Foresight Africa in a 2019 series stated that Africa’s contribution to the annual revenue on the capital market is US$1.2billion. Since the continent has the most youthful population, it presents important opportunities for businesses in spite of slowing global growth.
A continent that in the past had its fair share of intimidation in every aspect of life, is creating an entirely new development path by harnessing the potentials of its resources and people, a report from the world bank group highlighted.
The African continent has seen a paradigm shift in the frontier of emerging technologies, innovation in regards to economic growth in the past years especially during the 2020 pandemic brouhaha.
Most economies in the sub Saharan regions swiftly gravitated towards digitalisation, a dramatic change from traditional commerce to ecommerce, especially in the banking and the service industries.
Rhetorically speaking, ls Africa ready for a digitalised economy?
Digital currency is now the order of the day. Basically, these currencies are the electronic forms of a fiat currency (currency issued by central government).
85% of economies globally are adopting and creating their own digital currencies using blockchain technology, report by yahoo finance noted.
Ghana is one of the few countries in the sub region pioneering its own digital currency.
On the macroeconomic frontal, digitalised economy with a digitalised currency, strengthens the fiat currency of the said economy and the control over the currency by government most apparent. The uniqueness of sequential coding on the blockchain technology gives each e-currency a unique number. Thus, counterfeit occurrence is halted.
Digital currency facilitates easy cross trading transactions, and also enhances data formulation for macroeconomic policies, to mention but a few.
However, the ILLITERACY rate on the continent and the vast technical know how gap in this respect, aborts the digitalisation movement being hurried on the continent currently.
Only 15% of 1.26 billion Africans participate on the digital financial market space. Most don’t even own bank accounts to begin with and totally oblivious to the entire digitalisation movement, a very unfortunate outlook to comprehend.
It’s about time governments emphasised the need for training, education, advocacy and capacity building in these sensitive financial subjects for proper dissemination and inclusion, if we really want to take the digitalisation route.
There is the need for serious training in the area of digital finance to broaden the horizons to meet future career opportunities and labour force.
It’s in this light that Mrs. Alice Flora Tiny (C.E.O- African Financial Traders Organization) leads her team of financial expert traders to embark on financial literacy training across the African region, especially in the financial market sector.
Her outlet attempts to bridge the knowledge gap and promote digital finance amongst the youth of Africa, exposing them to the career and financial opportunities the sector bestows. There is the need to take advantage in this era where unemployment is brooding uncontrollably in the region.
Mrs Alice Flora Tiny, a distinguished financial expert trader has also outdone herself by going a step further to organize an award winning scheme for deserving financial market participants namely: AFRICAN FINANCIAL TRADERS AWARDS. An award scheme which is in its 3rd year with the mission of recognizing and featuring excellent financial innovation, impact, result and great performance by financial market players in Africa.
The current edition of the awards scheme will bring financial experts across Africa to celebrate excellence and network. It is scheduled to take place at the Kempiski Hotel on the 11th December 2021.
As private organisations are taken it upon themselves to help in this direction, we indulge governments and interested organisations and investors to solemnly extend their quota in helping Africa catch up to the world in the area of digitalisation. The continent has so much to offer to the world, it can’t afford to play late on digital technology.
Written by
Alice Flora Tiny
MBA FINANCE
C.E.O: AFRICAN FINANCIAL TRADERS ORGANIZATION
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