Tingg: Changing the digital economy narrative in Africa
By leveraging technology, tech-savvy youth and a vast majority of Africans with mobile devices – phones, tablets, laptop computers etc. – now carry out transactions seamlessly. Before the mobile revolution, people went through harrowing experiences carrying out transactions across the continent.
In Nigeria and most African countries, it was once the era of ‘tally number’ when people waited endlessly in the banking halls to cash cheques or pay for services through a banker’s cheque or money order. This was a monumental waste of time that adversely impacted man-hours, productivity and revenue.
This is fundamentally why a digital payments system is one of the five operational instruments of the African Continental Free Trade Area (AfCFTA). The objectives of the AfCFTA include creation of a single continental market for goods and services, with free movement of business persons and investments, aided by a digital payments system that eliminates the need for cash transactions.
Thankfully, we have made great strides towards digitizing payments and making financial services available across the continent. People are now able to access financial services effortlessly from their mobile phones thanks to Mobile Network Operators (MNOs) and financial technology companies digitizing payments for consumers and businesses.
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