New initiative on Digital Transformation with Africa (DTA) announced at U.S.-Africa Business Forum
At the U.S.-Africa Business Forum on December 14 in Washington, DC, as part of the U.S.-Africa Leaders Summit, President Biden announced the launch of a new Digital Transformation with Africa (DTA) initiative. A signature initiative of the Biden-Harris Administration, DTA will expand digital access and literacy and strengthen digital enabling environments across the continent. Read More. Read More.
Classera partners with Fawry to drive e-payment services in Egypt
Through this partnership, Fawry will provide all its solutions and digital payments services to Classera customers, through channels of its 300k POS machines, myfawry app, and FawryPlus branches located in all governorates, to facilitate the payment of tuition fees for students, and automation of payment systems to reduce cash financial transactions. Read More. Identity issues: four challenges for digital IDs in Africa’s tax systems
Besides health and agriculture, digital IDs have the potential to optimise service delivery in areas such as education, financial services, social security, gender and equality. Unlike tax identification numbers (TINs) which are often disconnected from other government databases, foundational ID systems can more nimbly facilitate access to third-party data and have interoperability with other government databases. This could help with audit selection and fraud detection and bolster broader administrative functions to increase revenue. Read More. How Africa can and is utilising FinTech to support financial inclusion and economic growth
The adoption of FinTech in Africa has been widespread - in 2021 FinTechs in Africa overshadowed all other startups in funding gained and mobile money transactions across Sub Saharan Africa were greater than the GDP of Nigeria. Increasing mobile phone and internet penetration will see further increases in FinTech activity, facilitating financial inclusion and a move away from cash payments. Listen to the podcast here. Visa and Mastercard invest USD 1B in Africa’s financial future
The pledge comes in a bid to bring the continent in line with more established markets. Visa estimates 500m people in Africa don’t have access to formal financial services, less than 50% of the adult population make or receive digital payments, and more than 40m merchants do not accept digital payments. Read More. McKinsey’s global banking annual review 2022
Harnessing the new powers of data-driven marketing, a digital workbench for sellers, robotic process automation, the cloud, application programming interfaces and apps, and all the other tools now available is an essential step for banks. If the integrated economy begins to emerge in a bank’s market, it could be an opportunity for banks that have built these digital skills and rapid reflexes. Banks that successfully orchestrate a basic ecosystem strategy, by building partnerships and monetizing data, could raise their ROE to about 9 to 10 percent. Read More.
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