Focus on the world of creativity in Africa, focusing on these sectors that drive innovation, and especially on this very enterprising new generation in the digital field.
A young generation dynamic in innovation!
The continent has always used innovations to compensate for the lack of infrastructure. We also talk in many areas about leapfrog (which could be translated into leapfrog in French). What is considered an economic delay is now transformed into an opportunity and allows the rapid adoption, by skipping stages, of more advanced technologies.
“If we stay on financial services, today it would be unthinkable to force the adoption of bank cards on the continent. This step was skipped in my opinion and there is no need for it,” notes Sofia El Mrabet, Fintech specialist and member of the “I’m committed to Africa” incubator.
In digital technology, Africa is not at its first leapfrog. Young people on the continent are very active in the field of innovation in general. We see a multitude of innovative initiatives and solutions designed and implemented by African companies in multiple sectors of activity.
To name just a few: GiftedMom (E-health) which aims to reduce infant and maternal mortality in developing countries via a monitoring service for pregnant women by SMS and voice messages. We should also mention Farmerline (AgriTech), which allows farmers to be informed about prices, weather updates and even provides them with agricultural advice.
Harmonize regulations in Africa
Currently, the regulatory aspect is very uneven depending on the region. Some countries promote dialogue between ecosystem players and legislate quickly to allow innovation to develop, like English-speaking countries like Nigeria and Kenya. In recent years, Rwanda has also confirmed its leading position in this area with a regulator (National Bank of Rwanda) that listens to the market.
Other countries are more conservative and legislate little and restrictively, which does not allow services to develop or diversify and tends to discourage investors. Overly restrictive laws in the financial sector then apply without taking into consideration developments in the market and stakeholders. Finally, some countries do not legislate on the subject.
These are countries with the lowest adoption and penetration rates. It is essential that the various regulators on the continent can develop regional, or even continental, regulations and standards to allow Fintechs to develop beyond their border.
Cybersecurity: the most targeted sectors!
We cannot talk about digital without talking about cybersecurity. In this regard, it should be noted that the financial sectors are the preferred targets of the malware networks which carry out these attacks.
“Cybercriminals tend to perfectly exploit crises and multiply attack techniques based on uncertainty and fear. By tracking malicious behavior in Morocco, we were able to identify thousands of weekly infections on organizations, originating from phishing emails and malicious software applications,” notes Amine Hilmi, CEO of LMPS Group.
According to him, cybercriminals also executed ransomware to target countries in North Africa and the Middle East, including Morocco which was among the most affected. The good news is that certain cybercriminal networks have been dismantled in Morocco, particularly for attacks on ATMs and bank accounts.
Morocco has, moreover, demonstrated its full awareness of the challenges of cybersecurity by equipping itself with an entire legal arsenal. The pandemic and the Ukrainian war have accelerated the implementation of cybersecurity measures by public and private organizations.
Abdellah Benahmed / ECO Inspirations
