As seen around the world, investment into digital transformation is paving the way for growth across the Central Europe, Middle East, and Africa (CEMEA) region – a trend reflected in the increasing share of consumers and retail merchants making transactions online.
In tandem, prospects for new businesses are encouraging, especially in Sub-Saharan Africa (SSA): while start-ups across CEMEA are seeing triple-digit growth rates for investment, the figures for SSA are particularly strong, with investment up 285% to US$2,1 million and deals up 26% to 392 in number in the last year, according to Visa Business and Economic Insights and analysis of data from Apptopia, Magnitt State of Startup Funding - 2022 Emerging Venture Markets Report.
How has the digital transformation seen around the world supported current and future growth in SSA? Acceptance of new forms of digital payments is key, businesses say. In the 2021 Visa Back to Business Study, three-quarters of small businesses indicated that accepting digital payments was essential to their growth, with 90% reporting that pivoting to ecommerce – which relies on digital acceptance – had helped them survive the pandemic.
If there’s going to be a digital payments revolution, it cannot be limited to large businesses. In solving for this segment, we need to address the complexity, drive lower costs and innovate to create more frictionless ways for SMEs to begin accepting payments.
Inside The Great E-commerce Pivot
This story is from the October - November 2023 edition of Forbes Africa.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October - November 2023 edition of Forbes Africa.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
HIP-HOP'S HOTTEST HUSTLER
The Memphis rap star runs one of the biggest music labels, owns a piece of an MLS team and is looking to expand his empire like his billionaire mentor Jay-Z. But first, he's going to business school.
Kigali Triennial, The Ambitious New Event On The African Cultural Calendar
Rwanda has rightly earned the nickname of \"a land of a thousand hills and a thousand and one opportunities\" because of the country's impressive economic progress. However, after the recently-concluded celebration of arts which was the inaugural Kigali Triennial festival, you can now add culture to the list of things the country offers for tourists and investors.
The dark Side of AI
There is a thin line between innovation and abuse. A look at how large language models (LLMs) are making cyber-criminals even better at mastering the art of deception.
Gene Gamechanger
Disease-resistant crops? Cows that can withstand climate change? Here's how CRISPR is already transforming the continent, and why building a network of skilled scientists can help position Africa as a key global contributor in this frontier of crop development.
Women Empowerment And Transformation In Mining: A Distinctive Perspective
GMDC is a mining company that specializes in tungsten (wolfram) and operates in the city of Kigali, Nyarugenge District, Mageragere Sector.
How The Mining Sector Contributes To Community Development Initiatives
It plays a significant role in Rwanda's overall development, contributing to infrastructure, job creation, health, education, and even environmental conservation. It's not just about extracting resources; mining is mandated to build up the communities and nation alongside its operations.
Reflecting On 2023 Milestones And A Look Ahead
Last year solidified Rwanda's position as a prime African mining investment destination and a burgeoning hub for mineral value addition. What will 2024 hold?
Rwandan Mining Regulator Unveils Three-Year Mineral Exploration Campaign
A holistic approach to responsible mineral resource management in the country.
TASTING SUCCESS
Paul Siguqa has had an unlikely journey in the wine business in South Africa. His mother worked in the vineyards as a laborer during the apartheid era and now, his fully black-owned wine farm sells premium products.
Creating Stronger Communities In Africa Through Digital And Financial Inclusion
In Sub-Saharan Africa, a silent barrier to economic inclusion and social mobility persists: one in four adults lacks identification, according to a World Bank report.
