Connect with us

Fintech

Africa’s Digital Economy poised to explode as regional integration opens new markets

Vlad Poptamas

Published

on

Photo source: ibrahimmayaki.com
Reading Time: 3 minutes

 

With Africa’s digital economy taking off exponentially, the continent must ready itself to maximize the potential dividends of the Continental Free Trade Area agreement, panel members told a packed auditorium in Kigali at the opening of Transform Africa Summit 2019 on Tuesday.

Key to this effort will be connectivity, data and digitization and innovation among others, conference attendees heard.

“Africa can achieve a digital single market…It is a journey and we need to break it up into doable bits, “African Development Bank Vice-president, Private Sector, Infrastructure and Industrialization Pierre Guislain, said, adding that the European Union had demonstrated that it could be achieved.

Other members of the panel Lacina Kone, Director General / CEO of Smart Africa, the conference organizers, Fatoumata Ba, CEO Janngo, Nic Rudnick, CEO Liquid Telecom Group and Elsie Kanza, Head of Africa, World Economic Forum, shared similar sentiments.

This year’s summit which is themed Boosting Africa’s Digital Economy, aims to showcase success stories in the African digital economy and promote homegrown businesses, innovations, solutions and partnerships.

In a special intervention from the audience, World Bank Digital Director Dr. Boutheina Guermazi said:

“ICT and digital literacy is not a luxury. It is an integral part of how we view development,” adding that the foundations of the digital economy – connectivity, data and voice, would depend on a fully integrated digital infrastructure.

With the ratification of the Africa Continental Free Trade Area, the possibility of new markets offer tantalizing new avenues for tech start-ups and e-businesses and a combined GDP of over $600 billion.

The internet has opened doors to access information and technology, a key component of accelerating the pace of the digital economy and connecting markets. Interconnection and interoperability create bigger markets which in turn attract investors.

The mobile phone industry is an example of the dynamism of the sector in Africa. Mobile phone subscriptions have grown in Africa from 87 million in 2005 to 760 million in 2017, growing 20% per annum. This is the fastest growing market in the world as well as the one with the most potential. Mobile network coverage ranges from 10 to 99% in Africa– an average of 70%.

Africa’s pioneering efforts in the FInTech space are illustrated by the fact that around half the world’s mobile money providers operate in sub-Saharan Africa, where as many as 80% of adults have a mobile phone. By 2020, the value of Africa’s mobile money industry is projected to top $14bn.

Single window schemes and One Stop Border Posts will accelerate intra-African trade, Guislain said, but openness and competition need to be promoted and defended. Indeed, some vested interests may fear this openness and do whatever they can to keep it from happening. We need to measure the speed of movement along Africa’s major trade corridors and ensure any remaining bottleneck gets removed, he added.

Africa also needs more private sector African champions – companies that have done well nationally and are ready to expand regionally and beyond.

“Business needs to be more of a driver. Domestic African private sector needs to go outside its borders to develop value chains…Africa has shown it can deliver,” Guislain said.

The 2019 Summit aims to provide practical ways to advance the commitments of African governments and partners to transform Africa into a fully digitized economy where technology is harnessed to fully reap the benefits of Pan-African integration efforts.

The Summit was formally opened by Rwandan Prime minister Dr. Ngirente Edouard, who talked about Rwanda’sambitious plan to prioritize digital literacy for all youth by 2024. “We expect to achieve at least 60% by 2024,” he said.

Bank President Akinwumi Adesina will attend the official opening of the summit on Wednesday by Rwandan President Paul Kagame.

An estimated 4,000 visitors from over 90 countries are expected for the three-day meeting which has become the continent’s premier digital technology summit. The next two days will see the launch of a Smart Africa Digital Economy Mapping Report, and a Smart Africa Women’s summit as well as several interactive plenaries.

SOURCE African Development Bank (AfDB)

Hello!


Thank you for visiting my profile and thank you for reading my news and published press release!


There a many things that shape a man, but the carving is done by the hobbies and passions. I've pursued two main careers, professional photography and webdesign, while also keeping a passion for automobiles, technology and games. At PICANTE NEWS, I take care of news editing and press release publishing in se
veral categories and as I've mentioned, during my spare time, I am also a professional photographer with webdesign skills.

My future plans include developing more journalistic skills and start creating investigative journalism. You can find my reports and press release coverages in the following categories:


BANKING/FINANCIAL SERVICES, COMPUTER ELECTRONICS, AUTOMOTIVE, CONTRACTS, ANALYSIS, INTERNET TECHNOLOGY, BIOTECHNOLOGY, BLOCKCHAIN, ACQUISITIONS, RETAIL, and many more.



You can get in touch to discuss interviews or possible article submissions by contacting us.


Let's also connect via social media! You can find me on Facebook or visit my photo portfolio.

Advertisement
Comments

Artificial Intelligence

AvidXchange Unveils New Study on Future of B2B Fintech

Vlad Poptamas

Published

on

Reading Time: 2 minutes

 

AvidXchange™, the leading provider of accounts payable (AP) and payment automation solutions, today released compelling new insights on the future of fintech at REVx, its annual gathering of industry experts, AP thought leaders and finance professionals. Developed in collaboration with Levvel Research, the white paper revealed that while B2B companies are becoming more knowledgeable about using disruptive technologies to transform financial processes, most are unaware of how innovations like artificial intelligence (AI), machine learning, big data and blockchain are changing the way they work.

Of the fintech trends analyzed, AI is the most familiar to users, with 43 percent aware of its use in fintech applications and 83 percent citing AI as a strategic priority. In parallel, 84 percent of businesses believe AI will give them a competitive advance, and 75 percent believe it will allow them to expand lines of business by entering new ventures.

In contrast, blockchain was the most alien of the emerging technologies, with just over one in four respondents aware of its role in fintech despite increasing momentum behind blockchain applications in the B2B space. Machine learning and big data finished squarely in the middle, with 34 and 33 percent, respectively, confirming knowledge of daily touchpoints with these technologies.

“B2B fintech has evolved from on-premise accounting systems that help customers manage financial data to dynamic, cloud-based solutions that are impacting almost every area of the business,” said Dan Drees, Chief Growth Officer at AvidXchange. “Despite this progress, there are still a significant number of companies who haven’t embraced fintech. Understanding why and helping businesses adopt it will be the primary challenge for the financial services industry as we move forward.”

Collectively, the lack of familiarity with disruptive technologies indicates a significant area of opportunity for businesses to close this knowledge gap by learning more about fintech innovations and how they will alter the way companies operate in the immediate future.

To read more about how emerging technologies are impacting the B2B fintech space and being embraced by customers, download the full white paper here:

 

SOURCE AvidXchange

Continue Reading

Fintech

OpenFin Raises $17 Million Series C from Wells Fargo and Barclays

Vlad Poptamas

Published

on

Reading Time: 2 minutes

 

OpenFin, the operating system (OS) of finance, has raised $17 million in Series C funding from major banks and leading FinTech investors. The funding round was led by Wells Fargo with participation from Barclays and existing investors including Bain Capital Ventures, J.P. Morgan and Pivot Investment Partners. The Series C round brings OpenFin’s total amount of venture funding to $40 million. Proceeds from the financing will be used to make OpenFin OS ubiquitous on financial desktops and to fund further product innovation. This includes OpenFin’s new Cloud Services offering, which enables banks, asset managers, wealth managers and hedge funds to provide their own private app stores for employees and customers out of the box.

The global financial services industry is spending billions in addressing the digital transformation of thousands of legacy desktop applications used for client service centers, front office, operations, risk and compliance. OpenFin’s widely adopted desktop operating system enables financial services firms to build new applications with modern web technology while enabling seamless and secure integration with legacy applications. This allows these firms to modernize and unify the end-user desktop experience while extracting the greatest possible value from their existing technology investments.

“Apple and Google’s mobile operating systems and app stores have enabled more than a million apps that have fundamentally changed how we live,” said Mazy Dar, CEO and Co-Founder of OpenFin. “OpenFin OS and our new app store services enable the next generation of desktop apps that are transforming how we work in financial services.”

OpenFin OS has become a de facto market standard for deployment and interoperability of desktop apps to power digital transformation across the industry. Its customers include most major banks, leading asset management firms and many of the best known vendor platforms in the space. The operating system software runs more than 1,000 applications at more than 1,500 banks and buy-side firms across 200,000 desktops in 60+ countries.

“We have been following OpenFin’s progress and are impressed by the company’s success in gaining wide adoption in capital markets. OpenFin is leading a key effort in providing the financial industry with a modern and unifying foundation for development and secure distribution of financial applications,” said Basil Darwish, Managing Director, Strategic Investments at Wells Fargo Securities. “We are delighted to lead OpenFin’s Series C funding round and excited to support the next phase of their development.”

“Agility and interoperability are core pillars of our digital strategy because time is a precious resource, especially in a banking environment. OpenFin accelerates our innovation cycle and allows us to create better workflows, enabling our colleagues and clients to make more productive use of their time,” said Brett Tejpaul, Head of Digital and Client Strategy at Barclays Investment Bank. “We are pleased to support the company which is a leader in the industry with its open source model and its commitment to industry collaboration.”

“OpenFin is building the roads, bridges and communications infrastructure for financial apps that will allow capital markets to innovate like Silicon Valley,” said Matt Harris, Partner at Bain Capital Ventures. “We are proud to have been early backers of the company and we welcome the strategic support from Barclays, J.P. Morgan and Wells Fargo.”

OpenFin has significant network effects in financial services as a result of its wide adoption which, in turn, is fueling innovation and accelerating a generational shift in how applications are developed, distributed and maintained. The company also sees tremendous opportunities for their technology in adjacent industries.

 

SOURCE OpenFin

Continue Reading

Fintech

Beyorch launches three-tier program to help businesses raise capital

Vlad Poptamas

Published

on

Reading Time: 2 minutes

 

Today Beyorch (beyork) launches a three-tier program for businesses looking to raise capital without forgoing any business equity.

“The three-tier Beyorch Professional Services plan allows business owners to retain their equity and instead pay a flat fee in an effort to raise capital to grow their businesses, while experiencing the effects of a stock exchange without having to go public,” said Andre Villeroy, CEO of Beyorch. “This plan is something long overdue in the Fintech space.”

Businesses looking to raise capital can choose from one of three plans: https://beyorch.com/pioneering-markets/

The Business Tier is for businesses looking to raise $60 million over three years.
The Enterprise Tier is for businesses looking to raise $150 million over three years.
The Fortune 1 Tier is for businesses looking to raise $500 million over three years.

To become a Beyorch Professional Services client, companies need to maintain an average daily balance of $1 million or more.

“If your total balance doesn’t meet our requirements, we may work with you to determine an alternative Beyorch product,” Villeroy said.

Business owners will have the opportunity to work with a Beyorch corporate manager, a Beyorch specialist and a professional service advisor as they navigate the money-raising process.

“We make customer service a top priority at Beyorch,” Villeroy added. “We want your experience to be top notch.”

Some of the ways Beyorch is different is that they allow everyday investors the opportunity to invest in the Beyorch Exchange with as little as $1,000. Traditionally, when it comes to private equity investing, investors have had to invest as much as $200,000 to participate.

“We wanted to offer something for the middle class,” Villeroy added. “We see this as a way to level the playing field by allowing for monthly dividends from 8 to 20 percent that don’t coincide with exhausting fees.”

For subscription information please visit https://beyorch.com/beyorch-exchange-reimagined/

Beyorch is located in the financial district of downtown Los Angeles.  To contact a Beyorch representative click the following link: https://go.beyorch.com/connect.html

SOURCE Beyorch

Continue Reading

Font Resizer

Subscribe to PICANTE via Email

Enter your email address to subscribe to PICANTE and receive notifications of new posts by email.

Follow us on Facebook

Read more from our authors

Business Wire6 hours ago

Dr. Shlee Song, Director of Stroke Center at Cedars-Sinai Medical Center, Addresses Graduates of American University of the Caribbean School of Medicine

Business Wire7 hours ago

Wisconsin Students Crowned America’s Top Rocketeers

Business Wire12 hours ago

Dr. Amanda Boag, President of Royal College of Veterinary Surgeons, Addresses Graduates of Ross University School of Veterinary Medicine

Business Wire13 hours ago

Dr. Vivian W. Pinn, Founding Director, Office of Research on Women’s Health at the NIH, Addresses Graduates of Ross University School of Medicine

Business Wire14 hours ago

Purdue University Global Hosts Commencement for 600 Graduates

Business Wire15 hours ago

Citizens Bank and Military Warriors Support Foundation Present Home to Military Veteran

Business Wire16 hours ago

ACADIA Pharmaceuticals to Present Phase 2 CLARITY Results for Pimavanserin as an Adjunctive Treatment in Major Depressive Disorder at the 2019 American Psychiatric Association Annual Meeting

Business Wire16 hours ago

Pear Therapeutics to Present Data on reSET®, for the Treatment of Substance Use Disorder, and Pear-004, for the Treatment of Schizophrenia, at American Psychiatric Association Annual Meeting

Business Wire18 hours ago

Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of AAC Holdings, Inc. Investors

Business Wire18 hours ago

Ohio State Sexual Abuse Victims Represented by Sharp Law, Corsiglia McMahon & Allard, and Estey & Bomberger Say Independent Investigation Supports Their Claims

Follow our Tweets

Trending

Please turn AdBlock off