Kenya Needs to Push More on Digital Economy

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As the world continues to experience a change, digital transformation proves to be one of the key drivers. What is digital transformation? It is all about utilizing the latest tech in what you already, but better. The economy is undergoing digital transformation at the global level, and so is Kenya.
The digital economy results from daily online connections among systems, people, devices, and businesses. Hyperconnectivity is the backbone of the internet economy and means interconnection among people and business firms facilitated by the internet.  

Today, the scene of entrepreneurship is different from the traditional model. Uber happens to be the largest taxi company but owns no vehicle. It is the same case with Alibaba, a valuable retailer without inventory. It is now possible to earn passive income from online investment in Kenya. 

The internet economy promises a bright and lucrative future in the country. Kenya needs to play an active role in this sector. The latest iconic figure to throw weight on the matter is the Central Bank of Kenya's governor. He urged the government to increase its push to enhance internet connections and utilization. Governor Patrick Njoroge notes that the move is fundamental in spurring a robust digital economy.  

 

CBK Governor Dr. Patrick Njoroge

The government needs to invest heavily in digital infrastructure and ensure a reliable power supply. The CBK governor spoke during the annual conference of the Institute of Chartered Accounts of Barbados (ICAB) held on 12th November 2020.

The Covid-19 pandemic came with a lot of disruption on the economy, cutting income-earning opportunities for many people. The CBK boss notes that connecting the citizens with the digital ecosystem must be a priority as the country seeks to recover. Failure to which, there is a risk of locking out a large world population.

Businesses in Kenya are increasingly embracing digitization, including e-transactions. Dr. Njoroge notes that even with a couple of digital space benefits, it comes with its risks, such as cyberattacks and vulnerability to data loss. He identifies equipping citizens with skills in using digital platforms as an effective mitigation strategy.


Currently, the digital economy counts for 2% of the country’s GDP. The government is taking steps to implement a digital economy blueprint. The goal is to see the internet economy's contribution to GDP rose to 10%.  Kenya has an edge in this sector thanks to its mobile phone penetration, which is the largest across the region.

Today, you can make money online in Kenya, courtesy of the digital economy. Therefore, it is evident that digital transformation has a role in curbing the current challenges facing the young population in the country today. The youth faces unemployment, and as they seek to find their way into the entrepreneurial world, they come across several hindrances.

The country’s business environment is not favorable for the young generation to go into traditional business forms. However, the internet presents numerous opportunities that circumvent most of the stumbling blocks. Today, you can enroll into online investment plan in Kenya and find your way up to a capitalist.

 

 

 

 

Fred Kabiru

Fred Kabiru is a content creator and SEO specialist. He is passionate and experienced about Business, Digital Marketing, News and Technology. He is a believer of content worth reading for a brand worth following.

 

 

 

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