According to a 2018 report released by World Bank, South Africa is the world’s most unequal country.
While apartheid officially ended over two and a half decades ago, a lot of the current day inequality is the remnants of this dark period in the country’s history. As a result, there’s still a high level of poverty in black concentrated areas that were disadvantaged previously.
Beyond the racial economic divide in the country, young South Africans are heavily weighed down by the current economic conditions.
Today, over 30% of the South African youths are not in education, employment or training. However, technology promises to level the nation’s economic playfield, facilitating better access to jobs and money.
Developing Payment Technology for a More Equal Future
By making it easy and affordable for South Africans to send and receive money, technology companies are expanding the economic opportunities to the wider population segment. As such, fintech companies are trying to capitalize on smartphone and internet penetration in the country.
Card-based payments have also continued gaining traction and the companies are responding to these trends by developing digital solutions that allow customers and merchants to control their money.
Just like the igaming-apps , several Fintech companies in the country have already started breaking the barriers between formal and informal financial economies.
Yoco is a prime example of one of the few South African startups developing innovative solutions to ease payments for merchants. Fortunately, there are others like Slide, focused on launching innovative consumer payment solutions.
Teaching Technology to Develop an Equal Future
If building innovative payment platforms can help create a more equal future for South Africans, then training them to become programmers is like teaching them to fish.
The training is a long-term sustainable solution that can help promote economic equality in the nation. That’s why the Johannesburg-based coding school, WeThinkCode has made it a mission to identify and train IT talent from South Africa’s youthful population.
The South African coding school opened its doors in 2015 and the applicants don’t need any prior coding experience provided they pass the program’s selection boot camps.
These students also get placements into internships at leading corporations in the country and they’re often employed in these organizations after completing the training. Even better, the curriculum combines project-based learning with conceptual knowledge of different programming languages.
Though different technological companies are trying to solve inequality issues using different innovations, a national investment would go a long way in creating more economic opportunities.
That’s because the South African economy depends on a few sectors, with a huge percentage of the country’s workforce remaining inactive due to unemployment.
As such, it’s upon corporations to partner with technical training programs and innovative technology solutions to create a more equal future for the country.