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Mastercard on how digital technology can foster prosperity in Africa
According to the World Economic Forum, the Fourth Industrial Revolution gives Africa a chance to leapfrog and catch up with the rest of the industrial world. CNBC Africa spoke with Jorn Lambert, Chief Digital Officer, Digital Consumer Solutions at Mastercard on how Africa can unleash the power of tech and innovation to accelerate this progress.
Mon, 05 Oct 2020 16:32:37 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Building a culture of innovation and collaboration is essential for driving digital transformation in Africa
- The shift from ownership to access through solutions like 'pay on demand' can democratize access to goods and services and promote financial inclusion
- Challenges such as infrastructure limitations and the need for digital identity credentials must be addressed to unlock Africa's full potential in the digital age
Africa is on the verge of a digital revolution that has the potential to transform the continent's economy and drive prosperity like never before. In a recent interview with CNBC Africa, Jorn Lambert, Chief Digital Officer, Digital Consumer Solutions at Mastercard, highlighted the significant strides Africa is making in the digital payments space, surpassing even some of the more developed countries. With the rapid adoption of digital technologies, such as mobile payments and innovative solutions tailored to the African market, Africa is not just keeping up with the rest of the world but leapfrogging ahead.
The key theme of the interview revolved around how digital technology can foster prosperity in Africa and accelerate its progress to catch up with the industrial world. Lambert emphasized the importance of building a culture of innovation, creating strong coalitions, and addressing the challenges that are currently holding back the continent.
One of the key points Lambert discussed was the need for close collaboration and co-creation in innovation. He stressed the importance of working closely with local players, telcos, and other stakeholders to develop solutions that meet the specific needs of the African market. By investing in a lab in Nairobi and leveraging local talent, Mastercard seeks to drive innovation that is 'fit for purpose' and tailored to the African context.
Another significant point raised in the interview was the shift from ownership to access in the digital age. Lambert highlighted the concept of 'pay on demand' as a solution that allows people to pay for usage rather than owning assets. This shift not only democratizes access to goods and services but also helps individuals build a credit history, enabling them to access lending and other financial services, thus promoting social and economic mobility.
Lambert also addressed the challenges facing Africa in embracing digital technologies, pointing to the need for improved infrastructure and digital identity credentials. While there are obstacles to overcome, Lambert expressed optimism about the momentum and drive towards digital solutions in Africa, predicting tremendous growth in the years to come.
In conclusion, the interview with Jorn Lambert provided valuable insights into how Africa is leveraging digital technology to drive prosperity and economic growth. By fostering a culture of innovation, building strong partnerships, and addressing key challenges, Africa has the potential to not only catch up with the industrial world but also lead the way in digital transformation and inclusive economic development.
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