Concepts such as cloud computing, the Internet of Things (IoT), artificial intelligence and machine learning are not new to an average industry anymore.
If utilised appropriately, tech disruption has the ability to bring about a positive transformation for Africa.
Nevertheless, indications might just have shown that the continent isn’t ready for the gains coming with the introduction of the Fourth Industrial Revolution (4IR).
Over the years, expansion on mobile digital financial services has been most especially driven by improvements in the ICT industry, but, the African continent is far from this improvement.
However, all hopes are not lost as Africa in 2018 possessed almost half of all global mobile money accounts. In addition, the continent has the potential of becoming the fastest in mobile money growth come 2025.
According to the study, mobile technology has generated more than 1.5 million jobs and has thus contributed $144 billion to the economic value of the continent.
By not resting on its oars, Africa can do more to tap into this huge opportunities.
Through digitisation, the challenge of skewness on information has quite been resolved and this has increased certainty, a determining factor that indicates how the flow of information is highly essential to economic growth.
Adopting these disruptive technologies earlier mentioned in the introductory paragraph is an opportunity for gathering data which can thus enable strategies for reducing poverty.
M-Pesa has transformed the financial service in Kenya for the underserved via mobile technologies. What this has done is driving a case for reducing the effect of poverty and also ensuring sustainability.
An average family in Kenya can afford to expand their asset and gradually drop off the grid of poverty.
In the next decade (2030), the potential African workforce would be arguably the world’s largest. If this can get complimented by the needed skill set and infrastructure, Africa can leverage the 4IR for a huge economic opportunity.
With better education, the continent is ready to jump on this opportunity presented by the 4IR. Come 2030, secondary school certificate holders would have increased by 52% from 36% in 2010.
With tech disruption in the financial service, the unbanked has been included in the financial formal system via electronic payment and credit supply.
This is also one of the many impacts on economic growth brought about by technology disruption.
Even in the agricultural sector, the continent has not yet fully leveraged its potential. Farming on its own covers 60% of employment in sub-Saharan Africa.
Projections have it that, between 2010 and 2025, the food sector would add more jobs than other industries.
Featured Image: fintechnews.org
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