Digital economies the way to go - CBK Governor

 

Central Bank of Kenya Governor Patrick Njoroge has said that digitisation could act as the bridge to post COVID-19 recovery.

Speaking at the annual conference of Institute of Chartered Accountants of Barbados themed “Embracing Disruption-Building Resilience” Njoroge  said digital platforms have enable citizens access all various services among them financial and medical.

"The digital rails built over the last fifteen years have been a saving grace as we have battled Covid-19,” he said.

The starting point of Kenya’s digital rails in March 2007 was in using mobile phones to serve a need to transfer money from urban workers back to their families in the rural areas.

These person to person transfers were supported by a network of agents who facilitated cash withdrawals and cashing in.

“For the recovery, we must connect our citizens to the digital ecosystem as while digitalisation has been a lifeline in the pandemic, we risk alienating a large swathe of the global population,” said Njoroge.

Over 700 million people lack broadband connectivity while over a billion lack formal identification.

He urged the government to invest in digital infrastructure including basic enablers such as reliable electricity supply.

Njoroge noted that even with it's benefits the digital space has various risks therefore citizens should be equipped with skills to effectively use digital platforms while protecting their data and funds.

Kenya has had its successes, but much more needs to be done to fully benefit from the digital economy.

Digitalisation is the next frontier for placing citizens at the heart of any nation’s development and more importantly raising their standards of living.