The Digital Economy is the second of a series of AmCham webinars on Digital Transformation against the backdrop of the sudden metamorphosis the world is witnessing occasioned by COVID-19. It is clear that the crisis is accelerating an already growing trend towards digitization. The transformation and acceleration of the digital economy and associated technologies is being seen as crucial for coping with the negative economic impacts of the pandemic.
In Kenya, the digital economy is incredibly robust with some estimates pegging its value at approximately Ksh. 5-6 trillion, this being an estimate of the proportion of the country's GDP that is transacted through mobile money.
Different types of digital services are growing in significance. Consumers have quickly adopted, become more discerning and embraced the digital marketplace. E-commerce is on the up and up. Digitally agile firms are adapting successfully, while traditional businesses may have to re-engineer their business models for this new reality.
Is this the defining moment for the digital economy – locally and globally?