TechPression

Tag: digital economy

  • Mastercard, EMIS Promote Angola’s Digital Economy

    Mastercard, EMIS Promote Angola’s Digital Economy

    In a strategic partnership, Angola Mastercard and Empresa Interbancária de Serviços S.A. (EMIS) are developing a co-branded smart card with EMV technology that both businesses will use.

    This project aims to boost the digital economy and speed up the digital progress of both companies. 

    The Interbank Service Company, EMIS, manages the Angolan Payment System. It manages the banking system. It is in charge of managing the interbank network, which includes ATMs and POS devices. EMIS is Angola’s Mobile Virtual Process Operator (MVPO) and bank direct debit and funds transfer clearinghouse.

    Read also: Mastercard, Alerzo partner to digitize Nigerian SMEs

    Angola’s partnership

    This agreement gives Angolan consumers and small business owners a single card for cross-border payments. This makes payment methods work better together.

    Financial institutions also gain from this relationship. Mastercard’s cutting-edge technology and ability to save money on costs will help their home market and card offerings. This will make the neighborhood plan better. The Angolan Central Bank (BNA) wants to help more people get access to banking services and improve the digital economy and ecosystem of the country.

    As part of this agreement, Angolan banks will be able to use Mastercard’s loyalty platform, the national fraud and risk management solution, and Mastercard Payments Gateway Services. These tools will make it easier for e-commerce businesses to get help and for online deals to go smoothly.

    Mark Elliott, Mastercard’s Division President for Sub-Saharan Africa, said, “Our approach to innovation is to work with like-minded partners to fuel a digital economy that works for everyone around the world. Our partnership with EMIS shows how committed we are to helping key players around the world build an interconnected global payments ecosystem that meets different customer needs.

    The CEO of EMIS, José Matos, said, “Angola has made a lot of progress in the financial services area, and our partnership with Mastercard is meant to speed up this progress. Through this relationship, we are dedicated to bringing the many benefits of a fully-fledged interoperable payment system to the people of Angola as soon as possible. This will create a complete digital and financial ecosystem for them.

    Angola supports ICT and digital transformation

    Angola’s focus on digital transformation and the growth of the information and communication technologies (ICT) sector is strategic in many ways. The government sees these as important parts of socio-economic development, important in the fight against poverty and the exclusion of vulnerable groups, and important in driving modernization.

    In May 2022, Manuel Homem, the Minister of Telecommunications, Information Technologies, and Social Communication, emphasised the Angolan government’s role in improving the Single Digital Market in Africa and the business climate. So, the government has focused on promoting and backing the modernization of technology to ensure good governance, more people having access to financial services, and better economic and social well-being.

    Mastercard’s partnership with EMIS fits right in with its global commitment to financial inclusion. It wants to bring 1 billion people, including 50 million micro and small businesses and 25 million women entrepreneurs, into the digital economy by 2025 through a number of initiatives and partnerships.

  • How Digital producers facilitate economic growth in Africa

    How Digital producers facilitate economic growth in Africa

    In Africa, the creator economy has grown in recent years, giving bright people, especially young people, more ways to use their skills in this digital age.

    Creators are looking for new ways to make the most of their skills, like selling e-books online and marketing goods to their thousands of followers on Instagram, TikTok, and other social media sites, and it’s working.

    Digital creators do more than just make a steady income, which is interesting. They are also putting other pros to work. A YouTuber who has too much work and not enough time can now hire a virtual assistant to set up meetings or a videographer to help with records.

    Selar commissioned a study called “The African Creator Economy and the Future of Work,” which gives more information about how online entrepreneurs have become employers.

    According to the study, more than one-quarter of digital creators have paid someone to work with them on a project. It’s one in three for bloggers and YouTubers. With 36% of hired staff, YouTube artists are at the top, followed by bloggers with 35%, social media influencers with 31%, and digital product makers with 27%.

    Graphic designers were hired more often than people in other jobs, according to the job descriptions of those who had jobs. Social media managers are the second job that digital makers want to hire the most.

    Both require a deep understanding of how digital production works, which is a skill not all digital entrepreneurs have.

    The study also showed some of the most important reasons why digital producers are outsourcing more and more work.

    More than 2,000 creators took part in a study, and 43.6% of them said that they hired help because they didn’t have enough time to do everything themselves.

    In second place are the 36.8% of producers who say they did it because they needed an expert. “I’ve grown and become too busy” (7.3%), “Other” (3.4%), and trying to give back to society (1.1%)

    Selar CEO Douglas Kendyson said, that digital innovators on the continent are creating jobs. “Before this research survey was even a thing, we had noticed that many of our creators, especially the most successful ones, didn’t work alone, at least not all the time,” he said. They usually had extra support for various tasks. This is a significant reason we did this study.”

    Read also: How health tech is changing the game in Africa 

    Why is Africa’s creator economy growing?

    Hubspot said that the creative industry would be worth $104.2 billion in 2022. People and businesses have both put money into it. Selar, Caffeine, Linktree, and other companies like them are new and important.

    Africans from many different countries have always been known for their creativity. The maker economy has grown faster because of the internet.

    Statista predicts 59.9% internet penetration in Nigeria in 2026. Smartphones are sold in almost every African market, which makes it easy to connect to the internet and participate in the rewarding creative economy.

    More Africans joined social media and found out how to make money on TikTok and Instagram. Influencers are used by brands to sell their products these days. Some of these businesses are 1XBet and Moniepoint.

    According to the story, “Instagram creators can make money through sponsored content deals, merchandise sales, and other income streams.”

    The study also connects the creator economy’s rapid rise to the drive for financial independence. That’s unchanging.  Young Nigerians struggle to find jobs due to inflation and an economic downturn. Statista forecast 33% unemployment in Nigeria last year.

    The creator ecosystem offers flexibility and creative control over one’s material in addition to making money. If you have the desire and the tools to hustle, it’s easy to enter the economy. In a white-collar career, formal experience and connections are essential to advancement.

    The creator ecosystem offers flexibility and creative control over content in addition to making money. If you’re enthusiastic about economics and have the tools to hustle, it’s easy to get in. Most white-collar jobs require formal training and contacts to advance.

    Traditional employment’s future

    Problems often lead to both good and bad changes. Online shipping from Amazon and AliExpress is hitting retail. People are also worried that millions of jobs will be lost because of AI.

    The creator economy is a good way to make money, show off your talent, and get more fans on YouTube, Facebook, etc. Most people, especially young people, are interested in digital business. But there is a cost. As more people start their own businesses, white-collar jobs may become outdated.

    African startup acquisitions decline

    Supporting this creator economy

    The study suggests that government authorities can boost the local economy by making the area an attractive place to do business. For instance, computer training programmes It states, “Policymakers may also need to think about new rules and regulations to protect workers and ensure competition is fair in the creative economy.”

    Good conditions for artists should attract investors and increase revenue. The media should highlight inventors’ successes and shortcomings. This will attract more Africans and teach them valuable things. Everyone must contribute to the maker economy’s growth.

  • IDC examines digital economy at CIO summit

    IDC examines digital economy at CIO summit

    The Federal Government of Nigeria has placed a significant amount of emphasis on fostering the growth of the country’s digital economy; however, the country continues to face significant challenges, such as inadequate infrastructure, low levels of digital literacy, and disparities in policy implementation across different levels of government.

    The development of Nigeria’s digital economy has been a key area of focus for the national government.

    In spite of these challenges, Nigeria’s information technology (IT) and networking sector has drawn significant investment, which reflects a positive view of the country’s future economic growth.

    On Thursday, June 22, the CEO and director general of Nigeria’s National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi, will deliver the opening presentation at the IDC West Africa CIO Summit 2023 in Lagos.

    In his address, Kashifu Inuwa Abdullahi will go into these topics in further depth. In his talk, he will discuss the most recent advancements in Nigeria’s digital economy as well as highlight the implementation of government programmes that are intended to promote the economy’s expansion.

    Read also: Nigeria’s SEC to regulate digital assets, but not crypto

    The IDC West Africa CIO Summit 2023 will be held in the Four Points by Sheraton Lagos Hotel, and it will bring together influential thought leaders from the fields of information technology, telecommunications, digital governance, and regulation. 

    This report will examine the current situation of the digital economy in West Africa, including its impact on residents, consumers, employees, and operations. It will also investigate best practices and methods that have been shown to enable the development of future businesses.

    Jyoti Lalchandani, who is the group vice president and regional managing director for the Middle East, Turkey, and Africa at IDC, will deliver the keynote address at the summit with the title “Strategies for the CIO and Enterprise Innovation.” 

    During this session, he will explain why line-of-business investments should be considered as a springboard rather than as an end state, explore the ongoing shift towards industry ecosystem innovation, and present tactics for developing a culture of trust. In addition, he will look at the ongoing move towards industry ecosystem innovation.

    “We are thrilled to be bringing together the most prominent CIOs in West Africa to discuss the opportunities and challenges presented by the region’s digital economy,” says Lalchandani. “The event promises to provide expert guidance on creating an enabling environment for long-term sustainable innovation and facilitating future success in the digital economy.”

    For the IDC West Africa CIO Summit 2023, IDC’s valued partners include NITDA as a Strategic Partner, AWS and Palo Alto Networks as Summit Partners, VMware as a Platinum Partner, Denodo as a Technology Focus Group Partner, HPE by Selectium as an Exhibit Partner, and ICITP as an Associate Partner. Palo Alto Networks and AWS will also be exhibiting at the event.

    Regarding IDC

    International Data Corporation (IDC) is recognised as the preeminent provider of market intelligence, consulting services, and events for the information technology, telecommunications, and consumer technology markets on a global scale. IDC is able to provide global, regional, and local expertise on technology, IT benchmarking and sourcing, as well as industry prospects and trends in over 110 countries due to its global workforce of more than 1,300 analysts. 

    IT professionals, company leaders, and members of the investing community all benefit from the research and insight provided by IDC, which enables them to make technological decisions based on facts and to achieve their primary business goals.

    IDC is a completely owned subsidiary of International Data Group (IDG), which is the most successful technology media, data, and marketing services organisation in the world. IDC was established in 1964.

    KALAMED to equip women with digital skills in new mentorship program 

    IDC in the countries of the Middle East, Turkey, and Africa

    IDC maintains a coordinated network of offices around the Middle East, Turkey, and Africa area, with a regional centre located in Dubai. These offices are located in Riyadh, Nairobi, Lagos, Johannesburg, Cairo, and Istanbul, respectively.

    Their coverage combines insights gained on a local level with perspectives gained on a global scale in order to provide a thorough knowledge of the markets in these rapidly evolving locations.

    Their market intelligence services are unrivalled when compared to others in terms of their level of detail, consistency, scope, and accuracy. IDC Middle East and Africa has more than 130 analysts, consultants, and conference associates working across the area at the moment.