DCA Digital Digest: Fintech Technology Is A Potential Driver Of African Economies

1. Fintech Technology Is A Potential Driver Of African Economies

African economic growth has in general been driven by public infrastructure investment and the expansion of services to a largely underserviced population. However, financial technology (FinTech) is increasingly receiving attention from both private and public sector, facilitating innovation in other sectors of the economy and allowing African nations to leapfrog more traditional infrastructure.

2. Top 50 cheapest countries in the world for mobile data are in Sub-Saharan Africa

Contrary to what one might expect, ten out of the top 50 cheapest countries in the world for mobile data are in Sub-Saharan Africa. This is in stark contrast to the cost of broadband on the continent, which is almost universally very high or non-existent. Rwanda and Sudan feature in the top ten, with 1GB of data costing just $0.56 and $0.68. Sub-Saharan Africa also lays claim to the most expensive nation in the world for mobile date: Zimbabwe, whose average cost for 1GB of mobile data is an eye-watering $75.20, while its most expensive gigabyte is an even more shocking $138.46.
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3. Delegates Question Whereabouts Of Africa’s Data

For Africa to compete favourably with other continents in the 21st century, it requires large data sets as core asset in the continents economy to foster new industries, processes and products and creating significant competitive advantages. At the ongoing Transform Africa Summit in Kigali, the big question has come-up and it is tingling into everyone’s mind. “Where is the African Data?”
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4. Ethiopians in diaspora allowed to invest in banking, insurance sectors after a precedence setting court victory in 2017 by Sophia Bekele

The National Bank of Ethiopia (NBE), the agency in charge of regulating the financial sector of the country, will soon introduce a new regulation that will allow Ethiopians in the diaspora to invest in the financial sector that includes banking, insurance and micro finance. This is after Sophia Bekele, an Ethiopian native with American nationality who was the only contender to the legal challenge last year and won a monumental legal battle against Ethiopia’s Central Bank
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