Katlego Maphai, the co-founder who has led South Africa’s fintech Yoco as CEO for over a decade, is stepping aside. His departure is the latest in a string of recent, high-profile leadership changes at some of Africa’s most well-known scaleups, including Ghana’s mPharma and Egypt’s Elmenus, where founders are handing over command after long tenures.

This growing trend suggests a pivotal shift in the African tech ecosystem. As the first wave of venture-backed startups enters its second decade, the visionary skills needed to launch a company are giving way to the operational expertise required to scale one, prompting a strategic changing of the guard.

A Founder-Led Transition at Yoco

In a LinkedIn post, Maphai announced his decision to transition from the CEO role, stating that “the skills and energy needed to start and build a company are not always the same as those required to scale it to the next level.”

Founded in 2013, Yoco has become a dominant force in South Africa’s SME payments sector, providing point-of-sale devices and digital tools to hundreds of thousands of merchants. The company’s growth was supercharged by an $83m Series C round in 2021, led by Dragoneer Investment Group.

The transition is designed for continuity, with the company remaining founder-led. Co-founders Lungisa Matshoba and Bradley Wattrus will become co-CEOs. Matshoba will oversee innovation and product, while Wattrus will handle governance and scalability. A third co-founder, Carl Wazen, continues to lead commercial operations. Maphai will remain involved in long-term strategy, stating, “Yoco is part of me.” Nedbank’s recent acquisition of competitor iKhokha for R1.65 billion marked a significant reality check for the fintech sector. Yoco had partnered with Nedbank on card issuance and acceptance, alongside local rivals iKhokha, HelloPay, and Nightsbridge. The selection of iKhokha for the deal was particularly telling.

A Pattern of Strategic Handovers

Maphai’s move is not an isolated event. It mirrors several other recent leadership shuffles across the continent where founding CEOs have passed the baton.

mPharma’s Operational Pivot

Earlier this month, Gregory Rockson, founder and CEO of Ghanaian healthtech mPharma for the past 11 years, announced he will become Chairman of the Board. The new CEO is Kwesi Arhin, the company’s COO since 2021.

This change comes after a turbulent period for mPharma. The company laid off around 150 employees in late 2023, citing macroeconomic challenges, but followed up with a $13.6m funding round in early 2024. Appointing a COO with a strong finance and consulting background to the top job signals a clear shift from a phase of rapid, venture-fueled expansion to one focused on operational discipline and sustainable growth.

Elmenus Braces for Competition

In July, Amir Allam, who founded the Cairo-based food delivery platform Elmenus 14 years ago, stepped down as CEO. He was replaced by Walid El-Saadany, an industry veteran who previously led Elmenus’s main competitor, Otlob (now Talabat), for five years.

This is a strategic move to equip Elmenus for an intense battle with Talabat, which is owned by the global delivery giant Delivery Hero. Hiring an executive with direct experience in scaling a rival business underscores the pressure on local champions to professionalize their leadership to compete effectively.

What’s Driving the Wildfire?

The simultaneous departure of several long-serving founder-CEOs points to a handful of powerful underlying drivers shaping the African tech landscape.

• The ‘Founder’s Dilemma’: The core reason, articulated by Maphai himself, is the difference between starting and scaling. The creativity, grit, and vision required to build a product from scratch often differ from the skills in process, governance, and operational excellence needed to manage a large, complex organisation.
• Investor Influence and Maturation: As startups mature and raise significant post-Series A funding, investors often seek to de-risk their capital. This can involve bringing in seasoned executives with a track record of managing large P&Ls and preparing companies for an exit, whether through an IPO or a strategic acquisition.
• The Decade-Long Slog: Running a high-growth startup for over 10 years is an immense marathon. For many founders, stepping aside is a personal decision to avoid burnout and transition to a role — like board chairman or strategic advisor — that leverages their strengths without the daily operational grind. The concentration of recent leadership changes among founders with over a decade at the helm further reinforces this pattern.
• Good vs. Bad Transitions: These planned handovers stand in stark contrast to disruptive leadership changes, such as the 2022 ousting of the co-founders of Egyptian B2B e-commerce startup Capiter, which ultimately led to the company’s collapse. The current wave represents a more mature, strategic approach to succession.

The Bottom Line

This trend shouldn’t be seen as a sign of trouble. On the contrary, it’s a strong indicator that the African tech ecosystem is maturing. The first generation of breakout startups is now grappling with the challenges of scale, and their founders are making the pragmatic decision to bring in new leadership to steer the next phase of growth.

Successfully navigating this transition from a founder-led mission to a professionally managed corporation is crucial. It’s a necessary step for building resilient, enduring companies that can deliver the venture returns and successful exits the continent’s ecosystem has long been working towards.