Digital Payments in Africa
How Digital Payments could Foster African Development
The World Bank has estimated that Africa could potentially hold 90% of the global poor population by 2030 and has recently cut its economic growth predictions to between -2.1% and -5.1% in 2020 from the 2.4% of 2019. The situation has been significantly worsened by the global pandemic, as the continent hits its first recession in 25 years. But this is not the picture that defines a continent that has long defied expectation and prediction. In fact, a young population, a growing consumer market, and the rapid movement towards mobile inclusion and connectivity are shifting the conversation. Africa is poised on the cusp of change introduced by mobile and internet technology. Africa has undergone a remarkable journey over the past 30 years. It has not only leapfrogged legacy technolo...
