12 °c
London
Tuesday, November 28, 2023
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Tech

Africa should seize fast-developing digital market – AU

FurtherAfrica by FurtherAfrica
March 17, 2022
in Africa, African Union, Tech
Reading Time: 2 mins read
0 0
0

Africa should seize the fast-developing digital market space so as to boost access to goods and services across the continent, Monique Nsanzabaganwa, deputy chairperson of the African Union (AU) Commission, said Tuesday.

The AU Commission deputy chief made the remarks as the African continent joined the global community in commemorating the 39th World Consumer Rights Day annually marked on March 15 under the theme “Fair Digital Finance.”

“Seizing the fast-developing digital market space is particularly important in our African context where access to countless goods and services remains restricted for the vast majority,” Nsanzabaganwa said in her statement concerning the World Consumer Rights Day.

Noting that the African continent has an internet penetration rate of 43 percent, the deputy chief said innovation is transforming how people conduct financial transactions and live their lives throughout the continent, emphasizing that digital finance and its implication on financial inclusion and financial stability is crucial for development in Africa.

Also read: Why African Languages Matter – Victor Oladokun

Nsanzabaganwa noted that the African continent is home to a growing number of digital financial services deployments.

The deputy chairperson warned that digital finance consumers are increasingly exposed to scams, frauds, phishing and data malpractices, which is further exacerbated by the COVID-19 pandemic.

“It is necessary to explore solutions that will mitigate these threats while still making digital finance attractive, as governments seek to expand access to digital banking services,” said Nsanzabaganwa, stressing it is vital to acknowledge the risks and enact strict consumer protections, especially for the most vulnerable people, such as those with limited educational attainment or financial experience.

She said Africa’s burgeoning youth population is integrating with the ever-changing digital world and it is necessary for the continent’s decision-makers to harness this exposure in a way that is optimal for the continent’s youth.

Nsanzabaganwa, however, stressed that African women are still less likely than men to have basic formal financial services.

“Mobile money and the ability to easily and safely receive money from social networks has been found to be a drawing factor for them and thus helping to shrink the gender differences across the continent,” she said.

Also read: Rainbow Sports launches African Football Data Centre

Last week, the AU launched the Women and Youth Financial and Economic Inclusion (WYFEI 2030) initiative, which is a collective impact approach that seeks to achieve social change in respect of the financial and economic status and participation of women and youth in Africa.

According to Nsanzabaganwa, the success of the initiative relies largely on the strength of digital financial services as well as the importance of making them fair and safe.

Related

Source: Xinhua
Tags: 39th World Consumer Rights DayafricaAfrica should seize fast-developing digital market - AUAfrican UnionAUAU Commissionbanking servicesdigital financeDigital Financial Servicesdigital marketFair Digital FinanceMobile MoneyMonique Nsanzabaganwavulnerable peopleWomen and Youth Financial and Economic InclusionWorld Consumer Rights DayWYFEI 2030африкаأفريقياアフリカ非洲
FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Gender

AFAWA Finance in Kenya to plug $42B women financing gap

by The Exchange
November 28, 2023
Finance

Nigeria Central Bank to tighten policy to curb inflation

by FurtherAfrica
November 28, 2023
Business

EthSwitch pre-tax profit jumps a record 172%

by FurtherAfrica
November 28, 2023
COP 28

COP 28: Mozambique positions large hydro project to anchor energy transition

by Elizabeth Khumalo
November 28, 2023
Communications

Egypt to build undersea interconnection cable with Europe

by Energy Capital & Power
November 28, 2023
Mozambique eVisa
 
MozParks

Translate this page

Read the Latest

Gender

AFAWA Finance in Kenya to plug $42B women financing gap

by The Exchange
November 28, 2023
0

The AFAWA initiative seeks to increase women’s access to finance in the continent by bridging the $42 billion financing gap...

Read more

Nigeria Central Bank to tighten policy to curb inflation

November 28, 2023

EthSwitch pre-tax profit jumps a record 172%

November 28, 2023

COP 28: Mozambique positions large hydro project to anchor energy transition

November 28, 2023

Egypt to build undersea interconnection cable with Europe

November 28, 2023

FurtherAfrica Partners Network

The Exchange Farmers Review Africa 360 Mozambique
TechGist Africa Energy Capital & Power Club of Mozambique
Taarifa Rwanda Web3Africa See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
O Económico Digilogic Africa  

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 107.2K other subscribers
FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?