Masiyiwa loses $600 million but pushes ahead with Africa’s first AI factory

Key Points

• Strive Masiyiwa’s fortune has plunged by $600 million in 2024, driven by Zimbabwe’s currency overhaul and market instability.
• Despite losses, Masiyiwa is investing $720 million in Africa’s first AI factory, backed by NVIDIA’s cutting-edge technology.
• The AI facility, starting in South Africa by June 2025, will offer AI computing power across five African countries via Cassava’s fiber network.

Zimbabwe’s richest man, Strive Masiyiwa, has taken another hit to his fortune, losing $600 million since the start of the year. His net worth has fallen to $1.2 billion, down from $1.8 billion in January, part of a steady slide since 2022, when his fortune peaked at $3 billion.

Masiyiwa faces headwinds amid currency shift

The decline, tracked by Forbes, is tied to economic shifts back home. Masiyiwa’s businesses in Zimbabwe have been under pressure since the government scrapped the local currency in favor of a new gold-backed unit called the ZiG. Rolled out in May, the move was meant to tackle hyperinflation, but it has unsettled markets and created challenges for local companies.

Some of Masiyiwa’s biggest holdings have taken a hit. He owns 38 percent of Econet Wireless Zimbabwe and 33 percent of EcoCash Holdings Zimbabwe—two major players in the country’s telecom and fintech space. He also has significant interests in Liquid Intelligent Technologies, a privately held company providing cloud and fiber services to telecom operators across Africa.

Despite the financial setbacks—his wealth having dropped from a high of $3 billion in 2022—Masiyiwa hasn’t slowed down. Instead, he’s doubling down on the vision to drive Africa’s digital transformation. His company, Cassava Technologies, recently unveiled plans to build Africa’s first AI factory, a move that could be a game-changer for the continent’s tech landscape.

Strive Masiyiwa’s AI push backed by NVIDIA

The $720 million project will be powered by NVIDIA’s top-tier AI technology and is expected to give businesses, governments, and researchers across Africa access to high-performance AI computing—all while keeping sensitive data on the continent. It’s a bold step meant to give Africa a stronger foothold in the global AI race.

The facility will integrate NVIDIA’s advanced computing and AI software using its Cloud Partner (NCP) reference architecture. The first phase of the rollout is set to begin in South Africa by June 2025, with additional sites planned for Egypt, Kenya, Morocco, and Nigeria. Cassava will use its vast fiber-optic network across the continent to deliver AI as a Service (AIaaS), helping organizations train and deploy AI models quickly and efficiently.

Cassava Technologies has already built an ecosystem of digital-first businesses—Liquid Intelligent Technologies, Africa Data Centres, Liquid C2, Cassava.ai, and Sasai Fintech—all focused on creating a more connected Africa. With the addition of NVIDIA GPU-powered supercomputers, the AI factory will help close the infrastructure gap, making it easier to build and scale AI applications locally.