Browsing: currencies

Digital payments in Africa

Digital payments in Africa redefining financial transactions

Tech & Business
  • An infusion of new investments and regulatory transformations is shaping financial interactions and digital payments in Africa.
  • Africa’s digital payments operations produced around $24 billion in revenue in 2020, comprising domestic and cross-border payments.
  • For Africa’s digital transition to run smoothly, a cohesive environment that ensures investment and funding remains necessary.

Human commerce constantly seeks more efficient exchange mediums, and this innovation is currently intensifying. Consequently, how individuals pay for products and services has changed dramatically in the 21st century. Digital payments in Africa are gradually replacing cash, and cryptocurrencies and virtual currencies have lately emerged as substitutes for conventional money concepts.

Africa has kept up with, and in some instances led, technological advancement. An infusion of new investments and regulatory transformations is shaping financial interactions and digital payments in Africa. Cash remains king in Africa. However, research indicates that its dominance may be challenged in the future years as …

1200x801

Zambian Kwacha gains value to become 6th most powerful currency in Africa

Countries

Zambia is Africa’s largest copper producer, which is one of the reasons it has one of the strongest currencies on the continent. The country possesses abundant natural resources, and because copper is the most prevalent metal, copper mining is carried out on a massive scale. This provides Zambia with a significant rise in foreign currency earnings from the sale of metals to other countries.

Bscholarly notes that the value of a currency is significant because it determines the economic performance of a country. This has a direct impact on a currency’s demand on the global market. Exchange rates compare one currency to another and provide an overview of a currency’s strength in the global marketplace. According to financial analysts, factors like interest rates, economic policies, and stability determine the strength of any currency.

Mining liberalization, a debt restructuring programme following default on debt repayments in 2020, and high commodity prices …