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April 2016
Carlos
Seara
S
outh Africa’s banking giant,
Standard Bank, has linked up
with Chinese leading mobile
payment provider WeChat Wallet
of Tencent, to use the former’s Pan
African banking infrastructure to
providemobile payments throughout
the continent.
This demonstrates that themobile
payments’ revolution that
took place in China in the last
decade is now spreading to
the up-and-coming nations
of Africa. As Chinese economic
growth is slowing, recording
6,9% in 2015, with predictions
of 6,7% in 2016. It is Africa
that is now being touted as
the newChina. The combined
population and resources of the con-
tinent offer unparalleled potential,
with countries such as Ethiopia and
Ivory Coast hovering closely to 10%
in GDP growth.
Marco Attisani CEO of Watly, a
global water, power and energy solu-
tions provider, says that Africa is be-
ing considered the China of 30 years
ago by many leading economists, al-
though it is currently being hindered
by a lack of infrastructure. “The true
Africa –
the new
China
Untapped potential of the
continent needs connectivity to
truly thrive.
economic empowerment of Africa
lies in its capacity to truly engage
and compete on a level playing field
on the global stage. It is essential for
Africa not only to have access to basic
essentials such as water and energy
but also connectivity, which will en-
able the continent to truly capitalise
on the digital revolution.”
Africa has an internet penetration
rate of 28,6 %, as opposed to a world
average of 50 %, which reduces con-
nectivity and hampers potential
development. Solutions providing
all of the building blocks for human
development, such as water, power
and connectivity, would greatly
contribute to the economic life of
developing countries in Africa and
elsewhere.
Attisani continues: “De-
veloping economies in Africa
have a vast ocean of poten-
tial, which given the right
basic resources, can become
a global engine for growth.
There are many successful
African enterprises operat-
ing across a wide landscape
of sectors, which are in need
of the opportunity to partner with
international businesses. By allowing
themaccess to connectivity and basic
resources, we will start to build solid
foundations on which African busi-
nesses can grow and discover their
rightful place in the global economy.”
Attisani says that providing energy
and connectivity to isolated commu-
nities would correct some of themain
obstacles to investment in develop-
ing countries.
■
‘It will be trade, not aid, which will
lift people out of poverty as highlighted
by recent Organisation for Economic
Cooperation and Development figures
on the effects of Global Investment in
developing economies.’
Infrastructure & Mixed Use