To support Africa's digital transformation, the World Group will invest $25 billion between now and 2030 and aims to mobilize $25 billion more from the private sector, says Kristalina Georgieva, Interim President of the World Bank Group.Njuguna Ndung'u, Former Governor, Central Bank of Kenya notes in one of his publications that, in 2018 and beyond, digitization will provide an important avenue for African economies to leapfrog not only financial development but also development across other sectors of the economy. There are infinite opportunities on the digital platform, and fintechs are working round-the-clock to develop and introduce new products here. However, these changes will benefit only those economies that embrace digitization, invest in the required infrastructure, and introduce commensurate regulatory technology.
As per Njuguna digitization is transforming African economies in four major ways: retail payments systems, financial inclusion, sustainable business models, and revenue administration.
The continent is still facing challenges to provide the basics to its citizens. Agenda of development in Africa revolves around few simple perquisites such as the provision of electricity to all, developing efficient transport networks, modernization of agriculture practices, educating its people and enhancing manpower capabilities, provision of better water sanitation and health facilities etc.
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