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Africa:Digital payments could boost tax revenue by nearly US$500 million each year
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Ebola:New United Nations study finds digital payments to Ebola response workers saved lives and $10 million
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Malawi takes key step to advance digital payments to drive inclusive growth
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Published May 1, 2021, 2:00 PM
The volume of digital payments in the country rose to 17 percent of all payment transactions as of mid-2020, and closer to the 50 percent cash-lite target of the Bangko Sentral ng Pilipinas (BSP) by 2023.
The share of monthly digital payments in terms of volume has been steadily increasing from just one percent in 2013, to 10 percent in 2018 and 14 percent in 2019, according to BSP Governor Benjamin E. Diokno, citing data from Better Than Cash Alliance (BTCA).
“Early estimates from the first half of 2020 provides encouraging results where digital payments rose to 17 percent of all monthly payments,” said Diokno.
BSP Governor Benjamin E. Diokno (Bloomberg file)
Addis Ababa, Ethiopia, March 30, 2021 (ECA) - The COVID-19 pandemic has hit hard the economies of many African countries, and pushed many more citizens into poverty, but some countries like Rwanda and Togo have used digitization to keep their economies running.
Speaking during the launch of a Pan-African peer exchange series on the benefits of responsible digital government payments, the Executive Secretary of the Economic Commission for Africa (ECA), Ms. Vera Songwe said the pandemic had a huge toll on African economies with GDP growth estimated to have dropped from 3.3% in 2019 to -2.6% in 2020. It is, however, anticipated that growth would return to 3.3% in 2021.