Coronavirus is triggering deep digital change in African fintech

Coronavirus is triggering deep digital change in African fintech

A schoolboy walks beneath a mobile phone advertising billboard in Johannesburg. AP Photo/Denis Farrell

The ongoing COVID-19 pandemic continues to wreak havoc on the global economy.

This crisis has become the single biggest catalyst for a digital transformation.

For organisations and business, not just in the continent, digitizing has moved from a good to have, to a survival gamechanger in what has become the new norm.

Within just months, the world has been flung into ‘Digitization Unusual’ as businesses seek ways to stay above water and ensure continuity post-crisis.

Rapid changes in consumer behaviour and diverse demands are forcing organisations to reinvent their business models to enable the delivery of their goods and services online. Digital payments have now become a critical service.

In a bid to curb the spread of the virus, the World Health Organisation has been cautioning against the use of hard currency and encouraging the use of digital payments. This move has prompted African governments and regulators to enforce measures aimed at facilitating more cashless transactions.

Could the coronavirus pandemic provide the trigger that pushes Africa towards becoming a digital economy? What pre-existing conditions have become the crucial building blocks that will foster this?

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