e-Conomy of Africa boosting digital transformation
Internet and mobile technologies are transforming the lives of millions of people in Africa. A vast population is connecting through mobile devices and sending payments to each other every day. This offers Africa a unique opportunity to become more sustainable and boost economic growth, through better use of data and connectivity, which we call e-Conomy.
The e-Conomy of Africa is growing strongly with the support of the massive mobile network, digital technologies, and a dynamic, young population. This growing economy has the potential to add up to $180 billion to the GDP of Africa by 2025, depending on the rising usage of digital technologies by the people.
The digital economy of Africa
Over the past years, the rising mobile connectivity has led many startups and tech companies to enter Africa. The continent has become a hub of tech-entrepreneurs willing to offer innovative digital solutions. The e-Conomy is now creating a positive impact across industries by accelerating digital transformation.
Increased digital connectivity
Digital connectivity has rapidly expanded across Africa. Major cities in the continent, from urban to rural areas, are closer to technology and experiencing digital connectivity. Mobile and internet solutions are key contributors to building this network. People in rural areas are now using mobile technologies to make payments, avail loans, and access multiple financial services.
Driving growth for young entrepreneurs
Witnessing the steep rise in the adoption of mobile and digital technologies, many startups and businesses are seeing Africa as the hub of innovation. Many young entrepreneurs are willing to build solutions that solve various challenges Africans are facing. Not only do they aim to launch their products, but startups are also ready to collaborate with established businesses and redefine traditional processes with the help of new mobile technologies and digital systems.
Fintech is expanding
Fintech is considered among the fastest emerging verticals in Africa. The sector is flourishing on the growing internet economy across the continent. It is serving the population who are unbanked and financially excluded. The rise in mobile technologies is driving the demand for new and more innovative fintech solutions. Today, fintech startups are not just changing the face of payments but revolutionizing lending, investments, insurances, personal finance, and a lot more.
How is Wakandi accelerating the transformation?
Wakandi exists in Africa to serve its vision of making payment faster, safer, and more transparent. With our vision, we also want to touch the lives of people who live in the informal economy and are mostly unbanked.
That is why we launched our Credit Association Management System (CAMS) in many African countries, including Tanzania, South Africa, and The Gambia. Our system works on top of the mobile money network, which is already thriving. With CAMS, members of informal financial groups (IFGs) will be able to use their preferred mobile money accounts to:
- deposit monthly savings,
- apply for loans,
- receive insurance amounts, and
- manage their finances
Our solution can be a boon to millions using cash and physical documents to manage their finances. CAMS can help them to perform all the required activities at a click of a button.
The digital economy of Africa is growing faster than ever. This pace enables startups and businesses to start innovating and building an economy driven by technology and the changing needs of the people. At Wakandi, we aim to ride this wave of innovation and boost inclusive economic growth for the people in Africa.