The African continent is currently using digital finance as a means to reduce the spread of the coronavirus. Governments and startups on the continent are presently working on shifting a higher volume of payment transactions toward mobile money and far away from physical cash.
As coronavirus cases continue to rise in the continent’s major economies, Africa’s leader in digital payment adoption, Kenya, for instance, has turned to mobile-money as a public-health tool. Kenya’s largest telco, Safaricom, recently implemented a fee-waiver on East Africa’s leading mobile-money product, M-Pesa to decrease the physical exchange of currency in response to the deadly virus.
Lagos company, Paga has also made fee adjustments, letting merchants accept payments from Paga customers for free. Paga revealed that it is a measure “aimed to help slow the spread of the coronavirus by reducing cash handling in Nigeria.”
WHO Regional Director Dr. Matshidiso Moeti had this to say about how the virus is affecting Africa at a recent press conference, “About 10 days ago we had 5 countries affected, now we’ve got 30. It’s has been an extremely rapid evolution.”