Tim Cook leaves a $4 trillion Apple with unfinished business in Africa

When Tim Cook took the helm at Apple in 2011, the company's valuation stood at around $350 billion. Fast forward to April 2025, and Apple's market value had skyrocketed to approximately $4 trillion, while annual revenue had more than quadrupled. Today, Apple boasts more than 2.5 billion active devices and operates over 500 retail stores globally. However, none of these stores are located in Africa, presenting an intriguing contrast to the vast number of African users who own Apple products.

Under Cook's leadership, Apple's revenue sources evolved significantly. Services, including subscriptions, app purchases, and ads, became a major revenue generator, reaching $109.16 billion in fiscal 2025. This sector boasts an impressive 75.4% profit margin, more than double that of hardware sales. Additionally, Apple introduced new products such as the Apple Watch, AirPods, Vision Pro, and Mac, all of which leveraged the company's own chips.

The installed base of Apple devices surpassed 2.5 billion, providing a steady stream of revenue through ongoing services.

Despite its extensive global presence, Apple has no physical stores in Africa. Instead, the company relies on authorised resellers like iStore in South Africa and Salute iWorld in Kenya to sell its products. While this approach allows Apple to reach African customers without incurring the costs of building, staffing, and stocking its own stores, it also means that the customer experience can vary significantly from one reseller to another.

Prices, release schedules, financing options, and repair services can differ widely depending on the retailer.

Apple Pay's availability in Africa is similarly limited, with the service operational in only four countries: Egypt, Mauritius, Morocco, and South Africa. The rollout has been slow compared to other regions, reflecting the challenges of adapting Apple Pay to the diverse financial landscape across the continent. While Apple Pay launched in South Africa in March 2021, other African markets like Nigeria, Kenya, and Ghana still lack this payment option.

Apple also offers Apple Account payments, primarily through cards, despite the widespread use of mobile money and direct bank transfers in many African countries.

In terms of actual purchasing behavior, most African consumers acquire Apple products through resellers, independent dealers, online marketplaces, imports, and a robust secondhand market. The high price point of Apple devices, starting at $799 for the iPhone 17, contrasts sharply with the typical smartphone price in Africa, which hovers below $150.

This price gap makes Apple products less accessible to the average African consumer. Consequently, Apple's footprint in Africa is extensive but largely intangible, with most devices circulating through the market rather than being sold directly by Apple.