Africa is ripe for cashless payment system that has taken over the developed world. With the number of phone owners increasing daily, the need for digital payment has improved over the years. African economy is poised to benefit from this system of transaction in reaching out to millions of people who may not want the stress of the traditional banking.
East Africa is a global leader in the cashless payment industry while the sub-Saharan Africa is gradually coming up. Apart from the costs of physical infrastructure and the limitations surrounding the system, the continent has leapfrogged to benefit from tech-savvy workforce from its young ones.
According to the World Bank, it is expected that Africa’s working age population will be 1.1 billion by 2035. What this means is that the continent will have the largest working force on earth. Think about what it will do to the financial sector.
However, Africa is not waiting till 2035 before it can create opportunities for African who need to transact businesses within seconds. We are witnesses a massive increase in tech-based innovation-thanks to the number of mobile devices available. Across the continent, there are hundreds of success stores like the M-Pesa started in Kenya.
Africa needs more tech-savvy financial institutions to meet the demand of the population and tap the vast market. Cashless payment has made it possible for businesses to be conducted without money challenge. The era of carrying physical cash that subjects the carriers to theft, and harm is gradually coming to an end. The end may not be near because it will take a lot of information, enlightenment and better financial apps to beat the traditional bankers.
We believe with cashless payment, the many solutions that Africa desire will come to her.