Building the Infrastructure for the Gig Economy in Africa — How does Gigmile Technologies do this?
The gig economy in Africa has the potential to change the economic outlook of the continent. Despite having enormous potential, the gig economy confronts tough obstacles due to a lack of suitable infrastructure. According to the “e-Conomy Africa 2020” report by the International Finance Corporation (IFC), a major obstacle to the expansion of the gig economy in Africa is a lack of suitable infrastructure, regulatory frameworks, and financial inclusion. The report also mentions that only 28% of Africans have access to the internet, which is a critical component for the growth of the gig economy. In response to these obstacles, Gigmile Technologies, is focused on building and sustaining the gig economy’s infrastructure in Africa. According to forecasts, by 2025, the gig economy in Africa is expected to be worth $19 billion, thus, businesses like Gigmile Technologies’ work is essential to maximizing the sector’s potential and promoting regional economic development and financial growth.
Access to financing is a significant issue for gig workers in Africa. Just 43% of adults in sub-Saharan Africa have bank accounts, and even fewer have access to formal credit. This makes it challenging for gig workers who depend on their revenues from the gig economy to make ends meet to access financial services. By providing innovative financial solutions tailored to the specific needs of gig workers, Gigmile Technologies is addressing this issue. Gigmile Technologies provides asset financing, working capital, and other exciting options for gig workers in Africa to get started and be resilient. The goals of these solutions are to broaden financial inclusion and to strengthen the financial security of gig workers in Africa. Given that estimates place the African fintech market’s value at $3 billion by 2025, Gigmile’s efforts to offer cutting-edge financial solutions to the gig economy are crucial to maximizing this industry’s potential.
A fundamental strategy used by Gigmile Technologies in building the gig economy’s infrastructure in Africa is partnerships. Fintech companies and other relevant organizations must work together to provide solutions for gig workers. Gigmile is extending financial solutions to gig workers in Africa by collaborating with platforms and businesses such as Jumia, Sonlink, Yango, etc. Research and analysis shows that there is potential for partnerships to promote financial inclusion for gig workers. Case in point — mobile money penetration in sub-Saharan Africa climbed from 2% in 2010 to 21% in 2019. With projections indicating that mobile money transactions in Africa could be worth $1.5 trillion by 2025, partnerships are definitely critical in unlocking the possibility of profits in that space.
The growth of the gig economy in Africa is significantly facilitated by the growth of digital infrastructure. This is something that Gigmile Technologies is aware of and is committed to carrying out in order to serve gig workers in Africa. Online platforms and products that link gig workers with potential clients, digital payment methods, and databases of gig workers are important in developing an effective and seamless gig economy in Africa. Through products and technological solutions, Gigmile Technologies is creating a digital infrastructure that will promote the sustainable growth of the gig economy in Africa. Africa’s internet economy is expected to reach $180 billion by 2025, underscoring the enormous possibilities for digital infrastructure to support the gig economy in the area. The gig economy in Africa will consequently be fueled by Gigmile Technologies’ efforts to provide and improve digital infrastructure.
Research, training and capacity building are crucial for the gig economy’s sustainability in Africa. Increasing gig workers’ productivity and income depends on giving them the skills they need to thrive in the gig economy. According to the IFC, just 38% of adults in sub-Saharan Africa have basic digital abilities, underscoring the demand for gig workers to receive digital literacy training. In this regard, Gigmile Technologies offers training and capacity building to help African gig workers enhance their capacities and incomes.
One of the essential approaches for creating a climate that would support the expansion of the gig economy in Africa is advocacy or promotion. By bringing attention to the gig economy’s ability to alleviate poverty and create jobs, Gigmile Technologies is playing a critical role in promoting it in Africa. On a continent with few traditional career opportunities, Gigmile Technologies’ lobbying work is essential to fostering the development of the gig economy in Africa. Africa’s gig economy is expected to be worth $25 billion by 2023, signaling the potential for job creation and economic expansion. Also, 474 million people are expected to utilize the internet in Africa by 2025. The promotional work of organizations like Gigmile Technologies will be essential in fostering a supportive climate for gig workers and fostering economic progress on the continent as the gig economy in Africa continues to flourish.
Several reports have highlighted the value of the gig economy in Africa, with predictions showing a sizable impact on job creation and economic growth in the continent. The World Bank estimates that by 2030, the gig economy might generate up to 15 million new jobs in Africa. In addition, a McKinsey Global Institute paper emphasizes how the gig economy has the potential to boost regional productivity, improve labor market participation, and promote economic growth. Realizing this potential consequently requires the work of Gigmile Technologies in creating the necessary infrastructure for the gig economy in Africa. Infrastructure that can accommodate this growth will be more and more necessary as the gig economy expands in the region. An essential step in promoting job creation and economic development in Africa is Gigmile Technologies’ commitment to this infrastructure.
