[PROMOTED] Redtech CEO: Africa can unlock the full potential of digital payments with multi-faceted approach | TheCable
, delivered a speech that underscored the significance of collaboration between fintech and infrastructure ecosystems.
Cards, especially debit cards, have an advantage over bank accounts and e-wallets as they can operate both online and offline. This offline capability allows for the penetration of card payments in remote areas and informal economic sectors. Hence, investing in power and telecommunications infrastructure is crucial to scale up digital payments in Africa.1. Informal economy and cash dependence
Some contactless payment options available in Nigeria include QR codes, mobile apps, smart watches etc.In order to address the critical issue of trust, direct engagement is necessary. This engagement should be focused on specific markets and MSME hubs. By breaking the language and class barriers, localised engagements can effectively build awareness and trust within these communities.
Another imperative highlighted by Emmanuel is the need for reliability in payment systems. This can be achieved by providing tools that allow users to track and verify or confirm their payments. By offering transparency and accountability in transactions, solution providers can instil trust in their services.
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