Tech trends: Africa expected to charge ahead with mobile banking, blockchain & IoT in 2019

Mobile banking, Blockchain implementation, IT policies and a dawn for IoT systems will mark Africa's 2019 trends

Africa's 2019 trends might propel industries and countries to a whole new level, thanks to implementation of new technologies such as blockchain and IoT. Even in regard to policy, most African governments are rethinking the importance of these new technologies, with serious legislation implemented across the continent. However, unfortunately a strain of censorship has also been common.

If harnessed well, the following trends could change the nature of African businesses and bring it up to speed with the fourth industrial revolution.

 

Bank on mobile

Mobile banking is not a new concept in Africa. However, countries such as Kenya have taken the concept to a whole new level -- something the traditional banks were not prepared for but now are contending with.

Kenya, often considered the home of mobile money, has seen a shift in banking where the mobile phone has become the central point. Borrowing has no longer become the only exception to traditional banks - and they are worried. A report from McKinsey titled "Mobile financial services in Africa: Winning the battle for the customer" detailed the emerging trend.

"While in many markets banks can rely on regulations to defend their deposit-taking capabilities, over the past decade MNOs have built scale and momentum in mobile payments on three pillars: 1) near ubiquitous distribution networks, 2) vast numbers of customers/strong market concentration, and 3) a superior client experience," the report said.

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