Zim to undergo digitalisation transformation
The country is expected to experience further digitalisation transformation in 2023 and beyond as companies continue to leverage technology for growth, which is in line with global trends, analysts have said.
This trend is expected to be more prevalent in consumer-facing sectors such as financial services such as banking and insurance, and retail.
Generally, the world has been changing at an alarming rate as the Internet of Things (IOT) takes centre stage.
Consumers are now demanding more personalised and flexible services while business leaders are left to navigate an ever-changing landscape.
PiggyBankAdvisor founder and chief executive officer, Batanai Matsika, says C-suite mentions of “disruption” during earnings calls, investor conferences and company announcements have also increased significantly over the past decade.
This has created scope for industry players to build stronger defences and become more efficient and innovative.
“Looking at the Zimbabwean context, there is no sector that has been immune to the merciless influx of disruptors,” he said at a recent Investment Markets Master Class.
Businesses like the EcoCash platform have disrupted the payments system in Zimbabwe as the banking game in Zimbabwe has completely changed. The platform also revolutionised financial inclusion, allowing the unbanked in marginalized areas access to formal financial services.
The outbreak of the Covid-19 pandemic also accelerated the adoption of digitalization as businesses shifted to online transactions.
“Brick & Mortar branches are disappearing and no longer make much sense given that consumers are rapidly adopting online platforms.
“This has been a global trend and it is a no-brainer that banks that have been left out in this technology wave have lost out big time.
“Fintechs are also promising more than just the convenience to transact or get a small loan. They are holding the “Financial Inclusion” card and they are clearly winning in this game,” said Matsika.
EcoCash Holdings has also penetrated the insurance industry where it has gained significant market share in addition to greenfield projects that span across various industries (Transport, Logistics, Agriculture, Health and Education).
“We expect the corporate world in Zimbabwe to join the bandwagon of rapid digital transformations,” he said.
The Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) has also maintained that the digitalization trend is expected to continue which will drive data and internet for the telecoms sector.-ebusinessweekly
