most money (though they did that too). They succeeded because they changed how African businesses are structured. They stopped trying to overcome challenges and started building systems to protect against them.
As we look ahead to the first quarter of 2026, four companies have emerged as leaders and new examples for the entire ecosystem. In Part 1 of our Watchlist series, we selected four companies that have grown beyond the startup phase and play a key role in the economy. These companies are not just businesses; they are essential to the African economy.
1. Moniepoint (Nigeria): The “Banking OS” That Outgrew the Bank
If you live in Lagos, you know the sound of a Moniepoint terminal. It’s the sound of commerce actually working when the traditional banks fail. In October 2025, Moniepoint raised a staggering $200 Million Series C, led by Digital Public Infrastructure (DPI) and Google’s Africa Investment Fund. But don’t let the big number distract you. The real story isn’t the money; it’s what they plan to do with it.
Moniepoint is quietly implementing one of the most aggressive pivots we’ve witnessed in recent times. They initially served as a “backend” for banks, then shifted to becoming the “POS” provider for merchants. Now? Their focus is on competing in the consumer wallet space.
They recently launched MonieWorld in the UK, a remittance product targeting the diaspora. This isn’t just about sending money home; it’s about closing the loop. By controlling the flow of funds from a nurse in London to a shopkeeper in Kano, they are building a closed-loop financial system that bypasses the friction of traditional banking.
The 2026 Prediction: Watch for Moniepoint to enter Kenya in Q1 2026. They’ve already secured approval to acquire a stake in Sumac Microfinance Bank. They aren’t just expanding; they are buying their way into the regulatory table.
2. Sun King (Kenya/Nigeria): The Startup That Broke the Dollar Curse
For ten years, hardware startups across Africa faced a critical challenge: they secured funding in Dollars but generated income in Naira or Shillings. When local currencies lost value, their debts suddenly doubled, creating a destructive cycle. Sun King has now broken this cycle.
In May 2025, they secured an $80 Million debt facility from Stanbic IBTC that was fully denominated in Naira. This is revolutionary. It means they can finally scale their solar home systems without looking at the FX exchange rate every morning.
This “Local Currency Model” is a game-changer for asset-heavy businesses. Sun King isn’t just selling solar panels; they are functioning as a financing provider. By securing local debt, they can provide “Pay-As-You-Go” plans to rural families that are truly affordable, since they avoid including the risk of the Naira collapsing in their prices.
The 2026 forecast is that hardware is making a comeback. Watch Sun King as it quickly expands its product range beyond lights and TVs. They are expected to launch solar-powered refrigerators or e-bikes in the first quarter, using the same Naira-backed financing model to lead the productive use of energy sector.
3. Cybervergent (Nigeria): The E-Gov Security Partner
While everyone was distracted by Fintech, the Nigerian government quietly passed one of the most significant laws in the country’s history, which is the National Digital Economy & E-Governance Bill (Draft). This bill mandates that government agencies digitise their records and, crucially, secure them. You can’t just put confidential citizen data on a Google Drive. You need enterprise-grade security.
Cybervergent, previously known as Infoprive, has been recognised as a WEF 2025 Technology Pioneer, highlighting its significant contributions to technology and innovation. They have built an automated compliance platform that checks if your digital infrastructure is actually safe.
In a world experiencing a rise in state-sponsored cyberattacks, with Africa witnessing a 40% increase in 2025, Cybervergent offers the “digital body armour” that all government agencies are now legally mandated to purchase.
The 2026 forecast suggests that, as the E-Governance Bill approaches full implementation in early 2026, Cybervergent is well-positioned to win major government contracts. They are viewed as the fundamental infrastructure, similar to “picks and shovels,” necessary for digital sovereignty.
4. Cassava Technologies (Pan-Africa): The AI Infrastructure Builder
You cannot claim “Digital Independence” if your data lives in a server farm in Virginia. Cassava Technologies (the parent company of Liquid Intelligent Technologies) knows this. That’s why their partnership to deploy High-Performance Computing (HPC) across eight (8) African countries is the most underrated story of the year.
AI models need massive computing power to train. Until now, African researchers had to “rent” that power from US giants, which meant sending African datasets abroad. Cassava is building the “AI Factories” right here on the continent.
The 2026 forecast predicts that they will likely announce the first African-hosted LLM partnership in the first quarter. By controlling the internet infrastructure, they are establishing themselves as the owners of Africa’s AI market.
What This Means for You
Let’s be clear: It is no longer accurate to call these organisations “startups.” They have graduated. They are now the critical utilities of the African digital economy, as essential as the power grid or the road network.
- You will pay your staff through Moniepoint.
- You will power your rural warehouse with Sun King.
- You will secure your data with Cybervergent.
- You will host your AI models on Cassava.
Infrastructure is just the initial foundation. Tomorrow, in Part 2, we’ll explore the companies utilising these frameworks to transform Africa’s supply chains in Food, Health, and Housing.
