August 23, 2019 IBOMLLC Team

Nigeria’s FinTeCh startup Vesicash is out to Fix Trust Issues with Digital Payments in Africa

Innov8tiv
Innov8tiv – Blacks In Technology in USA, UK, Caribbean Islands & Africa

As cited by the World Economic Forum, 93% of the world’s informal employment is found in the emerging and developing countries. The majority of countries in Africa are in this category, and it is the informal sector that generates the bulk of their GDP.

Conventional wisdom dictates that the informal sector should be transformed into formal markets, and that is what governments and international development organizations have been trying to do for the last 30 years. They have achieved little to no success on that front.

The upsurge of Digital Gig Economy

The internet and digital technology, in general, is disrupting the traditional workplace setup. Companies and small businesses are outsourcing some tasks to freelancers from all over the world. A market that has come to be referred to as the digital gig economy market.

The continent of Africa is also competing for a share of this market. All thanks to a faster and affordable internet connection, the increasing purchasing power of the middle-income and lower class, increased access to education; both formally in traditional classes or informally via online courses.

For a continent with such a …read more

Read more here:: Nigeria’s FinTeCh startup Vesicash is out to Fix Trust Issues with Digital Payments in Africa

      

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