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Browsing: eCommerce in Africa
Blockchain is one of the pioneer technologies leading the 4th Industrial revolution alongside AI. It has proven its compatibility with Africa's diverse economy.
According to Statista, the total economic revenue drawn from E-commerce within Africa exceeded their initial estimate of $16.5 billion and at an all-time high of $37.77 billion.
Individually blockchain and E-commerce have revolutionized Africa's digital world. Although combined, they ensure rapid efficiency and improvement in Africa's digital economy.
Over the past decade, Africa has relatively gone through a slow but steady metamorphosis within its overall economy. The upcoming 4th Industrial Revolution has shifted young African entrepreneurs' minds. Long gone are the days when Africa is only recognized for its agriculture as the continent steps into a headstrong digital age.
E-commerce has thrived within Africa's borders, having organizations like Jumia, which achieved its unicorn status simply from its endeavours within Africa. E-commerce is a thriving economy slowly but
During the mid-1990s, the internet revolution gained momentum, with many businesses recognizing that they needed to adopt internet solutions if they were to stay relevant. New companies offering services that were outside what had been the conventional norm became leaders in the global economy. With young tech enthusiasts adopting disruptive ideas, the supply of goods and services was no longer limited to locality. This led to the popularity of online stores, and the birth of companies such as Amazon.
From the humble beginnings of his rented home garage, Jeff Bezos started his online book store, eventually adding more products to the catalogue. To date, Amazon can arguably be said to be one of the leading e-commerce companies in the world, with a recorded market share of over 35% in the United States of America alone.
Africa on the move
Although Africa was viewed as lagging in development for …
Technological advancements, financial sector innovations and recent health threats like the Coronavirus have fuelled a greater reliance and need for digital trade and online shopping. The surge in E-Commerce globally has resulted in the need for efficient payment and data management systems. The adoption of data centres provides a data management system solution that allows for efficient payment across e-commerce platforms.
What are data centres?
Data centres are ICT command centres used by various businesses to provide cloud storage, data processing and applications support services. These are useful to ensure safe, efficient and reliable online markets.
IT penetration in Africa is the major determinant of the growth and development of data centres. Economic and administrative prioritisation has not been directed towards investments in IT infrastructure. A norm that IT investments are concerns for the private sector and not for the government prevails throughout the continent. As such, the continent is …
In the words of Charles Dickens these are “the best of times and the worst of times” – the financial world is suffering severe labour pains but is also pregnant with possibilities. It appears that the East African business world is breaking early for Christmas but I am sure that all of us are desperately trying to predict the future for both our local economies and the world in general. Here in Uganda we are seeing a significant increase in Covid-19 cases which is, of course, in no way linked to the frantic and socially un-distanced political campaigns currently taking place!! Frankly nothing is certain except considerable uncertainty.
So if there aren´t any certainties then what are the likely economic and consumer trends for 2021?
It is inarguable that a world economy that was already approaching its peak pre-Covid-19 period has moved rapidly into recession. The effects
By the time Safaricom launched M-Pesa payments in 2007, the market for digital payment in Africa was barely scratched. With poor internet connections, defragmented payments systems, and a non-existent online-based customer base, the continent was in darkness.
In 2006—prior to the launch of M-PESA, the leading local mobile money transfer service—only 18.5 percent of Kenyans used formal services (i.e., mostly bank accounts), 8.1 percent used semi-formal services (such as those provided by microfinance institutions), 35.0 percent used the informal sector (rotating savings and credit associations), and no less than 38.3 percent were completely excluded.
A decade later, the industry has expanded rapidly, giving birth to new entrants who have pushed the worth of this sector to billions of dollars and other billions exchanged through various platforms. These include the use of mobile money, credit cards, virtual cards, instant bank transfers, and QR codes.
The global digital payments market size is …
Allied Wallet Africa, a global FinTech company offering various payment solutions in 196 countries, recently announced a new office in Angola, to support the growing opportunities for African entrepreneurs and business owners.
Millions of people are eager to engage in online commerce but lack proper support and functionality. South Africa has the largest e-commerce market in the continent with Nigeria and Kenya following closely, and people of the region are eager to trade and transact in the new digital space.
“Africa deserves the opportunity to participate in e-commerce, they deserve advancement,” said Allied Wallet Africa CEO Andy Khawaja, “We are happy to be chosen for this opportunity. We are dedicated to helping these entrepreneurs and creating new opportunities in the region.”
Allied Wallet Africa will bring new, ‘open API’ online payment solutions along with mobile payment options, digital wallet solutions, and even solutions catered to utility and payroll functions. …