Harnessing Africa’s digital potential: New tools for a new age
In 2018 and beyond, digitization will provide an important avenue for African economies to leapfrog not only financial development but also development across other sectors of the economy. There are infinite opportunities on the digital platform, and fin techs are working round-the-clock to develop and introduce new products here. However, these changes will benefit only those economies that embrace digitization, invest in the required infrastructure, and introduce commensurate regulatory technology. Digitization is transforming African economies in four major ways: retail payments systems, financial inclusion, sustainable business models, and revenue administration. Given that Kenya has stood out in its success in pursuing and utilizing digitization, the experiences of the country, explored in this essay, shed light on Africa’s digitization potential in 2018 and beyond.