Opinion: Africa must take lead in fintech disruption – Bitange Ndemo

Business Daily | by Bitange Ndemo

Recently while visiting a local restaurant, after we had finished our meeting and drinks, my host decided to pay the bill by cash. The waiter candidly told him, “we don’t accept cash”. They preferred a digital payment due to Covid-19. This made to reflect on how the digital payment landscape is rapidly changing.

Barely a decade ago, the use of hard cash was the in-thing. But with the introduction of mobile payment, especially in Kenya, many people are using digital payments. Even my older folk who does not know how to read and write always knows when the money gets into her phone.

The introduction of the Pan-African Payment and Settlement System by the African Union to facilitate the African Continental Free Trade Agreement is just like a virus ravaging the continent.

In its destructive path, it will enhance cross-border trade in a borderless Africa, which has more than 1.3 billion people and a gross domestic product (GDP) of $3.5 trillion…

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