TechInAfrica – COVID-19 has become the biggest challenge for the world to deal with. During the pandemic, markets in developing countries such as Sub-Saharan Africa overlook the substantial challenge.
The global pandemic brings great economic impact to Sub-Saharan Africa, according to the World Bank. There are approximately 23 million people in the area calculated to be pushed into deprivation by COVID-19.
SMBs Need Support with Challenges Caused by COVD-19
South Africa’s financial and retail sectors are the several sectors in the Sub-Saharan Africa region that have increased their approval of digital technology over the pandemic. However, numerous parts of the economy, particularly micro and small-to-medium businesses (SMBs), have battled to undertake the difficulties of COVID-19.
By seeing the transformation in the economy made by small to medium businesses (SMBs) which are around 90% of all businesses in SSA, it is crucial to encourage SMB in the future. Sub-Saharan Africa region should support SMB not only because of their condition during a pandemic but also for the changing digital business and digital payment to SMBs advantages. Hence, those SMBs will be well prepared to grow in the future.
While it can be a challenge, the increase of digital business and payment likewise addresses an extraordinary chance.
The Rise of Digital Payment
To experience convenience, avoid physical contact by paying with cash or being in a crowded place, consumers in Sub-Saharan Africa choose to use digital payments. The use of digital technology will continue as a trend. Nevertheless, it becomes a difficult thing for small businesses in the region to integrate their businesses with digital payment.
Small businesses in South Africa don’t approach the IT mastery expected to set up digital arrangements, preparing staff to utilize the system can be troublesome, and cost can be an obstruction to entry.
Without being affected by those obstacles, providing access for SMBs to have a digital solution is essential to revive the economic condition and growth throughout emerging markets.