We need to focus more on Africa’s gazelles, not unicorns – Hassanein Hiridjee, AXIAN CEO

In a recent interview, Hassanein Hiridjee, the CEO of AXIAN Group, provided insights into the pivotal elements that have fueled the company’s success in navigating the intricate African business terrain, with a specific emphasis on sectors such as renewable energy, fintech, and telecoms.

Hiridjee credited the success of AXIAN to a unified vision cutting across business clusters, underscoring a commitment to generating positive impacts, instigating transformative change through innovation, and identifying synergies in critical sectors. He emphasized, “Our triumph is rooted in a shared vision among our business clusters, revolving around our pledge to make a positive impact on citizens, drive transformative change through innovation, and identify synergies across pivotal sectors like telecom, energy, digital, and finance. Our guiding principle is the imperative application of these innovations within an African context.”

AXIAN has notably achieved significant milestones in renewable energy, managing the largest solar farm in the Indian Ocean and deploying mini-grid technology through the WeLight initiative to provide clean energy to underserved rural communities. Hiridjee highlighted:

“Our renewable energy endeavours include the Ambatolampy plant, recognized as the largest solar farm in the Indian Ocean. Operated by our New Energy Africa initiative, it oversees our major renewable projects across the continent.”

In the telecom sector, AXIAN has positioned itself as a disruptor, emerging as Africa’s inaugural commercial 5G network operator, catering to 38 million mobile users. This strategic positioning has enabled the company to extend its influence into fintech, where it has established itself as the leading mobile money operator in the Indian Ocean, serving 18 million mobile money customers.

Hiridjee stated, “We are the 6th largest telecom operator in Africa, operating across 10 countries. This has provided us with the platform to also become disruptors in the fintech space to drive digital and financial inclusion. We have become the leading mobile money operator in the Indian Ocean, with 18 million mobile money customers in total, harnessing our innovation to provide access to financial services and unlocking Africa’s future.”

Recognized as the Africa CEO Forum’s 2022 CEO of the Year, Hiridjee emphasized core leadership principles essential for building and sustaining a successful pan-African business. He highlighted the significance of enabling people, fostering innovation, and creating an environment for staff to thrive as key elements of effective leadership. He noted, “Whether it’s enabling female entrepreneurs to access financial services, delivering energy to rural communities, or providing the space for your staff to be innovators, real leadership is to understand the benefit of enabling people.”

As a founding member of the UN Global Compact African Business Leaders Coalition, Hiridjee advocated for strategic approaches that leverage Private-Public Partnerships to address Africa’s challenges. In the context of sustainable development, he underscored the need for tailored and scalable solutions, citing AXIAN’s WeLight project as an example. He mentioned, “Africa’s size, challenges, and demands for prosperity mean businesses need to identify solutions that can unlock Africa’s potential while improving people’s lives in a sustainable and equitable way. Private-public partnerships will be key to achieving this.”

AXIAN’s incubation of 22 start-ups focusing on digital inclusion prompted Hiridjee to advise entrepreneurs to view their environment as a community and to address the digital divide by investing in infrastructure and initiatives that increase the affordability of mobile devices and data. He advised, “First and foremost, do not look at people simply as customers. View your environment as your community; remember that the more equitable our development on the continent is, the more meaningful innovation becomes.”

The establishment of the first digital micro-credit banking platform in Africa, KRED, showcased AXIAN’s commitment to transforming financial inclusion. Hiridjee emphasized the importance of creating solutions that drive inclusion and prosperity in an African context, breaking down barriers to accessing finance. He highlighted:

In the realm of clean energy, AXIAN’s efforts in connecting rural villages to mini-grids were commended. Hiridjee acknowledged the challenges of executing impactful projects in diverse African communities, emphasizing the need for businesses to educate citizens about the benefits of their work and to collaborate to overcome challenges. He shared, “In my discussion with Business Insider Africa, I highlighted that through our corporate venture capital arm of the business, AXIAN Investment, which invests in fledgling technology start-ups across the continent, I see at first hand the challenges and opportunities African entrepreneurs and businesses face.”

Reflecting on AXIAN’s journey, Hiridjee shared key strategies for establishing and expanding the company’s footprint across multiple African countries. He highlighted the role of technology in meeting basic needs and emphasized the importance of boldness and commitment to investment and development. He stated, “I would say that Africa has great potential but requires investment and vision to realize it. Harnessing the role of technology in meeting basic needs across the continent and unlocking energy, financial and digital inclusion has helped AXIAN access citizens across the continent.”

Addressing the dynamic business environment in Africa, Hiridjee advised entrepreneurs to focus on initiatives that directly bring positive impact, even in the face of challenges. He expressed optimism about Africa’s potential and stressed the responsibility of innovators, entrepreneurs, and investors to unleash that potential. He said, “In my conversation with Business Insider Africa, I would express that while certain events and situations present difficulties, I believe in the potential of Africa overall and have tremendous optimism and passion about delivering a prosperous and sustainable Africa.”

In offering fundamental business tips to aspiring entrepreneurs, Hiridjee urged a shift in focus towards cultivating a diverse ecosystem of small and medium-sized enterprises, or “Africa’s Gazelles,” as opposed to a few large businesses. He emphasized the role of these businesses in powering Africa’s economy and driving sustainable change on the continent. He concluded, “I would emphasize that the trendiest topics in the business world often focus on billionaires and businesses with large turnovers. We need to focus more on Africa’s Gazelles instead of Unicorns.”