Rising e-commerce platform MallForAfrica could make billions for itself and global brands

MallForAfrica's homepage

A section of Africa’s population has been steadily climbing the affluence stakes, with numbers of multimillionaires predicted to rise by 59% in the next 10 years.

In spite of that, many U.S. retailers don’t ship their wares to the continent, fearing fraud or cumbersome import procedures.

This gave Chris Folayan the idea to start MallforAfrica, an online platform through which shoppers in Nigeria and Kenya can buy products from America and Britain.

“The main problem is that many western companies don’t have much knowledge about the Africa,” he says. “When I talk to companies I tell them Africa is a huge market – they are probably not tapping into billions of profit. And Nigeria is Africa’s biggest economy,” Folayan adds.

Read more: The move that could make U.S. brands billions in profit – CNN.com