Digital finance is a robust medium to broaden the access outside the financial services to other sectors, which includes agronomy, infrastructure, services, energy among others. People without a bank account are accessing the financial services via the digital medium. Several stakeholders are utilizing the cell phones along with a gamut of agents to provide simple financial services at better suitability and reduced cost against conventional banking. It is also known as “Branchless Banking”.
The advent of mobile telephony in Africa has been slow. The regulatory environment had stifled the growth by creating a bureaucratic red tape that was a hindrance to many mobile phone service providers from the developed world to invest in Africa. To them Africa was a risky place to do business. This was due to the many internecine conflicts that characterized the African nations after many states had gained autonomy from their colonial masters.
“Ah but it’s Digital now”. “Digital” a word whose origins lie in the latin digitalis, from digitus (“finger, toe”); now it’s use is synonymous with computers and televisions, cameras, music players, watches, etc, etc, etc. But what of digital money or even digital democracy?