Transforming African trade with technology
From blockchain to big data, technology is driving much-needed change in trade across Africa. In the fourth analysis of our series on African trade, we examine emerging technologies and their impact on business across the continent and beyond.
A powerful digital path for business
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Blockchain, artificial intelligence and tech for interoperability are some of the technologies gaining momentum in trade and trade finance as businesses require more efficient ways of working. Trade finance, notorious for its highly complex nature and manual approach to processes, is getting a much-needed digital makeover.
For Africa, utilizing intelligent technologies can support smaller companies in need of access to finance. Meanwhile AI and machine learning are being leveraged for real-time compliance checks, supporting the fight against economic crime across Africa, and work by payment system providers is enabling real-time money transfers to business owners across borders.
In this analysis we explore how emerging technologies are shaping the future of trade across the continent, and how players are navigating the current challenges of digitalization such as the emergence of digital islands and a lack of data standards and governance.