WHAT BUSINESSES SHOULD KNOW WHEN COMING TO AFRICA
Contrary to pre conceived perceptions that the continent is plagued with turmoil and disease, Africa has far more to offer than what is known through basic hearsay. Statistics show that Africa possesses 7 out of 10 of the fastest growing economies in the world namely Ivory Coast, Tanzania, Nigeria as some of those that have put Africa among the most desirable of investment destinations. Businesses anticipating to venture in Africa will need to be aware of these aspects if they intend to achieve financial success.
Africa possesses one of the fastest growing populations ; a fact that businesses will find useful as they intend to exploit the large numbers through using the labour force available for those businesses in need of man power. In addition, the high population numbers provide a large market base essential for consuming the business’ products.
An increased percentage of educated Africans (40% and more) through out the continent has led more people to embrace technological advancements in an era revolving around the internet and online innovations. People will therefore be more accepting to businesses coming to Africa that work in that manner.
The continent has untapped potential to expand which presents a suitable avenue for businesses to pick interest in Africa. The presence of large unused productive lands, the minimally utilized labour potential, ever growing economies and many other aspects serve as an attraction to business owners expanding to Africa to explore the opportunities in stock.
Africa is hugely reliant on mobile money as a form of paying across the continent. In total contrast to what other major continents use i.e card payment system, African markets have chosen to stick to mobile money as the major payment method with banks and cards being used by a negligible minority. This means that businesses coming into Africa need to adjust to mobile money if they intend to draw customers towards them rather than changing them to payment methods that they aren’t accustomed to.
Businesses face a challenge of large numbers of mobile money services on the continent bringing up difficulty connecting with customers who are on various mobile money modes across Africa. Businesses however need not worry about the many mobile money wallets in the different countries because with DUSUPAY, a business can sync all its transactions across Africa and receive payments in the mode of their convenience as they let DUSUPAY link all the payment systems enabling money to easily reach the said businesses across various payment modes.