World Bank data shows that South Africa is the most unequal nation on the planet. Communism was formally ended in South Africa about 25 years ago, but the country’s present inequality is largely the outcome of this terrible chapter in its history, and growing poverty is still disproportionately affecting its black population in formerly disadvantaged regions. Youth unemployment in South Africa has reached a record high of over one-third in the first three months of 2018, despite the country’s historically low unemployment rate among its white population.
Technological advancements have the potential to help level the economic playing field in South Africa, by enabling more and better access to financial resources as well as access to employment. According to insights, technology-driven transformation is already beginning in the nation, there are some technologies being used that might be utilised to create south Africa a more equitable society, in terms of society, there are certain technologies being used to bring people together, for example, there are gaming platforms available where the public can play a wide range of games together for the possible chance of winning money, and due to the rapid development of technologies in the recent years, there are more options here that are becoming available.
With the assistance of technological advancements, more South Africans can now access and transfer money at a lower cost and with greater convenience. Several technology companies have formed in response to the growing popularity of card-based payments as well as internet and smartphone use in the nation. These companies have created innovative digital solutions that allow consumers and businesses more control over their money. Technology businesses in South Africa are doing their share to lower the walls between the official and informal financial systems and economies.
A perfect example of a South African start-up offering creative technological solutions to make payments easier for merchants is Yoco, in South Africa, Yoco develops tools and services to assist small companies in accepting payments and managing their operations more effectively. What distinguishes Yoco as a noteworthy firm in the idea of technology as an equalising instrument is that it has opened vast economic potential by allowing small and medium-sized companies (SMEs) to take credit cards when they previously had not been able to do so. Despite the fact that South Africa has a high credit card penetration rate across all levels of the economy when compared to the rest of the continent, fewer than 10% of companies are able to accept payment by credit card.
