Why the Rest of the World Should Care About Innovation in AfricaBy Sep 02, 2019 3 Min Read
The process of converting sound ideas and inventions into good services that would be tailored towards creating value in the lives of people has always been of great importance to the economic development of any continent. Ideas that are replicable with an economical cost that satisfies a specific need is something that carries phenomenal impact wherever it is and can be spotted easily, this is because cumulatively, they are major drivers of the world economy at large.
This process usually involves the deliberate application of information, initiative as well as the imagination to derive greater value from resources.
Innovation and the rest of the world
In our world today we see a lot of innovative solutions being churned out regularly in various sectors. The fin-tech space is a perfect example of one of the spaces that are currently experiencing a lot of innovative advancements, this is because of the introduction of the blockchain technology which happens to have cryptocurrencies built in them. In this era, the digital economy is fast gaining ground and this has created a world of possibilities in so many sectors in the world economy.
The Blockchain technology being one of the most disruptive innovations of all time is one that has begun to penetrate the digital economy and from every indication, chances are that in a very short while different countries around the world would begin to clamor to lay hands on what this technology has to offer, this is becoming evident seeing that countries such Venezuela and Zimbabwe which are currently at the brink of an economic meltdown resulting in instability of currencies have been seen to turn to cryptocurrencies. Also, in a bid to catch up with this moving train, countries like Bangladesh have also been said to have made efforts to sponsor the education of some of its citizens in this field.
Innovation in Africa
When it comes to technology advancement and innovation Africa is easily seen as a continent that is far behind in this race.
However, it is noteworthy to state that Africa is not as far behind as the rest of the world thinks, even in the fintech space we get to see promising startups in countries such as Nigeria, South Africa, Ghana, Cameroon, Kenya, and others. Over the years these countries have seen substantial growth. In Nigeria, it would be accurate to describe Lagos as a fast-growing tech hub as there has been visible sound economic activities in sectors such as transportation have been noticed. And in the world of blockchain and cryptocurrencies, we could see that some young enthusiasts such as Samuel Ben, the CEO of Satowallet Exchange have been making waves in the space.
Light at the end of the tunnel
Over 80% of the population in sub-Saharan Africa is 30 years old or younger, making it the youngest demographic on the planet and presents an unparalleled opportunity for those who have started acting on this opportunity and putting maximum focus is on this generation this could go a long way in shaping the future for Africa, for it is often said that it is hard to bend and old tree or change old minds putting into consideration the fact that they must have crystallized in their old ways. We might not be able to work with the older generations that have an iron grip on African economies for now, but there is great potential in getting the minds of the future generations in shape, so they don't repeat the same mistakes of the past.
Meanwhile, we can see that Africa as a continent is not left behind as countries such as Nigeria being the giants of Africa have shown an increased level in activities that are blockchain and cryptocurrency inclined, considering the fact that there has been a series of events both past and future that have been organized by bodies such as Cryptotvplus and Cryptography Development Initiative in Nigeria (CDIN) to increase the level of awareness amongst university students.
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Alo Kingsley 📧