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Digital technology and innovation in Africa: leapfrogging in finance

In: Technological Leapfrogging and Innovation in Africa

Author

Listed:
  • Njuguna Ndung'u
  • Alex Oguso

Abstract

This chapter pieces together discussions on the evolution of digital financial services in Africa that has pushed financial inclusion and leapfrogging in the financial sector in the continent. The innovation, growth, and success of retail electronic payments platforms beginning with M-Pesa in Kenya in 2007 have elevated this concept to a menu of digital financial services that is accessible, efficient, transparent, and safe. This has allowed provision of more information and practical solutions that have built a platform of avenues through which technology is leapfrogging financial development in Africa. It is demonstrated that digital transformation in various sectors of the economy, supported by an efficient electronic payments system, will generate opportunities for the next diverse and sustainable growth frontier in African economies. The chapter argues that the digital revolution being experienced across Africa could allow countries to enhance the prospects of the fourth industrial revolution in the continent.

Suggested Citation

  • Njuguna Ndung'u & Alex Oguso, 2023. "Digital technology and innovation in Africa: leapfrogging in finance," Chapters, in: Ethné Swartz & Caren B. Scheepers & Adam Lindgreen & Shumaila Yousafzai & Marianne Matthee (ed.), Technological Leapfrogging and Innovation in Africa, chapter 5, pages 89-111, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:19935_5
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    File URL: https://www.elgaronline.com/doi/10.4337/9781800370395.00013
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