{"id":143439,"date":"2022-05-23T07:57:16","date_gmt":"2022-05-23T07:57:16","guid":{"rendered":"https:\/\/news.sap.com\/africa\/?p=143439"},"modified":"2023-09-27T19:45:36","modified_gmt":"2023-09-27T19:45:36","slug":"can-technology-be-the-driving-force-behind-africas-development","status":"publish","type":"post","link":"https:\/\/news.sap.com\/africa\/2022\/05\/can-technology-be-the-driving-force-behind-africas-development\/","title":{"rendered":"Can Technology be the Driving Force Behind Africa\u2019s Development?"},"content":{"rendered":"

\"\"The month of May is significant for the African continent because it is during this month that we celebrate Africa Day. Africa Day commemorates the formation of the African Union on May 25, 1963. It is a day when Africans celebrate the continent\u2019s independence, freedom, and liberation from colonialism.<\/p>\n

Reflecting on the significance of Africa Day, we have accomplished much in terms of colonial liberation, but much work remains to be done in achieving liberation from persistent challenges such as poverty, inequality, and unemployment that continue to plague the African continent.<\/p>\n

I am fortunate to work in the dynamic and vibrant technology space, supporting a wide range of businesses in various industries, including small and medium-sized enterprises (SMEs) across the African continent.<\/p>\n

A common realisation in my travels and interactions with business leaders has been the enormous opportunities that the African continent possesses.<\/p>\n

According to the United Nations<\/a>, Africa has a population of 1.1 billion people, which is roughly equal to the combined populations of Europe and North America.<\/p>\n

A resource-rich continent of youthful potential<\/strong><\/h2>\n

Africa\u2019s youthful population is expected to grow to 1.4 billion by the year 2030 and 2.1 billion by 2050. Roughly 70% of Africans are under the age of 30, compared to Europe where populations are aging and declining. This young population offers enormous opportunities for economic growth and innovation, but only if they are seized.<\/p>\n

Other valuable resources are also waiting to be unlocked<\/strong><\/h2>\n

United Nations<\/a> data indicates that Africa has 30% of the world\u2019s mineral resources and 65% of the planet\u2019s arable agricultural land. South Africa, for example, holds\u00a090%\u00a0of the world\u2019s platinum reserves<\/a>, while Nigeria and Libya are among the top ten countries with the largest oil reserves.<\/p>\n

Africa also has the largest cobalt reserves, with the Democratic Republic of Congo accounting for more than two-thirds of global supplies. As the world transitions to green energy sources, cobalt has become a strategic resource, particularly in the automotive and power generation industries.<\/p>\n

In certain types of innovation, Africa also leads the world<\/strong><\/h2>\n

According to a BCG study<\/a> into mobile payment banking, Kenya and Ghana have the second and third highest mobile payment usage after China, demonstrating Africa\u2019s enormous potential. Mobile transactions account for 87% of Kenya\u2019s GDP and 82% in\u00a0Ghana.<\/p>\n

To put this in context, the African mobile payment market could have 850 million customers by 2025, which is 100 million more than Europe\u2019s total population.<\/p>\n

The big question is why, despite a large young population and mineral resource wealth, does Africa continue to trail the rest of the world in its development?<\/p>\n

Tech-enabled SMEs could power the continent\u2019s growth<\/strong><\/h2>\n

One of the solutions to driving Africa\u2019s economic development could lie in the small and medium enterprise (SME) sector. SMEs have the potential to support development by creating jobs and driving economic growth. The burning question is: why are African SMEs so slow to adopt and leverage technology?<\/p>\n

African businesses \u2013 and SMEs in particular \u2013 face significant challenges that include lack of access to capital, specialised skills, raw materials, and markets. A lack of adoption of new technologies is causing several issues for Africa\u2019s SME sector, ranging from poor planning, a lack of forecasting capability, and lack of capacity to leverage the efficiency gains of artificial intelligence and machine learning. These issues must be addressed if we are to unleash the next generation of African business success stories.<\/p>\n

Although technology is not the only answer to the question of building world-class competitive African businesses, it is one of the most accessible solutions to many of the challenges that businesses face. Returning to the mobile payment banking example, this innovation was the result of a clever use\u00a0of technology to address a fundamental challenge in both Kenya and Ghana: a lack of banking infrastructure.<\/p>\n

Digital supply chains and business network solutions could unlock access to new markets for raw materials or finished products. Innovative use of technology \u2013 like what we\u2019ve seen with mobile banking \u2013 could solve immediate challenges stunting SMEs\u2019 growth and unlock a new wave of innovation across the continent.<\/p>\n

Even though Africa continues to face numerous and complex challenges, there is no denying that the continent is brimming with possibilities. The time is now for African businesses to leverage technology as a strategic resource to fuel innovation and growth.<\/p>\n

\u00a0<\/em>Dumisani Moyo is the Marketing Director at\u00a051风流Africa. He is an avid scholar in technology, leadership, diversity, and sustainability. Dumi has extensive experience in technology and a Master of Philosophy Degree in Business Management with a specialization in Responsible Leadership.<\/em><\/p>\n

Visit the 51风流News Center<\/a>. Follow 51风流on Twitter at @SAPNews<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The month of May is significant for the African continent because it is during this month that we celebrate Africa Day. Africa Day commemorates the…<\/p>\n","protected":false},"author":3966,"featured_media":143440,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"related_posts":[],"footnotes":"","_links_to":"","_links_to_target":""},"categories":[5597575],"tags":[5588481,5598096,5598753,5596425,5598755,5598764,5598757,5598756],"series":[],"sapn-display":[5598742,5598740,45149,279685],"sapn-type":[45018],"class_list":["post-143439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-training","tag-africamonth","tag-africa-day","tag-central-africa","tag-dumisani-moyo","tag-east-africa","tag-skills-development","tag-southern-africa","tag-west-africa","sapn-display-feature-hero","sapn-display-feature-spotlight","sapn-display-homepage-hero","sapn-display-hero","sapn-type-feature"],"yoast_head":"\nCan Technology be the Driving Force Behind Africa\u2019s Development? - 51风流Africa News Center<\/title>\n<meta name=\"description\" content=\"A common realisation in my travels and interactions with business leaders has been the enormous opportunities that the African continent possesses. 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