African leaders gathered in Nigeria for the second annual Moonshot by TechCabal conference called for more strategic partnerships with the private sector to enhance Africa’s role in the global digital economy.
A panel discussion, “Building Digital Economies for the World: How African countries are shaping their tech economies to compete across the continent and globally”, examined how Africa could go beyond policies to strengthen her position in the global digital economy.
In addition to policies which are essential to drive Africa’s digital economy, policymakers identified strategic partnerships and improved infrastructure as other critical factors capable of accelerating the continent’s impact on the global stage.
By bridging existing infrastructural gaps, governments can directly support businesses across economic sectors, driving the digital economy.
Speaking on partnerships, Dr Augustina Odame, CEO of the Ghana Chamber of Technology, advocated for collaborations with the private sector and development partners to leverage their resources and create investment vehicles.
“We’ve seen a lot of private-public sector partnerships go south, but we need it. It’s a key way that we are going to finance some of this huge capital infrastructure necessary for development,” she said. The consensus reached by the panel is that governments have a key role to play in equipping innovators with the skills necessary to contribute better to Africa’s digital economy projected to reach $180-billion by 2025.”
Dr Bosun Tijani, Nigeria’s Federal Minister of Communications, Innovation and Digital Economy, spoke about the ministry’s strategic plans which include creating a pipeline of technical talent through the Three Million Technical Talents (3MTT) programme.
“If technology is to truly help drive growth in Nigeria, the government must invest in talent very early,” he said.
In a panel discussion on scaling cross-border payment solutions in Africa, experts spoke on the challenges including complex regulatory frameworks and settlement delays. Regulation is considered an even greater challenge for payment solution startups. The consensus is the need for developing a better relationship with regulators.
“Fintechs have to keep up with changing regulations in every market they operate in. The regulatory landscape is constantly evolving, so maintaining a close relationship with regulators is crucial,” said Moyo Sodipo, co-founder and chief operating officer of Busha.