The earlier we adopt digital finance the better for the economy and for all parties concerned,humans, banks, corporate bodies, or the government? Just mention it.
In the not too distant future, I am patiently awaiting that time when in Nigeria and Africa as a whole people will fail to recollect the last time they went to a bank branch to make a payment. Digital finance has transformed rich countries, where many now consider paying bills online, sending money to biz partners and family from phones, and not having to wait in line at the bank, as a norm.
In developing nations, however, two billion people don’t have access to basic financial services such as savings accounts and credit. That’s almost half of the developing world’s adult population. Giving most of these people access to those services using mobile phones and the internet would increase the GDP of emerging economies by $3.7 trillion by 2025, according to a study by the McKinsey Global Institute. That’s a 6% boost.
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