The economic and financial hub Casablanca Finance City (CFC) announced on Wednesday the publication of its 6th report in the "CFC Africa Insights" series, "Rising to the Digital Challenge in Africa" in partnership with Boston Consulting Group (BCG), a leader in corporate strategy consulting and a member of the CFC community since 2012.

Unveiled during a webinar hosted by CFC and BCG, the report focuses on the opportunities to be seized by a resilient Africa, it said in a joint statement.

This webinar was thus an opportunity to present the challenges and opportunities of digitalization in Africa as a consequence of the pandemic of the new coronavirus (Covid-19), said the same source, adding that this event was marked by interventions by experts from different member companies. of the CFC community, including BCG, SAP, Orange, but also other African institutions such as Kigali Innovation City.

Africa lags behind other regions in terms of digital adoption and maturity. A multitude of reasons explain this situation, including an underdeveloped connectivity infrastructure, a lack of trust in digital service providers and a shortage of digital talent, notes the same source.

At the same time, there is clearly an emerging will to catch up with the rest of the world and there are reasons to be optimistic. Digital adoption and infrastructure construction, for example, are faster in Africa than in other regions, providing the continent with an opportunity to bypass certain technologies. The covid-19 crisis has accelerated the adoption of digital by consumers and the digital transformation of companies.

To successfully seize these opportunities, businesses and governments must coordinate on three fronts. The first involves creating large-scale business opportunities. A large market size is essential to make digital business models viable and sustainable on a continent that has many international borders and is less densely populated than other regions.

Companies and governments must subsequently nurture and attract digital talent, which will require a full range of initiatives at the corporate and country levels. These initiatives must be designed to match the priorities of these valued collaborators.

And finally, companies need to build ecosystems and innovation hubs that encourage all stakeholders – governments, businesses, investors, incubators, universities and private operators – to work together to unlock the potential of digital services by improving access to financing options, regulation and technology.

"In just a few months, the covid-19 crisis has led to major changes in the way companies do business. In another context, it would have taken years. As an African financial centre, we are convinced that we have a key role to play in establishing a business-friendly environment, enabling value creation and fostering innovation to support the digital acceleration of our continent, Said Ibrahimi, CEO of Casablanca Finance City, was quoted as saying in the statement.

"Our research shows that digitalization is happening faster in Africa than in any other region of the world. This creates exciting opportunities for consumers and businesses, including a chance to bypass older technologies and chart a uniquely African path. The rapid adoption of mobile payment is just one example of how digital is about to improve lives," said Patrick Dupoux, Managing Director and Senior Partner, Head of Africa at BCG.

The Boston Consulting Group collaborates with leading economic and social players to meet their main challenges and unlock their best opportunities. A pioneer in business strategy when it was founded in 1963, it currently accompanies its clients through processes of profound transformation - inspiring complex changes, enabling organizations to grow, gain a competitive advantage, and impact their bottom line.

For its part, CFC is an African financial center committed to the future of the continent that benefits from a unique positioning and equipped with all the services and infrastructures to allow a connection with international markets.

The square offers a stable environment, localized expertise and a collaborative network to access Africa's potential. CFC's 210 members operate in 50 African countries, in sectors such as banking and insurance, asset management and private equity, consulting, telecommunications, energy, consumer products and hospitality.