How Technology is Leveraging Financial Inclusion in Africa

When the continent was struck with the pandemic, many African countries struggled to adjust to the new norm as their economies were disrupted. Unlike other continents, Africa was less hit by the pandemic. Despite the fewer fatalities, the continent struggled a lot to overcome the effects of the Covid-19 global pandemic.

Lockdown sanctions, travel restrictions and home working led to dwindling economies. But thanks to the technological breakthrough that saw the increased overreliance of e-commerce platforms and mobile money transfer.

Covid-19 accelerated the rate at which most African countries embraced digital banking. Agency banking significantly increased during Covid-19. Mobile money transfer shot by a marginal magnitude as people avoided using tangible currencies. Bank charges and mobile transfer services cost were scaled down to cushion the less income earners.

For example in Kenya, the Central Bank directed all agencies to zero-rate sending money below a thousand shillings. Tosin Eniolorunda, CEO and Founder of Nigeria-based Company TeamApt, in an interview with BBC World News said that financial agencies were scaled to multiple locations to help people maintain social distance while transacting.

Mobile money registered a significant growth as compared to ATMs, owing to its affordable way of facilitating monetary inclusion. In Kenya, MPesa services continued to dominate the market share, with Equity Bank’s equitel services making noteworthy gain in the money transfer market.

Digitalization of the economy has made the financial services to be accessible almost everywhere.

Photo: Mozambique's tallest building

Comments

How Human Noise Kills Marine Species, as revealed by Scientists

Scientists have warned that the discord of noise made by humans is harming marine species . A comprehensive assessment revealed that large noise from human activities was as harmful as pollution, overfishing and climate change . The study that was conducted by the Journal Science exposed how marine animals can hear from far distances than they can see or smell. According to a report published in the Guardian, most of the marine life uses sound to catch prey as well as attracting a mating partner. Prof Carlos Duarte of King Abdullah University in Saudi Arabia argued that: “Marine animal can only sea up to around 10 meters, smell up to around a hundred meters, but they can hear across the entire ocean basins.” The research concluded that sound “is very important in the marine ecosystems, and noise is pervasive, affecting animals at all levels .” The increasing cacophony in the marine habitat is interfering with how marine animals respond to various survival...

Carbon dioxide to Make Jet Fuel, Study Reveals

Photo Source: twitter.com Aircrafts release a lot of carbon dioxide in the atmosphere which contributes to climate change. A research that was conducted by Science News and reported on December, 22 2020 stated that there was a new iron-based catalyst that has been invented to convert carbon dioxide into jet fuel. It is only a matter of time that carbon dioxide pumped to the atmosphere by planes could be sucked and used to power the same. The air travel’s footprint in carbon emissions could be tremendously curtailed, if the carbon dioxide that is released is recycled to generate fuel. As per Science News reports, Air transport contributes to about 12 percent of the entire transportation carbon-related emissions. Unlike cars, aircrafts cannot carry bigger batteries which can be run on electricity generated from wind or solar panels. The current breakthrough in the conversion of carbon dioxide to fuel involves cheap ingredients such as iron and transformed through a single s...

Why Mt Kenya Leaders are wary about Change of Guard

As 2022 succession battle gains momentum in Kenya, leaders drawn from Mt Kenya region have become more concerned of their political future and survival. Mt Kenya region is predominantly occupied by the agikuyu, ameru and aembu communities. The region has produced three out of the four presidents. It boosts about the tyranny of numbers, thus making the region a battle ground for leaders from other region seeking to succeed President Uhuru Kenyatta. Central alone produced Mzee Jomo Kenyatta, Mwai Kibaki and Uhuru Kenyatta as presidents. The only other Kenyan president drawn out of the region was Daniel Arap Moi. In the recent past, the region has gone against the tide of State operatives as a sign of revolt over what they term as negligence from the government, despite electing one of their own to the much coveted seat. Deputy President William Ruto has taken advantage of the brewing rebellion through making serious political forays in Central and its vicinity. ODM leader Rail...

Phode News Hub

Search This Blog