The potential of the African market to take up the technological benefits of virtual currency and digital innovations has been highlighted in a report on ‘Mega Trends in Africa’. Published by Frost & Sullivan last year, it points out a number of current trends which are finding favour in Africa as well as examining external factors or Mega Trends that will drive Africa’s growth story over the next ten years.
Within the report are details on areas such as the mobile money boom and virtual currency boom in Africa. The study provides insights into the impact of digital trends, such as cryptocurrency and the future direction of a cashless African economy. Furthermore, it provides a view of the economic growth, future demographic trends, growing levels of foreign investment, and new business models from the African perspective on both a macro level for countries and industries as well as a micro level for cities.
At 219 pages long, there is a lot to peruse, but key areas of note include the rise of incomes and technological competencies leading to a growth of connected devices in Africa, leading Africa’s digital economy to grow exponentially with the proliferation of devices. In addition, the influx of mobile devices has led to an array of mobile payment solutions, with millions of Africans expected to be transacting money through their mobile wallet in the next decade, leading to a market value worth billions of dollars.
Perhaps most interesting is the finding that Africa will have tremendous market potential for firms that are operating in the digital currency space. There were estimated to be a million bitcoin wallets in Africa at the end of 2015, with nearly one-third of Kenyans using them, showing the potential of the cryptocurrency market in this growing economy. Online retail is similarly expected to grow significantly in the next years, with Nigeria, South Africa, Egypt, and Kenya emerging as the top markets for online retailing in Africa.
The report is available to be purchased from Reportbuyer.