E-Commerce and FinTech provide access to global markets for African businesses
Business has finally gone truly global, even though this has all happened in the online space. The secret has been the manner in which technology and the internet have become so widespread that the global village has arguably become a reality. Two of the most important and interesting aspects of these developments for African business development have been e-commerce and FinTech. This article looks at how these aspects of the modern, tech-driven world have affected business on the African continent and are providing new opportunities for growth and prosperity across new markets.
E-commerce and African Business
There are hundreds and thousands of small to medium sized African businesses that have been able to reach a huge number of potential customers through their access to the internet. In addition, e-commerce platforms can now be accessed from anywhere as long as their digital marketing and SEO are up to scratch, as suggested and explained by clickintelligence.com, and the African business sites can be found. As a result, the logistics and delivery aspect has also had to be reimagined and in doing so has resulted in further business growth and development in the region.
The trend in this regard is clear, and if African consumers are interested in buying something or finding out a little more about it, they will use social media to investigate further and then likely look to buy the product at the best price point possible.
E-commerce in Africa has been one of the fastest growing types of business, often seen to be growing at around 70% over sustained periods of time. Yes, it was growing from point zero, but it is the spread that is more important. Both Nigeria and South Africa had the infrastructure and tech users to make e-commerce worthwhile, yet the most recent growth was seen in a number of different countries, showing how the spread of tech and internet connectivity is changing the continent.
FinTech Spreads Across Africa
Along with the spread of e-commerce there has been a marked rise in FinTech. Whether it is to facilitate payments for e-commerce purchases or the tech to receive payments from around the globe. In order for e-commerce to work, those in Africa needed to either convert their currency to the globally accepted Dollar or Pound and have an international bank account. The rise of crypto and e-payments has enabled immediate exchange of African Currency into a currency that is more widely accepted.
FinTech is expected to increase in saturation for the next few months at least. It is providing the continent with both software and crypto developers as well as the means to make the metaverse real for all. It must be remembered that Africans still use cash for over 90% of transactions and as such it will be simple and straightforward for FinTech to make inroads.
Whether the tech has facilitated access to African markets or conversely allows Africans to shop around the globe. It is clear that FinTech and e-commerce are going to change the world as we knew it forever.
