Digital payments could boost modernisation in Africa

A new study from the United Nations-based Better Than Cash Alliance provides findings about the large potential gains for governments, businesses and citizens when digitising payments. Many emerging economies are grappling with how to modernise their economies, improve transparency, drive sustainable growth and advance financial inclusion. As a powerful case study for Africa, Tanzania’s digital payment initiatives reveals the very strong results achieved by the government so far, according to the UN study.

By digitising the payments businesses and people make to the government, Tanzania has already: empowered its tourism sector by reducing economic leakage from cash payments, such as conservation park entry fees, by over 40%, supporting investment and employment, cut bureaucratic inefficiencies, including reducing import customs clearance times from nine days to less than one day and increased transparency between citizens and governments, by digitizing tax payments which has provided electronic proof of payments and protects people against fraud.

 

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