Tag: digital economy

Emerging technologies such as Artificial Intelligence (AI), Machine Learning (ML), and the Internet of Things (IoT) are transforming our personal and professional lives. These tech-driven and disruptive innovations are still in their early stages of development. However, they hold the potential to fundamentally reshape business, society and the global economy.

South African businesses are rushing to adopt generative AI, attracted by its potential to boost efficiency, productivity and innovation. However, without a solid cybersecurity foundation, AI will act as a Trojan horse, exposing companies to advanced cyber threats.

Is cash truly dead? Fintech innovations and digital payment solutions have risen rapidly, prompting many to think so. Yet, cash remains alive. It is still the preferred way to transact for millions, especially in Africa.

Africa's digital economy is growing at an astonishing rate, making dependable and scalable IT infrastructure indispensable. A key component of this growth is colocation, which enables multiple clients to store their servers and networking hardware in shared, third-party data centres. This approach is rapidly gaining traction across the continent.

The pivotal role of digital accessibility for goods and services has become abundantly clear over the past few years. The global economy, now more than ever, relies on the seamless flow of transactions across borders. Whether it involves individuals, businesses, or financial institutions spanning different countries, the realm of cross-border payments has taken center stage in our interconnected world.

According to the Facts and Figures 2023 report, just 37% of Africa’s population uses the internet, representing a digital divide for hundreds of millions of people. Only a tiny fraction of the continent’s people have access to a high-speed broadband connection at their homes.

In the heart of South Africa's vibrant township economy, valued at an estimated R750 billion, a transformative shift is taking place. Small to medium-sized businesses are flourishing as the adoption of cashless transactions grows. Despite the widespread availability of banking services, with eight out of ten South African adults having a bank account, cash remains the dominant form of payment.

As I navigate the ever-evolving landscape of digital transformation within various industries, I've come to realise how vital the tools we adopt are to our efficiency, connectivity, and competitiveness. In my experience, the Samsung Galaxy S24 Ultra epitomises the kind of transformational tool that transcends its basic function as a smartphone to become a cornerstone for innovative business practices.

With national election taking place this month, we are stressing the importance of robust telecommunications security to facilitate a successful electoral process. This priority reflects our commitment to maintaining the integrity and efficiency of communications systems during crucial democratic events.

Twenty-one African countries have already enacted rules for non-resident suppliers to account for Value-Added Tax (VAT) / Goods and Sales Tax on electronically supplied services. The digital economy is more than just technology and the internet.