The International Finance Corporation (IFC) of the World Bank has reported that African firms are slow to digitalize beyond mobile and digital payments.
Nearly two-thirds of firms in the region that have adopted advanced digital payment systems have yet to implement a second advanced digital technology for business functions.
In a discussion on “Digital Opportunities in African Business,” the IFC noted that while digital payments are widely adopted, they are not the most frequently used payment method. Only 7.0% of firms using digital payment methods report intensive use.
The IFC also highlighted that although mobile phones and digital payments are crucial entry points to digitalization, they do not necessarily lead to the digitalization of other business functions.
“As many as 86% of firms use mobile phones for business operations, and 61% have adopted advanced digital technologies for payment. These are by far the most common uses of digital technology by African firms. However, these firms are slow to digitalise beyond mobile and digital payments. Almost two-thirds of firms that adopted advanced digital payment systems in the region have not yet adopted a second advanced digital technology to perform business functions”, it pointed out.
Progressing through various stages, the draft Bill is now poised for its final stage, awaiting presentation before parliament.
During her visit to the Multimedia Group Limited in Accra, Fatimatu Abubakar emphasized the significance of the Broadcasting Bill’s advancement.
The Minister encouraged the management to engage in the 3rd Cohort of the Media Capacity Enhancement Programme, aimed at training 100 journalists nationwide.
Highlighting other media support initiatives like the International Fund for Public Interest Media (IFPIM), Fatimatu Abubakar stressed the government’s dedication to fostering a conducive environment for journalists.
Emphasizing collaboration between the media and government, the Minister reiterated the government’s commitment to upholding press freedom and supporting media operations.
CEO Ken Ansah underscored the need for regulation in the media space, expressing concerns about declining standards.
The Multimedia Group expressed gratitude for the support from IFPIM and assured the Minister of their commitment to fulfilling their mandate.