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fsdttanzania   , 35

from Stanzach

Info Statistics

How Does Technology Helping the Revolution of Africa’s Financial Services?


Technology has managed to bring in much positive transformation in the world today. Africa is no exception. Technology in financial services here has brought in both innovation and growth. The future for the continent looks bright thanks to its advent and contribution to the economic development of the people.

Technology and development

Thanks to technology new opportunities are being created in the continent. Now small to medium scale business enterprises are getting better access to trade finances. This is giving them the chance to break financial barriers and grow in the market. Companies are getting access to retail banking services. In the past, the continent only resorted to traditional financial tools. However, now with the advent of technology, the time has come for the people here to reassess their strategies. Most people do not have bank accounts and thanks to digital finance they can go cashless without the need of having one.

Mobile technology

With the arrival of mobile technology, customers are now moving away from using their credit cards. They are now going into mobile paying platforms. This is a significant development for the continent. The government of most African nations state that this will provide a tremendous opportunity to areas where people do not have access to banks to gain financial access.

How the mobile phone is changing the fate of Africa

Africa is a nation where almost 93% of its population has a cell phone. However, approximately 70% of this population do not have access to electricity or the other essential amenities of life. 

This shows that the mobile phone for them is much more than just a device for communication.  It is the original foundation for a better life – healthcare, education, economic development and much more!

Sustainable development

Africa is working towards a better future with technology. It is open to embrace innovation and grow rapidly when it comes to sustainable growth and development. The eco-system of the nation is increasing. When new regulation by the government the people of Africa can see a secure and bright future. Most of its population are into agriculture. The advent of mobile technology has made farmers aware of the need for insurance. They can submit their payments from a single device. They gather more credit and savings. This leads to the increase of the GDP of the nation.

When it comes to digital finance, efforts are being made by the government and other private trusts and institutions to make people aware of the boons of technology. Small to medium scale businesses have flourished, and this is good news for the continent. Medical advice is now being provided via mobile technology platforms. People have better access to life and health insurance.

Education is also flourishing as more and more being can get the information they need about financial services and products. More people are getting into business with accurate information. Female entrepreneurship is being encouraged. More and more women are joining this bandwagon and breaking the circle of poverty for their families with success. The future of Africa does look bright!