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), leader in business strategy consulting and member of the CFC community since 2012.

Unveiled during a webinar organized by CFC and BCG, this report highlights the opportunities to be seized by a resilient Africa, said a joint press release.

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

Meeting the digital challenge in Africa

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 confidence in digital service providers and a shortage of digital talent, notes the same source.

At the same time, there is clearly an incipient desire to catch up with the rest of the world and there are reasons for optimism. Digital adoption and infrastructure building, for example, are faster in Africa than in other regions, providing the continent with an opportunity to leapfrog 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 need to coordinate on three fronts. The first involves creating large-scale business opportunities. Significant 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 then need to nurture and attract digital talent, which will require a full range of initiatives at company and country level. These initiatives must be designed to match the priorities of these valued collaborators.

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

“In just a few months, the Covid-19 crisis has brought about 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 the creation of value and fostering innovation in order to support the digital acceleration of our continent,” said Saïd Ibrahimi, CEO of Casablanca Finance City, quoted in the press release.

“Our research shows that digitalization is happening faster in Africa than in any other region of the world. This creates exciting possibilities for consumers and businesses, including a chance to leapfrog 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 works with leading economic and social players to address their key challenges and unlock their greatest opportunities. A pioneer in business strategy when it was founded in 1963, it currently accompanies its clients through deep transformation processes – inspiring complex change, enabling organizations to grow, gain competitive advantage and achieve impact on their results.

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

The place 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 including banking and insurance, asset management and private equity, consulting, telecommunications, energy, consumer products and l 'hotel.